Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 51.00, indicating a potential upside of 59.4% from the current price of HKD 32.00 [1][6][11]. Core Insights - The company is expected to see a narrowing of losses in 2025, supported by a cash reserve of over HKD 2 billion post-IPO, which will bolster R&D and operations for the next 2-3 years. The commercialization performance of Fluorouracil after its inclusion in the medical insurance list is anticipated to drive significant sales growth in 2026 [2][6]. - The report highlights the potential of the differentiated pan-RAS pipeline, with upcoming data readouts for GFH375 in pancreatic and lung cancer expected to be promising. The next-generation RAS-targeted molecules are also anticipated to show early clinical success [2][6]. Financial Summary - The company is projected to generate revenue of RMB 1.30 billion in 2025, a 24% year-on-year increase, primarily from overseas collaboration income related to GFH375. R&D expenses are expected to decrease by 15% due to reduced licensing costs associated with Fluorouracil [6][12]. - The adjusted loss for 2025 is forecasted to narrow by 9% to RMB 227 million, with operating cash outflow decreasing by 34% to RMB 136 million. The year-end cash and bank balance is expected to exceed RMB 2 billion, providing a solid foundation for future R&D and operations [6][12]. - Revenue projections for 2026E are set at USD 85 million, with gross profit expected to be USD 33 million, maintaining a gross margin of 39.3% [6][12]. Pipeline and Catalysts - The report emphasizes several upcoming catalysts, including the completion of patient enrollment for GFH375 in Phase III trials for pancreatic cancer and the initiation of registration studies for non-small cell lung cancer (NSCLC). Additionally, the confirmation of the recommended Phase II dose (RP2D) for GFH276 and the entry of more preclinical products into IND applications are highlighted as key developments [6][12].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 51.00, indicating a potential upside of 59.4% from the current price of HKD 32.00 [1][6][11]. Core Insights - The company is expected to see a narrowing of losses in 2025, supported by a cash reserve of over HKD 2 billion post-IPO, which will bolster R&D and operations for the next 2-3 years. The commercialization performance of Fluorouracil after its inclusion in the medical insurance list is anticipated to drive significant sales growth in 2026 [2][6]. - The report highlights the potential of the differentiated pan-RAS pipeline, with upcoming data releases for GFH375 in pancreatic and lung cancer expected to be promising. The next-generation RAS-targeted molecules are also anticipated to show early clinical success [2][6]. Financial Summary - Revenue for 2025 is projected at RMB 130 million, a 24% year-on-year increase, primarily driven by overseas collaboration income related to GFH375. R&D expenses are expected to decrease by 15% due to reduced licensing costs associated with Fluorouracil [6][12]. - The adjusted loss for 2025 is expected to narrow by 9% to RMB 227 million, with operating cash outflow decreasing by 34% to RMB 136 million. The year-end cash and bank balance is projected to exceed RMB 2 billion, providing a solid foundation for future R&D and operations [6][12]. - The report provides updated revenue forecasts for 2026E at USD 85 million, with a gross profit of USD 33 million and a gross margin of 39.3%. The net loss for 2026E is projected at USD 353 million [6][12]. Pipeline and Catalysts - The report emphasizes several upcoming catalysts, including the completion of patient enrollment for GFH375 in Phase III trials for pancreatic cancer and the initiation of a registrational study for non-small cell lung cancer (NSCLC). Additionally, confirmation of the recommended Phase II dose (RP2D) for GFH276 and the entry of more preclinical products into IND applications are expected [6][12].

（ 2026 年 3 月 24 日修訂版） 第一章 總則 第二章 人員組成 1 第一條 為規範勁方醫藥科技（上海）股份有限公司（以下簡稱「公司」）董事 和高級管理人員的產生，優化董事會組成，完善公司治理結構，根據 《中華人民共和國公司法》、《香港聯合交易所有限公司證券上市規 則》及《勁方醫藥科技（上海）股份有限公司章程》（以下簡稱「公司 章程」）的有關規定，公司特設立董事會提名委員會，並制定本工作 細則。 第二條 提名委員會是董事會設立的專門工作機構，主要負責對公司董事和 高級管理人員的人選、選擇標準和程序進行選擇並提出建議。 第三條 提名委員會成員由三名以上董事組成，獨立非執行董事應佔多數。 成員至少包括一名不同性別的董事。 第四條 提名委員會委員由董事長或法律、法規規定的人士╱ 主體提名，並 由董事會選舉產生。 第五條 提名委員會設主席（召集人）一名，由董事會主席或獨立非執行董 事擔任。負責主持委員會工作；主席在委員內選舉，並報請董事會 批准產生。當委員會主席不能或無法履行職責時，由其指定一名其 他委員代行其職權。 第六條 提名委員會任期與董事會任期一致，委員任期屆滿，連選可以連任。 期間如有委員不再擔任 ...

