Core Insights - The innovative drug sector is experiencing a significant bull market, with the entry threshold for top-performing stocks raised considerably [1] - In 2024, the median increase for the top 10 innovative drug companies was 57.9%, with the highest increase reaching 132.6%. In 2025, this trend intensified, with the median increase for the top 10 soaring to 495.41% and the highest increase hitting 1824% [2] Group 1: Top Performing Companies - Beihai Kangcheng-B achieved the highest increase in 2025, with a staggering 1824% rise, surprising many in the market [5] - Sanleaf Biotech-B followed with an impressive 870% increase, despite facing significant operational challenges, including a cash flow crisis and a major refund demand from GAVI [10][11] - Yaojie Ankang-B, despite being controversial, saw its stock price rise nearly ninefold in a short period, reaching a market cap close to 270 billion HKD [12][13] - Heptagon Pharmaceuticals-B ranked fourth with a 553% increase, driven by its dual-engine model of R&D and business development [14][15] - Xuan Bamboo Biotech-B, a newly listed company, achieved a 507% increase, benefiting from positive clinical trial results and inclusion in national insurance directories [17][18] - Deqi Pharmaceuticals-B saw a 483% increase, attributed to its innovative AI-driven T-cell connector platform [19][20] - Jike Si-B experienced a 401% increase, driven by its advancements in KRAS-targeted therapies [22][23] - Rongchang Biotech achieved a 400% increase, with its product Taite Xip demonstrating significant potential across multiple indications [24][25] - Paige Biotech saw a 342% increase, largely due to its GLP-1 pipeline's market momentum [27] - Baiaosaitu-B rounded out the top ten with a 315% increase, supported by strong revenue growth and positive market expectations for its upcoming H+A listing [28][30] Group 2: Market Dynamics - The surge in stock prices for many companies is not solely based on fundamental improvements but also reflects speculative trading behaviors [4] - The innovative drug sector's long-term health relies on the emergence of stocks driven by genuine innovation rather than short-term speculation [4] - The market's focus on liquidity and sentiment has led to significant price increases, but these may not be sustainable as market conditions change [31]

智通财经APP讯，加科思-B(01167)发布公告，于2026年1月2日该公司斥资96.55万港元回购15万股，回 购价格为每股6.42-6.47港元。 ...

加科思-B(01167)发布公告，于2026年1月2日该公司斥资96.55万港元回购15万股，回购价格为每股6.42- 6.47港元。 ...

格隆汇1月2日丨加科思-B(01167.HK)发布公告，2026年1月2日耗资96.6万港元回购15万股，回购价格每 股6.42-6.47港元。 ...

FF305 第 1 頁 共 6 頁 v 1.3.0 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 FF305 公司名稱： 加科思藥業集團有限公司 呈交日期： 2026年1月2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 ...

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), Dongfang Electric (01072), and COSCO Shipping Holdings (01919), with short ratios of 18.64%, 17.51%, and 16.68% respectively [1][2] - The company with the largest increase in short positions is Dongfang Electric (01072), which saw an increase of 2.20% from the previous short ratio [1][2] - The companies with the largest decrease in short positions include Sanhua Intelligent Control (02050), Tianqi Lithium (09696), and Yuejiang (02432), with decreases of -1.42%, -0.82%, and -0.71% respectively [1][3] Group 2 - The latest short position data shows that Vanke Enterprises has 411 million shares shorted, while Dongfang Electric has 71.45 million shares, and COSCO Shipping Holdings has 480 million shares shorted [2] - The companies with the largest increases in short positions also include JAKS Resources B (01167) and CSPC Pharmaceutical Group (01093), with increases of 0.77% and 0.56% respectively [2] - The companies with the largest decreases in short positions also include Ganfeng Lithium (01772) and Sunac China (01918), with decreases of -0.68% and -0.55% respectively [3][4]

Investment Rating - The report indicates a cautious outlook on the pharmaceutical industry, with the overall investment rating reflecting a mixed performance in the sector [2][3]. Core Insights - The Shenwan Pharmaceutical and Biological Index decreased by 0.2% this week, while the Shanghai Composite Index rose by 1.88%, ranking the pharmaceutical index 25th among 31 Shenwan sub-industries [2][3]. - The current valuation of the pharmaceutical sector stands at 29.2 times earnings, placing it 10th among 31 Shenwan primary industries [5]. - Recent collaborations in the industry include significant licensing agreements, such as the partnership between JAKOS and AstraZeneca for the Pan-KRAS inhibitor, which could yield up to $20.15 billion in potential payments [11]. - The report highlights the ongoing challenges in the industry, including a decline in the number of retail pharmacies, which has seen a net reduction of over 8,800 stores in the last quarter alone [16]. Market Performance - The pharmaceutical sector's performance this week showed a decline of 0.2%, with various sub-sectors experiencing mixed results, such as raw materials (+2.0%) and hospitals (-2.8%) [2][5]. - The report notes that the pharmaceutical index's performance is lagging compared to other sectors, indicating a need for strategic adjustments [3][5]. Recent Developments - The sixth batch of national procurement for medical consumables has been officially launched, which may impact pricing and availability in the market [14]. - Several innovative drugs and medical devices have received approval for market entry, including Novo Nordisk's oral semaglutide, marking a significant advancement in obesity treatment [19][21]. - The report also mentions the IPO applications of several companies, including Xinnowei and Frontera, indicating a trend of new entrants seeking capital in the pharmaceutical sector [26][29].

