Core Viewpoint - China Biologic Products (01177) announced that its wholly-owned subsidiary, Lixin Pharmaceutical Technology (Shanghai) Co., Ltd., has successfully completed the first patient enrollment in the Phase I clinical trial of its self-developed innovative drug LM-2417, a NaPi2b/4-1BB bispecific antibody, marking the entry of this innovative therapy into clinical development [1][2] Group 1 - LM-2417 is developed based on Lixin Pharmaceutical's self-researched conditionally activated 4-1BB platform, specifically binding to NaPi2b on tumor cells and 4-1BB on immune cells, enhancing anti-tumor effects through precise activation of immune cells in the tumor microenvironment [2] - NaPi2b is encoded by the SLC34A2 gene and is highly expressed in various malignancies, including high-grade serous ovarian cancer, fallopian tube cancer, primary peritoneal cancer, thyroid cancer, breast cancer, and non-squamous non-small cell lung cancer, while having limited distribution in normal tissues, making it a promising target for anti-tumor therapy [1][2] - Preclinical data indicate that LM-2417 can induce durable anti-tumor immune memory and shows significant synergistic effects when combined with other immunotherapy drugs, positioning it as a potential First-in-Class immunotherapy [2] Group 2 - The clinical study is an open-label, dose-escalation, and dose-expansion Phase I/II trial evaluating the safety, tolerability, pharmacokinetics, and preliminary efficacy of LM-2417 as a monotherapy or in combination with other anti-tumor drugs in patients with advanced malignant solid tumors [2] - The company aims to rapidly advance the clinical research of this project, looking forward to providing new options for immunotherapy clinical use for patients [2]

Core Viewpoint - China National Pharmaceutical Group's subsidiary, Lixin Pharmaceutical Technology, has successfully completed the first patient enrollment in the Phase I clinical trial of its innovative drug LM-2417, marking the entry of this therapy into clinical development [1][2]. Group 1: Product Development - LM-2417 is a dual-specific antibody targeting NaPi2b and 4-1BB, developed using Lixin Pharmaceutical's proprietary conditionally activated 4-1BB platform [2]. - The mechanism of LM-2417 allows for precise activation of immune cells in the tumor microenvironment, enhancing anti-tumor effects while potentially reducing non-specific immune activation toxicity [2]. - Preclinical data indicate that LM-2417 can induce durable anti-tumor immune memory and shows significant synergistic effects when combined with other immunotherapy drugs [2]. Group 2: Clinical Research - The ongoing clinical study is an open-label, dose-escalation, and dose-expansion Phase I/II trial assessing the safety, tolerability, pharmacokinetics, and preliminary efficacy of LM-2417 as a monotherapy or in combination with other anti-tumor drugs in patients with advanced malignant solid tumors [2]. - The company aims to expedite the clinical research process to provide new immunotherapy options for patients [2].

格隆汇9月23日丨中国生物制药(01177.HK)宣布，公司全资附属公司礼新医药科技(上海)有限公司("礼新 医药")自主研发的国家1类创新药LM-2417"NaPi2b/4-1BB双特异性抗体"在中国开展的I期临床试验已顺 利完成首例患者入组，标志着这一创新疗法正式进入临床开发阶段。 本次临床研究为一项注射用LM-2417单药或联合其他抗肿瘤药物在晚期恶性实体肿瘤患者中的安全性、 耐受性、药代动力学特徵以及初步疗效的开放标签、剂量递增和剂量扩展的I/II期临床研究。集团将继 续快速推进项目的临床研究，期待早日为患者带来免疫治疗临床用药新选择。 LM-2417是礼新医药基於其自主研发的条件激活型4-1BB平台开发的一款NaPi2b/4-1BB双抗，能够特异 性结合肿瘤细胞表面的NaPi2b及免疫细胞表面的4-1BB。该机制可实现免疫细胞在肿瘤微环境中的精准 激活，从而增强抗肿瘤效应。与传统4-1BB激动剂不同，LM-2417通过NaPi2b依赖性方式选择性激活4- 1BB信号通路，有望显著降低非特异性免疫激活引发的毒性风险。 临床前数据表明，LM-2417不仅能诱导持久的抗肿瘤免疫记忆，还在与其他免疫治疗药物 ...

