Summary of the Conference Call for Kangfang Biotech Company Overview - **Company**: Kangfang Biotech - **Date**: August 6, 2025 Key Points Industry and Company Focus - Kangfang Biotech has strategically shifted focus from PD-1 monoclonal antibodies to bispecific antibodies as limitations of PD-1 therapies become apparent, showcasing its market foresight and strategic vision [2][3] - The company has demonstrated exceptional R&D efficiency, with all early-stage innovative drugs successfully advancing to commercialization or registration clinical stages, particularly core products AK104 and AK112, which have surpassed domestic average development speeds [2][3] Product Development and Clinical Trials - AK112 has shown outstanding performance in clinical trials for first-line wild-type non-small cell lung cancer (NSCLC), with the Harmony II study indicating a 49% reduction in progression and mortality risk compared to K drug, without significant increase in severe adverse reactions [4][13] - AK112 is being tested across multiple indications, including triple-negative breast cancer, biliary cancer, pancreatic cancer, and colorectal cancer, aiming to cover more patient groups who cannot use PD-1 inhibitors or have poor responses [4][19] Internationalization Achievements - Kangfang Biotech has made significant strides in international development, including licensing its monoclonal antibody to Merck in 2015 and a $5 billion exclusive licensing deal with Summit for Ivosidenib in 2022, marking a record for Chinese innovative drug out-licensing [6] - The company’s PD-1 monoclonal antibody received FDA approval in April 2025, becoming the first innovative biopharmaceutical independently developed by a Chinese company to achieve this milestone [6] Market Potential and Competitive Advantage - The second-generation immuno-oncology (IO) market is projected to be 3 to 4 times larger than the PD-1/PD-L1 inhibitor market, with AK112 positioned as a first-mover with significant value potential [2][7] - AK112's unique tetravalent structure enhances affinity for PD-1 and VEGF, significantly improving related signaling pathway effects and demonstrating superior safety in clinical trials compared to monoclonal antibodies or monoclonal antibody-VEGF combinations [11] Future Development and Market Outlook - The market is expected to focus on AK112's overseas clinical layout and collaboration progress in 2025, with potential for re-licensing or acquisition impacting asset revaluation [7] - The overall market for PD-1/PD-L1 inhibitors is projected to exceed $90 billion by 2028, with second-generation IO drugs potentially surpassing $300 billion in market size [9] Financial Projections - AK104 is expected to exceed 4 billion RMB in risk-adjusted peak sales in China, while AK112 could reach 8.5 billion RMB domestically and $23.3 billion in overseas markets, leading to a total valuation exceeding $200 billion for Kangfang Biotech [28][29] Pipeline and Future Innovations - Kangfang Biotech is not limited to bispecific antibodies but is also developing a range of candidates, including dual-target ADCs and other innovative therapies across various indications, indicating a robust pipeline for future growth [25][26] Conclusion - Kangfang Biotech's strategic pivot towards bispecific antibodies, strong R&D capabilities, international partnerships, and a promising pipeline position it favorably within the rapidly evolving oncology market, with significant growth potential anticipated in the coming years [2][29]

Market Overview - The A-share market showed strong performance with the Shanghai Composite Index steadily rising, while the Hong Kong stock market experienced a narrow fluctuation, closing up by 0.03% [1] - Concerns in the market are heightened due to the U.S. President Trump's shortened ultimatum for sanctions against Russia, now set at 10 days, with potential impacts on India and other countries [1] - The U.S. is also set to impose significant tariffs on semiconductor chips and pharmaceuticals, with drug tariffs reaching as high as 250% [1] Company Developments - Jingtai Technology announced a pipeline cooperation agreement with DoveTree worth approximately HKD 470 billion (USD 59.9 billion), leading to a stock surge of over 12% [2] - A-share company Weixin New Materials faced regulatory scrutiny after a stock price surge related to the "embodied intelligent robot" concept and control change expectations [2] - The Shanghai government released a plan for the development of the embodied intelligence industry, aiming for breakthroughs in core algorithms and technologies by 2027 [2] Industry Trends - The 2025 World Robot Conference is set to showcase over 100 new products, nearly double from last year, indicating a growing interest in robotics [3] - The U.S. student loan delinquency rate has reached 12.9%, the highest in 21 years, which may influence Federal Reserve decisions on interest rates [3] - The steel and paper industries are experiencing positive momentum, with companies like Maanshan Steel and Nine Dragons Paper seeing significant stock price increases [3] Defense Sector Insights - The military industry is gaining traction with significant contracts, such as the sale of the Hongqi-9 air defense system and the export of submarines to Pakistan [4] - China Shipbuilding Defense announced a profit increase of 213.25% to 267.73% for the first half of the year, leading to a stock rise of nearly 8% [4] Consumer Market Activity - The new consumption sector is becoming active, with companies like Pop Mart seeing increased attention at recent toy exhibitions [5] - The liquor industry is also responding to market trends, with new product launches and stock price increases [5] Aviation Sector Developments - Cathay Pacific announced an $8.1 billion order for 14 Boeing 777-9 aircraft, marking its first deal with Boeing in 12 years, despite concerns over the safety record of Boeing aircraft [7] - The long delivery timeline for the 777-9 model raises potential issues regarding aircraft aging and maintenance [7] Energy Sector Updates - The State Grid reported record electricity usage due to high temperatures, with peak load reaching 1.233 billion kilowatts, an increase of 53 million kilowatts from last year [8] - Coal prices have risen significantly, impacting the steel industry, which is maintaining high production levels [8] Automotive Sector Performance - XPeng Motors reported a record monthly delivery of 36,717 vehicles in July, a year-on-year increase of 229.4% [10] - The company is expanding its presence in Europe, with significant sales growth and new model launches [11][12]

