Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of September 15, 2025 [1] Core Insights - The trend of Chinese innovative drugs going overseas continues, with a focus on selective opportunities. The report highlights that the global pharmaceutical transaction volume reached 456 deals in the first half of 2025, a 32% year-on-year increase, with upfront payments totaling $11.8 billion, a 136% surge, and total transaction value hitting $130.4 billion, up 58% year-on-year [2] - The report emphasizes the promising clinical data from Chinese innovative drugs presented at the World Lung Cancer Conference, particularly in the ADC (Antibody-Drug Conjugate) field, showcasing significant efficacy advantages [3] - The report discusses the potential of small nucleic acid drugs and innovative delivery systems, indicating new market opportunities arising from strategic collaborations between Chinese companies and multinational corporations [4] - The CXO (Contract Research Organization) sector is expected to gradually recover, with a notable increase in orders anticipated in the third quarter of 2025, driven by improved innovation environments and funding from license-out transactions [5] - The 2025 medical insurance negotiation and commercial insurance innovative drug directory work has commenced, with a focus on orphan drugs and breakthrough treatment varieties [6] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry underperformed the CSI 300 index by 1.75% in the past week, with a recent one-month increase of 3.32%, lagging behind the CSI 300 by 5.81% [22][26] - The medical device sector showed the highest weekly increase of 2.23%, while the chemical pharmaceutical sector experienced a decline of 2.57% [31] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index's current PE (TTM) stands at 40.60, above the five-year historical average of 31.60 [46] - The report notes that the pharmaceutical sector has shown a 15.06% increase over the past three months, outperforming the CSI 300 by 16.11% [43] 3. Recent Research Achievements - The report outlines recent research achievements by the Huaxin pharmaceutical team, including various in-depth and commentary reports on innovative drug developments and market trends [50] 4. Recent Industry Policies and News - The report details recent policy updates from the National Healthcare Security Administration regarding the 2025 drug directory adjustments and the approval of new drug applications [52][55]

基石药业-B(02616)涨超4%，截至发稿，涨4.3%，报10.43港元，成交额1.09亿港元。 消息面上，基石药业今早宣布，公司自身免疫与炎症领域管线之一CS2015（OX40L/TSLP双特异性抗 体）入选2025年美国过敏，哮喘和免疫学会（ACAAI）年度科学会议，并将以"电子壁报演示+现场口 头汇报"的形式展出。本次大会将于11月6日至10日在美国奥兰多举行。据悉，CS2015是一款同时靶向 OX40L和TSLP的潜在同类首创/同类最佳双特异性抗体，通过双重抑制Th2介导炎症反应的关键调控因 子，为特应性皮炎（AD）、哮喘、慢性阻塞性肺病（COPD）等2型炎症性疾病提供新治疗策略。 国投证券此前指出，公司早期管线中，ADC产品管线CS5007（EGFR/HER3双特异性ADC）、CS5008 （DLL3/SSTR2双特异性ADC）、CS5005（SSTR2 ADC）、CS5006（ITGB4ADC）以及CS5009 （B7H3/PD-L1双特异性ADC）等，以及自免管线中CS2013（BAFF/APRIL双特异性抗体）、CS2015 （OX40L/TSLP双特异性抗体）等均为具备较高潜力的差异化品种 ...

Core Viewpoint - Company shares of 基石药业-B (02616) rose over 4%, currently at 10.43 HKD with a trading volume of 109 million HKD, following the announcement of its CS2015 dual-specificity antibody being selected for presentation at the 2025 ACAAI annual scientific meeting in Orlando [1] Group 1: Company Pipeline and Developments - CS2015, a dual-specificity antibody targeting OX40L and TSLP, is recognized for its potential as a first-in-class/best-in-class treatment for type 2 inflammatory diseases such as atopic dermatitis, asthma, and chronic obstructive pulmonary disease [1] - The upcoming ACAAI conference will take place from November 6 to 10 in Orlando, where CS2015 will be showcased through an electronic poster presentation and live oral report [1] Group 2: Market Potential and Clinical Advancements - 国投证券 highlighted that the early pipeline of the company includes several promising ADC products such as CS5007, CS5008, CS5005, CS5006, and CS5009, along with autoimmune pipeline products like CS2013 and CS2015, indicating a strong potential for differentiated offerings [2] - The clinical advancement of these products is expected to be closely monitored due to their high potential in the market [2]

基石药业9月15日公告，公司自身免疫与炎症领域管线之一CS2015（OX40L/TSLP双特异性抗体）入选 2025年美国过敏、哮喘和免疫学会（ACAAI）年度科学会议。CS2015是一款同时靶向OX40L和TSLP的 潜在同类首创/同类最佳双特异性抗体，通过双重抑制Th2介导炎症反应的关键调控因子，为特应性皮炎 （AD）、哮喘、慢性阻塞性肺病（COPD）等2型炎症性疾病提供新治疗策略。 ...

