Core Viewpoint - Lepu Biopharma-B (02157.HK) has entered into a CDMO service framework agreement with Lepu Medical, aiming to utilize its excess production capacity more effectively and generate additional cash flow for the group [1] Group 1: Agreement Details - The agreement was signed on November 28, 2025, and involves the provision of CDMO technical services by the company and/or its subsidiaries to Lepu Medical and/or its subsidiaries [1] - The company operates a GMP-compliant bioreactor production line that has been in operation since the end of 2019 [1] Group 2: Production Capabilities - The group has a comprehensive production setup, including upstream antibody raw material production lines, formulation production lines, and other facilities that meet GMP standards, ensuring high-quality drug production [1] - The company has a well-established production management structure and a professional production team with rich experience, complementing its production facilities [1] Group 3: Strategic Implications - The board believes that the CDMO service framework agreement will allow the group to better utilize its excess production capacity, which is essential for meeting its own clinical trial and commercialization needs [1] - The agreement is expected to provide supplementary cash flow to the overall operations of the group [1]

Core Viewpoint - Lepu Biopharma-B (02157) has entered into a CDMO service framework agreement with Lepu Medical, aiming to utilize excess production capacity more effectively and generate supplementary cash flow for the group [1] Group 1: Agreement Details - The agreement is set to commence on November 28, 2025, and involves Lepu Biopharma and/or its subsidiaries providing CDMO technical services to Lepu Medical and/or its subsidiaries [1] - The framework agreement is designed to meet the drug production needs for clinical trials and commercialization, while also allowing the company to capitalize on suitable business opportunities [1] Group 2: Financial Implications - The board believes that entering into the CDMO service framework agreement will enable the group to better utilize its surplus capacity, thereby contributing to overall cash flow generation [1]

集团主要从事其候选药物的研发，并拥有及运营一条符合GMP标准的生物反应器生产线，该生产线自 2019年底投入运营。集团配备完善的上下游抗体原液生产线、制剂生产线及其他生产设施。集团的生产 设施符合GMP标准亦证明其药物生产环节为高质量标准。集团配备完善的生产管理组织架构，拥有丰 富经验的专业生产团队，与其生产设施相辅相成。 考虑到集团为满足自身临床试验及商业化而对药物生产的需求之外，集团可在适当的商机出现时更有效 利用富余产能。董事认为，订立CDMO服务框架协议将能更有效利用集团的富余产能，可为集团整体产 生补充现金流量。 格隆汇11月28日丨乐普生物-B(02157.HK)公告，于2025年11月28日，公司与乐普医疗订立CDMO服务框 架协议，据此，公司及╱或其附属公司同意向乐普医疗及╱或其附属公司提供CDMO技术服务。 ...

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，並明確表示概不會就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。 於2025年11月28日，本公司與樂普醫療訂立CDMO服務框架協議，據此，本公 司及╱或其附屬公司同意向樂普醫療及╱或其附屬公司提供CDMO技術服務。 上市規則涵義 截至本公告日期，由於樂普醫療持有本公司已發行股本約12.49%，且本公司控 股股東蒲忠傑博士為其實際控制人，因此，樂普醫療為本公司的關連人士，且 CDMO服務框架協議及其項下擬進行的交易構成上市規則第十四A章項下本公 司的持續關連交易。 由於建議上限金額的一項或多項適用百分比率超過0.1%，但所有適用百分比率 將保持低於5%，故CDMO服務框架協議項下擬進行的交易及建議上限僅須遵守 上市規則第十四A章項下的申報、公告及年度審閱規定，惟獲豁免遵守股東批准 的規定。 CDMO服務框架協議 於2025年11月28日，本公司與樂普醫療訂立GLP-1等相關產品CDMO服務框架 協議，據此，本公司及╱或其附屬公司同意向樂普醫療及╱或其附屬公司提供 CD ...