深市港股通前十大成交活跃股中，成交额居首的是晶泰控股，成交金额21.30亿港元；其次是阿里巴巴- W、美团-W，成交金额分别为20.54亿港元、18.55亿港元。以净买卖金额统计，有7只股为净买入，净 买入金额最多的是腾讯控股，净买入8.00亿港元，该股收盘上涨1.70%。净卖出金额最多的是美团-W， 净卖出3.84亿港元，收盘股价下跌1.46%。（数据宝） 8月6日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 00700 | 腾讯控股 | 港股通(沪) | 455358.46 | 71753.88 | 1.70 | | 02228 | 晶泰控股 | 港股通(沪) | 451811.07 | 47520.46 | 12.42 | | 09988 | 阿里巴巴-W | 港股通(沪) | 316394.87 | 67793.11 | 0.60 | | 00981 | 中芯国际 | 港股通(沪) | 233003.74 | 36379.08 | 3.14 | | ...

成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是晶泰控股，合计成交额66.48亿港元， 腾讯控股、阿里巴巴-W成交额紧随其后，分别成交63.65亿港元、52.18亿港元。以净买卖金额统计，净 买入的个股共有7只，腾讯控股净买入额为15.18亿港元，净买入金额居首，该股收盘股价上涨1.70%， 阿里巴巴-W净买入额为8.76亿港元，中芯国际净买入额为6.12亿港元。净卖出金额最多的是小米集团- W，净卖出2.29亿港元，该股收盘股价下跌0.55%，泡泡玛特、美团-W遭净卖出2.23亿港元、1.48亿港 元。 8月6日恒生指数上涨0.03%，南向资金全天合计成交金额为1259.74亿港元，其中，买入成交677.30亿港 元，卖出成交582.44亿港元，合计净买入金额94.85亿港元。具体来看，港股通（深）累计成交金额 471.73亿港元，买入成交260.95亿港元，卖出成交210.78亿港元，合计净买入金额50.16亿港元；港股通 （沪）累计成交金额788.01亿港元，买入成交416.35亿港元，卖出成交371.66亿港元，合计净买入金额 44.69亿港元。 从连续性进行统计， 有4只股获南向资金连续3天 ...

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 晶泰控股(02228) | 21.30 亿元 | +5750.15 万元 | | 阿里巴巴-W(09988) | 20.54 亿元 | +1.98 亿元 | | 美团-W(03690) | 18.55 亿元 | -3.84 亿元 | | 腾讯控股(00700) | 18.12 亿元 | +8.00 亿元 | | 理想汽车-W(02015) | 13.94 亿元 | -3918.97 万元 | | 泡泡玛特(09992) | 13.49 亿元 | +8996.36 万元 | | 中芯国际(00981) | 12.78 亿元 | +2.48 亿元 | | 小米集团-W(01810) | 10.05 亿元 | -1.44 亿元 | | 比亚迪电子(00285) | 9.79 亿元 | +2.18 亿元 | | 康方生物(09926) | 7.28 亿元 | +1.38 亿元 | | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 腾讯控股(00700) | 45.54 亿元 | +7.18 ...

