FF301 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1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: JW (Cayman) Therapeutics Co. Ltd 藥明巨諾（開曼）有限公司* 呈交日期: 2026年2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) | 02126 | 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 | | 0.00001 USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | ...

责任编辑：王馨茹 2月3日金融一线消息，由新浪财经主办的"2025新浪金麒麟保险行业评选"结果今日正式揭晓！药明巨诺 获评"年度卓越药险生态融合创新奖"。 2月3日金融一线消息，由新浪财经主办的"2025新浪金麒麟保险行业评选"结果今日正式揭晓！药明巨诺 获评"年度卓越药险生态融合创新奖"。 责任编辑：王馨茹 ...

Core Viewpoint - The CAR-T therapy, despite being hailed as a "miracle drug" for cancer treatment, remains prohibitively expensive, with prices typically around one million yuan. However, a potential breakthrough is indicated by Huadao Biotech's submission for pre-market communication regarding its CAR-T drug, which may be priced between 230,000 to 250,000 yuan, significantly lowering the cost [1][2]. Group 1: Pricing and Market Dynamics - Huadao Biotech's CAR-T drug aims to reduce the price to 230,000-250,000 yuan, a drastic reduction from the current market prices [1]. - The market response to this potential price drop has been cautious, with stakeholders adopting a wait-and-see approach [1][2]. - In countries like India and Brazil, lower-priced CAR-T therapies have already been implemented, with India's NexCAR19 priced at approximately 200,000-300,000 yuan [1]. Group 2: Cost Reduction Strategies - Huadao Biotech plans to implement cost control measures similar to those used in India, focusing on local production of key raw materials and automation in manufacturing [2][4]. - The high cost of CAR-T therapies is attributed to their personalized nature and reliance on manual production processes, which are labor-intensive and costly [4]. - The localization of key raw materials, such as the slow virus vector, is a critical strategy for reducing production costs [4][6]. Group 3: Automation and Production Efficiency - The shift towards automated and closed production systems is seen as essential for enhancing efficiency and reducing costs in CAR-T manufacturing [7][8]. - Companies like Huadao Biotech are developing fully automated production facilities, which could significantly increase annual production capacity compared to existing products [8]. - The use of automated systems can reduce reliance on manual labor and minimize human error, potentially lowering production costs by up to 90% [8][9]. Group 4: Regulatory and Market Challenges - The success of Huadao Biotech's pricing strategy will depend on navigating stringent regulatory requirements and gaining market trust in the quality and efficacy of lower-priced therapies [2][10]. - The industry is closely monitoring the regulatory response to Huadao Biotech's application, as the approval of automated production methods remains limited [9][10]. - The competitive landscape is evolving, with emerging technologies like universal CAR-T and in vivo CAR-T showing promise for further cost reductions [10][11].

Core Insights - The article discusses the rapid growth and development of immunotherapy for cancer treatment, particularly focusing on immune cell therapies such as CAR-T, CAR-NK, TCR-T, and TIL therapies, which have become a significant fourth modality in cancer treatment alongside surgery, radiation, and drug therapy [1][4]. Industry Overview - Immunotherapy involves collecting young, healthy immune cells, expanding them in vitro, enhancing their targeting capabilities, and reinfusing them into patients to combat pathogens, cancer cells, and mutated cells [1][4]. - The global market for tumor immunotherapy products is projected to grow at a compound annual growth rate (CAGR) of 149.1% from 2017 to 2024, reaching a market size of $7.1 billion by 2025 [1][6]. - In China, the market for tumor immunotherapy products is expected to reach 2.1 billion yuan by 2025, driven by the approval of various immune cell therapy products [1][8]. Development Background - China has the highest incidence and mortality rates of cancer globally, with 4.8247 million new cases and 2.5742 million deaths reported in 2022, accounting for 24.1% and 26.5% of global totals, respectively [4]. - The increasing disposable income of Chinese residents has improved their ability to pay for medical care, with healthcare spending projected to reach 2,547 yuan per capita in 2024, growing by 3.6% [4][5]. Current Market Status - As of the end of 2024, there are 1,040 immunotherapy products in clinical trials, with the U.S. and China leading in the number of trials [10]. - CAR-T therapy is the most commercially mature and widely tested method, with 15 drugs approved globally by December 2025, 8 of which are approved in China [12]. Future Trends - The clinical transformation of immunotherapy is expected to accelerate, with market penetration likely to expand, potentially exceeding 10 billion yuan by 2027 [13]. - Advances in gene editing and AI-assisted target selection are anticipated to enhance treatment precision, while universal and multi-target cell products are expected to become mainstream in research [13][14].

