Core Viewpoint - Multiple companies in China conducted share buybacks on October 17, 2025, with Xiaomi Group-W leading in terms of buyback amount and quantity [1][2] Group 1: Buyback Details - Xiaomi Group-W (01810) repurchased 10.70 million shares for a total of 494 million yuan, with a year-to-date total of 27.30 million shares, representing 0.110% of its total share capital [2] - Four Seasons Pharmaceutical (00460) repurchased 15 million shares for 21.76 million yuan, with a year-to-date total of 59.60 million shares, representing 0.647% of its total share capital [2] - Mengniu Dairy (02319) repurchased 1.20 million shares for 16.97 million yuan, with a year-to-date total of 18.52 million shares, representing 0.473% of its total share capital [2] Group 2: Other Notable Buybacks - VITASOY International (00345) repurchased 1.02 million shares for 8.20 million yuan, with a year-to-date total of 566.60 million shares, representing 0.540% of its total share capital [2] - Zhongtong Express-W (02057) repurchased 445,000 shares for 8.41 million yuan, with a year-to-date total of 5.07 million shares, representing 0.630% of its total share capital [2] - Huazhong Media (00685) repurchased 500,000 shares for 50,000 yuan, with a year-to-date total of 225.60 million shares, representing 0.139% of its total share capital [2]

Summary of Key Points Core Viewpoint - 加科思-B (01167.HK) announced a share buyback of 135,000 shares at a cost of HKD 990,000 on October 17 [1] Group 1 - The company executed a buyback program, indicating a commitment to returning value to shareholders [1] - The total expenditure for the buyback was HKD 990,000, reflecting the company's financial strategy [1] - The number of shares repurchased was 135,000, which may influence the stock's liquidity and market perception [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 加科思藥業集團有限公司 呈交日期： 2025年10月17日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01167 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括 ...

Core Viewpoint - The article discusses the strategic moves of 加科思 (Gakosi) in the biopharmaceutical sector, particularly focusing on its divestment of a cardiovascular project to 海松资本 (Haisong Capital) and the subsequent reinvestment into its core oncology pipeline, especially the development of a Pan-KRAS inhibitor [2][4][9]. Group 1: Transaction Details - 加科思 announced a capital increase and equity transfer involving a cardiovascular treatment project, previously held by its subsidiary 加科瑞康 (Gakosi Ruikang), to 海松资本, which will acquire 80% of the subsidiary [2][4]. - The transaction includes an initial payment of 125 million yuan and a milestone payment of 75 million yuan, totaling 200 million yuan, which will be used for the development, production, and commercialization of its core oncology pipeline [2][3][4]. Group 2: Strategic Focus - Following the divestment of non-core assets, 加科思 aims to concentrate on the oncology field, enhancing its cash flow and retaining a 10% stake in 加科瑞康 for potential future benefits [4][6]. - The company has a strong focus on the Pan-KRAS inhibitor, which is a significant target in its pipeline, as KRAS mutations are linked to a high percentage of cancer cases [11][13]. Group 3: Clinical Development Plans - 海松资本 plans to leverage China's clinical advantages to expedite the development of the pipeline, with intentions to submit an IND application in the first half of next year, aiming to enter clinical trials [7][9]. - The Pan-KRAS inhibitor is currently undergoing I/IIa phase clinical trials in China and the U.S., with results expected to be announced in mid-2026 [14][15]. Group 4: Market Context - The article highlights the competitive landscape for Pan-KRAS inhibitors, noting that other companies like Pfizer and BeiGene are also advancing similar projects in clinical stages [15]. - 加科思's leadership emphasizes the potential of iADC (immune-stimulating antibody-drug conjugates) as a high-risk but high-reward area, indicating a broader strategy in innovative cancer therapies [15].

