【與漢康讀懂腫瘤免疫新藥的抗癌革命】由漢康生技企劃製作

當生技新藥研發週期長達十年，如何有效控管財務與科學的雙重風險？
當提早授權能帶來現金，為什麼漢康選擇「延遲滿足」累積國際談判桌上的底氣？
當市場熱衷於追逐單一臨床數據，投資人該如何看懂新藥公司的真正價值？
本集我們邀請到漢康生技董事長——劉世高博士，深入解析漢康如何以雙支柱策略與極致的執行力，迎向 2026 年的創新板上市之路。

精彩內容：

• 風險管理的藝術： 從資金到位到科學驗證，漢康如何將下行風險（Downside Risk）降至最低，迎來價值增長的拐點？
• 臨床數據的突破： HCB101 在多項實體瘤展現驚人療效，為什麼高達 31 毫克的寬廣「安全治療窗」是成為百搭神藥的關鍵？
• 戰略性的授權佈局： 為什麼不急於現在進行全球授權？完整數據包如何成為未來爭取數億美元首付款的談判籌碼？
• 雙支柱（Dual Pillar）策略： 從腫瘤免疫跨足自體免疫疾病，重磅新星 HCB206 如何透過全新機制（MOA）震撼市場？
• 投資生技的三大指標： 市值與研發投入比、管線的廣度與深度、高階團隊的實戰經驗，教您看懂「見林也見樹」的投資邏輯。

【About This Episode】
When the R&D cycle for novel biologics spans a decade, how do you effectively manage both financial and scientific risks? While early out-licensing brings immediate cash, why does HanchorBio choose to delay gratification to build leverage for international negotiations? When the market obsessively chases single clinical data points, how should investors evaluate the true worth of a biotech company? In this episode, Dr. Scott Liu, Chairman and CEO of HanchorBio, breaks down how the company leverages a dual-pillar strategy and relentless execution to pave the way for its 2026 IPO.

【Key Takeaways】

• The Art of Risk Management: From securing robust funding to achieving scientific validation, how has HanchorBio minimized its downside risk to reach a valuation inflection point?
• Clinical Breakthroughs: With HCB101 showing remarkable efficacy across solid tumors, why is a wide therapeutic window (up to 31 mg) the key to becoming a versatile backbone therapy?
• Strategic Licensing: Why hold off on a global out-licensing deal? Discover how a comprehensive data package acts as leverage for a future multi-hundred-million-dollar upfront payment.
• The Dual Pillar Strategy: Expanding from immuno-oncology to autoimmune diseases, how will the rising star HCB206 disrupt the massive market with its novel Mechanism of Action (MOA)?
• Three Metrics for Biotech Investing: Market cap to R&D spend ratio, pipeline breadth and depth, and executive team track record—how to see the big picture in biotech evaluation.

漢康生技官網：https://www.hanchorbio.com/
漢康生技LinkedIn：https://reurl.cc/7b19y9

本節目旨在透過科學導讀與商業邏輯分享，幫助聽眾理解生技產業趨勢與漢康生技之核心價值。所有臨床數據均以公司正式發布之公告為準，內容不構成任何形式之投資建議。以上內容為創辦人基於產業經驗對產品潛力的評估，不代表公司對未來股價或獲利的保證。

【與漢康讀懂腫瘤免疫新藥的抗癌革命】由漢康生技企劃製作
當現有治療工具越來越多，甚至進入精準醫療時代，為什麼癌症還是會反覆復發？
為什麼殺死了大部分的腫瘤，卻殺不死最狡猾的「腫瘤幹細胞」？
當全球大廠在 CD47 靶點上因「溶血毒性」紛紛折戟，漢康生技如何透過巧妙的分子設計逆轉局勢？
本集我們邀請到漢康生技科學委員、德州大學西南醫學中心病理專家——陳明義教授，帶我們從第一線臨床視角，看懂下一代腫瘤免疫新藥的致勝關鍵。

