Core Viewpoint - 康方生物 reported strong mid-year performance with significant revenue growth driven by new product approvals and inclusion in national insurance directory [1] Financial Performance - The company achieved a revenue of 14.12 billion RMB in the first half of the year, representing a year-on-year increase of 37.75% [1] - Gross profit reached 11.21 billion RMB, up 18.82% compared to the previous year [1] - Commercial sales revenue was approximately 14.02 billion RMB, a 49.20% increase from 9.39 billion RMB in the same period last year [1] Product Developments - The sales growth was primarily attributed to the inclusion of 开坦尼 (卡度尼利, PD-1/CTLA-4) and 依达方 (依沃西, PD-1/VEGF) in the national insurance directory, as well as new first-line indications [1] - The company successfully launched two new products, 伊喜宁 (伊努西, PCSK9) and 爱达罗 (依若奇, IL-12/IL-23), which have started to generate sales [1] Regulatory Approvals - 依沃西单抗 (AK112) is expected to receive approval from the National Medical Products Administration in May 2024 for treating locally advanced or metastatic non-squamous non-small cell lung cancer (nsq-NSCLC) [1] - The Phase III HARMONi-A study (AK112-301) has met its overall survival (OS) clinical endpoint, showing statistically and clinically significant OS benefits, with detailed data to be presented at future international academic conferences [1]

Core Insights - The company reported a revenue of 1.412 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 37.75% [1] - Gross profit reached 1.121 billion RMB, up 18.82% year-on-year, while R&D expenses were 731 million RMB, an increase of 23.02% compared to the previous year [1] Group 1: Financial Performance - Commercial sales revenue was approximately 1.402 billion RMB, a significant increase of 49.20% from 939 million RMB in the same period last year, driven by the inclusion of new products in the national medical insurance directory [1] - The company has upgraded its commercialization system, expanding its sales team to over 1,200 members, focusing on oncology and specialty drugs [1] Group 2: Product Pipeline and R&D - The company currently has over 50 innovative projects in development across oncology, autoimmune, and metabolic diseases, with 7 self-developed products approved for market [2] - 12 products are in Phase III clinical trials, and 12 are in Phase I/II clinical research, with 15 products being potential first-in-class or best-in-class innovations [2]

Group 1 - The company reported a revenue of 1.412 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 37.75% [1] - Gross profit reached 1.121 billion RMB, with a year-on-year increase of 18.82% [1] - Research and development expenses amounted to 731 million RMB, reflecting a year-on-year increase of 23.02% [1] Group 2 - Commercial sales revenue was approximately 1.402 billion RMB, a 49.20% increase compared to 939 million RMB in the same period last year, driven by the inclusion of new products in the national medical insurance catalog [1] - The company successfully launched two new products, Yixinning (Inusimab, PCSK9) and Aida Luo (Iroquimab, IL-12/IL-23), contributing to sales growth [1] - The commercial team has expanded to over 1,200 members, focusing on oncology and specialty drugs, enhancing the company's commercial capabilities [1] Group 3 - The company currently has over 50 innovative projects in development across oncology, autoimmune, and metabolic disease fields [2] - Seven self-developed products have been approved for market, with one product under NMPA review and 12 products in Phase III clinical trials [2] - The company's vision is to become a leading global biopharmaceutical enterprise by focusing on innovative drug development and expanding its commercial footprint [2]

截至2025年6月30日止六个月，集团亏损为人民币588.3百万元，截至2024年6月30日止六个月亏损为人 民币249.3百万元。 截至2025年6月30日止六个月，集团毛利为人民币1,120.7百万元，同比增长18.82%，这主要归因于商业 销售收入的变化。截至2025年6月30日止六个月商业销售毛利为人民币1,110.8百万元，截至2024年6月30 日止商业销售毛利为人民币857.9百万元。 格隆汇8月26日丨康方生物(09926.HK)发布公告，截至2025年6月30日止六个月，集团总收入为人民币 1,411.5百万元，同比增长37.75%。集团收入的构成包括商业销售收入及商业授权收入。截至2025年6月 30日止六个月商业销售收入为人民币1,401.6百万元，同比增长49.20%。截至2025年6月30日止六个月商 业授权收入为人民币9.9百万元。 ...

Akeso, Inc. 康方生物科技（開曼）有限公司 （「本公司」） （股份代號：9926） （於開曼群島註冊成立的獲豁免有限公司） 提 名 委 員 會 職 權 範 圍 本 公 司 根 據 本 公 司 董 事 會（「董 事 會」）於2020年4月7日 通 過 的 決 議 案 成 立 提名委員會（「提名委員會」）。下文載列提名委員會的職權範圍（「職權範圍」）。 職 權 範 圍 備 有 英 文 及 繁 體 中 文 版 可 供 查 閱。職 權 範 圍 的 英 文 與 繁 體 中 文 版 如 有 任 何 歧 義，概 以 英 文 版 為 準。 – 1 – 1. 目 的 1.1 提 名 委 員 會 旨 在 物 色、考 慮 及 向 董 事 會 推 薦 合 適 人 選 出 任 本 公 司 董事、制定提名指引及向董事會提供建議，惟須符合任何適用法律、 法 規 及 上 市 標 準。 2. 組 成 2.1 提 名 委 員 會 由 董 事 會 不 時 委 任，其 中 大 多 數 成 員 須 為 本 公 司 獨 立 非 執 行 董 事。 2.2 董 事 會 須 委 任 提 名 委 員 會 的 一 名 成 員（須 為 董 事 會 主 席 ...

