（文章来源：证券日报） 证券日报网2月25日讯 ，前沿生物在接受调研者提问时表示，管线推进方面，FB7013已提交中国IND申 报，FB7011处于临床前阶段，公司将按计划推进两款产品的临床前研究、IND申报及中国境内临床工 作。公司拥有多个具有明确差异化和开发前景的自研管线，覆盖代谢性疾病等重大领域。例如，公司正 在推进的FB7023（针对动脉粥样硬化性心血管疾病，ASCVD）和FB7033（针对代谢相关脂肪性肝炎， MASH）等项目，均基于创新的双靶点作用机制设计，旨在解决现有疗法的局限性，这些管线构成了公 司后续发展的核心资产。FB7023、FB7033目前处于临床前研究阶段，公司将积极推进药效、药学和安 全性研究，计划通过参加各产品所属适应症的全球高规格学术会议发布数据、验证学术价值，提升产品 影响力和国际关注度，并在适当时机与投资者进行分享与披露。BD合作方面，公司始终对合作接洽保 持开放态度，本次与GSK的合作提升了公司品牌关注度，后续将基于每款产品临床价值与差异化优势分 析，选择优质合作方开展深度洽谈，相关合作进展以公司公告为准。 ...

[Table_Title] 前沿生物：小核酸领域的冉冉新星 [Table_scodeMsg1] 公司研究丨深度报告丨前沿生物-U（688221.SH） %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 前沿生物是一家聚焦于具备技术和专利壁垒，以差异化优势的思路进行药物开发的创新药企 业，近年来逐步形成了长效抗 HIV 药物+新技术小核酸药物+高端仿制药的产品格局。公司目前 已储备了丰富的小核酸药物管线，涵盖了 IgA 肾病、血脂异常等慢病适应症。其中，FB7013 与 FB7011 均为靶向补体系统的设计，靶点选择具备 FIC 潜力。此外，公司自主研发的长效抗 HIV 病毒融合抑制剂艾可宁的放量趋势稳健，并同时储备了长效抗 HIV 的在研新药，未来有望形成 新的产品组合，持续巩固公司在艾滋病领域的竞争优势。 分析师及联系人 [Table_Author] 彭英骐 刘长洪 SAC：S0490524030005 SAC：S0490525070007 SFC：BUZ392 请阅读最后评级说明和重要声明 2 / 30 %% %% %% %% r ...

随着小核酸药物近年来在慢病领域取得突破，其市场规模也水涨船高。据弗若斯特沙利文报告，全球小 核酸药物市场规模预计将从2024年的57亿美元增长至2029年的206亿美元。目前国内还没有国产小核酸 药物获批上市，药智数据显示，国内目前已有数十款小核酸药物进入临床研究阶段，海外授权动作频频 出现。 节后首个交易日（2月24日），前沿生物药业（南京）股份有限公司（前沿生物）以涨停开盘。据公 告，前沿生物与葛兰素史克（GSK）达成一项独家授权许可协议，将两款处于早期研发阶段的小核酸 （siRNA）管线产品授予后者在全球范围内开发、生产及商业化的独家权利。前沿生物将获得4000万美 元首付款，授权合作总额超10亿美元。眼下，小核酸药物这一赛道热度不减，市场规模有望在2029年超 过200亿美元。 根据授权协议，葛兰素史克将获得两款小核酸管线产品在全球范围内的独家开发、生产及商业化权利， 其中一款候选药物已进入新药临床试验申请（IND）阶段，另一款为临床前候选药物。 前沿生物则将获得4000万美元首付款及1300万美元近期里程碑付款，还将额外在两个项目中累计获得最 高9.5亿美元的基于成功开发、监管及商业化里程碑的付款， ...

Investment Rating - The industry investment rating is maintained at "Overweight" [7] Core Insights - The report highlights the continuous upgrading of policies in the Heilongjiang biomanufacturing industry, focusing on innovative traditional Chinese medicine and innovative medical devices [4] - The report emphasizes the significant revisions to the Drug Administration Law, which provides institutional support for pharmaceutical innovation and high-quality development [4] - The report identifies three major transformations in China's innovative drug business development (BD) in 2026: technology output combined with product authorization, platform cooperation, and global parallel innovation [8] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -7.06% compared to the CSI 300 index, with an absolute return of 11.53% [3] Investment Highlights - The report notes that BD transactions in the pharmaceutical sector are focused on unmet clinical needs, technological differentiation, and global value [6] - Key areas of focus include oncology therapies such as dual antibodies, ADCs, and TCE combinations, with significant financial agreements highlighted, such as a $650 million upfront payment for a PD-1/VEGF dual antibody [6] - The metabolic disease sector is centered on long-acting GLP-1 and small nucleic acid precision therapies, with notable collaborations resulting in substantial upfront payments and potential total amounts [6] Company-Specific Developments - Companies like Andover Pharmaceuticals and Frontier Biotech have secured significant collaborations with major pharmaceutical firms, indicating a trend towards platform-based cooperation and technology output [7] - Specific collaborations include a $1.05 billion deal for a CTLA-4 inhibitor and a $400 million agreement for small nucleic acid drugs, showcasing the growing interest in innovative therapies [7] - The report suggests monitoring companies such as Rebio Biotech and WuXi AppTec for their advancements in small nucleic acids and platform capabilities [8]

