智通财经APP获悉，基石药业-B(02616)再涨超5%，截至发稿，涨4.8%，报10.7港元，成交额3.01亿港 元。 值得注意的是，公司战略合作持续落地。西南证券指出，舒格利单抗于2025年3月向欧洲药品管理局 （EMA）递交新适应症申请，用于治疗不可切除的、Ⅲ期NSCLC、同步或序贯放化疗后未出现疾病进 展的患者。2025年1月，公司与SteinCares就10个拉丁美洲国家达成商业化战略合作，于2025年7月与 Gentili就西欧23个国家及英国达成战略合作。目前，舒格利单抗的国际影响力已拓展至全球60多个国 家。 消息面上，根据香港联交所8月20日披露的文件，8月18日，新加坡政府投资公司(GIC)增持基石药业 8,040万股普通股股份，每股均价7.9港元，价值约6.35亿港元。增持后，新加坡政府投资公司最新持仓 比例由0.00%升至5.49%。 ...

智通财经获悉，基石药业-B(02616)再涨近5%，截至发稿，涨4.39%，报9.52港元，成交额7804.76万港 元。 消息面上，根据香港联交所8月20日披露的文件，8月18日，新加坡政府投资公司(GIC Private Limited)增 持基石药业8,040万股普通股股份，每股均价7.9港元，价值约6.35亿港元。增持后，新加坡政府投资公 司最新持仓比例由0.00%升至5.49%。 值得注意的是，基石药业发布中期业绩，该集团取得收入人民币4945.1万元，同比减少80.54%；研发开 支1.05亿元，同比增加58.75%；期内亏损2.7亿元。公告称，为筹备国家医保药品目录谈判，公司对普 拉替尼进行价格调整。若获纳入国家医保目录，预计普拉替尼于2026年及以后的销售增长收益将抵消对 收入的短期负面影响。此外，公司在2025年上半年并无订立重大外部授权安排，但公司在2025年7月与 Gentili订立一项重大外部授权协议，预期将于2025年下半年获得授权费收入。 本文源自智通财经网 ...

Group 1 - The stock of Basilea Pharmaceutica Ltd. (02616) increased by over 8%, reaching HKD 8.74 with a trading volume of HKD 11.72 million [1] - Singapore's Government Investment Corporation (GIC Private Limited) increased its stake in Basilea by acquiring 80.4 million shares at an average price of HKD 7.90 per share, totaling approximately HKD 635 million, resulting in a new holding of 5.49% [1] - Basilea reported a significant decline in revenue for the first half of the year, amounting to RMB 49.45 million, a decrease of 80.54% year-on-year, while R&D expenses rose by 58.75% to RMB 105 million, leading to a loss of RMB 270 million [1] Group 2 - Basilea's preclinical pipeline includes over nine potential candidates, focusing on FIC/BIC research across oncology, autoimmune, and inflammatory diseases [2] - The company has developed an innovative internal ADC technology platform that enhances the release of payloads selectively targeting tumors, supporting multiple ADC products in its pipeline [2] - The platform is expected to provide ongoing momentum for the company's future development [2]

智通财经APP获悉，中共中央政治局常委、国务院总理李强8月20日在北京调研生物医药产业发展情 况。他强调，要深入贯彻习近平总书记关于生物医药产业发展的重要指示精神，加大高质量科技供给和 政策支持，充分发挥企业创新主体作用，着力推动生物医药产业提质升级，研发生产更多优质高效的好 药新药，不断增进人民健康福祉。相关概念股：基石药业-B(02616)、和誉-B(02256)、和铂医药 (02142)、信达生物(01801)。 调研中，李强主持召开座谈会。听取有关企业和投资、研发、医疗机构负责人发言后，李强指出，生物 医药产业既是战略性新兴产业，也事关人民健康福祉。要加强原始创新和关键核心技术攻关，发挥政府 和市场两方面作用，充分调动各类资源，凝聚创新合力，尽快取得更大突破。要注重运用人工智能全面 赋能产业发展，提高药物研发、临床试验、诊断治疗、生产流通等环节智能化水平。要强化产品研发、 审评审批、管理使用等政策衔接和协同配合，优化药品集采和谈判议价机制，加大高水平创新药应用指 导力度。李强强调，要依靠创新促进中医药振兴发展，充分运用现代科学的理论、技术、材料等，深化 中医药基础理论、诊疗规律、作用机理的研究阐释，丰 ...

