业绩经营情况 公司预计2026年营收为7.96亿至8.29亿元，同比增长49.45%至55.55%，主要受益于重组人凝血酶医保放 量及吉卡西替尼商业化推进。 泽璟制药与艾伯维就ZG006药物达成全球开发及商业化协议，艾伯维获得大中华区以外独家权利；泽璟 已收到1亿美元首付款，并可能获得最高6000万美元近期里程碑付款及10.75亿美元远期里程碑付款。 ZG006针对小细胞肺癌和神经内分泌癌的临床试验数据显示，在II期剂量优化试验中，10mg组确认客观 缓解率（ORR）达53.3%，中位无进展生存期（mPFS）为7.03个月。 产品研发进展 除ZG006外，注射用ZG005在宫颈癌II期临床试验中确认ORR为40.9%，疾病控制率（DCR）68.2%；公 司多款候选药物如ZGGS18、ZGGS34等已进入中美I期临床阶段。 经济观察网 根据截至2026年2月14日的公开信息，泽璟制药-U（688266.SH）近期有以下事件值得关 注： 高管减持 公司公告称，股东ZELIN SHENG（盛泽林）拟减持不超过273,907股（占总股本0.1035%），股东宁波 泽奥拟减持不超过2,475,090股（占总股本0.93 ...

2026年2月13日，泽璟制药披露接待调研公告，公司于2月2日至2月10日接待淡水泉、农银汇理、安信基 金、华安基金、建信资产、平安基金等28家机构调研。 调研情况显示，泽璟制药与艾伯维就ZG006达成全球开发及商业化战略合作与许可选择权协议，艾伯维 获大中华区以外地区独家权利，泽璟保留区内权利；泽璟已收到1亿美元首付款，还可获最高6000万美 元近期里程碑及许可选择付款，若选择权行使另有最高10．75亿美元里程碑付款和高个位数到中双位数 阶梯特许权使用费。ZG006正推进单药及联合用药治疗小细胞肺癌、神经内分泌癌等临床试验，包括关 键及III期试验；在晚期小细胞肺癌三线及以上II期剂量优化试验中，10mg每两周一次组确认ORR为53． 3％、mPFS达7．03个月，6个月及12个月OS率分别为83．2％及69．1％；治疗神经内分泌癌推荐剂量 组全人群确认ORR38．5％，DLL3阳性患者达66．7％。 注射用ZG005正推进单药及联合用药治疗肝癌、神经内分泌癌、宫颈癌等试验；二线及以上宫颈癌 20mg／kg Q3W方案确认ORR40．9％、DCR68．2％、mPFS超11个月，联合方案一线宫颈癌及早期肝 癌 ...

Investment Rating - The report indicates a positive investment outlook for the pharmaceutical and biotechnology sector, with a focus on AI-enabled strategic upgrades in pharmaceutical manufacturing [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a 5.6% increase from December 29, 2025, to January 9, 2026, outperforming the Wind All A index (4.76%) and the CSI 300 index (2.18%). Key segments leading this growth include hospitals (12.95%), medical research outsourcing (9.25%), and medical devices (7.96%) [2][7]. - The report highlights the rapid development of AI in healthcare, emphasizing the government's initiative to foster AI in drug development, supply chain management, surgical robotics, and intelligent diagnostic systems by 2027. This initiative aims to cultivate 2-3 leading ecological enterprises and a number of specialized companies [2][11]. - The upcoming JPM Healthcare Conference from January 12 to 15, 2026, is expected to boost the sentiment in the innovative drug sector, with over 500 listed companies and thousands of startups participating [2][11]. Market Weekly Review - The pharmaceutical and biotechnology sector rose by 5.6% during the last interval, with hospitals, medical research outsourcing, and medical devices leading the gains. Notably, the stock of Sanbo Brain Science surged by 63.53%, while *ST Changyao saw a decline of 44.9% [7][10]. - The report provides detailed performance metrics for various sub-sectors, with hospitals showing a 12.95% increase, medical research outsourcing at 9.25%, and medical devices at 7.96% [8][9]. Industry News and Key Company Announcements - On January 7, eight departments jointly issued the "AI + Manufacturing" action plan, marking AI drug development and medical supply chain intelligence as national priorities [11]. - Notable company announcements include: - Yilian Bio's exclusive licensing agreement with Roche for the YL201 project, which includes a $570 million upfront payment [11]. - Merck's discussions to acquire Revolution Medicines for $28 billion to $32 billion [11]. - Structure Therapeutics' agreement with Roche and Genentech for a non-exclusive patent license, resulting in a $100 million upfront payment [11][12]. - Eli Lilly's acquisition of Ventyx Biosciences for $1.2 billion [14].

