Core Viewpoint - Corning Pharmaceutical-B (09966) experienced a significant stock price increase of 8.86%, reaching HKD 10.08, with a trading volume of HKD 18.195 million following the release of its interim results for the six months ending June 30, 2025 [1] Financial Performance - The company reported a revenue of RMB 319 million, representing an 84.05% year-on-year increase [1] - The net profit for the period was RMB 21.575 million, a turnaround from a loss of RMB 44.896 million in the same period last year, indicating a successful recovery [1] - Basic earnings per share were reported at RMB 0.02 [1] Research and Development Expenditure - R&D expenses increased from RMB 194.5 million for the six months ending June 30, 2024, to RMB 253.2 million for the current reporting period, an increase of RMB 58.7 million [1] - The rise in R&D spending is attributed to an increase in the number of ongoing clinical trials, expansion of clinical research scale, and progress in clinical trials for candidate drugs [1]

Core Insights - Corning Pharmaceutical-B (09966.HK) reported a revenue of RMB 319 million for the six months ending June 30, 2025, representing an 84.1% year-on-year increase [1] - The gross profit reached RMB 288 million, marking a 101.9% year-on-year growth [1] - The profit attributable to the company's owners for the period was RMB 21.575 million [1] - Research and development expenses amounted to RMB 253 million, compared to RMB 195 million in the same period last year [1] Group 1: R&D and Product Pipeline - The company has a highly differentiated internal pipeline consisting of ADCs, monoclonal antibodies, and bispecific antibodies at various stages of development, including one product approved by the National Medical Products Administration and several in Phase III or pivotal clinical trials [1] - The depth and breadth of the company's independent R&D and manufacturing capabilities are highlighted by its structural-guided protein engineering capabilities, allowing for the development of various protein constructs, including single-domain antibodies (sdAb) and engineered proteins [2] - The company has proprietary platforms such as the sdAb platform, CRIB platform, glycan-specific conjugation platform, linker-payload platform, subcutaneous high-concentration formulation platform, and glycan-specific conjugation bispecific payload platform [2] Group 2: Manufacturing Capacity - The company is enhancing its manufacturing capabilities by designing and constructing new facilities that comply with the current Good Manufacturing Practice standards of the National Medical Products Administration, European Medicines Agency, and FDA, with an expected total capacity exceeding 40,000 liters [2] - A newly built ADC bulk and formulation production workshop has already commenced operations, adding to the existing production capacity [2]

Group 1 - The company reported a revenue of 319 million RMB for the six months ending June 30, 2025, representing a year-on-year increase of 84.05% [1] - The company achieved a profit of 21.575 million RMB during the period, compared to a loss of 44.896 million RMB in the same period last year, indicating a turnaround to profitability [1] - The basic earnings per share for the company were 0.02 RMB [1]

[ALPHAMAB ONCOLOGY Interim Results Announcement for the Six Months Ended June 30, 2025](index=1&type=section&id=ALPHAMAB%20Oncology%20Interim%20Results%20Announcement) [Overview of Announcement](index=1&type=section&id=Overview%20of%20Announcement) ALPHAMAB Oncology is pleased to announce its unaudited condensed consolidated interim results for the six months ended June 30, 2025, with comparative data for the same period in 2024 [Financial Highlights](index=1&type=section&id=Financial%20Highlights) This section provides a concise overview of the company's interim financial performance and position [Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Summary%20of%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company achieved significant revenue growth, turned from loss to profit, substantially increased gross profit and total comprehensive income, despite higher R&D expenses | Indicator | 2025 (thousand RMB) | 2024 (thousand RMB) | | :--- | :--- | :--- | | Revenue | 