Core Insights - The company reported a revenue of approximately $101 million for the first half of 2025, representing a year-on-year increase of about 327% [1] - Net profit for the period was $72.99 million, showing a significant year-on-year growth of 5,125% [1] - Earnings per share stood at $0.09 [1] Revenue Breakdown - Revenue from licensing fees increased from $20.8 million to $93.7 million, primarily due to strategic collaborations with global pharmaceutical companies and new licensing of innovative products [1] - Revenue from research services and technology licensing fees rose by 164.9%, from $2.9 million to $7.6 million [1] Strategic Partnerships - In March 2025, the company entered into a global strategic partnership with AstraZeneca to co-develop next-generation multispecific antibodies targeting immune diseases, tumors, and other conditions [1] - The strategic partnership includes the use of the company's proprietary fully human antibody technology platform, Harbour Mice, for multiple projects across various therapeutic areas [1] - As part of this collaboration, the company is set to receive up to approximately $4.6 billion in upfront and milestone payments, along with tiered royalties based on net sales [1]

Core Insights - Harbour BioMed reported significant financial growth in the first half of 2025, with total revenue of approximately US$101.3 million, representing a 327% increase year over year, and net profit reaching approximately US$73.0 million, a 51-fold increase compared to the same period in 2024 [4][5][25] Financial Performance - The company achieved a profit growth of more than fiftyfold year over year, indicating strong growth momentum [2] - Harbour BioMed's cash position improved to about US$320 million, a 92% increase since the end of the previous year [4] Product Pipeline and Development - Harbour Therapeutics, a sub-brand, is responsible for the development of the company's product pipeline in immunology and oncology, with several key clinical-stage projects making significant progress [6] - Key products in clinical stages include: - Batoclimab (HBM9161), a novel anti-FcRn monoclonal antibody, has completed Phase I to pivotal trials in China and has shown sustained efficacy and safety in treating gMG [7] - HBM9378, targeting TSLP for asthma and COPD, has received IND approval and is undergoing global Phase 2 trials [8][9] - Porustobart (HBM4003), a next-generation anti-CTLA-4 antibody, has shown positive efficacy and safety data in trials for advanced solid tumors [10] - HBM1020, targeting B7H7, has demonstrated excellent safety profiles in patients with advanced solid tumors [10] Strategic Collaborations - The company entered a global strategic collaboration with AstraZeneca to develop next-generation multi-specific antibodies, which includes a $105 million equity investment from AstraZeneca [16] - Harbour BioMed has signed several licensing and collaboration agreements, including partnerships with Windward Bio and Otsuka Pharmaceutical to advance the development of HBM9378 and HBM7020, respectively [17][12] Innovation and Technology - Harbour BioMed is leveraging its proprietary Harbour Mice® platform to develop next-generation biologics for CNS disorders and obesity treatment through its new venture Élancé Therapeutics [14][15] - The company continues to expand its technology platforms, including the launch of Hu-mAtrIx™, an AI-assisted drug discovery engine [22] Future Outlook - The achievements in the first half of 2025 position Harbour BioMed well for future growth, with plans to advance multiple clinical trials and expand its global collaboration network [25][27][28]

