Core Viewpoint - Invesco Bio-B (09606) saw its stock price rise over 10%, reaching a new high of 480 HKD, following the announcement of its inclusion in the Hang Seng Composite Index and the Stock Connect program, which is expected to enhance its investor base and trading volume [1] Group 1: Stock Performance - Invesco Bio-B's stock increased by 10.85%, trading at 480 HKD with a transaction volume of 579 million HKD [1] - The stock reached a new high, indicating strong market interest and confidence in the company's future prospects [1] Group 2: Company Announcements - The company announced that starting September 8, 2025, its shares will be included in the Hang Seng Composite Index and the Stock Connect program, allowing mainland Chinese investors to directly invest in its shares listed on the Hong Kong Stock Exchange [1] - This inclusion is seen as a recognition of the company's performance and value in the capital market [1] Group 3: Financial Performance - According to Haitong International, Invesco Bio-B reported a revenue of 1.23 billion HKD, primarily due to the recognition of upfront payments from licensing agreements, including 50 million USD from Avenzo and 20 million USD from 3SBio [1] - The company experienced a significant increase in losses, attributed to fair value changes in financial liabilities measured at fair value through profit or loss [1] - The company holds 3.75 billion HKD in cash, which is expected to support clinical and early-stage R&D investments for the next 3 to 5 years [1] Group 4: Collaborations and Future Prospects - The collaboration pipeline with BioNTech is progressing steadily, with early-stage molecules expected to show potential [1]

Group 1 - The core viewpoint of the article highlights that EnGene Biotech-B (09606) has seen its stock price rise over 10%, reaching a new high of 480 HKD, following the announcement of its inclusion in the Hang Seng Composite Index and the Stock Connect program [1] - The inclusion in the Hang Seng Composite Index and the Stock Connect program is expected to enhance the company's investor base and increase trading liquidity [1][1] - The company reported a revenue of 1.23 billion HKD for the interim period, primarily due to upfront payments from licensing agreements, including 50 million USD from Avenzo and 20 million USD from 3SBio [1][1] Group 2 - The company experienced a significant increase in losses, attributed to fair value changes in financial liabilities measured at fair value through profit or loss [1] - The company holds 3.75 billion HKD in cash, which is deemed sufficient to support clinical and early-stage R&D investments for the next 3 to 5 years [1][1] - The collaboration pipeline with BioNTech is progressing steadily, with early-stage molecules expected to show potential [1]

消息面上，上交所、深交所近日发布公告显示，映恩生物被调入港股通标的名单，并自9月8日起生效。 公司表示，股份获纳入恒生综合指数及沪港通合资格证券，代表资本市场对公司表现及价值的高度认 同，中国内地合资格投资者从而可以透过上海证券交易所直接投资于香港联合交易所有限公司上市的股 份。预期该项纳入将进一步扩大公司的投资者基础，并有望增加股份的交易流通量。 值得关注的是，映恩生物近日公告，经独立数据监察委员会(IDMC)评估，与对照组相比，DB- 1303/BNT323用于既往接受曲妥珠单抗和紫杉烷类治疗的HER2阳性不可切除或转移性乳腺癌患者的III 期临床试验已达到由盲态独立中心审阅(BICR)评估的无进展生存期(PFS)主要研究终点。根据这项中期 分析结果，公司计划与国家药监局药审中心就提交DB-1303/BNT323生物制品上市许可申请(BLA)进行 沟通。公司表示将加速推进DB-1303/BNT323的药品上市许可申请进程，并深化与BioNTech的全球战略 合作，共同推动DB-1303/BNT323的全球开发。 映恩生物-B(09606)涨超8%，高见459.8港元创新高。截至发稿，涨8.32%，报440 ...

Group 1 - The stock of InnoCare Pharma (09606) rose over 8%, reaching a new high of 459.8 HKD, with a trading volume of 271 million HKD [1] - The inclusion of InnoCare Pharma in the Hong Kong Stock Connect eligible securities list, effective from September 8, is expected to enhance the company's investor base and increase trading liquidity [1] - The company has been added to the Hang Seng Composite Index, indicating strong market recognition of its performance and value [1] Group 2 - InnoCare Pharma announced that its DB-1303/BNT323 has met the primary endpoint of progression-free survival (PFS) in a Phase III clinical trial for HER2-positive unresectable or metastatic breast cancer patients previously treated with trastuzumab and taxanes [2] - Following the interim analysis, the company plans to communicate with the National Medical Products Administration regarding the submission of a Biologics License Application (BLA) for DB-1303/BNT323 [2] - The company aims to accelerate the BLA process for DB-1303/BNT323 and deepen its global strategic collaboration with BioNTech for the drug's global development [2]

