Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **Chinese innovative drug industry** and its current trends, particularly focusing on the **CRO (Contract Research Organization)** and **CDMO (Contract Development and Manufacturing Organization)** sectors [1][3][13]. Core Insights and Arguments - **Valuation Trends**: The valuation of Chinese innovative drugs is currently lower than historical peaks, with a static PS (Price to Sales) ratio around 7 times, compared to a high of 9.3 times. However, due to global competitiveness, the theoretical static PS is expected to exceed previous levels, driven by significant product cycles [2][4]. - **BD Activity**: There has been a surge in business development (BD) transactions among domestic innovative drug companies, with upfront payments in the first nine months of the year reaching **6.58 billion yuan**, surpassing the total of **6 billion yuan** for the entire previous year. The total transaction amount also exceeded **56.4 billion yuan** compared to **48.9 billion yuan** last year [4]. - **Immunotherapy and ADC Developments**: Chinese companies are showing strong global competitiveness in the dual-antibody sector, with significant clinical advancements. For instance, **AK12** from Kangfang Biotech has multiple ongoing Phase III trials, and **IBI363** from Innovent has received FDA approval for a global Phase III study in lung cancer [5][6]. - **Weight Loss Sector**: The weight loss sector is highlighted as a competitive area, with promising data from Eli Lilly's oral GLP-1 molecule, **ofgliprant**, providing opportunities for Chinese companies to improve their offerings [8][10]. Additional Important Insights - **CRO and CDMO Recovery**: The CRO industry has moved past its most challenging period, with increased investment activity and a recovery in overseas demand for Chinese CDMO companies. Key players such as WuXi AppTec and Tigermed are recommended for attention [3][13]. - **Upstream Pharmaceutical Chain Recovery**: There are signs of recovery in the upstream pharmaceutical supply chain, particularly in R&D, with companies like **BaiPuSiSi** experiencing a resurgence in market demand [14]. - **Global Competitiveness Strategies**: Chinese innovative drug companies are encouraged to enhance their global competitiveness through overseas sales, R&D, and potential licensing opportunities. Companies like BeiGene and Legend Biotech are highlighted for their performance in this regard [12]. Conclusion The conference call provides a comprehensive overview of the current state and future prospects of the Chinese innovative drug industry, emphasizing the importance of global competitiveness, active BD transactions, and the recovery of the CRO and CDMO sectors. The insights presented indicate a positive outlook for the industry, driven by innovation and strategic partnerships.

Core Viewpoint - The company, Kelun-Biotech (06990.HK), has announced that its new drug application (NDA) for the small molecule kinase inhibitor A400 (also known as EP0031) has been accepted by the National Medical Products Administration (NMPA) in China for the treatment of RET fusion-positive locally advanced or metastatic non-small cell lung cancer (NSCLC) in adult patients [1] Group 1 - The acceptance of the NDA is based on positive results from the KL400-I/II-01 study, which included two key Phase 2 cohorts evaluating the efficacy and safety of A400/EP0031 administered orally at a dose of 90mg once daily (QD) for the treatment of RET fusion-positive locally advanced or metastatic NSCLC patients [1] - The two key clinical study cohorts achieved their primary efficacy endpoints, demonstrating good efficacy of A400/EP0031 in both previously treated and treatment-naive NSCLC patients, including those who had prior immunotherapy or brain metastases [1] - A400/EP0031 also showed encouraging and manageable tolerability and safety profiles [1]

Core Viewpoint - The company has received acceptance for a new drug application (NDA) for its RET small molecule kinase inhibitor project A400 (also known as EP0031) from the National Medical Products Administration (NMPA) in China, aimed at treating RET fusion-positive locally advanced or metastatic non-small cell lung cancer (NSCLC) in adult patients [1] Group 1: Clinical Research and Development - The acceptance of the NDA is based on positive results from the KL400-I/II-01 study, which included two key Phase 2 cohorts evaluating the efficacy and safety of A400/EP0031 administered orally at a dose of 90mg once daily (QD) for both previously treated and treatment-naive RET fusion-positive locally advanced or metastatic NSCLC patients [1] - The primary efficacy endpoints of the two key clinical study cohorts have been met, demonstrating good efficacy of A400/EP0031 in both previously treated and treatment-naive NSCLC patients, including those who have previously undergone immunotherapy or have brain metastases [1] - A400/EP0031 has shown encouraging and manageable tolerability and safety profiles [1]

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 全部或任何部份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 （於中華人民共和國註冊成立的股份有限公司） – 1 – （股份代號：6990） 自願公告 A400/EP0031新藥上市申請獲國家藥品監督管理局受理 四 川 科 倫 博 泰 生 物 醫 藥 股 份 有 限 公 司（「本公司」）董 事（「董 事」）董 事 會（「董 事 會」）欣 然 宣 佈，本 公 司 轉 染 過 程 中 重 排(RET)小分子激酶抑制劑項目A400（亦 稱 EP0031）的 一 項 新 藥 上 市 申 請(NDA)已獲中國國家藥品監督管理局(NMPA)藥 品 審評中心(CDE)受 理，用 於 治 療RET融合陽性局部晚期或轉移性非小細胞肺癌 (NSCLC)成 人 患 者。本 次 受 理 是 基 於KL ...

