Core Viewpoint - The stock of Dechra Pharmaceuticals-B (06996.HK) has increased by over 6%, indicating positive market sentiment and trading activity [2] Group 1 - The stock price rose by 6.16%, reaching 5.17 HKD [2] - The trading volume amounted to 12.1859 million HKD [2]

Core Viewpoint - The stock of Deqi Pharmaceutical-B (06996) rose over 6% following the announcement of positive clinical trial results for its ADC ATG-022 at the ESMO 2025 conference, indicating strong safety and anti-tumor activity across various patient groups [1] Group 1: Clinical Research Results - Deqi Pharmaceutical presented the latest findings from the I/II phase clinical study of ATG-022, an antibody-drug conjugate targeting CLDN18.2, at the ESMO 2025 conference in Berlin [1] - ATG-022 demonstrated good safety and significant anti-tumor activity in patients with gastric cancer (GC) and gastroesophageal junction cancer (GEJC) across different levels of CLDN18.2 expression [1] - Preliminary efficacy was also observed in other non-gastrointestinal tumors, with further data expected to be presented at upcoming academic meetings [1] Group 2: Dosage and Safety Data - The safety data for the 2.4 mg/kg dosage group was reported to be good, while the 1.8 mg/kg dosage group showed even better safety and tolerability [1] - These findings support the potential for ATG-022 to be combined with immune checkpoint inhibitors and chemotherapy in frontline treatment, significantly expanding its clinical applicability and commercialization potential [1] Group 3: Ongoing Development - The I phase dose expansion study of ATG-022 is progressing smoothly in mainland China and Australia [1] - The company is actively preparing for clinical research on combination therapies involving ATG-022 to further advance its clinical development process [1]

Core Viewpoint - The announcement of the latest research results for the CLDN18.2 antibody-drug conjugate ATG-022 at the ESMO 2025 conference has positively impacted the stock price of DQ Pharma-B, reflecting investor confidence in the drug's potential [1][2]. Group 1: Clinical Research Results - ATG-022 demonstrated good safety and significant anti-tumor activity in patients with varying levels of CLDN18.2 expression in gastric cancer (GC) and gastroesophageal junction cancer (GEJC) [1]. - Preliminary efficacy was also observed in other non-gastrointestinal tumors, with further data expected to be presented at upcoming academic conferences [1]. Group 2: Dosage and Safety Data - The safety data for the 2.4 mg/kg dosage group was favorable, while the 1.8 mg/kg dosage group showed even better safety and tolerability [2]. - This data supports the potential for ATG-022 to be combined with immune checkpoint inhibitors and chemotherapy in frontline treatment, which could significantly expand its clinical applications and commercialization potential [2]. Group 3: Ongoing Development - The I phase dose expansion study of ATG-022 is progressing smoothly in mainland China and Australia [2]. - The company is actively preparing for clinical research on combination therapies involving ATG-022 to further advance its clinical development [2].

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9月30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10月8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 | ...

Core Insights - The report from CMB International highlights the release of the first batch of innovative pharmaceutical technology medical insurance payment incentive catalog by Zhejiang Province, which is expected to alleviate the challenges of innovative drugs entering hospitals [1] - Despite the Trump administration's announcement of a 100% tariff on imported innovative drugs, the overall impact on China's pharmaceutical industry chain is considered manageable, with a recommendation to monitor subsequent developments [1] - The upcoming ESMO conference in mid to late October is noted as a key event, with a focus on companies such as CanSino Biologics (09926), Kelun-Biotech (06990), and Rongchang Biologics (688331.SH) that are expected to release significant data [1] Industry Summary - The Hong Kong pharmaceutical sector has shown relatively flat performance in September, but with increasing industry catalysts such as academic conferences and favorable policy implementations in October, a market rebound is anticipated [1] - The report recommends focusing on specific segments: 1) Innovative drugs: Companies like 3SBio (01530) and Eucure Biopharma-B (06996) have rich short-term catalysts and their valuations do not yet reflect the core value of major products; companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech are considered significantly undervalued with clear long-term growth logic [1] 2) CXO: Leaders in this segment, such as WuXi AppTec (02268), are expected to benefit from high downstream demand and marginal recovery in financing [1]

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) 股票代號 : 6996 2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 業務摘要 | 6 | | 管理層討論及分析 | 9 | | 董事及高級管理層 | 23 | | 其他資料 | 27 | | 獨立審閱報告 | 40 | | 中期簡明綜合損益表 | 41 | | 中期簡明綜合全面收益表 | 42 | | 中期簡明綜合財務狀況表 | 43 | | 中期簡明綜合權益變動表 | 44 | | 中期簡明綜合現金流量表 | 45 | | 中期簡明綜合財務資料附註 | 47 | 公司資料 董事會 執行董事 梅建明博士 （董事長兼首席執行官） 龍振國先生 （首席財務官） 獨立非執行董事 錢晶女士 唐晟先生 Rafael Fonseca博士 審核委員會 唐晟先生 （主席） Rafael Fonseca博士 錢晶女士 薪酬委員會 錢晶女士 （主席） 梅建明博士 唐晟先生 提名及企業管治委員會 梅建明博士 （主席） Rafael Fonseca博士 錢晶女 ...