9月8日，映恩生物-B(HK09606，股价406.4港元，市值357.78亿港元，以下简称映恩生物)开盘大涨，截 至当日收盘，股价涨幅为10.90%。9月9日，公司股价继续小幅上涨。 消息面上，自9月8日起，映恩生物被恒生指数有限公司纳入恒生综合指数成分股，同时被调入沪港通下 港股通标的名单。这意味着，符合资格的中国内地投资者可以通过上海证券交易所直接投资公司股票， 公司的投资人结构会进一步多元化。 《每日经济新闻》记者注意到，映恩生物的核心产品DB-1303于近日公布了最新临床数据，这款由映恩 生物与BioNTech(拜恩泰科)合作开发的ADC(抗体偶联药物)药物，在一项与罗氏HER2ADC药物T- DM1(商品名：Kadcyla)"头对头"的Ⅲ期临床试验中期分析中，达到了BICR(盲态独立中心审阅)评估的 PFS(无进展生存期)主要终点。 两大核心产品传捷报 当时，临床试验还在入组Lu-177(一种针对前列腺癌的放射性药物)治疗后CRPC和紫杉类初治CRPC患 者。 公司股价年内涨超3倍 自今年4月15日登陆港交所以来，映恩生物的股价涨幅已经超过300%，是ADC领域当之无愧的明星公 司。 不过，作为一 ...

Summary of the Conference Call for Ying'en Biotech Company Overview - Ying'en Biotech was established in 2019, focusing on the research and development of ADC (Antibody-Drug Conjugate) drugs. The company currently has over 12 self-developed ADC candidates, with 8 in clinical development across 17 countries, involving over 2,000 patients in more than 10 global multi-regional clinical trials, expected to be launched by 2025 [2][5][10]. Core Products and Collaborations - The company has four core ADC products: HER2 ADC, B7S3 ADC, HER3 ADC, and trastuzumab ADC. Three of these products (HER2 ADC, B7S3 ADC, and trastuzumab ADC) are in deep collaboration with BanTec, focusing on dual antibody therapies with PD-LONE VEGF [6][10]. Clinical Development and Pipeline - DB1,305 pipeline is currently exploring clinical applications for lung cancer, triple-negative breast cancer (TNBC), and ovarian cancer, showing promising initial efficacy and safety [4][7]. - HER2 ADC is targeting HER2 low breast cancer and is expected to submit a BLA to the CDE in China by the second half of 2025. It is currently in the second phase of global clinical trials, ranking second in progress globally [13][21]. - B7S3 ADC is positioned to become a leading treatment for small cell lung cancer (SCLC) and has shown best-in-class potential in CRPC (Castration-Resistant Prostate Cancer), with a projected global peak sales of $2 billion [4][16][17]. Market Potential and Valuation - The domestic market for HER2 ADC, Trodelvy ADC, and BHS3 ADC is expected to reach peak sales of over 5 billion yuan, estimating a market cap of approximately 15 billion yuan based on a 3x PS ratio. The overseas market could reach over $30 billion, leading to an overall market cap expectation of at least 45 billion yuan [10][20]. Upcoming Catalysts - Key upcoming events include the submission of the FDA BLA application and domestic listing, as well as the presentation of clinical results for the self-immune ADC BDCA two targeting SLE [4][11][12]. - The company is also expected to disclose data for DB1,310 HER2 in combination treatments for EGFR mutant non-small cell lung cancer (NSCLC) in the near future [12][25]. Competitive Landscape - The HER2 ADC product DB1,303 is positioned as the second in progress globally for HER2 low expression indications, with a competitive landscape that includes other companies like Heng Rui and Ban. The global sales for DS8,201, a competing product, are projected to reach $7-8 billion in 2025 [13][21]. Safety and Efficacy - DB1,303 has shown better safety profiles compared to traditional HER2 ADCs, with lower rates of severe adverse events due to modifications in the payload structure [14][15]. Future Directions - The company plans to advance its B7S4 ADC for first-line treatment in SCLC and explore combination therapies with hormonal drugs for CRPC to enhance market competitiveness [18][19]. Conclusion - Ying'en Biotech is positioned for significant growth with a robust pipeline of ADC candidates, strategic collaborations, and a focus on innovative therapies that address unmet medical needs in oncology. The upcoming clinical data and regulatory submissions are critical milestones that could enhance the company's market position and valuation.

