Core Viewpoint - Several biotechnology companies, including Sanofi Biologics, Innovent Biologics, and Rongchang Biologics, experienced significant stock declines, with drops exceeding 10% [1] Company Performance - Sanofi Biologics, Innovent Biologics, and Rongchang Biologics all saw their stock prices fall by more than 10% [1] - Other companies such as Gilead Sciences, Chuangsheng Group, and Jakeson also faced declines, with drops exceeding 9% [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 加科思藥業集團有限公司 FF301 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01167 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 788,624,880 | | 3,130,200 | | 791,755,080 | | 增加 / 減少 (-) | | | -216,000 | | 216,000 | | | | 本月底結存 | | | 788,408,880 | | 3,346,200 | | 791,755,080 | 呈交日期: 2025年10月6日 I. 法定/註冊股本 ...

加 科 思 藥 業 集 團 有 限 公 司 JACOBIO PHARMACEUTICALS GROUP CO., LTD. （於開曼群島註冊成立的有限公司） 股份代號 : 1167 2025 中期報告 加科思藥業集團有限公司 2025 中期報告 1 2 公司資料 4 財務摘要 5 業務摘要 7 管理層討論與分析 28 補充資料 45 簡明綜合財務報表的審閱報告 46 簡明綜合損益表 47 簡明綜合損益及其他全面收益表 48 簡明綜合財務狀況表 50 簡明綜合權益變動表 51 簡明綜合現金流量表 52 簡明綜合財務報表附註 66 釋義及詞彙表 加科思藥業集團有限公司 2025 中期報告 2 公司資料 加 科 思 藥 業 集 團 有 限 公 司 JACOBIO PHARMACEUTICALS GROUP CO., LTD. (Incorporated in the Cayman Islands with limited liability) Stock Code :1167 2025 INTERIM REPORT 目錄 宋瑞霖博士 （主席） 王曉潔女士 陳德禮博士 吳革博士 魯白博士 董事會 執行董事 王印祥博士 ...

Group 1 - The Hong Kong pharmaceutical stocks showed a strong performance on September 29, with most companies experiencing significant gains [1] - Yiming Anke-B (01541.HK) increased by 18.98%, reaching HKD 13.48 [1] - Chuangxin Biotechnology-B (02509.HK) rose by 12.11%, trading at HKD 32.96 [1] - Jingtai Holdings (02228.HK) saw an increase of 8.55%, priced at HKD 13.2 [1] - Gakosi-B (01167.HK) gained 7.58%, with a price of HKD 9.94 [1] - Rongchang Biotechnology (09995.HK) experienced a rise of 6.37%, reaching HKD 108.5 [1]

Group 1 - The pharmaceutical stocks have shown a strong performance, with notable increases in share prices for companies such as Yiming Anke-B (up 18.98%), Quansheng Biotechnology-B (up 12.11%), and others [1] - On September 25, Trump announced a 100% tariff on patented and branded drugs, with the only exemption for companies that are "IS BUILDING" pharmaceutical factories in the U.S. [1] - According to CMB International, the impact on China's innovative drug industry chain is limited, and there is no need for excessive concern [1] Group 2 - Guojin Securities noted recent fluctuations in the innovative drug sector due to a lack of authoritative academic conferences in July and August, leading to a decrease in business development (BD) events [2] - Historically, significant BD transactions tend to cluster towards the end of the year, and upcoming authoritative academic meetings in October, such as the ESMO conference, are expected to boost BD events [2] - The outlook remains positive for the global competitiveness of Chinese innovative drugs, driven by operational improvements and an increase in BD collaborations [2]

Group 1 - The pharmaceutical stocks have shown strong performance, with notable increases in share prices for companies such as Yiming Anke-B (up 18.98%), Quansheng Biotechnology-B (up 12.11%), and others [1] - On September 25, Trump announced a 100% tariff on patented and branded drugs, with the only exemption for companies that are "IS BUILDING" pharmaceutical factories in the U.S. [1] - According to CMB International, the impact on China's innovative drug industry chain is limited, and there is no need for excessive concern [1] Group 2 - Guojin Securities noted recent fluctuations in the innovative drug sector due to a lack of authoritative academic conferences in July and August, leading to a decrease in BD events [2] - The firm anticipates that with the upcoming ESMO conference in October, there will be an increase in BD events, which are expected to enhance the global competitiveness of Chinese innovative drugs [2] - The industry trend indicates improvements in operational performance and a concentration of BD collaborations [2]

Core Viewpoint - The company, 加科思药业, has demonstrated strong confidence in its fundamentals and long-term growth prospects through significant share buybacks and insider purchases by its CEO and associates [1] Group 1: Stock Performance - 加科思-B (01167) shares rose over 3%, specifically by 3.28%, reaching HKD 9.45, with a trading volume of HKD 30.1853 million [1] Group 2: Insider Transactions - The company's chairman and CEO, Dr. Wang Yinxiang, along with associates, invested nearly HKD 100 million to purchase over 11.05 million shares [1] Group 3: Share Buyback Program - The previously announced HKD 100 million share buyback program has commenced, with approximately HKD 26.7 million executed so far, and it is expected to continue over the next year [1] Group 4: Business Operations and Product Pipeline - The company reported that its business operations are currently in good condition, with encouraging progress in the development of its core product pipeline, including the Pan-KRAS inhibitors [1]

