Group 1 - The core viewpoint of the articles highlights the strong performance of innovative drug stocks in the market, with notable increases in share prices for companies such as Gilead Sciences-B (up 8.82%) and Kintor Pharmaceutical (up 4.60%) [1] - The report from CICC emphasizes the importance of innovative drugs and medical devices in China's "14th Five-Year Plan," indicating a shift from "follow-up innovation" to "quality transformation" in domestic innovative drugs [1] - The collaboration between Hansoh Pharmaceutical and Roche for the global exclusive license of the antibody-drug conjugate HS-20110 is seen as a significant advancement, with expectations for smooth development due to Roche's expertise [2] Group 2 - The partnership between Innovent Biologics and Takeda Pharmaceutical aims to advance the development of next-generation tumor immunotherapy and antibody-drug conjugates, leveraging Takeda's strong sales network in Japan and the West [2] - Valiant Pharmaceuticals' agreement with the U.S. company Dianthus for the development and commercialization of its autoimmune drug LBL-047 outside Greater China is viewed as beneficial for product development [2] - The overall sentiment in the pharmaceutical industry is optimistic regarding the international expansion of innovative drugs, with multiple companies securing significant partnerships to enhance their research and commercialization efforts [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The report highlights the promising advancements in the company's product pipeline, particularly LBL-034 and LBL-024, which are positioned to redefine treatment paradigms in multiple myeloma and other cancers [3][4] - The company has a strong financial position with sufficient cash reserves to support multiple research pipelines, bolstered by recent fundraising efforts [6] - Revenue projections indicate a gradual increase, with expected revenues of 260 million in 2025, 284 million in 2026, and 467 million in 2027, reflecting a growth rate of 64% in 2027 [5][6] Summary by Sections Product Development - LBL-034 has shown a 90.9% overall response rate (ORR) in a specific dosage group for treating relapsed/refractory multiple myeloma, demonstrating "Best-in-class" potential compared to competitors [3] - LBL-024 has effectively addressed liver toxicity issues associated with 4-1BB agonists, with a reported ≥3 grade liver enzyme elevation of only 1.3% across approximately 450 enrolled patients [4] - Initial clinical data for LBL-024 in non-small cell lung cancer (NSCLC) shows an ORR of 50% and a disease control rate (DCR) of 94.4%, indicating significant therapeutic potential [4] Financial Projections - The company is projected to have total revenues of 260 million, 284 million, and 467 million from 2025 to 2027, with year-over-year growth rates of 9% and 64% respectively [5] - The net profit attributable to the parent company is expected to be -416 million, -518 million, and -719 million for the same period, with a declining growth rate [5][6] - The gross margin is anticipated to be 100% in 2025 and 2026, decreasing to 93.68% in 2027 [5] Cash Position - As of the first half of 2025, the company had cash and cash equivalents of 422 million, supplemented by net proceeds of 1.363 billion HKD from its initial public offering [6]

Core Viewpoint - The announcement by Valiant Biopharma-B (09887) regarding the successful administration of the first patient in the Phase II clinical trial of LBL-024 for first-line treatment of hepatocellular carcinoma marks significant progress in expanding the indications for this core product [1] Group 1: Clinical Trial Details - The Phase II clinical study is an open-label, multi-center trial led by Professor Zhou Jian from Zhongshan Hospital affiliated with Fudan University, currently being conducted in multiple hospitals across the country [1] - The trial aims to evaluate the efficacy and safety of the combination therapy using Opalizumab (PD-L1/4-1BB bispecific antibody LBL-024) for patients with hepatocellular carcinoma [1] Group 2: Product Information - LBL-024 is a bispecific antibody targeting both PD-L1 and 4-1BB, representing the first targeted therapy for the 4-1BB receptor to reach the registered clinical stage for treating extra-pulmonary neuroendocrine carcinoma [1] - LBL-024 is expected to become the first approved drug for the treatment of advanced extra-pulmonary neuroendocrine carcinoma [1] - Utilizing the proprietary X-body platform, LBL-024 features an optimal 2:2 structural design that can relieve PD-1/L1 immune suppression and enhance 4-1BB-mediated T cell activation, achieving a synergistic effect in tumor elimination, demonstrating greater potential for broad-spectrum cancer treatment compared to PD-1/L1 inhibitors [1]

Core Viewpoint - The announcement by Valiant Biosciences-B (09887.HK) regarding the successful administration of the first patient in the Phase II clinical trial of Opalizumab (PD-L1/4-1BB bispecific antibody LBL-024) for first-line treatment of hepatocellular carcinoma marks significant progress in the expansion of its core product indications [1] Group 1: Clinical Trial Details - The Phase II clinical trial is an open-label, multicenter study led by Professor Zhou Jian from Zhongshan Hospital affiliated with Fudan University, currently being conducted in multiple hospitals across the country [1] - The trial aims to evaluate the efficacy and safety of Opalizumab in combination therapy for patients with hepatocellular carcinoma [1] Group 2: Related Events - Valiant Biosciences-B (09887.HK) has been included in the MSCI Global Small Cap Index [1]

