Core Viewpoint - The stock of HAPO Pharmaceuticals-B (02142) has increased by over 3%, currently trading at 12.67 HKD with a transaction volume of 30.48 million HKD, following the announcement of a successful project approval related to pancreatic cancer research [1]. Group 1: Company Developments - HAPO Pharmaceuticals has been involved in a significant project titled "Research on the Mechanism of Pancreatic Cancer and New Paradigms for Clinical Precision Diagnosis and Treatment," which has been officially approved as part of the National Science and Technology Innovation 2030 initiative [1]. - The company focuses on innovative antibody therapies in the fields of oncology and immune diseases, utilizing its proprietary fully human transgenic mouse platform, Harbour Mice® [1]. - HAPO has developed over 20 product pipelines, including bispecific antibodies, multi-specific antibodies, and antibody-drug conjugates (ADCs), and has established deep collaborations with major global pharmaceutical companies such as AstraZeneca, Pfizer, Bristol-Myers Squibb, Otsuka Pharmaceutical, AbbVie, and Moderna [1]. Group 2: Clinical Advancements - The company is advancing innovative therapies targeting CLDN18.2 and LIFR, which have entered clinical or application stages, thereby diversifying the treatment options for pancreatic cancer [1].

Core Viewpoint - The stock of HAPO Pharmaceutical (02142) has increased by over 3%, currently trading at HKD 12.67 with a transaction volume of HKD 30.48 million, following the announcement of a successful project approval related to pancreatic cancer research [1] Group 1: Project Approval - The "Research on the Pathogenesis and Clinical Precision Diagnosis and Treatment New Paradigm of Pancreatic Cancer" project, led by Shanghai Changzheng Hospital and involving HAPO Pharmaceutical, has been officially approved under the National Science and Technology Innovation 2030 major special project for 2025 [1] Group 2: Company Focus and Collaborations - HAPO Pharmaceutical is dedicated to the development of innovative antibody therapies in the fields of oncology and immune diseases, utilizing its fully human transgenic mouse platform, Harbour Mice, as a technological foundation [1] - The company has established deep collaborations with several global pharmaceutical giants, including AstraZeneca, Pfizer, Bristol-Myers Squibb, Otsuka Pharmaceutical, AbbVie, and Moderna, which reflects its recognized technical strength [1] Group 3: Pipeline Development - HAPO Pharmaceutical has over 20 product pipelines, including bispecific antibodies, multi-specific antibodies, and antibody-drug conjugates (ADCs) [1] - Innovative therapies targeting CLDN18.2 and LIFR have entered clinical or application stages, adding diversified momentum to the treatment matrix for pancreatic cancer [1]

Group 1 - The core viewpoint of the report is that due to the upfront payment from the collaboration with BMS, the company has raised its 2026 profit forecast by 228% to USD 0.62 billion and introduced a new profit forecast for 2027 at USD 0.60 billion [1] - The target price has been increased by 34.3% to HKD 18.00, indicating a potential upside of 44.5% from the current stock price [1] Group 2 - The company announced a long-term strategic partnership with Blue Nanotech on December 29, 2025, to advance the development of next-generation radionuclide drug conjugates (RDCs) [2] - The proprietary Harbour Mice platform allows the company to produce fully human monoclonal antibodies in H2L2 and HCAb formats, which have lower immunogenicity, superior tissue penetration, and high specificity and stability, enhancing the efficacy of RDC drugs while reducing side effects [3] - The company has established multiple overseas licensing collaborations, including a long-term global strategic cooperation agreement with BMS on December 17, 2025, which includes an upfront payment of USD 90 million and potential milestone payments of up to USD 1.035 billion [3] - A non-exclusive licensing agreement was signed with Pfizer on November 19, 2025, for advancing preclinical antibody discovery for various potential diseases, with upfront payments and milestone payments based on regulatory, clinical, and commercialization achievements [3] - The collaboration with AstraZeneca was further deepened on November 24, 2025, expanding the scope to include ADC and TCE drugs [3]

Core Viewpoint - CICC has raised the 2026 profit forecast for Heptares Therapeutics-B (02142) by 228% to USD 0.62 billion due to the upfront payment from the BD, and has introduced a new profit forecast for 2027 at USD 0.60 billion. The target price has been increased by 34.3% to HKD 18.00, indicating a potential upside of 44.5% from the current stock price [1]. Group 1: Company Updates - On December 29, 2025, the company announced a long-term strategic partnership with Lanacheng to advance the development of next-generation radionuclide drug conjugates (RDCs) [2]. - Heptares' proprietary Harbour Mice platform can directly produce fully human monoclonal antibodies in H2L2 and HCAb formats, which have lower immunogenicity, excellent tissue penetration, and high specificity and stability, enhancing the efficacy of RDC drugs while reducing side effects [3]. Group 2: Overseas Collaborations - In the second half of 2025, Heptares has established several overseas licensing collaborations, including agreements with global MNCs such as BMS and Pfizer: 1. On December 17, 2025, the company entered into a long-term global strategic cooperation agreement with BMS to jointly develop next-generation multi-antibody therapies, receiving an upfront payment of USD 90 million, with potential milestone payments up to USD 1.035 billion if all projects are pursued [4]. 2. On November 19, 2025, the company's wholly-owned subsidiary, Nona Bio, signed a non-exclusive licensing agreement with Pfizer to advance preclinical antibody discovery for various potential diseases, granting Pfizer global rights to the HCAb platform, with upfront and milestone payments based on regulatory, clinical, and commercialization achievements [4]. 3. On November 24, 2025, the company announced an expansion of its collaboration with AstraZeneca to include ADC and TCE drugs [4].

