Core Viewpoint - UBS report indicates that Kelun-Botai's revenue for the first half of the year was 950 million, a year-on-year decline of 31%, which is below the bank's expectation of 1.1 billion but in line with the market's general expectation of 933 million [1] Financial Performance - The net loss for the period was 145 million, roughly in line with the bank's forecast of 136 million, and better than the market's expectation of a loss of 330 million [1] Product and Market Outlook - Kelun-Botai's core product, sac-TMT, has entered over 1,000 hospitals and partnered with more than 400 DTP pharmacies. Management expects significant sales growth in the second half of the year as market penetration increases and new indications are approved, maintaining a full-year sales target of 800 million to 1 billion [1] Sales Forecast Adjustments - The bank has revised its sales forecast for sac-TMT this year from 1 billion down to 850 million, while also lowering expense forecasts. Based on global R&D potential and visibility of key data, the overseas sales peak forecast has been raised from 65 billion to 75 billion, leading to an increase in the target price from 452.8 HKD to 519 HKD, while maintaining a "Buy" rating [1]

Group 1 - Midea Real Estate (03990) expects a profit increase to 350 million yuan for the first half of the year, driven by new business segments from asset distribution and development services [1] - Tongcheng Travel (00780) reported a 6.3% rise post-earnings, with adjusted net profit of 770 million yuan, exceeding expectations by 33% [1] - Country Garden (02007) shares rose over 4% following strong support for its offshore debt restructuring, with the coordination committee holding 49% of the total loan principal [1] - Kelun-Botai Biopharmaceutical (06990) saw a 4% increase in shares after reporting mid-year revenue of 950 million yuan, with efficient cash collection from receivables [1] Group 2 - Dongfang Zhenxuan (01797) shares surged nearly 12%, with a 300% increase since early July, despite a 30% year-on-year revenue decline in Q4 FY25 [2] - Zhihu-W (02390) shares rose over 16% ahead of its earnings announcement, with long-term funds increasing their holdings [2] - Jinyang New Energy (01121) shares increased nearly 1% as profitability for BC products is expected to improve with the ongoing recovery in the photovoltaic industry [2] - China Rare Earth Holdings (03788) shares jumped over 11% after announcing plans to spin off its gold business for a Hong Kong listing [2] Group 3 - Weimob Group (02013) shares rose over 7.5% ahead of its mid-term earnings report, with expectations of business recovery by 2025 due to improved consumer sentiment [3] Group 4 - iQIYI (IQ.US) shares surged 17.09% following the release of a new drama series, achieving significant viewership [4] - NIO (NIO.US) shares increased by 1.25% ahead of the launch of the new ES8 model and expansion into new markets [5] - Weibo (WB.US) shares rose 3.3% after exceeding earnings expectations, with revenue growth of 1.6% year-on-year [5] - Kingsoft Cloud (KC.US) shares increased by 5.38% as it prepares to release its earnings report, with expectations of revenue growth [5]

Core Viewpoint - CITIC Securities has raised the target price for Kelun-Biotech (06990) from HKD 328.4 to HKD 500.6, an increase of 52%, based on discounted cash flow (DCF) analysis, while maintaining an "Outperform" rating [1] Financial Performance - The company's first mid-term product achieved sales of RMB 310 million, primarily driven by sac-TMT [1] - The expansion of indications for second-line non-small cell lung cancer (NSCLC) is expected to further support sales growth in the second half of 2025 [1]

Core Viewpoint - CITIC Securities has adjusted the valuation of Kelun-Botai Biopharmaceutical (06990) based on the latest data, raising the target price from HKD 328.4 to HKD 500.6, an increase of 52%, while maintaining an "Outperform" rating [1] Group 1 - The group's first mid-term product achieved sales of RMB 310 million, primarily driven by sac-TMT [1] - The expansion of indications for second-line non-small cell lung cancer (NSCLC) is expected to further support sales growth in the second half of 2025 [1]

