Core Viewpoint - The innovative drug sector is experiencing significant growth, with multiple companies seeing substantial stock price increases, indicating a bullish trend in the market [1]. Group 1: Stock Performance - Shuyatain's stock price increased by 14.66%, reaching 26.52 [2] - Other notable performers include Dizhe Pharmaceutical with a 10.70% increase, Baili Tianheng at 10.63%, and Huana Pharmaceutical at 10.33% [2] - In the Hong Kong market, Keystone Pharmaceuticals surged over 18%, while CSPC Pharmaceutical and Xiansheng Pharmaceutical rose by over 12% and 8%, respectively [3] Group 2: Market Trends - The overall trend in the innovative drug sector shows a strong upward movement, with several companies hitting their daily price limits [1] - The performance of stocks in both mainland and Hong Kong markets reflects a growing investor confidence in the pharmaceutical industry [3]

Group 1 - The report highlights a shift in China's innovative drug development from "fast-following" to "innovation-leading," potentially reshaping the global new drug development landscape. Key emerging technology platforms include molecular glue, small nucleic acids, and in vivo CAR-T, with Chinese companies making significant investments in these areas [3][4]. - Molecular glue offers a new paradigm for targeting "undruggable" targets, with significant potential in the PAN-RAS space. Companies to watch include Heng Rui Medicine, Jinfang Medicine, Yuandong Biology, and Betta Pharmaceuticals [3]. - Small nucleic acids are expanding from rare diseases to chronic conditions, with numerous companies involved in hypertension, dyslipidemia, weight loss, MASH, and CNS diseases. Notable companies include Heng Rui Medicine, Shiyao Group, and Innovent Biologics [3]. - In vivo CAR-T technology is cost-effective and enhances accessibility, showing promise in oncology and autoimmune diseases. Key players include Yunding Xinyao and Kexi Pharmaceuticals [3]. - The integration of AI in healthcare and drug development is accelerating, with companies like Runda Medical and Kangzhong Medical leading the way [3]. Group 2 - The report reviews the performance of the pharmaceutical sector in 2025, noting a cumulative increase of 11.9% in the pharmaceutical index, while the broader market rose by 30.2%, indicating a relative underperformance of 18.3% [8][14]. - The valuation of the pharmaceutical sector has slightly improved, with the PE (TTM) ratio rising from 29.8x at the beginning of 2025 to 36.2x by year-end, while the broader market's PE increased from 28.6x to 39.5x [14]. - The pharmaceutical sector's revenue for the first three quarters of 2025 reached CNY 18,544 billion, with a year-on-year decline of 0.4%, and net profit attributable to shareholders was CNY 1,407 billion, down 0.8% year-on-year [17][22]. Group 3 - The report indicates that the number of IND (Investigational New Drug) applications for innovative drugs in 2025 reached 3,626, marking a year-on-year growth of 10.4%. The number of NDA (New Drug Application) submissions also increased, with 83 for chemical drugs and 271 for therapeutic biological products [31][29]. - The report emphasizes the growing trend of molecular glue technology, particularly in targeting RAS mutations, which are prevalent in approximately 30% of malignancies. The representative drug Daraxonrasib has shown significant clinical efficacy [53][50]. - The report notes an increase in collaboration and licensing activities in the molecular glue sector, with major pharmaceutical companies engaging in high-value transactions, indicating a robust interest in this innovative technology [54][56].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative price increase of over 20% in the next six months [15]. Core Insights - The company is enhancing its universal CAR-T product portfolio, with the in vivo CAR-T expected to initiate clinical trials in 2026. The proprietary platforms, THANK-uCAR® and THANK-u Plus®TM, are being utilized to develop differentiated universal CAR-T cell products [2][3]. - The company reported a revenue of 1.3 billion yuan in 2025, with a net loss of 1 billion yuan, a significant reduction from the previous year's loss of 8 billion yuan. As of December 31, 2025, cash and cash equivalents stood at 1.12 billion yuan [8]. - The company has received 218 orders for its product, Sikeizai®, from East China Pharmaceutical in 2025 and has been included in the "Commercial Health Insurance Innovative Drug Directory" [8]. Financial Projections - Revenue projections for the company are as follows: 2.6 billion yuan in 2026, 4.9 billion yuan in 2027, and 8 billion yuan in 2028, driven by the commercialization of CT053 and CT041 [10][11]. - The company anticipates a significant increase in net profit, projecting a profit of 63.26 million yuan in 2027 and 249.58 million yuan in 2028, following a net loss of 97.86 million yuan in 2025 [3][11]. - Earnings per share (EPS) are expected to improve from -0.17 yuan in 2025 to 0.43 yuan in 2028, reflecting the anticipated growth in profitability [3][11]. Product Development - The company is advancing multiple universal CAR-T products targeting various antigens, including CT0596 (BCMA) and CT1190B (CD19/CD20), with initial data expected to be presented at the ASH conference in December 2025 [2]. - The in vivo CAR-T candidate, KJ-C2529, targeting CD19/CD20 for B-cell lymphoma, is set to begin clinical trials in 2026 [2].

