天风证券（601162）指出，科伦博泰生物与Crescent合作内容包括分别推进两款候选药物的单药治疗开 发，并共同评估CR-001与SKB105的联用疗法。双方均有权独立开发CR-001的其他联用方案。CR-001是 一款四价双特异性抗体，在临床前研究中显示强大的抗肿瘤活性。 科伦博泰生物-B(06990)涨超4%，截至发稿，涨3.69%，报427.4港元，成交额1831.69万港元。 消息面上，近日，科伦博泰生物和Crescent达成合作，共同开发及商业化新型肿瘤治疗手段(含新型联用 疗法)，合作涉及科伦博泰生物的一款靶向整合素β6(ITGB6)并以拓扑异构酶抑制剂为载荷ADC药物 SKB105(CR-003)，以及Crescent的一款PD-1xVEGF双特异性抗体CR-001(SKB118)。这两款候选药物正 在开发用于治疗实体瘤，预计于2026年第一季度开展I/II期单药治疗临床试验。 对价方面，科伦博泰生物将从Crescent获得8,000万美元首付款，并有资格获得最高累计12.5亿美元的里 程碑付款，以及基于SKB105净销售额按中个位数至低双位数比例浮动的分级特许权使用费。如Crescent ...

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 就將於2025年12月31日舉行的2025年第一次臨時股東會 暫停辦理股東登記手續 為確定有權出席將於2025年12月31日舉行的2025年 第 一 次 臨 時 股 東 會（「臨 時股東會」）並 於 會 上 投 票 的 四 川 科 倫 博 泰 生 物 醫 藥 股 份 有 限 公 司（「本 公 司」）股 東（「股 東」）身 份，本 公 司 將 於2025年12月24日 至2025年12月31日（包 括 首 尾 兩 日）暫 停 辦 理 股 東 登 記 手 續，期 內 將 不 會 辦 理 任 何 股 份 過 戶 登 記。於2025年12月31日名列股東名冊的股東將有權出席臨時股東會並於 會 上 投 票。為 符 ...

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry, indicating an expected return that is stronger than the market benchmark by over 5% [5]. Core Insights - The National Medical Insurance Administration is strongly encouraging the high-quality development of innovative drugs, with clear policies supporting the payment side for innovative drugs. Domestic leading innovative drug companies are entering a commercial realization phase [3][7]. - The 2025 National Medical Insurance Drug List includes 127 products, with 114 successfully added, of which 50 are innovative drugs, marking a historical high. The overall negotiation success rate reached 90%, the highest in nearly seven years [7]. - The report highlights that the domestic innovative drug market is becoming increasingly concentrated, with leading companies like Heng Rui and Xin Da Biotech significantly benefiting from the new insurance policies [7]. Summary by Sections Investment Recommendations and Targets - Recommended stocks include Heng Rui Pharmaceutical (600276, Buy), Ke Lun Pharmaceutical (002422, Buy), Xin Li Tai (002294, Hold), Ao Sai Kang (002755, Buy), Jing Xin Pharmaceutical (002020, Buy), and others [3]. Market Dynamics - The report notes that the introduction of the commercial insurance directory marks the beginning of a "new golden decade" for Chinese innovative drugs, with a focus on high clinical efficacy and value innovation [7]. - The report emphasizes that the competition in the GLP-1 market remains clear, with the entry of new drugs not significantly altering the competitive landscape for existing treatments [7].

Core Insights - The strategic collaboration between Kelun-Biotech and Crescent Biopharma is valued at over $1.3 billion, involving a $80 million upfront payment and up to $1.25 billion in milestone payments for the global rights to SKB105 outside Greater China, while Kelun-Biotech acquires exclusive rights to CR-001 in Greater China for a $20 million upfront payment [1][2] Strategic Supplementation - The partnership reflects a deep understanding of the competitive landscape in 2025, with a focus on securing foundational assets for the next decade in the evolving field of tumor immunotherapy [1][2] - The PD-1/VEGF dual antibody space has seen over $7 billion in disclosed licensing and collaboration deals in the past three years, indicating its significance in the post-PD-1 era [2] Differentiated Competition - Crescent's interest in SKB105 is driven by its unique design targeting ITGB6, which is seen as a promising ADC target due to its high expression in difficult-to-treat cancers and low expression in normal tissues [3][4] - SKB105 utilizes a novel Topo-I inhibitor as its payload, which may offer improved therapeutic windows compared to traditional payloads like MMAE used by competitors [3][4] Collaborative Model - Crescent Biopharma exemplifies an efficient development model focused on fast-following validated targets and differentiated innovation, enhancing asset value through rapid clinical advancement [5] - The collaboration allows both companies to leverage their strengths: Crescent gains a core ADC asset, while Kelun-Biotech secures funding and access to a critical immune pipeline [5] Industry Implications - The transaction signifies a maturation of the Chinese biotech outbound model, moving from one-way licensing to a more flexible resource exchange approach [6] - This partnership highlights a pragmatic choice in a complex market, emphasizing the importance of external collaborations to build a competitive product portfolio rather than solely relying on in-house development [7]

