截至2025年6月30日止六个月，集团亏损为人民币588.3百万元，截至2024年6月30日止六个月亏损为人 民币249.3百万元。 截至2025年6月30日止六个月，集团毛利为人民币1,120.7百万元，同比增长18.82%，这主要归因于商业 销售收入的变化。截至2025年6月30日止六个月商业销售毛利为人民币1,110.8百万元，截至2024年6月30 日止商业销售毛利为人民币857.9百万元。 格隆汇8月26日丨康方生物(09926.HK)发布公告，截至2025年6月30日止六个月，集团总收入为人民币 1,411.5百万元，同比增长37.75%。集团收入的构成包括商业销售收入及商业授权收入。截至2025年6月 30日止六个月商业销售收入为人民币1,401.6百万元，同比增长49.20%。截至2025年6月30日止六个月商 业授权收入为人民币9.9百万元。 ...

Akeso, Inc. 康方生物科技（開曼）有限公司 （「本公司」） （股份代號：9926） （於開曼群島註冊成立的獲豁免有限公司） 提 名 委 員 會 職 權 範 圍 本 公 司 根 據 本 公 司 董 事 會（「董 事 會」）於2020年4月7日 通 過 的 決 議 案 成 立 提名委員會（「提名委員會」）。下文載列提名委員會的職權範圍（「職權範圍」）。 職 權 範 圍 備 有 英 文 及 繁 體 中 文 版 可 供 查 閱。職 權 範 圍 的 英 文 與 繁 體 中 文 版 如 有 任 何 歧 義，概 以 英 文 版 為 準。 – 1 – 1. 目 的 1.1 提 名 委 員 會 旨 在 物 色、考 慮 及 向 董 事 會 推 薦 合 適 人 選 出 任 本 公 司 董事、制定提名指引及向董事會提供建議，惟須符合任何適用法律、 法 規 及 上 市 標 準。 2. 組 成 2.1 提 名 委 員 會 由 董 事 會 不 時 委 任，其 中 大 多 數 成 員 須 為 本 公 司 獨 立 非 執 行 董 事。 2.2 董 事 會 須 委 任 提 名 委 員 會 的 一 名 成 員（須 為 董 事 會 主 席 ...

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 之 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 就 因 本 公 告 全 部 或 任 何 部 分 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。 Akeso, Inc. 康方生物科技（開曼）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9926） 截 至2025年6月30日 止 六 個 月 中 期 業 績 公 告 董 事 會 謹 此 公 布 本 集 團 截 至2025年6月30日 止 六 個 月 的 未 經 審 核 簡 明 綜 合 業 績。 截 至2025年6月30日 止 六 個 月，本 集 團 毛 利 為 人 民 幣1,120.7百 萬 元，截 至2024年6月30日 止 六 個 月 為 人 民 幣943.2百 萬 元，同 比 增 長18.82%，這 主 要 歸 因 於 商 業 銷 售 收 入 的 變 化。截 至2025年6月30日 止 六 個 月 商 ...

2025.8 Disclaimer This presentation has been delivered to interested parties for information purposes only and upon the express understanding that such parties will use it only for the purposes set forth above, and it is not intended to form the basis of any investment decision or any decision to purchase securities of Akeso, Inc. (the "Company"). This presentation does not constitute or contain an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities in a ...

Group 1 - The core viewpoint of the article highlights the overall poor performance of Hong Kong's biopharmaceutical stocks, with significant declines in major companies such as WuXi AppTec, Tigermed, and King’s Ray Biotech [1] - U.S. President Trump announced plans to reduce drug prices to 1/1400 to 1/1500 of current prices and to impose tariffs on pharmaceuticals, which could create volatility in the global pharmaceutical industry [1] - The Chinese biopharmaceutical sector faces both opportunities and challenges due to these developments, with potential short-term market fluctuations driven by uncertainty, particularly for businesses exposed to the U.S. market [1] Group 2 - In the long term, China's pharmaceutical industry may leverage its innovation and supply chain advantages to find new growth opportunities in the global pharmaceutical landscape, especially in areas like CDMO and internationalization of innovative drugs [1] - The article lists the latest prices and percentage changes for various biopharmaceutical stocks, indicating a general downward trend across the sector [1]

Core Insights - The article highlights the significant transformation occurring in China's biotechnology sector, driven by international investor interest and the competitive advantages of Chinese biotech companies [2][5]. Group 1: Investment Trends - Morgan Stanley has sponsored notable IPOs in the Hong Kong market, including projects from companies like Heng Rui Medicine and Ying En Biology, and has facilitated multiple refinancing projects totaling billions [1][3]. - The Hong Kong Stock Exchange has emerged as the world's second-largest biotechnology financing center, with 12 healthcare companies raising a total of $2.5 billion in the first half of 2025 [3]. - New listings have shown strong market performance, with an average first-day increase of 23.1% for the 12 healthcare companies [3]. Group 2: Financing Activities - Morgan Stanley has assisted Chinese issuers in raising over $5 billion in financing by the end of July, with notable projects including WuXi AppTec's $980 million share placement [4]. - The financing activities reflect a growing demand for biotech stocks, with significant oversubscription and reduced discount rates for recent offerings [4]. Group 3: Global Expansion of Chinese Biotech - Chinese biotech companies are increasingly pursuing international clinical registrations and market entries, with a notable rise in "License-out" agreements [5][6]. - The gap in innovation capabilities between Chinese and U.S. biotech firms has narrowed, with Chinese companies demonstrating significant advancements in drug development efficiency and cost [5][6]. - The total value of transactions related to antibody-drug conjugates (ADCs) has reached approximately $44 billion, indicating robust international collaboration [6]. Group 4: Strategic Collaborations - Chinese biotech firms are forming strategic partnerships with international giants, exemplified by Heng Rui Medicine's $12.5 billion deal with GlaxoSmithKline [6][7]. - The collaboration models are evolving from simple licensing to joint development and new company formations, showcasing increased confidence in Chinese biotech capabilities [6][7]. Group 5: Future Outlook and Challenges - The article emphasizes the need for Chinese biotech companies to overcome regulatory complexities and market entry barriers to enhance their global presence [8][9]. - Recommendations include building international talent teams, improving communication with regulatory bodies, and optimizing government support for innovation [9].

