Core Viewpoint - CICC has raised the 2026 profit forecast for Heptares Therapeutics-B (02142) by 228% to USD 0.62 billion due to the upfront payment from the BD, and has introduced a new profit forecast for 2027 at USD 0.60 billion. The target price has been increased by 34.3% to HKD 18.00, indicating a potential upside of 44.5% from the current stock price [1]. Group 1: Company Updates - On December 29, 2025, the company announced a long-term strategic partnership with Lanacheng to advance the development of next-generation radionuclide drug conjugates (RDCs) [2]. - Heptares' proprietary Harbour Mice platform can directly produce fully human monoclonal antibodies in H2L2 and HCAb formats, which have lower immunogenicity, excellent tissue penetration, and high specificity and stability, enhancing the efficacy of RDC drugs while reducing side effects [3]. Group 2: Overseas Collaborations - In the second half of 2025, Heptares has established several overseas licensing collaborations, including agreements with global MNCs such as BMS and Pfizer: 1. On December 17, 2025, the company entered into a long-term global strategic cooperation agreement with BMS to jointly develop next-generation multi-antibody therapies, receiving an upfront payment of USD 90 million, with potential milestone payments up to USD 1.035 billion if all projects are pursued [4]. 2. On November 19, 2025, the company's wholly-owned subsidiary, Nona Bio, signed a non-exclusive licensing agreement with Pfizer to advance preclinical antibody discovery for various potential diseases, granting Pfizer global rights to the HCAb platform, with upfront and milestone payments based on regulatory, clinical, and commercialization achievements [4]. 3. On November 24, 2025, the company announced an expansion of its collaboration with AstraZeneca to include ADC and TCE drugs [4].

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12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: 2026年1月6日 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | 已發行股份總數 | | | 上月底結存 | | | 869,456,522 | 24,337,000 | | 893,793,522 | | 增加 / 減少 (-) | | | -775,000 | 1,100,000 | | | | 本月底結存 | | | 868,681,522 | 25,437,000 | | 894,118,522 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1 ...

Core Insights - The innovative drug sector is experiencing a significant bull market, with the entry threshold for top-performing stocks raised considerably [1] - In 2024, the median stock price increase for the top 10 innovative drug companies was 57.9%, while in 2025, this surged to a median increase of 495.41%, with the highest increase reaching 1824% [2] Group 1: Top Performing Companies - The top-performing stock in 2025 was Beihai Kangcheng, with an astonishing annual increase of 1824%, surprising many in the market [4] - Following Beihai Kangcheng, the second highest was Sanleaf Biotech, which saw an increase of 870%, despite facing significant operational challenges [10] - Yaojie Ankang ranked third with a 773% increase, although its valuation raised concerns due to its limited clinical progress [12] - Heber Pharmaceuticals achieved a 553% increase, driven by its dual-engine model of R&D and business development [16] - Xuan Bamboo Biotech, a newly listed company, experienced a 507% increase, attributed to its new stock status and positive clinical data [20] Group 2: Market Dynamics and Trends - The market has seen a trend of speculative trading, with some companies experiencing price surges not necessarily backed by fundamental improvements [4] - The rise of companies like Heber Pharmaceuticals and Rongchang Biotech illustrates that long-term undervalued firms can achieve significant valuation recovery through continuous R&D and commercialization breakthroughs [4][30] - The innovative drug sector's growth is heavily influenced by liquidity and market sentiment, with many price increases based on speculative expectations rather than solid fundamentals [39] Group 3: Company-Specific Developments - Beihai Kangcheng's stock price recovery was linked to strategic capital injections, resolving its cash flow crisis [7] - Sanleaf Biotech's stock price rebound was primarily driven by its RSV vaccine pipeline, despite facing significant financial pressures [10][11] - Yaojie Ankang's rapid valuation increase raised questions about its sustainability, given its limited clinical advancements [13][14] - Heber Pharmaceuticals' growth was supported by strategic partnerships and a robust technology platform, enhancing investor confidence [18][19] - Rongchang Biotech's stock performance was bolstered by successful product approvals and strategic financing, improving its market outlook [31]

Core Insights - The innovative drug sector is experiencing a significant bull market, with the entry threshold for top-performing stocks raised considerably [1] - In 2024, the median increase for the top 10 innovative drug companies was 57.9%, with the highest increase reaching 132.6%. In 2025, this trend intensified, with the median increase for the top 10 soaring to 495.41% and the highest increase hitting 1824% [2] Group 1: Top Performing Companies - Beihai Kangcheng-B achieved the highest increase in 2025, with a staggering 1824% rise, surprising many in the market [5] - Sanleaf Biotech-B followed with an impressive 870% increase, despite facing significant operational challenges, including a cash flow crisis and a major refund demand from GAVI [10][11] - Yaojie Ankang-B, despite being controversial, saw its stock price rise nearly ninefold in a short period, reaching a market cap close to 270 billion HKD [12][13] - Heptagon Pharmaceuticals-B ranked fourth with a 553% increase, driven by its dual-engine model of R&D and business development [14][15] - Xuan Bamboo Biotech-B, a newly listed company, achieved a 507% increase, benefiting from positive clinical trial results and inclusion in national insurance directories [17][18] - Deqi Pharmaceuticals-B saw a 483% increase, attributed to its innovative AI-driven T-cell connector platform [19][20] - Jike Si-B experienced a 401% increase, driven by its advancements in KRAS-targeted therapies [22][23] - Rongchang Biotech achieved a 400% increase, with its product Taite Xip demonstrating significant potential across multiple indications [24][25] - Paige Biotech saw a 342% increase, largely due to its GLP-1 pipeline's market momentum [27] - Baiaosaitu-B rounded out the top ten with a 315% increase, supported by strong revenue growth and positive market expectations for its upcoming H+A listing [28][30] Group 2: Market Dynamics - The surge in stock prices for many companies is not solely based on fundamental improvements but also reflects speculative trading behaviors [4] - The innovative drug sector's long-term health relies on the emergence of stocks driven by genuine innovation rather than short-term speculation [4] - The market's focus on liquidity and sentiment has led to significant price increases, but these may not be sustainable as market conditions change [31]

和铂医药-B(02142)发布公告，于2026年1月2日，该公司斥资601.34万港元回购50万股股份，每股回购价 格为11.78-12.12港元;根据于2020年11月23日采纳及获公司股东批准的首次公开发售后股份奖励计划而 发行5万股普通股以满足股份奖励。 ...

格隆汇1月2日丨和铂医药-B(02142.HK)发布公告，2026年1月2日耗资601.3万港元回购50万股，回购价 格每股11.78-12.12港元。 ...

智通财经APP讯，和铂医药-B(02142)发布公告，于2026年1月2日，该公司斥资601.34万港元回购50万股 股份，每股回购价格为11.78-12.12港元;根据于2020年11月23日采纳及获公司股东批准的首次公开发售 后股份奖励计划而发行5万股普通股以满足股份奖励。 ...

呈交日期： 2026年1月2日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02142 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | 每股發行/出售價 (註 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 重新提交 公司名稱： 和鉑醫藥控股有限公司 呈交日期： 2026年1月2日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02142 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存 ...

和铂医药-B(02142)发布公告，于2025年12月31日，根据公司股东于2020年11月23日采纳的购股权计 划，公司向一名合资格参与者授出30.9万份购股权，惟须待该承授人接纳后生效。 ...