Core Viewpoint - The announcement by Weili Zhibo-B (09887) highlights the successful administration of Opalizumab (PD-L1/4-1BB bispecific antibody LBL-024) to the first patient in a Phase II clinical trial for first-line treatment of hepatocellular carcinoma, indicating significant progress in expanding the indication for this core product [1] Group 1: Clinical Research - The Phase II clinical trial is an open-label, multicenter study led by Professor Zhou Jian from Zhongshan Hospital affiliated with Fudan University, currently being conducted in multiple hospitals across the country [1] - The trial aims to evaluate the efficacy and safety of Opalizumab in combination therapy for patients with hepatocellular carcinoma [1] Group 2: Product Information - LBL-024 is a bispecific antibody targeting both PD-L1 and 4-1BB, representing the first targeted therapy for the 4-1BB receptor to reach the registered clinical stage for treating extra-pulmonary neuroendocrine carcinoma globally [1] - LBL-024 is expected to become the first approved drug for treating advanced extra-pulmonary neuroendocrine carcinoma [1] - Utilizing the proprietary X-body platform, LBL-024 features an optimal 2:2 structural design that can relieve PD-1/L1 immune suppression and enhance 4-1BB-mediated T cell activation, achieving a synergistic effect in tumor eradication, with greater cancer treatment potential compared to PD-1/L1 inhibitors [1]

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 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Nanjing Leads Biolabs Co., Ltd. 南 京 維 立志博生物科技股份有限公司 （於 中 華 人 民 共 和 國 成 立 的 股 份 有 限 公 司） （股 份 代 號：9887） 自願公告 LBL-024於一線治療肝細胞癌II期試驗的首例患者用藥 本公告由南京 維 立志博生物科技股份有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 作 出，以 告 知 本 公 司 股 東 及 潛 在 投 資 者 有 關 本 公 司 的 最 新 業 務 發 展 情 況。 本 公 司 欣 然 宣 布，評 價 奧 帕 替 蘇 米 單 抗（PD-L1/4-1BB雙特異性抗體LBL-024）用 於一線治療肝細胞癌的II期 臨 床 研 究 首 例 患 者 已 成 功 用 藥，標 誌 著 該 核 心 產 品 適 應 症 拓 展 ...

Major Events - LeShuShi (02698) received a subscription rate of 1813.77 times for its public offering in Hong Kong, with an expected listing date of November 10 [1] - Zhongwei New Materials (02579) is in the process of an IPO from November 7 to November 12, with an expected listing on November 17 [1] - Baili Tianheng (02615) is also conducting an IPO from November 7 to November 12, with a listing expected on November 17 [1] - Haohai Biological Technology (06826) plans to acquire the remaining 20% stake in Shenzhen New Industry Ophthalmic Technology Co., Ltd. for 74 million yuan [1] - Weili Zhibo-B (09887) has been included in the MSCI Global Small Cap Index [1] - Heng Rui Medicine (01276) has received clinical trial approval notifications for HRS-2430 injection and SHR-4610 injection [1] Financial Data - Fuzhikang Group (02038) anticipates a year-on-year revenue growth of approximately 15% and significant improvement in financial performance [1] - Boya Interactive (00434) expects a year-on-year increase of approximately 105% to 115% in profit attributable to owners for the first nine months [1] - Longfor Group (00960) reported a total contract sales amount of 55.75 billion yuan for the first ten months [1] - Longyuan Power (00916) completed a total power generation of 62.1519 million megawatt-hours in the first ten months, representing a year-on-year decrease of 0.94% [1]

Core Viewpoint - The company, Valiant B (09887), will be included in the MSCI Global Small Cap Index, effective after the market close on November 24, 2025, reflecting global investors' recognition of the company's operational performance and growth potential [1]. Group 1 - The MSCI Global Small Cap Index is compiled by Morgan Stanley Capital International (MSCI) and aims to measure the performance of the small-cap segment of the market [1]. - The inclusion in the MSCI index is widely referenced by numerous international professional investment institutions [1]. - The board of directors believes that this inclusion signifies acknowledgment from global investors regarding the company's business performance and development prospects [1].

Nanjing Leads Biolabs Co., Ltd. 南 京 維 立志博生物科技股份有限公司 （於 中 華 人 民 共 和 國 成 立 的 股 份 有 限 公 司） （股 份 代 號：9887） 自願公告 獲納入MSCI全球小型股指數 本公告由南京 維 立志博生物科技股份有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 作 出，以 告 知 本 公 司 股 東 及 潛 在 投 資 者 有 關 本 公 司 的 最 新 業 務 發 展 情 況。 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 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 本公司董事會（「董事會」）欣 然 宣 布，本 公 司 將 獲 納 入MSCI全球小型股指數成份 股，自2025年11月24日 收 市 後 生 效。MSCI全球小型股指數由Morgan Stanley Capital International（MSCI）編 製，旨 在 衡 量 ...

Core Viewpoint - The stock of Valiant Pharmaceuticals-B (09887) has increased by over 3%, currently trading at 57.9 HKD with a transaction volume of 20.21 million HKD, following the announcement of research abstracts accepted for presentation at the 67th Annual Meeting of the American Society of Hematology (ASH) [1] Group 1: Company Developments - On November 4, Valiant Pharmaceuticals-B announced that five research abstracts have been accepted for presentation at the 67th ASH Annual Meeting [1] - The company provided further details on its innovative drugs LBL-034 and LBL-076, with multiple research abstracts included in the ASH meeting [1] - One clinical study of LBL-034 has been selected for the first oral presentation on the first day of the conference, showcasing the latest efficacy and safety data for LBL-034 in patients with relapsed/refractory multiple myeloma [1]