评级：中性(维持) 曹泽运(证券分析师) 李畅(证券分析师) S0350525110001 S0350524010004 caozy@ghzq.com.cn lic05@ghzq.com.cn 证券研究报告 2026年01月30日 医药生物 生物医药深度报告：国产ADC药物即将迎来高光时刻 ——ADC子行业专题研究 最近一年走势 相关报告 《医药生物行业动态研究：中国独立医学实验室行业的先行者（中性）*医药生 物*曹泽运，林羽茜》——2026-01-27 《医药生物行业动态研究：AI药研或引产业革命，JPM大会再推行业新峰（中 性）*医药生物*曹泽运，林羽茜》——2026-01-20 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 医药生物 | 2.0% | -2.7% | 21.1% | | 沪深300 | 2.1% | 1.3% | 24.5% | 请务必阅读报告附注中的风险提示和免责声明 2 -9% 0% 9% 19% 28% 37% 2025/02/05 2025/05/06 2025/08/04 2025/11/02 医药生物 ...

百利天恒表示，报告期内，为加快推进产品管线的研发进度，巩固产品管线的领先优势，早日实现产品 上市以惠及患者，公司持续加大研发投入，导致研发投入同比增幅较大。 北京商报讯（记者 丁宁）1月30日晚间，百利天恒（688506）发布2025年业绩预告显示，经财务部门初 步测算，预计2025年实现归属净利润为-11亿元左右，同比减少129.67%左右。 同时，报告期内，公司与百时美施贵宝（BMS）就iza-bren 的合作顺利推进，全球II/III期关键注册临床 试验IZABRIGHT-Breast01里程碑达成，并收到第一笔2.5亿美元里程碑付款。上年同期，公司收到BMS 就iza-bren合作协议的8亿美元不可撤销、不可抵扣的首付款，公司相应确认相关知识产权收入。报告期 内收入下降主要原因为上年同期收到BMS首付款所确认的知识产权收入大于报告期内确认的里程碑收 入。 ...

北京商报讯(记者王寅浩宋雨盈)1月30日，百利天恒发布2025年业绩预告，预计2025年实现营业收入25 亿元左右，同比减少57.06%左右；预计实现归属于母公司所有者的净亏损为11亿元左右，同比减少 129.67%左右；预计实现归属于母公司所有者扣除非经常性损益后的净亏损为12亿元左右，同比减少 133.01%左右。 根据公告，业绩变动系报告期内，公司持续加大研发投入，导致研发投入同比增幅较大。同时，上年同 期收到BMS首付款所确认的知识产权收入大于报告期内确认的里程碑收入。 ...

证券代码：688506 证券简称：百利天恒 公告编号：2026-009 四川百利天恒药业股份有限公司 2025 年年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 3、经财务部门初步测算，预计 2025 年度实现归属于母公司所有者扣除非经 常性损益后的净利润为-120,000.00 万元左右，与上年同期相比将减少 483,553.75 万元左右，同比减少 133.01%左右。 （三）本次业绩预告未经注册会计师审计。 二、上年同期业绩情况和财务状况 （一）营业收入：582,271.78 万元。 （二）利润总额：397,815.36 万元。归属于母公司所有者的净利润：370,750.46 万元。归属于母公司所有者的扣除非经常性损益的净利润：363,553.75 万元。 1 （二）业绩预告情况 1、经财务部门初步测算，预计 2025 年度实现营业收入为 250,000.00 万元左 右，与上年同期相比将减少 ...

【百利天恒：预计2025年净亏损11亿元 同比转亏】《科创板日报》30日讯，百利天恒(688506.SH)公告 称，预计2025年度归属于上市公司股东的净利润为-11.00亿元左右，上年同期为盈利37.08亿元，同比转 亏。报告期内，公司持续加大研发投入，导致研发投入同比增幅较大。截至报告期末，公司共有17款创 新药处于临床试验阶段（其中6款创新药处于全球临床试验）。公司正在全球范围内开展100余项创新药 临床试验。核心产品iza-bren（EGFR×HER3 双抗ADC）两个适应症——用于治疗局部晚期或转移性鼻 咽癌、用于治疗复发性或转移性食管鳞癌——的上市申请（NDA）已获得国家药品监督管理局药品审 评中心（CDE）受理且被纳入优先审评程序。报告期内收入下降主要原因为上年同期收到BMS首付款 所确认的知识产权收入大于报告期内确认的里程碑收入。 转自：智通财经 ...

