香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：1167） 自願公告 JACOBIO PHARMACEUTICALS GROUP CO., LTD. 加 科 思 藥 業 集 團 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 關於加科思 加科思致力於為患者提供突破性治療方案。公司在研項目圍繞腫瘤靶向和腫瘤免疫領域， 在KRAS、Sting、P53、MYC等腫瘤信號通路佈局，核心項目以全球前三為目標。公司的 願景是與合作夥伴携手共進，成為全球認可的藥物研發領導者。加科思的實驗室坐落於 北京、上海和波士頓，擁有誘導變構藥物發現平台(IADDP)、以靶向藥和免疫招募劑 (Recuitor)為載荷的tADC及iADC研發平台。 承董事會命 加科思藥業集團有限公司 董事長 王印祥 香港，2025年12月2日 加科思收到增資協議及股權轉讓協議項下的首付款 本公告由加科思藥業集團有限公司（「本公司」或「加科思」，連同其附 ...

Group 1 - The core viewpoint of the article highlights the successful publication of clinical trial results for the combination therapy of KRAS G12C inhibitor glecirasib and SHP2 inhibitor JAB-3312 in a leading medical journal, marking a significant milestone in cancer treatment [1] - The open-label Phase I/IIa clinical study conducted in China included 171 patients with KRAS G12C mutated non-small cell lung cancer (NSCLC), demonstrating a 71% objective response rate (ORR) and a median progression-free survival (mPFS) of 12.2 months in treatment-naive patients [1] - This combination therapy shows a competitive edge over the current standard treatment of immunotherapy plus chemotherapy, indicating its potential as a leading first-line treatment option [1] Group 2 - Currently, the KRAS G12C and SHP2 inhibitors are undergoing Phase III clinical trials in China, which will directly compare this combination therapy with existing standard treatment pathways [2] - The aim is to position this dual oral therapy as the first SHP2 combination treatment likely to receive global approval [2]

Core Insights - The company, Goss, announced the publication of clinical I/IIa study results for its KRAS G12C inhibitor, Glecirasib, in combination with SHP2 inhibitor, JAB-3312, in the prestigious medical journal, The Lancet Respiratory Medicine, marking the first systematic clinical data for this dual oral therapy to be featured in such a high-impact publication [1] Group 1 - The open-label clinical I/IIa study was conducted in China, enrolling 171 patients with KRAS G12C mutated non-small cell lung cancer (NSCLC), including 102 treatment-naive patients [1] - The combination therapy achieved a 71% objective response rate (ORR) and a median progression-free survival (mPFS) of 12.2 months in first-line patients, demonstrating a leading standard in KRAS G12C related first-line treatment [1] - Compared to the current standard treatment of immunotherapy plus chemotherapy, this chemotherapy alternative shows a highly competitive profile [1] Group 2 - Currently, KRAS G12C inhibitors and SHP2 inhibitors are undergoing phase III clinical trials in China, directly comparing this combination therapy with existing standard treatment pathways in first-line patients [2] - This dual oral combination is positioned to potentially become the first SHP2 combination therapy to receive global approval [2]

（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1167） 自願公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 JACOBIO PHARMACEUTICALS GROUP CO., LTD. 加 科 思 藥 業 集 團 有 限 公 司 本公告由加科思藥業集團有限公司（「本公司」或「加科思」，連同其附屬公司，統稱「本集 團」）自願刊發，以告知本公司股東（「股東」）及潛在投資者有關本集團最新業務發展。 這項開放性的臨床1/2a期研究在中國開展，共納入171例KRAS G12C突變非小細胞肺癌 （NSCLC）患者，其中包含102例既往未接受過系統治療的初治患者。結果顯示，這一組合 方案在一線患者中取得了71%的 客 觀 緩 解 率（ ORR ）及12.2個月的中位無進展生存期 （mPFS），在KRAS G12C的相關一線治療方案中顯示出領先水準。相比目前常規免疫＋化 療的一線標準治療，這一化療替代方案展示出高度競爭力。 香 ...

Group 1 - The Hang Seng Index rose by 0.14%, gaining 36 points to close at 25,867 points, while the Hang Seng Tech Index fell by 1.01% with a trading volume of HKD 143.6 billion in the morning session [1] - Real estate stocks surged amid market expectations for new supportive policies, with Sunac China rising over 10%, Country Garden up over 5%, and Vanke Enterprises increasing by 5.67% [2] - Beike-W saw a rise of 5.15%, driven by substantial profits from its home decoration rental business, with the buyback amount reaching a near two-year high in a single quarter [3] Group 2 - China’s banking sector showed signs of recovery in the morning, with major banks advancing in their mid-term dividend distributions, including Minsheng Bank up by 3.56%, Postal Savings Bank up by 2.7%, and Bank of China up by 1.93% [3] - Kingsoft Cloud rose over 4% post-earnings, with Q3 industry cloud revenue showing both year-on-year and quarter-on-quarter growth, and a solid foundation in government cloud services [4] - Maoyan Entertainment fell over 2% due to reports of a significant increase in the ticket refund rate for the movie "Demon Slayer" [5] Group 3 - Trip.com Group fell over 3% despite exceeding expectations in its Q3 financial report, with institutions predicting resilience in domestic business revenue for Q4 [6] - XPeng Motors declined over 4%, denying rumors regarding the production of thousands of autonomous driving taxis [7] - Contemporary Amperex Technology Co., Ltd. (CATL) dropped over 8% as cornerstone investors' lock-up period expired today [8]

