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🇭🇰 港交所FOSUN PHARMAQwen · 实盘不做把握 3/10不做原因:风险收益比不佳
北京时间·🕒 发布 19:05:00时区推断·⟳ 抓取 19:06:53·⚡ 决策 08-27 20:11:13 +1h04m·61.3 天前

复星医药许可引进的BCMA×CD3双抗维可妥®(纬利妥米单抗)获NMPA附条件批准上市,适应症为≥3线复发难治性多发性骨髓瘤

对复星医药:市值约600亿元,单一窄适应症(≥3L RRMM)获批相对收入/市值增量极小,且已有两款同靶点竞品在先获批,不构成短线催化。对智翔金泰:商业化权利已许可出去,获批属预期内里程碑,具体里程碑/分成金额未披露,无法量化近期业绩增量;股价近期处于回调中,无正向动能。两个候选均无法形成正期望交易。

📄 原文FOSUN PHARMA↗ 原文
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 复星医药(600196.SH)
市值约600亿元的大型药企,单一窄适应症(≥3L RRMM)许可引进产品获批相对市值增量极小(峰值中国销售可能仅数亿元,且需与智翔金泰分成);中国已有2款同靶点竞品在先,商业化竞争激烈;属常规管线更新,不构成短线催化
不做 智翔金泰(688443.SH)
商业化权利已许可给药友制药,获批属5月签约后的预期内里程碑;里程碑/分成金额未披露,无法量化近期业绩增量;股价近5日跌7.4%无正向动能;作为研发方获得的是远期分成而非近期收入确认
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

GR1803获NMPA附条件批准是事实性利好,但需穿透权益和量级:①复星医药市值~600亿、H1收入204亿,该药为≥3L RRMM窄适应症且中国已有2款同靶点竞品,峰值销售对中国市场贡献可能仅数亿元级别,占市值不足1%;②智翔金泰虽是研发方,但商业化权利已许可给药友制药,仅获里程碑+分成,金额未披露,且获批在5月签约后属预期内进展。两标的均无足够materiality支撑短线交易。

🔎 新鲜度:最早出现 2026-08-27 · 扩散 low · price-in 风险 low ↗

消息传播链

  1. 2026-05-29首发上海证券交易所公告
    药友制药与智翔金泰签订GR1803许可协议,授予中国境内及港澳台独占商业化权利,市场已知该管线进入NDA阶段
  2. 2026-08-27 19:05 HKT官方确认/否认港交所披露易(13.10B海外监管公告)+上交所一手源原文 ↗
    NMPA附条件批准维可妥上市,正式确认获批;盘后发布,次日开盘可反映

主要风险

  • 中国BCMA×CD3市场已有辉瑞埃纳妥单抗和强生特立妥单抗两款竞品,维可妥作为第三款获批产品面临激烈竞争,商业化前景不确定
  • 附条件批准意味着后续需完成确证性临床试验,存在补充数据不达标导致撤回的理论风险

反向证据

  • 做多前查反向 · 来源 search_case_library · 日期 2026-08-25 · 影响 none
    复星医药2026H1收入204.42亿元同比+4.75%,归母净利17.21亿元同比+1.15%,扣非+19.09%,业绩平稳无利空;但近5日股价跌7.85%反映市场整体情绪偏弱
    检索:复星医药近期利空 业绩下修 客户流失
  • 做多前查反向 · 来源 kb_search + 公告原文 · 日期 2026-05-29 · 影响 weakens
    5月28日签订许可协议时即意味着NDA已提交/接近提交,获批属预期内进展;国泰海通4月研报提及智翔金泰2026年收入目标≥6亿元(含股权激励考核),说明市场对其商业化进展已有预期
    检索:智翔金泰GR1803获批是否已被预期

