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。 CStone Pharmaceuticals 基石藥業 （股份代號：2616） 董事會會議日期 基石藥業（「本公司」）董事（「董事」）會（「董事會」）謹此公佈，董事會會議將於二 零二五年八月十四日（星期四）舉行，藉以（其中包括）考慮及批准本公司及其附屬 公司截至二零二五年六月三十日止六個月之未經審核中期業績及其發佈，並考慮 派發中期股息（如有）。 承董事會命 基石藥業 李偉博士 主席 中華人民共和國，蘇州，二零二五年八月四日 於本公告刊發日期，董事會包括主席兼非執行董事李偉博士、執行董事楊建新博 士、非執行董事Kenneth Walton Hitchner III先生及胡正國先生以及獨立非執行董 事胡定旭先生及何曄女士。 （於開曼群島註冊成立的有限公司） ...

Investment Rating - The report indicates a positive outlook for the autoimmune therapy market, suggesting significant growth potential and investment opportunities in the sector [8]. Core Insights - The autoimmune market is the second largest after oncology, with a global market size of $132.3 billion in 2022, projected to reach $176.7 billion by 2030, reflecting a compound annual growth rate (CAGR) of 3.68% from 2022 to 2030 [8]. - The report highlights the potential for multi-target interventions to enhance treatment efficacy in autoimmune diseases, transitioning from monoclonal antibodies to bispecific and multispecific antibodies [19]. - The report emphasizes the significant market space for autoimmune therapies in China, where the autoimmune market size was only $2.9 billion in 2022, representing just 8% of the oncology market size of $34.7 billion, indicating substantial room for growth [8]. Market Overview - The global autoimmune drug market is expected to grow significantly, with the market size projected to increase from $1,323 million in 2022 to $1,767 million by 2030 [8]. - The report provides a detailed analysis of various autoimmune diseases, their prevalence, and the corresponding patient populations globally, including conditions like atopic dermatitis, chronic obstructive pulmonary disease, and rheumatoid arthritis [6][11]. Clinical Research Progress - The report outlines advancements in clinical research for dual-target and multi-target therapies, indicating a shift towards more effective treatment options for complex autoimmune diseases [19][22]. - It discusses the development of several blockbuster monoclonal antibody drugs in the autoimmune sector, with projected sales for top drugs in 2024, including Dupilumab at $14.15 billion and Risankizumab at $11.72 billion [9]. Key Companies to Watch - The report identifies key companies involved in the development of autoimmune therapies, including Sanofi, AbbVie, and Johnson & Johnson, highlighting their leading products and market positions [9][25].

Investment Rating - The report maintains a positive outlook on the pharmaceutical and biotechnology industry, emphasizing the transition from "Made in China" to "Created in China" for innovative drugs [10]. Core Insights - The report highlights that domestic innovative drugs are gaining global competitiveness and are currently in the first and second stages of international expansion, primarily through licensing agreements and partnerships [10][12]. - The report identifies key areas of focus for investment, including PD-(L)1 plus, ADCs, and GLP-1 drugs, which are expected to drive future growth and business development (BD) opportunities [10][51]. Summary by Sections Section 1: Transition from "Manufacturing" to "Innovation" - The policy reforms initiated in 2015 have stimulated a shift from generic to innovative drug development in China, with significant increases in R&D investment since 2018 [19][21]. - The number of First-in-Class (FIC) drugs developed in China has risen from 9 in 2015 to 120 in 2024, indicating a substantial increase in innovation [25][26]. Section 2: Continued BD Opportunities - PD-(L)1 plus is identified as a cornerstone for next-generation cancer treatments, with significant demand and potential for new products [51]. - The report notes that ADCs are transitioning towards more differentiated targets, focusing on unmet clinical needs, with promising candidates like PD-L1, DLL3, and EGFR [51]. - The GLP-1 market is experiencing rapid growth, with a focus on multi-target, oral, combination, and long-acting formulations [51]. Section 3: Investment Recommendations - For PD-(L)1 plus, companies such as Kangfang Biotech, Shansheng Pharmaceutical, and Junshi Biosciences are recommended for investment due to their strong pipelines [5]. - In the ADC space, companies like Fuhong Hanlin and Zai Lab are highlighted for their potential in addressing unmet clinical needs [5]. - In the GLP-1 sector, firms such as Borui Pharmaceutical and Zai Lab are noted for their promising developments [5].

