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。 ALPHAMAB ONCOLOGY 康寧傑瑞生物製藥 授出獎勵股份之購買價 無 （於開曼群島註冊成立的有限公司） （股份代號：9966） 根據限制性股份獎勵計劃授出獎勵股份 本公告乃根據《香港聯合交易所有限公司證券上市規則》（「上市規則」）第17.06A、 17.06B及17.06C條而作出。 茲提述康寧傑瑞生物製藥（「本公司」，連同其附屬公司，統稱「本集團」）日期分別 為2020年4月14日及2021年3月23日的公告、日期為2024年5月21日的通函以及於 2024年6月12日舉行的股東週年大會的投票表決結果公告（「該等公告及通函」）， 內容有關（其中包括）採納限制性股份獎勵計劃（「限制性股份獎勵計劃」）、修訂計 劃規則及更新計劃授權限額。除另有界定者外，本公告所用詞彙與該等公告及通 函所界定者具有相同涵義。 根據限制性股份獎勵計劃授出獎勵股份 董事會欣然宣佈，於2025年10月24日（「授出日期」 ...

Core Insights - The article highlights the impressive clinical data of two core products from Kangning Jereh, KN026 and JSKN003, presented at the 2025 ESMO conference, showcasing the company's strength in innovative drug development [1][4][22] - The market reacted positively, with Kangning Jereh's stock price surging over 11% on the day of the ESMO conference, indicating a reassessment of the company's value based on its underlying technological platform rather than just individual products [1][22] - The article raises a strategic question about the future of innovative drug development: whether success will depend on luck with single molecules or on replicable, iterative platform innovation capabilities [1][22] Product Performance - KN026 demonstrated a remarkable objective response rate of 55.8% in patients with HER2-positive gastric cancer, significantly outperforming the control group at 10.8%, and achieved a disease control rate of 80% [4][5] - The safety profile of KN026 is also strong, with a 75% reduction in the risk of disease progression or death and a 71% reduction in mortality risk, supporting its application for market approval [5] - JSKN003 showed a 32.0% objective response rate in platinum-resistant ovarian cancer, achieving this across various HER2 expression levels, indicating its broad applicability [6][7] - In HER2-positive metastatic colorectal cancer, JSKN003 achieved an objective response rate of 68.8% and a disease control rate of 96.9%, with a median progression-free survival of 11.04 months [6][7] Strategic Shift - Kangning Jereh has successfully transitioned from a pipeline-driven approach to a technology-driven model, leveraging its CRIB dual antibody platform to develop KN026 and its glycosylation site-specific conjugation ADC platform for JSKN003 [10][11] - The company is building a robust core technology system that includes various platforms, enhancing its ability to produce innovative drugs and ensuring sustainable growth [10][11] - The article emphasizes the importance of platform capabilities in generating "best-in-class" or "first-in-class" drugs, which are seen as valuable assets for the company [9][10] Market Outlook - Kangning Jereh's financial performance is improving, with a revenue of 319 million yuan in the first half of 2025, representing an 84% year-on-year increase, and a net profit of 21.58 million yuan [13] - The company is expected to continue its growth trajectory, with analysts projecting significant revenue potential for its core products, including peak sales estimates of 4.56 billion yuan for KN026 in HER2-positive breast cancer and 3.27 billion yuan for JSKN003 in HER2-positive breast cancer [15][19] - The article suggests that Kangning Jereh's valuation remains undervalued compared to peers, despite its recent stock price increase, indicating potential for significant revaluation as the market recognizes its innovative capabilities [17][19]

Core Viewpoint - The pharmaceutical sector is experiencing significant pressure, with notable declines in stock prices for several companies [2]. Company Summaries - Rongchang Biopharmaceutical (09995.HK) has seen a decline of 11.2%, trading at 81.65 HKD [2]. - CStone Pharmaceuticals-B (09966.HK) has dropped by 8.2%, currently priced at 11.98 HKD [2]. - Junshi Biosciences (01877.HK) has decreased by 5.16%, with shares at 25 HKD [2]. - Kintor Pharmaceutical-B (02171.HK) has fallen by 4.63%, now at 16.07 HKD [2].