319,438 | 173,561 | | Cost of Sales | (31,257) | (30,807) | | Gross Profit | 288,181 | 142,754 | | Other Income | 27,211 | 39,786 | | Other Gains and Losses | (2,334) | 7,293 | | Research and Development Expenses | (253,163) | (194,531) | | Administrative Expenses | (34,375) | (34,635) | | Finance Costs | (3,945) | (5,563) | | Profit (Loss) Before Tax | 21,575 | (44,896) | | Income Tax Expense | – | – | | Profit (Loss) for the Period | 21,575 | (44,896) | | Total Comprehensive Income (Expense) for the Period | 21,876 | (44,614) | [Summary of Condensed Consolidated Statement of Financial Position](index=2&type=section&id=Summary%20of%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's current assets and net assets increased, alongside a rise in current liabilities, maintaining a stable overall asset structure | Indicator | As of June 30, 2025 (thousand RMB) | As of December 31, 2024 (thousand RMB) | | :--- | :--- | :--- | | Non-current Assets | 523,765 | 530,406 | | Current Assets | 1,835,164 | 1,711,349 | | Non-current Liabilities | 135,249 | 155,827 | | Current Liabilities | 368,699 | 254,044 | | Net Assets | 1,854,981 | 1,831,884 | [Business Overview](index=2&type=section&id=Business%20Overview) This section summarizes the company's business developments, profile, product pipeline, and technology platforms [Key Business Progress During the Reporting Period](index=2&type=section&id=Key%20Business%20Progress%20During%20the%20Reporting%20Period) During the reporting period, the company achieved significant clinical research and IND application progress across multiple drug pipelines, including first patient dosing, results publication, and breakthrough therapy designations - Phase II clinical study results of KN026 combined with docetaxel for HER2+ recurrent or metastatic breast cancer have been fully published in 'Cancer Communications'[6](index=6&type=chunk) - Phase I/II clinical trial of JSKN033 for advanced metastatic malignancies completed first patient dosing, with dose escalation completed and cohort expansion ongoing; concurrently, a Phase II clinical trial for JSKN033 in HER2-mutated/expressing non-small cell lung cancer has been initiated[6](index=6&type=chunk) - JSKN003 received CDE approval to initiate a Phase III clinical trial for HER2+ breast cancer patients, with first patient dosing completed; simultaneously, a Phase III clinical trial for JSKN003 in platinum-resistant recurrent ovarian cancer also completed first patient dosing[6](index=6&type=chunk) - Full results of the Phase II clinical study of KN046 combined with lenvatinib for unresectable advanced or metastatic hepatocellular carcinoma have been published in 'Nature Communications'[7](index=7&type=chunk) - IND applications for JSKN016 combined with chemotherapy/immunotherapy/TKI for multiple cohorts in first-line and later-line NSCLC treatment received CDE approval, with dose confirmation completed; Phase II clinical trials for JSKN016 monotherapy in multiple NSCLC cohorts are ongoing[7](index=7&type=chunk) - JSKN003 received Breakthrough Therapy Designation from CDE for the treatment of platinum-resistant ovarian cancer, regardless of HER2 expression level[7](index=7&type=chunk) - Phase II/III clinical trial of KN026 combined with chemotherapy for second-line and above HER2+ gastric cancer completed its first PFS interim analysis, meeting the primary endpoint and showing an OS benefit trend[7](index=7&type=chunk) - Three Phase II clinical study results for KN035 (Envafolimab) as monotherapy or in combination were presented at the 2025 ASCO Annual Meeting, with an additional eight clinical study results published online[9](index=9&type=chunk) - JSKN003 received Orphan Drug Designation from the US FDA for gastric cancer/gastroesophageal junction cancer, and FDA approval to conduct a Phase II clinical study in the US for platinum-resistant ovarian cancer, regardless of HER2 expression level[9](index=9&type=chunk) - IND application for JSKN022 in Phase I clinical trials for advanced solid tumors has been accepted by CDE[9](index=9&type=chunk) [Company Profile and Mission](index=5&type=section&id=Company%20Profile%20and%20Mission) ALPHAMAB Oncology is a leading Chinese biopharmaceutical company focused on ADC, bispecific antibodies, and