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].

Core Viewpoint - The company, 加科思药业, demonstrates strong confidence in its long-term development through significant share buybacks and insider purchases, despite a broader trend of executive sell-offs in the Hong Kong pharmaceutical sector [1][4]. Group 1: Executive Actions - The chairman and CEO, Dr. Wang Yinxiang, along with associates, invested nearly HKD 100 million to purchase over 11.05 million shares of the company [1]. - The company has initiated a share buyback plan of HKD 100 million, with approximately HKD 26.7 million executed so far, and plans to continue this over the next year [1]. Group 2: Clinical Value - 加科思 focuses on KRAS and iADC as its primary research directions, with KRAS being a critical mutation pathway in cancer, affecting 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 for precise delivery in colorectal cancer, with an IND application expected 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 - With 25% of cancer patients carrying KRAS mutations and nearly 70% being cold tumors, 加科思's focus on KRAS and iADC provides a clear long-term growth potential [4]. - The market has not fully reflected the pipeline value and long-term growth potential of 加科思, as evidenced by its market capitalization of HKD 7 billion compared to Revolution Medicine's USD 8 billion [4]. - The significant insider purchases and ongoing buyback plan signal management's confidence in the company's long-term prospects, suggesting a potential market revaluation as clinical data continues to validate its pipeline [4].

Group 1 - The company, 加科思-B (01167.HK), announced a share buyback on September 25, spending 1.5 million HKD to repurchase 163,000 shares [1] - On September 24, the company also conducted a buyback, spending 500,000 HKD to repurchase 52,000 shares [1]

Core Viewpoint - The company demonstrates strong confidence in its future development prospects, as evidenced by significant share purchases by concerted action members and a share buyback plan [1][2] Group 1: Share Purchases - Concerted action members have collectively purchased 11.05865 million shares at a total cost of approximately 96.34 million HKD since July 16, 2025 [1] - As of the announcement date, these members hold about 200.2 million shares, representing 25.28% of the company's total issued shares [1] - The members express confidence in the company's overall development prospects, growth potential, and long-term investment value [1] Group 2: Share Buyback Plan - The board has approved a share buyback plan not exceeding 100 million HKD, believing that the current share price does not reflect the company's actual value [1] - Since July 15, 2025, the company has repurchased a total of 326,400 shares, with a cumulative payment of 2.67 million HKD [1] - The company will continue to monitor market conditions and may exercise shareholder authorization for further share repurchases [1] Group 3: Business Operations and Product Pipeline - The board believes that the company's current business operations are in good condition, with encouraging progress in the development of core product pipelines, including but not limited to Pan-KRAS inhibitors [2] - The management's substantial share purchases and the company's share buyback actions reflect a strong confidence in the company's fundamentals and long-term growth prospects [2]

Core Viewpoint - The company, 加科思-B (01167), has received notification from its concerted action members expressing strong confidence in the company's future development prospects, leading to significant share purchases and a share buyback program [1] Group 1: Share Purchases - From July 16, 2025, to the date of the announcement, concerted action members have collectively purchased 11,058,650 shares at a total cost of approximately HKD 96.34 million [1] - As of the announcement date, these members hold a total of 200 million shares, representing about 25.28% of the company's total issued shares [1] Group 2: Share Buyback - Since July 15, 2025, the company has repurchased a total of 326,400 shares, with a cumulative payment of HKD 2.67 million [1] - The company plans to continue monitoring market conditions and may exercise shareholder authorization for further share repurchases based on market circumstances [1] Group 3: Business Outlook - The company reports that its current business operations are performing well, with encouraging progress in the research and development of its core product pipeline, including the Pan-KRAS inhibitor [1] - The management's substantial share purchases and the company's share buyback actions reflect a strong confidence in the company's fundamentals and long-term growth prospects [1]

Core Viewpoint - The company has received strong confidence from its concerted action members regarding its future development prospects, leading to significant share purchases and a share buyback program [1] Group 1: Share Purchases - From July 16, 2025, to the date of the announcement, concerted action members have collectively purchased 11,058,650 shares at a total cost of approximately HKD 96.34 million [1] - As of the announcement date, concerted action members hold a total of 200 million shares, representing about 25.28% of the company's total issued shares [1] Group 2: Management Confidence - The concerted action members expressed strong confidence in the company's overall development prospects, growth potential, and long-term investment value of its shares [1] - The company does not rule out the possibility of further share purchases by concerted action members, subject to applicable laws and regulations [1] Group 3: Share Buyback Program - Since July 15, 2025, the company has repurchased a total of 326,400 shares, with a cumulative payment of HKD 2.67 million [1] - The company will continue to monitor market conditions and may exercise its shareholder authorization to repurchase shares based on market circumstances [1] Group 4: Business Operations - The company's current business operations are reported to be in good condition, with encouraging progress in the research and development of its core product pipeline, including the Pan-KRAS inhibitor [1] - The management's substantial share purchases and the company's share buyback actions reflect a strong confidence in the company's fundamentals and long-term growth prospects [1]