Core Viewpoint - On December 31, the company announced a deep global collaboration with AbbVie regarding ZG006, with an upfront payment of $100 million and a total deal value of $1.235 billion. The initial clinical data presented at the ESMO Asia conference showed excellent clinical response rates and good durability in SCLC indications, indicating that this collaboration may accelerate ZG006's advancement in overseas oncology indications and maximize the value of the product pipeline, suggesting a promising future for the company [1][3]. Group 1: Collaboration Details - The company has entered into a global strategic collaboration and licensing option agreement with AbbVie for the development and commercialization rights of ZG006, receiving an upfront payment of $100 million, with potential milestone payments based on clinical progress and licensing options totaling up to $60 million. If AbbVie exercises the licensing option, the company could receive up to $1.075 billion in milestone payments [2][3]. Group 2: Clinical Data and Product Pipeline - ZG006 has shown promising early clinical data in small cell lung cancer (SCLC) at the ESMO Asia conference, with overall response rates (ORR) of 60.0% and 66.7% for the 10 mg Q2W and 30 mg Q2W groups, respectively. The confirmed response rates were 53.3% and 56.7%, with disease control rates (DCR) of 73.3% for both groups. The median progression-free survival (mPFS) was 7.03 months and 5.59 months, while the median duration of response (mDoR) rates at 6 months were 71.8% and 69.5% [4]. Group 3: Commercialization Progress - The company has made breakthroughs in commercialization, with the JAK inhibitor, Jika Xini, expected to be approved by the National Medical Products Administration in May 2025, becoming the first domestically approved JAK inhibitor for treating high-risk myelofibrosis. The product has shown rapid sales growth since its launch in June and has been included in the CSCO guidelines [5]. - The recombinant human thrombin injection is set to launch in 2024, with significant efficacy demonstrated in clinical trials, and is expected to become a core growth driver for revenue [5]. Group 4: Future Catalysts - The company has a clear timeline for key catalysts in 2026, including the continued rollout of insurance policies for the recombinant thrombin and Jika Xini, which are expected to drive sales growth. Additionally, further clinical data for ZG005 and ZG006 is anticipated, along with the ongoing collaboration with AbbVie to advance overseas clinical trials [8]. Group 5: Financial Projections - The company’s revenue projections for 2025-2027 are estimated at 712 million, 1.54 billion, and 2.5 billion yuan, with net profits of -127 million, -77 million, and 147 million yuan, respectively, maintaining a "buy" rating [9].

Core Viewpoint - The innovative drug sector has seen a resurgence, with significant stock price increases following announcements related to brain-computer interface technology and major collaborations in the pharmaceutical industry. Group 1: Market Activity - The innovative drug sector experienced a notable rebound, with the Hong Kong innovative drug ETF rising over 5% after nearly four months of decline [1] - Key stocks such as Zai Lab, Innovent Biologics, and BeiGene saw substantial gains [1] Group 2: Company Collaborations - Yingke Intelligent announced a research collaboration with Servier, valued at $888 million [2] - Zai Lab entered a business development agreement with AbbVie for its CD3×DLL3 trispecific antibody, ZG006, which includes an upfront payment of $100 million and potential milestone payments exceeding $1.1 billion [2][18] Group 3: Company Profile - Zai Lab, founded in 2009 and headquartered in Kunshan, Jiangsu, has three products on the market and focuses on oncology, autoimmune diseases, and hematology [6][10] - The company has a robust pipeline with 11 candidate drugs, including ZG006, which has received breakthrough therapy designation from the National Medical Products Administration in China [16][22] Group 4: Financial Performance - Zai Lab reported revenues of RMB 3.2 billion, RMB 3.84 billion, RMB 5.32 billion, and RMB 5.93 billion for the years 2022, 2023, 2024, and the first nine months of 2025, respectively [23][28] - Despite generating revenue, the company has incurred cumulative losses of RMB 1.027 billion due to high R&D and sales expenses [23][31] Group 5: R&D Pipeline - Zai Lab's R&D pipeline includes several promising candidates, such as ZG005, which targets PD-1/TIGIT and has shown a 40.9% objective response rate in clinical trials [19][22] - The company is advancing multiple candidates through various clinical trial phases, with a focus on innovative therapies for difficult-to-treat cancers [21][22]

