Group 1 - The company reported a revenue of 1.412 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 37.75% [1] - Gross profit reached 1.121 billion RMB, with a year-on-year increase of 18.82% [1] - Research and development expenses amounted to 731 million RMB, reflecting a year-on-year increase of 23.02% [1] Group 2 - Commercial sales revenue was approximately 1.402 billion RMB, a 49.20% increase compared to 939 million RMB in the same period last year, driven by the inclusion of new products in the national medical insurance catalog [1] - The company successfully launched two new products, Yixinning (Inusimab, PCSK9) and Aida Luo (Iroquimab, IL-12/IL-23), contributing to sales growth [1] - The commercial team has expanded to over 1,200 members, focusing on oncology and specialty drugs, enhancing the company's commercial capabilities [1] Group 3 - The company currently has over 50 innovative projects in development across oncology, autoimmune, and metabolic disease fields [2] - Seven self-developed products have been approved for market, with one product under NMPA review and 12 products in Phase III clinical trials [2] - The company's vision is to become a leading global biopharmaceutical enterprise by focusing on innovative drug development and expanding its commercial footprint [2]

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 ...

Business Highlights - Akeso's commercial sales revenue in 2025H1 reached RMB 1.402 billion, a 49% year-on-year increase[16, 24] - The company has 13 Phase III/registrational trials of ivonescimab covering lung cancer and expanding to cold tumors[13] - The company has 10 phase III clinical studies of cadonilimab across lung cancer, gastric cancer, liver cancer and cervical cancer[13] - Penpulimab receives FDA approval in the United States[14] Pipeline Development - Three blockbuster new drug candidates entered clinical stage[19] - Six Phase III clinical trials reached the primary endpoint[20] - Ivonescimab's first global Phase III trial received positive results[84] - Manfidokimab (IL-4Rα) Reached Endpoints in the Registrational Phase III Trial for Atopic Dermatitis[116] Financial Performance - 1H 2025 Revenue reached RMB 1.412 billion, a 33.7% growth from 1H in 2024[16] - The company has cash and short-term financial assets of approximately RMB 7.14 billion[16] - Sales and Marketing expense as a percentage of sales decreased from 55% in 2024H1 to 48% in 2025 H1[136, 140]

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]