精彩內容：

• 癌症復發的真相： 為什麼化療與放療在殺死腫瘤的同時，卻也讓「腫瘤幹細胞（Cancer Stem Cells）」成功逃逸並導致無止盡的復發？

• 靶向治療的終極條件： 為什麼完美的靶點必須符合「腫瘤高表達、正常細胞零表達」的嚴苛標準？

• 破解 CD47 的溶血魔咒： 漢康的 HCB101 如何透過 AI 結構生物學設計 SIRPα「誘餌（Decoy）」，精準毒殺腫瘤卻能完美避開紅血球？

• 1+1>2 的協同療法（Synergistic Therapy）： 為什麼「低劑量化放療」搭配「巨噬細胞免疫藥物」，能大幅降低全身毒性並提高長期存活率？

• FBDB 平臺的延伸潛力： 如何透過降低藥物的「抗原性（Antigenicity）」來延長有效循環時間？具備三個標靶手臂（Arm）的三特異性融合蛋白 HCB301，又將如何讓腫瘤無處可逃？

【About This Episode】
When there are more treatment tools than ever in the era of precision medicine, why do cancers still frequently relapse? Why do conventional treatments kill the bulk of the tumor but fail to eliminate the cunning "cancer stem cells"? As global pharma giants stumble over severe hemolytic toxicity in CD47-targeted therapies, how does HanchorBio reverse the tide with clever molecular design? In this episode, we invite Dr. Ming-Yi Chen, a pathology expert at UT Southwestern Medical Center and Scientific Committee member of HanchorBio, to reveal the winning strategies of next-generation immuno-oncology drugs from a frontline clinical perspective.

【Key Takeaways】
The Truth About Cancer Relapse: Why do chemotherapy and radiation kill mature tumors but inadvertently allow "cancer stem cells" to escape and cause endless recurrence?
The Ultimate Criterion for Targeted Therapy: Why must a perfect target adhere to the strict standard of being highly expressed on tumors but completely absent on normal cells?
Breaking the CD47 Hemolytic Curse: How does HanchorBio's HCB101 use an AI-designed SIRPα "decoy" to precisely target tumors while perfectly avoiding red blood cells?
Synergistic Therapy (1+1>2): Why does combining "low-dose chemo/radiation" with "macrophage-directed immunotherapy" drastically reduce systemic toxicity and improve long-term survival?
The Extended Potential of the FBDB Platform: How does reducing a drug's "antigenicity" prolong its effective circulation time? And how will HCB301, a tri-specific antibody with three targeting arms, leave tumors with nowhere to hide?

【與漢康讀懂腫瘤免疫新藥的抗癌革命】由漢康生技企劃製作

如果技術決定了一家公司能不能開始，那麼什麼決定了它能不能走到最後？
當許多人認為專利只是為了「防拷貝」，為什麼在生技產業，IP 卻是決定你能否上桌談判的入場券？
當 HCB101 接連在 2025 年與 2026 年拿下美國與日本兩大高門檻專利，這背後隱藏了什麼樣的商業變現與全球擴張底氣？
本集我們邀請到漢康生技商發長——叢越華博士，深入解析如何將看不見的智慧財產權，轉化為堅不可摧的商業壁壘與談判籌碼。

精彩內容：

• IP 的商業底層邏輯：為什麼專利不只是防守工具，更是參與全球生技賽局的「入場券（Right to play）」與談判桌上的關鍵籌碼？

• 美日專利雙殺的意義：拿下 2025 年美國專利（黃金標準）與 2026 年日本專利（最嚴格的 CMC 壓力測試），如何為漢康打通進軍高階醫藥市場的任督二脈？

• 無形資產的強力變現：專利認可如何直接轉化為 1,000 萬美元的授權首付款與超過 2,000 萬美元的募資里程碑？

• 平臺型的專利護城河：從核心資產 HCB101 到後續的 HCB301、HCB206，漢康如何利用 FBDB 平臺，建立多維度（適應症、製程、營業秘密）的防禦陣地？

• 投資人必問的三大 IP 問題：沒有技術背景怎麼辦？商發長教你從「自由營運權（FTO）」、「專利佈局密度與廣度」、「競爭者版圖」精準評估公司的真實價值。

【About This Episode】
If technology determines whether a company can get started, what determines if it can go the distance?
While many perceive patents merely as defensive tools against imitation, why is Intellectual Property (IP) actually the ultimate ticket to play and a crucial bargaining chip in the biotech industry?
With HCB101 securing patents in both the U.S. (2025) and Japan (2026)—two of the world's most rigorous markets—what commercial leverage and global expansion strategies lie beneath the surface?
In this episode, Dr. Cong Yuehua, Chief Business Officer at HanchorBio, decodes how invisible intellectual property is transformed into an impenetrable economic moat and powerful negotiation leverage.