| 股份代號: | 02616 | | --- | --- | | 上市法國名稱: | 基石藥業 - B | | 日期 (日 / 月 / 年): | 21/07/2025 - 21/08/202 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的買入 / 費出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | | ( 請參閱上述 * 註 有投票權股 期 (日 / 月 / 份權益 | | | | | | | | 份自分比 年) | | | CS20250820E00015 | GIC Private Limited | 1001(L) | 80.400,000(L) | HKD 7.9000 | 80.400.000(L) | 5.49(L) 18/08/2025 | 格隆汇8月21日丨根据联交所最新权益披露资料显示，2025年8月18日，基石药业-B(02616.HK)获GIC Private Limited在场内以每股均价7 ...

Investment Rating - The report maintains an investment rating of "B" for the biopharmaceutical industry, indicating that it is expected to outperform the market [1][3]. Core Insights - The report highlights that tumor immunotherapy (IO) is a cornerstone treatment for non-small cell lung cancer (NSCLC), with next-generation IO therapies based on PD-1/L1 monoclonal antibodies showing promise when combined with VEGF, IL-2, ADC, and CTLA-4 to overcome immune resistance and improve survival rates [3][4]. - PD-1/VEGF dual antibodies have demonstrated significant clinical benefits in first-line progression-free survival (PFS) and overall survival (OS) settings, while PD-L1 ADCs offer new options for immune-resistant cases [3][4]. - The report notes that the combination of PD-1/VEGF dual antibodies with chemotherapy has outperformed PD-1 monoclonal antibodies combined with chemotherapy in clinical trials [3][4]. Summary by Sections Tumor Immunotherapy Developments - The report discusses the efficacy of various ADC drugs in NSCLC, including TROP2, EGFR×HER3, and PD-L1 ADCs, which have shown outstanding results [3]. - PD-1/VEGF dual antibodies have reached PFS endpoints in clinical trials for squamous NSCLC, with an overall response rate (ORR) of 71.4% and a median duration of response (mDOR) of 12.7 months [4]. Clinical Trial Results - In first-line PD-L1 positive NSCLC, the ORR for the 707 single-agent treatment was 70.8%, while the combination with chemotherapy yielded an ORR of 58.3% for non-squamous and 81.3% for squamous NSCLC [4]. - The report also highlights the significant OS benefits observed with the PD-1/IL-2α-bias dual antibody fusion protein IBI363 in previously treated squamous NSCLC, achieving a median OS of 15.3 months [5]. Emerging Therapies - The PD-L1 ADC HLX43 has shown an ORR of 31.9% in CPI-treated NSCLC, with a notable 47.4% ORR in the EGFR wild-type non-squamous NSCLC subgroup [6]. - The report emphasizes the potential of the PD-1/VEGF/CTLA-4 triple antibody CS2009, which has demonstrated anti-tumor activity in early clinical trials [6].

Group 1 - The core viewpoint of the article highlights the recent stock performance of Basilea Pharmaceutica Ltd. (02616), which experienced a decline of 2.69% to 9.03 HKD per share, with a trading volume of 9.65 billion HKD [1] - Basilea is a biopharmaceutical company focused on the research and development of anti-tumor drugs, having successfully launched four innovative drugs and received approval for 16 new drug applications [1] - The company currently has 16 potential innovative drugs and operates across the entire chain from research and development to commercialization [1] Group 2 - As of the mid-year report in 2025, Basilea reported total revenue of 49.451 million HKD and a net loss of 270 million HKD [2]