勁方醫藥科技（上海）股份有限公司 董事會薪酬委員會工作細則 第一條 為進一步建立健全勁方醫藥科技（上海）股份有限公司（以下簡稱 「公司」）董事及高級管理人員的薪酬管理制度，完善公司治理結構， 根據《中華人民共和國公司法》、《香港聯合交易所有限公司證券上市 規則》（以下簡稱「《香港上市規則》」）及《勁方醫藥科技（上海）股份 有限公司章程》（以下簡稱「公司章程」）等法律、法規和規範性文件 的有關規定，公司特設立董事會薪酬委員會，並制定本工作細則。 第二條 薪酬委員會是董事會設立的專門工作機構，主要負責制定在公司領 取薪酬的董事及高級管理人員的考核標準並進行考核；負責制定、 審查在公司領取薪酬的董事及高級管理人員的薪酬政策與方案，對 董事會負責。 第二章 人員組成 1 第三條 薪酬委員會成員由三名以上董事組成，獨立非執行董事應佔多數。 第四條 薪酬委員會委員由董事長或法律、法規規定的人士╱ 主體提名，並 由董事會選舉產生。 第五條 薪酬委員會設主席（召集人）一名，由獨立非執行董事擔任，負責主 持委員會工作；主席在委員內選舉，並報請董事會批准產生。當委 員會主席不能或無法履行職責時，由其指定一名其他委員代行其職 權。 ...

（ 2026 年 3 月 24 日修訂版） 第一章 總則 勁方醫藥科技（上海）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：2595） 董事會審計委員會工作細則 第一條 勁方醫藥科技（上海）股份有限公司（以下簡稱「公司」）為強化董事 會決策功能，做到事前審計、專業審計，確保董事會對經理層的 有效監督，進一步完善公司治理結構，根據《中華人民共和國公司 法》、《香港聯合交易所有限公司證券上市規則》（以下簡稱「《香港上 市規則》」）及《勁方醫藥科技（上海）股份有限公司章程》（以下簡稱 「公司章程」）的有關規定，公司特設立董事會審計委員會，並制定 本工作細則。 第二條 審計委員會是董事會設立的專門工作機構，主要負責對公司審計、 內控體系進行監督、核查。對董事會負責，向董事會報告工作。 審計委員會成員須保證足夠的時間和精力履行委員會的工作職責， 勤勉盡責，切實有效地監督公司的審計工作，促進公司建立有效的 內部控制並提供真實、準確、完整的財務報告。 第三條 公司須為審計委員會提供必要的工作條件，審計委員會履行職責 時，公司管理層及相關部門須給予配合。 第二章 人員組成 1 第四條 審計委員會成員由 ...

