Investment Rating - The report assigns a rating of "Buy" for the company [4]. Core Insights - The report highlights a rich pipeline for the company in 2026, with expectations for significant clinical data readouts, including results for HER2 ADC, B7H3 ADC, and TROP2 ADC [12][19]. - The target price for the company has been raised to HKD 455.56 based on DCF valuation methods, reflecting increased confidence in the potential global sales peak for several ADC products [8][12]. Financial Summary - Total revenue is projected to grow from RMB 1,462 million in 2023 to RMB 2,516 million by 2027, with a notable increase of 23% in 2026 [3]. - Gross profit margin is expected to improve from 34% in 2025 to 51% in 2027, indicating a positive trend in profitability [3]. - Net profit is forecasted to decrease from RMB -757 million in 2025 to RMB -321 million in 2027, showing a gradual reduction in losses [3]. Pipeline Developments - HER2 ADC DB1303 is undergoing global registration clinical trials for multiple indications, with expected results in 2026 [12][11]. - B7H3 ADC DB1311 is anticipated to initiate a global Phase III clinical trial for 2L CRPC in 2026, following promising data from earlier studies [13][12]. - TROP2 ADC DB1305 is expected to demonstrate comparable efficacy to competitors in the market, with a focus on combination therapies [19][21]. Market Position - The company is positioned to compete effectively in the ADC market, with a strong emphasis on innovative therapies and strategic partnerships [12][19]. - The report notes the potential for the company's ADCs to become next-generation standard treatments in oncology, particularly in combination with other therapies [12][19].

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 該等內容引致的任何損失承擔任何責任。 （根據開曼群島法律註冊成立的有限公司） （股份代號：9606） 於2025年12月30日舉行之股東特別大會之投票結果 茲提述映恩生物（「本公司」）日期為2025年12月14日的股東特別大會通告（「通 告」）及通函（「通函」）。除另有指明外，本公告所用詞彙與通函所界定者具有相同 涵義。 董事會欣然宣佈，載於通告內的所有提呈決議案已於股東特別大會上獲股東以投 票方式正式通過。 於股東特別大會上提呈的普通決議案的投票表決結果載列如下： Duality Biotherapeutics, Inc. 映恩生物 | | 普通決議案 | 已投票數及佔已投總票數之 概約百分比 | | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 1. | 待香港聯合交易所有限公司（「聯交所」）上市委員會批准根 | 47,758,018 | 1,815,795 | | | 據2025年股份計劃（其規則 ...

Market Overview - US inflation slowdown supports interest rate cut expectations, while the Bank of Japan raised rates by 25 basis points, leading to a rise in Hong Kong's three major indices. The Hang Seng Index increased by 0.75% to 25,690.53 points, with a total turnover of HKD 221.186 billion. The Hang Seng China Enterprises Index rose by 0.68%, and the Hang Seng Tech Index increased by 1.12% [1] Blue Chip Performance - Shenzhou International (02313) led the decline among blue chips, falling by 3.18% to HKD 60.95, with a turnover of HKD 490 million. Despite exceeding revenue and profit expectations, its net profit dropped by 32% year-on-year due to declining profit margins and ongoing pressures in direct sales [2] - Other blue chips included WuXi Biologics (02269), which rose by 4.4%, and Li Auto-W (02015), which increased by 3.81% [2] Sector Highlights - Large tech stocks mostly rose, with Tencent, Kuaishou, and Meituan gaining over 1%. The L3-level autonomous driving sector saw significant activity, with stocks like Xiaopeng Motors rising over 7% [3] - The pharmaceutical sector rebounded significantly, with companies like Kelun Pharmaceutical (06821) rising by 10.42% and WuXi Biologics (02269) increasing by 4.4% [4] - Lithium stocks also saw gains, with Ganfeng Lithium (01772) up by 1.87% and Tianqi Lithium (09696) rising by 1.72% [4] New Listings - New stocks showed a clear divergence, with Zhihui Mining (02546) soaring by 90.69% to HKD 8.6, while Xidi Intelligent Driving (03881) fell by 13.69% to HKD 227 [7] Company Developments - CIMC Group (02039) saw a strong performance, rising by 15.47% to HKD 8.88 after announcing a buyback plan for H-shares [8] - Changfei Optical Fiber (06869) surged by 12.01% to HKD 51.75, driven by signs of recovery in the optical fiber market [9] - China Duty Free Group (01880) saw its A and H shares rise by 6.88% to HKD 70.7, with expectations of increased sales due to optimized offshore duty-free shopping policies [10] - China Tobacco Hong Kong (06055) rose by 6.68% to HKD 34.48, supported by new regulations aimed at strengthening electronic cigarette oversight [11]

Core Viewpoint - InnoCare Pharma-B (09606) shares rose by 10.19% to HKD 339.40, with a trading volume of HKD 135 million, following the announcement of Fast Track Designation (FTD) by the FDA for its new generation HER3-targeted antibody-drug conjugate DB-1310 for specific breast cancer patients [1] Group 1 - The FDA granted Fast Track Designation to DB-1310 for the treatment of adult patients with HR-positive, HER2-negative breast cancer who have previously undergone endocrine therapy and CDK4/6 inhibitor treatment, and are in the stage of unresectable or metastatic disease [1] - DB-1310 is the first HER3-ADC drug to receive FTD for this indication globally, indicating a significant milestone for the company [1] - The broad FTD indication for DB-1310 will facilitate its clinical development in both chemotherapy-naive and chemotherapy-resistant settings for HR+/HER2- breast cancer [1]