Group 1 - Domestic economic data shows a decline in growth rates for industrial production, investment, and social consumption in July, all falling below expectations [1][25] - The central bank's monetary policy report indicates a shift from "increasing credit supply" to "stabilizing support," reflecting a cautious approach to credit issuance [1][25] - The U.S. core CPI growth in July exceeded expectations, with a year-on-year increase of 3.1%, leading to a high probability of a rate cut by the Federal Reserve in September [1][26] Group 2 - The quantitative timing system indicates that the market is in an upward trend, with a significant positive money-making effect, suggesting continued inflow of mid-term incremental capital [2] - The industry allocation model recommends focusing on sectors benefiting from policy support, such as innovative pharmaceuticals, securities insurance, and technology [2] - The overall liquidity environment remains comfortable, with low interest rates expected to persist, despite minor fluctuations due to tax periods [3] Group 3 - The medical device sector saw a significant year-on-year increase in bidding amounts, with July's total reaching 12.643 billion yuan, a 20% increase [18] - Domestic brands like Mindray Medical experienced substantial growth in bidding amounts, particularly in PET/CT devices, which saw a 536% increase year-on-year [18] - The agricultural chemical industry may benefit from the U.S. imposing higher tariffs on Indian imports, potentially favoring Chinese pesticide exports [17] Group 4 - North汽蓝谷 (600733) is experiencing a recovery in revenue, with a 150.75% year-on-year increase in Q1 2025, driven by deepening collaboration with Huawei [15] - The company is positioned in the high-end electric vehicle market, with plans to release new models that could enhance market coverage and revenue potential [15] - The target market capitalization for North汽蓝谷 is set at 707 billion yuan, with a target price of 12.68 yuan per share, indicating a potential upside of 47% [15] Group 5 - The consumer electronics sector is optimistic about the potential exemption of the 232 tariffs on Apple products, which could enhance valuations across the supply chain [8] - The rapid development of AI applications is creating a new paradigm in the consumer electronics market, with significant user engagement and growth in various AI application categories [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 12.55 per share, indicating an expected relative return of over 20% within the next six months [5][13]. Core Insights - The company is focusing on the potential of next-generation immuno-oncology therapies, particularly the CS2009 (PD-1/VEGF/CTLA-4) which is expected to show promising efficacy and safety data at the upcoming ESMO conference [2]. - The sales of Pralsetinib have significantly declined due to price adjustments and one-time channel compensations in preparation for national medical insurance negotiations, but successful inclusion in the insurance directory is anticipated to accelerate sales growth post-2026 [1]. - The clinical pipeline is expanding with multiple candidates, including CS5001 (ROR1 ADC), which is progressing steadily through clinical trials and is expected to broaden its indications [3][4]. Summary by Sections Financial Performance - For the first half of 2025, the company reported revenue of RMB 49.4 million, with a significant decline in Pralsetinib sales due to price adjustments [1]. - The revenue and profit forecasts for 2025-2027 have been adjusted, with expected revenues of RMB 123 million, RMB 829 million, and RMB 1.125 billion, reflecting year-on-year growth rates of -68.25%, 575.37%, and 35.81% respectively [5]. Clinical Development - CS2009 is undergoing a global multi-center I/II clinical trial, with safety and efficacy data expected to be presented at the ESMO conference in October 2025 [2]. - CS5001 is actively recruiting patients for various treatment combinations, showing no dose-limiting toxicities (DLT) thus far, and is expected to expand into Phase II studies [3]. Pipeline Expansion - The company has over nine potential candidates in its preclinical pipeline, focusing on multi-specific antibodies and ADCs, which cover oncology, autoimmune, and inflammatory diseases [4].

Core Viewpoint - 基石药业 reported a significant decline in revenue while increasing R&D expenditure, indicating a focus on future growth despite current losses [1] Financial Performance - The company achieved revenue of RMB 49.451 million, a year-on-year decrease of 80.54% [1] - R&D expenses amounted to RMB 105 million, reflecting a year-on-year increase of 58.75% [1] - The net loss for the period was RMB 270 million [1] - As of June 30, the company had cash and cash equivalents totaling RMB 652.8 million [1] Strategic Developments - The company completed a placement in July 2025, raising net proceeds of approximately RMB 425.79 million [1] - To prepare for negotiations for inclusion in the national medical insurance drug list, the company adjusted the price of its drug, Pralsetinib [1] - If Pralsetinib is included in the national medical insurance list, the expected sales growth from 2026 onwards is anticipated to offset the short-term negative impact on revenue [1] - In the first half of 2025, the company did not enter into any significant external licensing agreements, but it signed a major external licensing agreement with Gentili in July 2025, with expected licensing fee income in the second half of 2025 [1]