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: | 2026年2月28日 | | | 狀態: | 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 信達生物製藥 | | | | | | 呈交日期: | 2026年3月5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) | 01801 | 說明 | 普通股 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 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 | | 0.00001 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | ...

Group 1 - Morgan Stanley increased its stake in Innovent Biologics (01801) by approximately 408,600 shares at a price of HKD 84.9352 per share, totaling around HKD 34.7071 million [1] - Following the increase, the total number of shares held by Morgan Stanley is approximately 86,908,100, representing a stake of 5% [1]

Group 1 - Morgan Stanley increased its stake in Innovent Biologics (01801) by 408,630 shares at a price of HKD 84.9352 per share, totaling approximately HKD 34.7071 million [1] - After the increase, the total number of shares held by Morgan Stanley is approximately 86,908,100, representing a holding percentage of 5% [1]

Investment Rating - The report assigns an "Overweight" rating to Innovent Biologics (01801) with a target price of HKD 130 [1] Core Insights - The Chinese biotechnology sector is entering a turning point this year, with fundamentals stabilizing and innovation resilience [1] - There is ongoing licensing activity and a recovery in financing activities, although the first half of the year is characterized by a scarcity of catalysts and limited high-conviction investment themes [1] - Geopolitical uncertainties are expected to lead to a broader rotation away from high-beta sectors like biotechnology, which may face greater allocation pressure [1] - The report anticipates that the Chinese biotechnology sector will experience range-bound fluctuations in the first half of the year, with clearer price direction expected in the second half due to catalysts, capital reallocation, and more favorable valuations [1] - The next growth phase is likely to begin with significant data releases, business development activities, and increased visibility in licensing transactions, with most events concentrated in the second half of 2026 [1] - The expectation is for continued volatility driven by events in the first half, followed by a more sustained upward trend in the second half as catalysts accumulate and overseas capital flows increase [1]

Core Viewpoint - Morgan Stanley has initiated coverage on Innovent Biologics (01801) with an "Overweight" rating and a target price of HKD 130, indicating a positive outlook for the company in the context of the Chinese biotechnology sector's stabilization and resilience in innovation fundamentals [1] Industry Summary - The Chinese biotechnology sector is entering a turning point this year, with fundamentals stabilizing and ongoing licensing deals, alongside a recovery in financing activities [1] - Despite a scarcity of catalysts in the first half of the year, there are limited high-conviction investment themes, and risk appetite remains unstable [1] - Increased geopolitical uncertainties are expected to lead to a broader rotation away from high-beta sectors, with biotechnology facing greater allocation pressure [1] - The sector is anticipated to experience range-bound fluctuations in the first half of the year, driven by events, while the second half is expected to establish a clearer price direction due to accumulating catalysts and increased foreign capital flows [1] Company Summary - The next growth phase for the company may begin with significant data releases, business development activities, and increased visibility in licensing deals, with most events concentrated in the second half of 2026 [1] - Further industry re-evaluation is expected to be delayed rather than interrupted, as the company prepares for a more sustained upward trend in the second half of the year [1]

Core Viewpoint - Morgan Stanley has initiated coverage on Innovent Biologics (01801) with an "Overweight" rating and a target price of HKD 130, indicating a positive outlook for the company amidst a stabilizing biotechnology sector in China [1] Industry Summary - The Chinese biotechnology sector is entering a turning point this year, with fundamentals stabilizing and innovation showing resilience, while licensing deals are ongoing and financing activities are recovering [1] - In the first half of the year, investment themes with high conviction are limited due to a lack of catalysts, and risk appetite remains unstable [1] - Increased geopolitical uncertainties are expected to lead to a broader rotation away from high-beta sectors, with biotechnology facing greater allocation pressure [1] - The sector is anticipated to experience range-bound fluctuations in the first half of the year, with clearer price direction expected in the second half due to catalysts, capital reallocation, and improved valuations [1] Company Summary - The next growth phase for the biotechnology sector is likely to begin with significant data releases, business development activities, and increased visibility in licensing deals [1] - Most of these events are concentrated around the second half of 2026, suggesting that further industry re-evaluation should be delayed rather than interrupted [1] - Morgan Stanley expects the Chinese biotechnology sector to remain volatile in the first half of the year, driven by events, while a more sustained upward trend is anticipated in the second half as catalysts accumulate and foreign capital flows increase [1]

