Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it is expected to outperform the overall market in the next six months [30]. Core Insights - The pharmaceutical sector saw a weekly increase of 0.6%, while the Shanghai Composite Index rose by 2.9% during the same period. The pharmaceutical index ranked 25th among 31 sub-industries [3][5]. - Notable collaborations include a strategic partnership between Innovent Biologics and Takeda Pharmaceutical, valued at up to $11.4 billion, which includes an upfront payment of $1.2 billion [4][13]. - Key clinical trial results presented at the 2025 ESMO conference highlighted significant advancements in cancer treatments, with several companies reporting promising outcomes in their respective studies [4][14][17]. Market Performance - The pharmaceutical sector's overall valuation stands at 30.4 times earnings, ranking 9th among 31 primary industries [7][5]. - Various sub-sectors showed mixed performance, with medical devices and medical consumables performing relatively well, while traditional Chinese medicine and chemical preparations faced declines [7][5]. Key Events - The report notes that 99 A-share pharmaceutical companies released their Q3 2025 earnings, with a total revenue of 94.15 billion yuan, reflecting a year-on-year growth of 1.3% [19][21]. - Significant clinical trial results from companies like Kintor Pharmaceutical and Zai Lab were highlighted, showcasing their innovative approaches to cancer treatment [14][17][18]. Company Recommendations - The report recommends focusing on innovative drug companies and those with improving performance in medical devices and CXO sectors, listing companies such as Hengrui Medicine, Changchun High-tech, and Mindray Medical as key investment targets [4][19].

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it is expected to outperform the overall market [32]. Core Insights - The report highlights that the Shenwan Pharmaceutical and Biological Index increased by 0.6% this week, while the Shanghai Composite Index rose by 2.9% and the Wind All A (excluding financials and petrochemicals) increased by 3.7% [4][6]. - The pharmaceutical sector's overall valuation stands at 30.4 times earnings, ranking 9th among 31 Shenwan primary industries [4][8]. - Significant collaborations and clinical trial results were reported, including a $11.4 billion global strategic partnership between Innovent Biologics and Takeda Pharmaceutical, which includes a $1.2 billion upfront payment [5][13]. - Key clinical trial results presented at the 2025 ESMO conference showed promising outcomes for several drugs, indicating advancements in treatment efficacy for various cancers [14][18][19]. Market Performance - The report details the performance of various sub-sectors within the pharmaceutical industry, with notable increases in medical devices (+0.2%), medical consumables (+1.7%), and medical research outsourcing (+5.5%), while traditional Chinese medicine and other biological products saw declines [4][8]. - The report also notes that 99 A-share pharmaceutical companies released their Q3 2025 earnings, with a total revenue of 94.15 billion yuan, reflecting a 1.3% year-on-year increase [20][22]. Key Events - The report mentions that Bairui Tianheng has passed the Hong Kong Stock Exchange hearing and is in the process of listing its H-shares [12]. - The report emphasizes the importance of the 2025 ESMO conference, where several companies presented significant clinical data, enhancing their market visibility and potential investment attractiveness [14][17][18]. Company Recommendations - The report recommends focusing on innovative drug sectors and companies with improving performance in medical devices and upstream sectors, including companies like Hengrui Medicine, Changchun High-tech, and Mindray Medical [5][20].

Core Viewpoint - Hutchison China MediTech Limited (HCM) is set to present preclinical data for HMPL-A251, a novel PI3K/AKT/mTOR (PAM)-HER2 antibody-drug conjugate (ATTC), at the AACR-NCI-EORTC International Conference on Molecular Targeted Therapy and Cancer Therapeutics in Boston from October 22 to 26, 2025 [1] Group 1: Product Overview - HMPL-A251 is designed to combine HER2-targeted therapy with PAM pathway inhibition, aiming to overcome the limitations of traditional antibody-drug conjugates (ADCs) and single PAM inhibitors [1] - The drug utilizes a highly selective and potent PI3K/PIKK inhibitor as the payload, conjugated to a humanized anti-HER2 IgG1 antibody via a cleavable linker [1] Group 2: Preclinical Efficacy - In vitro studies show that the PI3K/PIKK inhibitor payload exhibits strong, selective, and broad anti-tumor activity across 130 tumor cell lines [2] - HMPL-A251 demonstrates HER2-dependent anti-tumor activity, effectively inhibiting the growth of HER2-positive tumor cells regardless of PAM pathway alterations [2] - The compound also shows a bystander effect on HER2-negative cells when co-cultured with HER2-positive cells [2] Group 3: Safety and Efficacy - The ATTC design emphasizes the precise delivery of regulatory pathway-modulating payloads to tumor tissues, enhancing long-term safety compared to traditional ADCs [3] - HMPL-A251 has shown superior anti-tumor efficacy and tolerability compared to naked antibodies and payload combination therapies in in vivo models [3] - The drug induces tumor regression in various models, including HER2-positive and low HER2 expression models, with efficacy closely linked to payload concentration and target inhibition [3] Group 4: Future Development Plans - HCM plans to initiate global clinical trials for HMPL-A251 by the end of 2025 and submit multiple global new drug clinical trial applications for other ATTC candidates in 2026 [4] - The ATTC platform represents a new generation of precision cancer therapies, combining monoclonal antibodies with proprietary targeted small molecule inhibitors for dual action mechanisms [4][5]