先例如何影响了这次决策

对本次决策的影响:先例不足不影响AVOID结论;materiality不足本身已构成充分理由

方向:无足够先例

涨幅量级:无高相似先例可用于校准幅度

形态:无

工具执行结果 · 成功 7 · 降级 5 · 失败 0 · 取消 0
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  6. web_search 降级 Bing RSS(Tavily 降级后备) · 1,123 ms
    web_search「智翔金泰 688443 上市 科创板」命中 5 条(Bing RSS 后备;Tavily: HTTP 432 {"detail":{"error":"This request exceeds your plan's set usage limit. Please upgrade your plan or contact support@tavily.com"}}):
  7. stock_quote 成功 stock_tools HTTP · 3,448 ms
    {
  8. kb_search 降级 stock_tools HTTP · 6,796 ms
    {
  9. web_search 降级 Bing RSS(Tavily 降级后备) · 1,034 ms
    web_search「智翔金泰 GR1803 velinotamig 复星医药 许可 获批 2026」命中 8 条(Bing RSS 后备;Tavily: HTTP 432 {"detail":{"error":"This request exceeds your plan's set usage limit. Please upgrade your plan or contact support@tavily.com"}}):
  10. search_case_library 成功 stock_tools HTTP · 14,092 ms
    {"result": "search_case_library「600196.SH,688443.SH」—— 与这些标的相关的自家决策案例(本页 12 条,该标的全历史相关记录共 60 条;ENTER 只按该标的自己的腿统计):\n◆ 600196.SH:相关历史决策 57 条 · 其中该标的 ENTER 0 条(0.0%) · 我们从没在这只票上 ENTER 过\n◆ 688443.SH:相关历史决策 3 条 · 其中该标的 ENTER 0 条(0.0%) · 我们从没在这只票上 ENTER 过\n【对所查标的真 ENTER 过的:0 条 —— 相关案例里没有该标的自己的 ENTER 腿】\
  11. web_search 降级 Bing RSS(Tavily 降级后备) · 1,006 ms
    web_search「"复星医药" "提示性公告" 药品获批 股价反应 2026」命中 2 条(Bing RSS 后备;Tavily: HTTP 432 {"detail":{"error":"This request exceeds your plan's set usage limit. Please upgrade your plan or contact support@tavily.com"}}):
  12. web_search 降级 Bing RSS(Tavily 降级后备) · 1,109 ms
    web_search「NMPA conditional approval bispecific antibody China 2025 2026 stock reaction」命中 5 条(Bing RSS 后备;Tavily: HTTP 432 {"detail":{"error":"This request exceeds your plan's set usage limit. Please upgrade your plan or contact support@tavily.com"}}):

原文全文

展开原文 · 8,679 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for
the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any
liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this
announcement.

上 海 復 星 醫 藥( 集 團 )股 份 有 限 公 司
Shanghai Fosun Pharmaceutical (Group) Co., Ltd.*
(a joint stock company incorporated in the People ’s Republic of China with limited liability)
(Stock Code: 02196)

OVERSEAS REGULATORY ANNOUNCEMENT
This announcement is made pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited.
The following sets out the “Announcement in Relation to the Approval for Drug Registration of
Licensed-in Pharmaceutical Product ” published by Shanghai Fosun Pharmaceutical (Group) Co.,
Ltd.* (the “Company”) on the website of the Shanghai Stock Exchange, for your reference only. The
following is a translation of the abovementioned announcement solely for the purpose of providing
information. Should there be any discrepancies, the Chinese version will prevail.
By order of the Board
Shanghai Fosun Pharmaceutical (Group) Co., Ltd.*
Chen Yuqing
Chairman
Shanghai, the PRC
27 August 2026
As at the date of this announcement, the executive directors of the Company are Mr. Chen Yuqing, Ms. Guan Xiaohui, Mr.
Wen Deyong, Mr. Wang Kexin and Mr. Liu Yi; the non-executive directors of the Company are Mr. Chen Qiyu and Mr. Pan
Donghui; the independent non-executive directors of the Company are Mr. Yu Tze Shan Hailson, Mr. Wang Quandi, Mr.
Chen Penghui and Mr. Yang Yucheng; and the employee director of the Company is Ms. Yan Jia.
*