南财智讯1月30日电，百利天恒发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为-110,000.00万元左右，同比预减129.67%；预计2025年全年归属于上市公司股东的扣除非经常性损益 的净利润为-120,000.00万元左右，同比预减133.01%。报告期内，为加快推进产品管线的研发进度，巩 固产品管线的领先优势，早日实现产品上市以惠及患者，公司持续加大研发投入，导致研发投入同比增 幅较大。截至报告期末，公司共有17款创新药处于临床试验阶段（其中6款创新药处于全球临床试 验）。公司正在全球范围内开展100余项创新药临床试验，其中中国正在开展90余项临床试验（含国内 III期注册临床试验17项），海外正在开展10项临床试验(含全球II/III期注册临床试验3项)。核心产品iza- bren(EGFR×HER3双抗ADC）两个适应症——用于治疗局部晚期或转移性鼻咽癌、用于治疗复发性或转 移性食管鳞癌——的上市申请（NDA）已获得国家药品监督管理局药品审评中心（CDE）受理且被纳 入优先审评程序。报告期内，公司与百时美施贵宝（BMS）就iza-bren的合作顺利推进，全球II/III期关 键 ...

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with significant growth potential identified by brokerage firms [1][3] - The companies with the highest target price increases include Baili Tianheng at 368.30%, Luoyang Molybdenum at 37.88%, and Sanqi Interactive Entertainment at 29.53%, representing the chemical pharmaceutical, industrial metals, and gaming industries respectively [1][3] - A total of 23 listed companies received brokerage recommendations on January 26, with companies like Jianda Co., Shouhua Gas, and Huayuan Bio receiving one recommendation each [3] Group 2 - On January 26, one company had its rating upgraded, specifically Hualu Hengsheng, which was raised from "Hold" to "Buy" by Tianfeng Securities [4][6] - The only company receiving a first-time coverage rating on January 26 was Boshi Jie, which was given a "Strong Buy" rating by China Merchants Securities [6][7]

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology sector, specifically highlighting companies like Yuyuan Pharmaceutical and CanSino Biologics for their promising developments in mRNA vaccines [1]. Core Insights - The mRNA vaccine sector is experiencing a breakthrough, with mRNA technology leading the shift towards efficient and personalized immunotherapy. This technology offers three core competitive advantages: rapid production capabilities, enhanced safety profiles, and flexibility in antigen design, which supports personalized treatment approaches [1][4]. - The report identifies a favorable ranking of sub-industries, with innovative drugs, research services, and CXO services being prioritized for investment. High-yield sectors include traditional Chinese medicine and pharmacies [10][11]. - Specific companies are recommended for investment based on various therapeutic angles, including PD1 PLUS, ADC, and small nucleic acids, with notable mentions such as Innovent Biologics, CanSino Biologics, and Yuyuan Pharmaceutical [10][12][13]. Summary by Sections Market Performance - The A-share pharmaceutical index has shown a year-to-date increase of 6.66%, outperforming the CSI 300 index by 5.10%. The Hang Seng Biotechnology Index has also seen a 12.40% increase [4][9]. - Sub-sectors such as pharmaceutical commerce (+4.26%) and raw materials (+2.41%) have performed well, while bioproducts and chemical pharmaceuticals have faced declines [4][9]. Clinical Developments - Corcept Therapeutics has reported positive results from its Phase III trial for relacorilant, indicating survival benefits for patients with platinum-resistant ovarian cancer. Meanwhile, Maiwei Biologics has initiated its first patient dosing in the U.S. for its CDH17-ADC innovative drug [1][4]. Investment Recommendations - The report suggests a diversified investment approach across various therapeutic areas, including: - PD1 PLUS: Focus on companies like 3SBio and Innovent Biologics - ADC: Companies such as InnoCare Pharma and Kintor Pharmaceutical - Small nucleic acids: Recommendations include Frontier Biotechnologies and Yuyuan Pharmaceutical - Traditional Chinese medicine: Companies like Zhaoke Pharmaceutical and Fangsheng Pharmaceutical are highlighted [10][12][13]. Fund Holdings - The report notes a decrease in the proportion of public fund holdings in the pharmaceutical sector, with a total holding of 6.67% as of Q4 2025, down 1.46 percentage points from the previous quarter [17][18]. Company Performance - Specific companies have been highlighted for their market performance, with notable increases in stock prices for companies like *ST Changyao (+70.37%) and Hualan Biological (+32.21%) [9]. This comprehensive analysis provides insights into the current state and future potential of the pharmaceutical and biotechnology industry, emphasizing the importance of mRNA technology and strategic investment in key companies.

