Summary of the Conference Call for Heber Pharmaceuticals Company Overview - Heber Pharmaceuticals is leveraging the capabilities of Nona Biotech for hematopoietic development and business development (BD) collaborations, entering a harvest period in 2025 with significant highlights including licensing agreements and high-quality transactions with companies like Winword and AZ [2][5] Financial Performance - In the first half of the year, Heber Pharmaceuticals achieved a net profit of 500 million RMB, maintaining positive profitability since 2023 [2][5] Strategic Partnerships - AstraZeneca (AZ) has strategically invested 9% in Heber Pharmaceuticals, becoming the largest shareholder, which optimizes the company's equity structure and supports long-term stable development [2][6] - Heber has established collaborations with major multinational companies such as AZ and Pfizer, showcasing its platform's efficient conversion capabilities [4][13] Core Technology and Product Pipeline - The core technology of Heber Pharmaceuticals is based on the Hubermix platform, which allows for the development of complex molecules with low immunogenicity and effective penetration through complex barriers. Only three companies globally possess similar platforms [2][7] - The self-immune pipeline is a key development direction, with the FCRN target having submitted a New Drug Application (NDA), expected to be approved in the second half of this year or early next year, marking the company's first commercial product [2][10] Clinical Trials and Product Development - The TSLP target product 9,378 has initiated the first administration for asthma indications overseas, being the first long-acting TSLP target in clinical trials for asthma globally, with a dosing interval of 3 to 6 months [2][12] - Heber's oncology pipeline is rich, including multiple targets such as CTIL-4, B7H7, and CCR8, with data readouts expected for the 18.2CD3 TCE project in the second half of next year [2][13] Business Development Achievements - Nona Biotech has successfully delivered 17 projects in collaboration with well-known pharmaceutical companies, contributing to Heber's high-quality molecule production [3][15] - Heber's business development performance is notable, with 17 transactions completed, totaling 10 billion USD, which will significantly contribute to future commercialization and financial statements [4][5] Management and Governance - The management team, led by founder Wang Jinsong, possesses extensive industry experience, contributing to an efficient and professional organizational structure [6] - Wang Jinsong holds approximately 8-9% of the shares, providing stability for the company's long-term development [6] Legal and Patent Issues - Heber's subsidiary in Anqing is currently involved in a patent infringement lawsuit in the U.S. concerning 600 infringement cases, following a 2.5 billion USD investment in 2021 [8] Future Outlook - Heber Pharmaceuticals is expected to reach a revenue peak of 500 to 1 billion USD, with ongoing pipeline development and delivery expected to maintain high research and development efficiency [17] - The platform's value and business development capabilities are highly anticipated, with future data readouts expected to validate the clinical benefits of the platform products [18][19]

Core Viewpoint - The stock of HBM Holdings (02142) rose over 5% following the announcement of presenting new clinical data at the upcoming ESMO annual meeting in Berlin [1] Group 1: Clinical Developments - HBM Holdings will present Phase II clinical data for its fully human anti-CTLA-4 antibody, HBM4003, in combination with Tislelizumab for microsatellite stable (MSS) metastatic colorectal cancer (mCRC) from October 17 to 21 [1] - The company has initiated a global development plan for HBM4003 targeting various solid tumors, utilizing an adaptive treatment design [1] Group 2: Strategic Partnerships - In June, HBM Holdings announced a collaboration with Otsuka Pharmaceutical to advance HBM7020 in the autoimmune field, with Otsuka acquiring rights outside Greater China [1] - Otsuka will pay a total of $47 million in upfront and milestone payments, with potential additional payments of up to $623 million based on future product net sales [1] - The rights for this drug in China were previously licensed to Huahai Biological (002007) in 2020 [1]