Core Viewpoint - Invenra Bio (09606) has seen a significant increase in stock price following its inclusion in the Hang Seng Composite Index and the Hong Kong Stock Connect, indicating strong market recognition of the company's performance and value [1] Group 1: Stock Performance - The stock price of Invenra Bio rose over 8% in early trading and is currently up 3.97%, trading at 418.8 HKD with a transaction volume of 133 million HKD [1] Group 2: Index Inclusion - Starting from September 8, Invenra Bio has officially been included in the Hang Seng Composite Index and the eligible securities for the Hong Kong Stock Connect, which is expected to broaden the company's investor base and enhance trading liquidity [1] Group 3: Clinical Trial Results - An independent data monitoring committee (IDMC) has evaluated that the Phase III clinical trial of DB-1303/BNT323 for HER2-positive unresectable or metastatic breast cancer patients has met its primary endpoint of progression-free survival (PFS) [1] - Following the interim analysis results, the company plans to communicate with the National Medical Products Administration (NMPA) in China regarding the submission of a Biologics License Application (BLA) for DB-1303/BNT323 [1]

Core Viewpoint - The inclusion of InnoCare Pharma (09606) in the Hang Seng Composite Index and the Stock Connect program is expected to enhance its investor base and trading volume, reflecting strong market recognition of the company's performance and value [1] Group 1: Stock Performance - InnoCare Pharma's stock rose over 8% in early trading and is currently up 3.97%, priced at 418.8 HKD, with a trading volume of 133 million HKD [1] Group 2: Index Inclusion - Starting from September 8, InnoCare Pharma has officially been included in the Hang Seng Composite Index and the eligible securities for the Stock Connect program, allowing mainland Chinese investors to directly invest in its shares listed on the Hong Kong Stock Exchange [1] Group 3: Clinical Trial Update - The independent data monitoring committee (IDMC) has evaluated that the Phase III clinical trial of DB-1303/BNT323 for HER2-positive unresectable or metastatic breast cancer patients has met its primary endpoint of progression-free survival (PFS) [1] - Following the interim analysis results, the company plans to communicate with the National Medical Products Administration (NMPA) regarding the submission of the Biologics License Application (BLA) for DB-1303/BNT323 [1]

Investment Rating - The report maintains an "OUTPERFORM" rating for the company with a target price of HKD 464.20, up from a previous target of HKD 269.70 [2][21]. Core Insights - The company's "ADC+IO" strategy is progressing steadily, with early-stage molecules expected to demonstrate their potential [1][5]. - The company reported a revenue of RMB 1.23 billion for 1H25, representing a growth of 22.9%, primarily driven by licensing and collaboration income [3][16]. - The company has a strong cash position of RMB 3.75 billion, which is sufficient to support its clinical and early-stage R&D investments for the next 3-5 years [4][17]. Financial Performance - Revenue projections for 2025-2027 are estimated at RMB 1.75 billion, RMB 0.97 billion, and RMB 1.37 billion, respectively, with year-on-year growth rates of -10%, -44%, and +41% [10][21]. - The company recorded a net loss of RMB 2.08 billion in 1H25, with an adjusted net profit of RMB 150 million after excluding fair value changes of preferred shares [3][16]. - The gross profit margin is projected to decline from 76.1% in FY2023 to -19.2% in FY2026 [14][15]. Pipeline and Collaborations - The company is advancing three ADC programs in collaboration with BioNTech, which are currently in Phase I/II clinical trials [5][18]. - The DB-1303 (HER2 ADC) is expected to file for FDA BLA for endometrial cancer and NDA submission in China for HER2+ breast cancer in 2H25 [20]. - The newly disclosed DB-1317 (ADAM9 ADC) is about to enter Phase I trials, showing an ~80% response rate in preclinical models [19][20]. Valuation - The company is valued using a DCF model based on FY26-34 cash flows, applying a WACC of 10.0% and a terminal growth rate of 3.5% [10][21]. - The revised target price of HKD 464.20 reflects the company's potential for future royalty income from BioNTech [21].

Group 1 - Hong Kong biopharmaceutical stocks experienced an initial rise on September 8, with major gains observed in several companies [1] - In particular, InnoCare Pharma surged over 13% after being included in the Hang Seng Composite Index [1] - Other notable performers included Junshi Biosciences and WuXi Biologics, which saw increases of over 3% [1]