Core Viewpoint - 361 Degrees is exploring the use of stablecoin payment and settlement solutions for product sales outside mainland China, aiming to enhance payment efficiency and reduce costs for cross-border e-commerce clients [1] Group 1: Company Initiatives - The company has opened an account with an independent third-party service provider specializing in fiat and stablecoin digital payment solutions [1] - The integration of virtual assets is expected to create significant business opportunities for the company [1] Group 2: Market Context - There is an increasing acceptance of cryptocurrencies in the global business community [1] - The company serves numerous cross-border e-commerce and overseas offline store clients who have ongoing needs for local payments and cross-border settlements [1] Group 3: Expected Benefits - The adoption of stablecoin payment methods is anticipated to improve payment efficiency and lower costs, better meeting the needs of cross-border e-commerce clients [1] - This payment method is also expected to help reduce the exchange rate risks faced by the company when transacting with clients outside mainland China [1]

智通财经APP获悉，和誉-B(02256)早盘涨超6%，截至发稿，涨4.92%，报17.93港元，成交额3907.14万 港元。 中金发布研报称，ABSK043 是公司具备全球权益的潜力口服小分子PD-L1 抑制剂。该行认为，公司持 续布局的口服+口服联用方案相较注射+口服联用有望具备更好的患者依从性和安全谱，后续临床进展 值得关注。此外，公司被纳入MSCI全球小盘股指数成分股，有望提升公司的全球资金关注度，或对流 动性产生积极影响。 消息面上，和誉近日宣布，在研口服PD-L1 抑制剂ABSK043 和艾力斯的KRAS G12C抑制剂戈来雷塞片 联用治疗KRAS G12C突变的NSCLC的IND申请在中国获得批准，意味着ABSK043 联用戈来雷塞进入二 期临床。此外，近日公司被纳入MSCI全球小盘股指数成分股。 ...

智通财经APP获悉，9月2日至5日，联合国教科文组织(UNESCO)的年度旗舰活动——2025数字学习周，在巴黎总部举办。今年的主题是"人工智能与教育 的未来"。网龙(00777)受邀参与了本届学习周的开幕式、平行会议等一系列重要环节，并作为唯一的企业代表，和来自不同国家的30多位部长级教育官员 共同出席圆桌会议。 这是今年网龙第五次出席联合国总部及其下属机构组织的重要活动。目前，网龙的国际合作成果已覆盖政策对话、平台建设、资源共创、人才培养等多元 维度。 梁念坚博士与其数字人协作发表讲话 网龙副董事长梁念坚博士在开幕式主论坛上发言，他指出：教育的未来必将是打破学术疆域与国家边界的协同共创——而技术将赋能这一进程。 唯一获邀参与部长级会议的企业 网龙受邀参与了本届学习周的一系列重要环节，并作为唯一的企业代表，与英国教育部部长Stephen Morgan、印度教育部部长 Dharmendra Pradhan、马来 西亚教育部部长 Fadhlina Sidek、泰国教育部部长 Narumon Pinyosinwat、智利教育部部长 Nicolás Cataldo、卢森堡教育部部长 Claude Meisch，以及 ...

Core Viewpoint - Hutchison China MediTech Limited (和黄医药) shares rose over 7%, reaching HKD 26.96 with a trading volume of HKD 352 million, following the announcement of a conference in Shanghai to discuss its latest R&D progress [1] Group 1: Company Developments - The company will hold a conference on October 31, 2025, in Shanghai to share its R&D strategies and vision, including an overview of its Antibody-Drug Conjugate (ATTC) platform and its first candidate drug HMPL-A251 [1] - The company’s Executive Vice President and Chief Medical Officer, Dr. Shi Ming, will present during the event [1] Group 2: Clinical Development Milestones - Multiple upcoming milestones for the company are anticipated, with ATTC platform candidate drugs set to enter clinical development soon [1] - The company plans to complete patient recruitment for the SAFFRON III Phase study of Savolitinib by the second half of 2025, with data expected in the first half of 2026 [1] - The SANOVO China Phase III study patient recruitment is also expected to be completed in the second half of 2025 [1] - The company intends to resubmit the new drug application for Solitomab based on the ESLIM-01 study in the first half of 2026 [1] - The first ATTC candidate drug is projected to initiate clinical trials in China and globally around the end of 2025 [1]

和誉-B(02256)早盘涨超6%，截至发稿，涨4.92%，报17.93港元，成交额3907.14万港元。 消息面上，和誉近日宣布，在研口服PD-L1抑制剂ABSK043和艾力斯的KRAS G12C抑制剂戈来雷塞片 联用治疗KRAS G12C突变的NSCLC的IND申请在中国获得批准，意味着ABSK043联用戈来雷塞进入二 期临床。此外，近日公司被纳入MSCI全球小盘股指数成分股。 中金发布研报称，ABSK043是公司具备全球权益的潜力口服小分子PD-L1抑制剂。该行认为，公司持续 布局的口服+口服联用方案相较注射+口服联用有望具备更好的患者依从性和安全谱，后续临床进展值 得关注。此外，公司被纳入MSCI全球小盘股指数成分股，有望提升公司的全球资金关注度，或对流动 性产生积极影响。 ...

