Core Viewpoint - The Hong Kong biopharmaceutical sector experienced a significant decline, with major companies reporting substantial drops in stock prices, indicating a bearish trend in the market [1]. Group 1: Stock Performance - Innovent Biologics (099660) saw a decline of 11.54%, with a latest price of 16.640 and a market capitalization of 293.36 billion, despite a year-to-date increase of 171.90% [2]. - Rongchang Biologics (09995) dropped by 9.20%, priced at 108.600, with a total market value of 612.08 billion, and a remarkable year-to-date increase of 654.17% [2]. - Kelun-Biotech (06990) fell by 7.71%, with a latest price of 533.000 and a market cap of 1,242.88 billion, while still showing a year-to-date increase of 226.39% [2]. - Tigermed (03347) decreased by 6.86%, priced at 43.960, with a market capitalization of 378.51 billion and a year-to-date increase of 44.25% [2]. - WuXi AppTec (02268) experienced a decline of 6.22%, with a latest price of 77.650 and a market cap of 954.09 billion, maintaining a year-to-date increase of 153.34% [2]. - CanSino Biologics (09926) dropped by 5.15%, priced at 134.500, with a market capitalization of 1,238.94 billion, and a year-to-date increase of 121.58% [2]. - Other companies like Junshi Biosciences (01877) and BeiGene (06160) also reported declines, with respective decreases of 3.16% and 2.48% [2].

Core Viewpoint - The recent approval of a new 100mg specification for SKB264 by NMPA is expected to enhance treatment accessibility and convenience for patients with advanced breast cancer and non-small cell lung cancer (NSCLC) [1] Group 1: Clinical Research and Product Development - SKB264's two key clinical studies have been selected for presentation at the 2025 ESMO conference, with the OptiTROP-Lung04 study being featured in the Presidential Symposium, highlighting its potential in treating EGFR-mutant NSCLC [1] - The company anticipates significant revenue growth, projecting revenues of 2.084 billion, 2.876 billion, and 4.663 billion yuan for the years 2025, 2026, and 2027 respectively [1] - SKB264 has received approval for the treatment of EGFR-mutant NSCLC in China and is making progress in earlier lines of treatment, with a New Drug Application (NDA) for 2L NSCLC submitted and prioritized for review [1] Group 2: Efficacy in Rare Mutations and Other Indications - SKB264 has shown promising results in treating rare EGFR mutations, achieving an overall response rate (ORR) of 35.7% and a disease control rate (DCR) of 85.7% in a Phase II study [2] - Ongoing clinical trials for SKB264 in various NSCLC settings are demonstrating superior efficacy compared to other investigational drugs and existing therapies [2] Group 3: Breast Cancer Applications - SKB264 has been approved for use in triple-negative breast cancer (TNBC) and is under review for HR+/HER2- breast cancer, with the NDA based on the successful OptiTROP-Breast02 study [3] - The OptiTROP-Breast02 study has met its primary endpoint, showing significant improvements in progression-free survival (PFS) and a positive trend in overall survival (OS) for HR+/HER2- breast cancer patients [3]

每经AI快讯，10月9日，港股创新药板块普遍回调，四环医药、诺诚健华跌超8%，科伦博泰生物跌超 6%，信达生物跌超5%。 ...

Group 1 - The report highlights a marginal recovery in China's manufacturing PMI in September, indicating a rebound in production activities, with new orders and export orders showing upward trends [1] - The report suggests three main investment directions based on economic recovery and market liquidity: breakthroughs in technology AI, resonance between domestic and international markets, and the continued rise of undervalued assets [1] - In the A-share market, major indices maintained upward momentum in September, with the ChiNext index rising over 12% and net inflows from southbound funds reaching 172.65 billion yuan [3] Group 2 - The global small nucleic acid drug market is projected to grow at a compound annual growth rate of 26.1%, reaching 46.7 billion USD by 2033, driven by technological advancements and increasing clinical approvals [10] - The report details the clinical progress of small nucleic acid drugs in various therapeutic areas, indicating significant potential for growth in this sector [10] - The report recommends focusing on both international and domestic companies involved in small nucleic acid drugs, highlighting key players in the market [10] Group 3 - The report on Lian Microelectronics indicates a stable revenue growth of 14.18% year-on-year for H1 2025, driven by technological innovation and an integrated supply chain [12] - Despite the revenue growth, the company reported a significant increase in net losses, indicating ongoing profitability challenges [12] - The report emphasizes the importance of capacity expansion and integrated industry chain advantages for the company's stable operations [12] Group 4 - The report on Solon Technology highlights the opportunities created by electrification and domestic substitution trends in the nylon pipeline sector, with potential revenue growth driven by increased demand from electric vehicles [18] - The company has established long-term partnerships with over 30 automotive manufacturers, positioning itself well in the market [18] - Revenue projections for 2025-2027 indicate a growth trajectory, with expected revenues of 1.57 billion, 1.96 billion, and 2.39 billion yuan respectively [18] Group 5 - The report on Yuheng Pharmaceutical shows a decline in revenue by 9.97% in H1 2025, while net profit increased by 7.56%, indicating effective cost management [37] - The company has signed promotional agreements for new drug products, enhancing its market presence and potential revenue streams [37] - The introduction of Pemabet tablets is expected to strengthen the company's product pipeline and competitive position in the cardiovascular sector [38]

