格隆汇1月29日丨和铂医药-B(02142.HK)发布公告，根据公司股东于公司2025年6月11日举行的股东周年 大会上批准的购回股份的一般授权及(如适用)未来股东于公司不时的股东大会上批准的购回股份的任何 一般授权("购回授权")，其拟不时于公开市场上购回价值不超过3亿港元的公司股份。 ...

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 本公司將根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」） 進行股份購回。根據上市規則第10.06(2)(e)條，發行人在得悉內幕消息後，不得 在聯交所購回其股份，直至有關消息已公開為止。尤其是，發行人不得在以下較 早日期之前30日內在聯交所購回其股份，除非情況特殊：(i)董事會為通過發行人 任何年度、半年度、季度或任何其他中期業績舉行的會議日期；及(ii)發行人根據 上市規則規定公佈其任何年度或半年度業績的限期，或公佈其季度或任何其他中 期業績公告的限期；有關的限制截至發行人公佈業績當日結束。 本公司將根據其須遵守的本公司組織章程大綱及細則、上市規則、公司收購、合 併及股份回購守則、開曼群島公司法以及所有適用的法律及法規進行股份購回。 董事會認為，當前成交價低估了本公司的內在價值、業務前景或近期業務成果。 董事會相信，在 ...

Summary of the Conference Call Company and Industry Overview - **Company**: 和铂医药 (Nona Bio) - **Industry**: Biopharmaceuticals, specifically focusing on AI-driven drug discovery and antibody development Key Points and Arguments AI in Drug Development - Nona Bio has significantly improved R&D efficiency through an end-to-end closed loop of AI design, intelligent screening, and real-time validation, marking a shift towards global synchronized innovation in Chinese pharmaceutical companies [2][4] - The company utilizes AI technology across various stages of drug development, including molecular structure synthesis, chemical process generation, pathological toxicology analysis, and animal testing, leading to substantial enhancements in R&D efficiency [6] Core Technologies and Platforms - Nona Bio's core technology matrix includes "Antibody engineering, AI plus Discovery, Automation Workflow," with multiple clinically validated antibody discovery platforms such as H2L2 and Hcab [2][7] - The company has over 20 products in clinical stages, leveraging proprietary data resources and self-trained generative AI models to enhance antibody design and optimization [5][12] Market Trends and Collaborations - The 2026 JP Morgan Healthcare Conference indicated that AI in drug development has transitioned from concept validation to large-scale implementation, with major global companies accelerating their AI-driven preclinical R&D [8] - Collaborations, such as that between Nvidia and Eli Lilly, signify a deepening trend in the industry, emphasizing the importance of companies with native AI capabilities and exclusive data assets [8] Future Directions and Growth - Nona Bio aims to shift from a cost advantage to an innovation value-driven model, focusing on long-term sustainability and global cooperation [9] - The company anticipates rapid growth in AI-enabled services and solutions, with the first AI-assisted IND product expected to emerge between late 2026 and early 2027 [5][24] AI Model Performance - Nona Bio's AI sequence generation and screening model has shown stable performance with an AUC of 0.97, significantly improving the efficiency of the AI R&D chain [14] - The company has developed predictive models for antibody molecule stability, thermal stability, solubility, and aggregation, which are crucial for reducing drug development risks [14] Competitive Advantages - Nona Bio's four core advantages in AI construction include proprietary data resources, self-trained generative AI models, fully automated wet lab platforms, and scalable computational resources [11][12] - The unique capabilities of the Hcap platform and the extensive data accumulated over the years provide a significant differentiation from other biopharmaceutical companies [27] Additional Important Information - Nona Bio is actively exploring inhalation formulations and collaborating with domestic companies, while oral antibodies are still in early stages [18] - The company has incubated two flagship subsidiaries focusing on neuroscience and metabolism, with several molecules expected to enter clinical stages in 2026 [21][22] - Nona Bio's AI platform is expected to evolve further, with plans to enhance capabilities by 2028, including de novo design and drug discovery empowerment [24] This summary encapsulates the critical insights from the conference call, highlighting Nona Bio's strategic focus on AI in drug development, its technological advancements, and future growth prospects in the biopharmaceutical industry.