for identification purposes only

Stock code: 600196

Stock abbreviation: Fosun Pharma

No: Lin 2026-113

Shanghai Fosun Pharmaceutical (Group) Co., Ltd.*
Announcement in Relation to the Approval for Drug
Registration of Licensed-in Pharmaceutical Product
The board of directors of the Company and all directors warrant that this
announcement does not contain any false information, misleading statement, or
material omission, and accept legal liability for the truthfulness, accuracy and
completeness of the contents herein contained.
I. Overview
On 28 May 2026, Yao Pharmaceutical Company Limited.* (重慶藥友製藥有限責任
公司) (the “Yao Pharma”), a subsidiary of Shanghai Fosun Pharmaceutical (Group) Co.,
Ltd.* (上海復星醫藥(集團)股份有限公司) (the “Company”), entered into a license
agreement with Chongqing Genrix Biopharmaceutical Co.,ltd. * (重慶智翔金泰生物製
藥股份有限公司) (the “Genrix Bio”), pursuant to which Yao Pharma was granted the
sole and exclusive rights to the clinical development and commercialization of the
licensed product (namely a bispecific antibody product that uses GR1803 as the sole
active ingredient and/or as agreed, simultaneously targeting BCMA and CD3) within the
licensed territory (i.e., the Chinese mainland 1, Hong Kong, Macau and Taiwan regions)
and the licensed field (i.e., for the diagnosis, prevention and treatment of human diseases),
as well as the exclusive rights to the research and production of manufacturing processes,
and Yao Pharma will act as the marketing authorization holder (MAH) of the product in
the licensed territory. For details, please refer to the relevant announcements published by
the Company on 29 May 2026 in the China Securities Journal, Shanghai Securities News,
Securities

Times

and

on

the

website

of

the

(http://www.sse.com.cn).

1

Excluding Hong Kong, Macau and Taiwan regions (the same applies below).
1

Shanghai

Stock

Exchange

Recently, the marketing registration application for GR1803 Injection (Generic name:
Velinotamig Injection, trade name in the Chinese mainland: 维可妥®; the “Drug”) has
been approved with conditions by the National Medical Products Administration, for the
indication of adult patients with relapsed or refractory multiple myeloma who have
received at least three prior lines of therapy (including a proteasome inhibitor, an
immunomodulatory agent and an anti-CD38 monoclonal antibody) .
II. Registration Information of the Drug
Generic Name: Velinotamig Injection
Dosage Form: Injection
Strength: 20 mg (2 ml)/vial
Registered Category: Therapeutic Biological Product Category 1
Manufacturer: Chongqing Genrix Biopharmaceutical Co.,ltd. * (重慶智翔金泰生物
製藥股份有限公司)
Drug Approval Number: Guo Yao Zhun Zi S20260066
III. Research and Development of the Drug and Marketing Situation of Similar
Drugs
GR1803 is a bispecific antibody that can simultaneously bind to BCMA and CD3
antigens, thereby redirecting cytotoxic T cells to cells expressing BCMA. Apart from the
approved indication for registration, as at the date of this announcement (i.e., 27 August
2026, the same hereinafter), multiple clinical studies of the Drug for the treatment of adult
relapsed or refractory multiple myeloma and systemic lupus erythematosus are orderly
advancing in Chinese mainland.
According to the latest data 2 of IQVIA MIDAS™, the global sales of BCMA×CD3
targeted antibody products in 2025 was approximately USD1,139 million. As at the date
of this announcement, two BCMA×CD3 targeted antibody products have been
conditionally approved for marketing in the PRC, namely Elranatamab Injection of Pfizer
Inc. (approved for marketing in March 2025) and Teclistamab Injection of Janssen-Cilag
International NV (approved for marketing in June 2024).

Provided by IQVIA, a provider of professional medical and health information and strategic consultation service in
the world.

2

2

IV. Impact on the Listed Company and Risk Warning
The approval for marketing of the Drug will provide a new treatment option for adult
patients with relapsed or refractory multiple myeloma in the Chinese mainland and will
further enrich the product line of the Group (i.e., the Company and its subsidiaries/units).
Subsequently, Yao Pharma and Genrix Bio will advance the procedures for the change of
the marketing authorization holder (MAH) of the Drug in accordance with the agreement.
Due to the industry characteristics of pharmaceutical products, the specific sales
performance after the market launch of pharmaceutical products may be affected by
factors including, but not limited to, the demand for medication, market competition and
sales channels, etc., and is subject to considerable uncertainty. Investors should take note
of the investment risks.

Announcement is hereby made.

