本月底法定/註冊股本總額： USD 20,000 FF301 第 1 頁 共 10 頁 v 1.2.0 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: 2026年1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: 映恩生物 (「本公司」) 呈交日期: 2026年2月5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) 09606 說明 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 200,000,000 USD 0.0001 USD 20,000 增加 / 減少 (-) USD 本月底結存 200,000,000 USD 0.0001 USD 20,000 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 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 ...

每经AI快讯，映恩生物-B(09606.HK)涨超6%，截至发稿，涨6.04%，报340.6港元，成交额1.54亿港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - The stock of Immune-Oncological Biotech (09606) has risen over 6%, currently trading at 340.6 HKD, with a transaction volume of 154 million HKD, following the announcement of BioNTech initiating the first Phase III clinical trial for BNT324 (DB-1311), a B7-H3ADC drug developed by Immune-Oncological Biotech [1] Group 1 - BioNTech has started the first Phase III clinical trial for BNT324, marking it as the fifth B7-H3ADC to enter this stage [1] - BNT324 was licensed to BioNTech in April 2023, granting them development, production, and commercialization rights outside of China [1] - Guotai Junan Securities predicts that by 2026, multiple clinical data sets for ADC+IO and core monotherapy will be released, indicating a significant milestone for Immune-Oncological Biotech [1] Group 2 - Immune-Oncological Biotech is leading the ADC iteration wave, with expectations for commercialization in 2026 [1] - The company is continuously developing next-generation ADCs, including bispecific ADCs, novel mechanism payload ADCs, and self-immune ADCs [1] - Two bispecific ADCs have already entered clinical stages, and the unique MOA payload ADC DB-1316 is expected to address existing ADC resistance issues and is about to enter clinical trials [1]

Core Viewpoint - The stock of InnoCare Pharma (09606) has risen over 6%, currently trading at 340.6 HKD, with a transaction volume of 154 million HKD, following the announcement of BioNTech initiating the first Phase III clinical trial for BNT324 (DB-1311), a B7-H3 ADC developed by InnoCare [1] Group 1: Clinical Development - BioNTech has started the first Phase III clinical trial for BNT324, marking it as the fifth B7-H3 ADC to enter this stage [1] - InnoCare has licensed BNT324 to BioNTech, which holds the rights for development, production, and commercialization outside of China [1] Group 2: Future Prospects - Guolian Minsheng Securities predicts that by 2026, multiple clinical data for ADC+IO and core monotherapy will be released, with InnoCare's collaboration with BioNTech expected to lead to significant developments [1] - InnoCare is at the forefront of the ADC evolution, with expectations for commercialization in 2026 [1] - The company is actively developing next-generation ADCs, including bispecific ADCs, novel mechanism payload ADCs, and immune ADCs, with two bispecific ADCs already in clinical stages [1] - The unique MOA payload ADC DB-1316 is anticipated to address existing ADC resistance issues and is set to enter clinical stages soon [1]

Core Insights - The company announced that its self-developed ADAM9 ADC drug DB-1317 has received IND approval from the NMPA to conduct clinical trials in patients with advanced/metastatic malignant solid tumors [1] - DB-1317 targets ADAM9, which is highly expressed in various cancers such as gastric, colorectal, pancreatic, and non-small cell lung cancer, while showing low expression in normal tissues [1] - The company is leading the ADC innovation wave and expects significant commercialization opportunities in 2026, with multiple clinical data readouts scheduled for that year [2] Clinical Development - The company is collaborating with BioNtech to develop three ADC pipelines, with multiple clinical data readouts expected in 2026, including HER2 ADC in breast cancer and B7H3 ADC in non-small cell lung cancer [2] - The HER2 ADC DB-1303 has reached its primary endpoint in a Phase III trial for HER2-positive unresectable or metastatic breast cancer, accelerating its market approval process [3] - The company anticipates that 2026 will be a pivotal year for commercialization, with potential approvals for multiple indications [3] Financial Projections - Revenue projections for the company are estimated at 1.95 billion, 1.97 billion, and 2.1 billion yuan for 2025-2027, with year-on-year growth rates of 0.5%, 1.1%, and 6.5% respectively [3] - The net profit attributable to the parent company is projected to be -247 million, -386 million, and -341 million yuan for the same period, with growth rates of 76.5%, -56.1%, and 11.5% respectively [3] - The company has initiated coverage with a "recommended" rating based on its growth potential and upcoming clinical data [3]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Insights - The company is leading the ADC (Antibody-Drug Conjugate) iteration wave and is expected to achieve commercialization by 2026 [2][3]. - The company has received IND approval for its self-developed ADAM9 ADC drug DB-1317, allowing clinical trials in late-stage metastatic solid tumor patients [2]. - The HER2 ADC DB-1303 has reached its primary endpoint in a Phase III clinical trial for HER2-positive unresectable or metastatic breast cancer, accelerating its path to market [3]. - The company is expected to report significant clinical data in 2026, which could enhance its market position and revenue potential [9]. Financial Forecasts - Projected revenues for the company are as follows: 1,941 million RMB in 2024, 1,950 million RMB in 2025, 1,972 million RMB in 2026, and 2,100 million RMB in 2027, with growth rates of 8.7%, 0.5%, 1.1%, and 6.5% respectively [4]. - The net profit attributable to shareholders is forecasted to be -1,050 million RMB in 2024, -247 million RMB in 2025, -386 million RMB in 2026, and -341 million RMB in 2027, showing a significant improvement in 2025 with a growth rate of 76.5% [4]. - Earnings per share (EPS) are expected to be -11.75 RMB in 2024, -2.76 RMB in 2025, -4.31 RMB in 2026, and -3.82 RMB in 2027 [4].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Insights - The company is leading the ADC (Antibody-Drug Conjugate) innovation wave and is expected to achieve commercialization by 2026 [2][3]. - The company has received IND approval for its self-developed ADAM9 ADC drug DB-1317, allowing clinical trials in late-stage metastatic solid tumor patients [2]. - The HER2 ADC DB-1303 has reached its primary endpoint in a Phase III clinical trial for HER2-positive unresectable or metastatic breast cancer, accelerating its market approval process [3]. - The company is expected to report multiple clinical data readouts in 2026, which could significantly impact its growth trajectory [9]. Financial Forecasts - Projected revenues for 2024, 2025, 2026, and 2027 are 1,941 million, 1,950 million, 1,972 million, and 2,100 million RMB respectively, with growth rates of 8.7%, 0.5%, 1.1%, and 6.5% [4]. - The net profit attributable to shareholders is forecasted to be -1,050 million, -247 million, -386 million, and -341 million RMB for the same years, reflecting growth rates of -193.8%, 76.5%, -56.1%, and 11.5% [4]. - Earnings per share (EPS) are expected to be -11.75, -2.76, -4.31, and -3.82 RMB for 2024, 2025, 2026, and 2027 respectively [4]. Clinical Development and Pipeline - The company is advancing its ADC pipeline, including DB-1316, which aims to address existing ADC resistance issues and is set to enter clinical stages soon [9]. - Collaborations with BioNtech are expected to yield significant clinical data in 2026, enhancing the company's competitive position in the ADC market [9].