multifunctional protein engineering, committed to providing innovative biologics to global patients - The company is a leading biopharmaceutical company in China, possessing comprehensive proprietary technology platforms for ADC, bispecific antibodies, and multifunctional protein engineering[10](index=10&type=chunk) - Its mission is to provide world-class innovative therapeutic biologics to global patients by leveraging its unique drug discovery and development capabilities[10](index=10&type=chunk) [Product Pipeline](index=5&type=section&id=Product%20Pipeline) The company boasts a highly differentiated in-house pipeline covering ADCs, oncology monoclonal antibodies, and bispecific antibodies, with multiple products in Phase III or pivotal clinical trials, and KN035 already approved for market - The product pipeline comprises ADCs, oncology monoclonal antibodies, and bispecific antibodies at various R&D stages, including one product approved by the NMPA and multiple products in Phase III or pivotal clinical trials[11](index=11&type=chunk) Overview of Key Product Pipeline | Candidate Drug | Indication | Combination Therapy | IND | Phase I | Phase II | Pivotal Clinical (Phase II/III) | NDA | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | KN035 (Subcutaneous PD-L1) | ≥2L MSI-H/dMMR Advanced Solid Tumors | Monotherapy | | | | | ✅ | | KN026 (HER2/HER2 Bispecific Antibody) | 1L HER2+ BC HER2+ BC Neoadjuvant 1L HER2+ GC/GEJ | +Albumin Docetaxel +Albumin Docetaxel Planned | | | | ✅ ✅ Ongoing | | | JSKN003 (HER2 Bispecific ADC) | Later-line HER2-low BC Platinum-resistant Ovarian Cancer ≥2L HER2+ BC HER2-expressing Solid Tumors Platinum-resistant Ovarian Cancer 1 1L HER2+ GC/GEJ HER2-negative BC | Monotherapy Monotherapy Monotherapy Monotherapy Monotherapy +IO/Chemotherapy Monotherapy | | | | ✅ ✅ ✅ Ongoing Ongoing Ongoing | | | JSKN016 (HER3/TROP2 Bispecific ADC) | NSCLC NSCLC HER2-negative BC Other Advanced Solid Tumors | Monotherapy Combination Combination Monotherapy | | | Ongoing Ongoing Ongoing Ongoing | | | JSKN033 (Subcutaneous formulation of JSKN003 and KN035) | Advanced Solid Tumors HER2-mutated/expressing NSCLC | Monotherapy Monotherapy | | Ongoing Ongoing | | | | | JSKN022 (PD-L1/αvβ6 Bispecific ADC) | Advanced Solid Tumors 2 | Monotherapy | Ongoing | | | | | | KN046 (PD-L1/CTLA-4 Bispecific Antibody) | 1L Squamous NSCLC | +Chemotherapy | | | | Ongoing | | [Core Technology Platforms and Manufacturing Capabilities](index=6&type=section&id=Core%20Technology%20Platforms%20and%20Manufacturing%20Capabilities) The company possesses structure-guided protein engineering capabilities and proprietary platforms, including sdAb and CRIB, and is expanding its manufacturing facilities to exceed 40,000L total capacity, compliant with international standards - Possesses structure-guided protein engineering capabilities, enabling the development of various protein building block formats[12](index=12&type=chunk) - Proprietary platforms developed in-house include the sdAb platform, CRIB platform, glycan-specific conjugation platform, linker-payload platform, subcutaneous high-concentration formulation platform, and glycan-specific dual-payload conjugation platform[12](index=12&type=chunk) - Leading manufacturing capabilities will be further enhanced through the design and construction of new facilities compliant with NMPA, EMA, and FDA current Good Manufacturing Practice standards, with an expected total capacity exceeding **40,000L**[12](index=12&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the company's financial performance, balance sheet, liquidity, and funding sources [Financial Performance Overview](index=7&type=section&id=Financial%20Performance%20Overview) For the six months ended June 30, 2025, the company's total revenue grew to