Group 1 - The pharmaceutical sector is under pressure, with notable declines in stock prices for companies such as Rongchang Biopharma (-11.2%), CStone Pharmaceuticals (-8.2%), Junshi Biosciences (-5.16%), and Kintor Pharmaceutical (-4.63%) [1] - Haitong International's recent report indicates that the pharmaceutical index has underperformed the broader market post the October Golden Week, primarily due to fluctuating tariffs and underwhelming external licensing expectations [1] - Guosen Securities believes that China's innovative drug industry shows a long-term positive development trend, particularly highlighted by explosive growth in BD transactions in recent years [1] Group 2 - The ESMO 2025 conference in Berlin featured 112 results, including 21 related to domestic new drug research [2] - Innovent Biologics announced a global strategic collaboration with Takeda Pharmaceutical to advance the development of next-generation immuno-oncology and antibody-drug conjugate therapies, with an upfront payment of $1.2 billion and potential milestone payments totaling up to $10.2 billion, bringing the total deal value to a maximum of $11.4 billion [2]

Group 1 - The pharmaceutical sector is under pressure, with notable declines in stock prices for companies such as Rongchang Biologics down 11.2% to HKD 81.65, and Innovent Biologics down 5.16% to HKD 25 [1] - Haitong International's recent report indicates that the pharmaceutical index has underperformed the market post the October Golden Week, primarily due to fluctuating tariffs and underwhelming external licensing expectations [1] - Guosen Securities believes that China's innovative drug industry shows a long-term positive development trend, particularly highlighted by explosive growth in BD transactions in recent years [1] Group 2 - The ESMO 2025 conference in Berlin featured 112 results, including 21 related to domestic new drug research [2] - Innovent Biologics announced a global strategic collaboration with Takeda Pharmaceutical to advance the development of next-generation immuno-oncology and antibody-drug conjugate therapies, with an upfront payment of USD 1.2 billion and potential milestone payments totaling up to USD 10.2 billion, bringing the total deal value to a maximum of USD 11.4 billion [2]

Group 1 - The pharmaceutical sector is under pressure, with notable declines in stock prices for companies such as Rongchang Biopharma (-11.2%), CStone Pharmaceuticals (-8.2%), Junshi Biosciences (-5.16%), and Kintor Pharmaceutical (-4.63%) [1] - Haitong International's recent report indicates that the pharmaceutical index has underperformed the broader market post the October Golden Week, primarily due to fluctuating tariffs and underwhelming external licensing expectations [1] - Guosen Securities believes that China's innovative drug industry shows a long-term positive development trend, particularly highlighted by explosive growth in BD transactions in recent years [1] Group 2 - The ESMO 2025 conference in Berlin featured 112 results, including 21 related to domestic new drug research [2] - Innovent Biologics announced a global strategic collaboration with Takeda Pharmaceutical to advance the development of next-generation immuno-oncology and antibody-drug conjugate therapies, with an upfront payment of $1.2 billion and potential milestone payments totaling up to $10.2 billion, bringing the total deal value to a maximum of $11.4 billion [2]

Core Insights - The report from Guojin Securities highlights the significant advancements in China's innovative drug research presented at the ESMO conference, indicating a potential boost for the international expansion of these drugs [1] Group 1: Innovative Drug Research - The number of significant research publications from Chinese pharmaceutical companies at ESMO has reached a historical high, making it a focal point of the conference [1] - A total of 35 Chinese studies were included in the regular oral abstracts for the 2025 ESMO conference, with 14 formal oral presentations, a significant increase from 5 in 2024 [1] - The inclusion of 23 Chinese studies in the Late-Breaking Abstracts (LBA) category also set a new record, showcasing the research strength and academic influence of Chinese companies on the international stage [1] Group 2: ADC Developments - Domestic ADCs are demonstrating the potential to redefine existing clinical treatment standards, with notable products like Kelun's SKB264 showing promising Phase III clinical data for NSCLC and HR+/HER2- breast cancer [2] - The mOS data for SKB264 in the second-line EGFRm NSCLC treatment is particularly impressive, with a hazard ratio of 0.60, indicating a significant survival benefit [2] - Bai Li Tian Heng's ADC, iza-bren, has achieved breakthroughs in treating nasopharyngeal carcinoma, marking a critical milestone from concept validation to efficacy verification [2] Group 3: Bispecific and Multi-specific Antibodies - Bispecific and multi-specific antibodies are poised to upgrade existing immunotherapy and targeted therapy, with significant data from Kangfang Biotech's PD-1/VEGF bispecific antibody showing superior results compared to traditional treatments for advanced squamous NSCLC [3] - The mPFS for the combination of the bispecific antibody and chemotherapy was reported at 11.14 months versus 6.90 months for the comparator, with a hazard ratio of 0.60, indicating a strong potential to reshape first-line treatment standards [3] - The HER2 bispecific antibody KN026 from Shiyao Group/Kangning Jierei has shown promising results in III phase trials for gastric cancer, indicating its potential as a global leader in this category [3]