其三，港股生物医药板块2026年将有重要亮点。 短期港股波动根源：存款搬家 最近1个多月的港股走势让许多朋友很是困惑，一方面美元指数重新跌破100（自11月下旬跌穿100后持续于100楼下徘 徊），对于采用联系汇率的香港资本市场显然是一大利好，但另一方面恒生指数同期表现却畏缩不前，头部科技企业 集中的恒生科技指数更是出现了较大幅度的回调（恒指及科指今年开局两周以来仅稍稍反攻上月的颓势，微升3.34% 及3.04%）。 与之所对应的乃是生物医药板块的"大爆发"，如进入2026年后映恩生物(09606.HK)涨幅已经一度超过20%，信达生物 (01801.HK)开局以来亦一度升更一成，行业中小规模企业的李氏大药厂(00950.HK)亦曾见半成涨幅。 站在2026年初这个时点，我们不妨重新梳理对港股的分析框架，以展望2026年的香港资本市场。 本文核心观点： 其一，近期港股的波动主要源自存款搬家导致的流动性收缩，不会改变中后期向好的趋势； 其二，上述风险将随着新任美联储主席的撬动而得到缓释； 在此之前我们将"离岸人民币"视为港股流动性的锚，从而产生"离岸人民币升值——市场买入人民币抛港币——港币流 动性充盈——资本 ...

消息面上，1月19日，映恩生物宣布，公司自主研发的ADAM9靶向抗体偶联药物(ADC)DB-1317已获得 国家药监局药品审评中心(CDE)的新药临床试验批准，同意其单药在晚期/转移性恶性实体瘤患者中开展 临床试验。 据悉，DB-1317是映恩生物基于公司自主研发的ADC技术平台DITAC开发的新一代ADC产品，具有全球 权益。其靶点ADAM9在胃癌、结直肠癌、胰腺癌、非小细胞肺癌等多种肿瘤中高表达，而在正常组织 中表达水平较低。临床前研究显示，DB-1317在多种肿瘤模型中表现出显著的抗肿瘤活性。 映恩生物-B(09606)早盘涨超4%，截至发稿，涨2.42%，报363.6港元，成交额5105.75万港元。 ...

据悉，DB-1317是映恩生物基于公司自主研发的ADC技术平台DITAC开发的新一代ADC产品，具有全球 权益。其靶点ADAM9在胃癌、结直肠癌、胰腺癌、非小细胞肺癌等多种肿瘤中高表达，而在正常组织 中表达水平较低。临床前研究显示，DB-1317在多种肿瘤模型中表现出显著的抗肿瘤活性。 消息面上，1月19日，映恩生物宣布，公司自主研发的ADAM9靶向抗体偶联药物（ADC）DB-1317已获 得国家药监局药品审评中心（CDE）的新药临床试验批准，同意其单药在晚期/转移性恶性实体瘤患者 中开展临床试验。 智通财经APP获悉，映恩生物-B(09606)早盘涨超4%，截至发稿，涨2.42%，报363.6港元，成交额 5105.75万港元。 ...