根据加科思发布的中期业绩，集团期内取得4566.4万元人民币，去年同期为零收入;公司拥有人应占亏 损5899.4万元，同比收窄65.1%。公告称，收入增长主要得益于艾力斯许可协议的里程碑付款。 消息面上，《纽约时报》近日报道称，特朗普政府正在讨论一项行政命令，拟对美国制药企业收购中国 研发的创新药物设限。草案若实施，可能切断美国药企获取中国实验性药物的渠道，并加剧供应链风 险。申万宏源研报指出，该草案的落地概率极低，并再次强调了中国创新药板块的投资价值，表示"创 新升级+盈利拐点+出海BD常态化"三重逻辑支撑后续行情。 智通财经APP获悉，加科思-B(01167)涨超5%，截至发稿，涨8.61%，报11.23港元，成交额1.17亿港元。 ...

Core Viewpoint - After a significant drop, Hong Kong's innovative drug concept stocks rebounded across the board, indicating market resilience and potential recovery in the sector [1] Group 1: Market Performance - As of the report, Kangning Jereh Pharmaceutical-B surged over 14%, Hutchison China MediTech rose more than 6%, Zai Lab and Lepu Biopharma B increased over 5%, and Akeso-B climbed over 4% [1] Group 2: Industry Sentiment - Several pharmaceutical companies have acknowledged rumors regarding potential restrictions from the U.S. on innovative drugs from China, but they believe these rumors do not currently impact the expectations for Chinese innovative drugs entering international markets [1] Group 3: Future Outlook - Market analysts predict that leading biotech companies such as BeiGene and Innovent Biologics are expected to reach a profitability inflection point by 2025, with a strong growth trajectory anticipated thereafter [1] - With improvements in industrial capabilities and product line expansions, it is expected that more biotech firms will enter a profitability cycle in the future [1]

Core Viewpoint - The company, 加科思-B (01167), has seen its concerted action members purchase a total of 402,000 shares at an average price of HKD 10.16 per share, reflecting confidence in the company's growth potential and long-term investment value [1] Group 1 - The concerted action members increased their holdings to a total of 201,157,285 shares, representing approximately 25.41% of the company's total issued shares [1] - The members expressed confidence in the overall development prospects and growth potential of the company [1] - There is a possibility of further share purchases by the concerted action members, subject to applicable laws and regulations [1]

Group 1 - The company, 加科思-B (01167), announced that from September 1 to September 3, 2025, its concerted action members purchased a total of 402,000 shares at an average price of HKD 10.16 per share in the open market [1] - Following this increase in holdings, the concerted action members collectively own 201,157,285 shares, representing approximately 25.41% of the company's total issued shares [1] - The concerted action members expressed confidence in the company's overall development prospects, growth potential, and long-term investment value of its shares, indicating the possibility of further share purchases in compliance with applicable laws and regulations [1]

JACOBIO PHARMACEUTICALS GROUP CO., LTD. 加 科 思 藥 業 集 團 有 限 公 司 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。 本公司董事會（「董事會」）已獲公司一致行動人士成員告知，於2025年9月1日至9月3日，彼 等已於公開市場按10.16港元的平均每股價格繼續買入合計402,000股本公司股份（「股份」）。 緊隨此次持股增加之後，截至本公告日期，一致行動人士共持有本公司201,157,285股股份， 約佔本公司已發行股份總數的25.41%。 上述一致行動人士成員表示對本公司的整體發展前景、增長潛力及其股份的長期投資價 值充滿信心。在遵守適用法律及監管規定的前提下，並不排除其可能適時進一步增持本 公司股份。 根據本公司所得資料及據董事會所知，本次增持已遵照適用法律、規則及條文（包括《香 港聯合交易所有限公司證券上市規則》附錄C3所載的《上市發行人董事進行證券交易的標 準守則》進行。 承董事會命 加科思 ...

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8月31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 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 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 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | 100,000 | 本月底法定/註冊股本總額： USD 100,000 ...

Group 1 - Pharmaceutical stocks continue to rise, with notable increases in companies such as BeiGene (up 7.87%), Clover Biopharma (up 6.03%), and Tigermed (up 5.03%) [1] - BlackRock increased its stake in 3SBio by acquiring approximately 47.6 million shares at a price of HKD 30.1096 per share, totaling around HKD 14.33 billion, raising its ownership to 5.1% [1] - The overall performance of Hong Kong pharmaceutical companies in the first half of the year has been robust, with companies like Hengrui Medicine and Hansoh Pharmaceutical reporting record high revenues and profits [1] Group 2 - The pharmaceutical sector has shown strong stock performance in the first half of the year, driven by continuous business development (BD) overseas, excellent clinical data, and supportive policies [2] - The innovative drug sector is experiencing rapid sales growth, with several key products being approved and included in medical insurance, leading to increased domestic sales [2] - Companies like BeiGene and Hutchison China MediTech have successfully commercialized their products overseas, contributing significantly to revenue growth [2]

