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） 臨時股東會通告 茲通告 四 川 科 倫 博 泰 生 物 醫 藥 股 份 有 限 公 司（「本公司」）將 於2025年12月 31日上午九時假座中國四川省成都市溫江區成都海峽兩岸科技產業開發 園新華大道666號四川科倫博泰生物醫藥股份有限公司K1樓2樓1號會議 室 舉 行 臨 時 股 東 會（「臨時股東會」）以 處 理 下 列 事 宜（除 另 有 所 指 外，本 通 告所用詞彙與本公司日期為2025年12月15日 的 通 函（「通 函」）所 界 定 者 具 有 相 同 涵 義）： 普通決議案 供 獨 立 股 東 考 慮 並 酌 情 通 過 下 列 決 議 案： 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通告的內 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 不對因本通告全部或任何部份內容而產生或因 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢持牌證券交易商、銀行經理、律師、 專業會計師或其他專業顧問。 閣下如已將名下所有四川科倫博泰生物醫藥股份有限公司股份出售或轉讓，應立即將本通函連同 臨時股東會的代表委任表格送交買主或承讓人，或經手買賣或轉讓的銀行、持牌證券交易商或其 他代理商，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本通函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。 本通函僅供參考，並不構成收購、購買或認購四川科倫博泰生物醫藥股份有限公司任何證券的邀 請或要約。 及 Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. 臨時股東會通告 獨立董事委員會及獨立股東之獨立財務顧問 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） 持續關連交易 建議採納2025年股份激勵計劃 ALTUS CAPITAL LIMITED 浩德融資有限公司 四川 ...

格隆汇12月15日丨科伦博泰生物-B(06990.HK)宣布，公司三款产品，即(1)ADC Sacituzumab Tirumotecan(sac-TMT，亦称SKB264/MK-2870)(商品名：佳泰莱®)、(2)西妥昔单抗N01注射液(前称 A140)(商品名：达泰莱®)及(3)Tagitanlimab(亦称A167)(商品名：科泰莱®)，已获纳入国家医疗保障局及 中国人力资源和社会保障部于2025年12月7日公布的国家医保目录。值得注意的是，ADC Sacituzumab Tirumotecan有两项适应症获纳入国家医保目录。 ...

智通财经APP讯，科伦博泰生物-B(06990)发布公告，本公司三款产品，即ADC Sacituzumab Tirumotecan(sac-TMT，亦称SKB264/MK-2870)(商品名：佳泰莱®)、西妥昔单抗N01注射液(前称A140) (商品名：达泰莱®)及Tagitanlimab(亦称A167)(商品名：科泰莱®)，已获纳入国家医疗保障局及中国人力 资源和社会保障部于2025年12月7日公布的国家医保目录。值得注意的是，ADC Sacituzumab Tirumotecan有两项适应症获纳入国家医保目录。 ...

科伦博泰生物-B(06990)发布公告，本公司三款产品，即ADC Sacituzumab Tirumotecan(sac-TMT，亦称 SKB264/MK-2870)(商品名：佳泰莱)、西妥昔单抗N01注射液(前称A140)(商品名：达泰莱)及 Tagitanlimab(亦称A167)(商品名：科泰莱)，已获纳入国家医疗保障局及中国人力资源和社会保障部于 2025年12月7日公布的国家医保目录。值得注意的是，ADC Sacituzumab Tirumotecan有两项适应症获纳 入国家医保目录。 ...

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 持續關連交易 緒 言 茲提述本公司日期為2023年6月29日的招股章程及本公司日期為2024年 8月19日、2024年8月30日 及2025年2月12日有關若干持續關連交易的公 告。(1) 2025年市場管理服務框架協議及(2)經修訂輔助研發服務框架協 議（統 稱「現有持續關連交易協議」）均 將 於2025年12月31日 到 期。 – 1 – 鑒 於 上 述 情 況，本 公 司 已 於2025年12月15日 訂 立(1)2026年市場管理服務 框 架 協 議，(2)2026年輔助研發服務框架協議及(3)2026年 設備及物資購 銷 框 架 協 議（統 稱「科倫藥業持續關連交易」），各 項 協 議 均 自2 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [1] Core Insights - The 2025 National Medical Insurance Negotiation results were announced, with 114 new drugs added to the medical insurance directory, achieving an overall success rate of 88%, the highest in nearly seven years, with a maximum price reduction of 94 [4][19] - The newly added drugs include monoclonal antibodies, bispecific antibodies, ADCs, siRNA, and small molecules, indicating a strong focus on innovative therapies [19][32] - The commercial insurance directory has added 19 innovative drugs, which, while not reimbursed by medical insurance, receive support for innovative drug applications, enhancing patient access and benefiting the innovative drug industry [5][24] Summary by Sections 1. National Medical Insurance Negotiation Results - The 2025 medical insurance directory added 114 new drugs, with a success rate of 88% and a maximum price reduction of 94% [4][13] - The total number of drugs in the national medical insurance directory reached 3,253, including 1,857 Western medicines and 1,396 traditional Chinese medicines [16][17] - The directory reflects a significant increase in the inclusion of innovative drugs, with 50 of the new additions classified as category 1 innovative drugs [19][21] 2. Commercial Insurance Directory - The commercial insurance directory added 19 innovative drugs, highlighting their clinical value and innovation [24][28] - The directory includes treatments for diseases such as Alzheimer's, rare diseases in children, and other critical conditions, showcasing a focus on addressing unmet medical needs [24][28] - The support for innovative drugs in the commercial insurance directory aims to fill gaps in patient coverage and enhance the overall healthcare system [25][28] 3. Market Performance - In the second week of December, the pharmaceutical and biotechnology sector declined by 1.04%, underperforming the CSI 300 index by 0.96 percentage points [6][34] - The medical research outsourcing sector showed the highest increase, up by 3.69%, while offline pharmacy and medical circulation sectors experienced the largest declines [6][36] 4. Recommended Companies - The report continues to favor innovative drugs and their supply chain, recommending companies such as Sanofi, Innovent Biologics, and others for investment [7][32]

