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 ...

智通财经APP获悉，医药股再度强势，截至发稿，三叶草生物-B(02197)涨20.26%，报2.73港元；歌礼制 药-B(01672)涨15.05%，报11.47港元；康宁杰瑞制药-B(09966)涨11.02%，报15.21港元；药明合联 (02268)涨6.96%，报83.75港元；君实生物(01877)涨6.7%，报32.5港元。 消息面上，9月26日，美国总统特朗普宣布，从2025年10月1日起，将对任何品牌或专利的医药产品征收 100%的关税，除非公司正在美国建立他们的制药工厂。西南证券判断，预计该行政命令落地存在不确 定性。对中国创新药企而言，预计有直接创新药出口无美国建厂且对美国市场依赖度高的企业短期承 压；其余通过BD出海企业受影响较小，以License-out为例，其本质是知识产权交易，不涉及实体药品 出口，因此该政策对中国药企影响有限。中邮证券也表示，关税实际影响小，下跌为创新药加仓良机。 兴业证券指出，从创新药板块催化剂角度，进入10月将迎来ESMO（（10月17日-10月21日），此外12 月还有ASH（美国血液学学会）、圣安东尼奥乳腺癌大会等行业会议。另一方面，今年的对外授权交易 持 ...

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]

Group 1 - Pharmaceutical stocks are under pressure, with notable declines: 科济药业-B down 5.11% to 18.37 HKD, 康宁杰瑞制药-B down 3.48% to 12.22 HKD, 维亚生物 down 3.52% to 2.47 HKD, and 泰格医药 down 3.1% to 45.6 HKD [1] - On September 25, President Trump announced a new round of high tariffs on various imported products, including a 100% tariff on all brands and patented pharmaceutical products starting October 1 [1] - The tariffs will not apply to companies that build factories in the U.S., defined by Trump as "under construction" [1] Group 2 - Trump's policies this year have focused on the pharmaceutical industry, with key themes being "lower drug prices" and "supply chain repatriation" [1]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is moving towards a harvest period with multiple licensing collaborations validating its platform value [1]. - The company achieved its first profit in 2024, driven by significant licensing income and a strong focus on R&D [6][22]. - The company has a robust pipeline of HER2-targeted products, with key candidates in late-stage clinical trials [6][25]. Summary by Sections 1. Technical Innovation as a Driver - The company focuses on antibody-drug conjugates (ADC) and bispecific antibodies, leveraging core technologies for differentiated cancer immunotherapy [11]. - The management team has extensive experience in research and development, ensuring innovation and operational efficiency [11][19]. - The company has secured multiple high-value licensing agreements, enhancing its platform and pipeline value [19][20]. 2. HER2-targeted Product Strategy - The company has three HER2-targeted products, including KN026 (HER2 bispecific antibody) and JSKN003 (HER2 bispecific ADC), positioned for various cancer indications [25][30]. - KN026 is expected to submit a domestic application for 2L+ HER2-positive gastric cancer by 2025, with promising clinical data [30][34]. - JSKN003 has a commercial collaboration with a partner, with a total transaction value of 30.8 billion RMB [39]. 3. JSKN016 (TROP2/HER3 ADC) Development - JSKN016 is being explored for both monotherapy and combination treatments, targeting high-expression TROP2 and HER3 in various tumors [7][25]. - The drug is in clinical phase 2, focusing on unmet needs in triple-negative breast cancer and EGFR-TKI resistant non-small cell lung cancer [7][25]. 4. Financial Performance and Projections - The company achieved a revenue of 6.4 billion RMB in 2024, a year-on-year increase of 192.6%, with a profit of 1.66 billion RMB [22][23]. - The R&D expenditure for 2024 was maintained at 4.04 billion RMB, ensuring continued investment in clinical development [22][24]. - Revenue projections for 2025-2027 are estimated at 4.58 billion RMB, 4.90 billion RMB, and 3.98 billion RMB respectively [6][25].

Core Viewpoint - Corning Jereh Pharmaceutical-B (09966) saw a stock increase of over 4%, currently trading at HKD 12.54 with a transaction volume of HKD 43.1641 million, following the acceptance of its new drug application for KN026 by the National Medical Products Administration (NMPA) [1] Group 1: Company Developments - The new drug application (NDA) for KN026, a monoclonal antibody injection developed in collaboration with Shanghai Jinmant Biotech Co., Ltd., has been accepted by NMPA [1] - KN026 is being submitted as a Class 1 new drug for treatment, specifically for HER2-positive locally advanced, recurrent, or metastatic gastric/gastroesophageal junction adenocarcinoma that has failed at least one systemic treatment including trastuzumab [1] - KN026 is the first HER2 bispecific antibody drug in China to achieve positive results in the second-line treatment of gastric cancer, addressing a gap in the market where no anti-HER2 drugs have been approved for this indication [1] Group 2: Clinical Research Progress - Multiple key Phase III clinical studies for KN026 targeting gastric and breast cancer indications are currently progressing smoothly, with the potential to benefit more patients [1]