Core Viewpoint - China Biopharmaceutical (01177) experienced a stock increase of over 3%, reaching HKD 7.7 with a trading volume of HKD 100 million, following the announcement of a successful licensing collaboration with Merck regarding the dual antibody LM-299/MK-2010 [1] Group 1: Financial Developments - The company is set to receive a milestone payment of USD 300 million for technology transfer related to LM-299, expected to be confirmed in the third quarter [1] - In 2024, a global exclusive licensing agreement was established between the company's subsidiary, Lixin Pharmaceutical Technology (Shanghai) Co., Ltd., and Merck, which includes an upfront payment of USD 588 million and potential milestone payments up to USD 2.7 billion [1] Group 2: Project Progress - Merck disclosed during its Q2 earnings call that the technology transfer for LM-299 was completed in July and is progressing as planned [1]

2025年7月29日，默沙东在二季度业绩会上披露，LM-299的技术转移已于7月完成，预计将于第三季度 确认3亿美元的技术转移里程碑款项。此外，在电话会问答环节，默沙东回应分析师查询称，LM299项 目正按计划如期推进。 据悉，2024年，礼新医药与默沙东就LM-299达成全球独家授权协议。根据协议条款，默沙东将获得 LM299的全球开发、生产和商业化独家许可。礼新医药将获得5.88亿美元的首付款，以及最高27亿美元 的里程碑付款。 中国生物制药(01177)早盘涨超3%，截至发稿，涨3.19%，报7.7港元，成交额1亿港元。 消息面上，7月30日，中国生物制药公布，该集团全资附属公司礼新医药科技(上海)有限公司(礼新医药) 与默沙东就LM-299/MK-2010"PD-1/VEGF双抗"的对外授权合作进展顺利，该集团将于近期收到3亿美元 的技术转移里程碑付款。 ...

Core Viewpoint - China Biologic Products Holdings (01177) experienced a stock increase of over 3%, reaching HKD 7.7 with a trading volume of HKD 100 million, following the announcement of a successful collaboration with Merck on the LM-299/MK-2010 "PD-1/VEGF dual antibody" [1] Group 1 - On July 30, China Biologic announced that its wholly-owned subsidiary, Lixin Pharmaceutical Technology (Shanghai) Co., Ltd., is progressing well in its collaboration with Merck regarding LM-299 [1] - The company is expected to receive a milestone payment of USD 300 million for technology transfer in the near future [1] - Merck disclosed during its Q2 earnings call on July 29 that the technology transfer for LM-299 was completed in July and the milestone payment is anticipated to be confirmed in Q3 [1] Group 2 - In 2024, Lixin Pharmaceutical and Merck reached a global exclusive licensing agreement for LM-299 [1] - According to the agreement, Merck will obtain exclusive rights for global development, production, and commercialization of LM-299 [1] - Lixin Pharmaceutical will receive an upfront payment of USD 588 million, along with potential milestone payments totaling up to USD 2.7 billion [1]

盘面上，CPO、ERP概念表现活跃，兵装重组、贵金属、军工装备板块走低。 09:22 央行公开市场开展2832亿元7天期逆回购操作，操作利率1.40%。今日3310亿元逆回购到期。 09:26 宁德时代A股开涨1.34%。消息面上，公司上半年营业收入为1788.86亿元，同比增长7.27%。归属于上市公司股东 的净利润为304.85亿元，同比增长33.33%。 | | 280.80 +3.71 +1.34% | | | | | | | | | | | | | | | | | 宁德时代 立即 300750 交易 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | SZSE CNY 9:25:00 休市 | | | | | | | | 通融 / △ + | | | | | | | | | | | | | | | | | | | | | | 详情 | | 港(3750) 421.000(-1.31%) H/A: ...

