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].

Core Insights - Kolon Biotech and Crescent Biopharma have established a strategic partnership, with Kolon granting Crescent rights to its ADC drug SKB105 outside of China, potentially generating over $1.3 billion in licensing revenue [2][3] - The collaboration includes the development of single-agent therapies for both SKB105 and Crescent's PD-1/VEGF bispecific antibody CR-001, as well as evaluating the combination therapy of CR-001 with SKB105 [2][3] Company Summaries - Kolon Biotech will receive an upfront payment of $80 million from Crescent, with eligibility for up to $1.25 billion in milestone payments and tiered royalties based on SKB105's net sales [3] - Crescent will pay Kolon an upfront fee of $20 million, with potential milestone payments of $30 million and tiered royalties based on CR-001's net sales [3] Industry Context - The partnership enhances Kolon Biotech's differentiated oncology pipeline and supports the global development of SKB105 [4] - The PD-1/VEGF bispecific antibody market is a hot area for development, with Chinese companies leading in progress and efficacy, attracting interest from multinational pharmaceutical companies [5] - The combination of ADCs with PD-1/VEGF bispecific antibodies is becoming a clear technical direction in the pharmaceutical industry, as evidenced by other collaborations in the sector [5]

【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 ...

Core Viewpoint - The company has established a strategic partnership with Crescent Biopharma to jointly develop and commercialize cancer treatment methods, including novel combination therapies [1][2]. Group 1: Partnership Details - The collaboration involves the company's antibody-drug conjugate (ADC) SKB105, which targets integrin β6, and Crescent's bispecific antibody CR-001, which targets PD-1 and VEGF [1]. - Both candidate drugs are being developed for the treatment of solid tumors, with clinical trials for monotherapy expected to begin in Q1 2026 [1]. Group 2: Rights and Financial Terms - The company grants Crescent exclusive rights to research, develop, manufacture, and commercialize SKB105 outside of the Greater China region, while Crescent grants the company exclusive rights for CR-001 in the Greater China region [2]. - The financial terms include an upfront payment of $80 million from the company to Crescent, potential milestone payments of up to $1.25 billion, and tiered royalties based on SKB105's net sales [2]. - Conversely, Crescent will pay the company an upfront payment of $20 million and potential milestone payments of up to $30 million, along with tiered royalties based on CR-001's net sales [2]. Group 3: Strategic Benefits - The board believes the partnership aligns with the best interests of the company and its shareholders, enhancing the differentiated oncology pipeline and advancing the global development of SKB105 [3]. - The collaboration aims to leverage both parties' resources to explore new monotherapy and combination therapy strategies in cancer treatment, maximizing the therapeutic potential of both candidate drugs in China and globally [3].

Core Viewpoint - The company has established a strategic partnership with Crescent Biopharma to jointly develop and commercialize cancer treatment methods, including novel combination therapies [1][2]. Group 1: Partnership Details - The collaboration involves the company's antibody-drug conjugate (ADC) SKB105, which targets integrin β6, and Crescent's bispecific antibody CR-001, which targets PD-1 and VEGF, both aimed at treating solid tumors [1][2]. - The partnership grants Crescent exclusive rights to research, develop, manufacture, and commercialize SKB105 outside of the Greater China region, while the company receives exclusive rights for CR-001 in the Greater China region [2]. Group 2: Financial Terms - The company will receive an upfront payment of $80 million from Crescent, with potential milestone payments of up to $1.25 billion and tiered royalties based on SKB105's net sales [2]. - Crescent will pay the company an upfront fee of $20 million, with milestone payments of up to $30 million and tiered royalties based on CR-001's net sales [2]. Group 3: Strategic Benefits - The board believes the partnership aligns with the best interests of the company and its shareholders, enhancing the differentiated oncology R&D pipeline and advancing the global development of SKB105 [3]. - The collaboration aims to leverage both parties' resources to explore new single-agent and combination therapy strategies in oncology, maximizing the therapeutic potential of both candidates in China and globally [3].

Core Viewpoint - The company has established a strategic partnership with Crescent Biopharma to jointly develop and commercialize cancer treatment methods, including new combination therapies [1] Group 1: Partnership Details - The collaboration involves the company's antibody-drug conjugate (ADC) SKB105, which targets integrin β6, and Crescent's bispecific antibody CR-001, which targets programmed cell death-1 (PD-1) and vascular endothelial growth factor (VEGF) [1] - Both candidate drugs are being developed for the treatment of solid tumors, with clinical trials for monotherapy expected to begin in Q1 2026 [1] Group 2: Rights and Financial Terms - The company grants Crescent exclusive rights to research, develop, manufacture, and commercialize SKB105 outside of the U.S., Europe, and Greater China, while Crescent grants the company exclusive rights for CR-001 in Greater China [2] - The financial terms include an upfront payment of $80 million from the company to Crescent, potential milestone payments of up to $1.25 billion, and tiered royalties based on SKB105's net sales [2] - Crescent will pay the company an upfront payment of $20 million, with potential milestone payments of up to $30 million, and tiered royalties based on CR-001's net sales [2]

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 與Crescent Biopharma合作業務進展 董 事 會 認 為，此 次 合 作 符 合 本 公 司 及 其 股 東 的 整 體 最 佳 利 益。此 次 合 作 通過引入CR-001補 充 和 加 強 了 本 公 司 差 異 化 的 腫 瘤 研 發 管 線，同 時 助 力 推 進SKB105的 全 球 開 發 進 程，提 升 其 潛 在 的 商 業 價 值 並 擴 展 本 公司的全 球合作網 絡。這 一 創 新 的 全 球 合 作 模 式 有 效 地 整 合 了 雙 方 的 優 勢 ...