Group 1: BYD / Passenger Vehicles - BYD reported a total sales volume of 4.6024 million vehicles in 2025, representing a year-on-year increase of 7.73% despite a monthly sales decline of 18.3% in December 2025 [3][4] - The sales of the high-end model "Fangchengbao" surged by 345.5% year-on-year in December 2025, with annual sales reaching 235,000 units, indicating a strong performance in the high-end market segment [4] - BYD's overseas sales reached 1.0496 million units in 2025, a year-on-year increase of 145%, solidifying its position as the global leader in the new energy vehicle market [4][5] Group 2: Kangnuo Ya-B / Biopharmaceuticals - Kangnuo Ya's innovative biological agent, Kangyueda, has been included in the national medical insurance reimbursement list, enhancing patient accessibility and reducing financial burdens [6][7] - The drug shows significant efficacy in treating moderate to severe atopic dermatitis, with response rates of 92.5% and 77.1% for EASI-75 and EASI-90, respectively [7] - Revenue projections for Kangnuo Ya are estimated at 741 million yuan for 2025, increasing to 1.9 billion yuan by 2027, with a "buy" rating assigned based on the growth potential of its innovative product pipeline [8] Group 3: Lithium Carbonate and Glyphosate Industry - The lithium carbonate price increased by 14.69% week-on-week, reaching 140,500 yuan per ton, driven by strong demand in the energy storage sector [17] - Glyphosate prices rose by 4.78% week-on-week, reflecting a recovery in demand and a tightening supply situation in the market [17][12] - The chemical industry is expected to experience a revaluation due to supply-side changes and a potential shift towards higher dividend yields as capacity expansion slows [12][13] Group 4: Shenli Environment / General Equipment - Shenli Environment is focusing on expanding production capacity and overseas markets, with a significant increase in orders for high-efficiency liquid cooling equipment [36][38] - The company aims to enhance its product delivery capabilities through the establishment of new intelligent production lines, ensuring timely and high-quality order fulfillment [38] - The data service segment is projected to become a core growth driver, with substantial order growth expected in the coming years [40][41] Group 5: Textile and Apparel Industry - The textile manufacturing sector is expected to improve as tariff impacts wane, with a focus on leading manufacturers benefiting from stable operations and improved order flows [43][44] - The domestic sports footwear and apparel market is showing signs of recovery, particularly among high-end brands, with expectations for accelerated growth in 2026 [44] - The luxury goods market in China is gradually recovering, driven by wealth effects and improved retail performance, with a projected growth of approximately 4% in 2026 [45]

Investment Rating - The report indicates a positive investment outlook for the innovative drug sector, particularly focusing on the advancements in T-cell engagers (TCE) for multiple myeloma (MM) treatment [1]. Core Insights - Johnson & Johnson's teclistamab has shown significant efficacy in the treatment of relapsed or refractory multiple myeloma (r/r MM), with a 71% reduction in disease progression or death risk and a 40% reduction in mortality risk compared to standard treatments [14][15]. - The report highlights the unmet medical needs in the MM treatment landscape, emphasizing the potential of TCE therapies targeting BCMA and GPRC5D to improve patient outcomes [9][10]. - The ongoing clinical trials and approvals for various TCE therapies, including teclistamab and talquetamab, are expected to reshape the treatment paradigm for MM, particularly in patients who have undergone multiple lines of therapy [28][34]. Summary by Sections Innovative Drug Focus - The report reviews the recent developments in innovative drugs, particularly in the context of TCE therapies for blood cancers, with a focus on their expanding applications beyond hematological malignancies [5][7]. TCE Therapy Developments - TCE therapies have gained traction in the treatment of MM, with several candidates achieving FDA approval for patients who have received multiple prior therapies. The overall response rates (ORR) for these therapies range from 60% to 74% [9][10]. - The report details the clinical trial results for teclistamab, which has been shown to significantly improve progression-free survival (PFS) and overall survival (OS) in r/r MM patients [14][21]. Market Potential - The report estimates that the sales for teclistamab in China could reach approximately $5.49 billion by 2024, indicating a strong market potential for TCE therapies in the region [6]. - The ongoing research and development efforts in TCE therapies are expected to address the significant unmet needs in the MM treatment landscape, with a focus on improving patient outcomes and survival rates [9][10].