药明巨诺-B(02126)发布公告，于2026年1月16日，公司根据2020年10月14日采纳的公司首次公开发售后 激励计划的条款将合共260万份购股权;及根据2020年10月14日采纳的公司首次公开发售后受限制股份单 位计划将合共65万个受限制股份单位授予公司四名承授人。 ...

Core Viewpoint - WuXi AppTec's subsidiary WuXi Biologics (02126) announced the grant of a total of 2.6 million stock options and 650,000 restricted stock units to four recipients as part of its incentive plan adopted on October 14, 2020 [1] Summary by Category - **Stock Options** - A total of 2.6 million stock options will be granted according to the terms of the incentive plan [1] - **Restricted Stock Units** - A total of 650,000 restricted stock units will be awarded to four recipients under the restricted stock unit plan [1]

Core Viewpoint - WuXi AppTec (02126.HK) announced the granting of a total of 2.6 million stock options and 650,000 restricted stock units to four grantees as part of its incentive plans adopted after its initial public offering on October 14, 2020 [1] Group 1 - The company will grant a total of 2.6 million stock options according to the terms of the incentive plan [1] - The company will also grant a total of 650,000 restricted stock units under the restricted stock unit plan [1] - The grants are directed to four specific grantees [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 因依賴該等內容而引致的任何損失承擔任何責任。 授出日期： 2026年1月16日（「授出日期」） 藥明巨諾（開曼）有限公司* 於2026年1月16日，本公司根據首次公開發售後激勵計劃的條款向承授人授出合共 2,600,000份購股權。所授出的購股權詳情如下： （於開曼群島註冊成立的有限公司） （股份代號：2126） 本公司董事（「董事」）會（「董事會」）宣佈，於2026年1月16日，本公司(i)根據2020年10月 14日採納的本公司首次公開發售後激勵計劃（「首次公開發售後激勵計劃」）的條款將 合共2,600,000份購股權（「購股權」）；及(ii)根據2020年10月14日採納的本公司首次公開 發售後受限制股份單位計劃（「首次公開發售後受限制股份單位計劃」）將合共650,000 個受限制股份單位（「受限制股份單位」）授予本公司四名承授人（「承授人」）。 授出購股權 JW (Cayman) Therapeutics Co. Ltd 授出購股權 及授出 ...

Group 1 - The MSCI China Healthcare Index has increased by 11.8% year-to-date, outperforming the MSCI China Index which rose by 9.1% [1] - The pharmaceutical industry has seen significant growth, primarily due to the valuation correction that occurred in the fourth quarter of last year, leading to strong allocation interest from institutional investors at the beginning of the year [1] - The trend of innovative drugs going overseas is expected to continue until 2026, with a focus on the clinical progress and data validation of pipelines that have already entered international markets [1] Group 2 - The report recommends buying shares in companies such as 3SBio, Genscript Biotech, WuXi AppTec, and China National Pharmaceutical Group [1]

Core Insights - The new medical insurance directory has entered a substantial implementation phase, with several innovative drugs, including Tislelizumab and Fuzhengzhu, being prescribed under insurance in various hospitals, indicating a reduction in access barriers for patients [1] - The adjustment includes 114 new drugs and introduces a commercial health insurance directory for innovative drugs, marking a significant shift towards a multi-tiered insurance system [1][5] - The rapid inclusion of innovative drugs in the insurance directory reflects increased support for "true innovation" with high clinical value [5] Group 1: New Drug Inclusion - The new medical insurance directory has added 124 unique products, including Tislelizumab, the first targeted drug for thyroid eye disease, and Fuzhengzhu, a biological agent for psoriasis [5] - Heng Rui Medicine is a major beneficiary, with 20 products and indications adjusted, including 10 new drugs entering the directory for the first time [5][6] - Other biotech companies like BeiGene and Innovent Biologics have also benefited, with multiple products included in the new directory, enhancing their commercialization prospects [7] Group 2: Commercial Health Insurance Directory - The introduction of the commercial health insurance directory provides a secondary market for high-value innovative drugs, with price reductions ranging from 15% to 50%, which is less severe than the basic insurance cuts [9] - The directory aims to improve accessibility for high-priced drugs while ensuring adequate returns for pharmaceutical companies [9] - Notable CAR-T therapies have been included in the commercial directory, overcoming previous barriers to entry, with prices for these therapies exceeding 1 million yuan [8][10] Group 3: Market Dynamics and Drug Exits - The adjustment process has also seen the removal of 29 drugs from the insurance directory, including Benarutide, which faced competition from more effective alternatives [12][14] - The dynamic adjustment mechanism emphasizes the need for drugs to demonstrate clinical value, reinforcing a "can enter, can exit" policy [14] - Companies are encouraged to shift from "me-too" products to genuine innovations, focusing on high-value areas such as oncology and rare diseases [10][14]