持續關連交易 2026年銷售及分銷框架協議 緒 言 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分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） 茲提述本公司日期為2024年10月31日 的 公 告，內 容 有 關 將 於2025年12月 31日到期的2024年 銷 售 及 分 銷 框 架 協 議。 鑒 於 上 述 情 況，本 公 司 已 於2025年12月31日簽訂2026年銷售及分銷框架 協 議，協 議 自2026年1月1日起至2028年12月31日 止，為 期 三 年。根 據 該 協 議，本 公 司 同 意 向 華 潤 科 倫 銷 售 其 部 分 商 業 化 產 品，華 潤 科 倫（ ...

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分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） 於2025年12月31日舉行之臨時股東會的投票結果 茲 提 述 四 川 科 倫 博 泰 生 物 醫 藥 股 份 有 限 公 司（「本公司」）日 期 為2025年12 月15日 的 臨 時 股 東 會（「臨時股東會」）通 告 及 通 函（「通 函」）。除 另 有 界 定 者 外，本 公 告 所 用 詞 彙 與 通 函 所 界 定 者 具 有 相 同 涵 義。 本 公 司 董 事（「董 事」）會（「董事會」）欣 然 宣 佈 本 公 司 於2025年12月31日上午 九時正於中華人民共和國四川省成都市溫 ...

Group 1 - Hong Kong biopharmaceutical stocks weakened during trading on December 30, with Genscript Biotech falling nearly 4% [1] - Fuhong Hanlin declined by nearly 3%, while Kelun-Biotech dropped over 2% [1] - Other stocks such as CanSino Biologics, Rongchang Biologics, and Kanyin Biologics also experienced declines of over 1.5% [1]

Group 1 - The core investment theme for the pharmaceutical sector in 2026 is the innovation drug industry chain, with a clear trend towards international business development and accelerated commercialization of domestic products [2][3]. - The CXO sector is experiencing continuous improvement in performance and orders, supported by favorable financing conditions that benefit the industry's upward trajectory [3]. - The medical device sector is focusing on two main lines: international expansion and innovation [3]. Group 2 - The latest trends in medical insurance show a decline in total expenditure for the first ten months of 2025, amounting to 1,903.6 billion yuan, a year-on-year decrease of 1% [5][7]. - The total income of the medical insurance fund for the same period reached 2,352 billion yuan, with a year-on-year growth of 2%, indicating a slowdown in income growth [7][11]. - The number of medical insurance beneficiaries and hospitalization cases continues to grow, with 6.07 billion total beneficiaries in 2024, a year-on-year increase of 18% [11]. Group 3 - The average medical insurance cost per visit decreased in 2024, with the average cost for employees at 629 yuan (down 10%) and for residents at 351 yuan (down 12%) [15]. - The average hospitalization cost also saw a decline, with employees averaging 11,707 yuan (down 3.8%) and residents at 7,408 yuan (down 3.5%) [15]. Group 4 - The Chinese pharmaceutical industry is witnessing a significant increase in license-out transactions, with over 100 deals completed in 2025, totaling more than 110 billion USD [21][32]. - The number of license-out transactions involving upfront payments exceeding 100 million USD has also risen, indicating a growing interest from global pharmaceutical companies in Chinese innovations [21][32]. - The ADC (Antibody-Drug Conjugate) market is expanding rapidly, with a projected market size exceeding 16 billion USD in 2025, driven by several successful product launches [38]. Group 5 - The Chinese government is actively supporting the innovation drug sector through various policies aimed at enhancing accessibility and encouraging high-quality innovation [16][18]. - The proportion of medical insurance spending on innovative drugs is steadily increasing, with 149 innovative drugs included in the insurance coverage over the past seven years [90][94]. - The average price reduction for innovative drugs during negotiations with the national medical insurance has been around 60%, with some drugs seeing reductions as high as 94% [88][94].

Investment Rating - The report suggests a positive investment outlook for the medical device sector, particularly in brain-computer interface devices, which are expected to see accelerated commercialization due to supportive policies [1][3]. Core Insights - Recent policies have significantly increased support for innovation in medical devices, with the National Medical Products Administration actively promoting faster market entry for brain-computer interface devices, indicating a diverse application landscape and substantial future potential [1][3]. - The pharmaceutical sector is witnessing positive developments, such as GSK's approval of mepolizumab for a new indication in COPD patients, marking it as the first monthly administered biologic in China, which is expected to reduce the annual incidence of severe exacerbations significantly [1][32]. - The report highlights the approval of Wegovy® tablets in the U.S. for weight management, emphasizing its potential impact on the market as the first oral GLP-1 receptor agonist for this purpose [37][40]. Summary by Sections Pharmaceutical Sector - Mepolizumab has been approved for COPD treatment in China, with a monthly dosing schedule, targeting a significant patient population [1][32]. - The A/H share innovation drug sector maintains high activity levels, with new drug approvals and cross-border transactions remaining robust [16][28]. Biologics - Wegovy® tablets have been approved in the U.S. for weight management, showing similar weight loss efficacy to its injectable counterpart, with a significant portion of participants achieving substantial weight loss [37][40]. CXO and Pharmaceutical Supply Chain - The CXO sector continues to show upward momentum, supported by a stable order backlog, with November financing levels slightly above the annual average [44][46]. Medical Devices - The centralized procurement process for high-value medical consumables is progressing steadily, with high selection rates in multiple rounds of bidding, indicating a favorable environment for leading domestic companies [2][52]. Retail Pharmacy - The industry is undergoing a consolidation phase, with leading companies expected to benefit from increased market share through mergers and acquisitions [2][3]. Medical Services and Consumer Healthcare - Aier Eye Hospital's acquisition of 39 institutions for 960 million yuan strengthens its market position, with the acquired entities showing signs of financial recovery [2][3].

