Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The report highlights significant developments in the overseas pharmaceutical sector, including the collaboration between Insilico Medicine and Heng Tai Biopharma to develop a novel NLRP3 inhibitor for central nervous system diseases [2][6]. - The report notes that MicroPort Robotics expects a revenue growth of approximately 110%-120% year-on-year for 2025, with an adjusted net loss not exceeding 240 million yuan, representing a reduction of over 50% [5][6]. - GSK has reached a final agreement to acquire RAPT Therapeutics for approximately 2.2 billion USD, focusing on a long-acting monoclonal antibody currently in clinical trials [7][8]. Summary by Sections 1. Overseas Pharmaceuticals - Insilico Medicine and Heng Tai Biopharma have entered a partnership to develop ISM8969, a novel oral NLRP3 inhibitor, with both companies holding 50% global rights [2][6]. - The Hong Kong Stock Exchange has approved the full circulation of 182,645,856 H shares for Fuhong Hanlin, representing about 33.61% of the company's total issued shares as of January 19 [2][6]. - The new drug application for TLX591-CDx, a radiopharmaceutical for prostate cancer diagnosis, has been accepted by the NMPA [2][6]. 2. Company Updates - MicroPort Robotics has reported over 180 commercial orders and more than 120 installations globally as of January 21 [5][6]. - Legend Biotech, a joint venture of Genscript Biotech, reported a trade sales net of approximately 555 million USD for the quarter ending December 31, 2025 [5][6]. - GSK's acquisition of RAPT Therapeutics includes a payment of 58.00 USD per share, with an expected upfront investment of 1.9 billion USD after cash adjustments [7][8]. 3. Market Performance - The Hang Seng Healthcare Index fell by 4.35%, underperforming the Hang Seng Index by 3.26 percentage points [4]. - The report indicates a strong performance in the overseas education sector, with GMV for Dongfang Zhenxuan reaching approximately 310 million yuan, a 42.8% increase week-on-week [15][16]. 4. Recommendations - The report suggests focusing on innovative drugs and the ongoing clinical progress of key pipelines from companies such as BeiGene, Innovent Biologics, and others [12]. - It also recommends monitoring the performance of educational companies like Dongfang Zhenxuan and China Oriental Education, which are expected to benefit from improved operational strategies and increased enrollment [16].

Investment Rating - The report maintains a "Positive" outlook on the overseas pharmaceutical sector, highlighting significant developments and collaborations in the industry [1]. Core Insights - The collaboration between Insilico Medicine and Heng Tai Biologics to develop an innovative brain-penetrating NLRP3 inhibitor is a key highlight, with potential applications in treating central nervous system diseases [2][7]. - The approval of full circulation for Fuhong Hanlin's H shares is noted, which involves a significant number of shares and stakeholders [2][7]. - The report emphasizes the strong revenue growth projections for companies like MicroPort Robotics and King’s Ray Biotech, with expected revenue increases of approximately 110%-120% year-on-year for 2025 [6][10]. Summary by Sections 1. Overseas Pharmaceuticals - Insilico Medicine and Heng Tai Biologics have entered a partnership to develop ISM8969, a novel oral NLRP3 inhibitor, with a 50% global rights share and potential milestone payments exceeding HKD 500 million [2][7]. - Fuhong Hanlin's H shares have received approval for full circulation, involving 182,645,856 shares, which represents about 33.61% of the company's total issued shares [2][7]. 2. Company Performance Updates - MicroPort Robotics anticipates a revenue increase of 110%-120% for 2025, with adjusted net losses expected to narrow by over 50% [6][10]. - King’s Ray Biotech's joint venture, Legend Biotech, is projected to generate approximately USD 555 million in trade sales for the quarter ending December 31, 2025 [6][10]. 3. Recent Developments in Overseas Pharmaceutical Companies - GSK has reached an agreement to acquire RAPT Therapeutics for approximately USD 2.2 billion, focusing on a long-acting IgE monoclonal antibody currently in clinical trials [3][8]. - Corvus has reported positive results from a Phase I trial of its ITK inhibitor for moderate to severe atopic dermatitis, showing good safety and efficacy [3][9]. - Eli Lilly's FRα ADC has received breakthrough therapy designation from the FDA for treating platinum-resistant ovarian cancer [3][9]. 4. Recommendations - The report suggests monitoring innovative drug companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and Fuhong Hanlin [13]. - It also highlights the importance of ongoing clinical progress in innovative pipelines for pharmaceutical companies transitioning towards innovation [13].

Core Viewpoint - Fosun Pharma's subsidiary, Fuhong Hanlin, has received approval from the National Medical Products Administration to conduct Phase Ib/II clinical trials for HLX701 in combination with Cetuximab and chemotherapy for the treatment of advanced colorectal cancer [1] Group 1 - The approved drug, HLX701, is a recombinant human SIRPα-IgG4Fc fusion protein injection [1] - The clinical trials will be conducted in China once conditions are met [1]

Core Viewpoint - Fosun Pharma's subsidiary Shanghai Fuhong Hanlin Biotechnology Co., Ltd. has received approval from the National Medical Products Administration to conduct Phase Ib/II clinical trials for HLX701 in combination with Cetuximab and chemotherapy for advanced colorectal cancer [1] Group 1: Company Developments - The clinical trials for HLX701 will be conducted in mainland China, excluding Hong Kong, Macau, and Taiwan, once conditions are met [1] - HLX701 was introduced by Fuhong Hanlin in June 2025 and has exclusive licensing rights for development, production, and commercialization in specified regions including mainland China, Hong Kong, Macau, and certain Southeast Asian, Middle Eastern, and North African countries [1]

