Core Viewpoint - China Antibody-B (03681) has entered into a comprehensive strategic cooperation agreement with Sun Yat-sen University Hong Kong Advanced Institute of Science (SYSU-IAS) to conduct joint research and development in the biomedical field over a three-year period [1] Group 1: Strategic Cooperation - The cooperation aims to leverage the strengths of both parties to accelerate the development of innovative drugs and promote the translation of research results into clinical applications globally [1] - The collaboration will adopt a project-driven model, focusing on resource sharing and efficient communication [1] - This partnership allows the company to utilize SYSU-IAS's advanced laboratory facilities, animal supply resources (especially non-primate animals), and valuable data assets, which are crucial for driving innovation in drug research and sustainable development [1] Group 2: Long-term Growth and Sustainability - The board of directors believes that this strategic cooperation establishes a mutually beneficial framework that will help drive growth and ensure long-term sustainability [1] - The collaboration aligns with the company's strategy to advance its pipeline of innovative drug candidates [1]

本合作协议旨在借助公司与中山大学香港高等研究院的联合优势，加速创新药物的发展，并推动全球范 围内科研成果向临床应用的转化。该合作将以项目驱动模式开展，以资源共享及高效沟通为核心框架。 该模式将使集团可直接利用中山大学香港高等研究院完备的实验室设施、实验动物供应资源(尤其非灵 长类动物)和宝贵的数据资产，此乃推动创新药研以及公司研发可持续发展的关键要素。董事会认为此 项战略合作构建了一个互利共赢的框架，有助于推动增长并确保长期可持续性。此次合作与公司推进其 在研创新药组合的发展战略相符。 董事会认为，合作协议为双方提供了宝贵的机会，使其能够充分发挥各自的资源和专业知识，实现互利 共赢并产生协同效应。因此，董事会认为订立合作协议属公平合理，并符合公司及其股东的整体利益。 联合研究工作：订约方将利用彼此的专业知识联合开展科学研究，包括发现研究、靶点阐释及严重疾病 动物模型开发；中山大学香港高等研究院应负责为该等联合研究提供实验场地和动物。 设施共用：中山大学香港高等研究院应允许本公司使用其位于中国内地深圳市深圳福田国际生物医药产 业园的实验室，以进行联合科学研究。实验室应被正式指定为"中山大学香港高等研究院—中国抗 ...

自願公告 全面戰略合作協議 本公告乃中國抗體製藥有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事 （「董事」）會（「董事會」）自願作出，以知會本公司股東（「股東」）及潛在投資者有關 本集團之最新業務進展。 全面戰略合作協議 董事會欣然宣佈，於二零二五年八月十二日，本公司與中山大學香港高等研究院 有 限 公 司（「 中 山 大 學 香 港 高 等 研 究 院 」或「 SYSU -IAS 」）（ 連 同 本 公 司 統 稱「 訂 約 方」）訂立全面戰略合作協議（「合作協議」），據此，訂約方同意開展為期三年的合 作，以於生物醫學領域進行聯合研發。合作協議的主要條款概要載列如下： 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。 SinoMab BioScience Limited 中 國 抗 體 製 藥 有 限 公 司 （於香港註冊成立的有限公司） （股份代號：3681） 日期 二零二五 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 中國抗體製藥有限公司 | | | | 呈交日期: | 2025年8月5日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | 中國抗體製藥有限公司是一間於香港註冊成立的公司，因此法定股本及面值的概念並不適用。 | | | | FF301 III.已發行股份及/或庫存股份變動詳情 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03681 | 說明 | | 不適用 | | | | | | | | 已發行股 ...

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]

Group 1 - The stock price of Valiant Biotech-B (09887.HK) increased by 113% [1] - The stock price of China Antibody-B (03681.HK) rose by 8.37% [1] - The stock price of Lepu Biopharma-B (02157.HK) went up by 5.64% [1] - The stock price of Tongyuan Kang Pharmaceutical-B (02410.HK) increased by 3.81% [1]

