Core Insights - The company, Kelun Pharmaceutical, has established a strategic partnership with Crescent Biopharma to jointly develop and commercialize oncology treatment methods [1] Group 1: Partnership Details - The collaboration involves two candidate drugs: Kelun's SKB105 and Crescent's CR-001 [1] - Kelun grants Crescent exclusive rights to develop SKB105 in markets outside the US, Europe, and Greater China, while Crescent grants Kelun exclusive rights to develop CR-001 in Greater China [1] Group 2: Financial Aspects - Kelun will receive an upfront payment of $80 million from Crescent and has the potential to earn up to $1.25 billion in milestone payments [1] Group 3: Strategic Implications - This partnership allows Kelun to enhance and diversify its oncology research pipeline by incorporating CR-001 [1]

Core Insights - The company announced a strategic partnership with Crescent Biopharma to jointly develop and commercialize oncology treatments [1] - The collaboration involves two candidate drugs: SKB105 from the company and CR-001 from Crescent [1] - The company grants Crescent exclusive rights to develop SKB105 outside the US, Europe, and Greater China, while Crescent grants the company exclusive rights to develop CR-001 in Greater China [1] Financial Aspects - The company will receive an upfront payment of $80 million from Crescent [1] - There is potential for the company to earn up to $1.25 billion in milestone payments [1] Research and Development - The partnership includes the development of both monotherapy and combination therapy for the two candidate drugs [1] - The collaboration enhances the company's differentiated oncology research pipeline by incorporating CR-001 [1]

此次合作涉及科伦博泰一款靶向整合素β6(ITGB6)并以拓扑异构酶抑制剂为载荷的抗体偶联药物 (ADC)SKB105，以及Crescent一款程序性细胞死亡-1(PD-1)×血管内皮生长因子(VEGF)双特异性抗体CR- 001。这两款候选药物均正在开发用于治疗实体瘤，预计于2026年第一季度开展1/2期单药治疗临床试 验。 人民财讯12月4日电，科伦药业（002422）12月4日公告，公司控股子公司科伦博泰与Crescent Biopharma,Inc.及其全资子公司(合称"Crescent"或"Crescent Biopharma")已建立战略合作伙伴关系，共同 开发和商业化肿瘤治疗手段(包括新型联用疗法)。 ...

Core Viewpoint - The company has established a strategic partnership with Crescent Biopharma to jointly develop and commercialize cancer treatment methods, which includes significant financial arrangements and potential future earnings from sales royalties [1] Financial Arrangements - Sichuan Kelun Botai Biopharmaceutical Co., Ltd. will receive an upfront payment of $80 million from Crescent Biopharma [1] - The company is eligible for up to $1.25 billion in milestone payments based on the partnership's success [1] - Additionally, Kelun Botai will receive tiered royalties ranging from mid-single to low-double digits percentage based on the net sales of SKB105 [1] Additional Financial Terms - Crescent Biopharma will pay an upfront fee of $20 million to Kelun Botai and is eligible for up to $30 million in milestone payments [1] - Crescent will also pay tiered royalties based on the net sales of CR-001, starting from low to mid-single digits percentage [1] Control Change Provisions - If there is a change in control at Crescent or if they enter into sublicensing agreements with third parties, Kelun Botai may receive additional payments [1]

一、合作基本情况 此次合作涉及科伦博泰一款靶向整合素β6(ITGB6)并以拓扑异构酶抑制剂为 载荷的抗体偶联药物(ADC) SKB105，以及 Crescent 一款程序性细胞死亡-1(PD-1) ×血管内皮生长因子(VEGF)双特异性抗体(以下简称"双抗") CR-001。这两款 候选药物均正在开发用于治疗实体瘤，预计于 2026 年第一季度开展 1/2 期单药 治疗临床试验。 根据合作条款，科伦博泰授予 Crescent 在美国、欧洲及所有其他大中华地区 （包括中国大陆、香港、澳门及台湾）以外市场研究、开发、生产和商业化 SKB105 的独家权利。Crescent 则授予科伦博泰在大中华地区研究、开发、生产和商业化 CR-001 的独家权利。此次合作包括开发两款候选药物的单药疗法，以及评估 CR-001 与 SKB105 的联用疗法。科伦博泰及 Crescent 均有权独立开发 CR-001 的其他联用方案，包括 CR-001 与各自专有的 ADC 管线资产联用。 基于此次合作，科伦博泰将向 Crescent 收取 8,000 万美元的首付款，并有资 格收取高达 12.5 亿美元的里程碑付款，以及基于 S ...