复宏汉霖(02696)公布，近日，HLX701(重组人SIRPα-IgG4Fc融合蛋白注射液)(HLX701)联合西妥昔单抗 和化疗治疗晚期结直肠癌的1b/2期临床试验申请(IND)获国家药品监督管理局(NMPA)批准。 HLX701是公司自FBD Biologics Limited许可引进的SIRPα-Fc融合蛋白，拟用于多种晚期实体瘤的治疗， 目前该产品的多项1/2期临床试验正于全球范围内开展中。根据许可安排，公司获得于中国(除中国台湾 地区)及东南亚、中东和北非的特定国家开发、生产及商业化HLX701的独家许可权利。HLX701是一种 工程改构的人类SIRPα免疫球蛋白(IgV)结构域与人免疫球蛋白G4(IgG4)片段可结晶(Fc)区域蛋白结合的 融合蛋白。通过与肿瘤细胞上的CD47结合，HLX701可有效阻断抑制性CD47抗吞噬信号，促进巨噬细 胞对肿瘤细胞的吞噬作用及增强抗肿瘤活性。临床前研究显示HLX701可与化疗药物、免疫检查点抑制 剂、表皮生长因子受体抑制剂及抗血管生成药物等多种药物产生协同效应，提示HLX701与标準治疗方 案联用有望协同增强先天性与适应性免疫应答。 ...

智通财经APP讯，复宏汉霖(02696)公布，近日，HLX701(重组人SIRPα-IgG4 Fc 融合蛋白注射液) (HLX701)联合西妥昔单抗和化疗治疗晚期结直肠癌的 1b/2期临床试验申请(IND)获国家药品监督管理局 (NMPA)批准。 HLX701是公司自FBD Biologics Limited许可引进的SIRPα-Fc融合蛋白，拟用于多种晚期实体瘤的治疗， 目前该产品的多项1/2期临床试验正于全球范围内开展中。根据许可安排，公司获得于中国(除中国台湾 地区)及东南亚、中东和北非的特定国家开发、生产及商业化HLX701的独家许可权利。 HLX701是一种 工程改构的人类SIRPα免疫球蛋白(IgV)结构域与人免疫球蛋白G4(IgG4)片段可结晶(Fc)区域蛋白结合的 融合蛋白。通过与肿瘤细胞上的 CD47结合，HLX701可有效阻断抑制性CD47抗吞噬信号，促进巨噬细 胞对肿瘤细胞的吞噬作用及增强抗肿瘤活性。临床前研究显示HLX701可与化疗药物、免疫检查点抑制 剂、表皮生长因子受体抑制剂及抗血管生成药物等多种药物产生协同效应，提示HLX701与标準治疗方 案联用有望协同增强先天性与适应性免疫应 ...

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倚賴 該等內容而引致的任何損失承擔任何責任。 Shanghai Henlius Biotech, Inc. 上海復宏漢霖生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2696） 自願公告 HLX701（重組人SIRPα-IgG4 Fc融合蛋白注射液）聯合西妥昔單抗和化 療治療晚期結直腸癌的1b/2期臨床試驗申請獲國家藥品監督管理局批准 A. 緒言 本公告由上海復宏漢霖生物技術股份有限公司（「本公司」）自願作出，以告知 本公司股東及潛在投資者本公司最新業務更新。 HLX701是本公司自FBD Biologics Limited許可引進的SIRPα-Fc融合蛋白， 擬用於多種晚期實體瘤的治療，目前該產品的多項1/2期臨床試驗正於全球 範圍內開展中。根據許可安排，本公司獲得於中國（除中國台灣地區）及東南 亞、中東和北非的特定國家開發、生產及商業化HLX701的獨家許可權利。 HLX701是一種工程改構的人類SIRPα免疫球蛋 ...

| | 於本公告日期 | | 緊隨轉換及上市完成後 | | --- | --- | --- | --- | | | | 佔本公司 | 佔本公司 | | | | 已發行股份 | 已發行股份 | | | | 總數的概約 | 總數的概約 | | 股份類別 | 股份數目(股) | 百分比(%) 股份數目(股) | 百分比(%) | | 非上市股 | 380,066,312 | 69.93 | 197.420.456 36.32 | | H股 | 163,428,541 | 30.07 | 346,074,397 63.68 | | 合計 | 543,494,853 | 100 | 543,494,853 100 | 转换及上市完成后，公司的股权结构如下： 复宏汉霖（02696）发布公告，香港联合交易所已于2026年1月19日授予公司1.83亿股H股的上市及买卖批准。 这一批准涉及将非上市股转换为H股，参与股东的股份占公司总股份约33.61%。该公告提到，参与股东包括上海复星新药 研究股份有限公司、厦门健康红土股权投资合伙企业等，共计17位股东。 ...

复宏汉霖(02696)发布公告，公司已收到联交所授出日期为2026年1月19日就182,645,856股H股(即将予转 换及上市的非上市股的总数)上市及买卖的批准。转换及上市将涉及合计持有182,645,856股非上市股的 17位参与股东，该等参与股东所持转换H股数目占公司于本公告日期已发行股份总数约33.61%。 ...

智通财经APP讯，复宏汉霖(02696)发布公告，公司已收到联交所授出日期为2026年1月19日就 182,645,856股H股(即将予转换及上市的非上市股的总数)上市及买卖的批准。转换及上市将涉及合计持 有182,645,856股非上市股的17位参与股东，该等参与股东所持转换H股数目占公司于本公告日期已发行 股份总数约33.61%。 ...