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 創始人、首席執行官、董事長及其他管理層增持股份 本公告由德琪醫藥有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願作 出，以知會本公司股東及潛在投資者有關本集團之最新進展。 本公司董事（「董事」）會（「董事會」）獲本公司創始人、執行董事、首席執行官兼 董事長梅建明博士（「梅博士」）告知，於2026年3月23日及24日，梅博士透過其 控制的一間實體於公開市場以平均價格每股約0.512美元（按匯率7.8計算相當於 約3.99港元）購入本公司合共200,000股普通股（「股份」），佔已發行股份總數（不 包括202,500股庫存股份）約0.029%。緊隨該項購入後，根據香港法例第571章 證券及期貨條例（「證券及期貨條例」）第XV部，梅博士擁有或被視為擁有合共 ...

交银国际研究 公司更新 | 医药 收盘价 | | 目标价 | | 潜在涨幅 | 2026 年 3 月 24 日 | | --- | --- | --- | --- | --- | --- | | 港元 | 3.92 | 港元 | 10.00↑ | +155.2% | | | 德琪医药 (6996 HK) | | | | | | 2026 年盈亏平衡可期，后期资产+技术平台价值兑现提速；上调目标价 个股评级 买入 1 年股价表现 资料来源： FactSet 3/25 7/25 11/25 -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 6996 HK 恒生指数 股份资料 Gloria.Zhuge@bocomgroup.com (852) 3766 1845 | 财务数据一览 | | --- | | 年结12月31日 | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 92 | 105 | 680 | 267 | 463 | | 同比增长 ( ...

交银国际研究 公司更新 | 医药 收盘价 | | 目标价 | | 潜在涨幅 | 2026 年 3 月 24 日 | | --- | --- | --- | --- | --- | --- | | 港元 | 3.92 | 港元 | 10.00↑ | +155.2% | | | 德琪医药 (6996 HK) | | | | | | 2026 年盈亏平衡可期，后期资产+技术平台价值兑现提速；上调目标价 个股评级 买入 1 年股价表现 资料来源： FactSet 3/25 7/25 11/25 -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 6996 HK 恒生指数 股份资料 | 52周高位 (港元) | 7.90 | | --- | --- | | 52周低位 (港元) | 2.25 | | 市值 (百万港元) | 2,663.44 | | 日均成交量 (百万) | 3.79 | | 年初至今变化 (%) | 3.43 | | 200天平均价 (港元) | 4.64 | | 资料来源： FactSet | | 丁政宁 Ethan.Ding@bocomgroup.com (85 ...

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 截至2025年12月31日止年度年度業績公告 德琪醫藥有限公司（「本公司」或「德琪」）董事（「董事」）會（「董事會」）欣然公佈本 公司及其附屬公司（統稱「本集團」或「我們」）截至2025年12月31日止年度（「報告 期」）的綜合業績，連同截至2024年12月31日止年度的比較數字。本集團於報告期 內的綜合財務報表已由本公司審核委員會（「審核委員會」）及本公司核數師審閱。 財務摘要 | 截至12月31日止年度 | | --- | | | 2025年 | 2024年 | | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | | 收入 | 105,338 | 91,950 | | 其他收入及收益 | 39,093 | 48,870 | | 研發成本 | (169,104) | (258,912) | | 銷 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The report highlights that the domestic policy environment is continuously releasing positive signals, with the 2026 government work report explicitly listing biomedicine as a "new pillar industry" [6][7] - The report indicates that the pharmaceutical and biotechnology industry index declined by 2.99%, underperforming the CSI 300 index, with medical consumables and in vitro diagnostics showing positive growth [5][15] - The report emphasizes the importance of focusing on "independent innovation" and "policy benefits" as the main investment themes in the pharmaceutical and biotechnology sector [7] Industry Review - The pharmaceutical and biotechnology industry index experienced a decline of 2.99%, ranking 14th among 31 primary industries, and underperformed the CSI 300 index, which declined by 0.88% [5][15] - Medical consumables and in vitro diagnostics had the highest growth rates of 1.42% and 0.93%, respectively, while medical devices and medical research outsourcing saw declines of 6.57% and 6.54% [5][15] - As of March 13, 2026, the industry’s PE (TTM overall method, excluding negative values) was 30.34x, down from 31.06x, indicating a downward trend in valuation [20] Important Industry News - The 2026 government work report has been released, emphasizing biomedicine as a "new pillar industry" and proposing to expand pilot programs in biotechnology and accelerate the development of innovative drugs and medical devices [25][26] - The "14th Five-Year Plan" has been published, mentioning the pharmaceutical industry multiple times, reinforcing support for innovative drugs and related sectors [25][26] - Notable approvals include the global first cAMP biased GLP-1 receptor agonist "Elnoglutide Injection" by Hangzhou Xianweida Biotech and a $30 billion investment by Eli Lilly in China [6][34][43] Investment Recommendations - The report suggests focusing on high-quality pharmaceutical assets with differentiated innovation capabilities and sustainable potential, particularly those benefiting from policy support and high-quality development of innovative drugs [7] - The investment themes should concentrate on companies with strong clinical advancement capabilities and global cooperation potential, as well as those benefiting from the optimization of review and approval processes and payment systems [7]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The report highlights that the domestic policy environment is continuously releasing positive signals, with the 2026 government work report explicitly listing biomedicine as a "new pillar industry" [6][25] - The report indicates that the pharmaceutical and biotechnology industry index declined by 2.99%, underperforming the CSI 300 index, with medical