Core Viewpoint - The company has entered into a CDMO service framework agreement with Lepu Medical, aiming to utilize 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, between the company and Lepu Medical [1] - The company and/or its subsidiaries will provide CDMO technical services to Lepu Medical and/or its subsidiaries [1] Group 2: Strategic Implications - The agreement allows the company to better utilize its surplus production capacity when suitable business opportunities arise [1] - The board believes that entering into the CDMO service framework agreement will enhance the overall cash flow for the group [1]

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]

Core Viewpoint - Lepu Biopharma-B (02157.HK) has entered into a CDMO service framework agreement with Lepu Medical, which will allow the company to provide CDMO technical services to Lepu Medical and its affiliates starting from November 28, 2025 [1] Group 1: Company Overview - The company is primarily engaged in the research and development of its candidate drugs and operates a GMP-compliant bioreactor production line that has been in operation since the end of 2019 [1] - The company has a comprehensive production management structure and a professional production team with rich experience, complementing its production facilities [1] Group 2: Production Capacity and Financial Implications - The company has established upstream and downstream antibody raw material production lines, formulation production lines, and other production facilities that meet GMP standards, ensuring high-quality drug production [1] - The board believes that entering into the CDMO service framework agreement will enable the company to utilize its surplus production capacity more effectively, thereby generating additional cash flow for the overall business [1]

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 ...