Core Insights - The Hong Kong stock market's innovative pharmaceutical sector has seen a significant rebound this year, with net inflows of over 120 billion yuan into the pharmaceutical and biotechnology industry, driving funds towards more certain quality targets [1] - Kelun-Biotech (06990) has emerged as a key target for market investment, achieving a historical high in stock price and a market capitalization exceeding 100 billion HKD, with a year-to-date increase of 192.40%, entering the "100 billion club" of Hong Kong's innovative pharmaceuticals [1][3] Revenue Structure Transformation - Kelun-Biotech is transitioning from a biotech to a biopharma company, with its revenue structure evolving to be driven by both business development (BD) collaborations and self-commercialization [3][4] - In the first half of 2025, the company reported revenues of 950 million yuan, with cash reserves of 4.528 billion yuan, indicating a robust cash flow [4] - The sales revenue from its core product, Jiatailai® (TROP2 ADC), has shown strong market acceptance, contributing significantly to the company's revenue growth [5][6] Commercialization Strategy - The company has established a dual approach to commercialization, focusing on both licensing collaborations and self-sustaining revenue generation [4][5] - Kelun-Biotech has formed a professional marketing team of 350 people, achieving extensive coverage across 30 provinces and over 2,000 hospitals in China [7] - The company is actively pursuing national medical insurance access for its products, which could significantly enhance sales through payment leverage [7] R&D and Innovation - Kelun-Biotech has increased its R&D investment, reaching 612 million yuan in the first half of 2025, supporting its competitive edge in key therapeutic areas [8][9] - The company has developed three major technology platforms, enabling a pipeline of over 30 candidate drugs, with more than 10 in clinical stages [8] - International recognition of its R&D capabilities is reflected in its collaborations with various global partners, enhancing its innovation and market reach [9] Summary of Growth Path - Kelun-Biotech's mid-term performance illustrates a clear growth trajectory, with Jiatailai® providing cash flow and three technology platforms ensuring ongoing innovation [9] - The company's dual-driven model of BD collaboration and self-commercialization aligns with the core logic of pharmaceutical investment in Hong Kong, indicating its long-term potential for growth [9]

格隆汇8月18日｜科伦博泰生物(6990.HK)公布，截至6月底止中期业绩，收入9.5亿元，同比减少 31.27%；股东应占亏损1.45亿元，每股亏损0.64元，不派中期息。去年同期盈利为3.1亿元。 ...

收益减少乃主要由于许可及合作协议的里程碑付款较2024年上半年减少。同时，於2025年上半年，药品 销售贡献收入人民币309.8百万元。 格隆汇8月18日丨科伦博泰生物-B(06990.HK)公布中期业绩，截至2025年6月30日止六个月，公司收入为 人民币9.50亿元，同比减少31.3%；研发开支为人民币6.12亿元，同比减少6.3%，公司权益股东应占期 内亏损为人民币1.45亿元，去年同期则盈利人民币3.10亿元，每股亏损为人民币0.64元。截至2024年12 月31日及2025年6月30日，公司现金及现金等价物分别为人民币13.365亿元及人民币31.028亿元。 ...

2025年上半年商业销售总额达3.098亿元。其中，佳泰莱® 的销售占97.6%。同时，药品销售的所有应收 账款均于账期内收回，资金回笼高效稳健。 在三个具备ADC及新型偶联药物、大分子(单抗及双抗)以及小分子药物专有技术、内部开发的技术平台 的支援下，并经我们的临床阶段候选药物验证，我们的管线在药物模态、机制及适应症覆盖范围方面具 有多样性，并在这些方面发挥协同效应。值得注意的是，我们是开发ADC的先行者之一，在ADC开发 方面积累了超过十年的经验。我们是中国首批也是全球为数不多的建立内部开发ADC及新型偶联药物 平台OptiDCTM的生物制药公司之一。我们符合cGMP标准的端到端制造能力及全面的质量管理体系进 一步支援我们的药物开发能力。此外，凭藉我们控股股东科伦药业数十年的经验、行业关系及广泛的网 络，我们具备了扩充商业化基础设施及市场管道的良好条件。 智通财经APP讯，科伦博泰生物-B(06990)发布截至2025年6月30日止6个月的中期业绩，该集团取得收入 人民币9.5亿元(单位下同)，同比减少31.3%;研发开支6.12亿元，同比减少6.3%;公司权益股东应占亏损 1.45亿元;每股亏损0.64 ...

