Summary of Innovent Biologics Conference Call Company Overview - **Company**: Innovent Biologics (1801.HK) - **Industry**: Biopharmaceuticals, focusing on immuno-oncology and metabolic diseases Key Financial Performance - **2Q25 Product Revenue**: Exceeded Rmb2.7 billion, representing a **35% year-over-year increase** and a **13% quarter-over-quarter increase** from Rmb2.4 billion in 1Q25 [1] - **Tyvyt Sales**: Reported at US$137 million in 2Q25, a **19% year-over-year increase**, but largely flat compared to previous quarters [1] - **New Product Launches**: Five new products launched in 2025, contributing to a **186% year-over-year increase** in sales from the new product portfolio, excluding Tyvyt and biosimilars [1] Market Position and Strategy - **Mazdutide**: Recently approved and launched, positioned favorably in the obesity market, especially amid NOVO's destocking in China [2] - **Pricing Advantage**: Mazdutide priced at approximately Rmb2,920 per month, offering a discount compared to competitors like Zepbound [2] - **Sales Growth Drivers**: Continued momentum expected in 1H25, driven by strong uptake in tafolecimab post NRDL inclusion and the anticipated sales uptake of mazdutide [1][2] Competitive Landscape - **NOVO's Ozempic Sales**: Experienced a **37% year-over-year decline** in 2Q25 due to destocking, creating an opportunity for mazdutide to capture market share [2] - **Market Dynamics**: The obesity market in China is seen as expanding due to limited competition and NOVO's passive strategy, which benefits Innovent's proactive promotion of mazdutide [2] Financial Projections and Valuation - **2025 Revenue Forecast**: Full-year product sales projected at Rmb11.7 billion, a **42% year-over-year increase** [1] - **Target Price**: Updated DCF-based 12-month target price set at HK$98.23, reflecting a **7.5% upside** from the current price of HK$91.40 [7][15] - **Earnings Estimates**: Adjusted EPS estimates for 2025-2027 reflect slight downward revisions due to near-term sales growth adjustments [7] Risks and Considerations - **Key Risks**: 1. Intensifying competition in the PD-1/L1 market in China [7][13] 2. Uncertain approval timelines for key candidates [7][13] 3. Potential restrictions on off-label use due to safety issues [7][13] 4. Risks associated with R&D project failures [7][13] Conclusion - Innovent Biologics is positioned to leverage its strong product pipeline and market dynamics to drive growth, particularly with the launch of mazdutide. The company is viewed as undervalued relative to its potential, with a favorable outlook for continued revenue growth in the coming years.

Core Insights - The company reported total product revenue exceeding RMB 5.2 billion for the first half of the year, maintaining a strong growth rate of over 35% year-on-year [1] - In Q2 2025, total product revenue surpassed RMB 2.7 billion, with a year-on-year growth of over 30%, driven by both oncology and comprehensive pipelines [1] Oncology and Comprehensive Pipeline - The oncology treatment sector continues to show strong performance with leading brands and product combinations, while new product revenue contributions are steadily increasing [1] - The comprehensive product line is gradually releasing its potential, with new drivers of growth coming from products like Xinbile® (Tolebrutinib injection) and Xinbimin® (Tremelimumab N01 injection), which are making progress in marketing and channel access [1] - The approval of the world's first glucagon/GLP-1 dual receptor agonist, Xinermai® (Masitide injection), for weight loss indications by the National Medical Products Administration of China adds a significant product to the company's comprehensive pipeline [1] Product Approvals and Clinical Research - The company has successfully obtained approvals for 16 products, with 2 additional products under review by the National Medical Products Administration of China [1] - Four new drug molecules are currently in Phase 3 or pivotal clinical studies, and approximately 15 new drug candidates have entered clinical research [1]