Investment Rating - The report maintains a "Buy" rating for the companies in the higher education sector, specifically for New Higher Education Group and Xijiao International Holdings [8][11]. Core Insights - The profitability of higher education companies is expected to rebound as the peak of cost increases has passed, with improvements in operational efficiency anticipated due to reduced capital expenditures [4][11]. - New Higher Education Group reported a revenue of 2.6 billion yuan for the fiscal year 2025, a year-on-year increase of 7.8%, with adjusted net profit reaching 812 million yuan, up 5.2% [6][8]. - The student structure is continuously optimized, with an increase in the proportion of undergraduate students, leading to higher average tuition fees [6][7]. - The report highlights the importance of maintaining high-quality education and the strategic focus on enhancing educational facilities to improve student learning environments [3][4]. Summary by Sections 1. Higher Education Sector - The education index increased by 1% during the week, outperforming the Hang Seng Index by 1.8 percentage points [5]. - New Higher Education Group's student enrollment decreased slightly by 0.6% to 139,000, but the proportion of undergraduate students increased, contributing to an 8.1% rise in average tuition fees to 16,700 yuan per year [6][7]. - The company’s operational costs rose by 9.2% to 1.68 billion yuan, with significant increases in labor costs, which grew by 14.7% [3][7]. 2. Cost Management and Profitability - The peak of cost increases is believed to have passed, with capital expenditures decreasing from 920 million yuan in fiscal year 2024 to 690 million yuan in fiscal year 2025 [4][8]. - The report anticipates a recovery in gross profit margins starting from fiscal year 2026, with projected profits for fiscal years 2026 and 2027 adjusted to 880 million yuan and 1 billion yuan, respectively [8][11]. - Xijiao International Holdings reported a revenue of 3.96 billion yuan for fiscal year 2025, a 6.1% increase, while net profit decreased by 36.9% [9][10]. 3. Investment Recommendations - The report suggests focusing on Hong Kong-listed higher education companies, as profitability is expected to improve with reduced capital expenditures and a more favorable revenue distribution model [13]. - Companies such as New Higher Education Group, Xijiao International Holdings, and others are highlighted as potential investment opportunities due to their strategic adjustments and market positioning [13].

Investment Rating - The report maintains a "Buy" rating for the overseas education sector, particularly highlighting the potential rebound in profitability for higher education companies as they enhance their operational efficiency and educational quality [4][16]. Core Insights - The profitability of higher education companies is expected to improve as they transition from a phase of high costs to a more stable operational environment, driven by an increase in the quality of education and student enrollment structures [4][16]. - The report emphasizes the importance of maintaining high-quality education and optimizing student demographics, which is reflected in the rising average tuition fees and accommodation costs [2][3][4]. Summary by Sections Overseas Education - The education index increased by 1% during the week, underperforming the Hang Seng Index by 1.8 percentage points, with a year-to-date increase of 8.2% [6]. - New Higher Education Group reported a revenue of 2.6 billion yuan for FY25, a 7.8% increase year-on-year, with adjusted net profit rising by 5.2% to 812 million yuan [2][7]. - The student enrollment decreased slightly by 0.6%, but the proportion of undergraduate students increased, leading to an 8.1% rise in average tuition fees to 16,700 yuan per year [2][7]. - The company’s operational costs grew by 9.2% to 1.68 billion yuan, with labor costs rising significantly, indicating a focus on maintaining educational quality [3][8]. - The report predicts that the peak of cost increases has passed, and profitability is set to rebound, with expected net profits of 880 million yuan and 1 billion yuan for FY26 and FY27, respectively [4][9]. Key Companies - Xijiao International Holdings reported a revenue of 3.96 billion yuan for FY25, a 6.1% increase, but net profit fell by 36.9% due to previous high costs [11][12]. - The company has optimized its school management by reducing the number of institutions, which is expected to enhance operational efficiency and profitability [12][13]. - The report suggests focusing on several key players in the sector, including New Oriental, TAL Education, and Huazhong Education, as they are expected to benefit from the improving market conditions [16]. Investment Recommendations - The report recommends attention to Hong Kong-listed higher education companies, as the profitability outlook is improving with reduced capital expenditures and stabilized operational costs [16]. - It also highlights the potential for growth in vocational education companies, particularly those adapting to market demands and enhancing their service offerings [16].