Core Viewpoint - Hutchison China MediTech Limited (HCM) is set to present preclinical data for HMPL-A251, a novel PI3K/AKT/mTOR (PAM)-HER2 antibody-drug conjugate (ATTC), at the AACR-NCI-EORTC International Conference on Molecular Targeted Therapy and Cancer Therapeutics in Boston from October 22 to 26, 2025 [1] Group 1: Product Overview - HMPL-A251 is designed to combine HER2-targeted therapy with PAM pathway inhibition, aiming to overcome the limitations of traditional antibody-drug conjugates (ADCs) and single PAM inhibitors [1] - The drug utilizes a highly selective and potent PI3K/PIKK inhibitor as the payload, conjugated to a humanized anti-HER2 IgG1 antibody via a cleavable linker [1] Group 2: Preclinical Efficacy - In vitro studies show that the PI3K/PIKK inhibitor payload exhibits strong, selective, and broad anti-tumor activity across 130 tumor cell lines [2] - HMPL-A251 demonstrates HER2-dependent anti-tumor activity, effectively inhibiting the growth of HER2-positive tumor cells regardless of PAM pathway alterations [2] - The compound also shows a bystander effect on HER2-negative cells when co-cultured with HER2-positive cells [2] Group 3: Safety and Efficacy - The ATTC design emphasizes the precise delivery of regulatory pathway-modulating payloads to tumor tissues, enhancing long-term safety compared to traditional cytotoxic ADCs [3] - HMPL-A251 outperforms naked antibodies and payload combination therapies in anti-tumor efficacy and tolerability in vivo [3] - The drug induces tumor regression in various models with a single intravenous injection, showing efficacy correlated with payload concentration and target inhibition [3] Group 4: Future Development Plans - HCM plans to initiate global clinical trials for HMPL-A251 by the end of 2025 and submit multiple global new drug clinical trial applications for other ATTC candidates in 2026 [4] - The ATTC platform represents a new generation of precision cancer therapies, combining monoclonal antibodies with proprietary targeted small molecule inhibitors for enhanced anti-tumor activity and safety [4][5]

Core Insights - HUTCHMED announced preclinical data for HMPL-A251, a first-in-class PI3K/AKT/mTOR-HER2 Antibody-Targeted Therapy Conjugate, at the AACR-NCI-EORTC International Conference, showcasing its potential in cancer treatment [1][5] Summary by Sections Drug Candidate Overview - HMPL-A251 utilizes HUTCHMED's ATTC technology platform to create targeted therapy payloads while reducing associated toxicities [1] - The drug is designed to exploit the advantages of antibody-conjugates, featuring a highly potent PI3K/PIKK inhibitor payload linked to a humanized anti-HER2 IgG1 antibody [1][2] Mechanism of Action - The PI3K/PIKK inhibitor payload demonstrated high potency and selectivity across 130 tumor cell lines, inducing apoptosis in HER2-positive cells regardless of PAM pathway alterations [3] - HMPL-A251 showed a bystander effect on HER2-null cells when co-cultured with HER2-positive cells, indicating its broad anti-tumor activity [3] Efficacy and Safety - In vivo studies revealed that HMPL-A251 had superior anti-tumor efficacy and tolerability compared to traditional naked antibodies and payloads [4] - A single intravenous dose of HMPL-A251 led to tumor regression in various models, with efficacy correlating strongly with payload concentration and target inhibition [4] Comparison with Existing Treatments - When compared to T-DXd (trastuzumab deruxtecan), HMPL-A251 achieved superior or comparable efficacy at equivalent doses in most tested models [4] - The plasma exposure of free payload was significantly lower than for HMPL-251, suggesting reduced toxicity [4] Future Development Plans - HUTCHMED plans to initiate global clinical trials for HMPL-A251 by the end of 2025, with additional Investigational New Drug filings for more ATTC candidates in 2026 [5] ATTC Platform Insights - The ATTC platform represents a next-generation approach to precision oncology, combining monoclonal antibodies with small-molecule inhibitor payloads for enhanced anti-tumor activity and safety [6][7] - This platform aims to overcome challenges associated with traditional small-molecule inhibitors and improve long-term safety and efficacy in cancer treatments [7] Company Background - HUTCHMED is a commercial-stage biopharmaceutical company focused on the discovery and development of targeted therapies and immunotherapies for cancer and immunological diseases [8]

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。 HUTCHMED (China) Limited 和黃醫藥（中國）有限公司 和黃醫藥於AACR-NCI-EORTC分子靶向和癌症治療國際會議上公佈HMPL-A251數據 — 首個利用和黃醫藥ATTC技術平台打造的研究性候選藥物，搭載強效的靶向有效載荷並降低相關毒性 — ― 獨特的強效PI3K/PIKK抑制劑有效載荷，經過優化可充分發揮抗體偶聯物的優勢， 具有定向遞送及游離有效載荷血漿暴露量低的特點 — ― 臨床前數據顯示其具有強大的抗腫瘤活性，並具有協同作用和旁觀者殺傷效應 — （於開曼群島註冊成立的有限公司） （股份代號：13） 自願性公告 和黃醫藥（中國）有限公司（簡稱「和黃醫藥」或 「HUTCHMED」）於2025年10月22至26日在美國波士頓舉行的 AACR-NCI-EORTC分子靶向和癌症治療國際會議上公佈HMPL-A251的臨床前數據。HMPL-A251是一款全球首創的 PI3K/AKT/m ...