Group 1 - The 2025 Hurun China Unicorn Graduation List identifies 796 companies that have graduated as unicorns, valued at over $1 billion, established after 2000 [1][3] - Chengdu ranks seventh in the number of listed companies, with 18 enterprises making the list [1][4] - The total value of these unicorn graduates across China reaches 24 trillion RMB, with an average establishment year of 2006 and an average age of 19 years [2][3] Group 2 - The top five industries by the number of listed companies are semiconductors, industrial equipment, biotechnology, new energy, and software services, accounting for 46% of the total [3] - The highest valued industries are semiconductors, new energy, industrial equipment, consumer electronics, and biotechnology [3] - Among the 796 unicorn graduates, 33 companies are valued over 100 billion RMB, with 3 exceeding 1 trillion RMB [3][4] Group 3 - Chengdu's notable companies include: - Xinyi Technology (New Easy Win) ranked 44th with a valuation of 82 billion RMB in telecommunications [2][5] - Kelong Botai Biotechnology ranked 55th with a valuation of 11 billion RMB in biotechnology [2][5] - Zhonghang Unmanned Aerial Vehicle ranked 149th with a valuation of 30 billion RMB in robotics [2][5] - Chengdu Huami and Jiachitech both ranked 236th with valuations of 21 billion RMB in semiconductors and new materials respectively [2][5] - Other notable companies include Dekang Agriculture Technology, Huatuo Shanding, and Tea Hundred Road, with valuations ranging from 13 billion to 19 billion RMB [2][5]

Core Insights - The report from China Merchants Securities International indicates that the pharmaceutical industry will experience differentiated growth by 2026, with chronic diseases remaining the largest driver for the future of the pharmaceutical sector [1] - The report emphasizes that upgrades on the supply side and improvements in the operational quality of representative companies are key strategies for bottom-up stock selection [1] - It highlights that the US and China will engage in more competition and collaboration in the innovative drug sector, with policy disruptions causing fluctuations but not altering the long-term development direction of the industry [1] Industry Focus - The report expresses a positive outlook on the biopharmaceutical sector, identifying key companies such as Novartis, Innovent Biologics, Aileron Therapeutics, Hansoh Pharmaceutical, and CanSino Biologics as industry favorites [1] - Additional recommendations include companies like Healer, China Resources Pharmaceutical, Thermo Fisher Scientific, and Eli Lilly [1]

FF301 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: 康諾亞生物醫藥科技有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2026年1月5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) | 02162 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 0.0001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 500,000,000 | USD | | 0.0001 | USD | ...

Group 1 - Hong Kong biopharmaceutical stocks weakened during trading on December 30, with Genscript Biotech falling nearly 4% [1] - Fuhong Hanlin declined by nearly 3%, while Kelun-Biotech dropped over 2% [1] - Other stocks such as CanSino Biologics, Rongchang Biologics, and Kanyin Biologics also experienced declines of over 1.5% [1]

