Core Viewpoint - MSCI announced the results of its quarterly index review for August 2025, with several companies, including InnoCare Pharma-B (09606), being added to the MSCI Global Small Cap Index, marking their entry into the "global asset" category [1] Group 1 - The adjustment will take effect after the market closes on August 26 [1] - Newly included companies will experience increased trading volume during the closing auction on the inclusion day due to passive fund buying [1] - While the short-term impact on stock prices is limited, the long-term benefits will be seen in terms of funding, valuation, and brand recognition [1]

Core Viewpoint - MSCI announced the results of its quarterly index review for August 2025, with several companies, including InnoCare Pharma-B (09606), being added to the MSCI Global Small Cap Index, marking their entry into the "global asset" category [1] Group 1 - The adjustment will take effect after the market closes on August 26 [1] - Newly included companies will experience increased trading volume during the closing auction on the inclusion day due to passive fund buying [1] - While the short-term impact on stock prices is limited, the long-term benefits will be seen in terms of funding, valuation, and brand recognition [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: 映恩生物 (「本公司」) 呈交日期: 2025年8月6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 第 1 頁 共 10 頁 v 1.1.1 FF301 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： USD 20,000 FF301 II. 已發行股份及/或庫存股份變動 | 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 | ...

作者 | 第一财经 邹婷、赵怡闻、沈赐韵、孔凡天 爆款、上市、融资、出海，这是今年中国创新药产业的四大关键词。这些动作绝非一朝一夕的博弈，而 是历经过去数年的资本"寒潮"、行业波动和周期冷暖后，自我倒逼、奋力突围、穿越周期的结果。 把镜头拉回上海。去年上海三大先导产业规模达1.8万亿元，其中生物医药产业规模超9800亿元。今 年，这一数字有望突破万亿大关。行业迎来拐点，企业何尝不是。"上海药圈新拐点"系列报道，将独家 专访三家扎根上海的上市药企掌舵人，共同讲述当全球创新药行业进入"中国时间"，作为上海打造生物 医药产业高地的侧影，他们如何腾挪和突破，迎接属于自己的新拐点。 节目第一集，将走进一家从上海浦东走出来的"超级IPO"——映恩生物。这家ADC药物的明星企业，于 今年4月上市，创下了2022年以来港股18A最大融资规模。其创始人曾是一位资深投资人，孵化过多家 上市公司。现在他亲自下场，结果会有什么不同？他又为何选择上海？第一财经记者将与之深度对话。 2025.07.30 本 文字数：2393，阅读时长大约4分钟 ...

Group 1: Market Developments - Hong Kong Stock Exchange will lower the minimum price fluctuation for stocks starting August 4, 2025, following successful market rehearsals and regulatory approvals [1] - The Hang Seng Index's ADR closed at 24,987.99 points, down 6.15 points or 0.02% [3] Group 2: Index Adjustments - The Hang Seng Index announced changes to the calculation method of the Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index, effective from the index review on June 30, 2025 [2] Group 3: Company Earnings - Cathay Pacific reported a 23.3% year-on-year increase in passenger numbers, carrying approximately 2.9 million passengers in June 2025 [8] - China Longgong expects a significant increase in net profit for the first half of 2025, estimated between RMB 590 million and RMB 665 million, representing a year-on-year increase of 29% to 45% [11] - Meitu Company anticipates a 65% to 72% year-on-year growth in adjusted net profit for the first half of 2025 [10] - Hengtou Securities expects a net profit of approximately RMB 239 million for the first half of 2025, a significant increase from RMB 53.87 million in the same period last year [14] - Huiri Group forecasts a consolidated profit of approximately HKD 250 million for the first half of 2025, up from HKD 37 million in the previous year [15] - Harbin Electric anticipates a net profit of approximately RMB 1.02 billion for the first half of 2025, a substantial increase from RMB 523 million in the same period last year [21] Group 4: Strategic Initiatives - Multiple departments released implementation details for cross-border asset management pilot business in Hainan Free Trade Port, allowing foreign investors to invest in various financial products [6] - Dongyangguang Jiangsu Pharmaceutical and Dongyangguang Pharmaceutical's merger agreement was approved by shareholders, with the new entity expected to be listed on August 7, 2025 [13] - Global New Materials International's acquisition of Merck's surface solutions business was approved by a special shareholder meeting, with a transaction value of EUR 665 million [17] Group 5: Industry Trends - GGII reported that China's power battery installation capacity reached approximately 288.1 GWh in the first half of 2025, a year-on-year increase of 44% [5] - The key product DB-1310 from InnoCare Pharma has received fast track designation from the FDA for treating advanced non-small cell lung cancer [20]

