Core Viewpoint - Kangfang Biopharma reported a revenue of 1.412 billion yuan for the first half of 2025, marking a year-on-year increase of 37.75%, while the loss expanded to 588 million yuan from 249 million yuan in the same period last year [1][3] Financial Performance - Revenue for the period was 1.412 billion yuan, a 37.75% increase year-on-year [1] - Commercial sales revenue reached 1.402 billion yuan, up 49.20% year-on-year [1] - The company incurred a loss of 588 million yuan, which is an increase from the previous year's loss of 249 million yuan [1][3] Revenue Drivers - The growth in commercial sales revenue was primarily driven by the inclusion of AK104 and AK112 in the national medical insurance since January, leading to increased sales volume [1] - The increase in losses was attributed to a rise in equity investment losses from a partnership with Summit, which increased from 32.6 million yuan to 192 million yuan, as well as higher R&D expenses and stock incentive costs [3] Product Pipeline and Market Position - Kangfang Biopharma has received approval for seven products, including AK104 and AK112, which are key dual antibodies, and has expanded its commercial product range to include metabolic and autoimmune areas [4] - The sales team has grown from over 800 to 1,200 members, covering oncology and specialty drug sectors [4] - The company is focusing on AK112, which has shown promising results in clinical trials for non-small cell lung cancer [5][8] Clinical Development and Strategy - AK112 has achieved significant clinical endpoints in trials, including a statistically significant improvement in progression-free survival (PFS) [8][9] - The company is pursuing a strategy termed "IO2.0+ADC2.0," which aims to integrate dual antibodies with antibody-drug conjugates (ADCs) [12][13] - Kangfang Biopharma's pipeline includes ongoing clinical trials for various indications, with a focus on enhancing the efficacy of existing treatments [12][16]

智通财经8月27日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约1911.72亿港元，较前一日再度放量近430亿；约为今日恒指成交总额的51.48%，占 比重回5成以上但处于短线较低水平。 值得关注的是，港股今日放量下行，南向资金再度逆势大举加仓，全天净买入约153.71亿港元。其中，沪港股通净流入约90.05亿港元，深港股通 净流入约63.66亿港元。 值得关注的是，盈富基金(02800.HK)、恒生中国企业(02828.HK)、南方恒生科技(03033.HK)三大ETF分别获资金扫货55.49亿、30.43亿、9.53亿港元。 个股方面，交易所数据显示，今日南向资金 大幅净买入：阿里巴巴-W(09988.HK)21.78亿港元；美团-W(03690.HK)17.82亿港元；康方生物(09926.HK)5.74亿港元。 大幅净流出：中芯国际(00981.HK)6.59亿港元；小米集团-W(01810.HK)2.97亿港元。 投资要点 阿里巴巴-W今日涨0.16%，短线资金趋势不明，前5日减持154万股。 美团-W今日跌3.08%，短线资金加速流入，前5日加仓2410万股。 康方生物今日跌7.10%， ...

智通财经APP获悉，8月27日港股市场，北水成交净买入153.71亿港元，其中港股通(沪)成交净买入90.05亿港元，港股通(深) 成交净买入63.66亿港元。 北水净买入最多的个股是盈富基金(02800)、恒生中国企业(02828)、阿里巴巴-W(09988)。北水净卖出最多的个股是中芯国际 (00981)、小米集团-W(01810)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 中芯国际 | 31.06亿 | 36.93 乙 | 67.99 亿 | | HK 00981 | | | -5.86 Z | | 阿里巴巴-W | 27.47 乙 | 16.12 Z | 43.60亿 | | HK 09988 | | | +11.35 亿 | | 腾讯控股 | 20.66亿 | 20.12亿 | 40.78亿 | | HK 00700 | | | +5389.26万 | | 恒生中国 ... | 31.25亿 | 8153.80万 | 32.06亿 | | HK 02828 | | | +30.43 亿 | | 盈富基 ...