【Key Takeaways】
The Commercial Logic of IP: Why is IP not just a defensive shield, but a "right to play" and a vital bargaining chip in global biotech partnerships?
Conquering the U.S. and Japan Markets: How do the 2025 U.S. patent (the gold standard) and the 2026 Japan patent (a massive CMC stress test) pave the way for entering high-end pharmaceutical markets?
Monetizing Intangible Assets: How does patent validation directly translate into a $10 million licensing upfront payment and over $20 million in fundraising success?
Building a Platform-Level Moat: From the lead asset HCB101 to subsequent programs like HCB301 and HCB206, how does HanchorBio leverage its FBDB platform to create a multi-layered defense (covering formulation, manufacturing, and trade secrets)?
Three Must-Ask IP Questions for Investors: No technical background? Dr. Cong explains how to evaluate a company's true worth by asking about "Freedom to Operate (FTO)," "portfolio density and geographic coverage," and the "competitor landscape."


漢康生技官網：https://www.hanchorbio.com/
漢康生技LinkedIn：https://reurl.cc/7b19y9

本節目旨在透過科學導讀與商業邏輯分享，幫助聽眾理解生技產業趨勢與漢康生技之核心價值。所有臨床數據均以公司正式發布之公告為準，內容不構成任何形式之投資建議。以上內容為創辦人基於產業經驗對產品潛力的評估，不代表公司對未來股價或獲利的保證。

【與漢康讀懂腫瘤免疫新藥的抗癌革命】由漢康生技企劃製作

當一間生技公司可以上市，是否就代表成功已經確定？
當投資人說在「看故事」，法人其實在看的是什麼？
當臨床數據逐步揭露，誰在決定估值的上限與下限？
本集我們邀請到漢康生技財務長——曾木增 Alan，拆解 IPO 背後的資本邏輯與風險管理思維。

精彩內容：

IPO 時機的本質：為什麼生技公司不是「能不能上」，而是「何時上最划算」？
法人視角的五大條件：當市場看故事，為什麼機構投資人只看「可被定價的不確定性」？
估值驅動因子解析：臨床進度、BD 授權與 Pipeline，如何構成股價的核心引擎？
資本與控制權的平衡：如何在募資、稀釋與公司治理之間維持戰略主導權？
CFO 的風險地圖：從臨床、現金流到商業化，如何將不確定性轉化為可管理的決策節點？

【About This Episode】
When is a biotech company truly ready for IPO—not just to list, but to be valued?
If retail investors see “a story,” what do institutional investors actually price in?
And after going public, what really drives valuation—data, deals, or discipline?
In this episode, Alan Tseng, CFO of HanchorBio, breaks down the financial logic behind IPO timing, valuation frameworks, and post-listing strategy.
From clinical milestones and BD execution to capital efficiency and governance design, this conversation reveals how biotech companies transform scientific uncertainty into market-priced assets.
IPO is not the finish line—it is the moment when uncertainty becomes measurable, and growth becomes tradable.

【Key Takeaways】
The Timing Equation of IPO: Why is the optimal IPO window a balance between de-risking and remaining upside?
What Institutions Really Evaluate: How do investors determine whether uncertainty has been reduced enough to price?
Valuation Drivers Post-IPO: Why clinical milestones, licensing deals, and pipeline depth dominate market valuation?
Capital vs. Control: How do biotech firms balance fundraising needs with strategic control and governance?
The CFO’s Risk Framework: How are clinical uncertainty, financial exposure, and commercialization risks quantified and managed?

漢康生技官網：https://www.hanchorbio.com/
漢康生技LinkedIn：https://reurl.cc/7b19y9

本節目旨在透過科學導讀與商業邏輯分享，幫助聽眾理解生技產業趨勢與漢康生技之核心價值。所有臨床數據均以公司正式發布之公告為準，內容不構成任何形式之投資建議。以上內容為創辦人基於產業經驗對產品潛力的評估，不代表公司對未來股價或獲利的保證。