Group 1 - Pharmaceutical stocks continued to rise, with notable increases in companies such as BeiGene (up 7.87% to HKD 209.8), Clover Biopharmaceuticals (up 6.03% to HKD 1.23), and Tigermed (up 5.03% to HKD 50.5) [1] - BlackRock increased its stake in 3SBio by acquiring approximately 47.6 million shares at a price of HKD 30.1096 per share, totaling around HKD 14.33 billion, raising its ownership to about 124 million shares or 5.1% [1] - The overall performance of Hong Kong pharmaceutical companies was robust in the first half of the year, with companies like Heng Rui Medicine achieving record revenue and profit, and Hansoh Pharmaceutical exceeding revenue expectations [1] Group 2 - The pharmaceutical sector performed well in the first half of the year, driven by continuous business development overseas, strong clinical data, and supportive policies, with the innovative drug sector leading the gains [2] - The innovative drug sector is experiencing rapid sales growth as several key products have been approved and included in medical insurance, leading to increased domestic sales [2] - Companies like BeiGene and Hutchison China MediTech have successfully commercialized their products overseas, contributing significantly to revenue growth [2]

Summary of the Conference Call Company Overview - **Company**: 加科思 (Jia Ke Si) - **Industry**: Biopharmaceuticals, specifically focusing on oncology treatments Key Projects and Developments 1. **Pan KRAS Inhibitor (JAB-23,173)** - Global leader in the pan KRAS inhibitor market, expected to release dosage data by the end of 2025 and full clinical results in the first half of 2026 - Safety profile shows only 10% skin toxicity, all grade 1, with significant market potential estimated at $20 billion peak sales [2][3][17] 2. **SHIP2 Inhibitor (加该雷赛)** - Approved in China for second-line non-small cell lung cancer (NSCLC) - Rights partially transferred to艾力斯 (Ailis) for 900 million RMB, with initial payment of 200 million RMB and milestone payment of 50 million RMB - Gastrointestinal toxicity below 10%, outperforming similar products [2][5][6] 3. **CDK2 Inhibitor Combined with 克莱雷赛** - Entered phase III registration clinical trials for first-line NSCLC treatment - Objective response rate (ORR) of 77% and progression-free survival (PFS) of 12 months, making it the first oral combination therapy to reach this stage globally [2][5][21] 4. **TADC Platform** - First project EX600 has shown preliminary success, with ongoing development of competitive antibody-drug conjugates (ADCs) focusing on KRAS and STING pathways to enhance efficacy and safety [2][4][19] Safety and Efficacy - **克莱雷赛 (KRAS G12C Inhibitor)** - Notable safety advantage with gastrointestinal toxicity at 5%-8%, significantly lower than competitors like Amgen and BMS at 40% - Approved for second-line NSCLC in China, triggering a milestone payment of 50 million RMB [6][21] - **Clinical Data** - No observed dose-limiting toxicity (DLT) or severe organ toxicity in clinical trials, with skin toxicity at 10% [17] Future Development Focus - Continue advancing the four core projects while exploring innovative therapies - Plans to disclose complete clinical results for pan KRAS in the first half of 2026 and further research on CDK2 and 克莱雷赛 combinations [7][32] Financial Management - R&D expenses for the first half of 2025 were approximately 93 million RMB - Cash flow remains stable with over 60 million RMB from various financing channels and a total of 1.5 billion RMB in cash reserves [31] Market Potential and Competitive Landscape - The pan KRAS inhibitor market is projected to address 25% of cancer cases, with annual new cases exceeding 2.7 million, similar to the PD-1 monoclonal antibody market - Peak sales potential estimated at $20 billion annually [14][15] Challenges and Innovations - Addressing the cold tumor problem with new mechanisms to convert cold tumors into hot tumors using STING agonists - Ongoing research to ensure the stability of STING agonists in plasma to avoid cytokine storms during treatment [9][40][42] Conclusion 加科思 is positioned as a leader in the oncology sector with a robust pipeline of innovative therapies, strong safety profiles, and significant market potential. The company is focused on advancing its core projects while exploring new therapeutic avenues to maintain its competitive edge in the biopharmaceutical industry.

Group 1 - Pharmaceutical stocks in Hong Kong have shown strong performance, with notable gains in companies such as 加科思-B (up 23.18%), 三叶草生物-B (up 22.09%), and others [1] - The overall performance of Hong Kong pharmaceutical companies in the first half of the year has been robust, with 恒瑞医药 achieving record high revenue and profit, and 翰森制药 exceeding revenue expectations [1] - Upcoming major conferences, including the World Lung Cancer Conference (WCLC) and the European Society for Medical Oncology (ESMO), will showcase research results from innovative domestic drugs [1] Group 2 - 海通国际 maintains a positive outlook on Hong Kong pharmaceutical companies due to their stable cash flow, rich R&D pipelines, and normalizing external licensing revenues [2] - The recent slight pullback in the Hong Kong pharmaceutical sector is attributed to rapid fund rotation, with expectations of short-term fluctuations [2] - The long-term value reassessment logic in the pharmaceutical industry remains unchanged, supported by the engineer dividend and a rich catalyst environment in the innovative drug industry [2]