Core Insights - The pharmaceutical industry is experiencing a surge in innovative products, with clear domestic demand and significant potential for international expansion [4][14][25] - Investment opportunities are concentrated in innovative drugs and their supply chains, with a notable performance from CRO/CMO and chemical pharmaceuticals [9][15][17] - The report emphasizes the importance of innovation as the primary solution to industry challenges, driven by stable demand and supportive policies [26][32][41] Industry Overview - The pharmaceutical sector has faced revenue declines, with a 0.9% year-on-year decrease in revenue for the first three quarters of 2025, and net profit down by 2.2% [15][16] - The innovative drug sector has outperformed, with CRO/CMO and chemical pharmaceuticals showing net profit growth of 31.0% and 16.6% respectively [17][18] - The overall market is characterized by low fund holdings and historical valuation bottoms, indicating high investment value [20][25] Demand and Payment Dynamics - The demand for healthcare services is steadily increasing, with a projected 5% growth in total medical visits and hospital admissions in 2024 [26][28] - The aging population is expected to drive long-term demand, with 220 million people aged 65 and above by 2050 [28][30] - The medical insurance fund's income growth has outpaced expenditure growth, leading to a significant increase in fund reserves [32][36] Financing and Market Trends - The IPO market for healthcare has rebounded, with 28 IPOs in the first three quarters of 2025, a 100% increase from the previous year [42][43] - License-out transactions have surged, with transaction numbers increasing by 41% and total amounts reaching $92 billion, indicating a robust market for innovative drug licensing [48][50] - The number of IND applications and new clinical trials for innovative drugs has been steadily increasing, with a notable rise in NDA approvals [53][57] Technological Advancements - The report highlights the emergence of new technologies such as ADC and small nucleic acids, with domestic companies leading in these areas [60] - The focus on dual antibodies and GLP-1 drugs is expected to drive significant growth, with multiple development directions emerging [9][60] - The report notes that domestic companies are increasingly recognized for their innovative capabilities, particularly in the ADC space [60]

Core Viewpoint - The company has achieved significant milestones in its clinical development, particularly with the TROP2 ADC SKB264 in combination with Keytruda for the treatment of PD-L1 positive non-small cell lung cancer (NSCLC) [1][2] Group 1: Clinical Development - The OptiTROP-Lung05 trial for SKB264 combined with Keytruda has met its primary endpoint in the Phase III clinical trial for 1L treatment of PD-L1 positive NSCLC [1] - The combination therapy showed statistically and clinically significant improvement in progression-free survival (PFS) compared to Keytruda alone, with a trend observed in overall survival (OS) benefits [1] - The company plans to submit a new indication application for market approval in China based on these results, with a focus on the potential registration progress in 2026 [1] Group 2: Strategic Partnerships - The company has entered into a collaboration with Crescent Biopharma, involving an $80 million upfront payment and up to $1.25 billion in milestone payments for the overseas rights to ITGB6 ADC SKB105 [2] - The partnership also includes an upfront payment of $20 million and up to $30 million in milestones for the introduction of Crescent's PD-1 x VEGF dual antibody CR-001 in China [2] - This collaboration is expected to enhance the company's cash flow and accelerate the clinical development path for SKB105, while the introduction of the dual antibody may synergize with the company's existing ADC assets [2] Group 3: Financial Projections - Following the licensing agreement, the company has revised its 2025 net profit forecast from a loss of 672 million yuan to a loss of 420 million yuan, while maintaining the 2026 forecast at a loss of 173 million yuan [2] - The company maintains an outperform rating based on a DCF model, with a target price of 550 HKD, indicating a potential upside of 33.4% from the current stock price [2]

Group 1 - The core viewpoint of the report is that the company maintains its 2026 net profit forecast for the parent company, considering the upfront payment income from the licensing agreement with Keren Biotechnology [1] - The target price is set at HKD 550, indicating a potential upside of 33.4% from the current stock price [1] Group 2 - The company announced that its TROP2ADC SKB264 combined with Pembrolizumab (Keytruda) achieved the primary endpoint in the domestic Phase III clinical trial for PD-L1 positive non-small cell lung cancer (NSCLC) [2] - The company has entered into a collaboration with Crescent Biopharma, granting overseas rights for ITGB6ADC SKB105 with an upfront payment of USD 80 million and up to USD 1.25 billion in milestone payments, while also acquiring rights for Crescent's PD-1x VEGF dual antibody CR-001 in China with an upfront payment of USD 20 million and up to USD 30 million in milestone payments [2] Group 3 - SKB264 combined with Keytruda is the first ADC+IO combination to reach the primary endpoint in Phase III clinical trials for 1L NSCLC, showing significant improvement in progression-free survival (PFS) and a trend towards benefit in overall survival (OS) [2] - The company plans to submit a new indication application based on these results, highlighting the importance of the 2026 potential registration progress and detailed data readout [2] Group 4 - The collaboration with Crescent introduces another emerging target ADC and enriches the pipeline with the introduction of a dual antibody [3] - The company expects the two drugs from this collaboration to enter Phase I/II clinical trials in Q1 2026, with both parties having the rights to develop combination therapies [3] - The licensing of SKB105, a new emerging target ADC asset, is expected to provide good cash inflow and accelerate the clinical development path [3]