【與漢康讀懂腫瘤免疫新藥的抗癌革命】由漢康生技企劃製作

當多數生技公司仍在燒錢求生，什麼訊號代表它已經跨過「死亡谷」？
當一筆 3 億營收出現，這只是收入，還是技術被市場驗證的關鍵里程碑？
當負債一年下降 84%，這背後是財務操作，還是戰略轉型的開始？
本集我們邀請到漢康生技財務長——曾木增（Alan），從資本市場視角，深度拆解漢康如何在高強度研發壓力下，打造可持續的現金流與成長引擎。

精彩內容：

• 從燒錢到回血的轉折點：為什麼授權金不只是收入，而是生技公司從「講故事」走向「現金流驗證」的關鍵分水嶺？

• 資本結構的戰略重整：當負債大幅下降、股權結構優化，如何直接影響估值、募資能力與法人進場意願？

• 臨床里程碑導向的資金配置：漢康如何不是平均燒錢，而是精準押注 HCB101 與 HCB301，讓每一筆研發支出都對應價值提升？

• 從募資到選資金的權力轉移：當公司不再缺錢，如何提升談判力，甚至改寫未來授權條件？

• 平台型公司的現金流想像：當 FBDB 平台持續產出新 Pipeline，為什麼這代表未來授權收入有機會「持續複利」？

【About This Episode】
When most biotech companies are still burning cash to survive, what signals that one has crossed the “valley of death”?
When a company reports NTD 300 million in revenue, is it just income—or proof that its technology has been validated by the market?
When liabilities drop by 84% in a single year, is it financial engineering—or the beginning of a strategic transformation?
In this episode, we invite HanchorBio’s CFO, Alan Tseng, to break down how the company is building a sustainable cash flow engine while navigating the intense demands of biotech R&D.

【Key Takeaways】
The Turning Point from Burn to Cash Recovery:Why is licensing revenue more than just income—and instead a critical inflection point that marks the shift from storytelling to real cash flow validation?
Strategic Capital Structure Optimization:How do lower liabilities and a cleaner balance sheet directly impact valuation, fundraising power, and institutional investor confidence?
Milestone-Driven Capital Allocation:Instead of burning cash evenly, how does Hanchor prioritize key assets like HCB101 and HCB301 to ensure every dollar spent translates into measurable value?
From Raising Capital to Choosing Capital:What changes when a company no longer needs money—and how does that shift negotiation power with investors and global pharma partners?
The Compounding Potential of a Platform Model:As the FBDB platform continuously generates new pipelines, how could this translate into scalable and recurring licensing opportunities?


漢康生技官網：https://www.hanchorbio.com/
漢康生技LinkedIn：https://reurl.cc/7b19y9

本節目旨在透過科學導讀與商業邏輯分享，幫助聽眾理解生技產業趨勢與漢康生技之核心價值。所有臨床數據均以公司正式發布之公告為準，內容不構成任何形式之投資建議。以上內容為創辦人基於產業經驗對產品潛力的評估，不代表公司對未來股價或獲利的保證。

【與漢康讀懂腫瘤免疫新藥的抗癌革命】由漢康生技企劃製作

當 PD-1 抑制劑遇到瓶頸，誰能從免疫系統的「上游」點燃新的戰火？
為什麼「三藥聯合策略」不是單純的藥物加法，而是精密的黃金三角戰術？
當 HCB101 在頭頸癌單藥治療見到超過一年的持續反應，這對全球 40 億美金市場意味著什麼？
本集我們邀請到漢康生技的集團總裁暨醫療長——陸英明 博士（Alvin），深度解碼 HCB101 首度公開的驚人臨床數據，以及漢康如何佈局全球標準的轉譯醫學。

