内容概要：结直肠癌（CRC），又称大肠癌，是指大肠上皮来源的原发性恶性肿瘤，包括结肠癌和直肠 癌，是我国常见的消化道恶性肿瘤。数据显示，2022年中国新发结直肠癌病例51.71万例，占全部恶性 肿瘤发病的10.7%，仅次于肺癌，已成为中国第二大高发恶性肿瘤。结直肠癌死亡病例24.00万例，占全 部恶性肿瘤死亡的9.3%，位居各癌症第四。结直肠癌发病人群高、持续用药治疗时间长，存在巨大的 临床未被满足的需求，市场潜力空间巨大。数据显示，2019年全球结直肠癌药物市场规模为169亿美 元，到2024年市场规模增长至254亿美元。中国结直肠癌疾病负担重，治疗需求迫切。中国的结直肠癌 患者中，中晚期和转移患者数量多，超80%的中国结直肠癌患者在首次确诊时就已处于中晚期，44%的 患者出现肝、肺等部位的转移，给治疗和预后带来巨大的压力。庞大的结直肠癌患者对相关药物需求旺 盛，市场规模迅速增长，2024年中国结直肠癌药物市场规模达242.1亿元，同比增长18.5%。结直肠癌药 物行业企业较多，呈现以下梯队情况：第一梯队的公司有：复宏汉霖等；第二梯队的公司有迈博药业、 和黄医药等；第三梯队的公司有：加科思、劲方医药等。随着 ...

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].

茲提述上海復宏漢霖生物技術股份有限公司（「本公司」）日期為2025年8月12日的 通函（「臨時股東大會通函」）及臨時股東大會通告（「通告」）。除文義另有所指外， 本公告所載詞彙與臨時股東大會通函所界定者具有相同涵義。本澄清公告應與臨 時股東大會通函及通告一併閱讀。 本公司謹此澄清，所有股份過戶文件連同有關股票必須於2025年8月26日（星期 二）下午4時30分前交回（就非上市股份持有人而言）本公司董事會秘書辦公室（地 址為中國上海市徐匯區宜州路188號B8幢10樓）或（就H股持有人而言）本公司香 港H股股份過戶登記處香港中央證券登記有限公司（地址為香港灣仔皇后大道東 183號合和中心17樓1712-1716號舖）以作登記。 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） 有關暫停辦理股份過戶 ...

东诚药业：上半年营收下滑2.6%至13.84亿元，硫酸软骨素产品收入上升4.26% 东诚药业发布2025年半年度报告。披露公司上半年营收下滑2.6%至13.84亿元，归属净利减少20.70%至 8865.25万元。 核药业务板块销售收入 5.03 亿元，同比增长 0.78%，其中重点产品F-FDG 实现营业收入 2.12 亿元，同 比增长8.72%，主要原因为销量增加；云克注射液实现营业收入 1.16 亿元，同比下降 5.69%；碘密封籽 源实现营业收入7,089.19 万元，同比下降8.34%。 原料药业务板块销售收入6.11亿元，同比下降7.02%，其中重点产品肝素原料药产品实现营业收入4.40 亿元，同比下降8.90%，主要原因为肝素钠销售价格下降；硫酸软骨素产品实现营业收入1.65亿元，同 比增长4.26%。 海森药业：上半年营收增长14.93%至2.42亿元，境外销售额同比上涨53.04% 海森药业发布2025年半年报。披露公司上半年营收增长14.93%至2.42亿元，归属净利提高4.74%至 6079.42万元。 公告提到，公司一直比较重视对潜力品种的精耕细作，目前已培育了硫糖铝、安乃近、阿托伐他 ...