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的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份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。 （於開曼群島註冊成立之有限公司） 網站：www.sinobiopharm.com （股份編號：1177） 自願公告 LM-2417「NaPi2b/4-1BB雙特異性抗體」完成中國I期臨床首例患者入組 中國生物製藥有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）宣佈，本公 司全資附屬公司禮新醫藥科技（上海）有限公司（「禮新醫藥」）自主研發的國家1類創新藥LM-2417 「NaPi2b/4-1BB雙特異性抗體」在中國開展的I期臨床試驗已順利完成首例患者入組，標誌著這一創新 療法正式進入臨床開發階段。 NaPi2b由SLC34A2基因編碼，屬於II型鈉依賴性磷酸鹽轉運蛋白SLC34家族成員之一，在機體磷酸鹽 穩態調控中發揮重要作用。NaPi2b在高級別漿液性卵巢癌、輸卵管癌、原發性腹膜癌，以及甲狀腺 癌、乳腺癌和非鱗狀非小細胞肺癌等多種惡性腫瘤中呈高表達，而在正常組織中分佈有限，因此被 ...

Group 1 - The company is covered for the first time by Guojin Securities, which gives a "buy" rating and forecasts revenue of 33.41 billion, 37.17 billion, and 41.70 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth of +15.75%, +11.24%, and +12.21% [1] - The net profit attributable to the parent company is projected to be 4.63 billion, 4.75 billion, and 5.28 billion yuan for the same years, with year-on-year growth of +32.17%, +2.75%, and +11.17% [1] - The company has a solid position as a leading pharmaceutical player, with a steady increase in revenue and operating profit, and a significant rise in R&D investment, which accounted for 18.1% of revenue in H1 2025, up from 11.1% in 2020 [1] Group 2 - The company acquired Lixin Pharmaceutical for approximately 500 million USD, enhancing its oncology product pipeline [2] - The drug Anlotinib has been approved for 9 indications, and its combination with PD-1 has shown superior results in head-to-head trials against other treatments [2] - The company aims to license out innovative products as a key strategic goal, with promising candidates in oncology and respiratory fields, potentially generating recurring revenue from business development transactions starting in 2025 [3]

Core Viewpoint - Company is positioned as a leading player in the biopharmaceutical industry, with a strong focus on innovation and growth in revenue and profit margins [1][2][3] Group 1: Financial Projections - Company is expected to achieve revenues of 334.12 billion, 371.66 billion, and 417.04 billion CNY in 2025, 2026, and 2027 respectively, representing year-on-year growth of +15.75%, +11.24%, and +12.21% [1] - Projected net profit attributable to shareholders is 46.26 billion, 47.53 billion, and 52.84 billion CNY for the same years, with year-on-year growth of +32.17%, +2.75%, and +11.17% [1] - Earnings per share (EPS) are forecasted to be 0.25, 0.25, and 0.28 CNY for 2025, 2026, and 2027 [1] Group 2: Strategic Developments - Company has acquired Lixin Pharmaceutical for approximately 500 million USD, enhancing its oncology product pipeline [2] - The acquisition includes key products such as LM-299 and LM-305, which have been licensed to major pharmaceutical companies [2] - Anlotinib has been approved for 9 indications, showing promising results in head-to-head trials against competitors [2] Group 3: Innovation and R&D Focus - Company has significantly increased R&D investment, with 18.1% of revenue allocated to R&D in the first half of 2025, up from 11.1% in 2020 [1] - The number of approved innovative products has reached 19, with innovative product revenue accounting for 44.4% of total revenue in the first half of 2025 [1] - Company aims to leverage its innovative products, such as CDK2/4/6 inhibitors and HER2 bispecific antibodies, to establish a competitive edge in the international market [3]

Group 1 - The Hong Kong stock market for innovative drugs is experiencing a correction, with the Hong Kong Stock Connect Innovative Drug ETF (520880) opening high but closing down 1.74%, with a trading volume exceeding 1.4 billion yuan [1] - Major constituent stocks are declining, with Yimeng Biotech-B down over 7%, China National Pharmaceutical Group down over 4%, and CSPC Pharmaceutical Group down over 3% [1] Group 2 - The Chief Executive of the Hong Kong SAR proposed the establishment of a "Greater Bay Area Clinical Trial Collaboration Platform" and a "Real-World Research and Application Center" to accelerate the approval and commercialization of innovative drugs [3] - The National Medical Products Administration announced an optimized clinical trial review and approval process, with eligible applications to be completed within 30 working days [3] Group 3 - Despite short-term market fluctuations, the long-term logic of the innovative drug industry remains strong, transitioning from quantity to quality, with a focus on profitable products and companies by 2025 [4] - The industry is witnessing a recovery in demand, continuous supply-side clearing, and a trend towards domestic substitution, with mergers and acquisitions helping companies grow stronger [4] - The innovative drug sector's sustainability is supported by ongoing trends of "innovation + internationalization," enhancing China's global competitiveness in innovative drugs [4] Group 4 - The Hong Kong Stock Connect Innovative Drug ETF (520880) is the first ETF tracking the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, focusing 100% on innovative drug research and development [5]

