FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 德琪醫藥有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06996 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | 0.0001 | USD | | 200,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | | 0.0001 USD | | 200,000 | 本月底法定/ ...

智通财经APP获悉，德琪医药-B(06996)午后涨超10%，截至发稿，涨9.09%，报7.2港元，成交额5354.85 万港元。 消息面上，德琪医药公布，董事会已决议批准建议行使其于股份购回授权下的权力，并根据市况不时于 公开市场按最高总价4000万港元购回股份。董事会相信，于目前情况下进行股份购回说明公司对自身业 务前景及展望的信心，并将最终令公司受惠及为股东创造价值。 此外，德琪医药旗下ATG-022近日获国家药监局药品审评中心授予突破性治疗药物认定，用于两种治疗 的CLDN18.2阳性、HER2阴性不可切除或转移性胃癌或胃食管结合部腺癌(GC/GEJ)患者。交银国际发 布研报称，上调ATG022中长期及峰值销售预测近30%，上调公司DCF目标价至8.8港元，对应约60亿港 元目标市值和2.1倍达峰时市销率，维持"买入"评级。 ...

此外，德琪医药旗下ATG-022近日获国家药监局药品审评中心授予突破性治疗药物认定，用于两种治疗 的CLDN18.2阳性、HER2阴性不可切除或转移性胃癌或胃食管结合部腺癌(GC/GEJ)患者。交银国际发 布研报称，上调ATG022中长期及峰值销售预测近30%，上调公司DCF目标价至8.8港元，对应约60亿港 元目标市值和2.1倍达峰时市销率，维持"买入"评级。 德琪医药-B(06996)午后涨超10%，截至发稿，涨9.09%，报7.2港元，成交额5354.85万港元。 消息面上，德琪医药公布，董事会已决议批准建议行使其于股份购回授权下的权力，并根据市况不时于 公开市场按最高总价4000万港元购回股份。董事会相信，于目前情况下进行股份购回说明公司对自身业 务前景及展望的信心，并将最终令公司受惠及为股东创造价值。 ...

董事会相信，于目前情况下进行股份购回说明公司对自身业务前景及展望的信心，并将最终令公司受惠 及为股东创造价值。董事会相信，公司目前的财务资源将使其能够实施建议股份购回，同时维持稳健的 财务状况。董事会认为建议股份购回符合公司及其股东整体最佳利益。 德琪医药-B(06996)公布，于2025年8月29日，董事会已决议批准建议行使其于股份购回授权下的权力， 并根据市况不时于公开市场按最高总价4000万港元购回股份。后续将购回的股份注销或由公司持作库存 股份。 ...

格隆汇9月1日丨德琪医药-B(06996.HK)公布，于2025年8月29日，董事会已决议批准建议行使其于股份 购回授权下的权力，并根据市况不时于公开市场按最高总价4000万港元购回股份。公司将以其内部资源 为建议股份购回提供资金。 董事会相信，于目前情况下进行股份购回说明公司对自身业务前景及展望的信心，并将最终令公司受惠 及为股东创造价值。董事会相信，公司目前的财务资源将使其能够实施建议股份购回，同时维持稳健的 财务状况。 ...

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依 賴該等內容而引致的任何損失承擔任何責任。 Antengene Corporation Limited 德琪醫藥有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6996） 自願公告 擬進行市場內股份購回 截至本公告日期，本公司尚未購回其任何股份。 1 股東及潛在投資者務請注意，本公司建議股份購回的執行將視乎市況及由董事會 全權酌情決定。概不能保證任何購回之時間、數量或價格，亦不保證本公司會否 作出任何購回。因此，股東及潛在投資者於買賣股份時務請審慎行事。 承董事會命 德琪醫藥有限公司 董事長 梅建明博士 香港，2025年9月1日 本公告乃由本公司自願作出。茲提述本公司日期為2025年4月8日的自願公告，內 容有關建議股份購回（「該公告」）。除文義另有所指外，本公告所用詞彙與該公告 所定義者具有相同涵義。 自本公司於2025年4月8日宣佈有意進行市場內股份購回後及直至本公告日期， 本公司並無購回其任何股份。根據於2025年6月13日舉行的本 ...

Core Viewpoint - Dechipher Pharmaceuticals (06996) saw a nearly 14% increase in stock price following the announcement that its drug ATG-022 received breakthrough therapy designation from the National Medical Products Administration for treating CLDN18.2 positive, HER2 negative unresectable or metastatic gastric cancer or gastroesophageal junction adenocarcinoma [1] Group 1: Stock Performance - Dechipher Pharmaceuticals' stock rose by 14.18%, reaching HKD 6.28, with a trading volume of HKD 21.1499 million [1] Group 2: Drug Development and Market Potential - ATG-022 has been granted breakthrough therapy designation for two types of gastric cancer, which is expected to enhance its market potential [1] - CCB International raised its long-term and peak sales forecast for ATG-022 by nearly 30% and adjusted the company's DCF target price to HKD 8.8, corresponding to a target market value of approximately HKD 6 billion and a peak sales multiple of 2.1 times [1] Group 3: Analyst Insights - Goldman Sachs noted that the updated Phase II data for Dechipher Pharmaceuticals in the context of unresectable or metastatic gastric cancer is encouraging, with an increase in patient numbers and extended follow-up time [1] - The firm believes that the efficacy and safety of ATG-022 remain competitive, and that the median progression-free survival (mPFS) will be a key focus for future updates, potentially impacting competitor comparisons and the visibility of accelerated approval pathways [1]

