Investment Rating - The report suggests a positive outlook for the company, indicating that it is significantly undervalued with a market capitalization of only HKD 2.7 billion, and recommends active attention to the stock [8]. Core Insights - The company has regained global rights for IMM2510 and IMM27M, allowing it to accelerate overseas clinical development [2][8]. - Clinical data for IMM2510 shows promising results, with an objective response rate (ORR) of 35.3% and a progression-free survival (PFS) of 9.4 months, outperforming similar products [3]. - The differentiated advantages of IMM2510 include its ability to activate antibody-dependent cellular cytotoxicity (ADCC) and a broader VEGF blocking mechanism, which may lead to superior efficacy compared to competitors [4][8]. - The safety profile of IMM2510 is manageable, with common grade 3 treatment-related adverse events reported at 8.7% [5][6]. - The company has a rich pipeline with significant product potential, including the CD47CD20 bispecific antibody (IMM0306) and CD47 fusion protein (IMM01), both showing promising clinical efficacy [7][8]. Summary by Sections - **Regained Rights**: The company has terminated its agreement with Axion, regaining control over the global development and commercialization rights for IMM2510 and IMM27M, which is expected to enhance the pace of clinical research [1][2]. - **Clinical Data**: The clinical efficacy of IMM2510 is highlighted by its ORR of 35.3% and PFS of 9.4 months, indicating strong performance compared to similar therapies [3]. - **Differentiation**: IMM2510's unique design allows for enhanced immune response and broader action against various VEGF receptors, positioning it favorably in a competitive market [4]. - **Safety Profile**: The safety of IMM2510 is considered acceptable, with manageable adverse events reported during trials [5][6]. - **Pipeline Potential**: The company’s pipeline includes several promising candidates, with ongoing trials indicating strong potential for future growth in various therapeutic areas [7][8].

Core Viewpoint - The company Yiming Oncology (01541.HK) has decided to terminate its licensing agreement with Axion for the development and commercialization rights of two products, IMM2510 and IMM27M, outside Greater China, reclaiming all rights previously granted [2][3]. Group 1: Termination of Licensing Agreement - Yiming Oncology announced the termination of its licensing agreement with Axion on January 6, 2026, which included the global development and commercialization rights for IMM2510 and IMM27M outside Greater China [2]. - The initial collaboration began in August 2024, with the agreement valued at over $2 billion [2]. Group 2: Financial Implications - The termination of the agreement does not affect the $35 million upfront and milestone payments already received from Axion [3]. - The company expressed confidence in the therapeutic potential of IMM2510 and IMM27M and aims to accelerate their clinical development [5]. Group 3: Reasons for Reclaiming Rights - The CEO of Yiming Oncology stated that the collaboration with Axion had been positive, but clinical progress was slow due to funding pressures, prompting shareholders to suggest reclaiming the overseas rights [3]. - The complexity of negotiating with both Axion and potential partners hindered business development efforts, which the company hopes to simplify by reclaiming the rights [5]. Group 4: Market Context - The PD-1/VEGF dual antibody market has seen significant activity, with other companies securing large licensing deals, such as $1.25 billion for a similar product from a Chinese company [4]. - The market environment in early 2025 was characterized by high transaction prices for PD-1/VEGF deals, which may have influenced the decision to reclaim the rights [5].

Core Viewpoint - The termination of the collaboration agreement between Yiming Biotech and Axion Bio allows Yiming to regain global rights to its assets, which the company views positively and believes will accelerate clinical development [1][2][3]. Company Summary - Yiming Biotech has terminated its licensing and collaboration agreement with Axion Bio for the assets IMM2510/AXN-2510 and IMM27M/AXN-27M, while retaining a $35 million upfront and milestone payments received from Axion [1][2]. - The company expressed confidence in the therapeutic potential of the regained assets and plans to pursue further business development (BD) opportunities with interested multinational corporations (MNCs) [3][4]. - Following the announcement, Yiming Biotech's stock experienced volatility, initially rising over 5% before closing with a gain of 2.9% [1]. Industry Summary - The termination of the collaboration is seen as a significant event in the industry, with some voices expressing concern over the implications for domestic innovative drugs being "returned" [2][5]. - The industry is currently discussing the potential of PD-L1/VEGF bispecific antibodies, with comparisons drawn to similar products and their market performance, particularly in light of recent clinical data [4][5]. - In 2025, the total value of innovative drug licensing transactions in China is expected to exceed $130 billion, indicating a booming BD environment, although challenges such as "returns" may arise [5].