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 1.27%, closing at 25,201.76, down 323.16 points [1][2] - The Hang Seng Tech Index and the Hang Seng China Enterprises Index also fell by 1.47% and 1.4%, respectively, with the China Enterprises Index barely holding above the 9,000-point mark [1][2] Sector Performance - Major technology stocks saw a downturn, with companies like Kuaishou and Meituan falling over 3%, while JD.com dropped by 2.5% [5][6] - Financial sectors, including banks and insurance stocks, collectively underperformed, contributing to the overall market decline [2][5] - The biopharmaceutical sector faced significant losses, particularly after former President Trump announced plans to impose tariffs on drugs, leading to a broad sell-off in biotech stocks [2][5] Real Estate and Property Management - Property management stocks experienced sharp declines, with companies like Excellence Commercial Services dropping 16% and Country Garden Services falling over 11% [7] - Recent real estate policies in major cities like Beijing and Shanghai are expected to stabilize the market, with analysts optimistic about recovery in core cities [7] Brokerage Firms - Chinese brokerage stocks also fell, with Shenwan Hongyuan down over 6% and other major firms like Dongfang Securities and Huatai Securities declining more than 5% [8] - Despite the downturn, there is optimism regarding the brokerage sector's performance due to increased market activity and potential earnings growth [8] Biopharmaceutical Sector - The biopharmaceutical and innovative drug sectors saw significant declines, with stocks like CanSino Biologics and Innovent Biologics dropping over 7% [9] - Analysts suggest that recent changes in liquidity conditions may support a rebound in the Hong Kong stock market, narrowing the gap with the rapidly rising A-share market [9] Consumer Sector - New consumption concept stocks also faced declines, with companies like Nayuki's Tea and Bubble Mart dropping over 5% [10] - The Chinese Ministry of Commerce plans to introduce policies to boost service consumption, indicating a shift towards a balanced consumption model [10] Apple-Related Stocks - Apple-related stocks performed well, with Lens Technology rising nearly 8% ahead of the upcoming iPhone 17 launch event scheduled for September 9 [3][12] Capital Inflows - Southbound capital saw a net inflow of 15.371 billion HKD, indicating continued interest in Hong Kong stocks from mainland investors [12] Hedge Fund Activity - Recent reports indicate that global hedge funds have increased their bets on Chinese stocks, with significant inflows observed in consumer staples and industrial sectors [14]

Market Overview - The Hong Kong stock market experienced a significant decline in the afternoon, with the Hang Seng Index dropping by 1.27%, losing over 300 points. The Hang Seng China Enterprises Index and the Hang Seng Tech Index fell by 1.4% and 1.47% respectively, with the former barely holding above the 9000-point mark [2] - Major technology stocks, which serve as market indicators, continued to decline in the afternoon. Kuaishou and Meituan fell over 3%, while JD.com dropped by 2.5%. Baidu, NetEase, and Tencent saw declines close to 2%, and Xiaomi fell by 0.56%. Alibaba managed to stay slightly positive [3] Sector Performance - The financial sector, including banks, insurance companies, and Chinese brokerage firms, collectively underperformed, contributing to the overall market decline. The performance of individual stocks continued to be affected by ongoing earnings reports, with property management and real estate stocks experiencing significant drops [3] - Biopharmaceutical stocks faced a collective downturn, particularly in the innovative drug sector, following comments from Trump regarding the rapid imposition of tariffs on pharmaceuticals. This led to notable declines in various biopharma stocks [3] Specific Stock Movements - Several biopharmaceutical companies saw substantial declines, including Kanghao Ya-B (-8.59%), Qiansirui Biotechnology (-7.42%), and Kangfang Biotechnology (-7.10%). Other notable decliners included Xiansheng Pharmaceutical (-6.79%) and Shiyao Group (-6.36%) [3] - In contrast, the rare earth sector remained strong, benefiting from the implementation of supply reforms and multiple catalysts. Apple’s upcoming event on September 9, where the iPhone 17 series is expected to be launched, led to a rise in Apple-related stocks, with Lens Technology (300433) surging nearly 8% and reaching a new high since its listing [4]

Core Insights - 康方生物 has achieved significant revenue growth in the first half of 2025, with total revenue reaching 14.12 billion yuan, a year-on-year increase of 37.75% [1] - The company's commercial sales revenue amounted to 14.02 billion yuan, reflecting a 49.20% year-on-year growth, indicating a shift from reliance on licensing income to self-driven commercialization [1] - The approval of key products for major indications has contributed to this growth, enhancing the sustainability of the company's revenue structure [1] Financial Performance - 康方生物 reported a loss of 5.88 billion yuan in the first half of 2025, an increase from a loss of 2.49 billion yuan in the same period last year [2] - The increase in losses is attributed to a rise in R&D expenses, which reached 7.31 billion yuan, a 23.02% year-on-year increase, and a 1.92 billion yuan investment loss from holding shares in Summit Therapeutics [2] Clinical Developments - The company has made significant progress in clinical trials, with the依沃西 drug achieving positive results in international Phase III trials, demonstrating strong clinical efficacy [3] - The dual antibody therapies are positioned as a strategic focus for leading pharmaceutical companies, marking a transition from the "single antibody era" to the "dual antibody era" in cancer treatment [4] Industry Trends - The global PD-(L)1 market is projected to grow from 39.55 billion USD in 2023 to 64.1 billion USD by 2030, with a declining compound annual growth rate, prompting companies to seek differentiation through innovative therapies [3] - The dual antibody sector is becoming a key area for both domestic and international pharmaceutical companies, emphasizing the importance of clinical value, production capability, and commercialization strategies for success [4]