Market Overview - The Hong Kong stock market failed to maintain its strong performance from the previous day, with all three major indices experiencing a collective adjustment. The Hang Seng Index fell by 1.18% or 304.99 points, closing at 25,524.92 points, with a total trading volume of HKD 31.78 billion. The Hang Seng China Enterprises Index decreased by 1.07% to 9,148.66 points, while the Hang Seng Tech Index dropped by 0.74% to 5,782.24 points [1] Blue-Chip Stocks Performance - CSPC Pharmaceutical Group (01093) led the decline among blue-chip stocks, falling by 4.33% to HKD 10.38, with a trading volume of HKD 1.797 billion, contributing a loss of 6.04 points to the Hang Seng Index. Bank of America Securities reported a 14.3% year-on-year decline in total revenue for CSPC in Q2, with attributable net profit down 24% to RMB 1.1 billion. The firm revised its revenue forecasts for 2025 to 2027 down by 25%, 2%, and 11% respectively [2] Sector Highlights - Large technology stocks mostly declined, with Alibaba down 2.57% and Tencent down 0.81%. Gold stocks surged, with China Gold International rising over 10%. Apple is expected to initiate a three-year innovation cycle, boosting related stocks like Lens Technology, which rose over 5%. Gaming stocks and some new consumption concepts performed well, with Melco International Development up over 9% [3][5] Federal Reserve Insights - Federal Reserve Chairman Jerome Powell indicated rising downside risks in the U.S. labor market, suggesting a potential policy adjustment could be appropriate. This statement is seen as a strong signal for a possible interest rate cut as early as September. The market reacted positively, particularly for precious metals, with expectations for further increases in gold prices [4] Gaming Sector Performance - The gaming sector continued its upward trend, with Melco International Development rising 9.27% to HKD 5.54. According to JPMorgan, Macau's gaming revenue for the first 24 days of August reached MOP 17.65 billion, with a daily average of MOP 735 million, reflecting a 9% increase from the previous week [6] Pharmaceutical Sector Challenges - The pharmaceutical sector faced pressure, with several stocks declining. Notably, CStone Pharmaceuticals (09966) fell 6.74% to HKD 10.24. U.S. President Trump's announcement to drastically reduce drug prices could create significant challenges for the global pharmaceutical industry, presenting both opportunities and risks for Chinese biotech stocks [6] Notable Stock Movements - Double Ended Co. (06960) debuted with a 31.29% increase, closing at HKD 19.05. The company focuses on energy storage solutions in the data and communication sectors, with a projected market share of 11.1% by 2024 [7] - Kingsoft Holdings (03918) reached a new high, rising 17.94% to HKD 5.72, reporting a 16.76% year-on-year revenue increase to USD 342 million [8] - Angelalign Technology (06699) saw a 10.28% increase to HKD 75.1, with a 33.1% year-on-year revenue growth reported [9] - Meitu Inc. (01357) rose 7.9% to HKD 11.47 after being included in the MSCI China Index, with Morgan Stanley expressing confidence in its long-term growth potential [10] - Xintai Medical (02291) experienced a significant drop of 12.75% to HKD 23.96 following a major shareholder's sale of shares [11]

Core Viewpoint - 康宁杰瑞制药-B's stock price increased by 14.03% to HKD 10.81, with a trading volume of HKD 73.86 million, following the announcement of a board meeting to approve mid-term results [1] Financial Performance - The company expects to report a profit of no less than RMB 20 million for the first half of the year, compared to a loss of approximately RMB 44.90 million in the same period last year [1] - The turnaround from loss to profit is attributed to milestone revenues from three licensing agreements and sales revenue from commercialized products [1] Product Development - The clinical trial application for JSKN022, a dual-specific antibody-drug conjugate targeting PD-L1 and integrin αvβ6, has been officially accepted by the National Medical Products Administration of China [1] - The company plans to initiate the first human clinical study for JSKN022 aimed at treating advanced malignant solid tumors [1] - Currently, there are no marketed antibody-drug conjugates targeting integrin αvβ6 or PD-L1 globally, with related investigational drugs still in clinical research stages [1]