Core Insights - The company reported a revenue of RMB 950 million for the six months ending June 30, 2025, representing a year-on-year decrease of 31.3% [1] - Research and development expenses amounted to RMB 612 million, down 6.3% year-on-year [1] - The company incurred a loss attributable to equity shareholders of RMB 145 million, with a loss per share of RMB 0.64 [1] Financial Performance - Total commercial sales for the first half of 2025 reached RMB 309.8 million, with 97.6% of sales coming from the product "佳泰莱" [1] - All accounts receivable from drug sales were collected within the payment period, indicating efficient cash flow management [1] Product Development and Pipeline - The company has received marketing approvals for sac-TMT (佳泰莱), Tagolizumab (科泰莱), and Cetuximab N01 (达泰莱) and has commenced commercialization [1] - The company anticipates launching "博度曲妥珠单抗" (舒泰莱) in the Chinese market in the second half of 2025, pending regulatory communication and approval [1] - The company is a pioneer in developing ADCs and has over ten years of experience in this field, with a proprietary platform for ADC and novel conjugated drugs [2] Manufacturing and Quality Management - The company possesses end-to-end manufacturing capabilities that comply with cGMP standards and a comprehensive quality management system to support drug development [2] - The company benefits from the extensive experience, industry relationships, and network of its controlling shareholder, 科伦药业 (002422), which enhances its commercialization infrastructure and market pipeline [2]

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） （股 份 代 號：6990） 截 至2025年6月30日止六個月 之 中期業績公告 董事會欣然宣佈本集團截至2025年6月30日止六個月的未經審計簡明綜 合 中 期 業 績，連 同 截 至2024年6月30日 止 六 個 月 的 比 較 數 字。本 公 司 獨 立 核數師已根據香港會計師公會頒佈的香港審閱工作準則第2410號「實 體 獨 立 核 數 師 審 閱 中 期 財 務 資 料」對 中 期 財 務 資 料 進 行 審 閱。除 本 公 告 另 有 界 定 外，本 公 告 所 用 詞 彙 與 招 股 章 程 所 界 定 者 ...

Group 1 - The core viewpoint of the news is the performance and holdings of the Huatai Fuhua Medical Active Growth One-Year Holding Mixed Fund A, which has shown significant returns in various time frames [1] - As of June 30, 2025, the fund's total assets amount to 1.922 billion yuan, with a recent net value of 0.8263 yuan, reflecting a growth of 1.04% [1] - The fund has achieved a return of 15.15% over the past month, 63.14% over the past six months, and 66.59% year-to-date, ranking 506 out of 4688, 60 out of 4532, and 84 out of 4490 respectively in its category [1] Group 2 - The top ten stock holdings of the fund account for a total of 61.79%, with significant positions in companies such as Sanofi (10.07%), Innovent Biologics (8.94%), and Kelun-Biotech (8.71%) [1] - The fund was established on August 21, 2020, and is managed by Zheng Lei, who has extensive experience in the medical and healthcare investment sector [2]

Core Viewpoint - The investment bank maintains a cautiously optimistic outlook on the Chinese pharmaceutical industry, noting a significant average increase of 137% in Hong Kong biotech stocks since early 2025, driven by cash returns from innovative drug licensing deals and unaffected by upcoming U.S. tariffs [1] Group 1: Market Performance - The biotech sector has recently experienced some pullback due to disappointing sales figures from major companies in the first half of 2025, including Hutchison China MediTech [1] - Concerns have arisen regarding Trump's phased implementation of drug tariffs, which could escalate to 150% within a year and ultimately reach 250% [1] Group 2: Company Recommendations - The bank's top pick is BeiGene (06160), with a target price set at HKD 230 and a rating of "Outperform," citing strong performance in the first half of 2025 and an improved gross margin guidance despite U.S. tariff impacts [1] - CanSino Biologics (09926) is expected to report adjusted earnings of RMB 23 million for the first half of 2025, benefiting from revenue growth from its drugs AK104 and AK112, also rated "Outperform" [1] - The target price for Innovent Biologics (01801) has been raised by 10% from HKD 100 to HKD 110, with a rating of "Outperform," reflecting confidence in the company's projected 37% year-on-year revenue growth [1] Group 3: Focus on Innovative Drugs - The bank continues to pay attention to licensing deals for Chinese innovative drugs, with expectations of increased subsidies for high-priced innovative drugs, which may drive sales growth for companies such as Kintor Pharmaceutical (02171), Fosun Pharma (02196), WuXi AppTec (02126), and Kelun-Biotech (06990) [2]

