Core Viewpoint - The report from交银国际 indicates a significant potential for康方生物's HARMONi study to achieve statistically significant overall survival (OS) results due to a larger sample size [1] Financial Forecasts - The overseas peak sales forecast for康方生物 has been raised to $16.5 billion [1] - The financial projections for the group from 2025 to 2027 have been adjusted [1] - The target price for康方生物 has been increased from HKD 140 to HKD 183, maintaining a "Buy" rating [1] Sales Performance - The company's commercial sales revenue for the first half of the year increased by 49% year-on-year to RMB 1.4 billion [1] - The growth in sales is primarily attributed to the inclusion of the core dual antibody products卡度尼利 and依沃西 in the medical insurance catalog at the beginning of the year [1] - The commercialization of PCSK9 and IL12/IL23 has also contributed to the sales growth [1] - The sales team has over 1,200 members and continues to enhance the oncology and specialty drug divisions [1]

Core Viewpoint - The report from CMB International indicates that with a larger sample size in the HARMONi study, there is a significant likelihood that the final analysis of overall survival (OS) will reach statistical significance [1] Group 1: Financial Projections - The overseas peak sales forecast for the product has been raised to $16.5 billion [1] - The financial forecasts for the group from 2025 to 2027 have been adjusted [1] - The target price has been increased from HKD 140 to HKD 183, maintaining a "Buy" rating [1] Group 2: Sales Performance - The company's commercial sales revenue increased by 49% year-on-year to RMB 1.4 billion [1] - The growth is primarily attributed to the inclusion of core dual-antibody products, Cardunili and Ivosidenib, in the medical insurance catalog at the beginning of the year [1] - The sales team has over 1,200 members and continues to enhance the oncology and specialty drug divisions [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 205.69 [1][5][11] Core Views - The company reported significant revenue growth in 1H25, with total revenue reaching CNY 1.41 billion, a year-on-year increase of 37.8%, driven primarily by product sales which grew by 49.2% year-on-year [1][4] - The company is benefiting from the clinical and statistical significance of overall survival (OS) in the HARMONi-A study for its product, Ivoris monoclonal antibody, which solidifies its position as a best-in-class (BIC) treatment [2][3] - The company is expanding its clinical trials both domestically and globally, with 10 domestic and 3 global clinical trials for Ivoris monoclonal antibody underway, indicating a strong pipeline and potential for market expansion [2][3] Revenue and Sales Growth - In 1H25, the company's product revenue was CNY 1.40 billion, reflecting a 49.2% year-on-year increase, supported by the inclusion of Ivoris monoclonal antibody in the medical insurance system, which has rapidly increased its market penetration [4] - The company expects continued strong momentum in its core products, particularly with Ivoris monoclonal antibody and Cardunil monoclonal antibody, which have received medical insurance coverage [4] Financial Forecasts and Valuation - The company forecasts net profits of CNY 0.76 billion, CNY 6.62 billion, and CNY 14.16 billion for the years 2025, 2026, and 2027 respectively, based on a DCF valuation method with a target price of HKD 205.69 [5][11] - The projected revenue for 2025 is CNY 3.35 billion, with a year-on-year growth of 57.62% [10][19]

Core Viewpoint - 康方生物 is undergoing a critical transition from a biotech company to a pharmaceutical enterprise, with significant financial activities and operational challenges ahead [3][4]. Group 1: Financial Activities - On August 28, 康方生物 announced that its two founders will reduce their holdings by selling 1.5 million shares at a price of 149.54 HKD per share, potentially raising nearly 450 million HKD [2]. - The company plans to raise 3.5 billion HKD through a new share issuance, marking the highest frequency of refinancing among peers in the past two years [2]. - As of June 30, 2025, 康方生物 reported a cash balance of 1.45 billion RMB, short-term loans of 510 million RMB, and current liabilities of approximately 2 billion RMB [2]. Group 2: Revenue and Growth - In the first half of 2025, 康方生物 achieved a revenue of 1.4 billion RMB, representing a year-on-year growth of 33%, primarily due to the sales increase of its core products [3][4]. - The sales team has expanded to over 1,200 members, with sales expenses increasing by 30% to 670 million RMB [4]. Group 3: Profitability and Losses - 康方生物 has not yet achieved profitability, with losses widening from 250 million RMB in the first half of 2024 to 590 million RMB in the first half of 2025 [4]. - The increase in losses is attributed to a larger investment loss in partner Summit, which grew from 30 million RMB to 190 million RMB, and a rise in R&D expenses by 137 million RMB compared to the previous year [4]. Group 4: Product Pipeline - 康方生物 has seven self-developed products approved for market, with 12 products in Phase III clinical trials and another 12 in Phase I/II clinical research [4]. - The company aims to become a leading global biopharmaceutical enterprise by focusing on innovative drug development and establishing a world-class production system [4].