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 之 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 就 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。 Akeso, Inc. 康方生物科技（開曼）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9926） 截 至2025年6月30日 止 六 個 月 中 期 業 績 公 告 董 事 會 謹 此 公 布 本 集 團 截 至2025年6月30日 止 六 個 月 的 未 經 審 核 簡 明 綜 合 業 績。 截 至2025年6月30日 止 六 個 月，本 集 團 毛 利 為 人 民 幣1,120.7百 萬 元，截 至2024年6月30日 止 六 個 月 為 人 民 幣943.2百 萬 元，同 比 增 長18.82%，這 主 要 歸 因 於 商 業 銷 售 收 入 的 變 化。截 至2025年6月30日 止 六 個 月 商 ...

国金证券发布研报称，中国创新药在全球供给端持续提供产能，管线数量已跃居世界首位，逐渐成为全 球新药开发的中心。近年来，中国企业密切参与技术创新，多家头部创新药企不断开启头对头研究、并 相较于外国竞品取得优效，用严格临床数据证明中国创新药巨大产品力。同时，近几年国家层面及各省 市颁布多项创新药支持性政策，从审评审批、招采准入等多维度全链条支持创新药发展。推荐公司：恒 瑞医药（600276）(600276.SH)、百济神州(688235.SH)、翰森制药(03692)等。 化药集采已完成十批，新一批集采提高质量要求并反"内卷"，边际影响减弱。Pharma集采逐步出清，步 入创新转型收获期。近几年国家层面及各省市颁布多项创新药支持性政策，从审评审批、招采准入等多 维度全链条支持创新药发展。此外，医保政策倾斜，友好的支付端有望助力创新药快速放量，多元化医 疗保障体系加速建设中，商保为创新药支付带来的新增量未来可期。 推荐公司：恒瑞医药、百济神州、翰森制药、信达生物、康方生物、石药集团、科伦博泰生物-B、华东 医药（000963）、三生制药、荣昌生物、甘李药业（603087）、诺诚健华。 风险提示：业绩不及预期风险，研 ...

Group 1 - The core viewpoint of the article highlights a significant decline in Hong Kong's biopharmaceutical stocks, with notable drops in several companies [2] Group 2 - Junshi Biosciences and Kelun Pharmaceutical both experienced declines exceeding 7% [2] - Innovent Biologics saw a drop of over 4% [2] - WuXi AppTec, Tigermed, and CanSino Biologics all fell by more than 3% [2]

Business Highlights - Akeso's commercial sales revenue in 2025H1 reached RMB 1.402 billion, a 49% year-on-year increase[16, 24] - The company has 13 Phase III/registrational trials of ivonescimab covering lung cancer and expanding to cold tumors[13] - The company has 10 phase III clinical studies of cadonilimab across lung cancer, gastric cancer, liver cancer and cervical cancer[13] - Penpulimab receives FDA approval in the United States[14] Pipeline Development - Three blockbuster new drug candidates entered clinical stage[19] - Six Phase III clinical trials reached the primary endpoint[20] - Ivonescimab's first global Phase III trial received positive results[84] - Manfidokimab (IL-4Rα) Reached Endpoints in the Registrational Phase III Trial for Atopic Dermatitis[116] Financial Performance - 1H 2025 Revenue reached RMB 1.412 billion, a 33.7% growth from 1H in 2024[16] - The company has cash and short-term financial assets of approximately RMB 7.14 billion[16] - Sales and Marketing expense as a percentage of sales decreased from 55% in 2024H1 to 48% in 2025 H1[136, 140]

Group 1 - The core viewpoint of the article highlights the overall poor performance of Hong Kong's biopharmaceutical stocks, with significant declines in major companies such as WuXi AppTec, Tigermed, and King’s Ray Biotech [1] - U.S. President Trump announced plans to reduce drug prices to 1/1400 to 1/1500 of current prices and to impose tariffs on pharmaceuticals, which could create volatility in the global pharmaceutical industry [1] - The Chinese biopharmaceutical sector faces both opportunities and challenges due to these developments, with potential short-term market fluctuations driven by uncertainty, particularly for businesses exposed to the U.S. market [1] Group 2 - In the long term, China's pharmaceutical industry may leverage its innovation and supply chain advantages to find new growth opportunities in the global pharmaceutical landscape, especially in areas like CDMO and internationalization of innovative drugs [1] - The article lists the latest prices and percentage changes for various biopharmaceutical stocks, indicating a general downward trend across the sector [1]