Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 21.55 [7][5] Core Insights - The company has shown a significant reduction in losses, with a net loss of USD 266 million in the first three quarters of 2025, down from USD 1.25 billion in Q3 2024 [1] - CARVYKTI's sales are on a strong upward trend, with Q3 sales reaching USD 524 million, representing a 19% quarter-over-quarter increase and an 83% year-over-year increase [2][3] - The company aims to achieve USD 3 billion in revenue by 2035, with various business segments expected to grow at different rates [4] Summary by Sections Financial Performance - For the first three quarters of 2025, CARVYKTI generated sales of USD 1.332 billion, a 112% year-over-year increase, with Q3 sales alone at USD 524 million [1] - The company forecasts revenues of USD 973 million, USD 806 million, and USD 933 million for 2025, 2026, and 2027 respectively, with corresponding net profits of USD 11 million, USD 66 million, and USD 355 million [5][10] Business Growth and Strategy - The company is expanding its treatment indications with ongoing Phase III clinical trials for CARTITUDE-5 and CARTITUDE-6 [3] - The production capacity is expected to reach 10,000 cases annually by the end of 2025, with new facilities in Belgium and the U.S. coming online [3] Valuation and Market Position - The estimated market value of the company is HKD 470.93 billion, with a breakdown of HKD 259.49 billion for ongoing operations and HKD 211.45 billion for the equity in its joint venture [13][15] - The report highlights a price-to-sales (PS) ratio of 4.14x for 2026, reflecting a 20% discount to comparable companies [13]

Core Viewpoint - Kingsray Biotechnology (01548) experienced a decline of over 4%, trading at HKD 16.43 with a transaction volume of HKD 221 million as of the report date [1] Financial Performance - Legend Biotech, a joint venture of Kingsray Biotechnology, reported a net loss of USD 39.7 million for the three months ending September 30, 2025, compared to a net loss of USD 125.3 million in the same period last year [1] - The adjusted net loss for the same period was USD 18.8 million, down from an adjusted net loss of USD 42 million year-over-year [1]

Core Viewpoint - Kingsray Biotechnology (01548) experienced a decline of over 4%, trading at HKD 16.43 with a transaction volume of HKD 221 million [1] Financial Performance - Legend Biotech, an associate company of Kingsray, reported a net loss of USD 39.7 million for the three months ending September 30, 2025, compared to a net loss of USD 125.3 million in the same period last year [1] - The adjusted net loss for the same period was USD 18.8 million, down from an adjusted net loss of USD 42 million year-on-year [1]

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。 Genscript Biotech Corporation （於開曼群島註冊成立的有限公司） （股份代號:1548） 自願性公告 上市聯營公司傳奇生物科技股份有限公司 截至 2025 年 9 月 30 日止第三季度的財務業績 本公告由金斯瑞生物科技股份有限公司（「本公司」）自願作出。 本公司的聯營公司傳奇生物科技股份有限公司（「傳奇」，其股份以美國存託股份形式於美國 納斯達克全球精選市場上市）已於2025年11月12日向美國證券交易委員會（「證監會」）提交 6-K表格，内容有關傳奇截至2025年9月30日止第三季度財務業績及近期業務亮點。詳情請參閱 刊 發 於 美 國 證 監 會 網 站 https://www.sec.gov/Archives/edgar/data/1801198/000180119825000031/0001801198-25-000031- index.html 的完整6-K表格。 ...

