Group 1 - Pharmaceutical stocks are experiencing a strong rally, with notable increases in share prices for companies such as Clover Biopharmaceuticals (up 20.26%), Genscript Biotech (up 15.05%), and others [1] - On September 26, former President Trump announced a 100% tariff on any brand or patented pharmaceutical products starting October 1, 2025, unless companies establish manufacturing facilities in the U.S. [1] - Southwest Securities predicts uncertainty regarding the implementation of this executive order, suggesting that Chinese innovative drug companies heavily reliant on the U.S. market may face short-term pressure [1] - China’s innovative drug companies that engage in business development (BD) overseas are expected to be less affected, particularly those involved in license-out agreements, which are essentially intellectual property transactions [1] - China Post Securities believes the actual impact of the tariffs will be minimal, viewing the current price drop as a good opportunity to increase holdings in innovative drugs [1] Group 2 - From the perspective of catalysts in the innovative drug sector, October will see significant industry conferences such as ESMO (October 17-21), followed by ASH and the San Antonio Breast Cancer Symposium in December [2] - There has been ongoing progress in outbound licensing transactions this year, with several significant deals already completed, indicating potential opportunities for high-quality domestic innovative drugs to enter international markets [2] - The fourth quarter is expected to bring domestic policy implementations, including adjustments to the medical insurance catalog [2]

Group 1 - The stock of Clover Biopharmaceuticals-B (02197.HK) increased by over 21% on October 2, reaching a price of 2.75 HKD [1] - The trading volume amounted to 42.2186 million HKD [1]

Core Viewpoint - Clover Biopharmaceuticals-B (02197) has seen a significant stock increase of over 21%, currently trading at 2.75 HKD with a transaction volume of 42.22 million HKD, following the announcement of its clinical trial progress for respiratory vaccines [1] Group 1: Company Developments - In June, Clover Biopharmaceuticals announced the initiation of Phase I clinical trials for its respiratory combination vaccine candidates SCB-1022 (RSV+hMPV) and SCB-1033 (RSV+hMPV+PIV3) [1] - The CEO of Clover Biopharmaceuticals, Liang Guo, highlighted that while currently approved recombinant protein RSV vaccines are safe and effective, there remains a significant unmet clinical need globally [1] Group 2: Market Context - The unmet clinical needs include the inability to prevent and alleviate respiratory diseases caused by human metapneumovirus (hMPV) and parainfluenza virus type 3 (PIV3), which are structurally similar to RSV [1]

Core Viewpoint - The stock of Clover Biopharmaceuticals-B (02197) has surged over 21%, reaching HKD 2.75 with a trading volume of HKD 42.22 million, following the announcement of the initiation of Phase I clinical trials for its respiratory combination vaccine candidates SCB-1022 and SCB-1033 [1] Group 1 - Clover Biopharmaceuticals has completed the enrollment of the first batch of trial participants for its RSV+hMPV vaccine candidate SCB-1022 and the RSV+hMPV+PIV3 candidate SCB-1033, marking the official start of Phase I clinical trials [1] - The CEO of Clover Biopharmaceuticals, Liang Guo, highlighted that while currently approved recombinant protein RSV vaccines are safe and effective, there remains a significant unmet clinical need globally [1] - The unmet clinical needs include the inability to prevent and alleviate respiratory diseases caused by human metapneumovirus (hMPV) and parainfluenza virus type 3 (PIV3), which are structurally similar to RSV [1]

Core Viewpoint - The Hong Kong pharmaceutical sector has experienced a significant surge in stock prices, with many companies seeing increases of over 600%, yet most of these companies remain unprofitable, raising questions about whether this is a genuine market correction or speculative trading [1][3][11]. Group 1: Market Performance - In the period from July 1 to September 18, 2018, 201 out of 264 pharmaceutical companies listed in Hong Kong saw their stock prices rise, with 69 companies increasing by over 50% and 21 companies doubling their stock prices [3]. - Notable stock performances include New Wave Pharma (06108.HK) with a 928.71% increase, Beihai Kangcheng-B (01228.HK) at 802.70%, and Clover Biopharma-B (02197.HK) at 629.77% [4]. Group 2: Individual Company Analysis - Yaojie Ankang-B (02617.HK) saw its stock price soar from an IPO price of 13.15 HKD to a peak of 679.5 HKD, before experiencing a dramatic drop to 165.1 HKD, resulting in a market capitalization decline from nearly 270 billion HKD to 65.5 billion HKD [1][5]. - Beihai Kangcheng reported a revenue of 0.92 million HKD for 2024, a decrease of 17.27%, with a net loss of 478 million HKD [7]. - Clover Biopharma reported a revenue of 41.49 million HKD for 2024, a decrease of 2.13%, and a net loss of 976 million HKD, which is an increase of 550% year-on-year [9]. Group 3: Investment Strategies - Investors have adopted various strategies, with some achieving high returns through direct investments in innovative drugs, while others prefer ETFs for a more stable approach [10]. - One investor reported a 110% return on an ETF investment in innovative drugs, while another faced a 30% loss after investing heavily in Yaojie Ankang [10]. Group 4: Market Dynamics - The surge in the Hong Kong pharmaceutical sector is attributed to its inherent characteristics, such as high speculative value and event-driven dynamics, which attract short-term capital [11][12]. - The market's structure, including a lack of price limits and low liquidity, facilitates significant price volatility, making it easier for small amounts of capital to influence stock prices [25][19]. Group 5: Regulatory Considerations - Experts suggest that the index inclusion rules should be optimized to focus more on a company's fundamentals and liquidity, reducing the likelihood of stocks being manipulated [28]. - The current index inclusion criteria heavily rely on quantitative metrics, often overlooking the underlying business stability and profitability of companies [26].