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，並明確表示概不會就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。 LEPU BIOPHARMA CO., LTD. 樂普生物科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2157） 持續關連交易 新採購框架協議 新採購框架協議 本集團一直根據2025年採購框架協議（構成本公司於上市規則第十四A章項下之 持續關連交易）與樂普醫療及其附屬公司及 ╱ 或聯繫人進行交易。由於2025年 採購框架協議將於2025年12月31日屆滿，且預期本集團此後將繼續與樂普醫療 及╱或其附屬公司及╱或聯繫人訂立類似性質的採購交易，故本公司於2025年 11月28日與樂普醫療訂立新採購框架協議。 截至本公告日期，樂普醫療持有本公司已發行股本約12.49%，且本公司控股股 東蒲忠傑博士為其實際控制人。因此，樂普醫療、其附屬公司及聯繫人為本公 司的關連人士，且新採購框架協議及其項下擬進行的交易構成上市規則第十四A 章項下本公司的持續關連交易。 由於年度上限的一項或多項適 ...

Investment Rating - The report rates the industry as "Outperform" [2] Core Insights - The global market for Antibody-Drug Conjugates (ADC) is projected to exceed $100 billion, driven by the dual advantages of targeted therapy and potent cytotoxic effects [2][3] - ADCs are recognized as a promising new therapy in oncology, with the potential to redefine standard treatments for major cancers like lung and breast cancer [2][3] - China has emerged as a key player in ADC innovation, with over 50% of global ADC pipelines originating from Chinese companies, showcasing significant cost and efficiency advantages [2][3][5] Summary by Sections Section 1: ADC as a Targeted Prodrug - ADCs utilize a "Trojan horse" strategy for targeted delivery of cytotoxic agents to tumor cells, minimizing damage to normal tissues [11][13] - The mechanism involves several steps, including circulation, target binding, internalization, and release of the active drug within the tumor cell [11][13] Section 2: Market Growth and Trends - The ADC market is expected to enter a product explosion phase, with rapid growth anticipated in the coming years [2][3] - The global ADC market size is forecasted to reach $115.1 billion by 2032 [2] Section 3: Investment Opportunities - Investment in ADCs should focus on companies with innovative technology platforms and promising product candidates [2][3] - Key players to watch include those with leading ADC technology platforms and robust pipelines, such as Kelun-Biotech, Innovent Biologics, and WuXi AppTec [2][3] Section 4: Technological Advancements - ADC technology is characterized by modular upgrades and innovative combinations, with a variety of ADC types currently in development [2][3] - The report highlights the potential for ADC technology to extend into broader categories of conjugated drugs (XDC) [2][3] Section 5: Competitive Landscape - The report emphasizes the competitive nature of the ADC industry, with numerous players vying for market share and innovation [2][3] - Chinese ADC companies are recognized for their ability to lead in innovation and capture significant market opportunities [2][3][5]

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 3.296 billion, XPeng Motors-W (09868) with 1.147 billion, and Xiaomi Group-W (01810) with 0.853 billion [1][2] - The top three companies with net outflows of southbound funds are Yingfu Fund (02800) with -0.559 billion, China Life (02628) with -0.427 billion, and China National Offshore Oil Corporation (00883) with -0.368 billion [1][2] - In terms of net inflow ratio, ICBC South China (03167) leads with 100.00%, followed by Xiaocai Garden (00999) with 74.08%, and Qingdao Bank (03866) with 67.42% [1][3] - The companies with the highest net outflow ratios include Q Tech (01478) at -58.31%, China National Heavy Duty Truck Group (03808) at -53.04%, and Nexperia (01316) at -43.99% [1][4] Net Inflow Rankings - Alibaba-W (09988) had a net inflow of 3.296 billion, representing a 20.59% increase in its closing price to 154.600 [2] - XPeng Motors-W (09868) saw a net inflow of 1.147 billion, with a 25.58% increase in its closing price to 85.950 [2] - Xiaomi Group-W (01810) experienced a net inflow of 0.853 billion, with a 9.75% increase in its closing price to 40.780 [2] Net Outflow Rankings - Yingfu Fund (02800) had a net outflow of -0.559 billion, with a -4.24% change in its closing price to 26.060 [2] - China Life (02628) experienced a net outflow of -0.427 billion, with a -23.81% change in its closing price to 26.140 [2] - China National Offshore Oil Corporation (00883) had a net outflow of -0.368 billion, with a -14.88% change in its closing price to 21.800 [2]

