Core Viewpoint - Corning Pharmaceutical-B (09966) has seen a stock price increase of over 3%, currently trading at 13.46 HKD with a transaction volume of 31.44 million HKD, following the announcement of a share buyback program [1] Group 1: Share Buyback Announcement - The board of directors has resolved to repurchase ordinary shares from the open market, with a maximum amount of 20 million HKD, subject to shareholder approval at the annual general meeting on June 12, 2025 [1] - The board believes that the current trading price does not accurately reflect the company's intrinsic value and that the buyback will demonstrate confidence in the company's business outlook and ultimately benefit shareholders [1] - The board is confident that the company's current financial resources are sufficient to support the proposed share buyback while maintaining a robust financial position [1]

Core Viewpoint - Corning Pharmaceutical-B (09966.HK) announced a share buyback program with a maximum amount of HKD 20 million, reflecting the board's confidence in the company's business outlook and intrinsic value [1] Group 1: Share Buyback Announcement - The board of directors resolved to repurchase ordinary shares from the open market on October 12, 2025, under a general authorization approved by shareholders at the annual general meeting on June 12, 2025 [1] - The board believes that the current trading price does not accurately reflect the company's intrinsic value [1] - The buyback is expected to benefit the company and create value for its shareholders [1] Group 2: Financial Position - The board is confident that the company's current financial resources are sufficient to support the proposed share buyback while maintaining a robust financial position [1]

Core Viewpoint - Corning Jereh Pharmaceutical-B (09966) announced a share buyback program, indicating that the current market price does not reflect the company's intrinsic value and expressing confidence in its business outlook and future prospects [1] Summary by Relevant Sections - **Share Buyback Authorization** - The board of directors resolved to repurchase ordinary shares from the open market, with a maximum amount of HKD 20 million [1] - This buyback is subject to approval at the shareholders' annual general meeting scheduled for June 12, 2025 [1] - **Rationale for Buyback** - The board believes that the current trading price of the shares does not accurately reflect the company's intrinsic value [1] - The buyback is seen as a demonstration of the company's confidence in its business outlook and future prospects [1] - The company aims to benefit from this buyback and create value for its shareholders [1] - **Financial Position** - The board is confident that the company's current financial resources are sufficient to support the proposed share buyback while maintaining a robust financial position [1]

Core Viewpoint - Corning Jereh Pharmaceutical-B (09966) announced a share buyback program with a maximum amount of HKD 20 million, reflecting the board's confidence in the company's business outlook and intrinsic value [1] Summary by Relevant Sections Share Buyback Authorization - The board resolved to repurchase shares from the open market, subject to approval at the shareholders' annual meeting on June 12, 2025 [1] - The maximum amount for the share buyback is set at HKD 20 million [1] Rationale for Buyback - The board believes that the current trading price does not accurately reflect the company's intrinsic value [1] - The share buyback is seen as a demonstration of the company's confidence in its business prospects and aims to create value for shareholders [1] Financial Position - The board is confident that the company's current financial resources are sufficient to support the proposed share buyback while maintaining a robust financial position [1]

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。 截至本公告日期，本公司並未根據股份購回授權購回任何股份。股東及潛在投資 者應注意，本公司之場內股份購回將視乎市況進行，並將由董事會及╱或其授權 人士全權酌情決定。概無法保證任何購回的時間、數目或價格，或本公司是否將 進行任何購回。股東及潛在投資者在買賣本公司股份時務請審慎行事。 （於開曼群島註冊成立的有限公司） （股份代號：9966） 自願公告 場內股份購回 本公告乃由康寧傑瑞生物製藥（「本公司」，連同其附屬公司，統稱「本集團」）自願 作出，旨在向本公司股東（「股東」）及潛在投資者提供有關本公司擬議股份購回的 信息。 本公司董事（「董事」）會（「董事會」）有意宣佈，根據董事獲授出的一般授權（「股 份購回授權」，由股東於2025年6月12日舉行的股東週年大會上批准），董事會於 2025年10月12日決議不時自公開市場購回本公司普通股（「股份」），購回股份的金 額最高為20百萬港元。股份購回授權將持續有效， ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 康寧傑瑞生物製藥 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09966 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 25,100,000,000 | USD | | 0.000002 | USD | | 50,200 | | 增加 / 減少 (-) | | | | 0 | | | USD | | 0 | | 本月底結存 | | | 25,100,000,000 | USD | | 0.000002 | USD | | 50,200 | 本 ...

