Group 1 - The company maintains its net profit forecast for 2026, considering the upfront payment income from the licensing of Keren Biotechnology-B (06990) [1] - The target price is set at HKD 550, indicating a potential upside of 33.4% from the current stock price [1] - The company has achieved a significant milestone with its TROP2 ADC SKB264 combined with Keytruda in the treatment of PD-L1 positive non-small cell lung cancer (NSCLC) [2][3] Group 2 - The collaboration with Crescent Biopharma involves an upfront payment of USD 80 million and potential milestone payments of up to USD 1.25 billion for ITGB6 ADC SKB105, along with an upfront payment of USD 20 million and up to USD 30 million in milestones for the introduction of PD-1 x VEGF dual antibody CR-001 in China [2] - The SKB264 and Keytruda combination is the first ADC+IO regimen to reach the primary endpoint in the 1L NSCLC setting, showing significant improvement in progression-free survival (PFS) and a trend towards overall survival (OS) benefits [3] - The partnership with Crescent is expected to enhance the company's pipeline and cash flow while exploring the potential of next-generation IO+ADC combinations [4]

Core Viewpoint - Kolon Biotech and Crescent have entered into a collaboration to jointly develop and commercialize new cancer treatment methods, including a novel combination therapy, involving Kolon Biotech's SKB105 and Crescent's CR-001 [1][2] Group 1: Collaboration Details - The collaboration includes global exclusive cross-licensing and joint development of SKB105 and CR-001, with Kolon Biotech granting Crescent exclusive rights for SKB105 outside the US, Europe, and Greater China, while Crescent grants Kolon Biotech exclusive rights for CR-001 in Greater China [1] - Both companies will independently develop other combination therapies for CR-001, which has shown strong anti-tumor activity in preclinical studies [1] Group 2: Financial Terms - Kolon Biotech will receive an upfront payment of $80 million from Crescent, with potential milestone payments totaling up to $1.25 billion and tiered royalties based on SKB105's net sales [2] - Conversely, Crescent will receive an upfront payment of $20 million from Kolon Biotech, with potential milestone payments of up to $30 million and tiered royalties based on CR-001's net sales [2] Group 3: Product Characteristics - SKB105 targets integrin β6 (ITGB6) and is designed to reduce off-target toxicity, with high expression in various solid tumors but low or no expression in most normal tissues, which may lower systemic toxicity and off-target risks [2] - SKB105 is an antibody-drug conjugate (ADC) that combines a fully human IgG1 monoclonal antibody targeting ITGB6 with a clinically validated cleavable linker, utilizing proprietary Kthiol irreversible conjugation technology to enhance drug stability and tumor-specific payload delivery [2] Group 4: Competitive Landscape - Pfizer's Sigvotatug vedotin, acquired through the purchase of Seagen, is currently the fastest progressing ADC targeting ITGB6, with two pivotal Phase III clinical studies initiated for non-small cell lung cancer (NSCLC) [3] - Sigvotatug vedotin has shown promising early clinical data in NSCLC and head and neck squamous cell carcinoma, with significant overall response rates and clinical outcomes reported [3] Group 5: Revenue Projections - The company expects revenues of 2.084 billion, 2.876 billion, and 4.663 billion yuan for the years 2025 to 2027, with net profits projected at -622 million, -130 million, and 561 million yuan respectively, maintaining a "buy" rating [3]

2025年股份激励计划旨在为公司建立并完善长期激励机制，吸引并留住参与者以推动集团业务发展及成 功，有效协调股东、公司及参与者的利益，促进共同关注公司的长期发展，并推动持续实现公司战略及 运营目标。 智通财经APP讯，科伦博泰生物-B(06990)发布公告，于2025年12月11日，董事会决议批准建议采纳2025 年股份激励计划。根据中国相关法律法规，2025年股份激励计划的采纳须经股东于公司股东会上审议及 批准。 ...

2025年股份激励计划旨在为公司建立并完善长期激励机制，吸引并留住参与者以推动集团业务发展及成 功，有效协调股东、公司及参与者的利益，促进共同关注公司的长期发展，并推动持续实现公司战略及 运营目标。 科伦博泰生物-B(06990)发布公告，于2025年12月11日，董事会决议批准建议采纳2025年股份激励计 划。根据中国相关法律法规，2025年股份激励计划的采纳须经股东于公司股东会上审议及批准。 ...

格隆汇12月11日丨科伦博泰生物-B(06990.HK)发布公告，2025年12月11日，董事会决议批准建议采纳 2025年股份激励计划。根据中国相关法律法规，2025年股份激励计划的采纳须经股东于公司股东会上审 议及批准。将召开临时股东会以考虑及酌情批准(其中包括)建议采纳2025年股份激励计划。 ...

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。 Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. 四川科倫博泰生物醫藥股份有限公司 建議採納2025年股份激勵計劃 緒 言 （於 中 華 限 公 司） 人 民 共 和 國 註 冊 成 立 的 股 份 有 （股 份 代 號：6990） 建議採納2025年股份激勵計劃 建議採納2025年股份激勵計劃 於2025年12月11日，董 事 會 決 議 批 准 建 議 採 納2025年 股 份 激 勵 計 劃。根 據 中 國 相 關 法 律 法 規，2025年股份激勵計劃的採納須經股東於本公司 股 東 會 上 審 議 及 批 准。 臨時股東會 將 召 開 臨 時 股 東 會 以 考 慮 及 酌 情 批 准（其 中 包 括）建 議 採 納2025年股份 激 勵 計 劃。 本 公 司 將 刊 發 一 份 ...