Core Insights - The pharmaceutical and biotechnology sectors are experiencing a downturn, with the pharmaceutical index dropping 2.81% from October 27 to October 31, underperforming the Shanghai Composite Index by 2 percentage points, marking six consecutive weeks of underperformance [4] - Jiangsu Dingtai Pharmaceutical Research Group has submitted its IPO application to the Hong Kong Stock Exchange, shifting its strategy from A-share listing to Hong Kong due to unfavorable IPO conditions [5] - The approval of the first EGFR ADC (antibody-drug conjugate) in China by Lepu Biotech for treating recurrent/metastatic nasopharyngeal carcinoma marks a significant milestone in the domestic ADC market [10][11] Industry Trends - The pharmaceutical index has shown a consistent decline, indicating a challenging environment for the sector [4] - The clinical trial landscape is active, with 64 new clinical trial registrations reported by the National Medical Products Administration, including 16 innovative drug trials in advanced stages [7] - The approval of Sibeprenlimab by Otsuka Pharmaceutical for IgA nephropathy highlights the growing focus on targeted therapies in chronic kidney diseases [12][13] Company Developments - Dingtai Pharmaceutical's revenue is projected to exceed 700 million yuan from 2022 to 2024, with a turnaround to profitability expected in the first half of 2025 [5] - Lepu Biotech's newly approved drug, Weibeiketuotai monoclonal antibody, shows promising clinical results, with an objective response rate of 30.2% in previously treated nasopharyngeal cancer patients [11] - Otsuka's Sibeprenlimab is positioned to potentially become a first-line treatment option for IgA nephropathy, addressing significant unmet clinical needs [12][13]

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10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: 樂普生物科技股份有限公司(於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02157 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,804,439,838 | RMB | | 1 RMB | | 1,804,439,838 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,804,439,838 | RMB | | 1 RMB | | 1,804,439,838 | 本月底法定 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Views - The investment logic in the pharmaceutical sector is shifting from policy pressure to innovation-driven growth, with the "14th Five-Year Plan" directly supporting the development of innovative drugs and medical devices [8][26] - The industry is witnessing a transition from rapid following to original innovation, as demonstrated by Chinese companies showcasing their global competitiveness and pipeline value at the 2025 ESMO conference [8][26] - The recent approval of innovative drugs and the successful listing of companies on the STAR Market indicate a supportive capital market for innovative pharmaceutical enterprises [8][26] Industry Review - The pharmaceutical and biotechnology industry index increased by 1.89%, ranking 20th among 31 primary industries, underperforming the CSI 300 index which rose by 2.80% [5][16] - The sub-industries of medical research outsourcing and vaccines showed the highest gains, with increases of 5.26% and 4.19% respectively, while medical devices and traditional Chinese medicine experienced declines of 1.21% and 0.56% [5][16] - As of October 31, 2025, the industry’s PE (TTM, excluding negative values) was 30.67x, up from 30.08x in the previous period, indicating an upward valuation trend but still below the average [21] Company Dynamics - A total of 36 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 805 million yuan, with 4 companies increasing holdings by 120 million yuan and 32 companies reducing holdings by 925 million yuan [5][6] - Among the 501 tracked companies, 499 have disclosed their performance for the first three quarters of 2025, with 53 companies reporting a net profit growth of 100% or more, and 69 companies reporting growth between 30% and 100% [6] Investment Recommendations - Focus on companies with strong positions in innovative drugs and cutting-edge technology platforms, particularly those involved in ADC, bispecific/multispecific antibodies, and cell therapy, which can provide high potential for international market expansion [8] - Pay attention to the CXO industry, which is expected to see increased demand due to the recovery of innovative drug development and commercialization, especially for leading companies with strong service capabilities in new technology areas [8]