（原标题：中金：维持康方生物(09926)跑赢行业评级 上调目标价至225.00港元） 智通财经APP获悉，中金发布研报称，维持康方生物(09926)2025年和2026年盈利预测不变。维持跑赢行业评级，该行上调AK112临床成功率并将 Summit AK112再授权预期打入估值，根据DCF模型，该行上调目标价87.5%至225.00港币(33.1%上行空间)。公司公布1H25业绩：收入14.12亿元， 同比增长37.75%，业绩符合该行预期。 HARMONi-A最终分析显示OS取得统计学意义 2025年8月，公司宣布AK112联合化疗用于治疗2L EGFRm NSCLC的HARMONi-A临床公布最终数据，取得具有临床意义和统计学显著的OS获 益，公司未来将在学术大会上公布详细数据。该临床结果上一次更新是2024年5月，OS HR为0.80，成熟度为52%，该行认为该结果进一步证明了 AK112在2L EGFRm NSCLC能够为患者带来明显的生存获益。值得注意的是，目前在2L EGFRm NSCLC尚无上市药物取得OS统计学显著性，IO 代表性药物Keytruda、Opdivo、Tecentriq、Ami ...

Core Viewpoint - CICC maintains the profit forecast for Kangfang Biopharma (09926) for 2025 and 2026, reiterating an outperform rating and raising the target price by 87.5% to HKD 225.00, indicating a 33.1% upside potential [1] Group 1: Financial Performance - The company's 1H25 revenue reached CNY 1.412 billion, representing a year-on-year growth of 37.75%, aligning with CICC's expectations [1] - The sales revenue of core products in 1H25 was CNY 1.402 billion, with a year-on-year increase of 49.2%, and a gross margin of 79.25%. The sales and marketing expense ratio decreased by 7.1 percentage points year-on-year to 47.80% [2] Group 2: Product Development and Clinical Trials - The final analysis of the HARMONi-A trial demonstrated statistically significant overall survival (OS) benefits for AK112 in treating 2L EGFRm NSCLC, with an OS hazard ratio of 0.80 and a maturity of 52%. This result highlights AK112's potential to significantly improve patient survival in a market with unmet clinical needs [3] - AK112 has 13 ongoing registration/Phase III clinical trials globally, covering indications beyond lung cancer. In the lung cancer domain, it has 8 registration/Phase III studies, with 4 achieving clinical endpoints. Additional trials are underway for various cancers, including biliary cancer and triple-negative breast cancer [4]

值得注意的是，公司中期财报透露，依沃西单抗(AK112)于2024年5月获得国家药品监督管理局的批 准，用于EGFR-TKI治疗进展的局部晚期或转移性非鳞状非小细胞肺癌(nsq-NSCLC)，针对该适应症的 中国III期HARMONi-A研究(AK112-301)已达到总生存期(OS)临床终点，展现出具有统计学和临床意义 的OS获益，详细数据将在未来国际学术会议上发表。 智通财经APP获悉，康方生物(09926)高开近5%，截至发稿，涨4.73%，报177港元，成交额3.81亿港 元。 消息面上，康方生物发布中期业绩，上半年收入14.12亿元人民币，同比增加37.75%；毛利11.21亿元， 同比增加18.82%。公告称，商业销售收入约为14.02亿元，较去年同期的9.39亿元同比增加49.20%，主 要得益于开坦尼(卡度尼利，PD-1/CTLA-4)和依达方(依沃西，PD-1/VEGF)首次纳入国家医保目录适应 症后带来的销售增长，以及新获批的一线适应症带来的销售贡献。此外，公司新获批上市的2款产品伊 喜宁(伊努西，PCSK9)和爱达罗(依若奇，IL-12/IL-23)的商业化顺利启动并开始释放销售。 ...

值得注意的是，公司中期财报透露，依沃西单抗(AK112)于2024年5月获得国家药品监督管理局的批 准，用于EGFR-TKI治疗进展的局部晚期或转移性非鳞状非小细胞肺癌(nsq-NSCLC)，针对该适应症的 中国III期HARMONi-A研究(AK112-301)已达到总生存期(OS)临床终点，展现出具有统计学和临床意义 的OS获益，详细数据将在未来国际学术会议上发表。 康方生物(09926)高开近5%，截至发稿，涨4.73%，报177港元，成交额3.81亿港元。 消息面上，康方生物发布中期业绩，上半年收入14.12亿元人民币，同比增加37.75%；毛利11.21亿元， 同比增加18.82%。公告称，商业销售收入约为14.02亿元，较去年同期的9.39亿元同比增加49.20%，主 要得益于开坦尼(卡度尼利，PD-1/CTLA-4)和依达方(依沃西，PD-1/VEGF)首次纳入国家医保目录适应 症后带来的销售增长，以及新获批的一线适应症带来的销售贡献。此外，公司新获批上市的2款产品伊 喜宁(伊努西，PCSK9)和爱达罗(依若奇，IL-12/IL-23)的商业化顺利启动并开始释放销售。 ...