Core Insights - The latest data from the Hong Kong Stock Exchange indicates that on August 18, shareholders of Deking Pharmaceutical-B (06996) deposited shares worth HKD 416 million into Standard Chartered Bank (Hong Kong), representing 9.23% of the total shareholding [1] - On July 28, Deking Pharmaceutical announced that the National Medical Products Administration (NMPA) of China has approved the use of Xivio (Selinexor) in combination with Bortezomib and Dexamethasone (XVd) for the treatment of adult patients with relapsed or refractory multiple myeloma (MM) who have received at least one prior therapy, marking a new indication for Xivio [1]

Group 1: Market Overview - The Hang Seng Index rose by 1.88%, gaining 470 points to close at 25,439 points, while the Hang Seng Tech Index increased by 2.35% [1] - The early trading volume in the Hong Kong stock market reached HKD 143.8 billion [1] Group 2: Biotechnology Sector - The Hang Seng Biotechnology Index surged by 3.77%, driven by a collective rise in pharmaceutical stocks following the debut of the "dual directory" for drug applications [1] - Zhonghui Biotech-B (02627) saw a significant increase of 24%, while Jiuyuan Gene (02566) rose by 8.99%, and Kintor Pharmaceutical (09939) increased by 5.7% [1] - Innovent Biologics (01801) experienced a rise of 7.27%, and He Yu-B (02256) reached a new high with a 7.38% increase, reporting a 59% year-on-year growth in net profit for the first half of the year [1] Group 3: Pharmaceutical Developments - Daqi Pharmaceutical-B (06996) rose over 15% as Claudin 18.2 ADC was proposed for inclusion as a breakthrough therapy [2] Group 4: Technology Sector - Tencent's subsidiaries reported generally better-than-expected earnings, with Tencent Music-SW (01698) rising by 15%, and Reading Group (00772) also increasing by over 15% [2] - Weimeng Group (02013) saw an increase of over 7% [2] Group 5: Industrial and Manufacturing Sector - Chongqing Machinery (02722) rose by 8.9%, with an expected 50% year-on-year growth in net profit due to rapid growth in AIDC engine demand [3] - Zhongyan Hong Kong (06055) increased by over 7%, maintaining its position in the domestic cigarette export tax-free business, with earnings to be announced next Friday [3] Group 6: Technology and Electronics - Qiu Tai Technology (01478) rose by over 8%, reporting a 167% year-on-year increase in net profit for the first half of the year, leading to target price upgrades from multiple institutions [4] - Hong Teng Precision (06088) increased by over 9% post-earnings, with a cumulative rise of over 60% in the month, reporting an 11% revenue growth but a 3% decline in net profit [5] - Minmetals Resources (01208) rose by over 9% after reporting a 15-fold increase in net profit for the first half of the year and lowering cost guidance for its mines [6] Group 7: Performance Review - 361 Degrees (01361) fell by over 10% post-earnings, with institutions stating that the first half performance met expectations, but net profit growth was slightly lower than revenue growth [7]

Core Viewpoint - The stock of Deqi Pharmaceutical-B (06996) surged over 14%, reaching a price of 6.1 HKD with a trading volume of 38.14 million HKD, following the announcement of six drugs, including ATG-022, being considered for breakthrough therapy designation [1] Company Summary - ATG-022 is a self-developed Claudin18.2 antibody-drug conjugate by Deqi Pharmaceutical [1] - Recent clinical data presented at the ASCO GI 2025 conference showed an objective response rate (ORR) of 42.9% and a disease control rate (DCR) of 95.2% in patients with high Claudin18.2 expression (IHC2+ ≥ 20%) [1] - For patients with low Claudin18.2 expression (IHC2+ < 20%), the ORR was 30.0% and the DCR was 50.0% [1] - The company plans to present the latest research data on ATG-022 at the ESMO annual meeting in October 2025 [1]

Core Viewpoint - The stock of Deqi Pharmaceutical-B (06996) has increased by over 14%, currently trading at 6.1 HKD with a transaction volume of 38.14 million HKD, following the announcement of six drugs, including ATG-022, being proposed for breakthrough therapy designation [1] Company Summary - ATG-022 is a self-developed Claudin 18.2 antibody-drug conjugate by Deqi Pharmaceutical [1] - Recent clinical data presented at the ASCO GI 2025 conference showed an objective response rate (ORR) of 42.9% and a disease control rate (DCR) of 95.2% in patients with high Claudin 18.2 expression (IHC 2+ ≥ 20%) [1] - For patients with low Claudin 18.2 expression (IHC 2+ < 20%), the ORR was 30.0% and the DCR was 50.0% [1] - The company plans to present the latest research data on ATG-022 at the ESMO annual meeting in October 2025 [1]