精彩內容：

• 三藥聯合的黃金三角： 為什麼在二線胃癌治療中，同時「拆除偽裝、切斷補給、直接攻堅」能產生 1+1+1>3 的臨床價值？

• 先天免疫的橋樑作用： 相比傳統針對 T 細胞的下游療法，HCB101 如何透過巨噬細胞從上游啟動免疫反擊？

• 數據背後的真相： 僅僅 6 週就看到腫瘤部分緩解（PR）代表什麼？臨床醫師如何解讀「持續性」與「一致性」？

• 跨越地理的全球標準： 從上海、台北到美國，漢康如何用單一全球標準（Global Standard）設計臨床試驗，對接 FDA 與 EMA 監管。

• 台灣生技的領航力： 為什麼 Alvin 認為台灣不僅有 R&D 實力，更有機會帶領生物醫藥創新走向國際終點線？

【About This Episode】
When PD-1 inhibitors hit a plateau, who can reignite the anti-cancer fight from the "upstream" of the immune system?
Why is a "Triple Combination Strategy" not just a simple addition of drugs, but a precisely engineered "Golden Triangle" tactic?
With HCB101 monotherapy showing sustained responses for over a year in head and neck cancer, what does this mean for a $4 billion global market?
In this episode, we are joined by Dr. Alvin Luk, President and Chief Medical Officer of HanchorBio. Dr. Luk provides a deep dive into the recently disclosed, astonishing clinical data for HCB101 and explains how HanchorBio is navigating global translational medicine with world-class standards.

【Key Takeaways】
The Golden Triangle of Triple Combination: Why does simultaneously "unmasking the tumor, cutting off supplies, and delivering direct cytotoxicity" create clinical value greater than the sum of its parts in second-line gastric cancer?
The Bridge of Innate Immunity: Compared to traditional therapies focusing on downstream T-cells, how does HCB101 activate the immune system from the upstream via macrophages?
Decoding the Data: What does comprehensive tumor shrinkage (PR, partial response) within just 6 weeks signify? How do clinicians evaluate "durability" and "consistency" in early-stage trials?
Global Regulatory Synergy: From Shanghai and Taipei to the U.S., how does HanchorBio utilize a single "Global Standard" for trial design to align with FDA and EMA expectations?
Taiwan’s Biotech Leadership: Why Dr. Luk believes Taiwan possesses not only the R&D foundation but also the potential to lead global biotech innovation to the finish line?

漢康生技官網：https://www.hanchorbio.com/
漢康生技LinkedIn：https://reurl.cc/7b19y9

本節目旨在透過科學導讀與商業邏輯分享，幫助聽眾理解生技產業趨勢與漢康生技之核心價值。所有臨床數據均以公司正式發布之公告為準，內容不構成任何形式之投資建議。以上內容為創辦人基於產業經驗對產品潛力的評估，不代表公司對未來股價或獲利的保證。

【與漢康讀懂腫瘤免疫新藥的抗癌革命】由漢康生技企劃製作

當一顆藥在實驗室裡完美無瑕，為什麼進入工廠卻可能全盤崩潰？
當專利保護的是「藥是什麼」，那麼誰在守護「藥怎麼做出來」？
當全球多功能蛋白不到 1.6% 能成功走入臨床，漢康如何跨越放大生產的死亡之谷？
本集我們邀請到漢康生技 CMC 舵手——執行總監 郭孟薇 博士（Vivian），深入解析從 DNA 到 IND 僅 13 個月背後的工藝革命。

精彩內容：

• CMC 的商業底層邏輯： 為什麼國際 Big Pharma 買的是「確定性」而不是「可能性」？

• 授權金背後的關鍵籌碼： 為什麼成熟的 CMC 數據包能直接拉高國際談判桌上的估值？

• 死亡之谷的真相： 為何細胞從杯子大小放大到上萬公升反應槽時，失敗風險會指數級上升？

• 99% 純度的意義： 當法規前期 90% 即可接受，漢康為何選擇在第一階段就做到接近上市等級？

• 成本與病患的平衡點： 高產量（3–6 g/L）與高回收率如何同時壓低定價並維持健康毛利？

【About This Episode】
When a drug performs flawlessly in the lab, why can it collapse during scale-up?
If patents protect what a drug is, who protects how it is made?
And when fewer than 1.6% of tri-functional biologics make it to clinical stage, how does HanchorBio cross the so-called “valley of death”?
In this episode, Dr. Vivian Kuo, Head of CMC at HanchorBio, reveals the industrial strategy behind achieving >99% purity, 3–6 g/L yield, multi-year stability, and a rapid 13-month timeline from DNA to IND.
CMC is not just manufacturing—it is the second moat that determines whether a promising molecule becomes a global medicine.

【Key Takeaways】
The Commercial Logic of CMC: Why do global pharmaceutical giants buy certainty instead of possibility?
Licensing Leverage: How can a robust CMC package significantly increase valuation at the negotiation table?
The Valley of Death in Scale-Up: Why does moving from lab-scale to industrial bioreactors dramatically increase the risk of failure?
What 99% Purity Really Means: Why exceed early-stage regulatory requirements and aim for near-commercial standards from day one?
Balancing Affordability and Profitability: How do high yield and high recovery rates enable both accessible pricing and sustainable margins?