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Viewpoints - The growth of healthcare expenses, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating that commercial health insurance may provide a solution to the pressures faced by the medical insurance system [3][15] - The commercial health insurance sector is expected to grow significantly, with premiums projected to reach 97.74 billion yuan by 2024, driven by low penetration rates and the need for additional funding sources [20][24] - Policies are increasingly supportive of commercial health insurance, particularly in relation to innovative drugs, which are now being included in the commercial health insurance directory [71][76] Summary by Sections Part 1: Healthcare Financing System - The healthcare financing system in China consists of government, social, and personal contributions, with social contributions being the main driver for future growth [10][15] Part 2: Growth of Health Insurance - The commercial health insurance market is expected to fill a significant funding gap, with an estimated shortfall of over 1.7 trillion yuan by 2030 [21][22] - Medical insurance is the primary source of compensation within commercial health insurance, with a compensation rate of approximately 68.79% in 2022 [27][31] Part 3: Core Products of Medical Insurance - The report highlights the importance of medical insurance as a key focus area, noting that it directly compensates for medical expenses, unlike critical illness insurance [31][35] Part 4: Policy Support for Health Insurance Development - A series of policies since 2009 have aimed to promote the development of commercial health insurance, with specific targets for market size and coverage [71][72] Part 5: Investment Recommendations - The report suggests focusing on innovative drug companies with rich pipelines, DTP pharmacies, and companies in the TPA industry, as well as innovative medical devices and high-end medical service providers [77]

于本公告日期，H股全流通尚须取得所有相关批准(包括中国证监会的备案通知)，以及将该等股份转换 为本公司H股(H股)及香港联合交易所有限公司(联交所)上市委员会批准H股于联交所主板上市及买卖(转 换并上市)。H股全流通最终实施数量将取决于该等相关批准情况。 科伦博泰生物-B(06990)发布公告，本公司董事会已审议及批准本公司若干股东所持本公司不超过357.21 万股内资股及464.22万股非上市外资股拟实施全流通(H股全流通)。同日，本公司已向中国证监会提交 关于H股全流通的备案申请。 ...

格隆汇9月19日丨科伦博泰生物-B(06990.HK)公告，兹提述中国证券监督管理委员会于2019年11月14日 发布并于2023年8月10日进一步修订的《H股公司境内未上市股份申请「全流通」业务指引》。鉴于 《指引》，公司董事会已审议及批准公司若干股东所持公司不超过357万股内资股及464万股非上市外资 股拟实施全流通。 董事会已审议及批准若干建议修改本公司章程的决议案，以反映公司若干股东持有的本公司若干内资股 及非上市外资股完成全流通后的公司股本结构变动。建议修改将于H股全流通完成后生效。根据现行公 司章程第18条规定，建议修改毋须进一步经股东批准。 ...

于本公告日期，H股全流通尚须取得所有相关批准(包括中国证监会的备案通知)，以及将该等股份转换 为本公司H股(H股)及香港联合交易所有限公司(联交所)上市委员会批准H股于联交所主板上市及买卖(转 换并上市)。H股全流通最终实施数量将取决于该等相关批准情况。 智通财经APP讯，科伦博泰生物-B(06990)发布公告，本公司董事会已审议及批准本公司若干股东所持本 公司不超过357.21万股内资股及464.22万股非上市外资股拟实施全流通(H股全流通)。同日，本公司已向 中国证监会提交关于H股全流通的备案申请。 ...

四川科倫博泰生物醫藥股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） 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份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. （股 份 代 號：6990） 內幕消息 (1)本公司擬實施H股全流通計劃 (2)建議修改公司章程 本 公 告 乃 由 四 川 科 倫 博 泰 生 物 醫 藥 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第13.09(2)(a)條及第13.51(1) 條及香港法例第571章《證 券 及 期 貨 條 例》第XIVA部 項 下 內 幕 消 息 條 文（定 義 見 上 市 規 則）而 作 出。 擬實施H股全流通計劃 茲 提 述 中 國 證 券 監 督 管 ...

Core Viewpoint - The innovative drug sector in Hong Kong has become a market focus again, with significant stock price increases following a prolonged period of adjustment and low valuations [2][3]. Group 1: Market Performance - Beihai Kangcheng-B (01228.HK) has surged nearly 19 times, while other companies like Deqi Pharmaceutical-B (06996.HK) and Hengrui Medicine (01276.HK) have also shown impressive gains, with some stocks increasing over four times [2]. - The overall profitability of the Hong Kong innovative drug sector has significantly improved in 2025, with many companies reporting substantial increases in net profit [6][7]. Group 2: Policy Support - The Chinese government has included "innovative drugs" in key emerging industries, with policies introduced to support the development of innovative drugs, including price management and financing [3]. - In June 2025, the National Healthcare Security Administration and the National Health Commission launched measures to support the high-quality development of innovative drugs, providing robust policy backing [3]. Group 3: Company Performance - Hengrui Medicine reported a 29.67% increase in net profit to 4.45 billion RMB in the first half of the year, achieving record highs in revenue and profit [4]. - Baijie Shenzhou's net profit increased by 115.63% to 450 million RMB, marking its first half-year profit, primarily due to the strong performance of its core product [5]. Group 4: Financing Trends - Many innovative drug companies are launching placement financing plans to raise funds for ongoing research and daily operations, driven by improved stock prices [8][10]. - As of 2025, nearly 60 companies in the Hong Kong medical and biopharmaceutical sectors have announced placement financing plans, with innovative drug companies being the main contributors [8]. Group 5: Future Outlook - The innovative drug sector is expected to continue its rapid development, supported by favorable external conditions and ongoing policy support [12][14]. - The recent interest rate cuts by the Federal Reserve may facilitate easier financing for innovative drug companies, which is crucial for those yet to achieve commercialization [13].