Summary of Key Points from the Conference Call Company Overview - **Company**: 科济药业 (Kojin Pharmaceutical) - **Focus**: Development of CAR-T therapies, particularly for gastric cancer and other hematological malignancies Industry Insights - **CAR-T Therapy**: The company is positioning itself as a leader in CAR-T therapy, with a focus on both autologous and universal CAR-T products - **Market Potential**: The gastric cancer market is expected to be significantly larger than that for hematological cancers, with an estimated 1 to 2 million patients in China annually Core Points and Arguments 1. **Product Approval Timeline**: CT041, the first CAR-T therapy for gastric cancer, is expected to be approved in Q2 2026, showing a survival benefit of nearly six months for third/fourth-line patients without severe CRS or ICANS [2][3] 2. **Financial Performance**: In 2025, the company reported revenues of approximately 126 million RMB and a net loss of 103 million RMB, a reduction of 87% year-over-year due to increased gross margins and reduced R&D and management expenses [2][4] 3. **Cash Flow**: The company anticipates sufficient cash flow to sustain operations until 2030, with cash and cash equivalents expected to exceed 1 billion RMB by the end of 2026 [5][4] 4. **Strategic Partnerships**: Collaborations with Huadong Pharmaceutical and other strategic partners are aimed at enhancing commercialization and reducing costs through economies of scale [2][3] 5. **Clinical Data**: Positive Phase II clinical data for CT041 was published in The Lancet and presented at ASCO 2025, indicating strong efficacy in gastric cancer [3][6] 6. **Production Capacity**: The company is building a commercial production base in Jinshan, Shanghai, with a total investment not exceeding 370 million RMB, supported by government incentives [2][9] 7. **R&D Focus**: R&D spending is projected to be around 300 million RMB in 2026, focusing on universal CAR-T and in vivo technology platforms [5][16] 8. **Universal CAR-T Products**: CT0,596 and CT1,190B are set to enter clinical trials in 2026, with promising early data showing high ORR and CR rates [2][8] 9. **Market Strategy**: The company plans to leverage its first-mover advantage in gastric cancer CAR-T therapy and aims for a dual strategy of cash flow generation from autologous CAR-T while expanding into universal CAR-T [5][10] Additional Important Insights - **Regulatory Strategy**: The company is exploring the possibility of submitting NDA for CT041 in the U.S. using data from China, which could expedite its entry into the U.S. market [19][20] - **Employee Adjustments**: The workforce was reduced from 468 to 362, primarily in the U.S. and certain domestic departments, as part of a strategic realignment [20] - **Future Clinical Trials**: Plans for multiple clinical trials in 2026, including a focus on self-immune diseases and further development of in vivo CAR-T therapies [17][18] This summary encapsulates the key points discussed in the conference call, highlighting the company's strategic direction, financial health, and product development pipeline.