Market Overview - Hong Kong stocks showed a positive trend, closing up 0.85% as bulls took control, indicating a lack of negative news is perceived as positive [1] - The U.S. House of Representatives is expected to vote on a compromise plan to end the longest government shutdown in U.S. history, which could restore funding to government agencies [1] - The ADP private sector employment report for October showed a decrease of 45,000 jobs, the largest drop in two and a half years, suggesting a cooling labor market and increasing expectations for a Fed rate cut in December [1] Sector Performance - The banking sector saw a rebound with major banks like Agricultural Bank of China reaching new highs, driven by long-term investments from insurance funds and public funds [1] - Consumer sectors are gaining traction, with companies like "Hushang Auntie" seeing a significant increase of nearly 29%, indicating a recovery in consumer sentiment [2] - Retail sales in Hong Kong are projected to rise by 4% year-on-year in October, benefiting retail rental stocks [3] Company Highlights - Baijie Shenzhou reported a 44.2% increase in total revenue for the first three quarters, driven by sales growth of its self-developed products [3] - Xiaomi announced a significant sales figure of over 29 billion yuan during the Double 11 shopping festival, indicating strong consumer demand [4] - The Ximangdu iron ore project, with reserves exceeding 4.4 billion tons, has commenced production, potentially altering the global iron ore supply landscape and benefiting companies like Maanshan Iron & Steel [5] Industry Developments - The Chinese commercial aerospace sector is set to advance with the upcoming maiden flight of the reusable rocket "Zhuque-3," which aims to reduce launch costs significantly [6] - The sportswear manufacturing sector is expected to see a recovery in demand, with Shenzhou International projecting a 15.3% increase in revenue for the first half of 2025 [7] - The company has expanded its overseas production capacity, with 53% of its garment output coming from international facilities, indicating a strategic shift towards globalization [8]

GenScript Biotech Corporation Overview - GenScript Biotech Corporation aims to be a leading global CDMO, known for cutting-edge technology, and a creator of solutions for a better life through bio-innovation[6] - The company's growth framework is built on innovation in DNA synthesis & design, protein design & engineering, and cell design & engineering[7] - The group's cash position is $966.6 million[11] - GenScript has a global presence, serving over 100 countries and regions with 200,000+ customers[14] Business Strategy and Financial Goals - By 2035, GenScript aims for $3 billion in revenue with over 20% operating margin, $3 billion accumulated licensing revenue, 50% revenue from products, and over 80% revenue from high-margin markets[20, 46] - The company is focusing on high-quality growth with better profitability[20] - GenScript is leveraging core technology advantages to accelerate products and high-value licensing, building a new growth engine with AI and digital engine[20] GenScript Life Science Group (LSG) - GenScript LSG has over 239,500 customers and 3,300+ employees, with 10% in R&D[59] - Accumulated citations of GenScript services & products in customer research publications exceed 112,200[65] - TurboCHOTM can produce antibodies from sequence in 5 days[98] ProBio (Biologics CRDMO) - ProBio aims to be a leading global CDMO, enabling customers to deliver life-changing therapies[6, 127] - The company has $371.1 million in cash position[137] - The biologics CDMO market is projected to be a $16 billion market with a 12% CAGR, while the CGT CDMO market is at $5.6 billion[166] - In vivo CAR-T trial starts grew 220% from 2024 to 2025[166] Bestzyme (Industrial Synthetic Biology) - Bestzyme's vision is to be the creator of solutions for a better life, powered by leading bio-innovation[6, 224] - The company has over 40% of staff in R&D, 60+ granted patents, and 130+ patent applications[233] - Bestzyme has a 23% revenue CAGR and 22% gross profit CAGR in 2022-2024[233]

Core Viewpoint - The "China's Top 100 Future Unicorns" list aims to identify and accelerate the growth of potential unicorn companies in China over the next decade, serving as a significant indicator of innovation in the economy [3][5]. Group 1: Historical Performance - Over 16 years, the list has recognized 1,302 companies, with 130 achieving IPOs, 106 being acquired by larger firms, and 188 becoming industry-leading unicorns [4][6]. - The annual "Future Unicorn Conference" has become a key event for emerging unicorns, providing networking and investment opportunities [4]. Group 2: Notable Companies - The list includes several well-known companies that have reached significant market valuations, such as Xiaomi, Meituan, and NIO, which were among the first to be recognized [7][8]. - A selection of companies that have recently become unicorns includes New Stone Unmanned Vehicles, which raised over $600 million in its D round, and Galaxy General, which secured 1.1 billion RMB in its A+ round [10][11]. Group 3: Future Prospects - The ongoing search for high-growth companies valued between $100 million and $1 billion is emphasized, with a call for nominations for the 2025 list [13]. - The initiative aims to celebrate not just valuation but also the intrinsic value of these emerging leaders in the business landscape [13].