智通财经APP获悉，小摩发布研报称，康方生物(09926)上半年业绩表现低于预期，主要是利润率下降和 营运支出高于预期，该行相信，最值得留意是集团宣布HARMONi-A在最终分析达到总生存期(overall survival)的统计显著性，这突显ivonescimab的差异化优势及其成为下一代关键免疫疗法之一的潜力。该 行指，在12种药物的第三期或注册临床试验正进行中，未来几年其可持续发展将面临许多潜在驱动因 素。该行将其目标价由99港元上调至166港元，其评级为"增持"。 该信息由智通财经网提供 ...

Core Viewpoint - Morgan Stanley's report indicates that Kangfang Biopharma (09926) underperformed in the first half of the year, primarily due to declining profit margins and higher-than-expected operating expenses. However, the announcement of HARMONi-A achieving statistical significance in overall survival highlights the differentiated advantage of ivonescimab and its potential as a next-generation key immunotherapy [1] Group 1 - The company's half-year performance was below expectations, driven by a decrease in profit margins and increased operating expenses [1] - The report emphasizes the significance of the HARMONi-A trial results, showcasing the potential of ivonescimab as a leading immunotherapy [1] - There are currently 12 drugs undergoing Phase III or registration clinical trials, indicating multiple potential growth drivers for the company in the coming years [1] Group 2 - Morgan Stanley raised the target price for Kangfang Biopharma from HKD 99 to HKD 166, maintaining an "Overweight" rating [1]

Group 1 - The core point of the news is that Kangfang Biopharma (09926.HK) is undergoing significant changes, including a share placement by its founders and plans to raise capital through new share issuance, amidst increasing operational costs and ongoing losses [1][2] Group 2 - On August 28, Kangfang Biopharma announced that its founders would reduce their holdings by selling 1.5 million shares, potentially raising nearly HKD 450 million at a price of HKD 149.54 per share [1] - The company plans to raise HKD 3.5 billion through the issuance of new shares, marking the highest frequency of refinancing among peers in the past two years [1] - As of June 30, 2025, Kangfang Biopharma had a cash balance of RMB 1.45 billion, short-term loans of RMB 510 million, and current liabilities of approximately RMB 2 billion [1] - The company reported a revenue of RMB 1.4 billion in the first half of 2025, a 33% increase year-on-year, primarily due to the sales of its core products being included in the national medical insurance directory [2] - Despite the revenue growth, Kangfang Biopharma is not yet profitable, with losses expanding from RMB 250 million in the first half of 2024 to RMB 590 million in the first half of 2025 [2] - The company has seven self-developed products approved for market, with 12 in Phase III clinical trials and another 12 in Phase I/II clinical research [2] - Kangfang Biopharma aims to become a leading global biopharmaceutical company by focusing on innovative drug development and expanding its commercial footprint [2]