Core Viewpoint - Kolon Pharmaceutical's subsidiary, Kolon Biotech, has established a strategic partnership with Crescent Biopharma to jointly develop and commercialize cancer treatment methods, focusing on two drugs for solid tumors [1] Group 1: Partnership Details - The collaboration involves Kolon Biotech's SKB105 and Crescent's CR-001, both aimed at treating solid tumors [1] - Kolon Biotech grants Crescent exclusive rights in markets outside Greater China, while Crescent grants Kolon Biotech exclusive rights in Greater China [1] Group 2: Financial Terms - Kolon Biotech will receive an upfront payment of $80 million, along with up to $1.25 billion in milestone payments and royalties based on sales [1] - Crescent will receive an upfront payment of $20 million, with potential milestone payments of up to $30 million and royalties based on sales [1]

Core Points - The Medical Health R Index (480016) closed at 7284.72 points, down 0.42%, with a trading volume of 17.046 billion yuan and a turnover rate of 0.61% [1] - Among the index constituents, 23 stocks rose while 26 fell, with TeBao Bio leading the gainers at 2.85% and Renfu Pharmaceutical leading the decliners at 3.33% [1] Index Constituents Summary - The top ten constituents of the Medical Health R Index include: - WuXi AppTec (sh603259) with a weight of 13.66%, latest price at 87.62, down 2.01%, and a market cap of 261.437 billion yuan [1] - Hengrui Medicine (sh600276) with a weight of 11.00%, latest price at 60.97, down 0.25%, and a market cap of 404.670 billion yuan [1] - Mindray Medical (sz300760) with a weight of 7.57%, latest price at 199.50, down 0.56%, and a market cap of 241.882 billion yuan [1] - United Imaging Healthcare (sh688271) with a weight of 4.27%, latest price at 128.88, up 0.13%, and a market cap of 106.217 billion yuan [1] - Pianzai Shou (sh600436) with a weight of 3.48%, latest price at 171.48, up 1.33%, and a market cap of 103.457 billion yuan [1] - Aier Eye Hospital (sz300015) with a weight of 3.42%, latest price at 11.35, down 1.30%, and a market cap of 105.843 billion yuan [1] - Kelun Pharmaceutical (sz002422) with a weight of 2.59%, latest price at 34.00, down 0.03%, and a market cap of 54.334 billion yuan [1] - Xinhecheng (sz002001) with a weight of 2.42%, latest price at 24.44, up 0.20%, and a market cap of 75.114 billion yuan [1] - Fosun Pharma (sh600196) with a weight of 2.39%, latest price at 27.05, down 0.15%, and a market cap of 72.235 billion yuan [1] - Ziji Shenzhou (sh688235) with a weight of 2.27%, latest price at 275.20, down 1.59%, and a market cap of 423.995 billion yuan [1] Capital Flow Analysis - The Medical Health R Index constituents experienced a net outflow of 1.159 billion yuan from institutional investors, while retail investors saw a net inflow of 999 million yuan [1] - Detailed capital flow for specific stocks shows: - Health元 (600380) had a net inflow of 34.2431 million yuan from institutional investors [2] - Hengrui Medicine (600276) had a net inflow of 29.9909 million yuan from institutional investors [2] - Long Spring High-tech (000661) had a net inflow of 19.8154 million yuan from institutional investors [2] - The index constituents underwent adjustments, adding four new stocks and removing one [2]

Investment Rating - The report maintains an "Outperform" rating for A-Shares including Jiangsu Heng Rui Medicine, Sichuan Kelun Pharmaceutical, Huadong Medicine, Jiangsu Nhwa Pharmaceutical, Xiamen Amoytop Biotech, Zhejiang Jingxin Pharmaceutical, Innovent Biologics, WuXi AppTec, Hangzhou Tigermed Consulting, Lepu Medical, and APT Medical [2][4][29] - The report also maintains an "Outperform" rating for H-Shares including Hansoh Pharmaceutical Group, 3SBio, PATEO, Akeso, and related targets such as Innovent Biologics and WuXi AppTec (H-Shares) [2][7][29] Core Insights - The report continues to recommend the innovative drug and device industry chain [1][2] - In November 2025, the pharmaceutical sector underperformed the broader market, with the SW Pharma Bio index falling by 3.6% compared to a 1.7% drop in the SHCOMP [2][10] - The premium of the pharmaceutical sector to all A-Shares is currently at a normal level of 72.6% as of the end of November 2025 [17][22] Summary by Sections A-Shares Performance - The report highlights the A-Shares that are recommended for investment, maintaining an "Outperform" rating for several companies, including Jiangsu Heng Rui Medicine and Sichuan Kelun Pharmaceutical, among others [4][5] - The report notes that the pharmaceutical sector's performance was ranked 23rd among Shenwan's first-level industries in November 2025 [10][12] H-Shares Performance - The report indicates that the H-Shares pharmaceutical sector performed in line with the market, with the Hang Seng Healthcare index down by 0.1% and the biotech sector up by 0.4% in November 2025 [2][23] - Top gainers in the H-Shares market included Laekna, Inc. (+40%) and Clover Biopharmaceuticals, Ltd. (+22%) [23] U.S. Market Performance - The U.S. pharmaceutical sector outperformed the broader market in November 2025, with the S&P Healthcare Select Sector rising by 9.1% compared to a 0.1% increase in the S&P 500 [23]