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of RMB 130.27 million, representing a year-on-year increase of approximately 25% compared to RMB 104.70 million in 2024[4]. - The company incurred a net loss of RMB 1.79 billion for the fiscal year 2025, compared to a net loss of RMB 677.64 million in 2024[4]. - Cash and bank balances as of December 31, 2025, amounted to RMB 2.07 billion, a significant increase from RMB 394.92 million in 2024[4]. - The group's revenue for the year ended December 31, 2025, was RMB 130,267 thousand, representing an increase of 24.4% from RMB 104,703 thousand in 2024[77]. - The net loss for the year was RMB 1,794,528 thousand, compared to a net loss of RMB 677,641 thousand in 2024, reflecting a significant increase in losses[77]. - The adjusted net loss (non-IFRS measure) for the year ended December 31, 2025, was RMB 226.5 million, compared to RMB 249.7 million for the year ended December 31, 2024[68]. - The effective corporate tax rate for the company was 15% for the year, benefiting from its status as a "High-tech Enterprise" in China[93]. - The company reported a basic loss per share of RMB 6.07 for 2025, compared to RMB 2.62 for 2024, reflecting a worsening financial position[103]. Product Development and Clinical Trials - The company launched its first approved product, a KRAS G12C inhibitor, in 2024, which was included in the national medical insurance drug list in 2025[5]. - The company’s lead product, GFH375, entered the global first Phase III registration clinical trial for oral KRAS G12D inhibitors in November 2025, targeting metastatic pancreatic cancer[8]. - GFH375 demonstrated an overall response rate (ORR) of 57.7% and a disease control rate (DCR) of 88.5% in a study involving 26 evaluable NSCLC patients[11]. - The KROCUS study, combining Fluorouracil with Cetuximab, has shown an objective response rate (ORR) of 80% and a disease control rate (DCR) of 100% in 45 evaluable patients, with a median progression-free survival (mPFS) of 12.5 months[15]. - The company is developing a dual-target therapy for cachexia, which affects over 60% of pancreatic cancer patients, aiming to provide a new targeted treatment matrix for pancreatic cancer[14]. - The KROCUS study represents the world's first KRAS+EGFR first-line treatment for non-small cell lung cancer (NSCLC), which accounts for over 80% of lung cancer cases, with a mutation rate of nearly 30%[16]. - The company is advancing the first GDF15/IL-6 dual antibody therapy for cachexia, which is currently in I-phase clinical trials, targeting a significant unmet need in cancer and chronic disease patients[16]. - The oral STAT6 PROTAC degrader GFH946 is being developed to address the unmet needs in type 2 inflammatory diseases, showing superior in vitro activity compared to existing treatments[16]. - GFH375 is a small molecule oral KRAS G12D inhibitor, entering a Phase I/II clinical trial in China in June 2024 and a Phase III registration trial for metastatic pancreatic cancer in November 2025[21]. - The company has secured bank loans totaling RMB 83,901 thousand, with interest rates ranging from 2.25% to 2.75% for unsecured loans and 2.50% for secured loans[107][108]. Market Opportunities - The global market for KRAS inhibitors is expected to reach USD 7 billion by the end of 2025, with a peak sales forecast for RMC-6236 increasing from USD 230 million at the end of 2024 to USD 7 billion by the end of 2025[49]. - The KRAS G12D mutation accounts for approximately 30% of all KRAS mutations, with the market for KRAS G12D inhibitors projected to grow significantly, reaching USD 7.8 billion by 2034, with a CAGR of 35% over the next ten years[49]. - The global incidence of pancreatic cancer is expected to exceed 770,000 new cases by 2037, with a CAGR of 2.6% over the next ten years, indicating a significant market opportunity[52]. - The global pancreatic cancer drug market is projected to exceed RMB 93 billion by 2037, with a CAGR of 13.6% over the next decade[54]. Research and Development - The company has one of the most comprehensive RAS-targeted therapy matrices globally, including selective and pan-RAS inhibitors, with various molecular types such as small molecule inhibitors and antibody-drug conjugates[12]. - The pipeline includes various selective and pan-RAS inhibitors, as well as dual antibody therapies targeting cachexia, which are expected to bring new treatment options for pancreatic cancer[14]. - The company has obtained a total of 57 authorized patents by the end of 2025, covering Asia, Europe, and North America, which supports the uniqueness and technological advancement of its products[46]. - The company is developing a next-generation drug development platform, enhancing capabilities in target discovery, molecular optimization, and clinical development[45]. - The FAScon platform aims to expand from RAS pathway targeting to broader disease areas, exploring synergistic effects beyond molecular levels[45]. Corporate Governance and Management - The company completed its transition to a limited company and listed its H-shares on September 19, 2025, enhancing its corporate governance structure[111]. - Following a special resolution on February 9, 2026, the company abolished its supervisory board, transferring its powers to the audit committee, which reflects a shift in governance[117]. - Mr. Wu Dongcheng will resign as Co-Company Secretary effective March 24, 2026, with no disagreements with the board[119]. - Ms. Huang Meifeng has been appointed as Co-Company Secretary, Authorized Representative, and Legal Process Agent effective March 24, 2026[119]. - The company has received a new exemption from strict compliance with Listing Rules regarding Ms. Zhang's qualifications as Co-Company Secretary, effective March 24, 2026, until September 18, 2028[125]. Operational Efficiency - The company aims to reduce operational costs by 10% through improved efficiency measures implemented in Q2 2026[137]. - The company has achieved a disease control rate (DCR) of 70% in recent clinical trials, indicating strong efficacy of its leading product[135]. - The company is focusing on enhancing its intellectual property portfolio, with five new patents filed in the last quarter[136]. Strategic Partnerships and Collaborations - The company is actively pursuing international collaborations and partnerships to enhance product development and commercialization strategies, leveraging its diverse pipeline of small molecules and antibody-drug conjugates[55]. - The company’s collaboration partner, Verastem, exercised an option for GFH375 in January 2025, obtaining development and commercialization rights outside Greater China[10].