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算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。 CARsgen Therapeutics Holdings Limited 科濟藥業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2171） (I)根據首次公開發售後購股權計劃授出購股權；及 (II)根據2019年股權激勵計劃授出受限制股份單位 (I) 根據首次公開發售後購股權計劃授出購股權 茲提述招股章程，內容有關於2021年4月30日採納的首次公開發售後購股權 計劃的主要條款。根據上市規則第17.06A條，董事會宣佈，於2026年3月9 日，本公司根據首次公開發售後購股權計劃的條款向181名購股權承授人授 出4,267,000份購股權，惟須待購股權承授人接納後方可作實。 授出購股權的詳情 向購股權承授人授出購股權之詳情如下： 授出購股權的行使價： 每股股份13.92港元 購股權行使價每股股份13.92港元，相當於以下各項 的較高者：(i)聯交所於授出日期發出每日報 ...

CARsgen Therapeutics Holdings Limited 科濟藥業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2171） 自願公告 納入南向港股通證券名單 本公告由科濟藥業控股有限公司（「本公司」，連同其附屬公司及併表聯屬實體統 稱「本集團」）自願作出。 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算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。 1 股東及潛在投資者於買賣股份時務請審慎行事。 承董事會命 科濟藥業控股有限公司 董事長 李宗海博士 香港，2026年3月9日 於本公告日期，本公司董事會包括執行董事李宗海博士、王華茂博士及蔣華博 士；非執行董事郭華清先生及謝榕剛先生；獨立非執行董事顏光美博士、趙向可 女士及周文博士。 本公告之中英文版本如有任何歧義，概以英文版本為準。 2 本公司董事會（「董事會」）欣然宣佈，根據發佈於2026年3月6日《關於滬港通下港 股通標的調整的通知》，及發佈於2026年3月6日《關於深港通下港股通標的證券 ...

