Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [3] Core Insights - The commercialization of ADC (Antibody-Drug Conjugates) is accelerating, with 20 ADC drugs approved globally, and 6 of them have been in the "billion-dollar club" for two consecutive years [30][31] - The report highlights the increasing competition in the ADC sector, with approximately 60 ADC drugs currently in clinical phase 3 and application stages [30] - Domestic innovative pharmaceutical companies are adopting various strategies for ADC capacity layout, with companies like Rongchang Biopharma transitioning from outsourcing to in-house production, while others like Kelong Biotechnology are building their own production bases [31][32] Summary by Sections Market Review - The pharmaceutical index rose by 0.14% this week, outperforming the CSI 300 index by 1.47 percentage points, ranking 15th in industry performance [10] - Year-to-date, the pharmaceutical index has increased by 3.28%, also outperforming the CSI 300 index by 2.99 percentage points, ranking 23rd [10] Individual Stock Performance - In the A-share market, 255 out of 479 pharmaceutical stocks rose, with the top five performers being Guangshengtang (+29.83%), Haixiang Pharmaceutical (+18.64%), and Meidixi (+18.04%) [20] - In the Hong Kong market, 38 out of 116 pharmaceutical stocks rose, with the top performers including Yiteng Jiahe (+14%) and Kedi-B (+9.96%) [24] Industry News and Policies - The newly revised "Regulations on the Implementation of the Drug Administration Law" supports segmented contract manufacturing and commercial-scale drug sales, providing a foundation for ADC commercialization cooperation [32] - Notable industry developments include Novartis's application for Ianalumab in China and Johnson & Johnson's approval of Daratumumab injection for multiple myeloma treatment [27][28] Weekly Insights - The ADC commercialization battle has begun, with a significant increase in demand for ADC production capacity, leading to a supply-demand imbalance [30] - Major CXO companies are expanding ADC production capacity, with companies like WuXi AppTec acquiring East Yao Pharmaceutical to meet rising orders [31]

Group 1 - The company, BaiAoSaiTu, has led and promoted the on-demand model of humanized mice, catering to the research and development needs of numerous overseas pharmaceutical clients [1] - As a result of this strategy, the proportion of overseas revenue has been increasing year by year [1]

Investment Rating - The report provides an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, indicating a positive outlook for these stocks [1]. Core Insights - The macro and industry environment is improving due to the resolution of policy uncertainties, the release of significant clinical data, and a resurgence in global M&A activity, leading to a notable increase in investor sentiment towards innovative drugs for 2026 [4][11]. - In oncology, the PD-1/VEGF dual antibody approach is transitioning from "mechanism validation" to "clinical and industrial resonance," with multiple global Phase III trials underway, expected to catalyze approvals and data releases within the year [5][17]. - The metabolic sector is seeing growth in the cash-pay market for GLP-1 drugs, driven by limited insurance coverage and high out-of-pocket costs, prompting companies to enhance accessibility through direct sales and pricing adjustments [6][25]. - In the autoimmune space, there is a growing concentration risk among major products from multinational corporations (MNCs), with new antibody platforms expected to yield significant data in 2026, potentially leading to new business development opportunities [7]. - The central nervous system (CNS) investment focus remains on advancing Aβ monoclonal antibody treatments, with key data expected to open up early intervention market opportunities [9]. Summary by Sections Oncology - The PD-1/VEGF dual antibody's clinical and industrial certainty is strengthening, with major companies conducting multiple global Phase III trials across high-value indications [17]. - The Pan-RAS precision therapy is entering a realization phase, with key Phase III data expected in 2026 for pancreatic cancer and NSCLC [22]. Metabolic - The cash-pay market for GLP-1 drugs is expanding due to limited insurance coverage, with companies like Eli Lilly and Novo Nordisk adopting different direct-to-consumer strategies to enhance accessibility [25][26]. - Small nucleic acid therapies are expected to upgrade treatment paradigms, showing competitive data in weight loss and safety profiles when combined with GLP-1 [30]. Autoimmune - MNCs are increasingly reliant on a few blockbuster products, with structural opportunities arising from new antibody platforms expected to report data in 2026 [7]. - The trend towards oral formulations in autoimmune diseases is gaining traction, offering advantages in adherence and competitive differentiation [7]. CNS - The focus in CNS remains on Aβ monoclonal antibody treatments, with advancements expected to shift treatment towards earlier intervention populations [9]. - New delivery methods, such as systemic administration of small nucleic acids, are being explored as complementary approaches [9].

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會議資料》，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 董事長、首席執行官兼執行董事 沈月雷 香港，2026年2月5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及張蕾娣女士；獨立非執行董事華風 茂先生、喻長遠博士及梁曉燕女士；及職工董事李妍女士。 百奥赛图（北京）医药科技股份有限公司 2026 年第一次临时股东会会议 ...