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分內容而產生或因依賴 該等內容引致的任何損失承擔任何責任。 GenFleet Therapeutics (Shanghai) Inc. 勁方醫藥科技（上海）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：2595） 前瞻性聲明 自願公告 將於 2026 年 AACR 年會上展示三款 RAS 通路相關的 大、小分子靶向藥臨床前研究數據 本公告由勁方醫藥科技（上海）股份有限公司（「本公司」或「勁方」，連同其附 屬公司統稱「本集團」）自願刊發，以知會本公司股東及潛在投資者有關本集團 最新業務動態。 本公司董事會（ 「董事會」）宣佈，本公司將於 2026 年 AACR 年會壁報環節展示 GFH276 （非降解性分子膠）、GFS784 （新型偶聯藥物，連接功能性抗體及機制協 同性靶向藥載荷）、GFH603 （類分子膠共價變構激活劑）三款產品的臨床前研究 數據 。本公司 RAS 療法矩陣聚焦多種選擇性和泛 RAS 抑制劑 ，亦持續關注 RAS 通路重要共突 ...

勁方醫藥科技（上海）股份有限公司（「本公司」）之董事會（「董事 會」）謹此宣佈，本公司將於2026年3月24日（星期二）舉行董事會會議， 旨在（其中包括）審議及批准本公司及其附屬公司截至2025年12月31日止 年度的年度業績及其刊發，以及考慮派發末期股息（如有）。 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分內容而 產生或因依賴該等內容引致的任何損失承擔任何責任。 GenFleet Therapeutics (Shanghai) Inc. 勁方醫藥科技(上海)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：2595) 董事會會議日期 呂強博士 香港，2026年3月12日 承董事會命 勁方醫藥科技（上海）股份有限公司 董事長兼執行董事 於本公告日期，本公司董事會包括： (i) 執行董事呂強博士、蘭炯博士及張巍女士； (ii) 非執行 董事朱競陽先生及陶莎女士；及 (iii) 獨立非執行董事盧韶華女士、周德敏博士及李波先生。 ...

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分內容而產生或因依賴 該等內容引致的任何損失承擔任何責任。 GenFleet Therapeutics (Shanghai) Inc. 勁方醫藥科技（上海）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：2595） 自願公告 本公司獲納入港股通（滬港通及深港通）證券名單 承董事會命 勁方醫藥科技（上海）股份有限公司 董事長兼執行董事 呂強博士 香港，2026年3月9日 1 本公告由勁方醫藥科技（上海）股份有限公司（「本公司」或「勁方」，連同其 附屬公司統稱「本集團」）自願刊發，以知會本公司股東及潛在投資者有關本集 團最新發展動態。 本公司董事會欣然宣佈，依據上海證券交易所及深圳證券交易所分別發出的公告， 本公司自2026年3月9日起，將獲納入港股通（滬港通及深港通）可投資證券名單。 本公司股票納入港股通後，將使中國內地符合資格的投資者可通過上海證券交易 所及深圳證券交易所直接投資本公司股票。 自2026年3月9日起，本公司還將同時獲恒生指數有限 ...

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 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 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02595 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 338,029,020 | RMB | | 0.1 RMB | | 33,802,902 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 338,029,020 | RMB | | 0.1 RMB | | 33,802,902 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | -- ...