积极拓展国际临床合作，探索ADC 联合二代IO 治疗潜力。此次合作预计增厚公司现金流，同时积极探 索PD-1xVEGF 双抗与ADC的联合疗法。根据公司公告，此次协议合作推进的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。随着PD-1(L1)/VEGF 疗法确定性 不断加强，有望进一步拓展公司肿瘤领域蓝图。 投资建议 事件2： 根据公司公告，2025 年12 月公司与Crescent Biopharma 达成合作，共同开发及商业化新型肿瘤治疗手 段。合作将推进靶向ITGB6 的ADC 药物SKB105 与PD-1xVEGF 双特异性抗体CR-001 在中国及全球的 开发。根据合作条款，公司将授予Crescent 在美国、欧洲及所有其他大中华地区（包括中国大陆、中国 香港、中国澳门及中国台湾）以外市场研究、开发、生产和商业化SKB105 独家权利，Crescent 则授予 公司在大中华地区研究、开发、生产和商业化CR-001 的独家权利。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。双方均有权独立开发CR-001 的 ...

Market Overview - The US CPI annual rate decline has led to a rise in US stocks, boosting risk market sentiment [1] - The Hang Seng Index opened higher and closed up 0.75%, with the Hang Seng China Enterprises Index and Hang Seng Tech Index rising by 0.68% and 1.12% respectively [1][2] Sector Performance - Major technology stocks saw collective gains, with Tencent up 1.49%, Kuaishou up 1.45%, and Meituan up 1.28% [4] - Pharmaceutical stocks were active, with WuXi AppTec and other related stocks rising [2] - Gaming stocks continued to rise, with MGM China leading with a 6.6% increase [2][5] - AI-driven demand boosted optical fiber and cable stocks, with Yangtze Optical Fiber rising 12% [2] - Automotive, wind power, education, photovoltaic, insurance, and Apple-related stocks also experienced gains [2] Notable Stock Movements - Xpeng Motors rose 7.65%, Horizon Robotics up 7.04%, and Li Auto up 3.81% [4][10] - Electronic cigarette stocks saw significant increases, with China Tobacco Hong Kong up 6.68% [5] - Chinese brokerage stocks rose, with China International Capital Corporation up over 4% [7] - Intelligent driving concept stocks surged, with Youjia Innovation up 31.22% [8] Weak Performers - Heavy machinery stocks faced declines, with China National Heavy Duty Truck Group down over 6% [13] - Gold and precious metal stocks were weak, with several companies experiencing declines of over 2% [16] - Oil stocks also fell, with China Petroleum & Chemical Corporation down 1.52% [15] Capital Flows - Southbound funds recorded a net purchase of HKD 3.371 billion, with net selling from Shanghai-Hong Kong Stock Connect and net buying from Shenzhen-Hong Kong Stock Connect [18] Market Outlook - CITIC Securities suggests that after a strong performance in September, Hong Kong stocks are undergoing a mid-term adjustment, with quality assets entering a high-value zone [18]

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company has successfully included three core products in the national medical insurance directory, enhancing accessibility for patients [1][3] - A collaboration with Crescent Biopharma aims to develop and commercialize new cancer treatment methods, focusing on ADC and dual-specific antibodies [2][7] - The company is expected to see significant revenue growth due to the successful inclusion of its products in the national insurance scheme and its strong R&D capabilities [8] Summary by Sections Event 1 - The company's three core products, including ADC Sacituzumab Tirumotecan, have been included in the national medical insurance directory, with two indications for the ADC product [1] - This inclusion is expected to improve patient access and benefit a larger clinical population [3] Event 2 - The partnership with Crescent Biopharma will facilitate the development of SKB105 and CR-001, targeting ITGB6 and PD-1xVEGF respectively [2] - The collaboration includes rights for independent development of combination therapies, enhancing the company's pipeline [2][7] Analyst Commentary - The successful inclusion of the ADC product in the insurance directory showcases its clinical potential and market viability [3] - The company is actively expanding its international clinical collaborations, which is expected to bolster cash flow and explore new treatment combinations [7] Financial Projections - Revenue forecasts for 2025-2027 are adjusted to 21.75 billion, 29.12 billion, and 49.23 billion respectively, with year-on-year growth rates of 12.52%, 33.89%, and 69.06% [8][10] - The company is projected to achieve profitability by 2027, with a net profit of 790.85 million [10][12]

Core Viewpoint - The healthcare sector in mainland China has experienced a pullback due to the results of national medical insurance drug price negotiations and subsequent profit-taking, but the fundamentals remain unchanged, presenting a good entry opportunity for 2026 [1] Group 1: Industry Outlook - The trend of innovative drug licensing is expected to continue, with multiple potential targets and drug forms anticipated to bring new licensing opportunities next year [1] - Key global Phase III clinical data readings for these licensed assets will be crucial for market sentiment and warrant close attention [1] - Geopolitical concerns regarding China's pharmaceutical R&D outsourcing industry (CXO) have peaked, and a stable medical policy environment in China is expected to continue supporting innovation [1] Group 2: Market Recovery - A more moderate drug procurement policy is expected to drive a recovery in the medical device and diagnostics sectors [1] Group 3: Stock Preferences - The company prefers biotechnology and CXO stocks, with top picks including Innovent Biologics (01801), Kelun-Biotech (06990), WuXi AppTec H-shares (02359), WuXi AppTec A-shares (603259.SH), and WuXi Biologics (02268) [1] - The target price for Innovent Biologics has been slightly raised from HKD 110 to HKD 111, maintaining a "Buy" rating, while the target price for WuXi Biologics has increased from HKD 74 to HKD 82, also with a "Buy" rating [1]