（於開曼群島註冊成立的有限公司） 股份代號：2197 目錄表 | 2 | 公司資料 | | --- | --- | | 4 | 財務摘要 | | 6 | 業務摘要 | | 7 | 管理層討論與分析 | | 19 | 其他資料 | | 42 | 中期簡明綜合損益表 | | 43 | 中期簡明綜合全面收益表 | | 44 | 中期簡明綜合財務狀況表 | | 46 | 中期簡明綜合權益變動表 | | 48 | 中期簡明綜合現金流量表 | | 50 | 中期簡明綜合財務資料附註 | | 77 | 釋義 | 公司資料 董事會 執行董事 梁朋博士 （董事長） 梁果先生 2025中期 報告 Clover Biopharmaceuticals, Ltd. 三 葉 草 生 物 製 藥 有 限 公 司 非執行董事 王曉東博士 Donna Marie AMBROSINO博士 Ralf Leo CLEMENS博士 （於2025年6月19日退任） 獨立非執行董事 吳曉濱博士 廖想先生 Jeffrey FARROW先生 Thomas LEGGETT先生 審核委員會 Thomas LEGGETT先生 （主席） 廖想先生 Jeffrey F ...

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8月31日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 公司名稱: 三葉草生物製藥有限公司 (「本公司」) (於開曼群島註冊成立的有限公司) 呈交日期: 2025年9月4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) | 02197 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | | 0.0001 | USD | | 200,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 2,000,000,000 | USD | | 0.0001 ...

Group 1 - Pharmaceutical stocks continue to rise, with notable increases in companies such as BeiGene (up 7.87%), Clover Biopharma (up 6.03%), and Tigermed (up 5.03%) [1] - BlackRock increased its stake in 3SBio by acquiring approximately 47.6 million shares at a price of HKD 30.1096 per share, totaling around HKD 14.33 billion, raising its ownership to 5.1% [1] - The overall performance of Hong Kong pharmaceutical companies in the first half of the year has been robust, with companies like Hengrui Medicine and Hansoh Pharmaceutical reporting record high revenues and profits [1] Group 2 - The pharmaceutical sector has shown strong stock performance in the first half of the year, driven by continuous business development (BD) overseas, excellent clinical data, and supportive policies [2] - The innovative drug sector is experiencing rapid sales growth, with several key products being approved and included in medical insurance, leading to increased domestic sales [2] - Companies like BeiGene and Hutchison China MediTech have successfully commercialized their products overseas, contributing significantly to revenue growth [2]

Group 1 - Pharmaceutical stocks continued to rise, with notable increases in companies such as BeiGene (up 7.87% to HKD 209.8), Clover Biopharmaceuticals (up 6.03% to HKD 1.23), and Tigermed (up 5.03% to HKD 50.5) [1] - BlackRock increased its stake in 3SBio by acquiring approximately 47.6 million shares at a price of HKD 30.1096 per share, totaling around HKD 14.33 billion, raising its ownership to about 124 million shares or 5.1% [1] - The overall performance of Hong Kong pharmaceutical companies was robust in the first half of the year, with companies like Heng Rui Medicine achieving record revenue and profit, and Hansoh Pharmaceutical exceeding revenue expectations [1] Group 2 - The pharmaceutical sector performed well in the first half of the year, driven by continuous business development overseas, strong clinical data, and supportive policies, with the innovative drug sector leading the gains [2] - The innovative drug sector is experiencing rapid sales growth as several key products have been approved and included in medical insurance, leading to increased domestic sales [2] - Companies like BeiGene and Hutchison China MediTech have successfully commercialized their products overseas, contributing significantly to revenue growth [2]

Group 1 - Pharmaceutical stocks in Hong Kong have shown strong performance, with notable gains in companies such as 加科思-B (up 23.18%), 三叶草生物-B (up 22.09%), and others [1] - The overall performance of Hong Kong pharmaceutical companies in the first half of the year has been robust, with 恒瑞医药 achieving record high revenue and profit, and 翰森制药 exceeding revenue expectations [1] - Upcoming major conferences, including the World Lung Cancer Conference (WCLC) and the European Society for Medical Oncology (ESMO), will showcase research results from innovative domestic drugs [1] Group 2 - 海通国际 maintains a positive outlook on Hong Kong pharmaceutical companies due to their stable cash flow, rich R&D pipelines, and normalizing external licensing revenues [2] - The recent slight pullback in the Hong Kong pharmaceutical sector is attributed to rapid fund rotation, with expectations of short-term fluctuations [2] - The long-term value reassessment logic in the pharmaceutical industry remains unchanged, supported by the engineer dividend and a rich catalyst environment in the innovative drug industry [2]