Group 1 - The Hang Seng Index rose by 0.33%, gaining 79 points to reach 24,261 points, while the Hang Seng Tech Index fell by 0.33% [1] - Insurance funds continue to increase holdings in Chinese bank stocks, with institutions indicating significant valuation recovery potential for Hong Kong bank stocks [1] - Bank of Communications (01988) rose by 3.47%, China Everbright Bank (06818) increased by 1.86%, and Industrial and Commercial Bank of China (01398) gained 1.68% [1] - Three-Synch Pharmaceutical (01530) surged over 11% to a new high after reaching a significant licensing agreement with Pfizer, with strong ASCO data performance [1] - Innovent Biologics (01801) rose over 3.42%, with a year-to-date increase of over 120%, as Morgan Stanley anticipates further clinical catalysts to boost stock performance [1] - InnoCare Pharma-B (09606) increased by 13%, recently disclosing clinical data for DB-1310, attracting attention from international pharmaceutical giants [1] - China Rare Earth (00769) surged over 17%, following a 60% increase in trading volume, with positive signals for rare earth exports [1] - Pop Mart International (09992) rose by 2.47%, continuing to set historical highs, with its Labubu brand gaining global popularity [1] - Airline stocks continued their recent upward trend, benefiting from falling oil prices and the appreciation of the Renminbi, with institutions optimistic about airline profitability [1] - Air China (00753) rose by 4.5%, China Eastern Airlines (00670) increased by 4.42%, China Southern Airlines (01055) gained 4.18%, and BOC Aviation (02588) rose by 3.42% [1] Group 2 - Zhi Zi Cheng Technology (09911) rose over 7%, approaching historical highs, as the company plans to establish its global headquarters in Hong Kong, with institutions optimistic about future profit margin improvement [2] - Dekang Agriculture and Animal Husbandry (02419) increased by 4.97% to a new high, with the company reporting sales of 869,400 pigs in May, drawing market attention to industry capacity regulation progress [2] - Shide Global (00487) surged nearly 140%, as Australia’s Crown Resorts expressed interest in acquiring the property where the Sixteen Piers Casino is located [2]

Investment Rating - The report initiates coverage with an OUTPERFORM rating, targeting a price of HK$269.70 from a current price of HK$214.40 [1]. Core Insights - The company is positioned as a leading player in the ADC industry, with a robust pipeline of 12 self-developed ADC candidates, 7 of which are in clinical development, and aims to become China's equivalent of Daiichi Sankyo [3][8]. - The company has established significant global partnerships, including collaborations with BioNTech and others, with a total transaction value exceeding US$6 billion, enhancing its competitive edge in the ADC market [4][22]. - The management team is highly internationalized and experienced, focusing on unmet clinical needs and demonstrating strong operational efficiency [6][19]. Financial Projections - Revenue projections for FY25-27 are estimated at RMB 9.75 billion, RMB 11.7 billion, and RMB 16.1 billion respectively, with net profits expected to be negative in the initial years but improving towards FY27 [7]. - The company utilizes a risk-adjusted discounted cash flow (DCF) model for valuation, with a WACC of 10.0% and a perpetual growth rate of 3.5% [7]. Pipeline and Development - The company has a diverse ADC pipeline targeting various cancers, including DB-1303 (HER2 ADC) and DB-1311 (B7-H3 ADC), with significant clinical progress and potential market opportunities [8][31]. - DB-1303 is expected to submit a New Drug Application (NDA) to the FDA in 2025, with a peak sales potential of US$2 billion, while DB-1311 is also advancing in clinical trials with promising data [31][32]. Strategic Collaborations - The company has formed strategic alliances with major pharmaceutical companies, enhancing its research capabilities and market reach, including a notable partnership with BioNTech for ADC development [22][26]. - The collaborations are expected to accelerate the development of ADC therapies and maximize their global value [24][26]. Management and Expertise - The management team includes industry veterans with extensive experience in drug development and investment, which supports the company's strategic direction and operational efficiency [19][21]. - The company benefits from a scientific advisory board composed of renowned ADC experts, further strengthening its research and development capabilities [20].