Core Viewpoint - The long-standing dispute between Kolon Biotech (科伦博泰) and its former executive team has been resolved through a settlement agreement, which includes sharing future revenues from key ADC (antibody-drug conjugate) pipelines developed by Yilian Biopharma (宜联生物) [1][2]. Group 1: Dispute Background - The dispute began in 2020 when key executives left Kolon Biotech to establish Yilian Biopharma, escalating to criminal charges and civil lawsuits regarding "trade secret infringement" by 2024-2025 [1]. - The former executives involved include Xue Tongtong, who was the General Manager at Kolon Biotech, and other key figures who played significant roles in drug development and commercialization [3]. Group 2: Settlement Details - The settlement agreement stipulates that Yilian Biopharma will share a portion of the revenues and net profits from six core ADC pipelines with Kolon Biotech, which have been developed using the TMALIN platform [1][5]. - The specific ADC pipelines mentioned include YL201, YL202, YL211, YL212, YL221, and YL222, with YL201 currently in Phase III clinical trials for small cell lung cancer and nasopharyngeal carcinoma [5]. Group 3: Financial Implications - YL202 was licensed to BioNTech for a $70 million upfront payment, with potential total payments exceeding $1 billion [5]. - YL211's global exclusive rights were granted to Roche for an upfront payment of $50 million, along with nearly $1 billion in potential milestone payments based on future sales [6]. Group 4: Strategic Insights - The settlement reflects a significant shift in Yilian Biopharma's operational strategy, which has focused on an authorization model for survival, necessitating the sharing of revenue as a cost of resolving the dispute [7].

Core Viewpoint - The company has reached a settlement agreement with Suzhou Yilian Biopharmaceutical Co., Ltd. and other parties to resolve several disputes, including criminal accusations and civil lawsuits related to business secrets and company interests [1] Group 1: Settlement Agreement - The settlement aims to save time and costs associated with legal proceedings [1] - Yilian Biopharmaceutical is required to share a certain percentage of revenue and net profit from specific products (YL201, YL202, YL211, YL212, YL221, and YL222) generated before and after the effective date of the settlement [1] - The board believes that the settlement will not have a significant adverse impact on the company's financial condition and operations [1]

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 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6990） 自願公告 爭議和解 為 節 省 與 該 等 法 律 程 序 相 關 的 時 間 及 成 本，本 公 司 與 宜 聯 生 物 方 經 誠 信 磋商後同意，就該等法律程序所涉所有爭議達成和解，且宜聯生物醫藥應 就宜聯生物醫藥 管線中YL201 (B7H3)、YL202 (HER3)、YL211 (cMet)、YL212 (DLL3)、YL221 (EGFR)及YL222 (PD-L1) (i)於和解生效日期前通過對外授權 所產生的 及(ii)於和解生效日期後通過對外授權及未來銷售 所產生的收 入 及 ...

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed down 1.91% on December 16, with a trading volume of 1.078 billion yuan [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 15, 2024, the fund's total shares reached 10.425 billion, with a total size of 8.174 billion yuan, reflecting a significant increase in shares and size compared to the previous year [1] Fund Performance - The fund manager, Ma Jun, has achieved a return of 64.28% since taking over management on January 3, 2024 [2] - The fund's performance benchmark is the National Index of Hong Kong Innovative Drugs, adjusted for valuation exchange rates [1] Holdings Overview - Major holdings in the fund include: - BeiGene (10.62% holding, market value 817 million yuan) - CanSino Biologics (10.55% holding, market value 812 million yuan) - Innovent Biologics (10.21% holding, market value 786 million yuan) - China National Pharmaceutical Group (9.62% holding, market value 741 million yuan) - CSPC Pharmaceutical Group (7.56% holding, market value 583 million yuan) [2]

增持后，汇添富基金管理股份有限公司最新持股数目为831.83万股，持股比例由4.96%上升至5.11%。 | 家社部 | 大股東/董事/最高行政人員名 作出披露的 買入 / 南出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法要 | | --- | --- | --- | --- | --- | | | 版 元夏 三 | | | (請參聞上述*註 有投票權股期(日 / 月 / 份權益 | | | | | | 份自分比 年) | | CS20251215E00035 | 汇添富基金管理股份有限公 1001(L) | 251.400(L) | HKD 410.0671 | 8.318.300(L) 5.11(L)10/12/2025 | 格隆汇12月16日丨根据联交所最新权益披露资料显示，2025年12月10日，科伦博泰生物-B(06990.HK)获汇添富基金管理股份有限公司在场内以每股均价 410.0671港元增持25.14万股，涉资约1.03亿港元。 ...

（股份代號：6990） 於2025年12月31日舉行之臨時股東會適用之代表委任表格 本人╱ 吾等 （附註1） 地址為 為四川科倫博泰生物醫藥股份有限公司（「本公司」）普通股（「股份」） 股 （附註2） 之登記持有人，茲委任臨時股東會主席或 （附註3） 地址為 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） （附註5） ： 附註： 收集個人資料聲明 閣下是自願提供 閣下及 閣下受委代表之姓名及地址，以用於處理就本公司臨時股東會有關 閣下委任受委代表之 要求及 閣下之投票指示（「該等用途」）。我們可能向為我們提供用於該等用途之行政、電腦及其他服務之代理人、 承辦商或第三方服務提供商，以及其他獲法例授權而要求取得有關資料之人士或其他與該等用途有關以及需要接收 有關資料之人士轉移 閣下及 閣下受委代表之姓名及地址。 閣下及 閣下受委代表之姓名及地址將就履行該等用 途所需期間保留。有關存取及╱ 或更正相關個人資料之要求可按照《個人資料（私隱）條例》之條文提出，而任何有關 要求均須以書面送至以 ...