Summary of Duality Bio Conference Call Company Overview - **Company**: Duality Biotherapeutics Inc - **Industry**: Biotechnology - **Focus**: Development of antibody-drug conjugates (ADCs) for cancer and autoimmune diseases Key Takeaways Strategic Partnerships - Duality Bio has formed a strategic partnership with BioNTech (BNT) to enhance global development capabilities. Duality retains rights for ADC programs in China while granting ex-China rights to BNT, which covers development costs outside China. This structure allows Duality to co-fund 50% of U.S. development for the B7-H3 ADC, providing significant upside potential [2][6][11]. Product Pipeline and Development - The B7-H3 ADC is positioned as a cornerstone asset, demonstrating strong safety at 6mg and efficacy across various tumor types, including non-small cell lung cancer (NSCLC), small cell lung cancer (SCLC), and hormone-sensitive prostate cancer (HSPC). The program is exploring both monotherapy and combination therapy opportunities with immuno-oncology (IO) agents [3][21][22]. - Duality is also advancing Trop-2 ADC for first-line combination settings, focusing on indications with unmet needs and sufficient safety margins [3][4]. Innovative Technologies - The company is pioneering bispecific ADCs (BsADCs) that integrate tumor-targeting and immune activation. Early clinical data indicate strong biomarker-driven activity at higher doses compared to competitors, suggesting potential for best-in-class differentiation [4][24]. - Additional innovations include the BDCA2 ADC for autoimmune indications and next-generation steroid payloads, with multiple data disclosures expected by year-end [4][30]. Clinical Trials and Execution - Duality is actively running multiple global pivotal trials, including HER2 ADC programs in breast and endometrial cancers. China-only studies have shown positive results, with global Phase 3 readouts pending [5][29]. - The company aims to close the gap with front-runners in ADC therapeutics by leveraging strategic alliances and focusing on execution [5][28]. Financial Projections - For FY 2024A, Duality projects revenues of approximately $1.94 billion, with net losses expected to reach $1.05 billion. EPS is projected at -11.90 [6]. - The price target for Duality is set at HK$500, representing a 46% upside from the current price of HK$343.40 [7][14]. Risks and Considerations - Key risks include the development of drug candidates, dependence on third parties, manufacturing and commercialization challenges, and regulatory hurdles [34]. - The company is also focused on integrating environmental, social, and governance (ESG) considerations into its strategic planning [18][19]. Future Directions - Duality is exploring the integration of cancer vaccines into its pivotal designs and is open to triplet combinations involving IO, ADC, and vaccines [27]. - The company is prioritizing indication differentiation and advancing novel targets and payload technologies beyond traditional therapies [11][34]. Conclusion Duality Bio is well-positioned in the biotechnology sector with a robust pipeline of ADCs and strategic partnerships that enhance its development capabilities. The focus on innovative technologies and combination therapies, along with a clear financial outlook, presents a compelling investment opportunity despite inherent risks in drug development and market competition.

第 1 頁 共 10 頁 v 1.1.1 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9月30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10月8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 ...

Investment Highlights - Company is rated as outperforming the industry with a target price of HKD 430.00 for Innovent Biologics-B (09606) [1] - The company is an international platform innovator in antibody-drug conjugates (ADC), which are among the most promising and rapidly developing drug forms globally [1] - According to Frost & Sullivan, the global ADC market is estimated to be approximately USD 10.4 billion in 2023 and is projected to reach USD 115.1 billion by 2032 [1] Product Pipeline - The company plans to submit a listing application for DB-1303 (HER2 ADC) for endometrial cancer in the US and for breast cancer in China by 2025 [2] - DB-1311 (B7-H3 ADC) shows potential as a best-in-class candidate in prostate cancer, while DB-1310 (HER3 ADC) is expected to follow suit [2] - The company is leading in the exploration of TROP2 ADC and dual antibodies, pushing the frontiers of next-generation ADCs [2] Competitive Advantage - The company differentiates itself by emphasizing its validated platform as an innovator in the ADC field, rather than focusing solely on individual clinical pipelines [2] - The company has established four unique ADC technology platforms and has secured over USD 6 billion in total transaction value through collaborations with multinational pharmaceutical companies [1] Financial Projections - The company anticipates a net loss attributable to shareholders of HKD 25.1 billion in 2025 and HKD 4.3 billion in 2026 [2] - Based on DCF valuation, the reasonable market value is estimated at HKD 37.9 billion, corresponding to a target price of HKD 430, indicating a potential upside of 20.1% from the current stock price [2]

Group 1 - The core viewpoint of the report is that the company, InnoCare Pharma-B (09606), is rated as outperforming the industry, with a reasonable market value of HKD 37.9 billion and a target price of HKD 430, indicating a potential upside of 20.1% from the current stock price [1] - The ADC (Antibody-Drug Conjugate) market is one of the most promising and fastest-growing drug forms globally, with an estimated market size of approximately USD 10.4 billion in 2023, projected to reach USD 115.1 billion by 2032 [2] - InnoCare Pharma has established four unique ADC technology platforms and has secured licensing agreements with multinational pharmaceutical companies, with a total transaction value exceeding USD 6 billion [3] Group 2 - The first ADC is expected to submit a listing application in 2025, with notable pipelines including DB-1303 for endometrial cancer and breast cancer, DB-1311 showing potential in prostate cancer, and advancements in dual-antibody ADCs [4] - The report highlights a key difference from market sentiment, emphasizing the investment value of the company as a validated platform innovator in the ADC field, which may incubate more valuable pipelines in the long term [5]