Core Insights - As of October 17, a total of 84 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stocks with the longest streak of net buying are Kaisheng Technology and Jianyou Co., both of which have seen net buying for 10 consecutive trading days [1] - Other notable stocks with significant net buying days include Wuxi Zhenhua, Jintou Chengkai, Zhucheng Technology, Lianyu Co., Yongmaotai, Yan'ao Co., Aohua Endoscopy, and Kesi Technology [1]

Investment Rating - The report indicates a strong performance in the biopharmaceutical innovation sector, particularly highlighting the significant growth in the Hong Kong innovation drug sector, which saw a cumulative increase of 59.51% in the first half of 2025, outperforming both A-shares and the Hang Seng Index [7]. Core Insights - The report emphasizes the impressive sales performance of Fitinib in China, with a notable increase in sales from 2019 to 2024, despite a temporary decline in the first half of 2025 due to intensified market competition and strategic adjustments [9][10]. - Fitinib has received multiple approvals in major markets, including the U.S., Europe, and Japan, with sales expected to continue growing due to expanding indications and deeper market penetration [17][18]. - The report highlights the clinical efficacy of Fitinib in treating metastatic colorectal cancer, demonstrating significant improvements in overall survival (OS) and progression-free survival (PFS) compared to other treatments [22][24]. Summary by Sections Market Dynamics - Fitinib's sales in China have shown an upward trend from 2019 to 2024, with a peak sales figure of 115 million USD in 2024, although the first half of 2025 saw a decline to 43 million USD, a 29% decrease year-on-year due to market competition and strategic changes [9][10]. - The report notes that the sales volume in hospitals increased from 13,000 boxes in 2021 to 24,100 boxes in 2024, indicating a growing market acceptance [9]. Competitive Landscape - The competitive landscape for Fitinib is characterized by aggressive bidding strategies, with the company actively participating in tenders across multiple provinces in China, leading to significant price reductions post-medical insurance negotiations [14][15]. - The report outlines the pricing dynamics, showing a substantial price drop of 68% in the first year after Fitinib was included in the medical insurance list, with ongoing negotiations further driving prices down [15]. Clinical Performance - Fitinib has shown superior clinical outcomes in treating metastatic colorectal cancer, with the FRESCO-2 trial reporting a median OS of 7.4 months compared to 4.8 months for the placebo group, and a median PFS of 3.7 months versus 1.8 months [22][24]. - The report also highlights the potential of Fitinib in treating gastric cancer, where it has demonstrated promising efficacy compared to other available treatments [26][29]. Pipeline and Future Prospects - Fitinib's pipeline includes various ongoing studies targeting multiple cancer indications, with several trials reaching significant endpoints or receiving regulatory approval, indicating a robust development trajectory [29]. - The report mentions a licensing agreement with Takeda for global commercialization outside of China, which includes an upfront payment of 400 million USD, showcasing the drug's potential in international markets [19].

Core Insights - As of October 15, a total of 74 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] Group 1: Stocks with Longest Net Buying - The stocks with the longest consecutive net buying days are Wanxin Media, Jianyou Co., Jinling Hotel, Jinchun Co., and Kaisheng Technology, each having recorded net buying for eight consecutive trading days [1] Group 2: Other Notable Stocks - Other stocks with significant net buying days include Guanshi Technology, Haoneng Co., Ruidi Zhichu, Hangxin Technology, Tiancheng Technology, China Electric Research, Zhangzhou Development, and Junpu Intelligent [1]

董事名單及其角色與職能 和黃醫藥(中國)有限公司董事會由 10 名董事組成，載列如下： 主席兼非執行董事 Dr Dan Eldar（艾樂德博士） 執行董事 蘇慰國博士 （首席執行官* 兼首席科學官） 鄭澤鋒先生 （代理首席執行官兼首席財務官） 非執行董事 HUTCHMED (China) Limited 和黃醫藥（中國）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：13） 莫樹錦教授 （高級兼首席獨立非執行董事） Dr Renu BHATIA（言思雅醫生） Dr Chaohong HU（胡朝紅博士） 陳邵文教授 黃德偉先生 下表提供董事會成員在委員會中之職務。 | 董事委員會 | 審核委員會 | 提名委員會 | 薪酬委員會 | 可持續發展 | 技術委員會 | | --- | --- | --- | --- | --- | --- | | 董事 | | | | 委員會 | | | 艾樂德 | - | M | - | - | M | | 蘇慰國 | - | - | - | - | M | | 鄭澤鋒 | - | - | - | M | - | | 施熙德 | - | - | M | C | - | | ...