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].

Business Overview & Highlights - 科伦博泰是一家致力于肿瘤学、免疫学和其他治疗领域新药的开发、制造和商业化的生物制药公司[14] - 公司有30多个在研药物，其中4个处于临床阶段，并且有超过1870名全职雇员[20] - 公司有3款产品上市，并且已经提交了5个新药申请(NDAs)[20] - 公司与默沙东就多个ADC资产展开合作，包括SKB410/MK-3120, SKB571/MK-2750, SKB535/MK-6204[30] Commercialization - 公司商业销售总额达3.098 亿元人民币，其中sac-TMT (佳泰莱®)销售占比为97.6%[53] - 公司已组建了一支人数超过350人的营销团队，覆盖30个省份和300多个城市，目标医院数超过2000家[57] - 佳泰莱®已完成29个省挂网，科泰莱®已完成25个省挂网，达泰莱®已完成15个省挂网[62] Financial Performance - 公司收入从2024年上半年的13.82791亿人民币减少到2025年上半年的9.50445亿人民币[85, 95] - 公司毛利从2024年上半年的10.7669亿人民币减少到2025年上半年的6.59988亿人民币[85, 95] - 公司研发费用从2024年上半年的6.52337亿人民币减少到2025年上半年的6.11539亿人民币[89, 95]

Core Viewpoint - 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, highlighting a shift towards more reliable quality stocks [1] Group 1: Company Performance - Kelun-Biotech (06990) has emerged as a key target for market investment, achieving a historical high in stock price in August, with a market capitalization exceeding 100 billion HKD and a year-to-date increase of 192.40%, entering the "100 billion club" of Hong Kong's innovative pharmaceuticals [1] - The company's mid-2025 performance report indicates a transition from Biotech to Biopharma, with revenue driven by both business development (BD) collaborations and self-commercialization [3][4] - In the first half of 2025, Kelun-Biotech reported revenues of 950 million yuan, with cash reserves of 4.528 billion yuan, indicating strong cash flow and a shift in revenue structure from BD-driven to self-commercialization [4] Group 2: Commercialization Strategy - The company's core product, TROP2 ADC (Jiatailai), has shown strong commercial potential, generating sales of 51.698 million yuan in its first month post-launch and expanding its indications, which enhances market opportunities [5] - Kelun-Biotech has established a comprehensive commercialization capability, with a professional marketing team of 350 and a wide distribution network covering over 1,000 hospitals and partnerships with more than 60 distributors [8][9] - The company has successfully navigated market access, achieving broad coverage for its products across multiple provinces and actively pursuing inclusion in national insurance schemes to enhance drug accessibility [9] Group 3: Research and Development - Kelun-Biotech has increased its R&D investment, reaching 612 million yuan in the first half of 2025, and has developed three major technology platforms, ensuring a robust pipeline of over 30 candidate drugs [10][11] - The company's international collaborations with major pharmaceutical firms validate its technological capabilities and support the transformation of global innovative results into commercial value [11] - The dual strategy of BD collaborations and self-commercialization aligns with the trend of "true innovation + self-control" in the domestic pharmaceutical industry, positioning Kelun-Biotech as a key player in the Hong Kong pharmaceutical investment landscape [12]

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 ...