公开资料显示，Crescent并非老牌企业。它的主体是在2025年6月合并而成，组成方包括专注于抗肿瘤新 药研发的生物技术公司Crescent Biopharma与另一家已上市的肿瘤学公司GlycoMimetics。在合并前夕， Crescent完成了由知名机构领投的2亿美元私募融资。 而公司最核心的资产，即此次与科伦博泰达成合作的CR-001。 12月4日，科伦博泰（HK06990）与Crescent Biopharma, Inc. （一家纳斯达克上市公司，以下简称 Crescent）共同宣布，双方已建立战略合作伙伴关系。科伦博泰方面将ADC药物（抗体偶联药物） SKB105在中国以外权利授权Crescent，并预计将获得最高超13亿美元的授权收入。而后者将核心管线 PD-1/VEGF双抗CR-001（PD-1意为程序性细胞死亡-1，VEGF意为血管内皮生长因子）在中国的权利授 权科伦博泰。此次合作包括开发两款候选药物的单药疗法，以及评估CR-001与SKB105的联用疗法。 科伦博泰首席执行官葛均友表示，此次合作通过引入CR-001进一步补充与强化了科伦博泰差异化的肿 瘤治疗管线，同时助力推进SKB105 ...

【财华社讯】科伦博泰生物-B(06990.HK)公布，公司与Crescent Biopharma, Inc.及其全资子公司Crescent Biopharma Operating Company, LLC已建立战略合作伙伴关系，共同开发和商业化肿瘤治疗手段(包括新 型联用疗法)。基于此次合作，公司将向Crescent收取8000万美元的首付款，并有资格收取高达12.5亿美 元的里程碑付款，以及基于SKB105净销售额的中个位数至低双位数百分比的分级特许权使用费。 本文源自：财华网 ...

智通财经获悉，科伦博泰生物-B(06990)涨近3%，截至发稿，涨2.54%，报460.4港元，成交6743.33万港 元。 本文源自：智通财经网 此次合作涉及公司一款靶向整合素β6(ITGB6)并以拓扑异构酶抑制剂为载荷的抗体偶联药物 (ADC)SKB105，以及Crescent一款程序性细胞死亡-1(PD-1)x血管内皮生长因子(VEGF)双特异性抗体(双 抗)CR-001。这两款候选药物均正在开发用于治疗实体瘤，预计于2026年第一季度开展1/2期单药治疗临 床试验。 基于此次合作，公司将向Crescent收取8000万美元的首付款，并有资格收取高达12.5亿美元的里程碑付 款，以及基于SKB105净销售额的中个位数至低双位数百分比的分级特许权使用费。 消息面上，12月4日，科伦博泰生物-B发布公告，公司与Crescent Biopharma,Inc.及其全资子公司Crescent Biopharma Operating Company,LLC(连同CrescentBiopharma,Inc.合称"Crescent"或"CrescentBiopharma")已 建立战略合作伙伴关系，共同开发和商业化肿瘤 ...

智通财经APP获悉，科伦博泰生物-B(06990)涨近3%，截至发稿，涨2.54%，报460.4港元，成交6743.33 万港元。 基于此次合作，公司将向Crescent收取8000万美元的首付款，并有资格收取高达12.5亿美元的里程碑付 款，以及基于SKB105净销售额的中个位数至低双位数百分比的分级特许权使用费。 此次合作涉及公司一款靶向整合素β6(ITGB6)并以拓扑异构酶抑制剂为载荷的抗体偶联药物 (ADC)SKB105，以及Crescent一款程序性细胞死亡-1(PD-1)x血管内皮生长因子(VEGF)双特异性抗体(双 抗)CR-001。这两款候选药物均正在开发用于治疗实体瘤，预计于2026年第一季度开展1/2期单药治疗临 床试验。 消息面上，12月4日，科伦博泰生物-B发布公告，公司与Crescent Biopharma,Inc.及其全资子公司Crescent Biopharma Operating Company,LLC(连同CrescentBiopharma,Inc.合称"Crescent"或"CrescentBiopharma")已 建立战略合作伙伴关系，共同开发和商业化肿瘤治疗手段(包括新 ...