Core Viewpoint - Fuhong Hanlin (2696.HK) has seen a significant stock price increase, reaching a historical high of 82.75 HKD, with a market capitalization of 44.9 billion HKD, reflecting a year-to-date increase of 249% and a remarkable rebound of 444.41% from its low of 15.2 HKD on January 23 [1][3] Group 1: Stock Performance - The stock price of Fuhong Hanlin surged by 7.6% in the afternoon session, marking a new historical high [1] - The company's market capitalization reached 44.9 billion HKD, with a year-to-date increase of 249% [1] - Compared to its year-to-date low of 15.2 HKD, the stock has rebounded by 444.41% [1] Group 2: Research and Development - Fuhong Hanlin had 10 studies in the lung cancer field selected for presentation at the 2025 World Lung Cancer Conference (WCLC), including 4 oral presentations and 2 poster discussions, indicating the company's growing influence in the global academic arena [1] - The studies cover various first-line treatment areas for NSCLC and SCLC, showcasing the company's research capabilities [1] Group 3: Analyst Ratings - Citigroup has significantly raised Fuhong Hanlin's target price from 35 HKD to 95 HKD and upgraded its rating from "Neutral" to "Buy" [1] - The firm anticipates that the upcoming data on HLX43 at the WCLC will further demonstrate its potential in treating NSCLC [1] - Citigroup estimates that the risk-adjusted peak sales for HLX43 could reach approximately 2.3 billion USD, with additional upside potential if more data is obtained for NSCLC and other indications [1]

Group 1 - Fuhong Hanlin (02696) shares rose over 5%, reaching a new historical high of 81.35 HKD, with a trading volume of 178 million HKD [1] - The World Lung Cancer Conference (WCLC) announced that Fuhong Hanlin had 10 lung cancer studies selected, including 4 oral presentations and 2 poster presentations, covering key clinical scenarios in non-squamous/squamous non-small cell lung cancer (nsNSCLC/sqNSCLC) and extensive small cell lung cancer (ES-SCLC) [1] - The selected studies focus on three core innovative drugs: anti-PD-1 monoclonal antibody H drug Hanshu (Sru Li monoclonal antibody), anti-EGFR monoclonal antibody HLX07, and the world's first PD-L1 ADC HLX43 entering Phase II clinical trials [1] Group 2 - Citigroup anticipates that Fuhong Hanlin will present the latest data on HLX43 at the WCLC, which will further reveal its potential in treating non-small cell lung cancer (NSCLC) [2] - If HLX43 maintains an objective response rate (ORR) of 35% to 40% and a median progression-free survival (mPFS) of approximately 5.5 months in a larger sample, the data will be highly persuasive [2] - Citigroup estimates that the global study for third-line NSCLC treatment could start as early as the first half of 2026, with a risk-adjusted peak sales estimate for HLX43 reaching around 2.3 billion USD, indicating potential for further upside if more data is obtained [2]

Group 1 - Fuhong Hanlin's stock price increased by over 5%, reaching a new historical high of 81.35 HKD, with a trading volume of 178 million HKD [1] - The company had 10 lung cancer research abstracts selected for the 2025 World Lung Cancer Conference (WCLC), including 4 oral presentations and 2 poster discussions, covering key clinical scenarios in non-squamous/squamous non-small cell lung cancer (nsNSCLC/sqNSCLC) and extensive small cell lung cancer (ES-SCLC) [1] - The selected studies focus on three core innovative drugs: anti-PD-1 monoclonal antibody H drug Hanshu (sulizumab), anti-EGFR monoclonal antibody HLX07, and the world's first PD-L1 ADC HLX43, which has entered Phase II clinical trials [1] Group 2 - Citigroup anticipates that Fuhong Hanlin will present the latest data on HLX43 at the WCLC, which will further reveal its potential in treating non-small cell lung cancer (NSCLC) [2] - If HLX43 maintains an objective response rate (ORR) of 35% to 40% and a median progression-free survival (mPFS) of approximately 5.5 months in a larger sample, the data will be highly persuasive [2] - Citigroup estimates that the global study for third-line NSCLC treatment could start as early as the first half of 2026, with a risk-adjusted peak sales estimate for HLX43 reaching around 2.3 billion USD, indicating potential for further upside if more data is obtained [2]