Core Viewpoint - CICC initiates coverage on Immune-Onc Biologics-B (09606) with an "outperform" rating, estimating a fair market value of HKD 37.9 billion and a target price of HKD 43.0, indicating a 20.1% upside from the current stock price [1] Industry Overview - Antibody-drug conjugates (ADCs) are among the most promising and rapidly developing drug forms globally, with the ADC market projected to grow from approximately USD 10.4 billion in 2023 to USD 115.1 billion by 2032 [1] - The next generation of ADCs is continuously exploring molecular design and target optimization, with potential applications expanding from oncology to autoimmune diseases [1] Company Highlights - Immune-Onc Biologics has established four distinctive ADC technology platforms and has secured licensing agreements with multinational pharmaceutical companies such as BioNTech, BeiGene, Avenzo, and GlaxoSmithKline, with a total transaction value exceeding USD 6 billion [2] - The company's global collaborative R&D is expected to enhance its innovative platform, driving a "flywheel effect" for ADC innovation [2] Pipeline and Development - The first ADC is anticipated to submit a market application in 2025, with DB-1303 (HER2 ADC) targeting endometrial cancer in the U.S. and breast cancer in China [3] - DB-1311 (B7-H3 ADC) shows potential as a best-in-class candidate in prostate cancer, while DB-1310 (HER3 ADC) is expected to follow closely; DB-1305 (TROP2 ADC) and dual-antibody combinations are leading in global exploration [3] Market Differentiation - The market tends to evaluate companies based on individual clinical pipeline valuations, while CICC emphasizes the investment value of Immune-Onc Biologics as a validated platform innovator in the ADC field, suggesting that a strong platform may incubate more valuable pipelines in the long term [4] - Potential catalysts include the U.S. and China market applications for DB-1303 and the initiation of clinical registration for DB-1311 [4]

Core Insights - The article highlights significant changes in the stock holdings of various companies under the Hong Kong Stock Connect program, indicating shifts in investor sentiment and potential investment opportunities. Group 1: Stock Increases - Canggang Railway (02169) saw the largest increase in stock holdings, rising by 10.72% to a total holding of 33.06% [1][2] - Goldwind Technology (02208) experienced a 1.17% increase, bringing its holding to 48.64% [1][2] - Zhongchu Innovation (03931) had a 1.02% increase, resulting in a holding of 14.69% [1][2] - The top three companies with the highest increases over the last five trading days were Dazhong Public Utilities (01635) with a 26.45% increase, Canggang Railway (02169) with a 21.07% increase, and Shankao Holdings (00412) with a 12.67% increase [1][3] Group 2: Stock Decreases - Shandong Molong (00568) recorded the largest decrease in stock holdings, dropping by 1.69% to 55.70% [1][2] - Jinli Permanent Magnet (06680) saw a decrease of 1.65%, resulting in a holding of 22.36% [1][2] - Yihua Tong (02402) experienced a 0.89% decrease, bringing its holding to 19.98% [1][2] - Over the last five trading days, the largest decreases were noted for Dongfang Electric (01072) with a 5.93% decrease, Yihua Tong (02402) with a 4.16% decrease, and Ocean Park (02255) with a 2.54% decrease [1][3] Group 3: Long-term Trends - Over the past 20 days, Dazhong Public Utilities (01635) had the highest increase of 27.37%, reaching a holding of 60.02% [4] - Canggang Railway (02169) also saw a significant increase of 21.39%, maintaining a holding of 33.06% [4] - Longfei Optical Fiber and Cable (06869) increased by 17.15%, achieving a holding of 71.17% [4]

Group 1: Market Overview - The Hang Seng Healthcare Index (HSCICH) decreased by 2.76% during the week, while the Hong Kong Innovation Drug ETF (513120) fell by 1.60% [4] - The pharmaceutical and biotechnology index dropped by 1.69%, underperforming the Shanghai Composite Index by 1.04 percentage points [4] Group 2: Company Developments - Nanjing Inpai Pharmaceutical Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, reporting a net loss of 129 million yuan in the first half of the year [5][6] - Inpai's core product, Senapali, was approved for marketing in China as a first-line maintenance therapy for ovarian cancer, applicable to all populations [6] - Inpai's revenue projections for 2023, 2024, and the first half of 2025 are 235 million yuan, 34 million yuan, and 25 million yuan respectively, with net losses of 20 million yuan, 255 million yuan, and 129 million yuan [6][7] Group 3: Clinical Trials and Innovations - The first subcutaneous antibody-drug conjugate (ADC) for advanced non-small cell lung cancer has entered Phase II clinical trials [8][16] - JSKN033, a subcutaneous ADC, aims to simplify administration time and reduce risks associated with intravenous delivery [18] - The National Medical Products Administration disclosed 117 new clinical trial registrations, with 29 in Phase II or higher, focusing on oncology and autoimmune diseases [8] Group 4: Stock Performance and Market Sentiment - Yimeng Bio-B experienced a significant decline, attributed to overall adjustments in the innovation drug sector and the upcoming lock-up expiration for cornerstone investors [12][13] - Yimeng Bio-B's stock price has seen a 30% drop from its peak, despite being up approximately 279% since its IPO [13] - Analysts from GF Securities and Morgan Stanley have set target prices for Yimeng Bio-B at 574.28 HKD and 766 HKD per share, respectively, citing its leading ADC platform and partnerships with global firms [13][15]