智通财经APP获悉，映恩生物-B(09606)早盘涨超3%，截至发稿，涨3.25%，报318港元，成交额2339.55 万港元。 消息面上，据映恩生物官微消息，12月18日，映恩生物宣布，美国食品药品监督管理局(FDA)已授予映 恩生物新一代靶向HER3抗体偶联新药DB-1310快速通道资格认定(Fast Track Designation，FTD)，用于 治疗曾接受过内分泌治疗、CDK4/6抑制剂治疗，且在不可切除或转移性疾病阶段接受或未接受过化 疗，或在完成辅助化疗期间或结束后6个月内出现疾病复发的成人晚期/不可切除或转移性激素受体(HR) 阳性、人表皮生长因子受体2(HER2)阴性(免疫组化0、1+或2+/原位杂交阴性)乳腺癌患者。 据悉，DB-1310成为全球首款在此适应症上获FTD的HER3-ADC药物。DB-1310在HR+/HER2-乳腺癌中 的FTD适应症范围较广，涵盖"在不可切除或转移性疾病阶段接受或未接受过化疗"的患者。这一广阔适 应症的FTD认定将有助于推动DB-1310在HR+/HER2-乳腺癌未经化疗前线场景与化疗耐药后线场景两条 主要路径上的关键临床开发。 ...

Core Viewpoint - InnoCare Pharma-B (09606) experienced a morning increase of over 3%, currently up 3.25% at HKD 318, with a trading volume of HKD 23.3955 million. The company announced that the FDA has granted Fast Track Designation (FTD) for its next-generation HER3-targeted antibody-drug conjugate DB-1310, aimed at treating adult patients with advanced or unresectable metastatic hormone receptor-positive (HR+), HER2-negative breast cancer who have previously undergone endocrine therapy and CDK4/6 inhibitor treatment, or have experienced disease recurrence within six months after completing adjuvant chemotherapy [1]. Group 1 - The FDA has granted Fast Track Designation to DB-1310, making it the first HER3-ADC drug to receive this designation for the specified indication [1]. - The FTD designation for DB-1310 covers a broad range of indications in HR+/HER2- breast cancer, including patients who have received or not received chemotherapy during the stage of unresectable or metastatic disease [1]. - This broad indication will facilitate the critical clinical development of DB-1310 in both pre-chemotherapy frontline scenarios and post-chemotherapy resistant scenarios [1].

Core Viewpoint - The company Ensign Bio-B (09606) announced a proposed 2025 Share Plan aimed at attracting and retaining key contributors to its long-term development, pending shareholder approval [1] Group 1: 2025 Share Plan Objectives - The 2025 Share Plan is designed to recognize and reward participants for their past contributions to the company [1] - It aims to provide participants with opportunities to acquire proprietary rights of the company, encouraging further contributions to enhance the company's value [1] - The plan offers a flexible approach for the company to retain, incentivize, reward, and compensate participants, as well as provide benefits [1]

Duality Biotherapeutics, Inc. 映恩生物 （於開曼群島註冊成立的有限公司） （股份代號：9606） 茲委任（姓名） （地址） 或如未能出席，委任（姓名） （地址） 或如未能出席，委任大會主席 （附註2） 作為本人╱吾等的委任代表，出席本公司謹訂於2025年12月30日（星期二）上午九 時正假座中國上海市浦東新區櫻花路868號A座11樓董事會會議室舉行的股東特別大會（「股東特別大會」）及其任何續 會，並就會上的任何決議案或就此提呈的動議代表本人╱吾等投票。本人╱吾等授權及指示委任代表，按指示 （附註3） 對以下決議案進行投票： | | 普通決議案 | 贊成 | （附註3） | 反對 | （附註3） | | --- | --- | --- | --- | --- | --- | | 1. | 省覽及批准建議採納2025年股份計劃 | | | | | | 2. | 省覽及批准2025年股份計劃的計劃授權上限 | | | | | | 3. | 省覽及批准2025年股份計劃的服務提供商分項上限 | | | | | 日期：2025年 月 日 簽署 2025年12月30日舉行的股東特別大會適用的 ...

Core Viewpoint - The company announced a proposed 2025 Share Plan aimed at attracting and retaining key contributors to its long-term development and success, pending shareholder approval [1] Group 1 - The 2025 Share Plan is designed to recognize and reward participants for their past contributions to the company [1] - The plan will provide participants with opportunities to acquire proprietary rights of the company, encouraging further contributions to enhance the company's value [1] - The 2025 Share Plan offers a flexible approach for the company to retain, motivate, reward, and compensate participants, as well as provide benefits to them [1]

Group 1 - The core point of the article is that Enbio-B (09606.HK) announced a proposal for a share plan to be adopted on December 13, 2025, pending approval from the company's shareholders [1] Group 2 - The board of directors has made a recommendation regarding the share plan [1] - The implementation of the share plan is contingent upon shareholder approval [1]