Group 1 - Pharmaceutical stocks experienced a significant rise in early trading, with notable increases in share prices [1][3] - 加科思-B (01167) saw an increase of 8.71%, reaching HKD 7.24 [1][3] - 和铂医药-B (02142) rose by 7.39%, trading at HKD 14.25 [1][3] - 复宏汉霖 (02696) increased by 4.46%, with a price of HKD 66.70 [1][3] - 映恩生物-B (09606) experienced a rise of 2.98%, priced at HKD 359 [1][3]

Core Viewpoint - Pharmaceutical stocks have risen significantly, driven by regulatory changes aimed at expediting the approval of urgently needed foreign drugs in China [1] Group 1: Stock Performance - Companies such as 加科思-B (01167) increased by 8.71% to HKD 7.24, 和铂医药-B (02142) rose by 7.61% to HKD 14.28, 复宏汉霖 (02696) gained 5.25% to HKD 67.2, and 映恩生物-B (09606) climbed 4.88% to HKD 365.6 [1] Group 2: Regulatory Changes - The National Medical Products Administration (NMPA) has optimized the review and approval process for urgently needed foreign drugs that are already on the market, aiming to meet the clinical needs of patients [1] - The NMPA emphasizes a clinical value-oriented approach, encouraging applicants to conduct global synchronous research and simultaneous submissions in China [1] - Original and generic drugs that are urgently needed and meet the criteria can be included in the priority review and approval category [1] Group 3: Market Outlook - Huatai Securities believes that the valuation of innovative drugs in the Hong Kong market remains attractive compared to global peers, attributing the liquidity discount to the decline in innovative drugs during November and December [1] - The firm anticipates that the ongoing liquidity recovery, along with continued business development (BD) activities and the upcoming JPM conference and annual report season, will boost the innovative drug sector [1] - The upward trend in the innovative drug sector is expected to continue as liquidity improves at the beginning of the year [1]

Core Viewpoint - The pharmaceutical stocks have risen significantly, driven by regulatory changes from the National Medical Products Administration (NMPA) aimed at expediting the approval of urgently needed foreign drugs in China [1] Group 1: Stock Performance - Stocks such as Akeso-B (01167) increased by 8.71% to HKD 7.24, HAPO (02142) rose by 7.61% to HKD 14.28, Innovent Biologics (02696) gained 5.25% to HKD 67.2, and InnoCare Pharma-B (09606) climbed 4.88% to HKD 365.6 [1] Group 2: Regulatory Changes - On January 7, the NMPA announced measures to optimize the review and approval process for urgently needed foreign drugs already on the market, aiming to meet the clinical needs of patients [1] - The NMPA emphasized a clinical value-oriented approach, encouraging applicants to conduct global synchronized research and simultaneous submissions for market approval in China [1] - The NMPA will prioritize the review of urgently needed foreign original and generic drugs that meet specific criteria [1] Group 3: Market Outlook - Huatai Securities believes that the valuation of innovative drugs in the Hong Kong market remains attractive compared to global peers, attributing the recent decline in innovative drug stocks to liquidity discounts [1] - The firm anticipates that the ongoing liquidity recovery, along with external business development (BD) activities, the JPMorgan Healthcare Conference, and the annual report cycle, will boost the innovative drug sector's performance [1] - The upward trend in the innovative drug sector is expected to continue as liquidity improves [1]

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12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1月7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 | 本月底法定/註冊股本總額： U ...