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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 和鉑醫藥控股有限公司 呈交日期: 2026年1月6日 II. 已發行股份及/或庫存股份變動 | 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) | 02142 | 說明 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | 已發行股份總數 | | | 上月底結存 | | | 869,456,522 | 24,337,000 | | 893,793,522 | | 增加 / 減少 (-) | | | -775,000 | 1,100,000 | | | | 本月底結存 | | | 868,681,522 | 25,437,000 | | 894,118,522 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1 ...

Group 1 - On January 4, Beijing Economic-Technological Development Area (BDA) held a high-quality development conference, signing 22 key projects, with over 80% focused on future industries, injecting strong momentum into the region's high-end industrial development [1] - Major companies such as ZTE Corporation and Cloudwalk Technology are establishing a presence in BDA, focusing on AI and 6G, with ZTE having set up six companies in the area [1] - Aneng Group is accelerating its emergency industry layout in BDA, establishing a research company aimed at creating a leading emergency technology enterprise in China, which is seen as a key move to build a modern emergency industry system [1] Group 2 - The signing of projects includes partnerships with top capital firms like China National New Group and China International Capital Corporation, indicating strong investment interest in the region [1] - Alter Technology's AI strategic platform aims to build an AI innovation platform in BDA, focusing on deep applications of AI in automotive design and simulation, aligning with the region's smart driving and AI industry ecosystem [1] - During the 14th Five-Year Plan, BDA's GDP grew at an average annual rate of 10%, leading among national economic development zones, and the current period presents significant opportunities for high-end industrial cluster development [1]

Core Insights - The innovative drug sector is experiencing a significant bull market, with the entry threshold for top-performing stocks raised considerably [1] - In 2024, the median stock price increase for the top 10 innovative drug companies was 57.9%, while in 2025, this surged to a median increase of 495.41%, with the highest increase reaching 1824% [2] Group 1: Top Performing Companies - The top-performing stock in 2025 was Beihai Kangcheng, with an astonishing annual increase of 1824%, surprising many in the market [4] - Following Beihai Kangcheng, the second highest was Sanleaf Biotech, which saw an increase of 870%, despite facing significant operational challenges [10] - Yaojie Ankang ranked third with a 773% increase, although its valuation raised concerns due to its limited clinical progress [12] - Heber Pharmaceuticals achieved a 553% increase, driven by its dual-engine model of R&D and business development [16] - Xuan Bamboo Biotech, a newly listed company, experienced a 507% increase, attributed to its new stock status and positive clinical data [20] Group 2: Market Dynamics and Trends - The market has seen a trend of speculative trading, with some companies experiencing price surges not necessarily backed by fundamental improvements [4] - The rise of companies like Heber Pharmaceuticals and Rongchang Biotech illustrates that long-term undervalued firms can achieve significant valuation recovery through continuous R&D and commercialization breakthroughs [4][30] - The innovative drug sector's growth is heavily influenced by liquidity and market sentiment, with many price increases based on speculative expectations rather than solid fundamentals [39] Group 3: Company-Specific Developments - Beihai Kangcheng's stock price recovery was linked to strategic capital injections, resolving its cash flow crisis [7] - Sanleaf Biotech's stock price rebound was primarily driven by its RSV vaccine pipeline, despite facing significant financial pressures [10][11] - Yaojie Ankang's rapid valuation increase raised questions about its sustainability, given its limited clinical advancements [13][14] - Heber Pharmaceuticals' growth was supported by strategic partnerships and a robust technology platform, enhancing investor confidence [18][19] - Rongchang Biotech's stock performance was bolstered by successful product approvals and strategic financing, improving its market outlook [31]