Core Viewpoint - The announcement by the company highlights its participation in the upcoming ESMO conference, where it will present significant clinical research data for its key products CS2009 and CS5001, indicating a strong focus on advancing its oncology pipeline [1] Group 1: Product Development - CS2009 is a potential first-in-class/best-in-class trispecific antibody targeting PD1/VEGF/CTLA-4, with ongoing global multi-center Phase I dose escalation and expansion studies actively recruiting patients in Australia and China, with plans to expand to the US for Phase II enrollment [1] - The company will present the Phase Ia clinical research data for CS2009 at the ESMO conference, marking it as one of the first global reports on clinical data for PD1/VEGF/CTLA-4 trispecific antibodies [1] Group 2: Clinical Trials - CS5001 is the first known ROR1 ADC to demonstrate clinical efficacy in both lymphoma and solid tumors, with its clinical development progress ranking among the top two globally [1] - The global multi-center Phase Ib clinical trial for CS5001 is concurrently advancing in the US, Australia, and China, with the company set to unveil the ongoing Phase Ib study design at the ESMO conference [1]

Core Insights - The report maintains a positive outlook on small molecule drug conjugates (SMDCs) and related companies, highlighting their potential in cancer treatment due to their ability to enhance efficacy while reducing toxicity [1][5][17] - The report emphasizes the clinical advantages of SMDCs, including better tumor penetration, reduced toxicity to normal cells, and easier control over synthesis and costs compared to antibody-drug conjugates (ADCs) [5][11][12] - The report identifies domestic biopharmaceutical companies, particularly Affinivax, as leaders in the SMDC space, showcasing significant advancements in innovative cancer drug development [5][12][17] Industry Overview - The pharmaceutical and biotechnology sector has shown a relative price-to-earnings (P/E) ratio of 51.14 as of July 25, 2025, which is significantly higher than its historical low of 24.38, indicating a premium valuation compared to the broader market [19] - The report notes that the healthcare sector's valuation is 279% higher than the Shanghai Composite Index, reflecting strong investor interest and confidence in the industry [19] - Recent market performance indicates a 1.90% increase in the pharmaceutical and biotechnology sector from July 21 to July 25, 2025, ranking it 16th among 27 sub-industries [26][29] Company Focus - The report suggests monitoring companies involved in the SMDC space, including Affinivax, and those collaborating with them, such as Innovent Biologics and others, which are expected to benefit from the growing interest in innovative cancer therapies [5][17][18] - Specific companies highlighted for their innovative drug development capabilities include Innovent Biologics, Shunyi Pharmaceutical, and others, which are positioned to capitalize on the advancements in SMDC technology [5][18]

Core Viewpoint - The company, Basilea Pharmaceutica, announced that it will present the latest clinical research data for its key product CS2009 (a PD1/VEGF/CTLA-4 tri-specific antibody) and the global multi-center Phase Ib study design for CS5001 (ROR1ADC) at the ESMO conference [1] Group 1 - Basilea will unveil significant clinical research findings for CS2009 at the ESMO conference [1] - The company will also present the study design for CS5001, indicating ongoing development in its pipeline [1]

Core Insights - 基石药业 has demonstrated strong growth in 2023, with total revenue reaching 261.5 million yuan in the first half, and commercial product revenue increasing by 53% year-on-year to 246.9 million yuan [1] Group 1: Business Performance - The company has established a robust management team with extensive experience in new drug research, clinical development, and commercial operations [1] - In the first half of 2023, the company reported significant progress in multiple research pipelines [2] Group 2: Product Development and Market Expansion - Since its inception, 基石药业 has focused on the research and commercialization of innovative drugs, launching several new products in 2023 and advancing early-stage self-developed pipeline products [3] - The company is actively pursuing international expansion, with several products accelerating their entry into major overseas markets such as the EU and the US [3] Group 3: Accessibility and Affordability - 基石药业 has expanded its reach to over 850 hospitals across more than 180 cities in China, enhancing the accessibility of its precision treatment drugs [4] - The company has successfully included three drugs in major commercial and government insurance plans across several regions, covering a population of over 100 million [4] - Initiatives such as price reductions and patient assistance programs have been implemented to alleviate the financial burden on patients [4] Group 4: Strategic Partnerships - In 2023, 基石药业 has made significant strides in strategic collaborations, partnering with industry associations and professional companies to enhance commercialization efficiency [5] - Notable partnerships include a strategic collaboration with a subsidiary of 三生制药 to leverage clinical development and commercialization strengths [5] - The company has also sold exclusive rights to an innovative drug in China and Singapore to a French pharmaceutical company, allowing it to focus on developing more innovative drugs [5] Group 5: Future Outlook - The company aims to continue its commitment to clinical value-driven new drug development, providing high-quality innovative drugs that are both accessible and affordable for users [6]