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。 和鉑醫藥控股有限公司 HBM Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：02142） 截至二零二五年六月三十日止半年度的 中期業績公告 和鉑醫藥控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）欣然公佈本集團截至二零二五年六月三十日止半年度（「報告 期」）的未經審核綜合業績。該等業績已由本公司的審核委員會審閱（「審核委員 會」）。 於本公告內，「我們」指本公司，惟倘文義另有所指，則指本集團。 1 | | 截至六月三十日止半年度 | | | --- | --- | --- | | | 二零二五年 | 二零二四年 | | | 千美元 | 千美元 | | | （未經審核） | （未經審核） | | 收入 | 101,315 | 23,701 | | 銷售成本 | (4,855) | (1,185) | | 其他收入及收益 | 6,1 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its initial coverage [2][3]. Core Insights - The company possesses a globally scarce humanized only heavy chain antibody platform, establishing a core competitive barrier [2]. - The platform's value enhances business development (BD) potential, with recognized R&D capabilities and stable collaborations with multinational corporations (MNCs) like AstraZeneca [2][3]. - The company is expected to see significant profit growth due to its strong pipeline in the autoimmune sector and multiple ongoing projects [3]. Summary by Sections 1. R&D Platform Technology Value - The company focuses on innovative drug development and commercialization in oncology and immune diseases, leveraging its unique HCAb technology platform [12]. - Established in 2016, the company has developed proprietary platforms for generating human monoclonal antibodies [13]. 2. HCAb Harbour Mice: Scarce Humanized Only Heavy Chain Antibody Platform - The HCAb platform is the only patented humanized only heavy chain antibody development platform globally, capable of producing various antibody forms [31][38]. - The platform's unique advantages include high solubility, stability, and the ability to generate diverse antibody libraries [34]. 3. Strong BD Capabilities with MNC Collaborations - The company has established a robust BD strategy, focusing on early-stage pipeline collaborations with major pharmaceutical companies [62]. - Significant partnerships include a global strategic collaboration with AstraZeneca, enhancing the company's market position and financial stability [63][70]. 4. Competitive Product Lines in Autoimmune Sector - The company is set to launch its product, Bartoli monoclonal antibody, which targets myasthenia gravis, in collaboration with CSPC [3]. - Another promising pipeline candidate, HBM9378, is in Phase II clinical trials for asthma and COPD, indicating strong market potential [3]. 5. Earnings Forecast and Valuation - The company is projected to achieve revenues of $154.08 million and net profits of $81.75 million by 2025, with a target price of HKD 18.80 [3].

Core Viewpoint - The company leverages a strong technology platform and global strategic partnerships to build a potential revenue asset package exceeding $10 billion, focusing on accelerating global biotherapeutic innovation [1] Group 1: Financial Performance - The company achieved a significant breakthrough in 2023 with total revenue reaching $89.5 million and a net profit of $22.76 million, marking its first annual profit [2] - In 2024, total revenue is projected to be $38.1 million, showing a decline primarily due to reduced milestone prepayments, yet the company maintains profitability for the second consecutive year [2] - As of December 31, 2024, the company has cash reserves of $170 million, with operating cash flow reaching a historical high of $30.68 million, reflecting a 60% year-on-year increase [2] Group 2: Strategic Partnerships and Collaborations - The company has established robust partnerships with major players like Pfizer and AstraZeneca, contributing to a solid financial foundation through expected stable sales revenue [1] - A long-term strategic collaboration with AstraZeneca includes an upfront payment of $175 million and potential milestone payments up to $4.4 billion, along with a 9.15% equity stake in the company [1] Group 3: Product Pipeline and Innovation - The company is advancing its differentiated self-developed pipeline, with the re-submission of the BLA for HBM9161 for the treatment of gMG expected to receive approval in the second half of 2025 [3] - Collaborations have led to significant milestones, such as the $45 million upfront payment for HBM9378 and the $47 million upfront payment for HBM7020, indicating strong market interest and potential revenue [3] - The company is actively developing multi-target TCE and autoimmune therapies, showcasing the ongoing value release from its technology platform [3] Group 4: Investment Outlook - The company is expected to achieve revenues of $150.5 million, $107.0 million, and $111.0 million from 2025 to 2027, with net profits projected at $76.8 million, $28.6 million, and $28.3 million respectively [4] - The company adopts a unique self-research and diversified collaboration business model, enhancing global innovation in drug development [4]

Investment Rating - The report gives a "Buy" rating for Harbour BioMed (2142.HK) [1] Core Views - The company has achieved significant breakthroughs in both performance profitability and global licensing, marking a comprehensive move into the inflammation and immunology field [1][6] - The company has built a potential revenue asset package worth over $10 billion through strategic partnerships with major pharmaceutical companies like Pfizer and AstraZeneca [6][18] - The transition to a sustainable technology licensing model has led to consecutive profitability in 2023 and 2024, with a historical high in operating cash flow [6][21][24] Summary by Sections 1. Global Leading Fully Human Antibody Technology Platform and Innovator in Therapeutics - The company focuses on innovative therapies for oncology and immune diseases, leveraging its proprietary platforms, HarbourMice® and HBICE®, to expand its pipeline through self-research and diversified cooperation [11] - The management team is highly experienced and supports the company's global strategic layout [13] - The company has established a robust financial foundation with approximately $10 billion in potential milestone payments and future sales revenue by the end of 2024 [16] 2. Comprehensive Expansion into Inflammation and Immunology - The company is advancing its anti-FcRn monoclonal antibody, HBM9161, expected to receive domestic approval in H2 2025 [34] - A collaboration with WindwardBio for HBM9378 (long-acting TSLP monoclonal antibody) has a total transaction value of $970 million [37] - The company is exploring the autoimmune field with HBM7020 (BCMA*CD3) in partnership with Otsuka Pharmaceutical, with a total transaction value of $670 million [48] 3. Non-Immunology Product Areas TCE and ADC Pipeline Achieve External Licensing - The company has successfully licensed several products, including HBM7022 and HBM9033, with significant upfront and milestone payments [32] - The TCE therapy is gaining traction as a new direction for treating autoimmune diseases, leading to multiple licensing deals in the industry [50] 4. Key Assumptions and Investment Rating - The report projects revenues of $150.5 million, $107.0 million, and $111.0 million for 2025-2027, with net profits of $76.8 million, $28.6 million, and $28.3 million respectively [5]

