格隆汇12月11日丨科伦博泰生物-B(06990.HK)发布公告，2025年12月11日，董事会决议批准建议采纳 2025年股份激励计划。根据中国相关法律法规，2025年股份激励计划的采纳须经股东于公司股东会上审 议及批准。将召开临时股东会以考虑及酌情批准(其中包括)建议采纳2025年股份激励计划。 ...

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 建議採納2025年股份激勵計劃 緒 言 （於 中 華 限 公 司） 人 民 共 和 國 註 冊 成 立 的 股 份 有 （股 份 代 號：6990） 建議採納2025年股份激勵計劃 建議採納2025年股份激勵計劃 於2025年12月11日，董 事 會 決 議 批 准 建 議 採 納2025年 股 份 激 勵 計 劃。根 據 中 國 相 關 法 律 法 規，2025年股份激勵計劃的採納須經股東於本公司 股 東 會 上 審 議 及 批 准。 臨時股東會 將 召 開 臨 時 股 東 會 以 考 慮 及 酌 情 批 准（其 中 包 括）建 議 採 納2025年股份 激 勵 計 劃。 本 公 司 將 刊 發 一 份 ...

Group 1 - Citic Securities maintains a "Buy" rating for Kuaishou-W (01024.HK), highlighting the significant upgrade of Kuaishou's AI capabilities, which is expected to drive commercial growth and optimize platform ecology and profit margins [1] - CICC maintains an "Outperform" rating for Hang Lung Properties (00101.HK) with a target price of HKD 9.46, noting the company's strategic expansion in Wuxi, which will increase retail space by 38% and enhance its luxury positioning [1] - Citic Securities maintains a "Buy" rating for Giant Bio (02367.HK) with a target price of HKD 44, despite a downward adjustment in profit forecasts due to sales pressure during the Double Eleven shopping festival [1] Group 2 - Citic Securities maintains a "Buy" rating for Xiaomi Group-W (01810.HK), reporting a significant increase in automotive business revenue, which reached RMB 28.3 billion, a year-on-year growth of 197.9%, marking its first profitable quarter [2] - Citic Securities maintains a "Buy" rating for Kelun-Biotech (06990.HK), emphasizing the company's collaboration with Crescent on ADC and dual antibody development, which includes an upfront payment of USD 80 million and potential milestone payments of up to USD 1.25 billion [3] - Citic Securities maintains a "Buy" rating for Virginie (02199.HK) with a target price of HKD 3.5, reporting a 25.7% year-on-year growth in net profit despite tariff disruptions, driven by strong performance in activewear and new business expansions [4] Group 3 - Tianfeng Securities maintains a "Buy" rating for Jiangnan Buyi (03306.HK), forecasting a revenue and net profit growth of 4.6% and 6.0% respectively for FY25, supported by a growing high-spending membership base [5] - Tianfeng Securities maintains a "Buy" rating for Kelun-Biotech (06990.HK), projecting a narrowing of net losses to a profit of RMB 561 million by 2027, highlighting the potential of its ADC product [6] - Everbright Securities maintains a "Buy" rating for Laopu Gold (06181.HK) with a target price of HKD 804.64, reporting a substantial increase in revenue and net profit for the first half of 2025, driven by the growing market for traditional gold products [7][8]

Core Viewpoint - The innovation drug sector in China is experiencing significant growth due to favorable policy developments, with the introduction of new drug listings in the national medical insurance catalog and commercial insurance, providing a stable policy outlook for innovative drug companies [1][2]. Group 1: Industry Trends - The China Hong Kong Stock Connect Innovation Drug Index increased by 0.30% as of December 11, 2025, with notable gains from companies such as Zhaoyan New Drug (+4.15%) and Rongchang Bio (+2.85%) [1]. - The national medical insurance catalog for 2025 successfully added 114 new drugs, including 50 innovative drugs, achieving a historical high success rate of 88% [1]. - The introduction of dual catalogs for medical insurance and commercial insurance is expected to directly benefit innovative drug companies, indicating a positive industry outlook [1]. Group 2: Market Opportunities - The top ten weighted stocks in the China Hong Kong Stock Connect Innovation Drug Index account for 72.68% of the index, highlighting the concentration of investment in leading innovative drug companies [2]. - The Harvest Innovation Drug ETF (520970) closely tracks the index, providing investors with access to leading companies involved in drug research, development, and production [2]. - Investors without stock accounts can leverage the Hong Kong Stock Connect Innovation Drug ETF linked fund (024700) to capitalize on the growth opportunities in the innovative drug sector [2].

（文章来源：每日经济新闻） 每经AI快讯，科伦博泰生物-B(06990.HK)一度涨超4%，截至发稿涨3.69%，报427.4港元，成交额 1831.69万港元。 ...

智通财经APP获悉，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。 天风证券指出，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。 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 在近期发生控制权变更或与第三方达成分许可安排，科伦博泰生物亦有资格收取额外对价。 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 ...

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]