智通财经APP获悉，8月6日港股市场，北水成交净买入94.85亿港元，其中港股通(沪)成交净买入44.69亿 港元，港股通(深)成交净买入50.16亿港元。 港股通(深)活跃成交股 腾讯(00700)获净买入15.17亿港元。消息面上，摩根士丹利发布研报称，《无畏契约》手游是腾讯今年 最重要的新作之一，市场期待已久。截至7月，预先注册人数已突破5000万。该行预计《无畏契约》手 游年收入可达50至60亿元。另外，行业数据显示，二季度腾讯经典游戏表现强劲，当中《王者荣耀》收 入同比增13%、《和平精英》收入同比增5%，而《三角洲行动》最新季度收入规模达10亿元。该行预 期腾讯2025年在线游戏收入将同比升14%。 阿里巴巴-W(09988)获净买入8.76亿港元。消息面上，8月6日，淘宝正式推出全新的大会员体系，打通 饿了么飞猪盒马等阿里系资源，包含购物、外卖、旅行、出行等权益，吃喝玩乐、衣食住行全面覆盖。 88VIP用户权益将全面升级。这是饿了么、飞猪并入中国电商事业群，阿里从电商走向大消费平台战略 之后的标志性业务动作。 北水净买入最多的个股是腾讯(00700)、阿里巴巴-W(09988)、中芯国际(009 ...

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: 康方生物科技（開曼）有限公司 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) | 09926 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,0 ...

8月6日消息，南向资金今日成交1259.74亿港元，净流入约94.85亿港元。其中沪港股通净流入约44.69亿 港元，深港股通净流入约50.16亿港元 交易所数据显示，8月6日南向资金动向： 大幅净买入：腾讯控股(00700.HK)15.18亿港元、阿里巴巴-W(09988.HK)8.76亿港元、中芯国际 (00981.HK)6.12亿港元、晶泰控股(02228.HK)5.33亿港元、康方生物(09926.HK)1.38亿港元、理想汽车- W(02015.HK)1.19亿港元。 晶泰控股今日涨12.42%，沪港股通净买入4.75亿港元，深港股通净买入5750.15万港元。 康方生物今日涨5.03%，深港股通净买入1.38亿港元。 理想汽车W今日跌5.35%，沪港股通净买入1.58亿港元，深港股通净卖出3918.97万港元。 小米集团W今日跌0.55%，沪港股通净卖出8501.64万港元，深港股通净卖出14410.94万港元。 泡泡玛特今日涨7.87%，沪港股通净卖出31306.92万港元，深港股通净买入8996.36万港元。 美团W今日跌1.46%，沪港股通净买入2.37亿港元，深港股通净卖出38412.99 ...

智通财经APP获悉，8月6日港股市场，北水成交净买入94.85亿港元，其中港股通(沪)成交净买入44.69亿 港元，港股通(深)成交净买入50.16亿港元。 北水净买入最多的个股是腾讯(00700)、阿里巴巴-W(09988)、中芯国际(00981)。北水净卖出最多的个股 是小米集团-W(01810)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 腾讯控股 | 26.36 乙 | 19.18 乙 | 45.54亿 | | HK 00700 | | | +7.18亿 | | 晶泰控股 | 24.97 乙 | 20.21 乙 | 45.18亿 | | HK 02228 | | | +4.75 Z | | 阿里巴巴-W | 19.21亿 | 12.43 乙 | 31.64亿 | | HK 09988 | | | +6.78 Z | | 中芯国际 | 13.47 乙 | 9.83亿 | 23.30亿 | | HK 00981 | | | +3.64 乙 | | 理想汽车-W | 11.76 亿 | 10.18亿 | 21. ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 74.86%, Green Power Environmental (01330) at 70.22%, and China Shenhua (01088) at 67.10% [1] - The largest increases in holding amounts over the last five trading days were seen in the following companies: Yingfu Fund (02800) with +5.886 billion, Hang Seng China Enterprises (02828) with +4.157 billion, and Li Auto-W (02015) with +2.947 billion [2] - The largest decreases in holding amounts over the last five trading days were recorded for Kangfang Biopharmaceutical (09926) with -0.774 billion, HSBC Holdings (00005) with -0.523 billion, and China Hongqiao (01378) with -0.506 billion [3] Group 1: Top Holding Ratios - China Telecom (00728) holds 10.39 billion shares, representing 74.86% of its total [1] - Green Power Environmental (01330) holds 0.284 billion shares, representing 70.22% of its total [1] - China Shenhua (01088) holds 2.266 billion shares, representing 67.10% of its total [1] Group 2: Recent Increases in Holdings - Yingfu Fund (02800) saw an increase of +5.886 billion in holding amount, with a change of +23.21079 million shares [2] - Hang Seng China Enterprises (02828) increased by +4.157 billion, with a change of +4.54198 million shares [2] - Li Auto-W (02015) increased by +2.947 billion, with a change of +2.86721 million shares [2] Group 3: Recent Decreases in Holdings - Kangfang Biopharmaceutical (09926) experienced a decrease of -0.774 billion, with a change of -0.47511 million shares [3] - HSBC Holdings (00005) saw a decrease of -0.523 billion, with a change of -0.54260 million shares [3] - China Hongqiao (01378) decreased by -0.506 billion, with a change of -2.37590 million shares [3]