Market Overview - The Hong Kong stock market experienced a collective decline in the morning session, with the Hang Seng Index falling by 0.66%, narrowly holding above 25,000 points, while the Hang Seng China Enterprises Index dropped by 0.86% and the Hang Seng Tech Index decreased by 1.04%, marking three consecutive days of decline [2][2][2] - Southbound capital recorded a net sell-off exceeding 10 billion HKD [2] Sector Performance - Major technology stocks, which serve as market indicators, showed collective weakness, particularly Meituan, which plummeted over 10% post-earnings, marking the worst performance. Alibaba and JD.com fell nearly 4%, while Baidu dropped over 1%. Xiaomi and Tencent also experienced declines [2][2][2] - The biopharmaceutical sector continued to decline due to impending drug tariffs, with innovative drug companies facing significant drops, including a more than 12% decline for BGI Genomics, alongside declines for Kangfang Bio, Zai Lab, WuXi Biologics, and BeiGene [2][2][2] - Chinese electric vehicle stocks in the US market also fell, leading to a collective drop in Hong Kong's new energy vehicle sector. Other sectors such as new consumption, steel, building materials, beer, heavy machinery, catering, and gambling stocks also saw declines [2][2][2] Positive Trends - Institutions are optimistic about the accelerated replacement of domestic chips, leading to a significant rise in semiconductor stocks, with SMIC surging over 8% and approaching historical highs [2][2][2] - Financial stocks, including domestic banks, Chinese brokerage firms, and domestic insurance stocks, generally performed actively, while oil and rare earth concept stocks saw widespread increases [2][2][2]

继昨日收跌7%后，康方生物(9926.HK)今日盘中再度走低，一度跌超7%报145.2港元。 消息面上，康方生物公布，拟配售2355万股新股，每股作价149.54港元，较昨日收市价折让4.75%，集 资35.22亿港元，其中80%将用于全球及中国的创新研发管道、平台以及全球及中国基础设施的建设、 10%将用于现有已批准产品的商业化，及10%将用于一般企业用途。 另外，主席、总裁兼首席执行官夏瑜及执行董事兼首席科学官李百勇将各配售150万股现有股份，合共 300万股，占现有已发行股份总数0.33%，每股配售价同为149.54港元，套现4.49亿港元。 ...

Core Insights - On August 27, SenseTime-W made its debut on the Hong Kong Stock Connect active trading list for the first time in a month [1] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 565.00 billion, accounting for 29.55% of the day's total trading amount, with a net buying amount of HKD 134.39 billion [1] - Among the active stocks, SMIC had the highest trading volume at HKD 121.55 billion, followed by Alibaba-W and Tencent Holdings with trading volumes of HKD 78.33 billion and HKD 62.70 billion, respectively [1] Trading Activity Summary - The most frequently listed stocks in the past month were Alibaba-W and Tencent Holdings, each appearing 23 times, indicating strong interest from Hong Kong Stock Connect investors [1] - SenseTime-W recorded a trading volume of HKD 31.58 billion on its first appearance, with a net selling amount of HKD 0.86 billion, and closed the day with an increase of 8.90% [1] Active Stocks Overview - The following table summarizes the trading activity of the top active stocks on August 27: | Stock Code | Stock Name | Trading Amount (billion HKD) | Net Buying Amount (billion HKD) | Recent Listings | Latest Closing Price (HKD) | Daily Change (%) | |------------|------------------|-------------------------------|----------------------------------|------------------|----------------------------|-------------------| | 01810 | Xiaomi Group | 51.06 | -2.97 | 23 | 53.200 | -0.56 | | 00700 | Tencent Holdings | 62.70 | 0.41 | 23 | 599.000 | -1.72 | | 00981 | SMIC | 121.55 | -6.59 | 23 | 56.250 | 0.09 | | 09988 | Alibaba-W | 78.33 | 21.78 | 23 | 121.500 | 0.16 | | 03690 | Meituan-W | 43.88 | 17.83 | 19 | 116.300 | -3.08 | | 02800 | Tracker Fund | 56.61 | 55.50 | 16 | 25.700 | -1.23 | | 01347 | Hua Hong Semiconductor | 35.22 | 3.59 | 13 | 52.750 | -0.85 | | 02828 | Hang Seng China Enterprises | 32.06 | 30.43 | 11 | 92.300 | -1.28 | | 03033 | Southern Hang Seng Technology | 10.02 | 9.54 | 11 | 5.595 | -1.41 | | 09926 | CanSino Biologics | 41.98 | 5.74 | 9 | 157.000 | -7.10 | | 00020 | SenseTime-W | 31.58 | -0.86 | 1 | 2.080 | 8.90 | [1]