Group 1: Hong Kong Stock Market Movements - Jin Jing New Energy (01783) rose over 4.5% as the Hang Seng Index company is set to release its mid-year review results on August 22, with changes effective from September 8 [1] - Paper stocks in Hong Kong continued to rise, with Nine Dragons Paper (02689.HK) increasing over 7%, recording five consecutive gains, while Lee & Man Paper (02314.HK) rose about 5% [1] - Airline stocks saw significant gains, with China National Aviation (0753.HK) up over 7%, driven by the Civil Aviation Administration's emphasis on enhancing the industry’s competitive landscape [1] - Renrui Talent (06919) surged over 19% after announcing a positive earnings forecast, expecting revenue of approximately RMB 2.49 billion to 2.69 billion for the year ending June 30, 2025, representing a year-on-year growth of 21.1% to 30.8% [1] Group 2: Other Notable Stock Movements - China Antibody-B (03681) increased over 8% after entering into subscription agreements for the issuance of 182 million new shares at a subscription price of HKD 2.03 per share [2] - Fufeng Group (00546) rose over 4% with an expected net profit of RMB 1.74 billion for the first half of the year, a 67% increase year-on-year, attributed to higher sales and lower raw material costs [2] - Cao Cao Travel (02643) gained over 4%, reaching a new high following a strategic partnership with a leading commercial aerospace company [2] - NIO-SW (09866) rose over 8%, with a cumulative increase of over 40% in the month [2] Group 3: US Stock Market Highlights - Kohl's (KSS.US) saw a dramatic increase of nearly 90%, becoming a popular "meme stock" among retail investors, closing at $14.34, up 37.62% [3] - Daqo New Energy (DQ.US) closed at $24.60, with a rise of 16.75%, as silicon material prices have been on the rise, with an increase of 25-35% recently [3] - General Motors (GM.US) stock fell by 8.12% to $48.89, with the CFO indicating potential tariff impacts of up to $5 billion this year [3] - The Nasdaq Golden Dragon China Index rose 1.35%, with notable gains in Chinese concept stocks, including PONY.US up 8.62% and NIO.US up 10.84% [3] Group 4: Additional Stock Movements - Faraday Future (FFAI.US) surged over 43% after receiving a non-binding order for 1,000 vehicles valued at up to $100 million [4] - Most new energy vehicle stocks rose, with Lucid Group (LCID.US) closing at $3.13, an increase of about 11% [4] - Circle (CRCL.US) fell by 8.23% after a downgrade from "neutral" to "sell" by Compass Point Research [4] - Replimune (REPL.US) dropped 77% after the FDA rejected its application for a combination therapy for advanced melanoma, citing insufficient evidence [4]

Group 1 - Nanshan Aluminum International (02610.HK) expects a mid-term net profit of approximately $225 million to $265 million for the six months ending June 30, 2025, compared to a net profit of about $159 million for the same period ending June 30, 2024 [1] - The increase in net profit is primarily attributed to an improvement in gross margin, driven by higher alumina prices and relatively stable unit production costs [1] - The average selling price of the company's products for the first half of 2025 is expected to be around $530 per ton, up from approximately $387 per ton in the first half of 2024, but lower than $561 per ton in the second half of 2024 [1] Group 2 - TCL Electronics (01070.HK) anticipates a year-on-year adjusted net profit growth of approximately 45% to 65% for the first half of 2025 [2] - Renrui Talent (06919.HK) expects a mid-term profit attributable to equity holders to increase by 66.7% to 94.1% [2] - China Rare Earth Holdings (03788.HK) reports an increase in total gold resources to 5.07 million ounces [2]

Group 1 - The core point of the news is that the company has submitted a Biologics License Application (BLA) for Shuxili monoclonal antibody for the treatment of rheumatoid arthritis (RA) in China after achieving significant efficacy in Phase III clinical trials [1] - The Phase III trial results showed an ACR20 response rate of approximately 50% at week 24, with improvement over time, exceeding 65% at week 52 and over 70% at week 104, with no new safety risks identified [1] - The company voluntarily withdrew the BLA application due to the need for additional early efficacy evidence as emphasized by the Center for Drug Evaluation (CDE) in China [1] Group 2 - The company remains confident in obtaining approval for Shuxili monoclonal antibody in China, believing in its unique mechanism of action to achieve long-term efficacy and safety in treating autoimmune diseases [2] - The company has initiated planning for new clinical development programs for Shuxili monoclonal antibody targeting systemic lupus erythematosus [2] - The company has a diverse pipeline with multiple clinical and preclinical candidates, including two innovative drugs in clinical stages and four in preclinical stages, and will continue advancing its research and clinical development [2]

Investment Rating - The report maintains a "Positive" investment rating for the industry [8]. Core Insights - IL-25 is identified as a novel target in the Type II inflammation pathway, showing upregulation in atopic dermatitis (AD), psoriasis, and contact dermatitis, indicating its involvement in the progression of these skin inflammatory diseases [2][5][27]. - The drug SM17, developed by Chinese Antibody, is a first-in-class (FIC) IL-17RB monoclonal antibody targeting IL-25, demonstrating promising proof-of-concept (PoC) data in Phase Ib trials for atopic dermatitis, with superior itch relief compared to existing therapies [6][35][42]. Summary by Sections IL-25 as a Target - IL-25, a member of the IL-17 cytokine family, plays a crucial role in host defense and inflammatory diseases, inducing the production of IL-4, IL-5, and IL-13, while inhibiting Th17 differentiation [5][17]. - The upregulation of IL-25 in various skin inflammatory diseases suggests its potential for multi-indication exploration [27]. SM17 Clinical Data - In the Phase Ib trial, 75% of patients in the high-dose group achieved at least a 75% improvement in the Eczema Area and Severity Index (EASI-75) by week 12, compared to 0% in the placebo group, indicating a significant difference of 75% [6][35]. - The high-dose group also showed that 91.7% of patients had a significant reduction in the Peak Pruritus Numeric Rating Scale (PP-NRS) score, with no responders in the placebo group [7][38]. - SM17 demonstrated rapid and deep itch relief, outperforming existing AD therapies while maintaining comparable skin lesion improvement [41][43]. Competitive Landscape - Currently, only two IL-25-targeting candidates, SM17 and XKH001, are in clinical development, indicating a relatively early stage of research for this target compared to more established pathways like IL-17 and IL-4 [6][33]. - The competitive landscape for IL-25 and IL-17RB-targeting drugs is evolving, with several candidates in various stages of development [34].