Group 1 - The core viewpoint highlights the continuous catalysis in the innovative drug sector, particularly with the announcement from Elon Musk that Neuralink will start large-scale production of brain-machine interface devices in 2026, transitioning to fully automated surgical processes [1] - The first national standard for brain-machine interface medical devices in China will be implemented on January 1, 2026, laying the foundation for the standardized development of the industry [1] - The market sentiment is further catalyzed by the upcoming listing of Rebio Biotech on the Hong Kong stock market, enhancing the interest in small nucleic acid drugs that regulate pathological processes at the genetic level [1] Group 2 - Zai Lab has reached a strategic cooperation with AbbVie regarding ZG006, with an upfront payment of $100 million and a total transaction value potentially reaching $1.075 billion plus sales sharing, indicating the global value recognition of the product by multinational corporations [1] - According to Founder Securities, core assets in innovative drugs are expected to continue rising, with new opportunities emerging in small nucleic acids and in vivo CAR technologies, reflecting a long-term industry trend [1] - The innovative drug business development is seen as a value realization for China's innovative drug capabilities on the global stage, with authorized core assets expected to continue realizing value as clinical progress advances [1] Group 3 - The Guotai Innovation Drug ETF (589720) focuses on innovative drug companies on the Sci-Tech Innovation Board, tracking a representative index of 30 high-quality companies, primarily in high-growth biotech [2] - During the market rebound period from September 24, 2024, to October 31, 2025, the Sci-Tech Innovation Drug Index and the Hang Seng Hong Kong Stock Connect Innovation Drug Index recorded gains of 143.70% and 135.34% respectively, suggesting that the Sci-Tech Innovation Drug Index may help share the resilience of the Sci-Tech Innovation Board when market risk appetite increases [2]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical industry, indicating a positive outlook compared to the overall market performance [2]. Core Insights - The pharmaceutical sector experienced a decline of 2.1% in the latest week, while the Shanghai Composite Index rose by 0.13%. The pharmaceutical index ranked 28th among 31 sub-industries [2][3]. - The current valuation of the pharmaceutical sector stands at 28.6 times earnings, placing it 10th among 31 primary industries [6]. - Significant developments include Neuralink's announcement of large-scale production of brain-machine interface devices starting in 2026, which is expected to accelerate the growth of the brain-machine interface industry [12]. - Recent collaborations in drug development include a strategic partnership between Heptares Therapeutics and BlueNac, focusing on the development of next-generation radionuclide drug conjugates (RDCs) [13]. - The report highlights the potential of AI in drug development, with Insilico Medicine achieving significant milestones in just eight months [15]. Market Performance - The pharmaceutical sector's performance was notably poor, with various sub-sectors such as raw materials, chemical preparations, and vaccines all experiencing declines ranging from 1.1% to 4.1% [6][3]. - The report emphasizes the need to monitor the recovery of the domestic innovative drug environment, which may present investment opportunities in Contract Research Organizations (CROs) [2]. Company Developments - Zai Lab granted AbbVie exclusive rights for ZG006 outside Greater China, with potential payments reaching up to $1.235 billion [14]. - Frontier Biotech's FB7013, a siRNA drug targeting the MASP-2 protein, has received approval for clinical trials, indicating its potential in treating primary IgA nephropathy [15]. - New drug applications and IPOs are highlighted, including New Tong Pharmaceutical's application for the STAR Market and Jingze Biotech's IPO in Hong Kong [16][20]. Investment Opportunities - The report suggests focusing on companies benefiting from the recovery in the innovative drug sector, including Tigermed, WuXi AppTec, and others [2]. - The anticipated industrialization of brain-machine interfaces presents investment opportunities in related companies such as Botai Bio, Lepu Medical, and others [2].