Group 1 - The core achievement of AI drug development by Heptares Pharmaceuticals is the significant increase in the target hit rate for antibody characterization from 8.7% to 78.5%, with a high purity and expression rate of 21.5% [1] - Heptares Pharmaceuticals has launched the Hu-mAtrIx AI platform, which led to the creation of the first fully human AI HCAb model, enhancing the efficiency and accuracy of antibody discovery through an integrated AI design and validation process [1] - The CEO of Heptares, Dr. Wang Jinsong, emphasized that AI in drug development is transitioning from concept validation to large-scale implementation, becoming a core infrastructure for the competitiveness of pharmaceutical companies over the next decade [1] Group 2 - According to a survey by Define Venture, 70% of major pharmaceutical companies are considering collaboration with external AI tools, indicating a strong trend towards integrating AI into global drug development [2] - Heptares Pharmaceuticals is actively building an AI-driven ecosystem for drug development, having announced the establishment of the AI + Biomedicine Ecosystem Alliance aimed at reshaping the entire drug development process [2] - The company aims to establish an AI-driven automated innovation ecosystem platform by 2028, facilitating the transition from project initiation to clinical trials in biomedicine [2]

Market Performance - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.29% to 26,487.51 points, the Hang Seng Tech Index down 1.16% to 5,683.44 points, and the National Enterprises Index decreasing by 0.43% to 9,094.76 points [1] - Major technology stocks generally declined, with Alibaba down 0.44%, Tencent down 1.48%, and Xiaomi down 2.74%, while JD.com saw a slight increase of 0.09% [1] - New consumption concept stocks performed well, with Pop Mart rising by 9% and Naixue's Tea increasing by over 4% [1] Corporate News - Codex-B (02487.HK) reported positive top-line results from a Phase III clinical trial for CU-20101, an injectable botulinum toxin type A for moderate to severe glabellar lines [2] - Saint Bella (02508.HK) entered a strategic cooperation framework agreement with Cloudwise Technology to explore the integration of AI and robotics in high-demand home care scenarios [2] Profit Forecasts - China Taiping (00966.HK) expects a net profit increase of approximately 215% to 225% in 2025, compared to 8.432 billion HKD in the previous year [3] - TCL Electronics (01070.HK) anticipates an adjusted net profit of approximately 2.33 billion to 2.57 billion HKD in 2025, representing a growth of 45% to 60% [3] - Jihong Co. (02603.HK) forecasts a net profit of approximately 273 million to 291 million RMB in 2025, a year-on-year increase of 50% to 60% [3] - Guolian Minsheng (01456.HK) expects a net profit of 2.008 billion RMB in 2025, a growth of around 406% [3] - China Railway (00390.HK) reported a new contract amount of 1,165.98 billion RMB in Q4 2025, with a cumulative new contract amount of 2,750.9 billion RMB, a year-on-year growth of 1.3% [3] Sales and Revenue - Shenzhen Holdings (00604.HK) anticipates a total contract sales amount of approximately 13.311 billion RMB in 2025, a decrease of 21.55% [4] - SF Holding (06936.HK) reported a total revenue of 27.339 billion RMB in December from its logistics, supply chain, and international businesses, reflecting a year-on-year growth of 3.41% [5] Institutional Insights - Dongwu Securities noted that the Hong Kong market is in a long-term upward trend but faces short-term challenges, with strong consensus on domestic fundamentals but mixed views on overseas factors [9] - Huaxia Fund emphasized the high sensitivity of the Hong Kong market to corporate earnings and macroeconomic data, suggesting that positive economic surprises could significantly boost market expectations [10] - Tianfeng Securities highlighted that the Hong Kong market has the foundation for a rebound due to valuation recovery and sentiment improvement, but upward momentum may be constrained by high overseas interest rates [10] - Huaxi Securities pointed out that the "AI+" logic is catalyzing valuation optimization in the Hong Kong market, with a focus on internet, technology, and emerging consumption sectors [10]