Investment Rating - The report upgrades the investment rating to "Buy" based on the smooth commercialization process of the company's core product [6] Core Insights - The company's core product, SKB264, has been recognized for its potential in treating EGFR mutation NSCLC, with two key clinical studies selected for presentation at the 2025 ESMO conference, highlighting its significance in the field [1][2] - SKB264 has received approval for 3L treatment of EGFR mutation NSCLC in mainland China and is making progress in earlier lines of treatment, with a 2L NSCLC indication submission accepted for priority review [2] - The clinical trial results for SKB264 show significant improvements in progression-free survival (PFS) compared to existing treatments, indicating its competitive edge in the market [2][4] - SKB264 demonstrates efficacy in treating rare EGFR mutations, providing new treatment options for patients lacking standard therapies [3] - The product has also shown promise in breast cancer treatment, with recent approvals and ongoing clinical trials indicating its potential in HR+/HER2- breast cancer [4][5] Financial Projections - Revenue projections for the company are estimated at 2.084 billion, 2.876 billion, and 4.663 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to improve significantly by 2027 [6]

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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) 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06990 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 162,769,979 | RMB | | | 1 RMB | | 162,769,979 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 162,769,979 | RMB | | | 1 RMB | | 162,7 ...

Core Insights - The report from CMB International highlights the release of the first batch of innovative pharmaceutical technology medical insurance payment incentive catalog by Zhejiang Province, which is expected to alleviate the challenges of innovative drugs entering hospitals [1] - Despite the Trump administration's announcement of a 100% tariff on imported innovative drugs, the overall impact on China's pharmaceutical industry chain is considered manageable, with a recommendation to monitor subsequent developments [1] - The upcoming ESMO conference in mid to late October is noted as a key event, with a focus on companies such as CanSino Biologics (09926), Kelun-Biotech (06990), and Rongchang Biologics (688331.SH) that are expected to release significant data [1] Industry Summary - The Hong Kong pharmaceutical sector has shown relatively flat performance in September, but with increasing industry catalysts such as academic conferences and favorable policy implementations in October, a market rebound is anticipated [1] - The report recommends focusing on specific segments: 1) Innovative drugs: Companies like 3SBio (01530) and Eucure Biopharma-B (06996) have rich short-term catalysts and their valuations do not yet reflect the core value of major products; companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech are considered significantly undervalued with clear long-term growth logic [1] 2) CXO: Leaders in this segment, such as WuXi AppTec (02268), are expected to benefit from high downstream demand and marginal recovery in financing [1]

Core Viewpoint - Kintor Pharmaceutical Co., Ltd. (06990) has entered into a structured deposit agreement with Bank of China, committing to invest RMB 440 million in structured deposits, which are expected to yield higher returns than traditional bank deposits [1] Summary by Relevant Sections - **Investment Details** - The company has agreed to subscribe to structured deposits amounting to RMB 440 million with Bank of China [1] - The structured deposits are characterized as capital-protected financial products with floating returns [1] - **Expected Benefits** - The anticipated return rate from these structured deposits is expected to exceed that of general commercial bank deposits [1] - This investment is aimed at improving the efficiency of the company's idle funds [1] - **Management's Perspective** - The board believes that the terms of the structured deposit agreement are fair and reasonable [1] - The investment aligns with the overall interests of the company's shareholders [1]

格隆汇9月29日丨科伦博泰生物-B(06990.HK)公告，2025年9月29日，公司订立中国银行结构性存款协 议，据此，公司同意认购本金额为人民币4.4亿元的中国银行结构性存款。 ...

公告称，考虑到具有浮动回报的保本理财产品的性质，预期回报率，及理财产品的中短期性质，使用集 团闲置自有资金认购中国银行结构性存款将获得高于一般商业银行存款的回报，并且有利于提高集团闲 置资金的使用效率。董事认为中国银行结构性存款的条款属公平合理，并符合公司股东的整体利益。 科伦博泰生物-B(06990)发布公告，2025年9月29日，公司订立中国银行结构性存款协议，据此，公司同 意认购本金额为人民币4.4亿元的中国银行结构性存款。 ...