根据协议，前沿生物将获得4000万美元首付款及1300万美元近期里程碑付款；公司还将额外在两个项目 中累计获得最高9.5亿美元的基于成功开发、监管及商业化里程碑的付款，同时享有两款产品全球净销 售额的分级特许权使用费。 2026.02.25 本文字数：774，阅读时长大约1分钟 作者 |第一财经 林志吟 2月25日，科创板创新药企前沿生物（688221.SH）股价开盘后直泻，截至上午10点55分之际，股价跌 幅达到15.59%，成为A股跌幅第一大个股，市值报78.06亿元。截至午间收盘，该股下跌16.19%。 前沿生物股价突然暴跌，让一些投资者有些措手不及。 就在前日，即2月23日，前沿生物才刚刚宣布，与全球生物制药企业葛兰素史克（GSK）达成一项独家 授权许可协议。 根据该协议，葛兰素史克将获得前沿生物两款小核酸（siRNA）管线产品在全球范围内的独家开发、生 产及商业化权利，其中一款候选药物已进入新药临床试验申请（IND）阶段，另一款为临床前候选药 物。 总体看，这笔交易的首付款以及总交易额并不高，但跟授权的产品都处于早期研发阶段有关。 2月24日，受上述交易提振，前沿生物股价原本大涨9.29%，但2月2 ...

根据协议，前沿生物将获得4000万美元首付款及1300万美元近期里程碑付款；公司还将额外在两个项目 中累计获得最高9.5亿美元的基于成功开发、监管及商业化里程碑的付款，同时享有两款产品全球净销 售额的分级特许权使用费。 总体看，这笔交易的首付款以及总交易额并不高，但跟授权的产品都处于早期研发阶段有关。 2月24日，受上述交易提振，前沿生物股价原本大涨9.29%，但2月25日的大跌，一下子抹平了上一个交 易日的大涨。 公司才达成一笔超10亿美元的授权交易。 2月25日，科创板创新药企前沿生物（688221.SH）股价开盘后直泻，截至上午10点55分之际，股价跌 幅达到15.59%，成为A股跌幅第一大个股，市值报78.06亿元。 前沿生物股价突然暴跌，让一些投资者有些措手不及。 就在前日，即2月23日，前沿生物才刚刚宣布，与全球生物制药企业葛兰素史克（GSK）达成一项独家 授权许可协议。 根据该协议，葛兰素史克将获得前沿生物两款小核酸（siRNA）管线产品在全球范围内的独家开发、生 产及商业化权利，其中一款候选药物已进入新药临床试验申请（IND）阶段，另一款为临床前候选药 物。 前沿生物自身已有产品实现商业化销售 ...

长江商报消息 ●长江商报记者 潘瑞冬 小核酸药物赛道再添重磅国际合作。 2月23日晚间，前沿生物（688221.SH）发布公告，公司已于2月16日与全球生物制药巨头葛兰素史克 （GSK）签署独家授权协议，将旗下两款小核酸（siRNA）在研产品的全球权益授予GSK。根据公告， 此次授权协议的交易总金额或超10亿美元。 资料显示，前沿生物聚焦小核酸新药研发及其他新药的早期研发，此次授权的两款产品中，一款候选药 物已进入新药临床试验申请（IND）阶段，另一款处于临床前阶段。 值得一提的是，随着营业收入的增长和期间费用降低，前沿生物的扣非净利润连续三年减亏，根据公司 2025年业绩预告，公司预计扣非净利润亏损约2.88亿—3.23亿元，减少亏损约431.12万—3931.12万元。 达成超10亿美元授权合作 前沿生物与GSK达成超10亿美元合作，两款siRNA药物授权全球开发。 在研发分工上，双方实现优势互补。前沿生物将负责两款产品的早期开发工作，具体包括推进其中一款 产品在中国的I期临床试验，以及完成另一款产品的IND支持性研究；GSK则凭借其全球成熟的临床开 发、监管申报及商业化能力，承接两款产品后续所有的全球研 ...