Group 1 - Maosheng Holdings (00022) saw a rise of over 14% due to a 75.4% year-on-year increase in revenue for the six months ending September 30, 2025, attributed to the final stages of renovation construction services [1] - Emperor Capital (00717) increased by over 3.8% as net profit rose significantly due to a large reduction in impairment provisions for margin loans and other loans, alongside an increase in group revenue [1] - Ginkgo BioWorks-B (01167) rose over 5.4% following the approval of its self-developed KRAS G12C inhibitor, Goresir, for commercialization in China, with a partnership established with Ailida [1] - Maoyan Entertainment (01896) fell over 2% as reports indicated an increase in the ticket refund rate for "Demon Slayer" [1] - Fuhong Hanlin (02696) increased by over 4.3% after announcing FDA approval for its biosimilar to PERJETA, making it the first and only biosimilar of its kind in the U.S. [1] Group 2 - Trip.com Group-S (09961) dropped over 3.4% despite reporting a net operating revenue of 18.3 billion RMB for Q3 2025, a 16% year-on-year increase driven by sustained global travel demand [2] - Gushengtang (02273) rose over 2.2% after announcing a share transfer agreement with DA ZHONG TANG PTE. LTD. [2] - XPeng Motors-W (09868) fell over 4.6% amid market speculation about plans to produce thousands of autonomous taxis annually from 2026-2027 [2] - Techtronic Industries (00669) increased by over 4.7% as Home Depot's Q3 results indicated a positive outlook for the U.S. consumer market, benefiting Techtronic's professional segment [2] Group 3 - Guofu Quantum (00290) rose over 2.8% as it projected a net profit of approximately 200 million to 210 million HKD for the six months ending September 30, compared to a net loss of about 10.9 million HKD in the same period last year [3] Group 4 - Circle (CRCL.US) fell 8.98% as its stock price continued to decline since late October, with a significant insider sale reported [4] - The U.S. optical communication sector saw gains, with Lumentum (LITE.US) up 8.69% and other companies in the sector also rising [4] - Storage stocks in the U.S. rose, with Seagate Technology (STX.US) up 2.08% following a report on NVIDIA's shift to low-power memory chips for AI servers [5] - MP Materials (MP.US) increased by 8.61% after announcing a joint venture with the U.S. Department of Defense and Saudi Arabia's Maaden to build a rare earth refining plant [5] - Google (GOOGL.US) rose 3% as its new AI model Gemini 3 Pro topped the LMArena leaderboard, highlighting AI's role in its growth [6] - Nokia (NOK.US) fell over 9.19% as it focuses on AI-related infrastructure [6] - Block (XYZ.US) rose 7.56% after announcing a $5 billion increase in its stock buyback plan [6] - NetEase (NTES.US) fell 4.15% following the global launch of its new game [6] - Lowe's (LOW.US) rose 4.03% after reporting Q3 revenue of $20.81 billion, slightly below market expectations [6]

Core Viewpoint - The stock price of 加科思-B (01167) has increased by 5.90% to 7 HKD, with a trading volume of 18.48 million HKD, following the approval of its self-developed KRAS G12C inhibitor, Goleirese, for commercialization in China through a partnership with艾力斯 [1] Company Summary - 加科思-B has entered into a licensing agreement with 艾力斯 for the commercialization of Goleirese in China, while multiple registration clinical trials are ongoing to maximize the clinical and market value of its assets [1] - The company focuses on innovative breakthroughs in difficult drug targets, maintaining controllable operating expenses while advancing its research projects, particularly in the KRAS field with a multi-dimensional layout including KRAS G12C, KRAS G12D, and Pan KRAS [1] - 加科思-B is developing a strong patent portfolio to ensure a first-mover advantage in the market while addressing issues of drug resistance and covering more subtypes of KRAS mutations [1] Industry Summary - The KRAS gene plays a crucial role in cell growth, differentiation, and proliferation, being a major gene for mutations in cancer [1] - The pan-KRAS inhibitor JAB-23E73 is expected to disclose Phase I climbing data in the first half of 2026, while the innovative targeted EGFR KRAS G12D tADC (JAB-BX600) is anticipated to submit an IND application in 2026, potentially creating further competitive barriers [1]

