Relying on BD for down payments to boost performance? Competition in the dual anti-track is heating up! Sansheng Guojian: Focusing on source innovation and differentiated R&D

Source: Times Weekly Report Author: Lin Yunxiao

Due to a partnership with Pfizer, San Sheng Guo Jian (688336.SH) is expected to see a significant increase in performance by 2025. According to the company’s earnings report, in 2025, San Sheng Guo Jian achieved operating revenue of 4.199 billion yuan, an increase of 251.81% over the previous year; net profit attributable to shareholders was 2.939 billion yuan, up 317.09%.

At the same time, after deducting government subsidies, interest income from wealth management products, losses from fixed asset disposals, dividends from associated companies, and non-operating expenses, the adjusted net profit was 2.805 billion yuan, a rise of 1041.01%.

San Sheng Guo Jian stated in its earnings report that key indicators such as total revenue, net profit attributable to shareholders, adjusted net profit, basic earnings per share, and total assets all saw substantial growth compared to the same period last year. This is mainly due to a significant cooperation agreement with Pfizer Inc., under which the company received an upfront license payment of approximately 2.89 billion yuan for Project 707, and accordingly recognized this income.

On May 20, 2025, San Sheng Guo Jian’s parent company, San Sheng Pharmaceutical (01530.HK), announced a deal with Pfizer regarding the PD-1/VEGF bispecific antibody SSGJ-707, which includes a non-refundable, non-deductible upfront payment of $1.25 billion.

Along with this major deal, San Sheng Guo Jian may face increasingly fierce market competition in the PD-1/VEGF bispecific antibody sector. As a highly watched star target in recent years, this field has many entrants and intense competition.

Insight database shows that currently, in the PD-(L)1/VEGF bispecific antibody field, Akeso (09926.HK)’s Evociti monoclonal antibody has been approved for listing in China. Additionally, BMS/BioNTech’s PM8002, China Shijie (688520.SH)’s SCTB14, and Huahai Pharmaceutical (600521.SH)’s HuAotai’s HB0025 have all entered Phase III clinical trials.

Regarding how to respond to the fierce competition in the PD-(L)1/VEGF bispecific antibody field, San Sheng Guo Jian told Times Weekly that the company will focus more on core pipeline innovation and differentiated R&D in the future, to continuously enhance long-term value.

Image source: TuChong Creative

Star Bispecific Antibody Competition Intensifies

On May 20, 2025, San Sheng Pharmaceutical announced an agreement with Pfizer, granting exclusive rights to develop, produce, and commercialize the company’s self-developed PD-1/VEGF bispecific antibody SSGJ-707 globally (excluding Mainland China). According to the agreement, San Sheng Pharmaceutical will receive a non-refundable, non-deductible upfront payment of $1.25 billion, with milestone payments up to $4.8 billion for development, regulatory approval, and sales.

Following this announcement, San Sheng Guo Jian’s stock price hit the daily limit for four consecutive days from May 19 to May 22, 2025, once again boosting the bullish trend in the innovative drug sector. The payments from this deal are also a major reason for the company’s significant performance growth in 2025.

The subsequent payment schedule for this deal has also attracted market attention. On February 6, 2026, San Sheng Guo Jian responded on an interactive platform that after receiving the upfront payment, Pfizer should pay royalties based on the annual net sales of licensed products in the licensed regions, according to the agreed double-digit percentage. San Sheng Guo Jian can receive 30% of these royalties.

The company also stated that the development milestone payments and regulatory milestone payments received by San Sheng Guo Jian, San Sheng Pharmaceutical, and Shenyang San Sheng depend on meeting specific conditions and/or timelines, which involve uncertainties. The sales milestone payments and royalties are contingent upon sales performance, which may be affected by drug demand, market competition, sales channels, and other factors, thus also involving uncertainties.

The PD-(L)1/VEGF bispecific antibodies are currently highly regarded star targets. According to the Medical Cube database, as of now, 17 PD-(L)1/VEGF bispecific drugs are in clinical trials worldwide, all related to Chinese innovative pharmaceutical companies.