Group 1 - The core viewpoint of the news is that InnoCare Pharma (映恩生物-B) has seen a significant stock price increase, reaching a new high of 243.2 HKD, driven by positive market sentiment and strong research and development prospects [1][2] - InnoCare Pharma has a rich pipeline of self-developed ADCs, including DB-1303/BNT323 targeting HER2-positive endometrial cancer, with plans to apply for accelerated approval from the FDA this year [1] - The company is also developing DB-1311/BNT324 for small cell lung cancer and DB-1310 for non-small cell lung cancer, focusing on differentiated strategies [1] Group 2 - The company has established multiple strategic partnerships to accelerate the development of its product line in key global markets, despite its short operational history since its establishment in 2019 [2] - InnoCare Pharma aims to become the preferred partner for global biopharmaceutical companies in the ADC field, with its high-quality collaborations validating the value of its platform and product line [2] - The company's collaborative model is highly replicable, laying a solid foundation for continuous innovation and growth in the future [2]

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical and biotechnology industry in China [6] Core Insights - The ASCO conference showcased significant breakthroughs in both foreign and domestic innovative drugs, highlighting the competitive strength of domestic companies [4][9] - A total of 73 research data entries from domestic companies were included in this year's ASCO, marking a historical high, with 32 being oral presentations and 11 classified as Late-Breaking Abstracts [9][13] - In the NSCLC (non-small cell lung cancer) sector, domestic research is leading globally, with promising data from dual antibodies and ADC (antibody-drug conjugates) [9][10] Summary by Sections Dual Antibodies - PD-1/VEGF dual antibodies are gaining attention, with significant transactions occurring in the market, indicating a heated competition [10][14] - SSGJ-707 from Sanofi has shown impressive efficacy in treating PD-L1 positive advanced NSCLC, with a clinical data showing a cORR of 64.7% and DCR of 97.1% in a specific dosage group [15][16] - PD-1/IL-2, a globally first dual-specific antibody, has demonstrated remarkable efficacy in late-stage NSCLC patients, with a 12-month OS rate of 71.6% [18][19] ADC (Antibody-Drug Conjugates) - ADC combined with immune checkpoint inhibitors is set to replace traditional chemotherapy, with domestic products expected to play a significant role [10][27] - The TROP2 ADC combined with PD-(L)1 has shown promising results in first-line treatment for advanced NSCLC, with an ORR of 55% [27][28] - Sac-TMT from Kelun Biotech has also shown superior efficacy in advanced NSCLC patients, particularly in those with high PD-L1 expression [30][31] Small Cell Lung Cancer (SCLC) - DLL3-targeted therapies have made significant progress, with domestic products demonstrating international competitiveness [10][39] - Tarlatamab has achieved breakthroughs in both second-line and first-line maintenance treatment for SCLC, expanding its indication [10][39] - Domestic DLL3 products have shown promising clinical data, indicating a strong potential for future development [10][39]

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical and biotechnology industry in China [6] Core Insights - The ASCO conference showcased significant breakthroughs in both foreign and domestic innovative drugs, highlighting the competitive strength of domestic companies [4][9] - A total of 73 research data entries from domestic companies were included in this year's ASCO, marking a historical high [9][13] - The report emphasizes the potential of dual antibodies and antibody-drug conjugates (ADCs) in the treatment of non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC) [9][39] Summary by Sections Dual Antibodies - Domestic research is leading globally in dual antibodies, with products like PD-1/VEGF and PD-1/IL-2 showing promise as major drugs in the post-PD-1 era [9][10] - SSGJ-707 from Sanofi has shown impressive efficacy in treating advanced NSCLC, with a clinical data showing a cORR of 64.7% and DCR of 97.1% in specific patient groups [15][16] - IBI363, a first-in-class PD-1/IL-2 dual-specific antibody, has demonstrated significant efficacy in advanced NSCLC, with a median PFS of 9.3 months in squamous cell carcinoma patients [18][19] Antibody-Drug Conjugates (ADCs) - ADCs are expected to gradually replace existing standard of care (SOC) treatments, with domestic products poised to take a significant market share [10][39] - The TROP2 ADC combined with PD-(L)1 therapy has shown promising results in first-line treatment of advanced NSCLC, with an ORR of 55% and mPFS of 11.2 months [27][28] - Sac-TMT from Kelun Biotech has demonstrated superior efficacy compared to Dato-DXd, particularly in patients with high PD-L1 expression [30][31] Small Cell Lung Cancer (SCLC) - DLL3-targeted therapies have made significant progress, with domestic products showing international competitiveness [9][39] - Tarlatamab has achieved breakthroughs in both second-line and first-line maintenance treatment for SCLC, with promising clinical data [9][39] - The report highlights the potential of DLL3-targeted therapies to evolve from dual antibodies to ADCs, enhancing treatment options for SCLC patients [9][39]