Core Viewpoint - The Chinese biotechnology sector is entering a turning point this year, with stabilizing fundamentals and resilient innovation foundations, while financing activities are recovering [1] Group 1: Market Conditions - The report indicates that the biotechnology sector in China will experience range-bound fluctuations in the first half of the year due to a scarcity of catalysts and limited high-conviction investment themes [1] - Risk appetite remains unstable, impacting the overall market sentiment in the sector [1] Group 2: Future Outlook - The next growth phase is expected to begin with significant data releases, increased business development activities, and visible licensing transactions [1] - Most of these events are concentrated around the second half of 2026, suggesting that further industry re-evaluation should be delayed rather than interrupted [1] Group 3: Company Coverage - Morgan Stanley has resumed coverage of Innovent Biologics, assigning an "Overweight" rating with a target price of HKD 130 [1]

Core Insights - Jaypirca® (pirtobrutinib) has been approved in China for treating adult patients with relapsed or refractory chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL) after at least one line of systemic therapy, including a Bruton's tyrosine kinase (BTK) inhibitor [1][2] Company Overview - Innovent Biologics, Inc. is a biopharmaceutical company focused on developing, manufacturing, and commercializing high-quality medicines for various diseases, including oncologic and autoimmune conditions [2] - The company has launched 18 products and has 4 assets in Phase 3 or pivotal clinical trials, with 15 more molecules in early clinical stages [2] Product Details - Jaypirca is a highly selective, non-covalent (reversible) BTK inhibitor, which is 300 times more selective for BTK compared to 98% of other kinases tested in preclinical studies [2] - The approval in China is based on the Phase 3 BRUIN CLL321 study, which demonstrated that pirtobrutinib significantly prolonged median progression-free survival (PFS) to 14.0 months compared to 8.7 months for the investigator's choice regimen [1][2] Clinical Study Insights - The BRUIN CLL321 study enrolled 238 patients and compared pirtobrutinib monotherapy against IdelaR (idelalisib plus rituximab) or BR (bendamustine plus rituximab) [1] - The study showed a lower discontinuation rate due to treatment-related adverse events with pirtobrutinib (5.2% vs 21.1%) [1] Market Implications - The approval of pirtobrutinib represents a significant advancement for patients with relapsed or refractory CLL/SLL in China, addressing an urgent clinical need for new treatment options [1][2] - Innovent aims to leverage its brand presence and commercialization capabilities to enhance accessibility to this innovative therapy for cancer patients in need [1]