据悉，公司已开展普鲁苏拜单抗治疗多种实体瘤的全球开发计划，并采用普鲁苏拜单抗的适应性治疗设 计。在针对晚期实体瘤的单药治疗以及联合PD-1抑制剂治疗黑色素瘤、结直肠癌、神经内分泌癌及肝 细胞癌的临床试验中，均观察到积极的疗效及安全性数据。 消息面上，和铂医药公布，将于10月17至21日在德国柏林举办的2025年欧洲肿瘤内科学会(ESMO)年会 上，公布其新一代全人源仅重链抗CTLA-4抗体普鲁苏拜单抗(HBM4003)联合替雷利珠单抗治疗微卫星 稳定型(MSS)转移性结直肠癌(mCRC)的II期临床数据。 智通财经APP获悉，和铂医药-B(02142)尾盘涨超9%，截至发稿，涨8.95%，报10.35港元，成交额1.41亿 港元。 ...

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7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: 和鉑醫藥控股有限公司 呈交日期: 2025年8月6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) | 02142 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | | 0.000025 | USD | | 500,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 20,000,000,000 | USD | | 0.000025 | USD | | 500,000 | 本月 ...

Investment Rating - The report indicates a positive outlook for the autoimmune therapy market, suggesting significant growth potential and investment opportunities in the sector [8]. Core Insights - The autoimmune market is the second largest after oncology, with a global market size of $132.3 billion in 2022, projected to reach $176.7 billion by 2030, reflecting a compound annual growth rate (CAGR) of 3.68% from 2022 to 2030 [8]. - The report highlights the potential for multi-target interventions to enhance treatment efficacy in autoimmune diseases, transitioning from monoclonal antibodies to bispecific and multispecific antibodies [19]. - The report emphasizes the significant market space for autoimmune therapies in China, where the autoimmune market size was only $2.9 billion in 2022, representing just 8% of the oncology market size of $34.7 billion, indicating substantial room for growth [8]. Market Overview - The global autoimmune drug market is expected to grow significantly, with the market size projected to increase from $1,323 million in 2022 to $1,767 million by 2030 [8]. - The report provides a detailed analysis of various autoimmune diseases, their prevalence, and the corresponding patient populations globally, including conditions like atopic dermatitis, chronic obstructive pulmonary disease, and rheumatoid arthritis [6][11]. Clinical Research Progress - The report outlines advancements in clinical research for dual-target and multi-target therapies, indicating a shift towards more effective treatment options for complex autoimmune diseases [19][22]. - It discusses the development of several blockbuster monoclonal antibody drugs in the autoimmune sector, with projected sales for top drugs in 2024, including Dupilumab at $14.15 billion and Risankizumab at $11.72 billion [9]. Key Companies to Watch - The report identifies key companies involved in the development of autoimmune therapies, including Sanofi, AbbVie, and Johnson & Johnson, highlighting their leading products and market positions [9][25].

Investment Highlights - Company is covered for the first time with an "outperform" rating and a target price of HKD 13.40, indicating a potential upside of 39.4% from the current stock price [1][2] - The company possesses a proprietary full human monoclonal antibody transgenic mouse technology platform, having upgraded from version 1.0 to 2.0, which supports the development of next-generation human antibody therapies [1] - The HCAb platform is one of the few globally available for external licensing, enhancing its scarcity and value [1] Strategic Collaborations - The company has established a deep partnership with AstraZeneca (AZ), including a global strategic cooperation agreement that allows AZ to access two preclinical projects and potentially more over the next five years [2] - The agreement includes an upfront payment of USD 175 million, milestone payments totaling USD 4.4 billion, and an equity subscription worth USD 105 million [2] - A new innovation research center will be co-established in Beijing, reflecting AZ's high recognition of the company's platform value and research capabilities [2] Research and Development Pipeline - The company focuses on innovative drug research in oncology and autoimmune diseases, with a rich pipeline of candidates [1] - Key potential products include HBM9378 (long-acting TSLP monoclonal antibody) and HMB7020 (BCMAxCD3 bispecific antibody), both of which have secured overseas licensing agreements [1] - Other candidates in Phase I clinical trials include HBM9033 (MSLN ADC) and HBM7022 (CLDN18.2/CD3 bispecific antibody), with prior licensing agreements with Pfizer and AstraZeneca [1] Financial Projections - Earnings per share (EPS) are projected to be CNY 0.09 and CNY 0.02 for 2025 and 2026, respectively [2]