Core Viewpoint - The stock of 加科思-B (01167) has risen over 5%, currently trading at 6.98 HKD, with a transaction volume of 10.73 million HKD, following the approval of its self-developed KRAS G12C inhibitor, Golecitinib, for commercialization in China through a partnership with艾力斯 [1] Group 1: Company Developments - 加科思-B has entered into a licensing agreement with 艾力斯 for the commercialization of Golecitinib in China, while multiple registration clinical trials are ongoing to maximize the clinical and market value of its assets [1] - The company is focusing on innovative breakthroughs in difficult drug targets, maintaining controllable operating expenses while advancing its research and development projects, particularly in the KRAS field with a multi-dimensional layout including KRAS G12C, KRAS G12D, and Pan KRAS [1] - 加科思-B has established a strong patent portfolio to ensure a first-mover advantage in the market while focusing on innovation [1] Group 2: Industry Insights - The KRAS gene plays a crucial role in cell growth, differentiation, and proliferation, being a major gene for mutations in cancer [1] - In addition to the already marketed Golecitinib, 加科思-B is developing the pan-KRAS inhibitor JAB-23E73 and KRAS G12D to address different KRAS mutation subtypes and overcome resistance issues [1] - The pan-KRAS inhibitor JAB-23E73 is expected to disclose Phase 1 climbing data in the first half of 2026, while the innovative targeted EGFR KRAS G12D tADC (JAB-BX600) is anticipated to submit an IND application in 2026, potentially creating further competitive barriers through its patent portfolio [1]

Core Viewpoint - The stock of 加科思-B (01167) has risen over 5%, currently trading at 6.98 HKD, with a transaction volume of 10.73 million HKD, following the approval of its self-developed KRAS G12C inhibitor, Golecitinib, for commercialization in China through a licensing agreement with艾力斯 [1] Group 1: Company Developments - 加科思-B has entered into a licensing agreement with 艾力斯 for the commercialization of Golecitinib in China, while multiple registration clinical trials are ongoing to maximize the clinical and market value of its assets [1] - The company is focusing on innovative breakthroughs in difficult drug targets, maintaining controllable operating expenses while advancing its research projects, particularly in the KRAS field with a multi-dimensional layout including KRAS G12C, KRAS G12D, and Pan KRAS [1] - 加科思-B has established a strong patent portfolio to ensure a first-mover advantage in the market while focusing on innovation [1] Group 2: Future Prospects - The pan-KRAS inhibitor JAB-23E73 is expected to disclose Phase 1 climbing data in the first half of 2026, while the innovative targeted EGFR KRAS G12D tADC (JAB-BX600) is anticipated to submit an IND application in 2026 [1] - The company aims to cover different KRAS mutation subtypes and address resistance issues through its pipeline, which includes both the already marketed Golecitinib and the upcoming JAB-23E73 and KRAS G12D inhibitors [1]

Investment Rating - The report initiates coverage with a "Buy" rating for Jacobiopharma-B (1167.HK) [1]. Core Views - Jacobiopharma focuses on innovative drug development targeting difficult-to-drug targets, with a strong pipeline and comprehensive patent strategy to build competitive barriers [6][7]. - The company has established strategic partnerships to enhance drug development and commercialization, particularly with AbbVie and Elysium [6][20]. - The KRAS G12C inhibitor, Goleirase, has been approved for marketing in China, and the company is actively pursuing further clinical trials and partnerships to maximize its market potential [6][39]. Summary by Sections 1. Focus on Difficult-to-Drug Targets - Jacobiopharma aims to develop globally innovative drugs targeting difficult-to-drug cancer targets, with a management team experienced in drug development and international collaboration [13][17]. - The company's revenue primarily comes from licensing agreements, with stable funding supporting long-term development [20][24]. - The company has a solid cash position of 1.34 billion yuan as of June 30, 2025, which supports its future expenditures [20][24]. 2. Coverage of Different KRAS Mutations - KRAS plays a critical role in cell growth and survival signaling, and its mutations are linked to cancer progression [30]. - The KRAS G12C inhibitor, Goleirase, has been approved in China, and the company has formed a strategic partnership with Elysium for its commercialization [36][39]. - The company is also developing a pan-KRAS inhibitor, JAB-23E73, which is expected to provide broader coverage of KRAS mutations and address resistance issues [46]. 3. Key Assumptions and Investment Rating - The report projects revenues of 0.52 billion yuan in 2025, 0.74 billion yuan in 2026, and 1.15 billion yuan in 2027, reflecting the company's growth trajectory [8][12]. - The company is expected to continue advancing its research and development projects while maintaining controlled operating expenses [6][20].