consumables and in vitro diagnostics showing positive growth [5][15] - The report emphasizes the importance of focusing on "independent innovation" and "policy benefits" as the main investment themes in the pharmaceutical and biotechnology sector [7] Industry Review - The pharmaceutical and biotechnology industry index experienced a decline of 2.99%, ranking 14th among 31 primary industries, and underperformed the CSI 300 index, which declined by 0.88% [5][15] - The valuation of the pharmaceutical and biotechnology industry as of March 13, 2026, is 30.34x (TTM overall method, excluding negative values), down from 31.06x in the previous period, indicating a downward trend [20] - Among the sub-industries, the top three in terms of PE (TTM overall method, excluding negative values) are vaccines (54.84x), hospitals (41.28x), and medical consumables (39.52x), while the lowest is pharmaceutical circulation (14.66x) [20] Important Industry News - The 2026 government work report has been released, emphasizing biomedicine as a "new pillar industry" and proposing to further expand pilot programs in biotechnology and accelerate the development of innovative drugs and medical devices [6][25] - The "14th Five-Year Plan" outlines multiple references to the pharmaceutical industry, reinforcing support for innovative drugs and related sectors [25][26] - Notable approvals include the global first cAMP biased GLP-1 receptor agonist "Elnoglutide Injection" by Hangzhou Xianweida Biotech and a $30 billion investment by Eli Lilly in China [6][33][42] Investment Recommendations - The report suggests focusing on high-quality pharmaceutical assets with differentiated innovation capabilities and sustainable potential, particularly those benefiting from the high-quality development of innovative drugs and supportive policies [7] - It is recommended to pay attention to innovative drug companies with strong clinical advancement capabilities and global cooperation potential, as their valuation systems are expected to upgrade from single product logic to platform logic [7]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The global biopharmaceutical industry is experiencing a surge in capital market activities, with significant collaborations and financing deals, including a $1.18 billion global rights authorization for a dual antibody by Deqi Pharmaceuticals and a $1.53 billion exclusive license agreement between China National Pharmaceutical Group and Sanofi [4][10] - Clinical advancements are notable in metabolic, oncology, and immunology fields, with Roche's Fenebrutinib showing a 51% reduction in annual relapse rate for multiple sclerosis and promising results from various drugs targeting obesity and cancer [5][8] - The industry is witnessing a strategic shift towards accelerated capitalization and upgraded R&D models, with companies focusing on core technology platform development and AI-driven drug discovery becoming a trend [5][10] Summary by Sections Global Biopharmaceutical Industry Dynamics - The capital market is seeing dense collaboration and financing activities, with multiple companies securing significant funding and partnerships [4] - Notable financing events include Candid's $505 million merger for NASDAQ listing and various companies completing rounds of financing exceeding hundreds of millions [10][11] Major Events in the Global Biopharmaceutical Industry - Deqi Pharmaceuticals authorized global rights for its CD3/CD19 dual antibody, potentially earning up to $1.18 billion [6] - Clinical data from Hansoh Pharmaceutical's obesity treatment showed a 19.3% average weight reduction in a Phase III trial, indicating strong efficacy [6][8] - China National Pharmaceutical Group's exclusive licensing deal with Sanofi for a JAK/ROCK inhibitor could yield up to $1.53 billion [6] Important Clinical Developments/Results - Roche's Fenebrutinib demonstrated a 51% reduction in annual relapse rate for multiple sclerosis in Phase III trials [8] - Kanfang Biologics' Cardonili achieved a 100% overall survival rate at 24 months in cervical cancer patients during Phase II trials [8] - Petrelintide, also from Roche, showed a 10.7% average weight loss in obese patients over 42 weeks in Phase II trials [8] Important Financing and Transaction Events - The report highlights multiple significant financing and strategic collaboration events, including a $400 million strategic financing for Teva Pharmaceuticals and various companies completing substantial funding rounds [10][11] - Five and Boao's IPO application in Hong Kong and other companies securing large investments indicate a trend towards increased capital influx in the biopharmaceutical sector [11][12]