Group 1 - Pharmaceutical stocks collectively surged, with notable increases in companies such as Deqi Pharmaceutical-B (up 13.53% to HKD 6.04), Jiuyuan Gene (up 7.89% to HKD 11.76), and others [1] - The National Healthcare Security Administration announced the preliminary review results for the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalogs, revealing that 534 drugs passed the basic insurance catalog review and 121 drug generic names passed the commercial insurance innovative drug catalog review [1] - High-priced innovative drugs, including CAR-T therapies, are seeking inclusion in the commercial insurance innovative drug catalog, aiming for diversified payment methods for innovative drugs [1] Group 2 - The core breakthrough of the 2025 plan is the establishment of a "Basic Insurance + Commercial Insurance Innovative Drug" dual-track system, which aims to alleviate pressure on basic insurance funds while meeting multi-tiered demands [2] - The plan includes a new price negotiation mechanism and a team of commercial insurance experts, reflecting policy coordination for innovative drug development, although it also increases process complexity [2] - Overall, this represents a strategic shift in healthcare policy from "basic coverage" to "multi-tiered + innovative support," balancing accessibility and sustainability [2]

Group 1 - Pharmaceutical stocks collectively surged, with notable increases in shares of companies such as Deqi Pharmaceutical-B (up 13.53% to HKD 6.04), Jiuyuan Gene (up 7.89% to HKD 11.76), and others [1] - The National Healthcare Security Administration announced the preliminary review results for the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalogs, revealing that 534 drugs passed the basic medical insurance review and 121 drugs passed the commercial insurance innovative drug catalog review [1] - High-priced innovative drugs, including CAR-T therapies, are seeking inclusion in the commercial insurance innovative drug catalog, aiming for diversified payment methods for innovative drugs [1] Group 2 - The core breakthrough of the 2025 plan is the establishment of a "basic medical insurance + commercial insurance innovative drug" dual-track system, which aims to alleviate pressure on basic medical insurance funds while meeting multi-tiered demands [2] - The new pricing negotiation mechanism and the establishment of a commercial insurance expert team reflect policy coordination for innovative drug development, although the complexity of the process has increased [2] - Overall, this represents a strategic shift in medical insurance from "basic coverage" to "multi-tiered + innovative support," balancing accessibility and sustainability [2]

Group 1 - The company, 德琪医药-B (06996.HK), announced that it will hold a board meeting on August 22, 2025, to consider and approve its interim results for the six months ending June 30, 2025 [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。 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2025年 8月22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6月30日止六個月的中期業績及其發佈。 承董事會命 德琪醫藥有限公司 董事長 梅建明博士 香港，2025年8月12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） （股份代號：6996) ...

Summary of the Conference Call for 德琪医药 Company Overview - 德琪医药 was established in 2016 and went public in Hong Kong in 2020. The company has one commercial product, 塞力尼索, which is projected to generate approximately 100 million RMB in revenue for 2024, reflecting a year-on-year growth of 37% [2][5][14]. - The company has five clinical-stage pipeline assets and has built a TC platform. As of the end of 2024, the company has cash reserves of about 900 million RMB, sufficient to support normal operations for the next three years [5][6]. Key Products and Pipeline - **ATG022 (Claudin 18.2 ADC)**: Targets gastric cancer, with approximately 360,000 new cases annually in China and over 500,000 existing patients. The five-year survival rate for advanced patients is below 50%. The overall objective response rate (ORR) for ATG022 is 36.4%, with nearly 40% for high-expression groups and about 30% for low-expression groups [2][7][9]. - **ATG037 (CD73 Small Molecule Inhibitor)**: Targets patients resistant to immune checkpoint inhibitors. Early data shows an ORR of 36.4% in melanoma and 22% in lung cancer when combined with PD-1 therapy [3][12]. - **TC Platform**: The company is developing a TCE platform (CD3 bispecific antibody technology) aimed at solid tumors, with plans to submit an application for ATG201 (CD13/CD19 bispecific antibody) in the second half of 2025 [3][13]. Market Trends and Performance - The pharmaceutical innovation sector has seen significant upward movement since February 2025, driven by business development (BD) and liquidity recovery. Both Hong Kong and A-share innovation sectors have experienced broad market rallies [3]. - The ongoing development of new technologies such as ADCs and bispecific antibodies is expected to continue benefiting Chinese pharmaceutical companies, despite existing gaps in research translation compared to leading countries like the U.S. [2][3]. Financial Valuation - The company’s target market valuation is approximately 5.8 billion HKD, with current market capitalization between 3 to 4 billion HKD, indicating potential for doubling [3][15]. - Valuation methods include NPV and DCF, estimating a peak sales potential of 2.4 billion RMB for three products, leading to a target market value of 4.2 billion RMB using a 20x PE multiple, and 6.5 billion RMB using DCF methods [15]. Important Catalysts - Key upcoming events include data updates for ATG022 at the ESMO conference in October 2025, submission of overseas marketing applications, and clinical application for the first product from the TCE platform, ATG201 [10][15]. Conclusion - 德琪医药 is positioned well within the competitive landscape of the pharmaceutical industry, with a strong pipeline and significant growth potential driven by innovative products and favorable market conditions. The company’s strategic focus on emerging technologies and clinical advancements is expected to yield substantial returns in the coming years [2][3][15].

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7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8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 | ...