Group 1 - Pharmaceutical stocks are experiencing a strong rally, with notable increases in share prices for companies such as Clover Biopharmaceuticals (up 20.26%), Genscript Biotech (up 15.05%), and others [1] - On September 26, former President Trump announced a 100% tariff on any brand or patented pharmaceutical products starting October 1, 2025, unless companies establish manufacturing facilities in the U.S. [1] - Southwest Securities predicts uncertainty regarding the implementation of this executive order, suggesting that Chinese innovative drug companies heavily reliant on the U.S. market may face short-term pressure [1] - China’s innovative drug companies that engage in business development (BD) overseas are expected to be less affected, particularly those involved in license-out agreements, which are essentially intellectual property transactions [1] - China Post Securities believes the actual impact of the tariffs will be minimal, viewing the current price drop as a good opportunity to increase holdings in innovative drugs [1] Group 2 - From the perspective of catalysts in the innovative drug sector, October will see significant industry conferences such as ESMO (October 17-21), followed by ASH and the San Antonio Breast Cancer Symposium in December [2] - There has been ongoing progress in outbound licensing transactions this year, with several significant deals already completed, indicating potential opportunities for high-quality domestic innovative drugs to enter international markets [2] - The fourth quarter is expected to bring domestic policy implementations, including adjustments to the medical insurance catalog [2]

Core Viewpoint - The company is leveraging technological innovation as a driving force for its drug development, with key products in advanced clinical stages and expected market submissions in the near future [1][2]. Group 1: Product Development and Clinical Trials - The company has two main products, KN026 (HER2 bispecific antibody) and JSKN003 (HER2 bispecific antibody ADC), both in Phase 3 clinical trials, with KN026 expected to submit for market approval for 2L+ HER2-positive gastric cancer in 2025 [1]. - KN026 is involved in three Phase 3 clinical trials, including a combination study with chemotherapy for 2L+ HER2-positive gastric cancer, which has met the primary endpoint for progression-free survival (PFS) [1]. - JSKN003 is also in three Phase 3 clinical trials targeting HER2-positive breast cancer and platinum-resistant recurrent epithelial ovarian cancer [1]. Group 2: Financial Performance and Collaborations - In 2024, the company achieved significant licensing revenue from multiple collaborations, including a $700.8 million deal for KN035 and a $308 million deal for JSKN003, leading to a total revenue of 640 million yuan, a year-on-year increase of 192.6% [2]. - The company turned a profit of 166 million yuan in 2024, marking its first profitable year, while maintaining a stable R&D expenditure of 404 million yuan [2]. - Cash reserves at the end of 2024 stood at 1.571 billion yuan, providing a solid financial foundation for ongoing clinical development [2]. Group 3: Future Outlook and Strategic Focus - The company is focusing on the development of JSKN016 (TROP2/HER3 ADC), which is currently in Phase 2 clinical trials, aiming to enhance efficacy through dual-targeting mechanisms [2]. - The clinical strategy for JSKN016 includes targeting unmet needs in triple-negative breast cancer (TNBC) and EGFR-TKI resistant non-small cell lung cancer (NSCLC) [2]. - Revenue projections for 2025-2027 are estimated at 458 million, 490 million, and 398 million yuan respectively, with a recommendation for investment based on the promising pipeline [3].

ALPHAMAB ONCOLOGY 康寧傑瑞生物製藥 （於開曼群島註冊成立的有限公司） 股份代號 : 9966 2025 中期報告 目錄 頁碼 釋義及技術詞彙 2 公司簡介 10 公司資料 13 財務摘要 16 業務摘要 18 管理層討論與分析 21 企業管治及其他資料 34 頁碼 簡明綜合財務報表審閱報告 50 簡明綜合損益及其他全面收益表 51 簡明綜合財務狀況表 52 簡明綜合權益變動表 54 簡明綜合現金流量表 56 簡明綜合財務報表附註 58 康寧傑瑞生物製藥 2025中期報告 1 釋義及技術詞彙 | 「AACR」 | 指 | 美國癌症研究協會，致力於攻克癌症的成立最早、規模最大的癌 | | --- | --- | --- | | | | 症研究組織之一 | | 「ADC」 | 指 | 抗體偶聯藥物 | | 「ASCO」 | 指 | 美國臨床腫瘤學會 | | 「聯繫人」 | 指 | 具有《上市規則》所賦予的涵義 | | 「審核委員會」 | 指 | 本公司審核委員會 | | 「BC」 | 指 | 乳腺癌 | | 「雙特異性抗體」 | 指 | 就抗體而言，將兩種抗原識別元件組合成單一構建體的抗體，能 | ...

Core Viewpoint - Pharmaceutical stocks are under pressure following the announcement of new tariffs on imported pharmaceutical products by U.S. President Trump, which could significantly impact the industry [1] Group 1: Stock Performance - Companies such as 科济药业-B (02171) saw a decline of 5.11%, trading at 18.37 HKD [1] - 康宁杰瑞制药-B (09966) dropped by 3.48%, with a trading price of 12.22 HKD [1] - 维亚生物 (01873) fell by 3.52%, now priced at 2.47 HKD [1] - 泰格医药 (300347) (03347) decreased by 3.1%, trading at 45.6 HKD [1] Group 2: Tariff Announcement - Starting October 1, the U.S. will impose a 100% tariff on all brands and patented pharmaceutical products [1] - Trump indicated that these tariffs will not apply to companies that build factories in the U.S., defining such facilities as "under construction" [1] Group 3: Policy Context - Trump's administration has focused on "lowering drug prices" and "supply chain repatriation" as key themes in its policies affecting the pharmaceutical industry this year [1]