Core Viewpoint - 德琪医药-B (06996) shares rose over 10% in the afternoon trading session, reflecting positive market sentiment following the company's announcement of a share buyback plan and the breakthrough designation for its drug ATG-022 [1] Group 1: Share Buyback Announcement - The board of directors approved a share buyback plan, allowing the company to repurchase shares up to a total price of 40 million HKD based on market conditions [1] - The board believes that the share buyback demonstrates confidence in the company's business outlook and will ultimately benefit the company and create value for shareholders [1] Group 2: Drug Development Update - ATG-022 has 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] - CMB International raised its long-term and peak sales forecast for ATG-022 by nearly 30% and adjusted the company's DCF target price to 8.8 HKD, corresponding to a target market value of approximately 6 billion HKD and a peak sales revenue multiple of 2.1 times [1]

Core Viewpoint - The company has approved a share buyback plan, indicating confidence in its business outlook and aiming to create value for shareholders [1] Summary by Relevant Sections - **Share Buyback Authorization** - The board has resolved to exercise its authority under the share buyback mandate to repurchase shares in the open market for a maximum total price of 40 million HKD [1] - **Rationale for Buyback** - The board believes that the share buyback reflects the company's confidence in its business prospects and will ultimately benefit the company and create value for shareholders [1] - **Financial Position** - The board is confident that the company's current financial resources will allow it to implement the proposed share buyback while maintaining a robust financial position [1] - **Best Interests of Shareholders** - The board considers the proposed share buyback to be in the overall best interests of the company and its shareholders [1]

Core Viewpoint - 德琪医药-B (06996.HK) has announced a share buyback plan, indicating confidence in its business outlook and aiming to create value for shareholders [1] Summary by Sections Share Buyback Plan - The board has approved a proposal to repurchase shares under the buyback authorization, with a maximum total price of HKD 40 million [1] - The company will fund the proposed share buyback using its internal resources [1] Financial Confidence - The board believes that the share buyback reflects the company's confidence in its business prospects and will ultimately benefit the company and its shareholders [1] - The company’s current financial resources are deemed sufficient to implement the proposed share buyback while maintaining a robust financial position [1]

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]

Investment Rating - The report maintains a "Buy" rating for the company 德琪医药 (6996 HK) with a target price of HKD 8.80, indicating a potential upside of 38.3% from the current price of HKD 6.36 [6][12]. Core Insights - The latest data on CLDN18.2 ADC confirms its superior efficacy and safety profile compared to potential competitors, leading to an upward revision of long-term sales forecasts and a positive outlook on the company's business development (BD) prospects [2][6]. - The differentiated second-generation TCE platform is significantly undervalued, with promising product and collaboration opportunities anticipated [2][6]. - The company is expected to achieve peak sales exceeding USD 5 billion globally, supported by ongoing clinical developments and regulatory approvals [6][7]. Financial Forecasts - Revenue projections for 2025E, 2026E, and 2027E are set at RMB 123 million, RMB 157 million, and RMB 253 million respectively, with significant growth anticipated in subsequent years [5][13]. - Gross profit margins are expected to remain high, with a gross margin of 81.9% in 2025E, slightly declining to 84.9% by 2027E [5][15]. - The company is projected to incur net losses of RMB 210 million in 2025E, narrowing to RMB 173 million by 2027E [5][13]. Market Performance - The stock has shown remarkable performance with a year-to-date change of 878.46%, reflecting strong investor interest and market confidence [4][12]. - The 52-week high and low for the stock are HKD 7.28 and HKD 0.54 respectively, indicating significant volatility and growth potential [4][12]. Clinical Development - The company has received breakthrough therapy designation for its CLDN18.2 ADC ATG022 for the treatment of CLDN18.2 positive, HER2 negative gastric cancer, with promising clinical trial results showing an overall response rate (ORR) of 40% in high-expression groups [6][7]. - Future development plans include various clinical trials aimed at expanding the indications and enhancing the product's market presence [6][7].

Core Viewpoint - Deqi Pharmaceutical-B (06996) reported a decrease in revenue for the six months ending June 30, 2025, with a total income of RMB 53.182 million, reflecting a year-on-year decline of 12.5% [1] Financial Performance - Revenue for the six months ending June 30, 2025, was RMB 53.182 million, down from RMB 60.80 million for the same period in 2024, a decrease of RMB 7.60 million [1] - Research and development costs amounted to RMB 79.935 million, a significant reduction of 38.91% year-on-year [1] - Adjusted loss for the period was RMB 72.858 million, which is a decrease of 52.25% compared to the previous year [1] - Earnings per share showed a loss of RMB 0.12 [1] Market Dynamics - The inclusion of the drug Cevinostat (希维奥) in the 2023 National Medical Insurance Directory in December 2023 initially drove strong market growth expectations for the six months ending June 30, 2024 [1] - Following the initial surge, market demand has gradually returned to a more rational state [1] - Revenue for the six months ending June 30, 2025, increased by RMB 22 million compared to the second half of 2024, indicating steady growth and stability in revenue [1]

智通财经APP讯，德琪医药-B(06996)发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币 5318.2万元(单位下同)，同比减少12.5%;研发成本7993.5万元，同比减少38.91%;经调整期内亏损7285.8 万元，同比减少52.25%;每股亏损0.12元。 我们的收入从截至2024年6月30日止6个月的6080万元减少760万元至截至2025年6月30日止6个月的5320 万元。于2023年12月，希维奥®(塞利尼索)成功获纳入2023年版国家医保目录，由于积极的市场预期， 初始推动了截至2024年6月30日止6个月的强劲市场增长。随后，市场需求逐渐恢复理性。值得注意的 是，我们截至2025年6月30日止6个月的收入较2024年下半年增加2200万元，反映收入的稳步增长与稳定 状况。 ...