Core Viewpoint - The stock of Baiaosaitu-B (02315) rose over 6% following the announcement of the first patient dosing in the clinical trial of IDE034, triggering a $5 million milestone payment from IDEAYA to Baiaosaitu [1] Group 1: Company Developments - Baiaosaitu-B's stock increased by 6.49%, reaching HKD 53.35, with a trading volume of HKD 28.27 million [1] - IDEAYA announced the completion of the first patient enrollment in the Phase I dose escalation/expansion clinical trial for IDE034, a dual-target B7H3/PTK7 TOP1 antibody-drug conjugate (ADC) [1] - The first patient dosing of IDE034 will trigger a $5 million milestone payment from IDEAYA to Baiaosaitu as per their licensing agreement [1] Group 2: Product and Regulatory Milestones - IDE034 is a potentially first-in-class dual-target B7H3/PTK7 TOP1 ADC, developed by Baiaosaitu and licensed to IDEAYA in July 2024 [1] - The project received FDA approval for clinical trials in December of the previous year, marking a significant milestone in the collaboration between Baiaosaitu and IDEAYA [1] - The IND approval signifies an important step for the advancement of IDE034's clinical development, showcasing Baiaosaitu's technical strength in the field of dual antibody ADC discovery and development [1]

Core Viewpoint - The stock of Baiaotech-B (02315) has risen over 6%, currently trading at 53.35 HKD with a transaction volume of 28.48 million HKD, following the announcement of a significant milestone in its collaboration with IDEAYA on the ADC IDE034 [1][4]. Group 1: Company Developments - IDEAYA has announced the completion of the first patient enrollment in the Phase I dose escalation/expansion clinical trial for its investigational PTK7/B7H3 bispecific TOP1 antibody-drug conjugate (ADC) IDE034 [1][4]. - The first patient dosing of IDE034 will trigger a milestone payment of 5 million USD from IDEAYA to Baiaotech, as per their signed option and licensing agreement [1][4]. - IDE034 is a potentially first-in-class dual-target B7H3/PTK7 TOP1 ADC, developed independently by Baiaotech and licensed to IDEAYA in July 2024 [1][4]. Group 2: Regulatory Milestones - The project received FDA approval for clinical trials in December of the previous year, marking a significant regulatory milestone for both companies [1][4]. - The IND approval signifies an important step in the collaboration, laying the groundwork for the subsequent clinical development of IDE034 [1][4]. - This development highlights Baiaotech's technical capabilities in the discovery and development of bispecific ADCs [1][4].

Core Viewpoint - The stock of Baiaoshaitu-B (02315) has risen over 6%, currently at 53.35 HKD, following the announcement of a significant milestone in its collaboration with IDEAYA regarding the ADC IDE034 [1] Group 1: Company Developments - IDEAYA has completed the first patient enrollment in the Phase I dose escalation/expansion clinical trial for the dual-target PTK7/B7H3 ADC IDE034 [1] - The first patient dosing will trigger a milestone payment of 5 million USD from IDEAYA to Baiaoshaitu [1] - IDE034 is a potentially first-in-class dual-target B7H3/PTK7 TOP1 ADC, developed by Baiaoshaitu and licensed to IDEAYA in July 2024 [1] Group 2: Regulatory and Clinical Progress - The project received FDA approval for clinical trials in December last year, marking a significant regulatory achievement [1] - The IND approval signifies an important milestone in the collaboration, laying the groundwork for the subsequent clinical development of IDE034 [1] - This development highlights Baiaoshaitu's technical strength in the discovery and development of dual-target ADCs [1]

Core Viewpoint - The stock of Baiaosaitu-B (02315) has seen a significant increase of over 6%, currently trading at 53.35 HKD, with a transaction volume of 28.27 million HKD, following the announcement of a milestone payment related to a clinical trial [1] Group 1: Company Developments - IDEAYA has announced the completion of the first patient enrollment in the Phase I dose escalation/expansion clinical trial for its investigational PTK7/B7H3 bispecific TOP1 antibody-drug conjugate (ADC) IDE034 [1] - The first patient dosing of IDE034 will trigger a milestone payment of 5 million USD from IDEAYA to Baiaosaitu, as per their signed option and licensing agreement [1] - IDE034 is a potentially first-in-class bispecific B7H3/PTK7 TOP1 ADC, developed independently by Baiaosaitu and licensed to IDEAYA in July 2024 [1] Group 2: Regulatory and Market Impact - The project received FDA approval for clinical trials in December last year, marking a significant regulatory milestone for both companies [1] - The IND approval signifies an important step in the collaboration between Baiaosaitu and IDEAYA, laying the groundwork for the subsequent clinical development of IDE034 [1] - This development highlights Baiaosaitu's technical strength in the discovery and development of bispecific ADCs [1]