Core Viewpoint - The stock of 加科思-B (01167) has increased by over 3%, reflecting positive market sentiment following significant insider buying and a share repurchase plan [1] Group 1: Insider Buying - The company's chairman and CEO, Dr. Wang Yinxiang, along with concerted parties, invested nearly 100 million HKD to purchase over 11.05 million shares [1] - This substantial insider buying indicates strong confidence in the company's fundamentals and long-term growth prospects [1] Group 2: Share Repurchase Plan - The previously announced share repurchase plan of 100 million HKD has been initiated, with approximately 26.7 million HKD executed so far [1] - The company plans to continue this repurchase program over the next year, further demonstrating commitment to enhancing shareholder value [1] Group 3: Business Performance - The company reports that its current business operations are performing well, with encouraging progress in the development of its core product pipeline, including the Pan-KRAS inhibitor [1] - Management's actions, including the insider buying and share repurchase, reflect a unified and clear confidence in the company's operational status and future growth [1]

Summary of Key Points Core Viewpoint - Multiple companies, including Tencent Holdings and Anta Sports, conducted share buybacks on September 25, 2025, with Tencent leading in both the number of shares repurchased and the total amount spent [1]. Company Buyback Details - Tencent Holdings (00700) repurchased 844,000 shares for a total of 550 million, with a year-to-date total of 63.29 million shares, representing 0.689% of its total share capital [2]. - Anta Sports (02020) repurchased 1.065 million shares for 99.82 million, with a year-to-date total of 7.31 million shares, accounting for 0.260% of its total share capital [2]. - China Petroleum & Chemical Corporation (00386) repurchased 8.1 million shares for 32.97 million, with a year-to-date total of 92.44 million shares, representing 0.080% of its total share capital [2]. - China Hongqiao Group (01378) repurchased 1 million shares for 24.87 million, with a year-to-date total of 153 million shares, accounting for 1.630% of its total share capital [2]. - CIMC (02039) repurchased 3.04 million shares for 23.37 million, with a year-to-date total of 24.78 million shares, representing 0.800% of its total share capital [2]. - Hang Seng Bank (00011) repurchased 200,000 shares for 23.13 million, with a year-to-date total of 7.93 million shares, accounting for 0.421% of its total share capital [2]. - MGM China (02282) repurchased 1 million shares for 15.75 million, with a year-to-date total of 2.58 million shares, representing 0.680% of its total share capital [2]. - Haier Smart Home (06690) repurchased 600,000 shares for 15.17 million, with a year-to-date total of 1.65 million shares, accounting for 0.058% of its total share capital [2]. - Other companies such as Coolpad Group (02369) and Xinyi International (00732) also engaged in buybacks, with Coolpad repurchasing 1.088 million shares for 1.38 million, representing 7.166% of its total share capital [2].

Core Viewpoint - The company, 加科思药业, demonstrates strong confidence in its long-term development through significant share buybacks and insider purchases, contrasting with the trend of executive sell-offs in the Hong Kong pharmaceutical sector [1][4]. Group 1: Executive Actions - 加科思药业's Chairman and CEO, Dr. Wang Yinxiang, along with associates, invested nearly HKD 100 million to purchase over 11.05 million shares, signaling confidence in the company's future [1]. - The company has initiated a share buyback plan of HKD 100 million, with approximately HKD 26.7 million executed so far, indicating ongoing commitment to shareholder value [1]. Group 2: Clinical Value - 加科思药业 focuses on KRAS and iADC as its primary research directions, with KRAS mutations present in about 25% of cancer patients [2]. - The company's KRAS G12C inhibitor, Glecirasib, received approval for second-line treatment of KRAS G12C mutated non-small cell lung cancer (NSCLC) and has been successfully launched in China, triggering a milestone payment of RMB 50 million from a partner [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: Commercial Potential - 加科思 is advancing a second-generation product, EGFR-KRAS G12D tADC, which aims to deliver KRAS G12D inhibitors effectively, potentially becoming a major product in colorectal cancer by submitting an IND application in the second half of 2026 [3]. - The company is also developing HER2-STING iADC (JAB-BX467) to address the limitations of PD-1 monotherapy in "cold tumors," with plans to submit an IND application in the second half of 2026 [3]. Group 4: Value Assessment - 加科思's focus on KRAS and iADC positions it well in a market where 25% of cancer patients have KRAS mutations and nearly 70% are cold tumors, establishing a clear potential for clinical and commercial success [4]. - The market has not fully reflected the pipeline value and long-term growth potential of 加科思, with a comparison to Revolution Medicine's market cap of USD 8 billion versus 加科思's HKD 7 billion [4]. - The combination of significant insider purchases and the ongoing buyback plan sends a strong signal of management's confidence in the company's long-term prospects [4].