Summary of the Conference Call for Yingen Biotech Company Overview - **Company**: Yingen Biotech - **Key Projects**: - Hertu ADC for endometrial cancer and hormone-positive breast cancer - B7H3 ADC for multiple indications including liver cancer, melanoma, head and neck squamous cell carcinoma, cervical cancer, and platinum-resistant ovarian cancer Core Insights and Arguments - **Hertu ADC Project**: - Shows potential in second-line and later treatment for endometrial cancer and hormone-positive breast cancer - Key registration clinical trial results expected in 2026, with a sales team already established for commercialization [2][5] - **B7H3 ADC Project**: - Demonstrates significant efficacy across various indications with high Objective Response Rate (ORR) and Disease Control Rate (DCR) - No specific expression testing required, indicating broad application potential [2][6] - **Future Catalysts**: - Key clinical trial results for Hertu ADC and submission for market approval - Phase III registration clinical trial for B7H3 ADC in prostate cancer planned for 2026 [2][7] - **Safety Profile**: - B7H3 ADC shows significant safety advantages compared to similar drugs from Merck and Hansoh/GSK, with a lower incidence of interstitial pneumonia [2][9] - **DB1,303 (TOP2 ADC)**: - Comparable efficacy to AstraZeneca's drug and superior to Gilead's, but may face challenges in single-agent indications due to competition [2][10] - **HER3 ADC (DB1,310)**: - Shows significant potential in EGFR-mutant non-small cell lung cancer and hormone-positive breast cancer, with a PFS level of 15 months, outperforming other ADCs [2][11] - **PD-1 VEGF Dual Antibody + ADC Combination**: - Considered a key direction for future cancer treatment, showing good safety and efficacy [2][12] Industry Insights - **Chinese Innovative Drug Industry Outlook for 2026**: - Expected to be broad and optimistic due to the trend of Chinese innovative drugs going global, with companies leading in various technical fields [3] - **Investment Timing**: - Current valuation reflects only part of the potential of Hertu ADC and B7H3 ADC, suggesting significant upside potential as key clinical trial results are released [2][8] - **Global Competition for B7H3 ADC**: - Competitive landscape includes Merck and IDXD, with challenges faced by Merck due to safety issues leading to trial pauses [2][9] - **Upcoming ADC Data Releases in 2026**: - Multiple companies, including Yingen, are expected to release data on various ADC drugs, indicating a rich pipeline and potential industry trends [2][12] Additional Important Points - **Collaborations**: - Yingen collaborates with other companies for various ADC projects, which may yield initial data or enter registration clinical stages in the coming years [2][14][17] - **Early Pipeline Progress**: - Early pipeline projects like PDL1 B7H3 ADC show promising results in broad-spectrum efficacy and low toxicity, supporting further development [2][18]

Core Viewpoint - The stock of Envision Biotech-B (09606.HK) has increased by over 12%, reaching a price of 332.2 HKD with a trading volume of 321 million HKD [2] Group 1 - Envision Biotech-B's stock price rose by 12.08% [2] - The current trading price is 332.2 HKD [2] - The total trading volume amounted to 3.21 billion HKD [2]

Group 1 - The core viewpoint of the article highlights that Innovent Biologics-B (09606) has seen a significant stock increase of over 12%, currently trading at 332.2 HKD with a transaction volume of 321 million HKD [1] - According to Guotai Junan Securities, Innovent Biologics is expected to have a rich pipeline of catalysts in 2026, with key data points anticipated including final results from global registration clinical trials for HER2ADC targeting EC and BC indications [1] - The firm also expects clinical results for B7H3ADC, HER2ADC, and TROP2ADC in combination with PDL1*VEGF dual antibody BNT327, as well as updates on early clinical data for B7H4ADC and EGFR*HER3ADC, and progress on CDH17ADC [1] Group 2 - The firm has raised the peak global sales expectations for HER2ADC DB1303, B7H3ADC DB1311, and HER3ADC DB1310 based on the smooth progress of Innovent Biologics' pipeline in 2025 [1] - Using the DCF valuation method, the target price for Innovent Biologics has been increased to 455.56 HKD, while maintaining a buy rating [1]

Core Viewpoint - The stock of InnoCare Pharma (09606) has risen over 12%, currently trading at 332.2 HKD with a transaction volume of 321 million HKD, driven by positive expectations regarding its clinical pipeline and potential market performance in 2026 [1] Group 1: Clinical Pipeline Expectations - Cathay Securities highlights that InnoCare Pharma has a rich pipeline of catalysts expected in 2026, including final results from global registration clinical trials for HER2 ADC targeting EC and BC indications [1] - Anticipated clinical results for B7H3 ADC, HER2 ADC, and TROP2 ADC in combination with PDL1*VEGF dual antibody BNT327 are also on the horizon [1] - Updates on early clinical data for B7H4 ADC and EGFR*HER3 ADC, as well as clinical progress for CDH17 ADC, are expected [1] - Initial data disclosure for the early pipeline PDL1*B7H3 ADC is also anticipated [1] Group 2: Sales Forecast and Valuation - Based on the smooth progress of InnoCare's pipeline in 2025, expectations for peak global sales potential for HER2 ADC DB1303, B7H3 ADC DB1311, and HER3 ADC DB1310 have been increased [1] - Using the DCF valuation method, Cathay Securities has raised the target price for InnoCare Pharma to 455.56 HKD while maintaining a buy rating [1]

