在研管线有序推进，SM03聚焦高临床价值适应症 与上一轮创新药牛市受政策驱动不同，本轮港股创新药行情的核心驱动因素更看重企业本身，"硬核创 新—全球化变现—业绩验证"成为判断创新药企"投资确定性"的关键逻辑。因此，拥有极具潜力研发管 线的创新药企成为投资者聚焦的首要目标。 一直以来，中国抗体始终专注于自身免疫疾病赛道创新药的研发，以"全球首创""同类最佳"为研发目 标。迄今，公司已经建立一条以单抗为基础、可治疗多种免疫性疾病的生物制剂和新化学实体(NCE)的 产品管线，核心产品与在研管线进展显著。 今年以来，港股创新药板块持续上演"逆袭"行情。Wind数据显示，年内南向资金净流入医药生物行业 超1200亿元，这一浪潮正推动资金流向更具确定性的优质标的。 智通财经APP观测到，中国抗体-B(03681)正是市场抢筹的核心标的之一：该公司股价自5月下旬开始启 动，一路高歌猛进，更于7月31日盘中创下年内新高，区间内累计涨幅一度高达193.33%，成为港股创 新药板块中的一抹亮色。这一表现的背后，是市场大资金对其"差异化创新+潜力品种"能力的共识性认 可。 值得关注的是，2025上半年内，公司的旗舰药物舒西利单抗( ...

Core Viewpoint - The Chinese innovative drug sector is gaining global competitiveness, highlighted by significant business development (BD) deals and the promising clinical data of the drug SM17, which is expected to attract attention from major pharmaceutical companies [1][2][12]. Group 1: Market Dynamics - The market is actively seeking the next major BD deal, especially after the significant $6 billion BD deal between 3SBio and Pfizer, indicating a trend of increasing interest in Chinese innovative drugs [1]. - The total amount of outbound transactions for Chinese innovative drugs is projected to reach a record high by 2025, with $45.5 billion already achieved in 2025 alone [5][7]. - The frequency of BD transactions is driven by multinational pharmaceutical companies facing "patent cliffs," necessitating the acquisition of innovative drug pipelines to replenish their product lines [7][8]. Group 2: SM17 Drug Overview - SM17 is a first-in-class monoclonal antibody targeting the IL-25 receptor, showing promising results in clinical trials for moderate to severe atopic dermatitis (AD) [2][3]. - The drug demonstrated a 91.7% response rate in itch control and a 75% response rate in skin lesion improvement during phase 1b trials, significantly outperforming existing treatments [4]. - SM17's unique dual mechanism of action allows for rapid itch relief and effective inflammation reduction, setting it apart from current therapies [3][4]. Group 3: Clinical and Commercial Potential - The global AD patient population is substantial, with at least 230 million affected worldwide, including over 70 million in China, indicating a significant market opportunity for SM17 [2][4]. - SM17's safety profile is favorable, with no serious adverse events reported during the clinical trials, further enhancing its attractiveness for potential licensing deals [4][9]. - The drug has potential applications beyond AD, including asthma and other autoimmune diseases, which could broaden its commercial prospects [9][11]. Group 4: Company Strategy and Future Outlook - The company has established a robust pipeline of innovative drugs, focusing on monoclonal antibodies for various immune-related diseases, positioning itself for sustainable growth [11][12]. - The strategic emphasis on self-research and innovation, coupled with promising clinical data for SM17, is expected to attract significant investment and partnership opportunities [12].