Core Viewpoint - The company Yiming Anke has decided to terminate its licensing agreement with Axion for two drug candidates, IMM2510 and IMM27M, and will reclaim all rights previously granted to Axion, including global development and commercialization rights outside Greater China [1] Group 1: Licensing Agreement Details - The initial licensing agreement with Axion began in August 2024, with a collaboration amount exceeding $2 billion [1] - Yiming Anke has received a total of $35 million in upfront and milestone payments from Axion prior to the termination of the agreement [1] Group 2: Reasons for Termination - The CEO of Yiming Anke stated that the collaboration with Axion had been pleasant, but the slow clinical progress due to funding constraints led to the decision to reclaim the rights [1] - Shareholders had been advising the company to reclaim the overseas rights for the two products, making this an opportune moment for the company [1] Group 3: Product Information - IMM2510 is a PD-L1/VEGF bispecific antibody, which is a significant target in tumor immunotherapy, and its potential to disrupt the PD-1 market is highly anticipated [2] - The market for PD-1/VEGF bispecific antibodies has seen increased activity since 2024, with notable deals such as the $1.25 billion upfront payment received by a competitor for a similar product [2] Group 4: Future Plans - Yiming Anke expressed confidence in the therapeutic potential of IMM2510 and IMM27M and aims to accelerate their clinical development [3] - The company plans to seek new business development partnerships with large multinational pharmaceutical companies, which will be simplified by reclaiming the rights from Axion [3]

Core Viewpoint - The collaboration between Yiming Oncology and Axion Bio has been terminated due to slow clinical progress by Axion, leading Yiming to regain global rights for two key cancer drugs, IMM2510 and IMM27M, while retaining the previously received $35 million in upfront and milestone payments [2][4]. Group 1: Collaboration Termination - Yiming Oncology announced the termination of its licensing agreement with Axion Bio on January 6, regaining global development and commercialization rights for IMM2510 and IMM27M [2]. - The partnership began in August 2024, with Yiming granting Axion exclusive rights outside Greater China, and Yiming receiving a total of $20 million in upfront and recent payments [2][7]. - The abrupt end of the collaboration was attributed to Axion's slow overseas clinical advancement, as stated by a Yiming representative [2]. Group 2: Financial Implications - Yiming has secured $35 million in non-recurring income, which provides a buffer for cash flow and reinvestment, although future funding needs for global multi-center trials remain a concern [2][9]. - The termination may enhance Yiming's autonomy in clinical and commercial strategies, allowing for accelerated progress based on positive signals from Greater China [2][9]. Group 3: Industry Context - The case highlights the critical constraints of milestone fulfillment and clinical advancement in overseas collaborations, with buyers emphasizing verifiable clinical delivery and clear exit mechanisms [3]. - The termination reflects broader industry challenges, as trust between Chinese innovative drug companies and international partners is being tested, potentially leading to a trend of "returning" or "recalling" collaborations [9][11]. - The surge in business development (BD) transactions from Chinese innovative drug companies, totaling $135.655 billion in 2025, indicates a shift in collaboration models, moving towards more diversified partnerships rather than simple licensing agreements [9][10].

Core Viewpoint - Yiming Oncology has terminated its licensing agreement with Axion Bio, Inc., regaining global development and commercialization rights for two core anti-cancer drugs, IMM2510 and IMM27M, while retaining the previously received $35 million upfront and milestone payments [1] Group 1 - Yiming Oncology announced the termination of the licensing agreement with Axion Bio, Inc. [1] - The agreement was initially established on August 1, 2024, granting Axion exclusive rights for the development and commercialization of IMM2510 and IMM27M outside Greater China [1] - Following the termination, all global rights for the drugs revert to Yiming Oncology, with Axion receiving limited rights to gradually conclude its related clinical development activities [1]

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12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: 宜明昂科生物醫藥技術（上海）股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01541 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 420,477,305 | RMB | | 1 RMB | | 420,477,305 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 420,477,305 | RMB | | 1 RMB | | 420,477,305 | ...

Core Viewpoint - The company has reclaimed global rights for IMM2510 (PD-L1/VEGF) and IMM27M (CTLA-4 ADCC+) from Instil Bio, indicating a strategic correction in its licensing approach. This decision allows the company to regain control over its development strategy and clinical progress [1]. Group 1 - The return of overseas rights for IMM2510 and IMM27M allows the company to seek new partnerships and regain full global rights, enhancing its strategic flexibility [1]. - Instil Bio's slow progress in the 15 months following the licensing agreement raised market concerns about its execution capabilities, making the company's decision to terminate the agreement a prudent move [1]. - The company now has the opportunity to re-establish its development strategy and clinical timelines for these assets [1]. Group 2 - The IMM27M (CTLA-4 ADCC+) asset has gained renewed attention due to its potential in combination therapies, especially following positive data from BioNTech/OncoC4's new CTLA-4 antibody, Gotistobart [2]. - The combination of VEGF/PD-L1 and CTLA-4 offers significant potential for future therapies, with CTLA-4 providing flexibility in dosing and administration, potentially reducing safety risks [2]. Group 3 - The company's core focus includes the CD47 pipeline, particularly IMM01 (sirpα-Fc fusion protein), which is advancing in Phase III clinical trials for chronic myelomonocytic leukemia (CMML) [3]. - IMM0306 (CD47/CD20), developed from IMM01, is gaining attention as one of the fastest progressing MCE molecules, with strategic value demonstrated by recent collaborations in the field [3]. Group 4 - In the autoimmune sector, IMM0306 has shown promising Phase Ib data for systemic lupus erythematosus, with response rates of 71.4% and 80.0% at different dosages, highlighting its convenience and efficacy [4]. - In oncology, Phase II data presented at the 2025 ASH meeting showed an overall response rate (ORR) of 91.2% and a complete response (CR) rate of 67.6% for relapsed refractory follicular lymphoma, with plans for a Phase III trial to start in Q1 2026 [4]. - The reclamation of key assets and the differentiated pipeline in oncology and autoimmune diseases position the company favorably for future clinical advancements and business development collaborations [4].