Core Viewpoint - The announcement by Gakos-B (01167.HK) regarding a capital increase and equity transfer transaction highlights a strategic shift towards focusing on its core oncology business while divesting non-core assets, specifically a cardiovascular treatment project [2][3]. Group 1: Transaction Details - Gakos-B has entered into a transaction where Haisheng Capital will acquire 80% of the equity in Gakos-Rikang, a wholly-owned subsidiary of Gakos-B, for a total consideration of 200 million yuan, which will be used to support the development, production, and commercialization of its core oncology pipeline [2][4]. - The payment structure includes an initial payment of 125 million yuan and a milestone payment of 75 million yuan [2]. Group 2: Strategic Focus - Following the divestment, Gakos-B aims to concentrate its resources on the oncology sector, which is deemed more suitable for the company's current development stage [3][4]. - The company retains a 10% stake in Gakos-Rikang, allowing it to benefit from potential future gains [2]. Group 3: Investment and Development Plans - Haisheng Capital, a diversified investment firm with over 25 billion yuan under management, sees significant potential in the Chinese innovative drug sector and plans to leverage clinical advantages in China to expedite the development of the cardiovascular pipeline [4][5]. - Gakos-B's 200 million yuan from the equity transfer is expected to cover a substantial portion of its research and development expenses for the next six months, with a focus on the Pan-KRAS inhibitor and other innovative oncology projects [5][9]. Group 4: Research and Development Focus - The Pan-KRAS inhibitor is a priority for Gakos-B, which aims to develop a leading global product in this area, as KRAS mutations are linked to a significant percentage of cancer cases [6][8]. - Gakos-B is currently conducting I/IIa phase clinical trials for its Pan-KRAS inhibitor in both China and the United States, with results expected in mid-2026 [9].

Summary of the Conference Call for 嘉克斯 (JiaKesi) Industry and Company Overview - 嘉克斯 is focused on the biopharmaceutical industry, particularly in oncology and cardiovascular projects. The company has made significant strides in drug development, especially in the KRAS pathway and antibody-drug conjugates (ADCs) [2][4][16]. Key Points and Arguments 1. **Cardiovascular Asset Sale**: 嘉克斯 sold an early-stage cardiovascular project to 海通资本 for a total of 1.25 billion RMB upfront and an additional 75 million RMB in milestone payments, retaining a 10% equity stake. This transaction demonstrates 嘉克斯's ability to generate revenue from early-stage projects outside oncology [2][3]. 2. **KRAS Pathway Leadership**: 嘉克斯 is a leader in KRAS pathway drug development, particularly with its pan-KRAS and G12D TADC projects. The company expects to complete RPTD dosing by the end of the year and plans to present Phase I clinical data in the first half of next year [2][4][5]. 3. **EGFR G12D Inhibitor Development**: 嘉克斯 has developed an EGFR G12D inhibitor as a TADC payload, significantly improving efficacy and reducing toxicity. This approach enhances drug accumulation in tumor tissues, expanding the therapeutic window and improving safety [2][6][7]. 4. **Focus on Colorectal Cancer**: The choice of EGFR as an ADC target is based on its critical role in colorectal cancer treatment. 嘉克斯 plans to use TAD-EGFR KRAS G12D ADC to enhance efficacy and safety in this indication [2][8]. 5. **Differentiation in KRAS ADC Development**: 嘉克斯 is focusing on differentiating its KRAS-related ADC products by targeting various mutations and indications, particularly in colorectal cancer, where combination therapies are often necessary [2][9][10]. 6. **STING Project and Immune Therapy**: The STING project represents a significant advancement in immunotherapy, aiming to recruit immune cells to the tumor microenvironment. 嘉克斯 is also exploring other unique targets like p53 and BAT, which have high clinical value and commercial potential despite lower market attention [4][17]. 7. **Clinical Progress and Future Plans**: 嘉克斯 is advancing multiple key projects, including KRAS 72D TADC and BAT inhibitors, with ongoing Phase I trials showing promising safety and efficacy profiles. The company is also expanding its clinical trials to include blood cancer indications [5][6][17]. Other Important Insights - 嘉克斯's strategic focus on the pan-KRAS pathway aims to position the company as a top player in this area, with ongoing research into various cancer types, including pancreatic and cholangiocarcinoma [16]. - The collaboration with 海通资本 is expected to leverage synergies with other investments, accelerating the development of the cardiovascular project while allowing 嘉克斯 to retain a stake in its future success [3][4]. - The competitive landscape for KRAS-targeted therapies is evolving, with 嘉克斯's innovative approaches potentially addressing unmet needs in the market [13][14]. This summary encapsulates the critical developments and strategic directions of 嘉克斯, highlighting its innovative drug development efforts and market positioning within the biopharmaceutical industry.