Core Insights - The company, Sinopharm (01801.HK), reported that its total product revenue exceeded 5.2 billion yuan in the first half of 2025, representing a year-on-year growth of over 35% [1] - In the second quarter, the total product revenue surpassed 2.7 billion yuan, with a year-on-year increase of over 30% [1] - The sustained growth in the second quarter is attributed to the dual drivers of oncology and comprehensive pipeline development [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。 （於開曼群島註冊成立的有限公司） 本公告所載財務資料乃根據本集團內部管理記錄編製，未經外聘核數師審核或審 閱，因此，有關資料僅供投資者參考。由於收集及編製有關資料過程中出現的各 種不確定性，有關資料可能有別於本公司將刊發經審核或未經審核綜合財務報表 所披露的資料（包括但不限於年度或半年度公佈的資料）。本公告並不構成亦不應 詮釋為購買或出售本集團任何證券或金融工具的要約或招攬。 （股份代號：1801） 內幕消息公告－2025年第二季度產品收入的最新消息 本公告由信達生物製藥（「本公司」，連同其附屬公司統稱「本集團」）根據香港聯合 交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第571章證券及 期貨條例第XIVA部作出。 於2025年上半年，本公司共取得總產品收入超人民幣52億元，同比保持35%以上 的強勁增長；其中2025年第二季度總產品收入超過人民幣27億元，同比增長超過 30%。該 ...

Group 1 - The core index, the China 280 Index, increased by 0.58% to 7197.66 points with a trading volume of 207.38 billion [1] - The China 280 Index has risen 6.43% in the past month, 12.99% in the last three months, and 11.95% year-to-date [1] - The index is composed of various sub-indices, including the China 120 Index, China A80 Index, and the Hong Kong Mainland Index, reflecting the overall performance of large and mid-cap securities listed in Shanghai, Shenzhen, and Hong Kong [1] Group 2 - The top ten holdings of the China 280 Index include Guotai Junan (1.86%), Pop Mart (1.66%), and Zhongji Xuchuang (1.52%) [1] - The market capitalization distribution shows that the Shanghai Stock Exchange accounts for 44.77%, the Hong Kong Stock Exchange for 28.45%, and the Shenzhen Stock Exchange for 26.78% [2] - Sector allocations within the index include Financials (18.07%), Information Technology (17.54%), and Industrials (16.36%) [2]

Group 1 - The core viewpoint of the news is that the China Securities Hong Kong 100 Pharmaceutical and Health Index has shown significant growth, with a year-to-date increase of 90.32% [1] - The index has risen by 18.48% in the past month and 36.79% in the last three months, indicating strong performance in the pharmaceutical sector [1] - The index is composed entirely of securities listed on the Hong Kong Stock Exchange, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2 - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, but can be temporarily modified under special circumstances [2] - Adjustments to the index sample occur in response to events such as delistings, mergers, or changes in industry classification [2]

（股份代號：1801） 董事會召開日期 信達生物製藥（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司將於 2025年8月27日（星期三）舉行董事會會議，以考慮及批准（其中包括）本公司及其 附屬公司截至2025年6月30日止六個月之中期業績及其發佈，並考慮建議派發中 期股息（如有）。 承董事會命 信達生物製藥 主席兼執行董事 俞德超博士 中國，香港，2024年8月4日 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。 信達生物製藥 INNOVENT BIOLOGICS, INC. （於開曼群島註冊成立的有限公司） 於本公告刊發日期，董事會包括主席兼執行董事俞德超博士及執行董事奚浩先生 及張倩女士；及獨立非執行董事Charles Leland Cooney博士、許懿尹女士、Gary Zieziula先生、陸舜博士及陳樹云先生。 ...

Group 1 - The core viewpoint of the article highlights the recent stock performance of Innovent Biologics, which saw a 2.1% decline, trading at 97.85 CNY per share with a transaction volume of 3.855 billion CNY as of July 30 [1] - Innovent Biologics focuses on the research, development, production, and sales of innovative drugs targeting major diseases such as tumors, autoimmune diseases, metabolic disorders, and ophthalmology, having successfully launched 10 products [1] - As of October 2023, the company has 4 products under review, 4 new drug molecules in Phase III or pivotal clinical studies, and 18 new drug candidates in clinical research [1] Group 2 - For the fiscal year ending 2024, Innovent Biologics reported total revenue of 9.422 billion CNY and a net loss of 94.631 million CNY [2] - The company's patient assistance program has benefited over 170,000 patients, with a total value of drug donations reaching 3.4 billion CNY [1]