Summary of the Conference Call for Ying'en Bio Company Overview - Ying'en Bio has developed a highly differentiated next-generation product pipeline with 12 self-developed drug candidates, 7 of which have entered clinical stages, and has conducted multiple clinical trials in over 230 clinical centers across 17 countries, enrolling more than 2,000 patients, demonstrating strong R&D capabilities and clinical translation ability [2][4][19] Core Technologies and Platforms - The company operates four core technology platforms: Ditec, Diback, Dibmac, and Dupixent, focusing on different types of ADC (Antibody-Drug Conjugate) drug development, significantly enhancing product R&D efficiency and accelerating pipeline advancement [2][4][19] - Ditec platform has 5 clinical assets, Dibmac has a first-in-class ADC for autoimmune diseases, and DIBIAC has two clinical-stage pipelines [2][4] Strategic Collaborations - Ying'en Bio has established global strategic collaborations with several companies, including Seagen, Biotech, and BeiGene, with total agreements exceeding $3 billion, accelerating international expansion [2][5][19] - Notable collaborations include a partnership with Seagen for multiple ADC projects worth at least $414 million and a $1.76 billion agreement with Biotech [5] Market Trends - The global ADC market is rapidly growing, expected to exceed $13 billion in 2024, with a nearly 30% year-on-year increase. The domestic market is projected to reach $9.5 billion by 2030, with a compound annual growth rate (CAGR) of approximately 58% [2][7] Clinical Development Highlights - The core project 1,311 (B7H3-targeted ADC) has shown significant progress in treating solid tumors, with an overall objective response rate (ORR) of 56% and a disease control rate (DCR) of 89% in advanced metastatic small cell lung cancer patients [3][10] - The HER2-targeted ADC drug 1,303 has entered multiple clinical phase III trials, showing an ORR of 58.8% and a DCR of 94.1% in HER2-positive endometrial cancer [3][12][13] Future Pipeline and Innovations - The company is also focusing on innovative pipelines such as B7H3 PD-L1 dual antibody ADC and a novel humanized HER3 antibody ADC, which are currently under research and show potential for breakthroughs in oncology [14][15] - DB2,304, a potential first-in-class ADC for autoimmune diseases, is in phase I clinical trials, targeting systemic lupus erythematosus and skin lupus [17] Financial Outlook - Ying'en Bio anticipates revenue primarily from licensing income, projecting revenues of 750 million yuan in 2025, 770 million yuan in 2026, and 920 million yuan in 2027 [19] - The company is currently in an investment phase, with its four R&D platforms actively progressing towards potential global first-in-class products [19]

Group 1 - The core point of the article highlights that the total market capitalization of Chinese biotech stocks listed in Hong Kong has increased by 154% year-to-date, significantly outperforming the Hang Seng Index's 34% rise, indicating a major shift in market recognition of local pharmaceutical companies' innovation capabilities [1] - The report anticipates that the Federal Reserve's accelerated interest rate cuts will enhance risk appetite, directing funds towards growth sectors such as Chinese biotechnology [1] - However, the performance of individual stocks is expected to depend on company fundamentals, including commercialization execution and innovation research progress [1] Group 2 - The report expresses optimism for companies with short-term catalysts, specifically naming Kangfang Biotech (09926), Nuo Cheng Jian Hua (09969), and others as potential beneficiaries [1] - Additionally, it assigns an "outperform" rating to Weisheng Pharmaceutical-B (02561) and Zai Lab (09688) [1]

Group 1 - The total market capitalization of Chinese biotech stocks listed in Hong Kong has increased by 154% year-to-date, significantly outperforming the Hang Seng Index's 34% rise, indicating a major shift in market recognition of local pharmaceutical companies' innovation capabilities [1] - The expectation of the Federal Reserve accelerating interest rate cuts is anticipated to boost risk appetite, directing funds towards growth sectors such as Chinese biotech [1] - Individual stock performance will still depend on company fundamentals, including commercialization execution and innovation research progress [1] Group 2 - Companies with short-term catalysts that are favored include Kangfang Biotech (09926), Innovent Biologics (09969), Huyou-B (02256), Sinopharm (01801), and Eucure Biopharma-B (09606) [1] - Morgan Stanley has given "outperform" ratings to Weisheng Pharmaceutical-B (02561) and Zai Lab (09688) [1]