【私募调研记录】尚雅投资调研科兴制药

Core Insights - Shangya Investment recently conducted research on a listed company, focusing on the innovative drug development pipeline of Kexing Pharmaceutical, which has a clear strategy for different stages of drug development [1] Group 1: Company Overview - Kexing Pharmaceutical has shifted its focus from Fast-follow monoclonal antibodies in 2022 to dual-target or triple-target antibodies in 2022-2023, with plans to develop FIC class triple-target antibodies starting in 2024 [1] - The company anticipates completing some business development collaborations for its pipeline by 2025, particularly focusing on overseas collaborations from PCC to IND stages [1] Group 2: Product Pipeline - The GB18 project aims to improve weight loss, muscle and fat weight, and exercise function, with injections expected every 3-4 weeks; the domestic IND has been accepted, and the US IND is under application [1] - The GB12 project, which targets IL-4R and IL-31, benefits from dual specificity antibody advantages and has a competitive edge in the market, utilizing AI technology in collaboration with Baidu Biotechnology [1] - The GB20 and GB24 projects focus on the TL1 target, providing synergistic effects for inflammation and fibrosis prevention, covering the entire disease course of IBD [1] Group 3: Market Strategy - The product Bai Zi has seen increasing order volumes since its sales began in the EU in August 2024, with production scheduled based on orders for 2025 [1] - Kexing Pharmaceutical is prioritizing the introduction of high-tech barrier products, advancing local operations of its overseas subsidiaries, and accelerating the registration and listing process [1] - The company aims for an export revenue growth target of 200%-400%, relying on its overseas commercialization platform for long-term business growth [1]