Summary of the Conference Call for 康诺亚 Company Overview - 康诺亚 is focused on developing monoclonal antibodies and other innovative therapies, with a strong emphasis on addressing chronic diseases such as asthma, chronic rhinosinusitis, and atopic dermatitis. Key Points Industry and Market Position - 康诺亚's four non-competitive monoclonal antibody has been included in the medical insurance directory, expected to be priced lower than Dupilumab, providing a competitive market entry advantage [2][3] - The market for type 2 inflammatory response treatments is significant, with Dupilumab projected to reach $14 billion in sales by 2024, indicating substantial market potential for 康诺亚's products [5] Product Pipeline and Clinical Development - **四不击败单抗**: Currently the first domestically produced IL-4R monoclonal antibody, has expanded to treat adult atopic dermatitis, chronic rhinosinusitis with nasal polyps, and allergic asthma, with plans for further indications [2][5] - **CM512 (IL-13/TSLP Dual Antibody)**: Phase I data shows significant improvement in IC90, advancing to Phase II trials for chronic rhinosinusitis, asthma, and COPD, with data expected in 2026 [2][3] - **CMG901 (Claudin 18.2 ADC)**: Leading global progress, expected to complete Phase III trials for second-line gastric cancer by mid-2026 and submit NDA applications [2][4] Sales and Revenue Projections - Sales for the four non-competitive monoclonal antibody are projected to reach RMB 3 billion for the year, with a rapid increase expected in the following year [2][3] - Sales forecasts for the monoclonal antibody are RMB 330 million in 2025, RMB 905 million in 2026, and RMB 1.627 billion in 2027 [10] Competitive Advantages - 康诺亚's products have unique advantages in treating chronic rhinosinusitis and allergic rhinitis, with the latter being the only approved drug in China for this indication [7] - The company holds a 1-2 year exclusive period in the domestic market for atopic dermatitis, allowing for accelerated market share capture [5][6] Future Growth and Risks - The adjustment of the medical insurance directory in 2026 is expected to enhance market access and drive sales growth [10] - The DCF valuation model estimates the company's market value at RMB 22.9 billion, indicating a potential 50% upside from current levels, but risks remain if R&D progress does not meet expectations [10] Emerging Technologies - 康诺亚 is actively exploring new technology platforms such as small nucleic acids and PROTAC, which are expected to enrich the product pipeline and enhance commercialization opportunities [2][4] Additional Insights - The company is well-positioned in the respiratory disease market, with approximately 46 million asthma patients and nearly 100 million COPD patients in China, indicating a large potential patient base [8] - The unique selling propositions of 康诺亚's products, including longer half-lives and specific targeting of chronic conditions, are expected to attract a significant patient population [8][9]

Investment Rating - The report suggests a positive investment outlook for the medical device sector, particularly in brain-computer interface devices, which are expected to see accelerated commercialization due to supportive policies [1][3]. Core Insights - Recent policies have significantly increased support for innovation in medical devices, with the National Medical Products Administration actively promoting faster market entry for brain-computer interface devices, indicating a diverse application landscape and substantial future potential [1][3]. - The pharmaceutical sector is witnessing positive developments, such as GSK's approval of mepolizumab for a new indication in COPD patients, marking it as the first monthly administered biologic in China, which is expected to reduce the annual incidence of severe exacerbations significantly [1][32]. - The report highlights the approval of Wegovy® tablets in the U.S. for weight management, emphasizing its potential impact on the market as the first oral GLP-1 receptor agonist for this purpose [37][40]. Summary by Sections Pharmaceutical Sector - Mepolizumab has been approved for COPD treatment in China, with a monthly dosing schedule, targeting a significant patient population [1][32]. - The A/H share innovation drug sector maintains high activity levels, with new drug approvals and cross-border transactions remaining robust [16][28]. Biologics - Wegovy® tablets have been approved in the U.S. for weight management, showing similar weight loss efficacy to its injectable counterpart, with a significant portion of participants achieving substantial weight loss [37][40]. CXO and Pharmaceutical Supply Chain - The CXO sector continues to show upward momentum, supported by a stable order backlog, with November financing levels slightly above the annual average [44][46]. Medical Devices - The centralized procurement process for high-value medical consumables is progressing steadily, with high selection rates in multiple rounds of bidding, indicating a favorable environment for leading domestic companies [2][52]. Retail Pharmacy - The industry is undergoing a consolidation phase, with leading companies expected to benefit from increased market share through mergers and acquisitions [2][3]. Medical Services and Consumer Healthcare - Aier Eye Hospital's acquisition of 39 institutions for 960 million yuan strengthens its market position, with the acquired entities showing signs of financial recovery [2][3].