Financial Performance - The group's revenue for the year ended December 31, 2025, was approximately RMB 1,257 million, primarily from the CAR-T cell product, CARSgen®[3] - The gross profit for the same period was approximately RMB 800 million, demonstrating a strong cost competitive advantage due to stable production of plasmids and high batch yields[4] - The net loss for the year ended December 31, 2025, was approximately RMB 1,030 million, a reduction of approximately RMB 695 million compared to the previous year[5] - Adjusted net loss was approximately RMB 780 million, a decrease of approximately RMB 711 million from the previous year[6] - Cash and cash equivalents as of December 31, 2025, were approximately RMB 1,123 million, down RMB 356 million from the previous year, with expectations to maintain at least RMB 1,000 million by the end of 2026[7] - The company reported a net loss of RMB 103 million for the year ended December 31, 2025, a decrease of RMB 695 million compared to a net loss of RMB 798 million for the year ended December 31, 2024[53] - The gross profit increased from RMB 15 million for the year ended December 31, 2024, to RMB 80 million for the year ended December 31, 2025[53] - The adjusted net loss for the year ended December 31, 2025, was RMB (77,623) thousand, a significant improvement from RMB (789,043) thousand in 2024, representing a reduction of approximately 90.2%[55] - The company reported a net loss per share of RMB (0.18) for 2025, compared to RMB (1.44) for 2024, indicating a substantial decrease of about 87.5%[55] Product Development and Pipeline - The company’s CAR-T product, CT041, received breakthrough therapy designation in March 2025 and is expected to enter commercialization in the first half of 2026[11] - Multiple universal CAR-T products are under development, with CT0596 and CT1190B expected to receive IND approval in 2026[13] - The company has made significant progress in technology innovation and product pipeline development[9] - The proprietary universal CAR-T technology platform, THANK-uCAR®, is being utilized to advance several universal CAR-T products targeting various antigens, with expected IND approvals for CT0596 and CT1190B in 2026[16] - The company is developing CT041, a fully human Claudin18.2 CAR-T cell therapy, targeting Claudin18.2 positive solid tumors, including gastric and pancreatic cancers[23] - The Phase II trial (CT041-ST-01) showed a median overall survival (mOS) of 9.17 months for patients treated with CT041 compared to 3.98 months for the control group, indicating a significant survival benefit[27] - The company continues to develop several differentiated CAR-T products, with ongoing clinical trials for various indications including AML and solid tumors[16] - CT011, a GPC3 CAR-T cell product, has shown promising proof-of-concept data for treating hepatocellular carcinoma (HCC), with two patients achieving over 10 years of disease-free survival[29] - CT071, a CAR-T cell therapy targeting GPRC5D, has shown a 100% overall response rate (ORR) in a phase 1 trial for newly diagnosed multiple myeloma, with 70% achieving stringent complete response (sCR)[33] Strategic Partnerships and Collaborations - The company has established a partnership with East China Pharmaceutical to commercialize the product Saikaze® in mainland China, with 218 valid orders received[20] - The collaboration with East China Pharmaceutical aims to maximize the commercialization success of Saikaze® in mainland China, leveraging their extensive sales network[21] - A strategic cooperation agreement was signed with Shanghai Jinkong Enterprise Development Co., with a total investment not exceeding RMB 370 million to build an advanced CAR-T commercialization production base in Jinshan, Shanghai[49] - The company signed a strategic cooperation agreement with Shanghai Jinkong Enterprise Development Co., Ltd. for a total investment of up to RMB 370 million to build a CAR-T cell product commercialization production base[113] Research and Development - The company is focusing on developing universal CAR-T cell products using the THANK-u Plus™ platform, which is expected to improve the expansion, persistence, and efficacy of CAR-T cells[43] - The company is conducting research on combination therapies to enhance the clinical performance of CAR-T therapies, including collaborations with other entities[44] - The comprehensive R&D platform established by the company covers the entire CAR-T development cycle, including target discovery and clinical research[41] - The company aims to address the challenges of CAR-T therapies, such as high production costs and limited efficacy against solid tumors, through continuous innovation and technology advancement[42] - The company is expanding its research to include more promising tumor targets for CAR-T cell therapies, leveraging its proprietary antibody platform[45] Market Outlook and Expansion - The global CAR-T therapy market is expected to grow significantly, with seven CAR-T products approved by the FDA and eight by the NMPA, indicating a strong demand for innovative CAR-T products[50] - The company plans to continue expanding in both domestic and global markets through self-development, mergers, and acquisitions[80] - Future outlook includes a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[135] - The company plans to expand its market presence in Europe and Asia, targeting a 20% increase in market share by 2025[135] Compliance and Governance - The audit committee has reviewed and approved the financial statements for the year ended December 31, 2025, ensuring compliance with accounting standards[119] - The company will suspend the transfer of shares from May 19, 2026, to May 22, 2026, to determine the identity of shareholders eligible to attend and vote at the annual general meeting[123] - The board recommends amendments to the Articles of Association to reflect core shareholder protection principles, including virtual attendance and electronic voting for shareholders[124] - The annual report for the year ending December 31, 2025, will be published in due course, containing all information required by the listing rules[125] Financial Management - The company experienced a net cash outflow from operating activities of RMB (236,900) thousand in 2025, down from RMB (409,690) thousand in 2024, reflecting an improvement of approximately 42.2%[61] - The company’s investment activities resulted in a net cash outflow of RMB 2,884 thousand in 2025, primarily due to purchases of property, plant, and equipment[63] - The company raised approximately HKD 3,008 million (around USD 385 million) from the global offering, with net proceeds allocated as planned[115] - The company has no significant litigation or arbitration as of December 31, 2025, ensuring a stable legal environment for operations[114]

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 科濟藥業控股有限公司 呈交日期: 2026年3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) | 02171 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 200,000,000,000 | USD | 0.00000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 200,000,000,000 | USD | 0.00000025 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50 ...

Group 1 - The company Kintor Pharmaceutical Co., Ltd. (02171.HK) announced that its board meeting is scheduled for March 6, 2026, to consider and approve the full-year results for the fiscal year ending December 31, 2025, along with other matters [1]

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算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。 科濟藥業控股有限公司（「本公司」，連同其附屬公司及併表聯屬實體統稱「本集 團」）董事會（「董事會」）茲通告謹定於2026年3月6日（星期五）舉行董事會會議， 以考慮及通過本集團截至2025年12月31日止年度的全年業績，以及處理其他事 項。 承董事會命 科濟藥業控股有限公司 董事長 李宗海博士 香港，2026年2月24日 於本公告日期，本公司董事會包括執行董事李宗海博士、王華茂博士及蔣華博 士；非執行董事郭華清先生及謝榕剛先生；獨立非執行董事顏光美博士、趙向可 女士及周文博士。 CARsgen Therapeutics Holdings Limited 科濟藥業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2171） 董事會會議召開日期 ...