Core Viewpoint - Corning Jereh Pharmaceutical-B (09966) has seen a significant stock price increase of 14.03%, reaching HKD 10.81, with a trading volume of HKD 73.86 million, ahead of its upcoming board meeting to approve mid-term results [1] Financial Performance - The company expects to report a profit of no less than RMB 20 million for the first half of the year, a turnaround from a loss of approximately RMB 44.9 million in the same period last year [1] Business Developments - The turnaround to profitability is attributed to milestone revenues from three authorized collaborations and sales revenue from commercialized products [1] - The company’s self-developed PD-L1/integrin αvβ6 bispecific antibody-drug conjugate (ADC) JSKN022 has had its new drug clinical trial application formally accepted by the Center for Drug Evaluation of the National Medical Products Administration of China [1] - The company plans to initiate the first human clinical study of JSKN022 for the treatment of advanced malignant solid tumors, with no currently marketed ADCs targeting integrin αvβ6 or PD-L1 globally, and related investigational drugs are still in clinical research stages [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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ALPHAMAB ONCOLOGY 本公司謹此對該公告補充以下有關支付條款的資料。 支付條款 根據技術開發合同，江蘇康寧傑瑞同意於簽署合同後向蘇州康寧傑瑞支付人民幣 3,072,000元的首期付款，並啟動項目。餘下人民幣7,168,000元將以四筆里程碑付 款的形式支付，各款項與項目的具體交付成果及階段掛鈎。各里程碑付款的金額 及時間表乃由各方經公平磋商後釐定，確保符合相應交付成果及項目進度的工作 量、複雜程度及重要程度，包括完成工藝開發與確認、毒理批次的研製及放行檢 測及交付穩定性研究數據。 倘蘇州康寧傑瑞未能於截至2028年7月31日止三年內交付技術成果，江蘇康寧傑 瑞毋須支付額外款項。 1 除上文所披露者外，該公告所載的所有資料維持不變。本公告為該公告的補充， 應與該公告一併閱讀。 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） 補充公告 關連交易－與蘇州康寧傑瑞的技術 ...

Core Viewpoint - 康宁杰瑞制药-B (09966) has experienced a significant stock price increase, reflecting positive market sentiment ahead of its upcoming board meeting to approve mid-term results, which are expected to show a profit turnaround [1] Financial Performance - The company anticipates a profit of no less than RMB 20 million for the first half of the year, a notable improvement from a loss of approximately RMB 44.9 million in the same period last year [1] - The turnaround to profitability is attributed to milestone revenues from three authorized collaborations and sales revenue from commercialized products [1] Product Development - 康宁杰瑞制药 has announced that its self-developed PD-L1/integrin αvβ6 bispecific antibody-drug conjugate (ADC) JSKN022 has received formal acceptance for clinical trial application from the China National Medical Products Administration [1] - The company plans to initiate the first human clinical study of JSKN022 for the treatment of advanced malignant solid tumors [1] - Currently, there are no marketed ADCs targeting integrin αvβ6 or PD-L1 globally, and related investigational drugs are still in clinical research stages [1]

Core Viewpoint - Corning Jereh Pharmaceutical-B (09966) has seen a significant stock price increase, rising over 7% and currently trading at 9.59 HKD, with a trading volume of 32.19 million HKD. The company is set to hold a board meeting on August 28 to approve its mid-term performance, with expectations of a profit of no less than 20 million RMB for the first half of the year, compared to a loss of approximately 44.90 million RMB in the same period last year. The turnaround is attributed to milestone revenues from three authorized collaborations and sales from commercialized products. Additionally, the company has received acceptance for its clinical trial application for the dual-specific antibody-drug conjugate JSKN022, aimed at treating advanced malignant solid tumors, marking a significant development in the market as no similar targeted ADCs are currently available globally [1][1][1]. Financial Performance - The company anticipates a profit of at least 20 million RMB for the first half of the year, a notable recovery from a loss of around 44.90 million RMB in the previous year [1][1][1]. - The financial turnaround is primarily driven by milestone revenues from three authorized collaborations and sales from commercialized products [1][1][1]. Product Development - Corning Jereh Pharmaceutical has announced that its self-developed dual-specific antibody-drug conjugate JSKN022 has had its clinical trial application formally accepted by the National Medical Products Administration of China [1][1][1]. - The planned clinical study for JSKN022 will focus on treating advanced malignant solid tumors, with no existing targeted ADCs for integrin αvβ6 or PD-L1 currently available on the market [1][1][1].