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，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 （股份代號：6996） 董事會會議日期通告 德琪醫藥有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於2026年 3月20日（星期五）舉行董事會會議，藉以（其中包括）考慮並批准本公司及其附屬 公司截至2025年12月31日止年度業績及其發佈。 承董事會命 德琪醫藥有限公司 董事長 梅建明博士 香港，2026年3月10日 於本公告日期，本公司董事會包括執行董事梅建明博士及龍振國先生；及獨立非 執行董事錢晶女士、唐晟先生及Rafael Fonseca博士。 Antengene Corporation Limited 德琪醫藥有限公司 （於開曼群島註冊成立之有限公司） ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [3] Core Insights - The strategic position of the biopharmaceutical industry has been elevated, with innovative drugs, medical devices, and elderly care services expected to face structural opportunities in the medium to long term [2][36] - The 2026 government work report has classified the biopharmaceutical industry as a pillar industry alongside integrated circuits and aerospace, emphasizing its importance in the national economy [33][36] - There is a shift towards "full-chain support" for innovative drug development, with policies moving from macro-level support to practical payment systems, indicating a new era of diversified payment methods for innovative drugs [37][38] Summary by Sections Market Review - The biopharmaceutical index fell by 2.78% this week, underperforming the CSI 300 index by 1.71 percentage points, ranking 17th in industry performance [14] - Year-to-date, the biopharmaceutical index has increased by 0.1%, also underperforming the CSI 300 index by 0.56 percentage points, ranking 24th [14] Individual Stock Performance - In the A-share market, among 480 biopharmaceutical stocks, 75 stocks rose, accounting for 15.63%. The top five gainers were: - Yahui Pharmaceutical (+38.11%) - Zhejiang Medicine (+12.83%) - Zhongyuan Xiehe (+12.69%) - Duorui Pharmaceutical (+12.55%) - Jiuan Medical (+10.48%) [27][28] - In the Hong Kong market, 116 biopharmaceutical stocks saw 23 rise, making up 19.83%. The top ten gainers included: - Yaojie Ankang-B (+33.53%) - Deqi Pharmaceutical-B (+19.57%) - Baize Medical (+12.87%) [30][31] Industry News and Policies - The biopharmaceutical industry has been explicitly included in the national "emerging pillar industries" category, with policies aimed at enhancing multi-level medical insurance systems and promoting the development of innovative drugs and medical devices [33] - The government is encouraging commercial health insurance to cover more reasonable medical expenses outside the basic medical insurance directory, which is expected to boost investment in innovative drug development [38] Weekly Insights - The report suggests focusing on the long-term development of the biopharmaceutical industry, particularly on innovative drug and device companies that are pioneering in their fields, as well as the related industries in the silver economy [39]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on companies with validated platforms and effective innovative drugs, indicating a positive outlook for the sector [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 2.78% from March 2 to March 6, underperforming compared to the Wind All A index (-2.3%) and the CSI 300 index (-1.07%). The only sub-sector that saw an increase was in vitro diagnostics (0.18%), while medical R&D outsourcing (-4.99%), medical devices (-4.62%), and vaccines (-3.81%) led the declines [2][7]. - Recent business development (BD) activities in the domestic innovative drug sector are vibrant, with significant deals announced, including China National Pharmaceutical Group's exclusive licensing agreement with Sanofi for the drug rovalpituzumab tesirine, valued at $1.53 billion, and a similar agreement between Deqi Pharmaceutical and UCB for ATG-201, valued at over $1.18 billion. These transactions reflect a strategic shift towards a multi-layered outbound strategy for Chinese pharmaceutical companies [2][10]. - The report emphasizes the competitive advantages of domestic innovative drugs in areas such as bispecific antibodies and antibody-drug conjugates (ADCs), suggesting that companies with validated platforms are likely to continue generating new pipeline candidates [2]. Market Weekly Review - The pharmaceutical and biotechnology sector followed the broader market trend and declined by 2.78% during the week of March 2 to March 6, with the in vitro diagnostics sector being the only one to gain [7][8]. - Notable stock performances included Yahu Pharmaceutical (up 38.1%), Zhejiang Pharmaceutical (up 12.8%), and Zhongyuan Xiehe (up 12.7%), while Tianzhihang-U (down 14.8%), Furui Medical (down 13.1%), and Haoyuan Pharmaceutical (down 12.3%) faced significant losses [10].