Core Viewpoint - Kolon Biotech-B (06990) reported a significant decline in revenue for the six months ending June 30, 2025, with a 31.3% year-on-year decrease, leading to a loss attributable to equity shareholders of RMB 145 million [1] Financial Performance - The company achieved revenue of RMB 950 million, down 31.3% year-on-year [1] - Research and development expenses amounted to RMB 612 million, a decrease of 6.3% year-on-year [1] - The loss attributable to equity shareholders was RMB 145 million, with a loss per share of RMB 0.64 [1] Product Development and Commercialization - The company has received marketing approvals for sac-TMT (Jiatailai), Tagolizumab (Ketailai), and Cetuximab N01 (Datailai) and has commenced commercialization [1] - The company anticipates launching Botuzumab (Shutailai) in the Chinese market in the second half of 2025, pending regulatory communication and approval [1] - Total commercial sales for the first half of 2025 reached RMB 309.8 million, with Jiatailai accounting for 97.6% of sales [1] Accounts Receivable Management - All accounts receivable from drug sales were collected within the payment period, indicating efficient and stable cash flow management [1]

科伦博泰生物-B(06990)绩后涨超3%，截至发稿，涨2.42%，报457.2港元，成交额1.1亿港元。 公告称，集团已获得sac-TMT(佳泰莱®)及塔戈利单抗(科泰莱®)及西妥昔单抗N01(达泰莱®)的上市许 可，并已开始其商业化。根据集团管线各后期阶段项目的预期审批时间表，待进行监管沟通及取得上市 批准后，集团预期于2025年下半年在中国市场推出博度曲妥珠单抗(舒泰莱®)并为A400递交NDA。 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。 消息面上，8月18日，科伦博泰生物-B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元。 ...

公告称，集团已获得sac-TMT(佳泰莱)及塔戈利单抗(科泰莱)及西妥昔单抗N01(达泰莱)的上市许可，并 已开始其商业化。根据集团管线各后期阶段项目的预期审批时间表，待进行监管沟通及取得上市批准 后，集团预期于2025年下半年在中国市场推出博度曲妥珠单抗(舒泰莱)并为A400递交NDA。 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。 （原标题：港股异动 | 科伦博泰生物-B(06990)绩后涨超3% 中期收入9.5亿元 预期下半年于国内推出舒泰 莱®） 智通财经APP获悉，科伦博泰生物-B(06990)绩后涨超3%，截至发稿，涨2.42%，报457.2港元，成交额 1.1亿港元。 消息面上，8月18日，科伦博泰生物-B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元。 ...

Financial Data and Key Metrics Changes - The company reported a revenue of RMB950 million for the first half of 2025, with over RMB300 million coming from commercialized drugs, marking a significant achievement in its first year of commercialization [50][51] - Gross profit was RMB660 million, comparable to the previous year, while the net loss for the first half was RMB145 million, with an adjusted loss of RMB69 million after one-off budget adjustments [52][53] Business Line Data and Key Metrics Changes - The company has three main products ready for the market, with significant progress in approvals and commercialization efforts [12][21] - The commercialization team has expanded to nearly 400 personnel to support the increasing number of products [12] Market Data and Key Metrics Changes - The company has covered over 30 provinces, 300 cities, and over 1,000 hospitals across China, with partnerships established with over 400 pharmacies [28][32] - The company is actively working towards gaining medical insurance coverage for its products, which is expected to enhance market access [33][34] Company Strategy and Development Direction - The company aims to advance differentiated pipelines targeting significant medical needs, optimizing payload linker strategies, and exploring applications in non-oncology areas [26] - The focus is on expanding global partnerships and strengthening strategic collaborations to maximize the value of its pipelines [26] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the future income from sales revenue, anticipating continued cash flow generation from both R&D partnerships and commercialized drugs [51] - The company is preparing for the implementation of new medical insurance policies, which could significantly impact product sales strategies [97][100] Other Important Information - The company completed a follow-on financing of US$250 million and is included in several global equity indexes, enhancing its financial stability [25] - The company is involved in ongoing litigation regarding IP disputes with several founders, which has been accepted for review by the Sichuan Provincial High Court [101] Q&A Session Summary Question: What is the breakdown of sales revenue for breast cancer and lung cancer? - Lung cancer is the biggest contributor to sales revenue, consistent with patient numbers and indications. The sales expenses are expected to decrease once products are included in medical insurance coverage [62][63] Question: What is the focus for R&D going into the next stage? - The focus is on developing differentiated products targeting clinical demands, with an emphasis on bispecific targets and new payload strategies [68][70] Question: Can you provide guidelines on the sales trend for Q3? - The company expects quarter-over-quarter growth, with significant contributions anticipated from lung cancer indications [72] Question: What is the rationale behind the clinical trial design for PD L1 positive and negative patients? - The company is focusing on first-line treatment for wild-type non-small cell lung cancer, with ongoing projects in development [88] Question: How is the company planning to navigate the new medical insurance policy? - The company is prioritizing entry into the medical insurance catalog and is actively preparing to comply with the new policy [97][98]