Core Viewpoint - The stock of Baiaosaitu-B (02315) has increased by over 5%, driven by strong revenue growth from its core business, with institutions optimistic about the company's long-term growth potential [1] Group 1: Financial Performance - Baiaosaitu-B forecasts revenue for the fiscal year 2025 to be approximately 1.369 billion to 1.389 billion yuan, representing an increase of 389 million to 408 million yuan compared to the previous year, with a year-on-year growth rate of 39.61% to 41.65% [1] - The company expects to achieve a net profit attributable to shareholders of approximately 162 million to 182 million yuan, an increase of 129 million to 149 million yuan from the previous year, reflecting a substantial year-on-year growth of 384.26% to 443.88% [1] Group 2: Business Drivers - The high demand for innovative animal models and preclinical CRO services is driving significant revenue growth for the company [1] - Since 2025, the company has established external licensing agreements with several leading domestic and international pharmaceutical companies, and multiple pipelines have received IND approvals, which are expected to generate milestone payments and further enhance growth potential [1]

Core Viewpoint - Baosai Tu-B (02315) has seen a significant stock price increase of over 5%, currently trading at HKD 47.96, with a transaction volume of HKD 69.87 million. The company has released its revenue forecast for the fiscal year 2025, indicating substantial growth in both revenue and net profit compared to the previous year [1]. Financial Performance - The company expects to achieve revenue between RMB 1.369 billion and RMB 1.389 billion for the fiscal year 2025, representing an increase of RMB 389 million to RMB 408 million year-on-year, with a growth rate of 39.61% to 41.65% [1]. - The projected net profit attributable to shareholders is expected to be between RMB 162 million and RMB 182 million, reflecting an increase of RMB 129 million to RMB 149 million year-on-year, with a significant growth rate of 384.26% to 443.88% [1]. Business Development - Guolian Minsheng Securities (601456) highlights that the high demand for innovative animal models and preclinical CRO services is driving substantial revenue growth for the company. The firm notes that since 2025, the company has established external licensing agreements with several leading domestic and international pharmaceutical companies [1]. - The approval of multiple pipelines for IND (Investigational New Drug) is expected to further enhance the company's revenue potential through milestone payments as these licensed pipelines progress, thereby opening up additional growth opportunities [1].

Core Viewpoint - Baosai Tu-B (02315) has seen a significant stock price increase of over 5%, currently trading at HKD 47.96, with a transaction volume of HKD 69.87 million [1] Financial Performance - The company forecasts its 2025 annual revenue to be approximately HKD 1.369 billion to HKD 1.389 billion, representing an increase of HKD 389 million to HKD 408 million compared to the previous year, with a year-on-year growth rate of 39.61% to 41.65% [1] - The expected net profit attributable to shareholders is projected to be around HKD 162 million to HKD 182 million, an increase of HKD 129 million to HKD 149 million from the previous year, indicating a substantial year-on-year growth of 384.26% to 443.88% [1] Market Insights - Guolian Minsheng Securities believes that the high demand for innovative animal models and preclinical CRO services is driving significant revenue growth [1] - The company has established partnerships with several leading domestic and international pharmaceutical companies since 2025, and multiple pipelines have received IND approvals, which are expected to generate milestone payments and further enhance growth potential [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: 2026年1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: 百奧賽圖(北京)醫藥科技股份有限公司 呈交日期: 2026年2月3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) | 02315 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 110,781,920 | RMB | | 1 RMB | | 110,781,920 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 110,781,920 | RMB | | 1 RMB | | 110,781,920 | | 2. 股份分類 | 普通股 | 股份 ...

Core Viewpoint - The company BaiO Saite-B (02315) has seen its stock price increase by over 10%, with a current price of 45.56 HKD, driven by a strong earnings forecast for 2025, projecting a net profit increase of up to 4.4 times compared to the previous year [1] Group 1: Financial Performance - BaiO Saite-B forecasts a net profit of 162 million to 182 million HKD for 2025, representing a year-on-year increase of 384.26% to 443.88% [1] - The company's revenue growth is attributed to the ongoing expansion in overseas markets and the recovery of the domestic biopharmaceutical industry [1] Group 2: Business Strategy and Partnerships - The company has established multiple significant licensing agreements with leading domestic and international pharmaceutical companies since 2025 [1] - Notable partnerships include a global licensing agreement with BeiGene for antibody molecules and an agreement with Merck for the development of antibody-conjugated LNPs [1]

Core Viewpoint - The company BaiO Saite-B (02315) has seen a significant stock price increase, with a recent rise of over 10%, attributed to its strong earnings forecast for 2025, projecting a net profit increase of 384.26% to 443.88% year-on-year [1] Group 1: Financial Performance - BaiO Saite-B forecasts a net profit for 2025 between 162 million to 182 million yuan, indicating substantial growth compared to previous years [1] - The company attributes its revenue growth to the ongoing expansion in overseas markets and the recovery of the domestic biopharmaceutical industry [1] Group 2: Operational Efficiency - High technical barriers have allowed the company to maintain elevated gross margins, while lean management initiatives have further enhanced operational efficiency [1] - The rapid improvement in profitability is a result of these operational enhancements [1] Group 3: Strategic Partnerships - Since 2025, the company has established external licensing agreements with several leading domestic and international pharmaceutical companies, which are expected to contribute to revenue through milestone payments [1] - Notable partnerships include a global licensing agreement with BeiGene for antibody molecules and an agreement with Merck for the development of antibody-drug conjugates using the RenMice platform [1]