Group 1 - The core viewpoint of the article highlights the positive impact of rising expectations for interest rate cuts in the US on the biotechnology sector, leading to a significant increase in the S&P Biotechnology Index by 2.89% [1] - The Hong Kong pharmaceutical sector continues to show strong performance, with the Hong Kong Pharmaceutical ETF (159718.SZ) rising by 0.38% [1] - Notable individual stock performances include a 6.22% increase for Simcere Pharmaceutical Group (02410), a 3.34% rise for BeiGene (06160), and a 2.29% increase for Kelun-Biotech (06990) [1] Group 2 - The liquidity in the market is robust, with the Hong Kong Pharmaceutical ETF seeing a turnover of 13.3% and a transaction volume of 36.42 million yuan within the first 20 minutes of trading [1] - Guotai Junan Securities has stated that China's innovative drugs are on the rise, entering the initial phase of realizing innovation results, with significant opportunities for independent development and large transactions through business development (BD) licensing [1] - The Hong Kong Pharmaceutical ETF focuses on 18 A-share biotechnology companies, including key innovative drug firms such as BeiGene, WuXi Biologics, and CSPC Pharmaceutical Group, benefiting from global innovation drug research dividends [1] Group 3 - The article emphasizes the favorable conditions for the innovative drug growth sector due to the anticipated US interest rate cuts, which are expected to benefit the domestic innovative drug companies as they expand internationally [1] - The recommendation is to pay attention to the Hong Kong Pharmaceutical ETF (159718.SZ) and its associated funds (Class A: 019598, Class C: 019599) as they are positioned to capitalize on these trends [1]

Summary of Conference Call Notes Company and Industry Involved - The conference call primarily discusses **Kalon Biotech** and its product **SKB-264**, focusing on the **ADC (Antibody-Drug Conjugate)** market, particularly in the context of **lung cancer** treatment. Core Points and Arguments 1. **Stock Performance and Business Development**: Despite limited business development progress this year, Kalon Biotech's stock performance has been strong, indicating that the completion of business development transactions will drive future stock price growth due to the high certainty of product sustainability post-transaction [1] 2. **SKB-264 as a Core Product**: SKB-264 is identified as Kalon Biotech's flagship product, having entered the commercialization phase in China this year, with expectations for inclusion in health insurance negotiations and potential further publications next year [2][3] 3. **Collaboration with Merck**: The partnership with Merck has accelerated the development of SKB-264, which has already initiated multiple Phase III clinical trials in lung cancer [2][4] 4. **Market Potential**: The ADC market, particularly for SKB-264, is projected to grow significantly, with a conservative estimate of over $50 billion in sales for related therapies, driven by ongoing clinical trials and advancements in treatment options [6] 5. **Competitive Landscape**: The competitive landscape in lung cancer treatment is intense, with various companies, including AZ and Gilead, actively pursuing similar therapies. Kalon Biotech's SKB-264 is positioned favorably against competitors due to its clinical trial data and potential for combination therapies [7][10] 6. **Clinical Trial Data**: Preliminary data from clinical trials indicate that SKB-264 shows significant efficacy in treating wild-type lung cancer, with a notable improvement in progression-free survival (PFS) rates compared to existing therapies [12][21] 7. **Future Developments**: The company anticipates further data releases and clinical trial results that will enhance the understanding of SKB-264's efficacy and its competitive positioning in the ADC market [21][26] Other Important but Possibly Overlooked Content 1. **Importance of Biomarkers**: The discussion highlights the significance of biomarkers in determining patient eligibility and treatment efficacy, particularly in differentiating between various patient subgroups [20] 2. **Long-term Lifecycle of ADCs**: The potential for ADCs, including SKB-264, to have extended lifecycles due to their ability to be combined with other therapies, which may enhance their market viability [26] 3. **Emerging Competitors**: Other companies, such as GSK and BioNTech, are also developing combination therapies that could impact the ADC market, indicating a need for Kalon Biotech to remain vigilant in its competitive strategy [22][24] 4. **Sales Projections**: The U.S. market for PD-1 therapies is projected to be substantial, with significant sales expected from specific patient populations, emphasizing the importance of targeting the right demographics for SKB-264 [25] This summary encapsulates the key insights from the conference call, focusing on the strategic positioning of Kalon Biotech and its flagship product SKB-264 within the competitive ADC landscape, particularly in lung cancer treatment.