New Stock Activities - Companies currently in the IPO process include Botai Cheliang, Xipuni, and Zijin Gold International [1] - Chery Automobile is at the pricing stage, while Different Group is set for its listing date [1] Earnings Announcements - JBB Builders and Chuangneng Group are scheduled to announce their earnings [1] Shareholder Meetings - Companies holding shareholder meetings include Xinhua Wencuan, Jiajin Investment International, and Everbright Securities [1] - Other companies with scheduled meetings are Jiajin Investment International, Huangdafukong, Liangqing Holdings, Youran Muye, and Jinshi Holdings Group [1] Trading Suspension and Resumption - Changhong Jiahua is set to resume trading [1] Dividend Distribution - Companies with upcoming dividend-related dates include Tian Ge Interactive (ex-dividend date), KLN (dividend payment date), COSCO Shipping Holdings (ex-dividend date), Anta Sports (dividend payment date), and Yisheng Biotechnology (dividend payment date) [1] - Other companies with dividend-related dates include Tai Hing Group (ex-dividend date), Longji Group (dividend payment date), Zhou Li Fu (ex-dividend date), and Junjie Group Holdings (ex-dividend date) [1]

Macro Economic Overview - The "14th Five-Year Plan" emphasizes the use of more proactive fiscal policies to support employment and foreign trade, and to improve people's livelihoods [3][4] - Recent policies focus on industrial internet applications and the development of new energy sectors, indicating a shift towards digitalization and innovation [3][4] Fixed Income Market - As of August 2025, the total bond custody amount reached 174.54 trillion yuan, with a net increase of 15,060.06 million yuan, indicating a slight decrease in growth compared to previous months [9][10] - The leverage ratio in the bond market slightly increased to 106.88%, reflecting a cautious optimism in the market [13][14] Pharmaceutical Industry - The pharmaceutical sector is entering a new growth phase driven by innovation and optimization of centralized procurement, with major companies like Heng Rui Pharmaceutical and China Biologic Products showing robust revenue growth [17][18] - The recent adjustments in the national medical insurance directory are expected to benefit innovative drugs, leading to potential rapid growth for companies involved [18][19] Non-Bank Financial Sector - The performance of non-bank financial companies is primarily driven by property and equity investments, with significant contributions from the property insurance sector [21][22] - The net profit growth of listed insurance companies improved in the first half of 2025, largely due to the profitability of property insurance [21][24] Agricultural Sector - The price of white feather chicken increased due to supply disruptions and rising demand, with the average selling price reaching 7.17 yuan/kg in August 2025 [30][31] - The egg market faces pressure from high production capacity, limiting the potential for price increases despite some upward movement in prices [32][33] Machinery Industry - The valuation of global robotics companies is being redefined, with Figure's recent funding round valuing the company at 39 billion USD, indicating a bullish outlook for the robotics sector [37][38] - Key components in robotics are expected to see significant valuation increases, with potential PE ratios reaching 200 times as the industry matures [38][39] Consumer Services Sector - The upcoming National Day holiday is expected to boost travel bookings, with a steady increase in pre-booking trends observed [42][45] - The tea and coffee sector continues to show strong performance, with leading brands expanding their market presence despite some overall industry slowdowns [43][45] Real Estate and Construction - China Overseas Property is experiencing growth in both scale and profitability, with projected net profits increasing from 16.1 billion yuan in 2025 to 19.6 billion yuan by 2027 [47][48] - The company is focusing on high-quality expansion and has seen a significant increase in managed area and new contract signings [49][50] Electronics Industry - The domestic high-power server power supply market is growing, with companies like Oulu Tong positioned as leaders in this space, benefiting from the rise of AI applications [51][52] - The demand for higher power server supplies is expected to increase, with new products in development to meet the needs of advanced AI servers [53]

Group 1 - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 1.50% on September 22, with a trading volume of 1.263 billion yuan [1] - The fund was established on January 3, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of September 19, 2024, the fund's latest share count was 8.17 billion shares, with a total size of 7.676 billion yuan, reflecting a year-to-date increase of 1966.38% in shares and 1931.78% in size compared to December 31, 2023 [1] Group 2 - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 87.92% during the management period [2] - The top holdings of the fund include Innovent Biologics (9.52%), WuXi Biologics (9.47%), BeiGene (8.73%), and others, with their respective market values and share counts detailed [2] - The cumulative trading amount over the last 20 trading days reached 37.235 billion yuan, with an average daily trading amount of 1.862 billion yuan [1][2]