Core Insights - The article discusses the recent developments and financial performance of GenScript Biotech Corp, highlighting its growth trajectory and market position in the biotech industry [1] Financial Performance - GenScript reported a revenue increase of 25% year-over-year, reaching $500 million in the last fiscal year [1] - The company's net income rose to $100 million, reflecting a 30% increase compared to the previous year [1] Market Position - GenScript has solidified its position as a leading player in the biotech sector, particularly in gene synthesis and related services [1] - The company has expanded its global footprint, with significant growth in markets outside of North America, particularly in Asia [1] Strategic Initiatives - The company is investing heavily in R&D, with a budget allocation of $50 million for new product development and innovation [1] - GenScript is also pursuing strategic partnerships to enhance its service offerings and expand its customer base [1]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1]. Core Views - The report highlights a positive change in the specialty raw materials sector, recommending companies such as Aorite and Prolo Pharmaceuticals [1]. - The report suggests that the Q3 performance of raw material pharmaceutical companies has reached a bottom, indicating potential recovery in profitability as high-cost inventory is consumed [19][20]. Summary by Sections Investment Highlights - The recommended sub-industry rankings are: Innovative Drugs > Research Services > CXO > Traditional Chinese Medicine > Medical Devices > Pharmacies [3][12]. - Specific stock recommendations include: - From raw materials: Aorite, Qianhong Pharmaceutical - From Traditional Chinese Medicine: Zorui Pharmaceutical, Fangsheng Pharmaceutical, Dong'e Ejiao - From medical devices: United Imaging Healthcare, Yuyue Medical - From AI pharmaceuticals: Jingtai Holdings - From GLP-1 sector: Lianbang Pharmaceutical, Borui Pharmaceutical, Zhongsheng Pharmaceutical, and Innovent Biologics - From PD-1/VEGF dual antibodies: Sanofi Biopharmaceuticals, Kangfang Biologics, and Rongchang Biopharmaceuticals - From innovative drugs: Innovent Biologics, BeiGene, HengRui Medicine, Zai Lab, Baillie Tianheng, Kelun Pharmaceutical, Dize Pharmaceutical, and Haizheng Pharmaceutical [3][15]. Industry Trends - The A-share pharmaceutical index has seen a year-to-date increase of 18.2%, while the Hang Seng Biotechnology Index has increased by 76.6% [6][11]. - The report notes that the raw material pharmaceutical sector is under pressure due to high base effects and declining prices, with significant revenue impacts [19][20]. R&D Progress and Company Dynamics - Recent approvals include Novartis' radioligand therapy drug, which received dual indications for prostate cancer treatment [2]. - The report provides an overview of ongoing clinical trials and drug approvals, emphasizing the importance of innovation in the pharmaceutical sector [30]. Market Performance - The report indicates that the pharmaceutical sector has experienced adjustments, with notable stock performances including significant gains for companies like Hezhong China (+61%) and Wanze Shares (+30%) [11]. - The report also highlights the performance of various pharmaceutical stocks, noting both gains and losses in the market [16][17]. Raw Material Pricing Trends - The price of 6-APA has dropped significantly, from 370 RMB/kg in 2022 to 180 RMB/kg in October 2025, a decrease of 51% [23]. - The price of Amoxicillin has also decreased from 320 RMB/kg in January 2023 to 190 RMB/kg in October 2025, a decline of 41% [23]. Conclusion - The report suggests that as high-cost inventory is depleted, the gross margins for raw material producers are expected to improve, indicating a potential recovery in profitability for companies like Fuxiang Pharmaceutical and Lukang Pharmaceutical [19][23].

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10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: 金斯瑞生物科技股份有限公司 呈交日期: 2025年11月4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) | 01548 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.001 | USD | | 5,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.001 | USD | | 5,000,000 | 本月底 ...