Core Insights - The report highlights changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies. Group 1: Recent Increases in Holdings - VITASOY INT'L (00345) saw an increase of 0.09%, bringing its latest holding percentage to 3.75% [1] - 恒生科技ETF (03032) increased by 0.04%, with a current holding of 18.49% [1] - 永升服务 (01995) experienced a rise of 0.01%, now holding 4.57% [1] - 南方东西精选 (03441) had the largest increase over five days at 18.46%, reaching 41.03% [4] - 喜相逢集团 (02473) increased by 10.04%, with a holding of 45.14% [4] - 兆易创新 (03986) rose by 4.95%, now at 6.65% [4] Group 2: Recent Decreases in Holdings - 南方恒生科技 (03033) experienced the largest decrease of -0.14%, with a current holding of 68.87% [2] - 医渡科技 (02158) decreased by -0.03%, now at 22.59% [2] - 盈富基金 (02800) saw a reduction of -0.02%, with a holding of 3.49% [2] - 山东墨龙 (00568) had a five-day decrease of -1.30%, now at 53.56% [5] - 亿华通 (02402) decreased by -1.00%, with a holding of 27.49% [5] - 国富氢能 (02582) saw a reduction of -0.90%, now at 20.14% [5] Group 3: Long-term Trends in Holdings - Over a 20-day period, 喜相逢集团 (02473) had the highest increase of 42.45%, reaching 45.14% [6] - 南方东西精选 (03441) increased by 27.31%, now at 41.03% [6] - 钧达股份 (02865) rose by 15.74%, with a holding of 64.80% [6] - 天齐锂业 (09696) experienced a significant decrease of -6.48%, now at 31.50% [6] - 金风科技 (02208) decreased by -5.88%, with a holding of 42.49% [6]

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

Stock Performance - On February 16, 2026, the closing price of Baiaosaitu-B (02315.HK) was HKD 50.95, reflecting a daily decline of 4.77% with a trading volume of 18,000 shares and a turnover of approximately HKD 924,500, indicating a low turnover rate of only 0.02% [1] - The stock price fell below the 5-day moving average of HKD 52.03, while the upper Bollinger Band at HKD 54.957 exerted pressure on the stock price, suggesting a weakening short-term upward momentum [1] - In contrast, the Hang Seng Index rose by 0.52%, while the biotechnology sector, to which the company belongs, experienced a slight decline of 0.02%, indicating a divergence between the stock's performance and the sector's trend [1] Capital Movements - Vico (Hong Kong) Trading Co., Ltd. increased its holdings by 786,000 H-shares at an average price of HKD 27.2784 per share on February 2, raising its ownership from 7.31% to 8.02%, with this change disclosed on February 16 [2] - The purchase price was significantly lower than the closing price of HKD 50.95 on February 16, which may raise concerns among investors regarding short-term valuation pressure [2]

Core Insights - The company Baiaosaitu-B (02315) has reported impressive performance forecasts, with significant progress in external licensing collaborations, leading institutions to be optimistic about its long-term growth potential [1] Financial Performance - For the fiscal year 2025, the company anticipates revenue between 1.369 billion and 1.389 billion yuan, representing a year-on-year growth of 39.61% to 41.65% [2] - The expected net profit attributable to shareholders is projected to be between 162 million and 182 million yuan, showing a substantial year-on-year increase of 384.26% to 443.88% [2] Business Developments - Since 2025, the company has secured significant external licensing agreements with leading domestic and international pharmaceutical companies, including a global licensing agreement for antibody molecules with BeiGene in July 2025 and full human antibody licensing for the RenMice platform with Merck in September 2025 [3] - These licensing agreements are expected to generate milestone payments and contribute to future growth [3] Institutional Perspectives - Research reports from institutions such as Guolian Minsheng Securities highlight the company's innovative advantages in model animals and preclinical CRO business, along with the "Thousand Mice, Ten Thousand Antibodies" initiative, which is expected to drive outstanding performance and open up long-term growth potential through external licensing [4] Stock Performance - The company was added to the Hong Kong Stock Connect eligible securities list on December 24, 2025, which may enhance investor attention and trading activity [5]

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，概不就因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 BIOCYTOGEN PHARMACEUTICALS (BEIJING) CO., LTD. 百奧賽圖（北京）醫藥科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2315） 海外監管公告 本公告乃百奧賽圖（北京）醫藥科技股份有限公司（「本公司」）根據香港聯合交易所 有限公司證券上市規則第13.10B條的規定刊發。茲載列本公司於上海證券交易所 網站刊發的《2026年第一次臨時股東會決議公告》，僅供參閱。 承董事會命 百奧賽圖（北京）醫藥科技股份有限公司 一、 会议召开和出席情况 （一） 股东会召开的时间：2026 年 2 月 12 日 董事長、首席執行官兼執行董事 沈月雷 香港，2026年2月13日 於本公告日期，本公司董事會包括董事長、首席執行官兼執行董事沈月雷博士、 執行董事倪健博士；非執行董事周可祥博士、張蕾娣女士及劉弘康先生；獨立非 執行董事華風茂先生、喻長遠博士及梁曉燕 ...

Group 1 - The core point of the article is the appointment of Liu Hongkang as a non-executive director of Baiaosaitu-B (02315.HK), effective from February 12, 2026, until the end of the second board term [1] Group 2 - The appointment was approved by shareholders at an extraordinary general meeting [1]