Core Viewpoint - Citigroup's research report indicates that Fuhong Hanlin is set to reveal the latest data on HLX43 at the World Conference on Lung Cancer (WCLC), which will further demonstrate its potential in treating non-small cell lung cancer (NSCLC) [1] Group 1 - If HLX43 can maintain an objective response rate (ORR) of 35% to 40% and a median progression-free survival (mPFS) of approximately 5.5 months across a larger sample, the data will be highly persuasive [1] - The global study for third-line NSCLC treatment is estimated to start as early as the first half of 2026 [1] Group 2 - Citigroup estimates that the risk-adjusted peak sales for HLX43 could reach approximately $2.3 billion, with potential for further upside if more data is obtained in NSCLC and other indications [1] - The valuation of HLX22 and Serplulimab has not been fully reflected by investors [1] Group 3 - Citigroup upgraded its rating from "Neutral" to "Buy" and raised the target price from HKD 35 to HKD 95 [1]

2025年世界肺癌大会(WCLC)官网近日公布入选摘要，复宏汉霖(02696)共有10项肺癌研究成功入选，包括4项口头报告和2项壁报导览，内容覆盖非鳞状/鳞状 非小细胞肺癌(nsNSCLC/sqNSCLC)与广泛期小细胞肺癌(ES-SCLC)一线治疗等多个核心临床场景。 据悉，入选研究聚焦公司三款核心产品：PD-L1 ADC HLX43、PD-1单抗斯鲁利单抗(汉斯状®)、抗EGFR单抗HLX07。HLX43作为全球首个进入II期的PD-L1 ADC，在末线驱动基因阴性NSCLC人群中展现出优异疗效；斯鲁利单抗则是全球首个获批用于SCLC一线治疗的PD-1单抗，目前已在全球近40个国家和地区 获批上市；HLX07联合免疫方案在EGFR高表达肺鳞癌中达成100% DCR与17.4个月PFS，同样展现强劲生存获益。 市场对公司全球化布局与创新实力反应积极，复宏汉霖昨日股价盘中最高触及约79港元。近期，花旗在最新发布的研报中指出，复宏汉霖HLX43在WCLC的 数据更新有望进一步验证其在NSCLC治疗中的潜力，并将公司目标价由35港元上调至95港元，维持"买入/高风险"评级，该行认为公司创新管线进展将持续 驱动估值 ...

2025年世界肺癌大会(WCLC)官网近日公布入选摘要，复宏汉霖(02696)共有10项肺癌研究成功入选，包括4项口头报告和2项壁报导览，内容覆盖非鳞状/鳞状 非小细胞肺癌(nsNSCLC/sqNSCLC)与广泛期小细胞肺癌(ES-SCLC)一线治疗等多个核心临床场景。 据悉，入选研究聚焦公司三款核心产品：PD-L1ADC HLX43、PD-1单抗斯鲁利单抗(汉斯状)、抗EGFR单抗HLX07。HLX43作为全球首个进入II期的PD- L1ADC，在末线驱动基因阴性NSCLC人群中展现出优异疗效；斯鲁利单抗则是全球首个获批用于SCLC一线治疗的PD-1单抗，目前已在全球近40个国家和 地区获批上市；HLX07联合免疫方案在EGFR高表达肺鳞癌中达成100%DCR与17.4个月PFS，同样展现强劲生存获益。 市场对公司全球化布局与创新实力反应积极，复宏汉霖昨日股价盘中最高触及约79港元。近期，花旗在最新发布的研报中指出，复宏汉霖HLX43在WCLC的 数据更新有望进一步验证其在NSCLC治疗中的潜力，并将公司目标价由35港元上调至95港元，维持"买入/高风险"评级，该行认为公司创新管线进展将持续 驱动估值重估。 ...