Group 1 - The Chinese government emphasizes the importance of the biopharmaceutical industry for public health and aims to enhance innovation and policy support to improve the quality and efficiency of drug development [1][2] - A recent meeting highlighted the need for original innovation and key technology breakthroughs, with a focus on integrating artificial intelligence into various stages of drug development and production [2] - The National Healthcare Security Administration has approved 534 drugs for the national basic medical insurance directory, indicating a growing support for innovative drugs [2][3] Group 2 - The biopharmaceutical sector in China is experiencing rapid growth, with over 100 licensing transactions worth $52.3 billion in 2024, marking a significant increase from $41.9 billion in 2023 [3] - The number of outbound licensing transactions has tripled compared to inbound transactions, showcasing China's increasing competitiveness in the global pharmaceutical market [3] - The market sentiment for innovative drugs has been positively impacted by recent supportive policies, with a focus on optimizing drug procurement and negotiation mechanisms [4][6] Group 3 - The oncology sector is highlighted as a key area for innovation, particularly in antibody-drug conjugates (ADCs) and immunotherapy, with significant opportunities for new product development [5] - The overall sentiment in the innovative drug sector remains optimistic, with expectations for continued policy support and improved commercial viability [6] - Companies like 基石药业-B, 和誉-B, 和铂医药, and 信达生物 are actively involved in innovative drug development and strategic partnerships, indicating a robust pipeline of new therapies [7][8]

Core Insights - Recent shareholder equity disclosures were made by several companies including Heptagon Pharmaceuticals-B, Ligao Holdings, Runmed-B, Aigo Group, and Hengxin Holdings on August 18, 2025 [1] Shareholder Changes - Heptagon Pharmaceuticals-B (02142): Golden Sage reduced its holdings from 62.985 million shares to 41.985 million shares, now holding 4.95% [2] - Ligao Holdings (08472): He Hanyu decreased its holdings from 9.034 million shares to 5.684 million shares, now holding 4.93% [2] - Runmed-B (02297): Huang Li reduced its holdings from 80.921 million shares to 67.921 million shares, now holding 4.85% [2] - Aigo Group (00328): Yu Jianchu acquired 5.746 million shares, now holding 5.02% [2] - Hengxin Holdings (01920): Ye Mingshen completely divested from 195 million shares, now holding 0% [2]

Core Viewpoint - Heptagon Pharmaceuticals-B (02142.HK) has scheduled a board meeting on August 27, 2025, to consider and approve the interim results for the six months ending June 30, 2025, along with other matters [1] Group 1 - The board meeting is set for August 27, 2025 [1] - The meeting will address the interim results for the six months ending June 30, 2025 [1] - Other matters will also be discussed during the board meeting [1]

和鉑醫藥控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董 事會」）茲通告謹定於2025年8月27日（星期三）舉行董事會會議，以考慮及通過本 集團截至2025年6月30日止六個月的中期業績，以及處理其他事項。 HBM Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：02142） 董事會會議召開日期 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。 和鉑醫藥控股有限公司 承董事會命 和鉑醫藥控股有限公司 董事長兼執行董事 王勁松博士 於本公告日期，董事會包括執行董事王勁松博士及戎一平博士；獨立非執行董事 Robert Irwin Kamen博士、葉小平博士、Albert R. Collinson博士及陳維維女士。 香港，2025年8月15日 ...