Core Viewpoint - Cathay Securities has raised the target price for Immune-Oncologics (09606) to HKD 455.56 based on the optimistic progress of its pipeline leading to potential global sales peak for HER2ADC DB1303, B7H3ADC DB1311, and HER3ADC DB1310 [1] Group 1 - The company is expected to have a rich catalyst in 2026, with anticipated data readouts including final results for HER2ADC in EC and BC indications, clinical results for B7H3ADC, HER2ADC, and TROP2ADC combined with PDL1*VEGF dual antibody BNT327, and updates on early clinical data for BD pipeline B7H4ADCEGFR*HER3ADC and CDH17ADC [2] - The company has confidence in the global registration results and NDA for HER2ADC DB1303 in 2026, based on the smooth progress of two registration clinical trials in 2025 and the optimistic attitude from BNTX's latest R&D day [2] - The company anticipates launching the first global registration Phase III clinical trial for B7H3ADC DB1311 targeting 2L CRPC (chemo naïve) in 2026, given its potential for broad-spectrum solid tumors and outstanding efficacy in CRPC [2] Group 2 - The company expects to continue advancing DB1310 in the global clinical development for 2L+HR+/HER2-BC in 2026, based on the initiation of MSD's HER3ADC in the same indication and DB1310's superior clinical performance [3] - The company believes that DB1305's efficacy can be comparable to DATO, based on updates on solid tumors and TNBC data in 2025 [3] - The company is optimistic about the performance of BNTX's PDL1*VEGF dual antibody BNT327 combined with DB1311 and DB1303DB1305, considering the rapid global clinical progress and rich data volume from both BNTX and Immune-Oncologics [3]

Core Viewpoint - Cathay Securities has raised the target price for Immune-Onc Biologics-B (09606) to HKD 455.56, maintaining a buy rating based on the promising progress of its pipeline leading to increased global peak sales expectations for HER2ADC DB1303, B7H3ADC DB1311, and HER3ADC DB1310 [1] Group 1 - The company is expected to have a rich catalyst in 2026, with anticipated data readouts including final results for HER2ADC in EC and BC indications, clinical results for B7H3ADC, HER2ADC, and TROP2ADC combined with PDL1*VEGF dual antibody BNT327, early clinical data updates for B7H4ADCEGFR*HER3ADC, and clinical progress updates for CDH17ADC [2] - Confidence is high for the global registration results and NDA for HER2ADC DB1303 in 2L+EC and 2L HR+/HER2-BC indications in 2026, driven by the smooth progress of two registration clinical trials in 2025 and optimistic attitudes from BNTX's latest R&D day [2] - The company is expected to initiate the first global registration Phase III clinical trial for B7H3ADC DB1311 targeting 2L CRPC (chemo naive) in 2026, based on its demonstrated potential for broad-spectrum solid tumors and notable efficacy in CRPC in 2025 [2] Group 2 - The company anticipates continued global clinical development for DB1310 in the 2L+HR+/HER2-BC indication in 2026, supported by the initiation of MSD's HER3ADC in the same indication and superior clinical performance of DB1310 [3] - The efficacy of TROP2ADC DB1305 is expected to be comparable to DATO, based on data updates for solid tumors and TNBC in 2025 [3] - The company is optimistic about the performance of BNTX's PDL1*VEGF dual antibody BNT327 combined with DB1311 and DB1303DB1305, given the demonstrated effectiveness of various combinations in multiple indications compared to PD(L)1 monoclonal antibody plus chemotherapy [3]