At the 2024 World Lung Cancer Conference (WCLC), Akeso’s PD-1/VEGF bispecific Evociti (AK112) demonstrated potential surpassing Merck’s K药 in head-to-head clinical trial data, making PD-1/VEGF bispecific antibodies a hot topic, attracting many pharmaceutical companies to enter the field and becoming a highly competitive star target.

In addition to the Pfizer deal, there have been continuous major BD transactions in the PD-(L)1/VEGF bispecific field over the past two years. For example, on January 12, 2026, Rongchang Biotech (688331.SH; 09995.HK) signed an exclusive licensing agreement with AbbVie for Rongchang’s PD-1/VEGF bispecific drug RC148. The initial payment was $650 million, with potential milestone payments up to $4.95 billion for development, regulatory, and commercialization milestones.

On June 2, 2025, BMS announced a partnership with BioNTech to co-develop and commercialize BNT327 (PM8002), with BMS paying up to $11.1 billion in milestone payments. In November 2024, BioNTech acquired Chinese company Pumice Biotech for $950 million, gaining global rights to the PD-L1/VEGF bispecific BNT327.

While these bispecific antibodies are highly anticipated for their performance, the sector has not always been optimistic. On September 7, 2025, Akeso’s partner Summit announced at WCLC that its PD-1/VEGF bispecific AK112’s Phase III trial (HARMONi) met the primary endpoint of progression-free survival (PFS), but overall survival (OS) did not reach statistical significance. Following this, Akeso’s stock price plummeted, impacting industry confidence in the PD-1/VEGF bispecific field.

Expanding into Autoimmune Fields

From the product and pipeline perspective, according to San Sheng Guo Jian’s 2025 semi-annual report, the company has three marketed products: Yisai Pu, Saipin, and Jian Ni Pa. In addition to the PD-L1/VEGF bispecific, the company has several core autoimmune projects progressing.

Regarding pipeline development, San Sheng Guo Jian told Times Weekly that it currently has 22 ongoing projects, with 7 in Phase III. These include the recombinant anti-IL-1β monoclonal antibody SSGJ-613 for acute gouty arthritis, and the recombinant anti-IL-4Rα monoclonal antibody SSGJ-611 for moderate to severe atopic dermatitis, both submitted for approval to the National Medical Products Administration (NMPA). The anti-IL-17A monoclonal antibody SSGJ-608 (Anmukita injection) has also been approved for listing by the NMPA.

On February 13, 2026, the NMPA website announced that San Sheng Guo Jian’s anti-IL-17A humanized monoclonal antibody Anmukita (brand name: Yisaituo®) was approved for treating moderate to severe plaque psoriasis in adults suitable for systemic or phototherapy.

However, anti-IL-17 monoclonants are also highly competitive. According to YaoYan.com, IL-17 (interleukin-17) is associated with many autoimmune diseases such as psoriasis and psoriatic arthritis, making it a star target in the autoimmune field.

Before Anmukita’s approval, YaoYan.com reports that six IL-17 targeted drugs have been approved globally: Secukinumab, Ixekizumab, Bimekizumab, Netakimab, Cosentyx (by Zhixiang Jintai, 688443.SH), and Funnaxiab (by Hengrui Medicine, 600276.SH; 01276.HK).

In the domestic IL-17 monoclonal antibody market, Hengrui’s Funnaxiab and Zhixiang Jintai’s Cosentyx received their second indications approval in the first half of 2025.

In clinical development, over 30 IL-17 inhibitors are in various stages of clinical trials nationwide. For example, Junshi Biosciences’ JS005 (Rokocitabine) has received approval for listing, and Akeso’s Gumoqi monoclonal antibody (AK111) has also submitted a listing application.

Additionally, Livzon Pharmaceutical (01513.HK) and Quanshen Bio (02509.HK) announced in 2025 that their self-developed IL-17 monoclonal antibodies successfully completed Phase III trials.