漢康生技官網：https://www.hanchorbio.com/
漢康生技LinkedIn：https://reurl.cc/7b19y9

本節目旨在透過科學導讀與商業邏輯分享，幫助聽眾理解生技產業趨勢與漢康生技之核心價值。所有臨床數據均以公司正式發布之公告為準，內容不構成任何形式之投資建議。以上內容為創辦人基於產業經驗對產品潛力的評估，不代表公司對未來股價或獲利的保證。

【與漢康讀懂腫瘤免疫新藥的抗癌革命】由漢康生技企劃製作

當全球 74% 仍停留在單功能抗體時，為何漢康生技選擇投入僅佔 1.6% 的三功能藥物開發？
在 PD-1 / PD-L1 已獲諾貝爾肯定後，為什麼仍有超過一半患者反應有限？
HCB301 如何同時啟動先天免疫與後天免疫，打破腫瘤微環境的防禦牆？
本集我們特別邀請到漢康生技研發副總曾琪鈴博士，深入解析 HCB30X 系列三功能融合蛋白的設計邏輯與商業戰略。從 CD47、PD-L1 到 TGF-β（Tgβ）微環境標靶，漢康生技如何以「海陸空三軍聯合作戰」概念，打造下一代免疫治療武器？

精彩內容：

• PD-1 突破後的限制： 為什麼免疫檢查點療法已改寫癌症治療史，卻仍有超過 70% 病人反應不佳？

• 三功能戰略意義： 為何將 A+B+C 整合成單一分子，比傳統聯合療法更具臨床效率與經濟優勢？

• 技術門檻與挑戰： 為什麼三功能融合蛋白在分子設計、穩定性與製程放大上極具難度？

• HCB301 的核心差異化： 它如何同時解除免疫抑制、活化巨噬細胞並啟動 T 細胞攻擊？

• 產品線定位策略： HCB30X 系列如何與 HCB101 差異化布局，避免內部競爭並擴大全球市場？

• 臨床關鍵訊號： 完成兩個劑量爬升階段，為何成為安全性驗證與國際授權談判的重要籌碼？

無論你是長期投資人、醫療專業人士，或關注全球生技趨勢的聽眾，都值得深入了解這 1.6% 背後的產業邏輯。

【About This Episode】
When 74% of global biologics remain single-function antibodies, why did HanchorBio choose to enter the 1.6% frontier of tri-functional drugs?
Even after the Nobel-recognized breakthrough of PD-1/PD-L1, why do over half of patients still show limited response?
How does HCB301 activate both innate and adaptive immunity to dismantle the tumor’s defensive microenvironment?
In this episode, Dr. Chi Ling Tseng breaks down the scientific logic and commercial strategy behind the HCB30X tri-functional fusion protein series developed by HanchorBio. By integrating CD47 targeting, PD-L1 blockade, and TGF-β modulation into a single molecule, HanchorBio aims to deliver a coordinated “multi-front immune assault” against cancer.

【Key Takeaways】
Limitations After PD-1 Breakthrough: Why do immune checkpoint inhibitors still leave a majority of patients without durable response?
Strategic Rationale for Tri-Functionality: How does integrating A+B+C into one molecule enhance both efficacy and cost-effectiveness compared to combination therapy?
Engineering Barriers: What makes tri-functional fusion proteins exceptionally challenging to design and manufacture?
Differentiation Strategy: How does HCB301 complement—rather than compete with—HCB101 within the pipeline?
Clinical Signals That Matter: Why is successful dose escalation a pivotal milestone for safety validation and global licensing leverage?

This episode explores not only a next-generation immunotherapy candidate, but also the strategic blueprint behind platform-driven biotech innovation.

漢康生技官網：https://www.hanchorbio.com/
漢康生技LinkedIn：https://reurl.cc/7b19y9

本節目旨在透過科學導讀與商業邏輯分享，幫助聽眾理解生技產業趨勢與漢康生技之核心價值。所有臨床數據均以公司正式發布之公告為準，內容不構成任何形式之投資建議。以上內容為創辦人基於產業經驗對產品潛力的評估，不代表公司對未來股價或獲利的保證。