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology industry, specifically highlighting companies such as Yuyuan Pharmaceutical and CanSino Biologics for potential investment opportunities [1]. Core Insights - The mRNA vaccine sector is experiencing significant advancements, with mRNA technology leading the shift towards efficient and personalized immunotherapy. This technology offers three main competitive advantages: rapid production capabilities, enhanced safety profiles, and flexibility in antigen design, which supports tailored treatments for cancer patients [1][4]. - The report identifies promising sub-sectors within the industry, ranking them as follows: innovative drugs, research services, CXO, traditional Chinese medicine, medical devices, and pharmacies. It suggests a focus on high-growth areas such as innovative drugs, particularly in small nucleic acid therapies, and high-dividend sectors like traditional Chinese medicine and pharmacies [10][11]. Summary by Sections Market Performance - The A-share pharmaceutical index has shown a year-to-date increase of 6.66%, outperforming the CSI 300 index by 5.10%. The Hang Seng Biotechnology Index has also seen a year-to-date rise of 12.40% [4][9]. - Notable performers in the market include *ST Changyao (+70.37%) and Hualan Biological (+32.21%) for the week, while the worst performers include Kain Technology (-13.83%) and Aidi Pharmaceutical (-13.70%) [9]. Clinical Developments - Corcept Therapeutics has reported positive results from its Phase III trial for relacorilant, which shows survival benefits for patients with platinum-resistant ovarian cancer. Additionally, Maiwei Biologics has initiated its first patient dosing in the U.S. for its CDH17-ADC innovative drug targeting advanced colorectal and gastrointestinal tumors [4]. Investment Recommendations - Specific companies to watch include: - From the PD1 PLUS perspective: 3SBio, Kanyin Biologics, Innovent Biologics, and Zai Lab [11]. - From the ADC perspective: InnoCare Pharma, Kelun-Biotech, and Baillie Gifford [11]. - From the small nucleic acid perspective: Frontier Biotechnologies, Fuyuan Pharmaceutical, and Yuyuan Pharmaceutical [11]. - From the self-immune perspective: Kangnuo Pharmaceutical, Yifang Biologics, and Yipinhong [11]. - From the innovative drug leaders: BeiGene and HengRui Medicine [11]. - From the CXO and upstream research services: WuXi AppTec, Haoyuan Pharmaceutical, and Aopumai [11]. - From the medical device sector: United Imaging Healthcare and Yuyue Medical [11].

Investment Rating - The report maintains a positive investment rating for the pharmaceutical sector [5] Core Views - The report emphasizes three main investment themes for 2026: innovation, overseas expansion, and turnaround impulses, with a focus on BD2.0, small nucleic acids, and supply chain (CXO and upstream) [2][3] - The report suggests that the pharmaceutical sector is currently experiencing a rotation in investment focus, particularly in areas such as brain-computer interfaces, AI integration, small nucleic acids, and medical robotics [3] Summary by Sections Public Fund Holdings Update for Q4 2025 - Overall, the market value of public funds holding pharmaceutical stocks has decreased, with a total market value of 217.6 billion yuan, down by 51 billion yuan from the previous quarter [14] - The pharmaceutical sector's allocation in public funds is 7.96%, a decrease of 1.74 percentage points [19] - Chemical preparations remain the most heavily weighted sub-industry, while allocations to medical devices have increased [14][25] Market Review and Analysis - The pharmaceutical and biotechnology index decreased by 0.39% week-on-week, outperforming the CSI 300 index but underperforming the ChiNext index [1] - The total trading volume in the pharmaceutical sector was 554.24 billion yuan, accounting for 4.00% of the total trading volume in the Shanghai and Shenzhen markets [1] Investment Opportunities - The report identifies specific companies for potential investment, including: - CXO and innovative drug companies such as Tigermed, Zhaoyan New Drug, and Hai Si Ke, which have seen significant increases in fund holdings [16][38] - AI innovative drug companies like Jingtai Holdings and small nucleic acid firms such as Frontier Biotech and Yuyuan Pharmaceutical [3][38] - The report also highlights the importance of exploring CROs, essential drugs, and companies showing signs of bottoming out [3]