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [30]. Core Insights - The report highlights a 2.1% decline in the Shenwan Pharmaceutical and Biological Index, while the Shanghai Composite Index rose by 0.13% during the same period, ranking the pharmaceutical sector 28th among 31 sub-industries [3][4]. - The report emphasizes the anticipated large-scale production of brain-computer interface devices by Neuralink in 2026, predicting rapid development in the brain-computer interface sector and encouraging investment in related companies [3][13]. - Recent collaborations and advancements in drug development are noted, including a strategic partnership between Heptares Therapeutics and BlueNac to develop next-generation radionuclide drug conjugates, and the acceptance of clinical trial applications for innovative drugs by various companies [14][17]. - The report mentions significant licensing agreements, such as Zai Lab granting AbbVie exclusive rights to ZG006 outside Greater China, with potential payments reaching up to $1.235 billion [16]. - The report suggests investment opportunities in the CRO sector due to a recovering environment for innovative drugs, highlighting companies like Tigermed, Nanjing Legend, and others [3][24]. Market Performance - The pharmaceutical sector's overall valuation stands at 28.6 times earnings, ranking 10th among 31 Shenwan primary industries [7][24]. - The report details the performance of various sub-sectors within the pharmaceutical industry, with declines noted across multiple categories, including a 4.1% drop in offline pharmacies and a 2.6% drop in medical devices [4][7]. Recent Key Events - Neuralink's announcement regarding the mass production of brain-computer interface devices is expected to accelerate the development of the industry, supported by government policies aimed at fostering innovation [13]. - Heptares Therapeutics and BlueNac's collaboration aims to leverage advanced drug delivery systems to enhance treatment efficacy while minimizing damage to surrounding healthy tissues [14]. - The acceptance of clinical trial applications for innovative drugs, such as FB7013 targeting IgA nephropathy, indicates ongoing advancements in the pharmaceutical sector [17]. IPO Dynamics - New Tong Pharmaceutical's IPO application has been accepted, with a post-investment valuation of 3.81 billion yuan, focusing on significant liver disease treatments [18]. - Jingze Biopharmaceutical's IPO application has also been accepted, with a post-investment valuation of 3.18 billion yuan, specializing in reproductive and ophthalmic medications [21][22].

Investment Rating - The report indicates a positive outlook for the biopharmaceutical industry, highlighting the approval of approximately 101 innovative drugs in 2025, marking a significant growth in the sector [3]. Core Insights - The innovative drug sector in China is experiencing robust growth, with 63 domestic innovative drugs (62% of total approvals) and 38 imported innovative drugs (38% of total approvals) approved in 2025 [3]. - The report suggests several companies to watch, including those with high certainty for overseas expansion and those with potential overseas data catalysts [2][20]. - The report emphasizes the importance of upcoming catalysts such as academic conferences and data releases that could impact the sector positively [2]. Summary by Sections Weekly New Drug Market Review - From December 29, 2025, to January 4, 2026, the top five gainers in the new drug sector were Youzhiyou (+12.45%), Aidi Pharmaceutical (+8.07%), Yongtai Biological (+6.72%), Kaituo Pharmaceutical (+6.25%), and Yahong Pharmaceutical (+4.07%). The top five losers were Jakes (+-15.53%), Yunding Xinyao (-15.06%), Kedi (-11.73%), Gelei Pharmaceutical (-8.64%), and Kangning Jere (-8.06%) [1][16]. Weekly Focused Stocks - The report recommends focusing on companies with MNC certification and high certainty for overseas volume, such as Sanofi Pharmaceutical, Lianbang Pharmaceutical, and Kelun Biotech. It also highlights companies with potential overseas data catalysts like Betta Pharmaceuticals and Hengrui Medicine [2][20]. Weekly New Drug Industry Analysis - The report notes that 2025 saw a record high in the number of approved innovative drugs in China, with a total of approximately 101 drugs approved by NMPA, excluding new indications, modified new drugs, biosimilars, traditional Chinese medicine, and vaccines [3][21]. Weekly New Drug Application Approval & Acceptance - No new drug or new indication applications were approved this week, but four new drug or new indication applications were accepted [4][27]. Weekly New Drug Clinical Application Approval & Acceptance - This week, 18 new drug clinical applications were approved, and 52 new drug clinical applications were accepted [5][30].

Core Viewpoint - The company has entered into a strategic collaboration and licensing agreement with AbbVie for the global development and commercialization of ZG006, retaining rights in Greater China while granting AbbVie exclusive rights outside this region [1] Group 1: Financial Terms - The company will receive an upfront payment of $100 million from AbbVie [1] - There are potential milestone and licensing option payments of up to $60 million in the near term [1] - If AbbVie exercises its option, the company could receive up to $1.075 billion in milestone payments, along with tiered royalties on net sales outside Greater China [1] Group 2: Rights and Approvals - AbbVie has exclusive development and commercialization rights for ZG006 outside of Greater China, while the company retains rights within the region [1] - The transaction has been approved by the board and does not constitute a related party transaction or a significant asset restructuring [1] Group 3: Risks - There are inherent risks associated with the approval and commercialization of ZG006 overseas, as well as the subsequent payment amounts [1]