Core Viewpoint - The Chinese innovative drug sector is experiencing rapid growth, positioning itself as a global leader in drug development, with significant investments and collaborations from major pharmaceutical companies [2][8][30]. Group 1: Market Dynamics - The price of experimental monkeys has surged from 3,000 yuan to 100,000 yuan, indicating a high demand in the innovative drug sector [1]. - By 2025, China is projected to rank second globally in new drug clinical trials, with its pipeline accounting for 30% of the global total [2]. - In 2024, Chinese innovative drug companies completed 94 overseas licensing transactions, representing 44% of the national total, with over 100 transactions exceeding $100 billion in the first ten months of 2025 [6][30]. Group 2: Challenges in Traditional Pharmaceutical Sector - The generic drug sector is facing significant challenges, with a projected 5.5% decline in revenue for 2024 and over 30% of companies experiencing losses [5]. - Major pharmaceutical companies are increasingly collaborating with Chinese innovative drug firms to mitigate the risks associated with patent expirations, which could lead to a revenue gap exceeding $300 billion in the next five years [10][30]. Group 3: Advantages of Chinese Innovative Drugs - China offers a cost-effective and efficient environment for drug development, with clinical trial costs significantly lower than in the U.S. [20][21]. - The average time for clinical trial approvals in China has been reduced from 60 to 30 working days, and the average new drug application approval time has decreased to approximately 130 days [14]. - Chinese pharmaceutical companies are increasingly moving from "me-too" and "me-better" drugs to original innovations, with a notable increase in the number of innovative drug projects [27]. Group 4: Global Positioning and Future Outlook - Despite the rapid growth of Chinese innovative drugs, the overall market value of Chinese biotech companies remains significantly lower than their U.S. counterparts, capturing only 5% to 10% of global new drug revenues [30][31]. - Chinese companies are establishing commercial centers in global pharmaceutical hubs to enhance their commercialization capabilities, marking a shift towards becoming major players in the global market [37][38]. - The transition from biotech firms to large multinational pharmaceutical companies is seen as a critical step in the global battle for market share and innovation [38].

Group 1 - The core announcement is that the company, Heptares Therapeutics, exercised warrants under a licensing and collaboration agreement with Spruce Biosciences Inc. [1] - The company and its subsidiary, HBM Alpha Therapeutics, will hold approximately 3.8% of the total shares outstanding and about 3.1% of fully diluted shares of Spruce after exercising the warrants on January 19, 2026 [1] - The announcement includes a caution for shareholders and potential investors to act prudently, as there is no guarantee of successful development or eventual sales of any candidate products mentioned [1]

Core Viewpoint - The announcement highlights a collaboration between HBM Alpha Therapeutics and Spruce Biosciences to develop novel CRH-targeted therapies for various diseases, indicating a strategic move in the biopharmaceutical sector [1] Group 1: Partnership Details - HBM Alpha Therapeutics has entered into a licensing and collaboration agreement with Spruce Biosciences Inc. to advance new CRH-targeted therapies [1] - Under the agreement, HBMAT and its affiliates will receive warrants related to minority equity to purchase common stock of Spruce [1] Group 2: Equity Stake - As of January 19, 2026, the company and HBMAT will exercise the warrants, resulting in the company holding approximately 3.8% of Spruce's outstanding shares and about 3.1% of Spruce's fully diluted shares [1]

Core Viewpoint - HBM Alpha Therapeutics (HBMAT), a biotech company incubated by the company, has entered into a licensing and collaboration agreement with Spruce Biosciences Inc. to advance novel corticotropin-releasing hormone (CRH) targeted therapies for various diseases [1] Group 1 - The agreement allows HBMAT and its affiliates to acquire warrants related to a minority equity stake to purchase common shares of Spruce [1] - The company and HBMAT plan to exercise the warrants on January 19, 2026, which will result in the company holding approximately 3.8% of Spruce's outstanding shares and about 3.1% of Spruce's fully diluted shares [1]

Core Viewpoint - HBM Alpha Therapeutics, a biotech company incubated by the company, has entered into a licensing and collaboration agreement with Spruce Biosciences to advance novel CRH-targeted therapies for various diseases [1] Group 1: Agreement Details - The agreement allows HBMAT and its affiliates to obtain warrants related to minority equity to purchase common stock of Spruce [1] - The company and HBMAT will exercise the warrants on January 19, 2026 [1] Group 2: Equity Holdings - Upon exercising the warrants, the company will hold approximately 3.8% of Spruce's outstanding shares and about 3.1% of Spruce's fully diluted shares [1]