Core Insights - The Chinese pharmaceutical industry is experiencing a surge in Business Development (BD) activities, with significant collaborations and licensing agreements being announced at the beginning of the year [1][3][8] - The total value of licensing agreements for Chinese innovative drugs reached approximately $135.65 billion (about 933.56 billion RMB) in the previous year, with 157 transactions recorded [3] - The trend of BD is expected to continue, driven by the increasing capabilities of domestic innovative drug development and the need for multinational corporations (MNCs) to fill pipeline gaps [5][8] BD Transaction Highlights - Frontier Biotech announced an exclusive licensing agreement with GlaxoSmithKline (GSK) for two small RNA products, with an upfront payment of $40 million (about 27.8 million RMB) and potential milestone payments totaling up to $950 million (about 6.594 billion RMB) [4] - Hengrui Medicine disclosed a partnership with Solstice Oncology, granting exclusive rights for the development and commercialization of HBM4003 outside Greater China, with an upfront payment exceeding $10.5 million (about 7.29 million RMB) and potential milestone payments of up to $1.1 billion (about 7.336 billion RMB) [3][4] Market Trends - The small RNA drug sector is gaining attention, with Frontier Biotech focusing on chronic disease treatments and showcasing potential for first-in-class or best-in-class candidates [6] - The rapid development of small RNA technologies is driving deeper industry collaborations, positioning small RNA drugs as a significant area for BD activities [7] - Domestic BD collaborations are increasingly focused on resource sharing and risk mitigation, contrasting with previous trends that emphasized international partnerships [8][9] Domestic Collaboration Growth - There has been a notable increase in domestic BD transactions, with companies like Zhongsheng Pharmaceutical and Jichuan Pharmaceutical engaging in licensing agreements to enhance their market presence [8][9] - The emphasis on domestic collaborations reflects a trend towards resource integration and technology sharing, aiming to accelerate product development and market entry [9]

春节后开工第一天，谢东等来救急钱。 2月23日晚，他实控的前沿生物公告，与全球制药巨头葛兰素史克（GSK）达成独家授权协议，将共同开发两款小核酸药物。 这笔交易的总价，超过10亿美元，折合人民币近70亿元。 新药开局 "小核酸药物，为近年来全球医药领域的重要发展方向。" 谢东非常看好小核酸药物的前景，敏锐注意到，此领域的研发，已从罕见病向心脑血管疾病、代谢性疾病等慢性病领域加速扩展。 他调整发展策略，以小核酸创新药为核心发展主线，视作新的增长希望，以高端仿制药业务作为稳健补充。 "DNA上的基因片段信息，需要通过信使RNA（mRNA）传递给蛋白质，小核酸药物的逻辑，可以简单理解为作用在mRNA，确定致病序列后，设计对应 的RNA片段。" 谢东团队将获得4000万美元的首付款，以及一笔1300万美元的近期里程碑付款。 未来，基于成功开发、监管及商业化等情况，他有望收到最高达人民币65.5亿元的付款，且获得产品的销售分成。 谢东团队表示，此次合作将有助于改善现金流，优化财务结构。 "抗艾第一股"前沿生物，总部位于南京，谢东担任董事长兼CEO，手握国内首个原创抗艾新药"艾可宁"。过去五年，公司持续亏损15亿元。 如 ...

Group 1: Real Estate and Construction - The real estate market continues to show signs of bottoming out, with a weak performance in new home sales during the Spring Festival period, reflecting poor supply and demand dynamics [3][9][12] - The land market has seen a significant decline in both supply and demand, with total land area launched in January 2026 down 16% year-on-year, and total land transaction value down 39% [11][12] - Policy measures such as the reduction of the value-added tax on second-hand housing and the lowering of minimum down payments for commercial properties indicate a generally accommodative policy environment [3][12] Group 2: Agriculture, Forestry, Animal Husbandry, and Fishery - The pig price is under pressure post-holiday due to the end of stocking and limited weight reduction, with the average price of pigs at 11.66 yuan/kg as of February 13, 2026, down 0.40 yuan/kg week-on-week [4][13] - The supply side shows a slight decrease in the average weight of pigs being marketed, indicating ongoing pressure from large pigs and structural pricing risks [13][14] - The overall market sentiment remains weak, with expectations of a seasonal decline in demand in the weeks following the holiday [14] Group 3: Retail and Consumer Services - The retail sector is experiencing a steady recovery in consumption, with payment transactions on the eve of the Spring Festival increasing by 21.64% compared to the previous year [5][19] - Key retail and catering enterprises reported an average daily sales increase of 8.6% during the first four days of the holiday compared to the same period in 2025 [19][25] - Investment recommendations focus on high-quality companies in the consumer sector, particularly those in gold and jewelry, offline retail, cosmetics, and medical aesthetics [26] Group 4: Pharmaceuticals - The company has entered into an exclusive licensing agreement with GSK for two siRNA pipeline products, with potential total transaction value reaching up to $1 billion [6][28] - Revenue forecasts for the company are maintained at 143 million, 169 million, and 201 million yuan for 2025, 2026, and 2027, respectively, with a downward adjustment in net profit estimates [6][28] - The collaboration with GSK highlights the company's growing recognition in the small nucleic acid drug development field, paving the way for future global partnerships [28][29]