Group 1 - The Hong Kong Innovative Drug ETF (159567) closed down 0.26% with a trading volume of 221 million yuan on December 26 [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of December 25, 2024, the fund's latest share count was 10.467 billion shares, with a total size of 8.204 billion yuan, reflecting a year-to-date increase of 2547.36% in shares and 2071.41% in size [1] Group 2 - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 56.94% during the management period [2] - The top holdings of the fund include companies such as BeiGene, CanSino Biologics, Innovent Biologics, and others, with significant weightings in the portfolio [2] - The largest holding is BeiGene, accounting for 10.62% of the portfolio, followed by CanSino Biologics at 10.55% and Innovent Biologics at 10.21% [2]

Core Viewpoint - The company has reached a settlement agreement with Yilian Biopharmaceuticals and several doctors to resolve disputes, establishing a profit-sharing model for six ADC drug pipelines, which is a departure from traditional compensation methods [1]. Group 1: Settlement Agreement - The settlement includes revenue sharing from six ADC drug pipelines: YL201, YL202, YL211, YL212, YL221, and YL222, with profits generated before and after the settlement date being shared according to an agreed ratio [1]. - This innovative profit-sharing model aims to create a long-term benefit-sharing mechanism rather than a simple compensation and withdrawal approach [1]. Group 2: Drug Development and Partnerships - Yilian Biopharmaceuticals has secured global rights for YL211 with Roche, receiving an upfront payment of $50 million and potential milestone payments of $1 billion; YL202's overseas rights were granted to BioNtech for $70 million upfront and $1 billion in milestones [2]. - The company has also established collaboration plans for YL212 with Zai Lab in 2023 and has previously partnered on YL221 and YL222 with Junshi Biosciences [2]. Group 3: Clinical Trials and Efficacy - YL201 has received breakthrough therapy designation for SCLC indications in both China and the U.S., with ongoing global clinical studies showing promising results [3]. - In a study of 72 patients with ES-SCLC, YL201 demonstrated an overall response rate (ORR) of 68.1% and a median progression-free survival (mPFS) of 6.2 months [3]. - The drug also showed low central nervous system toxicity, with only 0.9% of patients reporting grade 3 or higher neurological adverse events [3]. Group 4: Future Prospects and Financial Forecast - The company anticipates steady revenue growth, projecting revenues of 2.084 billion, 2.876 billion, and 4.663 billion yuan for 2025-2027, with net profits expected to improve from a loss of 622 million yuan in 2025 to a profit of 561 million yuan by 2027 [4]. - The company maintains a "buy" rating based on the successful commercialization progress of its core products [4].

本文源自：金融界AI电报 港股生物医药概念股回升，荣昌生物(09995.HK)涨超2%，泰格医药(03347.HK)、诺诚健华(09969.HK)、 科伦博泰生物-B(06990.HK)、百济神州(06160.HK)等个股跟涨。 ...

Core Insights - The article discusses the implementation of the "Postdoctoral Talent Introduction and Cultivation Project" in Wenjiang District, aimed at fostering an innovative ecosystem and stimulating industrial momentum as part of China's broader goal to enhance its technological capabilities by 2025 [1][6]. Group 1: Postdoctoral Research Stations - Wenjiang District has established 14 postdoctoral research stations and innovation practice bases, focusing on key industries such as biomedicine, green food, and equipment manufacturing [1]. - The district has added 3 new postdoctoral innovation practice bases in November, with a total of 18 postdoctoral research stations and over 500 postdoctoral researchers currently active [1]. Group 2: Industry Collaboration and Achievements - The postdoctoral research stations have facilitated significant achievements in the biomedicine sector, with companies like Kelun-Botai and BaiLi Tianheng leading in innovative drug approvals and international licensing, totaling over $23.22 billion [3]. - The collaboration between postdoctoral researchers and companies has led to the development of proprietary products, such as wireless monitoring systems and high-temperature hydraulic pumps, generating sales in the millions [2]. Group 3: Talent Attraction and Retention - Wenjiang District has implemented a dual-mentor system involving both academic and industry mentors to enhance the integration of research and industry needs [5]. - Over the past five years, the district has published over 1,000 job postings in collaboration with local universities and has successfully recruited more than 70 researchers [5]. - The district has introduced supportive policies and funding, totaling 4.53 million yuan, to create a conducive environment for talent retention and innovation [5].

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]