据接洽函，就上述出售事项，清盘人已与相关有意方订立保密协议，且于9月9日，清盘人已从其中部分的有意方收到不具约束力的指示性要约。但目前该交 易还处于初步阶段，清盘人未与任何有意方进行谈判。 在历经短暂停牌后，9月12日，恒大物业（06666.HK）复牌高开超38%。随后股价出现回调，截至发稿，报1.18港元，涨幅约28.26%，总市值约127.57亿港 元。 | HK$1.18 +0.26 +28.26% [飞寒时情 | | | 交易中 09–12 | | --- | --- | --- | --- | | 最高：1.29 | 今开： 1.27 | 成交量： 4.86亿股 | 换手： 4.50′ | | 最低： 1.08 | 昨收： 0.92 | 成交额： 5.60亿 | 振幅： 22.8′ | | 52周最高: 1.31 | 量比： 46.32 | 市盈率(动)： 12.33 | 市盈率(TTM | | 52周最低：0.63 | 委比： 57.98% | 市盈率(静)： 11.75 | 市净率： 11 | | 每股收益：0.10 | 股息(TTM)： -- | 总股本： 108.11亿 | 总市值: 12 ...

商业化稳步增长，卡度尼利和依沃西放量带动业绩增长。得益于两款核心双抗卡度尼利单抗和依沃西单 抗进入医保后的快速放量，公司2025H1实现收入14.12亿元，同比+37.75%，以产品销售收入计，销售 收入14.01亿元，同比+49.20%，商业化进展顺利。随着后续产品获批/新增适应症，公司在肿瘤、自 免、代谢等领域持续发力，有望带来充足业绩增量。 智通财经APP获悉，华源证券发布研报称，维持康方生物(09926)"买入"评级，预计公司2025-2027年营 业收入分别为34.19/55.98/85.77亿元。通过DCF方法计算，假设永续增长率为3%，WACC为7.06%，公 司合理股权价值为1875亿港元(汇率取人民币1元=1.07港元)。鉴于公司创新管线出色，商业化强劲，海 外临床确定性逐渐清晰。 康方生物发布2025年半年报，2025H1实现收入14.12亿元，同比+37.75%，归母净利润-5.70亿元;研发费 用7.31亿元，同比+23.06%，销售费用6.70亿元，同比+29.84%、管理费用1.34亿元，同比+34.00%。此 外，康方生物于2025年WCLC大会公布依沃西单抗HARMONi海外数 ...

Core Viewpoint - The report maintains a "buy" rating for Kangfang Biopharma (09926), projecting significant revenue growth from 2025 to 2027, driven by strong commercialization and a promising innovation pipeline [1][2]. Group 1: Financial Performance - Kangfang Biopharma reported a revenue of 14.12 billion yuan for H1 2025, representing a year-on-year increase of 37.75% [1][2]. - The sales revenue from product sales reached 14.01 billion yuan, reflecting a 49.20% year-on-year growth [2]. - R&D expenses were 7.31 billion yuan, up 23.06% year-on-year, while sales and management expenses increased by 29.84% and 34.00%, respectively [1]. Group 2: Product Development and Clinical Trials - The commercialization of core dual antibodies, Kadunil and Ivosidenib, is driving revenue growth, with expectations for further performance improvements as new products and indications are approved [2]. - The WCLC 2025 conference showcased updated overall survival (OS) data for Ivosidenib, indicating a significant improvement in survival benefits, particularly in the North American population [2][3]. - Ongoing clinical trials for Ivosidenib include various cancer types, with a focus on expanding its indications, which could enhance its market potential [3].

招商证券国际将汇通达解读为"独具优势的下沉市场AI+电商领导者"，分析称：公司已在广阔的下沉市 场建立卡位优势，公司核心业务增长稳健、毛利率等盈利能力指标明显改善，印证转型初步成效显著， 同时AI+SaaS成为第二增长引擎，支持汇通达长期乐观的盈利增长前景。 智通财经APP获悉，近日，花旗、第一上海、招商证券国际、浦银国际等相继发布关于汇通达网络 (09878)的最新研报。基于公司2025年中期业绩以及与阿里云达成全栈AI全面合作等，机构普遍认可汇 通达战略转型成果，对公司"AI+智慧供应链"的增长驱动力表达信心，给予"买入"评级，部分目标价至 23港元。 第一上海评论指出，汇通达盈利指标创历史新高，显示出2024年下半年以来的战略转型路径有效、经营 质量持续优化——公司AI+SaaS业务升级显著，凭借与阿里云合作，获得强大技术实力与算力支持，将 联合打造"小店大模型智能体"，整合下沉市场数据资产，推动服务模式向"SaaS软件+AI Agent+内容运 营"升级，且自营商品、自有品牌、头部品牌合作等供应链能力持续升级，为长期增长注入强劲动力。 本月，花旗银行、浦银国际等境外券商最新研报中重申汇通达"买入"评级 ...

Core Insights - The 2025 China International Fair for Trade in Services (CIFTIS) opened in Beijing, with Pop Mart participating as the exclusive trendy cultural brand partner, showcasing various popular IP products and interactive experiences [1][2] - Pop Mart aims to highlight the diversity and extensibility of trendy IP through its participation in CIFTIS, receiving widespread recognition from attendees [2] Company Strategy - Pop Mart's core strategy revolves around IP-centric group development, actively exploring creative expressions and new business formats such as building blocks, plush toys, desserts, and jewelry [2] - The company is committed to IP innovation and aims to provide diverse emotional experiences and cultural value to global consumers as it expands its international business [2] Performance Metrics - In the first half of 2025, Pop Mart achieved over 100% growth across all four major regions, with the Americas experiencing a growth rate exceeding tenfold [2] - As of June 30, 2025, Pop Mart has opened a total of 571 stores across 18 countries worldwide [2]