Financial Data and Key Metrics Changes - The company reported a revenue of RMB 950 million for the first half of 2025, with over RMB 300 million coming from commercialized drugs, marking a significant achievement in its first year of commercialization [52][53]. - The gross profit was RMB 660 million, comparable to the previous year, while the net loss for the first half was RMB 145 million, with an adjusted loss of RMB 69 million after one-off budget adjustments [54][55]. - Cash and financial assets totaled RMB 4.5 billion, indicating a healthy financial status to support upcoming R&D and innovation [58]. Business Line Data and Key Metrics Changes - The company has three main products ready for the market, with significant progress in commercialization, covering over 30 provinces and 300 cities, and engaging over 10,000 doctors [32][34]. - The commercialization team has expanded to nearly 400 personnel to support the increasing number of products ready for market [14][15]. Market Data and Key Metrics Changes - The company has successfully partnered with over 400 pharmacies across China, enhancing its market access and professional services [32][34]. - The company is actively pursuing medical insurance coverage for its products, with seven provinces already covered under specific affordable care programs [36][37]. Company Strategy and Development Direction - The company aims to advance differentiated pipelines targeting significant medical needs, optimizing payload linker strategies, and exploring applications in non-oncology areas [30]. - The focus is on developing ADCs and small molecules, with an emphasis on bi-specific targets and innovative payloads to replace traditional chemotherapy [70][72]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future income from sales revenue, anticipating continued cash flow generation from both R&D partnerships and commercialized drugs [53]. - The company is preparing for the implementation of new medical insurance policies, which are expected to enhance market access and sales volume [100][101]. Other Important Information - The company has completed a follow-on financing of USD 250 million and is included in major global equity indexes, enhancing its market presence [29]. - The company has made significant advancements in clinical trials, with multiple pivotal trials initiated both domestically and globally [25][26]. Q&A Session Summary Question: What is the breakdown of sales revenue for breast cancer and lung cancer? - Lung cancer is the biggest contributor to sales revenue, consistent with patient numbers and indications. The sales expenses are expected to decrease once products are included in the national medical insurance catalog [60][64]. Question: What is the focus for R&D going into the next stage? - The focus is on developing differentiated products targeting clinical demands, with an emphasis on bi-specific targets and innovative payloads [70][72]. Question: Can you provide guidelines on the sales trend for Q3? - The company has recorded quarter-over-quarter growth of several dozen percentage points, indicating a positive sales trend [76]. Question: What is the rationale behind the clinical trial design for PD L1 positive and negative patients? - The company is focusing on developing effective treatments for both PD L1 positive and negative patients, with ongoing trials to assess efficacy [91]. Question: How does the company plan to navigate the new medical insurance policies? - The company is prioritizing entry into the medical insurance catalog and is actively preparing to comply with new policies to enhance market access [100][101].

Core Viewpoint - Kolonbo Tai reported a significant decline in revenue and a shift from profit to loss in the first half of 2025, primarily due to reduced milestone payments from licensing and collaboration agreements [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 950 million yuan, a decrease of 31.3% year-on-year [1][2]. - Net profit turned into a loss of 145 million yuan, with an adjusted loss of 69.4 million yuan, representing a year-on-year increase in loss of 146.8% [2]. - Research and development expenses were approximately 612 million yuan, down 6.3% from 652 million yuan in the same period of 2024 [2]. Product Performance - The core product, sac-TMT, accounted for 97.6% of the company's sales revenue, with sales amounting to approximately 302 million yuan out of a total commercial sales of 310 million yuan [1][2]. - sac-TMT has received approval for two indications, targeting specific types of breast cancer and non-small cell lung cancer [2]. Regulatory Developments - sac-TMT has passed the preliminary review for inclusion in the 2025 National Medical Insurance Drug List and is expected to participate in this year's insurance negotiations, which could lead to increased sales volume [1][4]. - In July, UBS Securities projected that sac-TMT could become a core asset in Merck's next-generation oncology research strategy, with peak sales forecasts in markets outside China raised from 29.9 billion yuan to 65 billion yuan [4]. Clinical Research - The company’s partner, Merck, has initiated 14 global Phase III clinical studies for sac-TMT in combination with other drugs for various cancer types [3].