Core Viewpoint - CICC has initiated coverage on HAPO with an "outperform industry" rating and a target price of HKD 13.4 [1] Group 1: Technology and Innovation - HAPO possesses a proprietary full-human monoclonal antibody transgenic mouse technology platform, which has undergone a technological upgrade from version 1.0 to 2.0 [1] - The company has developed multiple technologies, including HBICE, HBICA, ADC 2.0, and the HumAtrlx AI platform, leveraging the world's only patented full-human heavy chain antibody development platform (HCAb and H2L2) [1] - These technologies cover various antibody structures, significantly aiding the research and development of the next generation of full-human antibody therapies [1]

预期溢利增加主要归因于与全球制药公司持续保持战略合作伙伴关系，例如与AstraZeneca PLC("AstraZeneca")开展全球战略合作；集团已收取配发及发行认购股份与部分首付款，里程碑付款及 选择权付款的所得款项总额约1.75亿美元。此外，新取得的创新产品许可及合作对截至2025年6月30日 止六个月的收入有重大贡献，且该等来自业务发展活动的收入已转化为公司的常态化收入。 格隆汇7月28日丨和铂医药-B(02142.HK)发布公告，预期截至2025年6月30日止六个月的溢利介乎约6800 万美元(相当于约5.32亿港元)至约7400万美元(相当于约5.79亿港元)。 ...

Core Viewpoint - CICC initiates coverage of HAPO Pharmaceuticals-B (02142) with an "outperform" rating and a target price of HKD 13.4, projecting earnings per share of RMB 0.09 and RMB 0.02 for 2025 and 2026 respectively [1] Group 1 - HAPO Pharmaceuticals possesses proprietary full-human monoclonal antibody transgenic mouse core technology platform, having completed a technological upgrade from version 1.0 to 2.0 [1] - The company has developed multiple technologies including HBICE, HBICA, ADC 2.0, and HumAtrlx AI platform, which support the research and development of the next generation of full-human antibody therapies [1] - HAPO's HCAb platform is one of the few globally available for external licensing, indicating its rarity and value [1] Group 2 - Since 2022, the company has established partnerships with several leading global pharmaceutical companies for pipeline/technology platform licensing, covering areas such as bispecific antibodies, ADC, and CAR-T [1]

Core Viewpoint - The company will present Phase II clinical data for its novel fully human only heavy chain anti-CTLA-4 antibody, HBM4003, in combination with Tislelizumab for microsatellite stable metastatic colorectal cancer (mCRC) at the 2025 European Society for Medical Oncology (ESMO) annual meeting in Berlin from October 17 to October 21, 2025 [1] Group 1 - HBM4003 is developed from the HCAb Harbour Mice® platform and is the first fully human only heavy chain antibody to enter clinical stages globally [1] - Compared to traditional anti-CTLA-4 antibodies, HBM4003 shows significantly enhanced Treg cell clearance and optimized pharmacokinetics, contributing to improved safety [1] - HBM4003 enhances antibody-dependent cellular cytotoxicity (ADCC), increasing the potential for selective clearance of intratumoral Treg cells, which may overcome efficacy and toxicity limitations of existing CTLA-4 therapies [1] Group 2 - The company has initiated a global development plan for HBM4003 targeting various solid tumors, employing an adaptive treatment design [1] - Positive efficacy and safety data have been observed in clinical trials for advanced solid tumors, both as monotherapy and in combination with PD-1 inhibitors for melanoma, colorectal cancer, neuroendocrine cancer, and hepatocellular carcinoma [1]