Core Viewpoint - The company, Yiming Oncology, has reclaimed global rights for IMM2510 (PD-L1/VEGF) and IMM27M (CTLA-4 ADCC+) from Instil Bio, indicating a strategic correction in its licensing approach. This decision allows the company to regain control over its assets and explore new partnerships while managing its development strategy and clinical progress more effectively [1][4]. Group 1: Asset Reclamation - The company has retrieved global rights for IMM2510 and IMM27M, which were previously licensed to Instil Bio for a $50 million upfront payment and additional milestone payments totaling $2 billion. This move is seen as a timely decision to mitigate potential losses due to Instil's slow progress in development [1]. - Instil Bio's slow advancement, with the first patient enrollment in the U.S. not expected until November 2025, raised concerns about its execution capabilities [1]. Group 2: CTLA-4 and Combination Therapy Potential - The IMM27M asset, targeting CTLA-4, has gained renewed attention due to its potential in combination therapies, especially following positive data from BioNTech/OncoC4's new CTLA-4 antibody, Gotistobart. This highlights the significant future potential for combination therapies involving both VEGF/PD-L1 and CTLA-4 [2]. - CTLA-4 as a monoclonal antibody offers flexibility in dosing and administration frequency, which may help reduce safety risks associated with its use [2]. Group 3: CD47 Pipeline and Clinical Progress - The company's core focus includes the CD47 pipeline, particularly the lead product IMM01 (sirpα-Fc fusion protein), which is advancing in Phase III clinical trials for chronic myelomonocytic leukemia (CMML). A mid-term analysis is expected within the year, with promising efficacy and safety data accumulated so far [3]. - The IMM0306 molecule, based on IMM01, is one of the fastest-developing MCE molecules, indicating strategic value in the CD47 space, especially following significant partnerships in the field [3]. Group 4: Autoimmune and Oncology Developments - In the autoimmune sector, IMM0306 has shown promising results in treating systemic lupus erythematosus, with response rates of 71.4% and 80.0% at different dosages, demonstrating its convenience with a dosing schedule of once weekly for four weeks [4]. - In oncology, data presented at the 2025 ASH conference showed a 91.2% overall response rate (ORR) and a 67.6% complete response (CR) rate for IMM0306 in combination with lenalidomide for relapsed refractory follicular lymphoma, with plans for a Phase III trial to start in Q1 2026 [4].

Major Events - Brain动极光-B (06681) signed important business cooperation agreements with Peking University Sixth Hospital and Shandong Mental Health Center [1] - Cohere New Energy (00182) successfully completed a secondary listing on the Singapore Stock Exchange [1] - Bole康视云-B (02592) submitted a clinical trial application for the new drug CBT-009 to the Drug Evaluation Center [1] - Yingtong Holdings (06883) established a partnership with the Italian high-end fragrance brand CULTI to strengthen its high-end fragrance distribution network in China [1] - Weimeng Group (02013) initiated a business cooperation with Taobao Flash Purchase [1] - Dali普控股 (01921) officially became a qualified supplier for Saudi Aramco [1] - Yiming Anke-B (01541) regained global rights for IMM2510 and IMM27M [1] - Yuexiu Property (00123) subsidiary Shanghai Yuheng won a land parcel in Shanghai's Pudong New District [1] Operating Performance - Jinxin Reproductive (01951) reported a further narrowing of the overall decline in IVF egg retrieval cycles to -1.4% for 2025 [1] - Poly Real Estate Group (00119) achieved a cumulative contract sales amount of approximately 50.2 billion yuan for 2025, a year-on-year decrease of 7.38% [1] - Yadea Holdings (01585) issued a profit warning, expecting annual net profit to be no less than 2.9 billion yuan [1] - Jindi Commercial Real Estate (00535) reported a cumulative contract sales total of approximately 10.696 billion yuan for 2025, a year-on-year decrease of 47.33% [1] - Greentown Management Holdings (09979) estimated the construction fee for newly developed projects in 2025 to be 9.35 billion yuan, a year-on-year increase of approximately 0.4% [1] - Sunac China (01918) achieved a cumulative contract sales amount of approximately 36.84 billion yuan for 2025, a year-on-year decrease of 21.85% [1]