Core Viewpoint - Corning Jereh Pharmaceutical-B (09966) announced the research progress of JSKN003, which was presented at the 2025 ESMO conference from October 17 to October 21, 2025 [1] Group 1: Product Development - JSKN003 is a targeted HER2 bispecific ADC that connects a topoisomerase I inhibitor to the N-glycosylation site of the KN026 antibody using glycosylation point coupling technology [1] - The coupling reaction of the click reaction conjugate shows better serum stability compared to the maleimide-Michael reaction conjugate [1] - Targeting HER2 bispecificity allows JSKN003 to have stronger endocytic activity and bystander killing effect, demonstrating significant anti-tumor activity in HER2-expressing tumors [1] Group 2: Licensing and Clinical Trials - In September 2024, the company entered into a licensing agreement with Shanghai Jinmant Biotechnology Co., Ltd. to develop, sell, and commercialize JSKN003 in mainland China for tumor-related indications [1] - Currently, three Phase III clinical trials for JSKN003 are ongoing, targeting HER2+ breast cancer, HER2-low expressing breast cancer, and PROC [1]

Core Viewpoint - Corning Jereh Pharmaceutical-B (09966) announced that its collaboration with Shanghai Jinmant Biotech Co., a subsidiary of CSPC Pharmaceutical Group (1093), has received breakthrough therapy designation from CDE for JSKN003, aimed at treating HER2+ advanced colorectal cancer (CRC) patients who have failed previous treatments with oxaliplatin, fluorouracil, and irinotecan [1] Group 1: Product Development and Clinical Trials - JSKN003 has previously received breakthrough therapy designation for treating PROC, regardless of HER2 expression levels [1] - CRC is the second most common malignant tumor in China, with over 500,000 new cases annually and a rising trend [1] - There are currently no approved anti-HER2 targeted therapies for CRC in China, and existing therapies for HER2+ advanced CRC patients have a median progression-free survival (mPFS) of only 2.0-3.7 months and a median overall survival (mOS) of approximately 7-10 months, indicating a significant unmet clinical need [1] Group 2: Clinical Research Findings - A summary analysis presented at the 2025 ASCO annual meeting showed that JSKN003 monotherapy for HER2 high-expressing advanced CRC patients demonstrated significant efficacy and good safety [2] - The analysis included 50 HER2 high-expressing advanced gastrointestinal cancer patients, with 23 being CRC patients; 38% had previously received three or more lines of anti-tumor therapy [2] - Among 21 HER2 high-expressing CRC patients who underwent at least one tumor efficacy assessment, the overall response rate (ORR) was 61.9%, disease control rate (DCR) was 95.2%, mPFS was 13.77 months, and median duration of response (mDoR) was 12.06 months [2] - In a subgroup of 20 BRAF V600E wild-type CRC patients, the ORR reached 65.0% [2] - Safety data indicated that out of 43 patients who received the recommended phase II dose, only 14.0% experienced grade 3 or higher treatment-related adverse events (TRAEs) [2] Group 3: Mechanism and Collaboration - JSKN003 is a targeted HER2 bispecific antibody-drug conjugate (ADC) that connects a topoisomerase I inhibitor to a recombinant humanized anti-HER2 bispecific antibody using glycosylation point coupling technology, providing better serum stability [3] - The bispecific targeting of HER2 enhances JSKN003's internalization activity and bystander killing effect, resulting in strong anti-tumor activity in HER2-expressing tumors [3] - In September 2024, the company entered into a licensing agreement with Shanghai Jinmant Biotech to develop, sell, and commercialize JSKN003 in mainland China for tumor-related indications, with three ongoing phase III clinical trials for HER2+ breast cancer, HER2 low-expressing breast cancer, and PROC [3]

Core Viewpoint - Corning Jereh Pharmaceutical-B (09966) announced the research progress of JSKN003, a targeted HER2 bispecific ADC, which was presented at the 2025 ESMO conference from October 17 to October 21, 2025 [1] Group 1 - JSKN003 utilizes glycosylation site-specific conjugation technology to link a topoisomerase I inhibitor to the KN026 antibody, enhancing serum stability compared to traditional conjugation methods [1] - The bispecific targeting of HER2 provides JSKN003 with stronger endocytic activity and bystander killing effects, demonstrating significant antitumor activity in HER2-expressing tumors [1] - In September 2024, the company entered into a licensing agreement with Shanghai Jinmant Biotechnology Co., Ltd. for the development, sale, and commercialization of JSKN003 in mainland China for tumor-related indications [1] Group 2 - Currently, three Phase III clinical trials for JSKN003 are ongoing, targeting HER2+ breast cancer, HER2-low expressing breast cancer, and PROC [1]