Core Viewpoint - 加科思-B (01167.HK) experienced a significant increase in stock price, opening nearly 3% higher and currently trading at 8 HKD, reflecting a rise of 2.43% with a trading volume of 470,400 HKD [1] Summary by Category - **Stock Performance** - The stock opened nearly 3% higher and is currently up 2.43% at 8 HKD [1] - The trading volume reached 470,400 HKD [1]

Core Viewpoint - The company is focusing on its long-term strategic direction of oncology innovation by divesting non-oncology assets, which will optimize resource allocation and enhance organizational efficiency [1][3]. Group 1: Investment and Strategic Moves - The company announced a capital increase and equity transfer agreement where Haisheng Capital will acquire 80% of its subsidiary, Beijing Jakesi Ruikang Pharmaceutical, for RMB 200 million [1]. - After the transaction, the ownership structure will be 10% for Beijing Jakesi, 80% for Haisheng Capital, and 10% for an industry partner [1]. - The divestment aligns with the company's strategy to focus on its oncology pipeline, particularly in KRAS and iADC directions [1][3]. Group 2: Product Development and Clinical Trials - The company's KRAS G12C inhibitor, Glecirasib, has been approved for second-line treatment of KRAS G12C mutated non-small cell lung cancer (NSCLC) and has been successfully launched in China [2]. - The company has received a milestone payment of RMB 50 million from its partner, Elysium, following the successful commercialization of Glecirasib [2]. - The pan-KRAS inhibitor, JAB-23E73, has shown multiple confirmed partial response cases in ongoing Phase I clinical trials in China and the U.S., with complete data expected in the first half of 2026 [2]. Group 3: Market Position and Future Outlook - The company's pipeline value and long-term growth potential are not fully reflected in its current stock price, with a market cap of less than HKD 7 billion compared to Revolution Medicine's approximately USD 9 billion [3]. - The chairman and associated parties have significantly increased their holdings, signaling strong confidence in the company's long-term development [3]. - The company is expected to achieve market revaluation driven by clinical data validation and the gradual release of pipeline value [3].

Core Viewpoint - The announcement from 加科思-B (01167) regarding the signing of a capital increase agreement and a share transfer agreement indicates a strategic move to enhance its stake in 加科瑞康, which focuses on cardiovascular drug development [1] Group 1: Financial Transactions - 加科思-B has entered into a capital increase agreement with 海松资本 and an industry partner, where 海松资本 will pay a total of RMB 2 billion, consisting of RMB 1.25 billion as an initial payment and RMB 750 million as a milestone payment for acquiring 80% of 加科瑞康 [1] - Following the completion of the transaction, 加科思-B will hold 10% of 加科瑞康, while 海松资本 will own 80%, and the industry partner will retain 10% [1] Group 2: Business Focus - 加科瑞康 specializes in the internal research and development of drugs for treating cardiovascular diseases and possesses intellectual property related to early-stage cardiovascular research and development projects [1]

Core Viewpoint - The company is focusing on its long-term strategic direction of oncology innovation by divesting non-oncology assets, which will optimize resource allocation and enhance organizational efficiency [1][3]. Group 1: Investment and Strategic Moves - The company announced a capital increase and equity transfer agreement where Haisheng Capital will acquire 80% of its subsidiary, Beijing Jike Ruikang Pharmaceutical Technology Co., Ltd., for RMB 200 million [1]. - After the transaction, the ownership structure will be 10% for the company, 80% for Haisheng Capital, and 10% for an industry partner [1]. - The divestment aligns with the company's strategy to focus on its oncology pipeline, particularly in KRAS and iADC directions [1][3]. Group 2: Product Development and Clinical Trials - The company's KRAS G12C inhibitor, Glecirasib, has been approved for second-line treatment of KRAS G12C mutated non-small cell lung cancer (NSCLC) in China, marking a significant commercial breakthrough [2]. - Glecirasib is partnered with Elysium, which paid RMB 200 million upfront and an additional RMB 50 million milestone payment this year [2]. - The company is conducting registration trials for Glecirasib in combination with SHP2 inhibitor JAB-3312 for first-line treatment of KRAS G12C mutated NSCLC [2]. Group 3: Future Prospects and Market Position - The company is advancing its second-generation product, EGFR-KRAS G12D tADC, expected to submit an IND application in the second half of 2026 [3]. - Market analysts believe the company's pipeline value and long-term growth potential are not fully reflected in its current stock price, with a market cap comparison indicating significant undervaluation [3]. - The chairman and associated parties have significantly increased their holdings, signaling strong confidence in the company's long-term development [3].