Core Viewpoint - The report from Guojin Securities highlights the promising pipeline of Connoa-B (02162), with its core product, Supacibab, already approved for market. The company is expanding its clinical trials for CM512 (TSLP/IL-13 bispecific antibody) and expects to submit an NDA for CMG901 in the U.S. by 2026. The company has a robust pipeline and is well-positioned for growth, receiving a "Buy" rating with a target price of HKD 83.29 [1]. Group 1: Product Pipeline and Market Potential - Supacibab is the first domestically produced IL-4R monoclonal antibody, providing a significant first-mover advantage. It targets various type II inflammatory diseases, with expectations for rapid market uptake post-2026 when it enters the national medical insurance directory [1]. - The global sales of Dupilumab, a competing IL-4R monoclonal antibody, exceeded USD 14 billion in 2024, indicating a strong market potential for Supacibab, which has already been approved for three indications [1]. - Sales projections for Supacibab are estimated at CNY 0.36 billion in 2024, CNY 1.69 billion in the first half of 2025, and expected to reach CNY 3.31 billion, CNY 9.05 billion, and CNY 16.27 billion from 2025 to 2027 [1]. Group 2: Clinical Development and Competitive Landscape - CM512 is currently in Phase II clinical trials and is positioned as the second globally in development, with significant differentiation advantages in the respiratory market. It targets asthma and COPD, with potential approval by 2029 [2]. - CMG901, a Claudin 18.2 ADC, has been licensed to AstraZeneca and is the fastest progressing globally. It is expected to complete Phase III trials for second-line gastric cancer by 2026 and submit for market approval, with potential milestone payments and royalties for the company [2]. Group 3: Financial Projections and Valuation - The company is projected to achieve revenues of CNY 6.61 billion, CNY 12.55 billion, and CNY 20.64 billion for the years 2025, 2026, and 2027, reflecting year-on-year growth rates of 54%, 90%, and 65% respectively [3]. - The net profit forecast shows a loss of CNY 5.13 billion in 2025, narrowing to a loss of CNY 2.97 billion in 2026, before turning to a profit of CNY 2.01 billion in 2027, with corresponding EPS of -1.72, -0.99, and 0.67 [3]. - A DCF valuation method has been applied, resulting in a target price of HKD 83.29, with an initial "Buy" rating assigned [3].

Core Viewpoint - The report from Guojin Securities highlights the promising pipeline of Connoa-B (02162), with its core product, Supqi Baidankang, already approved for market release. The company is advancing multiple Phase II clinical trials for CM512 (TSLP/IL-13 bispecific antibody) and expects to submit an NDA for CMG901 to the FDA by 2026, indicating a strong growth potential and robust pipeline [1]. Group 1: Product Pipeline and Market Potential - Supqi Baidankang is the first domestically produced IL-4R monoclonal antibody, which is expected to gain rapid market traction after being included in the national medical insurance directory by December 2025, with anticipated sales of 0.36 million, 1.69 million, 3.31 million, 9.05 million, and 16.27 million yuan from 2024 to 2027 [1][3]. - CM512 (TSLP/IL-13 bispecific antibody) is currently in Phase II clinical trials and is positioned as the second globally in development, targeting a broad respiratory market with significant potential, expected to be approved by 2029 [2]. - CMG901 (Claudin 18.2 ADC) has been licensed to AstraZeneca and is the fastest progressing globally, with expectations to complete Phase III clinical trials for second-line gastric cancer by 2026 and potentially launch in 2027, which could yield milestone revenues and royalties for the company [2]. Group 2: Financial Projections and Valuation - The company is projected to achieve revenues of 661 million, 1.255 billion, and 2.064 billion yuan for the years 2025, 2026, and 2027, reflecting year-on-year growth rates of 54%, 90%, and 65% respectively, with a turnaround to profitability expected in 2027 [3]. - The estimated earnings per share (EPS) are projected to be -1.72, -0.99, and 0.67 yuan for the years 2025, 2026, and 2027, indicating a path towards profitability [3]. - Based on a DCF valuation method, the target price is set at 83.29 HKD, with an initial "buy" rating assigned [3].