Group 1 - Citic Securities maintains a "Buy" rating for Kuaishou-W (01024.HK), highlighting the significant upgrade of Kuaishou's AI capabilities, which is expected to drive commercial growth and optimize platform ecology and profit margins [1] - CICC maintains an "Outperform" rating for Hang Lung Properties (00101.HK) with a target price of HKD 9.46, noting the company's strategic expansion in Wuxi, which will increase retail space by 38% and enhance its luxury positioning [1] - Citic Securities maintains a "Buy" rating for Giant Bio (02367.HK) with a target price of HKD 44, despite a downward adjustment in profit forecasts due to sales pressure during the Double Eleven shopping festival [1] Group 2 - Citic Securities maintains a "Buy" rating for Xiaomi Group-W (01810.HK), reporting a significant increase in automotive business revenue, which reached RMB 28.3 billion, a year-on-year growth of 197.9%, marking its first profitable quarter [2] - Citic Securities maintains a "Buy" rating for Kelun-Biotech (06990.HK), emphasizing the company's collaboration with Crescent on ADC and dual antibody development, which includes an upfront payment of USD 80 million and potential milestone payments of up to USD 1.25 billion [3] - Citic Securities maintains a "Buy" rating for Virginie (02199.HK) with a target price of HKD 3.5, reporting a 25.7% year-on-year growth in net profit despite tariff disruptions, driven by strong performance in activewear and new business expansions [4] Group 3 - Tianfeng Securities maintains a "Buy" rating for Jiangnan Buyi (03306.HK), forecasting a revenue and net profit growth of 4.6% and 6.0% respectively for FY25, supported by a growing high-spending membership base [5] - Tianfeng Securities maintains a "Buy" rating for Kelun-Biotech (06990.HK), projecting a narrowing of net losses to a profit of RMB 561 million by 2027, highlighting the potential of its ADC product [6] - Everbright Securities maintains a "Buy" rating for Laopu Gold (06181.HK) with a target price of HKD 804.64, reporting a substantial increase in revenue and net profit for the first half of 2025, driven by the growing market for traditional gold products [7][8]

Core Viewpoint - The innovation drug sector in China is experiencing significant growth due to favorable policy developments, with the introduction of new drug listings in the national medical insurance catalog and commercial insurance, providing a stable policy outlook for innovative drug companies [1][2]. Group 1: Industry Trends - The China Hong Kong Stock Connect Innovation Drug Index increased by 0.30% as of December 11, 2025, with notable gains from companies such as Zhaoyan New Drug (+4.15%) and Rongchang Bio (+2.85%) [1]. - The national medical insurance catalog for 2025 successfully added 114 new drugs, including 50 innovative drugs, achieving a historical high success rate of 88% [1]. - The introduction of dual catalogs for medical insurance and commercial insurance is expected to directly benefit innovative drug companies, indicating a positive industry outlook [1]. Group 2: Market Opportunities - The top ten weighted stocks in the China Hong Kong Stock Connect Innovation Drug Index account for 72.68% of the index, highlighting the concentration of investment in leading innovative drug companies [2]. - The Harvest Innovation Drug ETF (520970) closely tracks the index, providing investors with access to leading companies involved in drug research, development, and production [2]. - Investors without stock accounts can leverage the Hong Kong Stock Connect Innovation Drug ETF linked fund (024700) to capitalize on the growth opportunities in the innovative drug sector [2].

（文章来源：每日经济新闻） 每经AI快讯，科伦博泰生物-B(06990.HK)一度涨超4%，截至发稿涨3.69%，报427.4港元，成交额 1831.69万港元。 ...

智通财经APP获悉，科伦博泰生物-B(06990)涨超4%，截至发稿，涨3.69%，报427.4港元，成交额 1831.69万港元。 天风证券指出，科伦博泰生物与Crescent合作内容包括分别推进两款候选药物的单药治疗开发，并共同 评估CR-001与SKB105的联用疗法。双方均有权独立开发CR-001的其他联用方案。CR-001是一款四价双 特异性抗体，在临床前研究中显示强大的抗肿瘤活性。 对价方面，科伦博泰生物将从Crescent 获得8,000万美元首付款，并有资格获得最高累计12.5亿美元的里 程碑付款，以及基于SKB105净销售额按中个位数至低双位数比例浮动的分级特许权使用费。如Crescent 在近期发生控制权变更或与第三方达成分许可安排，科伦博泰生物亦有资格收取额外对价。 消息面上，近日，科伦博泰生物和Crescent达成合作，共同开发及商业化新型肿瘤治疗手段(含新型联用 疗法)，合作涉及科伦博泰生物的一款靶向整合素β6(ITGB6)并以拓扑异构酶抑制剂为载荷ADC药物 SKB105(CR-003)，以及Crescent的一款PD-1xVEGF 双特异性抗体CR-001(SKB118)。这两款 ...