Core Viewpoint - The announcement of a 100% tariff on all branded/patented drugs by Trump starting in October is expected to have limited impact on China's innovative drug industry chain, with no excessive concerns warranted [1] Group 1: Impact on Innovative Drugs - Most Chinese innovative drugs that are currently being exported have either established production capacity in the U.S. or have outsourced production to local CMO companies [1] - The majority of domestic innovative drugs are exported using a business development (BD) model, which mitigates the impact of the tariff [1] Group 2: Impact on CXO Sector - The export products in the CXO sector primarily consist of raw materials and biological raw liquids, which are not affected by the new tariff; the proportion of finished dosage forms exported is low [1] - The investment timeline for multinational corporations (MNCs) to build factories in China will take time, leading to limited direct impact on CXO orders in the short term [1] - Long-term policy changes may influence the pace of factory construction by MNCs [1] Group 3: Upcoming Catalysts - The ESMO conference will take place in mid to late October, with a focus on companies like CanSino Biologics (09926), Kelun-Biotech (06990), and Rongchang Biologics (09995) that are expected to release significant data [1] - The results of medical insurance negotiations and the first version of the commercial insurance innovative drug directory are expected to be announced in October-November [1] Group 4: Mid to Long-term Recommendations - Recommended stocks in the innovative drug sector include 3SBio (01530) and Eucure Biopharma-B (06996), which have rich short-term catalysts and their valuations do not yet reflect the core value of major products [2] - Companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech are considered undervalued with clear long-term growth logic [2] - In the CXO sector, WuXi AppTec (02268) is highlighted as a leading player benefiting from high downstream demand and improving financing conditions [2]

Group 1 - The core viewpoint is that the new 100% tariff on all branded/patented drugs announced by Trump will have limited impact on China's innovative drug industry chain, and there is no need for excessive concern [1] - For innovative drugs, most products currently being exported are either produced in the U.S. or outsourced to U.S. CMO, and most domestic innovative drugs are exported using the BD model [1] - For CXO, the main export products are raw materials and herbal extracts, which are not affected by the new tariff; the proportion of finished drug exports is low, and the investment timeline for MNC clients to build factories will take time, leading to limited short-term impact on CXO orders [1] Group 2 - Mid to long-term recommendations include innovative drugs such as 3SBio (01530) and Eucure Biopharma-B (06996), which have rich short-term catalysts and their valuations do not yet reflect the core value of major products [2] - Other recommended companies include Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech, which are considered significantly undervalued with clear long-term growth logic [2] - For CXO, companies like WuXi AppTec (02268) are expected to benefit from high downstream demand and improving financing conditions [2]

Core Viewpoint - The Hang Seng Healthcare Index fell by 1.4% this week, underperforming the market, with internet medicine, CXO, and traditional Chinese medicine sectors showing better performance [1] Group 1: Market Trends - Since September, the proportion of domestic holdings through the Hong Kong Stock Connect has remained stable, while foreign holdings have slightly decreased since mid-year [1] - Both domestic and foreign investors continue to increase their positions in innovative pharmaceutical companies, indicating a consistent long-term strategy [1] Group 2: Investment Recommendations - The report suggests focusing on companies with significant data releases at the upcoming ESMO conference in mid to late October, specifically mentioning Kangfang Biotech (09926), Kelun-Biotech (06990), and Rongchang Biotech (09995) [1] - The importance of timing and stock selection has increased following a broad rise in the innovative drug sector, with recommendations to gradually build positions during market corrections [1] Group 3: Sector Focus - For the innovative drug sector, the report highlights companies such as 3SBio (01530) and Eucure Biopharma-B (06996) as having rich short-term catalysts and undervalued core products, while companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech are noted as significantly undervalued with clear long-term growth logic [1] - In the CXO sector, the report points to leading companies benefiting from high downstream demand and marginal recovery in financing, specifically mentioning WuXi AppTec (02268) [1]

Core Viewpoint - The Hang Seng Healthcare Index declined by 1.4% this week, underperforming the market, with internet medicine, CXO, and traditional Chinese medicine sectors showing better performance [1] Group 1: Market Trends - Since September, the proportion of domestic holdings through the Hong Kong Stock Connect has remained stable, while foreign holdings have slightly decreased since mid-year [1] - Both domestic and foreign investors continue to increase their positions in innovative pharmaceutical companies, indicating a consistent long-term strategy [1] Group 2: Investment Opportunities - Domestic investors are focusing on rebound opportunities, while foreign investors are increasing positions in innovative drug targets with high long-term potential and current cost-effectiveness [1] - The innovative drug guarantee model is gradually taking shape, which is expected to alleviate challenges such as hospital access and reimbursement difficulties for companies [1] Group 3: Upcoming Events - The ESMO conference will be held in mid to late October, and the report suggests focusing on companies like CanSino Biologics (09926), Kelun-Biotech (06990), and Rongchang Biologics (09995) that are expected to release significant data [1] Group 4: Stock Recommendations - The importance of timing and stock selection has increased after a broad rise in the innovative drug sector, with recommendations to gradually build positions during sector pullbacks [1] - Specific recommendations include: 1. Innovative drugs: 3SBio (01530), Eucure Biopharma-B (06996) with rich short-term catalysts and undervalued long-term growth logic [1] 2. CXO: Leaders in high-demand segments benefiting from improved financing conditions, such as WuXi AppTec (02268) [1]