Investment Rating - The report maintains an investment rating of "Outperform" [5] Core Insights - The new drug sector has shown significant price movements, with notable gains from companies such as Beihai Kangcheng (+35.52%) and Jiahua Biological (+24.66%) during the week of August 18 to August 22, 2025 [1][16] - Upcoming academic conferences, including WCLC and ESMO, are expected to be key catalysts for the innovative drug sector, with numerous data disclosures anticipated from domestic companies [2][3][20] Summary by Sections Weekly New Drug Market Review - The new drug sector experienced substantial fluctuations, with the top five gainers being Beihai Kangcheng (+35.52%), Jiahua Biological (+24.66%), and others, while the top five losers included Geely Pharmaceutical (-16.29%) and Weichip Bio (-10.40%) [1][16] Recommended Stocks - The report suggests focusing on several potential catalysts, including overseas licensing opportunities for differentiated GLP-1 assets and upgraded PD-1 products, as well as drugs likely to benefit from medical insurance negotiations and innovative drug directories [2][20] Key Industry Analysis - Academic conferences are highlighted as crucial catalysts for the innovative drug sector, with WCLC and ESMO being particularly significant for Chinese pharmaceutical companies [20][21] New Drug Approval and Acceptance Status - No new drug approvals were reported for the week, but five new drug applications were accepted, including those from Janssen and AstraZeneca [27][28] Clinical Application Approval and Acceptance Status - A total of 47 new drug clinical applications were approved, and 28 new drug clinical applications were accepted during the week [29][30]

Core Viewpoint - Kangfang Biopharma (09926) shares rose over 5%, reaching a new high of 177.9 HKD, following positive results from a key Phase III clinical trial for its novel humanized anti-IL-17A monoclonal antibody, AK111, in treating active ankylosing spondylitis (AS) [1] Group 1: Clinical Trial Results - The Phase III clinical trial for AK111 demonstrated positive results, achieving primary efficacy endpoints ASAS20 and ASAS40, along with several pre-specified secondary endpoints, all showing statistical significance and clinical relevance [1] Group 2: Financial Projections - According to Minsheng Securities, the company's product sales revenue is projected to reach 2.002 billion CNY in 2024, representing a year-on-year growth of 24.88% [1] - The two core products, Cadonilimab and Ivorisumab, are expected to be included in the national medical insurance catalog by the end of 2024, which will accelerate hospital access and coverage efforts [1] Group 3: Product Pipeline - The company’s non-oncology product, Inusumab, has been approved for market launch, and the commercialization process for future products like Ivorisumab (under NDA review) and AK111 (under NDA review) is expected to accelerate [1]

Core Viewpoint - 康方生物's stock price increased over 5%, reaching a new high of 177.9 HKD, following positive results from its Phase III clinical trial for AK111 in treating ankylosing spondylitis [1] Group 1: Clinical Research Results - 康方生物 announced that its novel humanized anti-IL-17A monoclonal antibody, AK111, achieved positive results in its Phase III clinical trial for active ankylosing spondylitis, meeting all primary efficacy endpoints including ASAS20 and ASAS40, along with several pre-specified secondary endpoints, demonstrating statistical significance and clinical relevance [1] Group 2: Financial Projections - According to Minsheng Securities, 康方生物 is projected to achieve product sales revenue of 2.002 billion CNY in 2024, representing a year-on-year growth of 24.88% [1] - The company's two core products, 卡度尼利单抗 and 依沃西单抗, are expected to be included in the national medical insurance directory by the end of 2024, which will accelerate hospital access and coverage efforts [1] Group 3: Product Development and Commercialization - 康方生物's non-oncology product, 伊努西单抗, has been approved for market launch, and the commercialization process for other non-oncology products, including 依若奇单抗 and 古莫奇单抗, is expected to accelerate as they undergo NDA review [1]

Core Viewpoint - The Hong Kong biopharmaceutical stocks experienced a general increase, driven by government support for the industry, particularly emphasized by Premier Li Qiang during his recent visit to Beijing [1] Industry Summary - The biopharmaceutical sector in Hong Kong saw significant stock price increases, with notable gains including 5% for Fuhong Hanlin, 3.6% for King’s Ray Biopharmaceutical, and over 3% for WuXi AppTec [1] - Premier Li Qiang highlighted the need for enhanced high-quality technological supply and policy support to promote the development of the biopharmaceutical industry, aiming to produce more high-quality and efficient new drugs [1] - Continuous high-level endorsements from the government signal a strong commitment to supporting the biopharmaceutical industry, especially in the current economic context [1] Company Summary - Fuhong Hanlin (02696) latest price: 83.000, change: +5.06% [1] - King’s Ray Biopharmaceutical (01548) latest price: 17.940, change: +3.64% [1] - WuXi AppTec (02268) latest price: 59.600, change: +3.38% [1] - Other companies with notable increases include: - Keren Biotechnology (06990) +3.29% - Kangfang Biopharmaceutical (09926) +2.83% - Rongchang Biopharmaceutical (09995) +2.87% - Junshi Biosciences (01877) +2.69% - BeiGene (06160) +2.60% [1]