Board of Directors of Shanghai Fosun Pharmaceutical (Group) Co., Ltd.*
27 August 2026

* For identification purposes only

3

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準確性或完整性亦不
發表任何聲明,並明確表示,概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損
失承擔任何責任。

上 海 復 星 醫 藥( 集 團 )股 份 有 限 公 司
Shanghai Fosun Pharmaceutical (Group) Co., Ltd. *
(於中華人民共和國註冊成立的股份有限公司)
(股份代號:02196)

海外監管公告
本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。
茲 載 列 上 海 復 星 醫 藥( 集 團 )股 份 有 限 公 司(「 本 公 司 」)在 上 海 證 券 交 易 所 網 站 刊 登 的《 關 於
許 可 藥 品 獲 註 冊 批 准 的 提 示 性 公 告 》, 僅 供 參 閱 。
承董事會命
上 海 復 星 醫 藥( 集 團 )股 份 有 限 公 司
董事長
陳玉卿
中國,上海
2026 年8 月27 日
於本公告日期,本公司之執行董事為陳玉卿先生、關曉暉女士、文德鏞先生、王可心先生及劉毅先生;本公
司之非執行董事為陳啟宇先生及潘東輝先生;本公司之獨立非執行董事為余梓山先生、王全弟先生、Chen
Penghui先生及楊玉成先生;以及本公司職工董事為嚴佳女士。
*

僅供識別

证券代码:600196

股票简称:复星医药

编号:临 2026-113

上海复星医药(集团)股份有限公司
关于许可药品获注册批准的提示性公告
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、准确性和完整性承担法律责任。

一、概况
2026 年 5 月 28 日,上海复星医药(集团)股份有限公司(以下简称“本公司”)
控股子公司重庆药友制药有限责任公司(以下简称“药友制药”)与重庆智翔金泰
生物制药股份有限公司(以下简称“智翔金泰”)签订许可协议,(其中包括)药友
制药获授予许可产品(即以 GR1803 为唯一活性成分及/或约定的同时靶向 BCMA 和
CD3 的双特异性抗体药品)于中国境内1及港澳台地区的临床开发、商业化的独占权
利以及生产工艺研究、生产的排他权利,并将由药友制药作为该(等)产品于许可
区域的上市许可持有人(MAH)。以上详情请见本公司于 2026 年 5 月 29 日在《中
国证券报》
《上海证券报》
《证券时报》和上海证券交易所网站(http://www.sse.com.cn)
刊发的相关公告。
近日,GR1803 注射液(通用名:纬利妥米单抗注射液、中国境内商品名:维可
妥®,以下简称“该药品”)获国家药品监督管理局附条件批准,获批适应症为用于
既往至少接受过三线治疗(包括一种蛋白酶体抑制剂、一种免疫调节剂和一种抗 CD38
单克隆抗体)的复发或难治性多发性骨髓瘤成人患者。

二、该药品的注册信息
药品通用名称:纬利妥米单抗注射液
剂型:注射剂
规格:20mg(2ml)/瓶
注册分类:治疗用生物制品 1 类

1

不包括港澳台地区,下同。

1

生产企业:重庆智翔金泰生物制药股份有限公司
药品批准文号:国药准字 S20260066

三、该药品的研发和同类药品的市场情况
GR1803 是一种双特异性抗体,可同时结合 BCMA 和 CD3 抗原,从而将细胞毒性 T
细胞重定向至表达 BCMA 的细胞。除本次获批适应症外,截至本公告日期(即 2026
年 8 月 27 日,下同),该药品用于治疗成人复发或难治性多发性骨髓瘤、系统性红
斑狼疮等多项临床研究正于中国境内有序开展。
TM

2

根据 IQVIA MIDAS 最新数据 ,2025 年,BCMA×CD3 靶点抗体药品于全球范围的
销售额约为 11.39 亿美元。截至本公告日期,已有 2 款 BCMA×CD3 靶点抗体药品于
中国境内获附条件上市批准,分别是 Pfizer Inc.的埃纳妥单抗注射液(2025 年 3
月获批上市)、Janssen-Cilag International NV 的特立妥单抗注射液(2024 年 6
月获批上市)。

四、对上市公司的影响及风险提示
该药品本次获批上市,可为中国境内复发或难治性多发性骨髓瘤成人患者提供
新的治疗选择,并将进一步丰富本集团(即本公司及控股子公司/单位)产品线。后
续,药友制药与智翔金泰将依约推进该药品上市许可持有人(MAH)的变更工作。
由于医药产品的行业特点,药品上市后的具体销售情况可能受到(包括但不限
于)用药需求、市场竞争、销售渠道等因素影响,具有较大的不确定性。敬请广大投
资者注意投资风险。

特此公告。

上海复星医药(集团)股份有限公司
董事会
二零二六年八月二十七日

2

由 IQVIA 提供,IQVIA 是全球医药健康产业专业信息和战略咨询服务提供商。

2

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