CICC: Maintaining Heplatinum Pharmaceutical-B (02142) outperforming the industry rating and raising the target price to HK$18

The Zhitong Finance App learned that CICC released a research report saying that due to the increase in revenue from Hebo Pharmaceutical-B (02142) BD's down payment, the 2026 profit forecast was raised by 228% to 62 million US dollars, and the 2027 profit forecast was introduced for the first time. The bank maintained an outperforming industry rating. Based on DCF's valuation, the bank raised its target price by 34.3% to HK$18.00 due to an increase in profit forecasts, which has 44.5% upside compared to the current stock price.

CICC's main views are as follows:

The company's recent situation

On December 29, 2025, the company and Lan Na Cheng announced that they had reached a long-term strategic cooperation to jointly promote the development of next-generation radionuclide drug conjugates (RDCs).

Join hands with Yantai Lan Nacheng to jointly develop RDC drugs

Heplatinum's proprietary Harbour Mice platform can directly produce all-human monoclonal antibodies in the form of H2L2 and HCaB, which have lower immunogenicity, excellent tissue penetration ability, and high specificity and stability, improving the efficacy of RDC drugs and reducing the toxic side effects of drugs.

2H25 and Platinum have reached a number of overseas licensing agreements, including with global MNCs such as BMS and Pfizer

1) On December 17, '25, the company and BMS reached a long-term global strategic cooperation agreement to jointly develop next-generation polychemotherapy. As compensation, and Platinum will receive a down payment of 90 million US dollars. If BMS chooses to advance all potential projects, the company will receive a development and commercial milestone payment of up to US$1,035 million.

2) On November 19, '25, Nona Biotech, a wholly-owned subsidiary of the company, signed a non-exclusive licensing agreement with Pfizer to advance the discovery of preclinical antibodies for various potential diseases. Pfizer will receive the right to use the HCaB platform globally. In return, Nona Biotech will receive a down payment and milestone payments based on regulatory, clinical, and commercialization milestones.

3) On November 24, '25, the company and AstraZeneca announced the further deepening of the scope of cooperation, expanding the scope of cooperation to ADC and TCE drugs.

Risk warning: Overseas licensing progress falls short of expectations, clinical data falls short of expectations; risk of worsening competitive landscape; progress of cooperation with AstraZeneca is blocked; risk of failure in research and development of the same target pharmaceutical industry within the industry.