Summary of Conference Call Records Industry Overview - The Chinese innovative pharmaceutical industry is experiencing accelerated development, driven by internationalization, policy support, and technological breakthroughs [3][4] - The recognition of Chinese innovative drugs in international markets is increasing, with a notable rise in BD (business development) transactions and large upfront payments [1][3] Key Companies Innovent Biologics (信达生物) - Sales revenue from tumor products has rapidly increased, surpassing 8 billion RMB in 2024 and expected to reach 11 billion RMB in 2025 [1] - IBI363 shows significant efficacy in lung cancer and colorectal cancer, with a 12-month overall survival (OS) rate of 70.9% in lung cancer patients [7][8] - The company has a strong competitive advantage in the tumor field, with multiple potential products and a robust pipeline [9] - Non-tumor products like Masudutai and others are also entering the sales phase, with peak sales expected to exceed 8 billion RMB [10] Kangfang Biopharma (康方生物) - Revenue growth is projected to exceed 70% in 2025 and around 40% in 2026, driven by continuous product approvals and market expansion [1][13] - AK112, a core product targeting PD-1 and VEGF, shows rapid clinical advancement and high safety, particularly in squamous cell carcinoma [14][15] - The company is actively pursuing early treatment research for PD-1 resistant patients, differentiating itself from competitors [2][17] Technological Breakthroughs - Innovations in ADC (Antibody-Drug Conjugates), IO (Immuno-Oncology) bispecific antibodies, GLP-1, and T-cell engagers are leading industry advancements [1][3] - Kangfang's dual antibody technology platform has significantly improved R&D success rates, with rapid approval timelines for key products [13] Investment Insights - Recommended investment targets include companies like Heng Rui Medicine, BeiGene, and others in both A-share and H-share markets [5] - Key investment considerations include overseas sales potential and anticipated business development activities [4] Future Catalysts - For Innovent, upcoming catalysts include the initiation of clinical trials for various products and expected data readouts in 2026 [11] - Kangfang is expected to continue rapid progress in overseas clinical research and expand its market presence [18][24] Market Valuation - Kangfang's current reasonable market value is estimated at 200.098 billion RMB, with a target price of 222.93 RMB based on DCF model calculations [25]

Core Viewpoint - The company is entering a new development stage with a dual focus on oncology and chronic diseases, showcasing strong competitiveness in both commercialization and early pipeline assets, such as Xinlidi (信迪利单抗), Marsudotide (玛仕度肽), and Tislelizumab (替妥尤单抗) [1][2] Oncology Development - The company maintains a leading position in China's PD-1 market, with Xinlidi showing excellent commercialization results. The early pipeline asset IBI363 (PD1/IL2α) has demonstrated outstanding data in non-small cell lung cancer, colorectal cancer, and melanoma, indicating potential for internationalization [1][2] - IBI363 is positioned as a "super blockbuster" with the potential to capture a significant share of the global $100 billion immuno-oncology market, improving upon the first-generation PD-1 drugs by enhancing immune activation in both "hot" and "cold" tumors [2][5] Chronic Disease Development - In the chronic disease sector, the core weight loss/diabetes product Marsudotide has been approved for weight loss indications, with promising commercialization prospects. Additionally, Tislelizumab and Toripalimab are progressing smoothly in commercialization, contributing to new revenue streams [2][3] - The pipeline includes promising candidates like IBI128 for gout and Pikanqibai monoclonal antibody for psoriasis, which are expected to provide new treatment options and further enhance commercialization potential [2][3] Pipeline and Revenue Forecast - The company has established a robust pipeline with nearly 20 products, balancing immediate sales with long-term potential projects. Key products like Marsudotide are expected to achieve peak sales exceeding 8 billion yuan, while Tislelizumab and Toriqalimab are projected to exceed 2 billion yuan each [3][4] - Revenue forecasts for the company are projected to reach 11.806 billion yuan, 15.382 billion yuan, and 21.092 billion yuan for the years 2025 to 2027, respectively, with a DCF valuation suggesting a reasonable market capitalization of 220.8 billion HKD and a target price of 129.15 HKD [3][4] Strategic Positioning - The company is well-positioned for international expansion, having established a strong competitive edge in both oncology and chronic disease sectors. The dual focus on these areas is expected to accelerate growth and enhance its global presence [5][6] - The company is anticipated to lead the second-generation immuno-oncology drug market, with IBI363 expected to be a key player in this competitive landscape [6]