Core Viewpoint - The Chinese innovative pharmaceutical industry is experiencing a surge in business development (BD) transactions, but the secondary market's reaction has been mixed, with many companies seeing stock price declines despite positive announcements [2][6][10]. Group 1: Recent BD Transactions - Numerous BD transactions have been announced recently, including partnerships between Jiangsu Zaiming and Ipsen, and between Akeso and AstraZeneca, among others [2]. - In 2023, over 100 license-out transactions were completed in China, totaling more than $110 billion [4]. - As of December 21, 2025, there have been 15 transactions with upfront payments exceeding $100 million, and 37 transactions with total amounts over $1 billion, ranking second only to the U.S. [5]. Group 2: Market Reactions - Following the announcement of BD transactions, stock prices have shown varied responses; for instance, Akeso's stock fell by 13.58% on December 22, while Qianxin Bio's stock rose by 1.44% on the same day [3][6]. - A total of 37 BD transactions in A-shares and Hong Kong stocks this year resulted in 21 instances of stock price increases and 15 instances of declines on the first trading day after the announcements [6]. - The overall sentiment in the market has shifted from enthusiasm to a more rational approach, with stock prices reflecting this change [8][10]. Group 3: Industry Insights - Industry experts suggest that the complexity and long-term nature of innovative drug development require a rational approach from both capital and product markets [6][10]. - The current trend indicates that many Chinese pharmaceutical companies are still reliant on the "borrowed boat" strategy for international expansion, with a focus on licensing out rather than direct commercialization [12][13]. - The choice of out-licensing models varies, with smaller companies typically opting for complete licensing, while larger firms are exploring co-development models to retain longer-term benefits [13][14].

Core Insights - The announcement from 加科思药业集团有限公司 indicates a licensing and collaboration agreement with AstraZeneca for the development and commercialization of the KRAS inhibitor JAB-23E73, highlighting a significant financial commitment from both parties [1][2]. Group 1: Financial Aspects - 北京加科思 will receive an upfront payment of $100 million and is eligible for up to $1.915 billion in milestone payments related to development and commercialization [1]. - The upfront payment represents a mid-to-high percentage of the total transaction value, which typically ranges from 3% to 8% [2]. - The collaboration is expected to provide sufficient funding support for the company's key clinical projects, accelerating its strategy in the oncology innovation drug sector [4]. Group 2: Product Development - JAB-23E73 is a highly potent oral KRAS inhibitor currently in Phase I clinical trials in China and the U.S., targeting advanced solid tumors with KRAS gene mutations [2][3]. - The drug aims to expand its indications to include pancreatic cancer, non-small cell lung cancer, and colorectal cancer, which are associated with KRAS mutations [2]. - The I-phase study results are anticipated to be published in the first half of 2026, pending confirmation from both 加科思 and AstraZeneca [3]. Group 3: Strategic Importance - The collaboration with AstraZeneca is seen as a strategic move to leverage the multinational pharmaceutical giant's extensive product pipeline and resources, enhancing the potential for multi-indication expansion [2]. - 加科思's focus on the KRAS pathway is underscored by recent stock purchases by its chairman, reflecting confidence in the company's long-term prospects [4]. - The company is also engaging in equity transfer agreements to fund the development of its KRAS inhibitor and other innovative oncology projects [4].

智通财经APP获悉，加科思-B(01167)涨近5%，截至发稿，涨4.86%，报7.77港元，成交额864.39万港 元。 在12月22日加科思召开的媒体沟通会上，加科思董事长兼首席执行官王印祥回应称，加科思此次BD交 易是中国近几年来处于临床阶段的小分子抗肿瘤药中金额最大的对外授权。王印祥在沟通会上回应了首 付款是否低于预期这一问题。"根据小分子抗肿瘤药的交易案例，一般来说，首付款占总交易额的 3%-8%，这都是合理的。如果超过总交易额的10%，算是比较大的。我们这次交易，首付款占总交易额 5%，也算中间偏上水平。" 消息面上，12月21日，加科思发布公告称，已就其自主研发的泛KRAS（Pan-KRAS）抑制剂JAB-23E73 与阿斯利康达成合作协议。加科思将获得1亿美元的首付款，根据开发及商业化进度，还可获得最高 19.15亿美元的里程碑付款，以及中国以外市场的净销售额特许权使用费。首付款占总金额比例为5%。 ...