Summary of Key Points Core Viewpoint - On January 2, 35 Hong Kong-listed companies conducted share buybacks, totaling 18.2843 million shares and an aggregate amount of HKD 693 million [1]. Group 1: Share Buyback Details - Tencent Holdings repurchased 1.029 million shares for HKD 635.81 million, with a maximum price of HKD 624.00 and a minimum price of HKD 600.50, accumulating HKD 635.81 million for the year [1]. - First Capital Holdings repurchased 9.182 million shares for HKD 19.99 million, with a maximum price of HKD 2.19 and a minimum price of HKD 2.13, accumulating HKD 19.99 million for the year [1]. - HAP Pharmaceutical-B repurchased 0.5 million shares for HKD 6.01 million, with a maximum price of HKD 12.12 and a minimum price of HKD 11.78, accumulating HKD 6.01 million for the year [1]. Group 2: Other Notable Buybacks - Country Garden Services repurchased 0.816 million shares for HKD 4.94 million, with a maximum price of HKD 6.08 and a minimum price of HKD 6.02, accumulating HKD 4.94 million for the year [1]. - China Heart and Heart Fertilizer repurchased 0.424 million shares for HKD 3.81 million, with a maximum price of HKD 9.18 and a minimum price of HKD 8.81, accumulating HKD 3.81 million for the year [1]. - Jieli Trading Treasure repurchased 2 million shares for HKD 3.06 million, with a maximum price of HKD 1.57 and a minimum price of HKD 1.48, accumulating HKD 3.06 million for the year [1].

Core Insights - The innovative drug sector is experiencing a significant bull market, with the entry threshold for top-performing stocks raised considerably [1] - In 2024, the median increase for the top 10 innovative drug companies was 57.9%, with the highest increase reaching 132.6%. In 2025, this trend intensified, with the median increase for the top 10 soaring to 495.41% and the highest increase hitting 1824% [2] Group 1: Top Performing Companies - Beihai Kangcheng-B achieved the highest increase in 2025, with a staggering 1824% rise, surprising many in the market [5] - Sanleaf Biotech-B followed with an impressive 870% increase, despite facing significant operational challenges, including a cash flow crisis and a major refund demand from GAVI [10][11] - Yaojie Ankang-B, despite being controversial, saw its stock price rise nearly ninefold in a short period, reaching a market cap close to 270 billion HKD [12][13] - Heptagon Pharmaceuticals-B ranked fourth with a 553% increase, driven by its dual-engine model of R&D and business development [14][15] - Xuan Bamboo Biotech-B, a newly listed company, achieved a 507% increase, benefiting from positive clinical trial results and inclusion in national insurance directories [17][18] - Deqi Pharmaceuticals-B saw a 483% increase, attributed to its innovative AI-driven T-cell connector platform [19][20] - Jike Si-B experienced a 401% increase, driven by its advancements in KRAS-targeted therapies [22][23] - Rongchang Biotech achieved a 400% increase, with its product Taite Xip demonstrating significant potential across multiple indications [24][25] - Paige Biotech saw a 342% increase, largely due to its GLP-1 pipeline's market momentum [27] - Baiaosaitu-B rounded out the top ten with a 315% increase, supported by strong revenue growth and positive market expectations for its upcoming H+A listing [28][30] Group 2: Market Dynamics - The surge in stock prices for many companies is not solely based on fundamental improvements but also reflects speculative trading behaviors [4] - The innovative drug sector's long-term health relies on the emergence of stocks driven by genuine innovation rather than short-term speculation [4] - The market's focus on liquidity and sentiment has led to significant price increases, but these may not be sustainable as market conditions change [31]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical industry, indicating a positive outlook compared to the overall market performance [2]. Core Insights - The pharmaceutical sector experienced a decline of 2.1% in the latest week, while the Shanghai Composite Index rose by 0.13%. The pharmaceutical index ranked 28th among 31 sub-industries [2][3]. - The current valuation of the pharmaceutical sector stands at 28.6 times earnings, placing it 10th among 31 primary industries [6]. - Significant developments include Neuralink's announcement of large-scale production of brain-machine interface devices starting in 2026, which is expected to accelerate the growth of the brain-machine interface industry [12]. - Recent collaborations in drug development include a strategic partnership between Heptares Therapeutics and BlueNac, focusing on the development of next-generation radionuclide drug conjugates (RDCs) [13]. - The report highlights the potential of AI in drug development, with Insilico Medicine achieving significant milestones in just eight months [15]. Market Performance - The pharmaceutical sector's performance was notably poor, with various sub-sectors such as raw materials, chemical preparations, and vaccines all experiencing declines ranging from 1.1% to 4.1% [6][3]. - The report emphasizes the need to monitor the recovery of the domestic innovative drug environment, which may present investment opportunities in Contract Research Organizations (CROs) [2]. Company Developments - Zai Lab granted AbbVie exclusive rights for ZG006 outside Greater China, with potential payments reaching up to $1.235 billion [14]. - Frontier Biotech's FB7013, a siRNA drug targeting the MASP-2 protein, has received approval for clinical trials, indicating its potential in treating primary IgA nephropathy [15]. - New drug applications and IPOs are highlighted, including New Tong Pharmaceutical's application for the STAR Market and Jingze Biotech's IPO in Hong Kong [16][20]. Investment Opportunities - The report suggests focusing on companies benefiting from the recovery in the innovative drug sector, including Tigermed, WuXi AppTec, and others [2]. - The anticipated industrialization of brain-machine interfaces presents investment opportunities in related companies such as Botai Bio, Lepu Medical, and others [2].