Investment Rating - The report maintains an investment rating of "Leading the Market-B" for the biopharmaceutical industry [1]. Core Insights - CS2009, a tri-specific antibody developed by the company, shows good dose escalation tolerance and anti-tumor activity in "cold tumors" and patients previously treated with PD-(L)1 [1][6]. - The clinical trials for CS2009 include various cancers such as non-small cell lung cancer (NSCLC), liver cancer, gastric cancer, endometrial cancer, ovarian cancer, renal cell carcinoma, colorectal cancer, and cervical cancer [3][4]. - The report highlights that CS2009 has superior preclinical data compared to similar drugs, indicating significant improvements in progression-free survival (PFS) and overall survival (OS) for NSCLC patients [5]. Summary by Sections Clinical Data - CS2009's phase I clinical trial has shown good tolerance, with no dose-limiting toxicities observed at the fourth dose level (20 mg/kg, Q3W) [6]. - The ongoing global phase I/II clinical trials are recruiting patients in Australia and China, with plans to expand to the United States [6]. Mechanism of Action - CS2009 combines PD-1, CTLA-4, and VEGFA, enhancing anti-tumor effects by activating T cells and neutralizing VEGFA [3][4]. - The report notes that CS2009's combination therapy shows a 150-fold increase in checkpoint inhibition activity compared to other combinations [4]. Market Potential - The report suggests that CS2009 could potentially replace existing PD-(L)1-based therapies, offering benefits in both PFS and OS [3][5]. - The anticipated data from the phase I trial is expected to be presented at an international academic conference in Q4 2025 [3].

Core Viewpoint - The innovative drug sector is experiencing a significant surge in stock prices, driven by positive news and market momentum, with both A-shares and Hong Kong stocks showing substantial gains in related companies [1][2][3]. Group 1: Market Performance - On July 17, A-shares saw a collective rise, with the Shanghai Composite Index up by 0.37%, the Shenzhen Component up by 1.43%, and the ChiNext Index up by 1.76% [1]. - The innovative drug sector led the market, with nearly 20 related stocks hitting the daily limit or rising over 10%, including Chengdu XianDai, Saily Medical, and Lisheng Pharmaceutical [1][3]. Group 2: Positive News and Developments - A recent report indicated that the innovative drug "Qiruisuo Wei," developed in China for treating respiratory syncytial virus, has been included in the World Health Organization's priority list for children's medications, potentially providing accessible and affordable treatment for children globally [4][5][6]. - The WHO's initiative aims to accelerate the development of urgently needed children's medications, highlighting the critical need for effective treatments for respiratory syncytial virus, which causes millions of infections and significant mortality among young children each year [5]. Group 3: Policy Support - The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, including increasing support for R&D, facilitating access to insurance coverage, and enhancing clinical application [8]. - The introduction of a commercial health insurance directory for innovative drugs marks a significant step in expanding the role of commercial insurance in the multi-tiered healthcare system, providing more opportunities for high-priced innovative drugs [9][10]. Group 4: Industry Outlook - Analysts predict that the domestic innovative drug industry may reach a turning point in 2025, shifting from capital-driven growth to profit-driven growth, presenting opportunities for both performance and valuation recovery [11]. - China's share in global innovative drug business development transactions is expected to increase significantly, with a notable rise in the number and value of projects, particularly in areas like ADC and bispecific antibodies [12].

Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong pharmaceutical stocks, particularly WuXi AppTec, which saw a rise of 9.52% [1] - Other notable gainers include WuXi Biologics, which increased by 7.19%, Zai Lab, which rose by 6.78%, and Cornerstone Pharmaceuticals, which experienced a growth of 5.81% [1]