Core Viewpoint - The report highlights the trends and statistics in the Chinese chemical pharmaceutical industry, indicating a slight decline in production while maintaining overall growth in the first nine months of 2025 [1]. Industry Summary - In September 2025, the production of chemical pharmaceutical raw materials in China was 295,000 tons, representing a year-on-year decrease of 3.6% [1]. - Cumulatively, from January to September 2025, the total production of chemical pharmaceutical raw materials reached 2.721 million tons, showing a cumulative growth of 1.2% [1]. - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, a leading industry consulting firm in China [1]. Company Summary - Listed companies in the chemical pharmaceutical sector include Heng Rui Medicine (600276), East China Pharmaceutical (000963), Lizhu Group (000513), Baiyunshan (600332), North China Pharmaceutical (600812), Haizheng Pharmaceutical (600267), Fosun Pharmaceutical (600196), Kelun Pharmaceutical (002422), Enhua Pharmaceutical (002262), and Xianju Pharmaceutical (002332) [1].

Core Insights - Indian pharmaceutical companies have made significant inroads into the Chinese market, winning multiple bids in the latest national drug procurement round, with prices drastically lower than original branded drugs, indicating a new competitive phase in the market [1][2] - The entry of Indian generics is seen as a major challenge for domestic Chinese generic drug manufacturers, who face both internal and external pressures [1][2] Group 1: Indian Pharmaceutical Companies' Market Entry - Indian companies like Hetero Labs, Cipla, Annora Pharma, and Natco Pharma have collectively won bids for seven drug varieties, marking a record for Indian firms in China's national procurement [1] - Hetero Labs' bid price of 0.215 yuan per tablet is significantly lower than AstraZeneca's original drug price of 4.36 yuan, showcasing the competitive pricing strategy of Indian generics [1] - Indian pharmaceutical firms have prepared extensively for the Chinese market, with many holding multiple registration certificates and having passed consistency evaluations for generics [2] Group 2: Competitive Advantages of Indian Generics - Indian companies benefit from lower production costs, with labor costs being 1/2 to 1/3 of those in China, and significantly lower costs for bioequivalence testing [2] - The production capacity utilization of Indian firms is around 50%, allowing them to offer competitive pricing due to excess capacity [2] - India has become the largest exporter of generics globally, supplying 20% of the world's generics and meeting 40% of the U.S. demand for generics [3] Group 3: Challenges for Chinese Generic Drug Companies - Despite having a large number of pharmaceutical companies, China struggles with quality issues, with many generics failing to meet the efficacy of original drugs [5] - Chinese generic drug companies face significant challenges from price pressures due to national procurement policies and the potential market entry of Indian generics [6] - Companies like Huahai Pharmaceutical and Kelun Pharmaceutical are already experiencing revenue declines and margin pressures due to these competitive dynamics [6] Group 4: Strategies for Chinese Pharmaceutical Companies - Chinese firms are encouraged to enhance R&D investments, focusing on complex formulations and first-generic drugs to differentiate themselves [7] - Expanding into international markets is another strategy, with companies like Ganli Pharmaceutical successfully securing large contracts in Brazil [7] - Smaller companies are advised to specialize in niche areas such as rare diseases and high-tech generics to avoid direct competition with Indian firms [7] Conclusion - The competition in the pharmaceutical market is shifting from national origin to quality, with Indian generics leveraging their scale and cost advantages [8] - The ongoing competition may lead to significant transformations within the industry, with some companies thriving while others may exit the market [8]