Core Viewpoint - Dechipher Pharmaceuticals (06996) experienced a significant stock increase of approximately 14% following the announcement of its drug ATG-022 receiving breakthrough therapy designation from the National Medical Products Administration for treating CLDN18.2 positive, HER2 negative unresectable or metastatic gastric cancer or gastroesophageal junction adenocarcinoma [1] Group 1: Stock Performance - Dechipher Pharmaceuticals' stock rose by 14.18%, reaching HKD 6.28, with a trading volume of HKD 21.1499 million [1] Group 2: Drug Development and Market Potential - ATG-022 has been granted breakthrough therapy designation for specific gastric cancer patients, indicating its potential significance in the market [1] - CCB International raised its long-term and peak sales forecast for ATG-022 by nearly 30% and adjusted the company's DCF target price to HKD 8.8, corresponding to a target market value of approximately HKD 6 billion and a peak sales revenue multiple of 2.1x [1] Group 3: Analyst Insights - Goldman Sachs noted that the updated Phase II data for Dechipher Pharmaceuticals in the context of unresectable or metastatic gastric cancer is encouraging, with an increase in patient numbers and extended follow-up time [1] - The firm believes that the efficacy and safety of ATG-022 remain competitive, with the median progression-free survival (mPFS) being a key focus for future updates, which could impact competitor comparisons and potential accelerated approval pathways [1]

Core Viewpoint - The company has received further validation for the efficacy and safety profile of its CLDN18.2 ADC, leading to an upward revision of long-term sales forecasts and a positive outlook on its business development opportunities abroad [1][2] Group 1: CLDN18.2 ADC Development - The company announced that its CLDN18.2 ADC ATG022 has received breakthrough therapy designation in mainland China for the treatment of 3L+ CLDN18.2 positive, HER2 negative gastric/gastroesophageal junction adenocarcinoma [1] - Latest data from the I/II phase CLINCH study shows an overall response rate (ORR) of 40% for both the high-expression groups (IHC2+ >20%) at doses of 2.4mg/kg and 1.8mg/kg, and 33% for the low/very low expression group (IHC 2+ ≤20%) at 1.8-2.4mg/kg [1] - The disease control rates (DCR) were reported at 90%, 84%, and 50% for the respective groups, indicating an improvement over previously published small sample data [1] Group 2: Competitive Advantage - The median progression-free survival (PFS) for the high-expression group was reported at 6.97 months, significantly better than competitors AZD0901 and IBI343, which had PFS of 4.8 months and 5.5 months respectively [1] - The safety profile for the 1.8mg/kg dose group is promising, with grade 3 or higher treatment-related adverse events (TRAE) occurring in less than 20%, and no occurrences of ocular toxicity or interstitial lung disease (ILD) [1] Group 3: Future Development Plans - The company's future development plans for gastric cancer include: 1) Initiating a 3L monotherapy trial for high-expression patients; 2) Exploring conditional approval for 3L low/very low expression; 3) Combining with K drug for 2L treatment in PD-L1 positive populations; 4) Combining with K drug and chemotherapy for 1L treatment in PD-L1 positive populations [2] - Management maintains a global peak sales forecast exceeding $5 billion for the product [2] Group 4: Financial Projections and Valuation - The company has adjusted its financial forecasts for 2025-2027 based on the latest performance data and product launch timelines, increasing long-term and peak sales projections by nearly 30% [2] - The DCF target price has been raised to HKD 8.8, corresponding to a target market value of approximately HKD 6 billion and a peak sales multiple of 2.1 times [2]

| 医药 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 8 月 26 日 | | --- | --- | --- | --- | --- | --- | | 港元 | 6.36 | 港元 | 8.80↑ | +38.3% | | | 德琪医药 (6996 HK) | | | | | | 交银国际研究 财务模型更新 CLDN18.2 ADC 数据再证同类最佳，TCE 平台价值远被低估，上调目标价 公司 CLDN18.2 ADC 最新数据进一步验证其优于潜在竞品的疗效和安全性特 征，我们上调其中长期销售预测、并继续对其 BD 出海前景持乐观态度。差异 化显著的二代 TCE 平台价值被显著低估，重磅产品/合作机会可期。我们持续 看好公司创新平台价值兑现和股价修复的机会，维持买入和重点推荐。 个股评级 买入 1 年股价表现 资料来源 : FactSet 8/24 12/24 4/25 -200% 0% 200% 400% 600% 800% 1000% 1200% 1400% 6996 HK 恒生指数 Ethan.Ding@bocomgroup.com (852) 3766 1834 诸葛乐懿 Glor ...