（原标题：港股创新药龙头，获高管连续增持） 联交所最新权益披露资料显示，中国生物制药(01177.HK)近日获执行董事、资深副总裁谢炘在场内以每股均价6.4068港元增持100万股，涉资约 640.68万港元。增持后，谢炘最新持股数目为3.61亿股，持股比例为1.92%。 近日，公司公告显示，去年12月以来，其创新药管线接连报捷：乳腺癌1类创新药库莫西利胶囊获批上市，为全球首个CDK2/4/6抑制剂；口服偏 向型GLP-1受体激动剂TQF3250减重适应症临床申请分别获中国国家药品监督管理局（NMPA）和美国食品药品监督管理局（FDA）批准； TYK2/JAK1抑制剂TQH3906在斑块状银屑病二期临床试验取得积极进展；ROCK2抑制剂TDI01治疗特发性肺纤维化III期临床首例患者入组，为全 球首个进入III期临床的ROCK2高选择性抑制剂。 这是谢炘2025年7月以来的第三度增持。去年7月16日和8月20日，谢炘分别增持100万股中国生物制药，每股均价为6.47港元和7.36港元。也就是 说，谢炘半年来已耗资逾2000万港元增持公司股份。业内人士认为，谢炘作为公司核心高管，连续增持显示对公司长期发展的充分 ...

这是谢炘2025年7月以来的第三度增持。去年7月16日和8月20日，谢炘分别增持100万股中国生物制药， 每股均价为6.47港元和7.36港元。也就是说，谢炘半年来已耗资逾2000万港元增持公司股份。业内人士 认为，谢炘作为公司核心高管，连续增持显示对公司长期发展的充分信心。 2025年中报显示，中国生物制药创新转型成效显著，预计全年创新产品收入占总收入比例有望突破 50%。近日，公司公告显示，去年12月以来，其创新药管线接连报捷。乳腺癌1类创新药库莫西利胶囊 获批上市，为全球首个CDK2/4/6抑制剂；口服偏向型GLP-1受体激动剂TQF3250减重适应症临床申请分 别获中国国家药品监督管理局(NMPA)和美国食品药品监督管理局(FDA)批准；TYK2/JAK1抑制剂 TQH3906在斑块状银屑病二期临床试验取得积极进展；ROCK2抑制剂TDI01治疗特发性肺纤维化III期临 床首例患者入组，为全球首个进入III期临床的ROCK2高选择性抑制剂。 港股创新药龙头又获高管增持。联交所最新权益披露资料显示，中国生物制药(01177.HK)近日获执行董 事、资深副总裁谢炘在场内以每股均价6.4068港元增持100 ...

Core Viewpoint - China Biopharmaceutical's innovative drug TQH3906 has successfully completed Phase II clinical trials for moderate to severe plaque psoriasis, demonstrating good safety and efficacy profiles [1][2]. Group 1: Clinical Trial Results - TQH3906 achieved its primary endpoint in the Phase II study, which included 209 patients across multiple dosage groups and a placebo group, administered orally once daily [1]. - The drug showed a dose-response relationship, with over 90% achieving PASI 75 and over 70% achieving PASI 90 after 12 weeks of treatment at the recommended Phase II dose, significantly outperforming the placebo group [2]. Group 2: Safety Profile - The overall safety of TQH3906 was good, with the incidence of adverse events comparable to the placebo group, and most adverse events were of mild to moderate severity [2]. - No new safety signals were identified, and the safety profile was similar to other TYK2 inhibitors [2]. Group 3: Market Context and Advantages - Oral small molecule targeted therapies like TQH3906 offer advantages over antibody-based biologics, including ease of administration, better tolerability, and improved patient compliance [3]. - Current oral treatments for plaque psoriasis have lower efficacy rates, with PASI 75 and PASI 90 response rates around 60% and 40%, respectively, highlighting the need for more effective and safe oral medications [3]. - TQH3906 targets the pseudokinase domain (JH2) of TYK2/JAK1, enhancing selectivity compared to traditional JAK inhibitors, which may lead to better safety profiles [3].

Core Viewpoint - China Biologic Products (01177.HK) has announced the completion of Phase II clinical trials for its self-developed innovative drug TQH3906, a TYK2/JAK1 JH2 allosteric inhibitor, targeting moderate to severe plaque psoriasis, demonstrating good safety and tolerability across all dosage groups and achieving the primary endpoint of the study [1] Group 1: Clinical Trial Details - The study is a randomized, double-blind, placebo-controlled, multi-center Phase II trial (NCT06542614) aimed at evaluating the efficacy and safety of TQH3906 in patients with moderate to severe plaque psoriasis [1] - A total of 209 patients were enrolled in the study, which included a placebo group and five different dosage groups of TQH3906 [1] - The drug was administered orally once daily throughout the trial [1]

Investment Rating - The industry investment rating is "Outperform" [1] Core Viewpoints - The global market for Inflammatory Bowel Disease (IBD) drugs is expected to reach $37 billion by 2030, with major pharmaceutical companies investing in this area [4][26] - There is a significant unmet clinical need for new therapies due to the complexity of IBD mechanisms and the high percentage of patients who do not respond to initial treatments [4][18] - The report emphasizes the importance of new targets and mechanisms in drug development, particularly focusing on TL1A, which has garnered interest from multiple multinational corporations (MNCs) [4][32] Summary by Sections IBD Treatment Overview - IBD includes Ulcerative Colitis (UC) and Crohn's Disease (CD), affecting over 3 million patients in the US and Europe, with no current cure available [4][10] - The market for IBD drugs is projected to grow at a compound annual growth rate (CAGR) of 5.88% from $23.26 billion in 2022 to $37 billion by 2030 [26][29] Market Dynamics - The sales proportion of TNF inhibitors is declining, while IL-23 inhibitors and JAK inhibitors are increasing in sales [4][29] - Ustekinumab is expected to contribute approximately $7.8 billion to the market by 2024, while Vedolizumab is projected to reach $6.107 billion [4][29] Clinical Needs and Drug Development - There is a pressing need for new therapies as up to 30% of patients do not respond to initial treatments, and 40% lose response over time [4][18] - The report suggests focusing on new targets and mechanisms, including companies like Abivax, Chenxin Pharmaceutical, and others for potential investment opportunities [4][32] Long-term Investment Strategy - The report recommends a strategic focus on leading innovative drug companies and those involved in the development of new therapies for IBD, highlighting companies such as Innovent Biologics, BeiGene, and others [4][32] - The report also notes the potential for significant market transactions in the IBD space, with several deals exceeding $5 billion in value [4][30]