Performance Summary - Xinyi Solar (00968.HK) reported a revenue of 20.861 billion yuan for 2025, a decrease of 4.8% year-on-year, with a net profit of 844.5 million yuan, down 16.2%, primarily due to a decline in average selling prices of solar glass products [2] - Zhongxin Innovation (03931.HK) expects a net profit of 2.025 billion to 2.193 billion yuan for 2025, an increase of approximately 140% to 160% compared to the previous year, driven by high growth in leading technology products across passenger, commercial, and energy storage sectors [2] - Rongchang Bio (09995.HK) anticipates a revenue of 3.251 billion yuan for 2025, an increase of 89.36% year-on-year, with a net profit of 709 million yuan, turning profitable due to increased sales of Tislelizumab and injection-use Vedolizumab [2] - Xinyi Energy (03868.HK) expects a revenue of 2.453 billion yuan for 2025, a slight increase of 0.53%, with a net profit of 1.011 billion yuan, up 27.79% [2] - Sihang Property (00083.HK) reported a revenue of 5.185 billion HKD for the six months ending December 31, 2025, an increase of 34.54%, while net profit decreased by 15.77% to 1.533 billion HKD [3] - Haohai Biological Technology (06826.HK) expects a revenue of approximately 2.473 billion yuan for 2025, a decrease of 8.33%, with a net profit of about 251 million yuan, down 40.3% [4] - Chunli Medical (01858.HK) anticipates a total revenue of approximately 1.044 billion yuan for 2025, a year-on-year increase of 29.52%, with a net profit of 272 million yuan, up 117.72% [5] - Baosheng International (03813.HK) issued a profit warning, expecting a net profit of approximately 211 million yuan for 2025, a decrease of about 57.1% [6] - Chip Intelligence Holdings (02166.HK) expects a net profit of approximately 140 million to 170 million HKD for 2025, an increase of about 40% to 70%, benefiting from the booming AI technology and increasing market demand [6] - Fengcai Technology (01304.HK) anticipates a total revenue of approximately 774 million yuan for 2025, a year-on-year increase of 28.91%, with a net profit of about 227 million yuan, up 1.92% [6] - Huayou Energy (01251.HK) issued a profit warning, expecting a loss of approximately 100 million to 150 million HKD for the 2025 fiscal year [7] - Zhoneng Group (00131.HK) reported a revenue of 272 million HKD for the six months ending December 31, 2025, an increase of 250.64%, with a net profit of 180 million HKD, turning profitable [8] - Fudan Zhangjiang (01349.HK) expects a revenue of approximately 686 million yuan for 2025, a decrease of 3.33%, with a net loss of approximately 157 million yuan, turning from profit to loss [9] Company News - Bay Area Development (00737.HK) reported that the total toll revenue for January from the Guangzhou-Shenzhen Expressway, Guangzhou-Zhuhai West Line Expressway, and the Shenzhen section of the Yangtze River Expressway was approximately 241 million, 105 million, and 75.169 million yuan, respectively, representing year-on-year growth of 15%, 17%, and 19% [10] - LeCang Logistics (02490.HK) plans to acquire two large container ships [10] - Innovent Biologics (01801) received approval for Jebatuzumab (Pimobendan) in China for the indication of relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma [11] Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2.8582 million shares for a total of approximately 99.9973 million HKD, with a repurchase price ranging from 34.92 to 35.04 HKD per share [12] - Geely Automobile (00175.HK) repurchased 3.673 million shares for approximately 59.4327 million HKD, with a repurchase price between 16.1 and 16.3 HKD [13] - Miniso Group (09896.HK) repurchased approximately 0.0526 million shares for about 1.8893 million HKD, with a repurchase price ranging from 35.64 to 36.34 HKD [14] - NetEase Cloud Music (09899.HK) repurchased approximately 0.09715 million shares for about 14.9959 million HKD, with an average repurchase price of 154.36 HKD [14]

Core Insights - The approval of the non-covalent BTK inhibitor, Jebatilib (Pirtobrutinib), for a new indication in treating adult patients with chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL) who have previously undergone at least one systemic treatment including BTK inhibitors is a significant milestone for the company and the industry [1][2] Group 1: Regulatory Approval - Jebatilib has received approval from the National Medical Products Administration (NMPA) in China for a new indication in CLL/SLL treatment [1] - The drug was previously approved by the FDA in January 2023 and is set to be available for adult patients with relapsed or refractory mantle cell lymphoma (MCL) in China starting October 2024 [1] Group 2: Clinical Research - The new indication approval is based on the results of the international, multicenter, randomized controlled BRUIN CLL-321 Phase III study, which included 238 patients [2] - The study demonstrated that Jebatilib significantly extended the median progression-free survival (PFS) to 14.0 months compared to 8.7 months for the control group, with a hazard ratio (HR) of 0.54 [2] - The treatment-related discontinuation rate was lower for Jebatilib at 5.2% compared to 21.1% for the control group, highlighting its efficacy and tolerability in patients previously treated with covalent BTK inhibitors [2] Group 3: Market Impact - The approval of Jebatilib for CLL/SLL represents a major breakthrough in the field, allowing Chinese patients to benefit from this global innovation [2] - The company aims to leverage its leading brand and expertise in oncology to accelerate the accessibility of this innovative therapy for cancer patients in need [2]