人民财讯9月15日电，基石药业9月15日在港交所公告，公司自身免疫与炎症领域管线之一 CS2015(OX40L/TSLP双特异性抗体)入选2025年美国过敏，哮喘和免疫学会(ACAAI)年度科学会议，并 将以"电子壁报演示+现场口头汇报"的形式展出。本次大会将于11月6日至10日在美国奥兰多举行。 CS2015是一款同时靶向OX40L和TSLP的潜在同类首创/同类最佳双特异性抗体，通过双重抑制Th2介导 炎症反应的关键调控因子，为特应性皮炎(AD)、哮喘、慢性阻塞性肺病(COPD)等2型炎症性疾病提供新 治疗策略。 ...

Core Viewpoint - Company announced that its pipeline asset CS2015, a dual-specific antibody targeting OX40L and TSLP, has been selected for presentation at the 2025 American College of Allergy, Asthma and Immunology (ACAAI) Annual Scientific Meeting, scheduled for November 6-10 in Orlando, USA [1] Group 1: Product Development - CS2015 is a potential first-in-class/best-in-class dual-specific antibody that targets both OX40L and TSLP [1] - The antibody aims to provide new treatment strategies for type 2 inflammatory diseases such as atopic dermatitis (AD), asthma, and chronic obstructive pulmonary disease (COPD) by dual inhibition of key regulatory factors involved in Th2-mediated inflammatory responses [1]

Core Viewpoint - Company’s CS2015, a dual-specific antibody targeting OX40L and TSLP, has been selected for presentation at the 2025 ACAAI Annual Scientific Meeting, highlighting its potential in treating type 2 inflammatory diseases [1] Group 1: Product Development - CS2015 is a potential first-in-class/best-in-class dual-specific antibody that targets both OX40L and TSLP [1] - The antibody aims to provide new treatment strategies for atopic dermatitis (AD), asthma, and chronic obstructive pulmonary disease (COPD) by dual inhibition of key regulatory factors in Th2-mediated inflammatory responses [1] Group 2: Conference Participation - The ACAAI Annual Scientific Meeting will take place from November 6 to 10 in Orlando, USA, where CS2015 will be showcased through an electronic poster presentation and live oral presentation [1]

Core Viewpoint - Company Basilea Pharmaceutica has announced that its pipeline candidate CS2015 has been selected for presentation at the 2025 ACAAI Annual Scientific Meeting, highlighting its potential in treating type 2 inflammatory diseases [1] Group 1: Product Development - CS2015 is a dual-specific antibody targeting both OX40L and TSLP, representing a potential first-in-class or best-in-class therapy [1] - The drug aims to provide new treatment strategies for atopic dermatitis (AD), asthma, and chronic obstructive pulmonary disease (COPD) by dual inhibition of key regulatory factors in Th2-mediated inflammatory responses [1] Group 2: Event Participation - The ACAAI Annual Scientific Meeting will take place from November 6 to 10 in Orlando, USA, where CS2015 will be showcased through an electronic poster presentation and live oral presentation [1]

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，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 本公告所作出的前瞻性陳述僅與本文作出該陳述當日的事件或資料有關。除法律規定外，於作出前 瞻性陳述當日之後，無論是否出現新資料、未來事件或其他情況，我們並無責任更新或公開修改任 何前瞻性陳述及預料之外的事件。請細閱本公告，並理解我們的實際未來業績或表現可能與預期有 重大差異。本公告中有關我們或任何董事及╱或本公司的意向的陳述或提述乃於本公告刊發日期作 出。任何該等意向均可能因未來發展而出現變動。 基石 藥業將攜 C S 2 0 1 5 （ O X 4 0 L / T S L P雙特 異性抗體 ）亮相 A C A A I 2 0 2 5 本公告乃由基石藥業(「本公司」連同其附屬公司統稱(「本集團」或「基石藥業」)自願作出， 以使本公司股東及潛在投資者瞭解本集團的最新業務發展。 …………………………………………………………………………………………… 基石藥業今日宣佈公司自身免疫與炎症領域管線之一CS2015（ ...

Industry Insights - The U.S. government, under President Trump, is reportedly discussing measures to restrict Chinese pharmaceuticals, including drafting an executive order aimed at limiting the entry of innovative Chinese drugs into the U.S. market [1] - Goldman Sachs' latest report indicates that this situation could introduce "headline risk" to the Chinese biotech and pharmaceutical sector, potentially increasing stock price volatility [1] Company Specifics - Shares of 基石药业-B (2616.HK) experienced a significant drop of 22.88%, reaching a low of 9.1 HKD, marking the lowest point since August 25 [1] - Recent disclosures from the Hong Kong Stock Exchange reveal that non-executive director 胡正国 sold 223,000 shares at an average price of 12.007 HKD per share on September 5, totaling approximately 2.678 million HKD. Following this transaction, his ownership percentage decreased from 0.18% to 0.17% [1]