Market Overview - The Hong Kong stock market opened lower, with the Hang Seng Index down 0.77% at 24,982.87 points, the Hang Seng Tech Index down 0.58% at 5,458.8 points, and the National Enterprises Index down 0.68% at 8,976.63 points [1] - Major tech stocks mostly declined, with Alibaba down 0.94%, Tencent down 0.36%, JD Group down 0.95%, Xiaomi down 0.82%, NetEase down 0.1%, Meituan down 3.06%, Kuaishou up 0.14%, and Bilibili down 0.84% [1] - The innovative drug concept stocks opened higher, with Lepu Biopharma rising over 5% [1] - Chinese brokerage stocks opened lower, with Everbright Securities down over 2% [1] - Gold stocks continued to retreat, with China Silver Group down over 3% [1] - Stablecoin concept stocks generally fell, with Jingwei TianDi down over 6% [1] Company News - Sinopec Oilfield Services (01033.HK) won a natural gas pipeline project with a bid amount of RMB 3.597 billion, accounting for approximately 4.44% of its 2024 revenue [2] - CSPC Pharmaceutical Group (01093.HK) entered into an exclusive licensing agreement with MADRIGAL for SYH2086, with potential total payments of up to USD 2.075 billion [2] - China Biologic Products (01177.HK) reported successful external licensing cooperation for LM-299, with a milestone payment of USD 300 million expected soon [3] - Spring Trust (01426.HK) reported an average rental rate of approximately 86% for its Huamao property in Q2 [4] - Sihuan Pharmaceutical (00460.HK) completed the first patient enrollment in a Phase III clinical trial for Annelaz sodium for gastroesophageal reflux disease [5] - Zhaoke Ophthalmology-B (06622.HK) received orphan drug designation from the FDA for Mephalan for treating retinoblastoma in children [6] - CATL (03750.HK) reported revenue of RMB 178.886 billion for the first half of the year, a year-on-year increase of 7.27%, and a net profit of RMB 30.512 billion, up 33.02% [6] - Hisense Home Appliances (00921.HK) reported total revenue of RMB 49.34 billion for the first half, a year-on-year increase of 1.44%, and a net profit of RMB 2.077 billion, up 3.01% [6] - New Oriental-S (09901.HK) projected net revenue of USD 4.9 billion for FY2025, a year-on-year increase of 13.6%, and a net profit of USD 372 million, up 20.1% [6] - Weisheng Holdings (03393.HK) reported revenue of RMB 1.368 billion for the first half, a year-on-year increase of 11.88%, and a net profit of RMB 305 million, up 12.24% [6] - Yingda Real Estate (00432.HK) reported total revenue of HKD 736 million for the first half, a year-on-year increase of 35%, but a net loss of approximately HKD 249 million, widening by 62.75% [6] Earnings Forecasts - Saint Bella (02508.HK) announced a profit alert, expecting a net profit of over RMB 320 million for the first half, turning from loss to profit [7] - Aoneng Construction (01183.HK) issued a profit alert, expecting a net profit increase of over 125% to no less than MOP 18 million for the first half [8] - Da Cheng Corn Group (03889.HK) issued a profit warning, expecting a net loss of approximately HKD 65 million to 85 million for the first half, turning from profit to loss [9] Institutional Insights - Everbright Securities noted that the overall profitability of the Hong Kong stock market is relatively strong, with scarce assets in internet, new consumption, and innovative drugs, suggesting long-term investment opportunities [10] - CITIC Securities highlighted the strong innovation in Hong Kong medical device companies, with many approaching profitability or rapid performance release, and recommended focusing on investment opportunities in the medical device sector [11] - Zhongyin International reported on the recent press conference regarding the "14th Five-Year Plan" and the optimization of medical insurance collection rules, indicating potential improvements in the pharmaceutical industry's profitability [11] - CITIC Securities also discussed the dairy industry's current low prices and the potential for stabilization and recovery in milk prices, suggesting investment opportunities in the dairy sector [12]

7月31日，港股开盘，恒生指数跌0.77%，恒生科技指数跌0.58%。科网股回调，美团跌超3%；医药股出 现分化，中国生物制药涨近2%，将获3亿美元技术转移里程碑付款，药明康德跌超4%；宁德时代绩后 跌超1%。 ...

港股创新药概念多股走强，歌礼制药(01672.HK)、石药集团(01093.HK)涨近3%，中国生物制药 (01177.HK)涨超2%，百济神州(06160.HK)、翰森制药(03692.HK)等跟涨。 ...

Major Events - Li Auto officially launched its family-oriented six-seat pure electric SUV, the Li Auto i8 [1] - Yue Gang Wan Holdings entered into a sale agreement with Champion Road Group Limited [1] - Sihuan Pharmaceutical completed the first patient enrollment in the Phase III clinical trial for its innovative drug Annelazole Sodium for a new indication of gastroesophageal reflux disease [1] - China National Pharmaceutical Group successfully progressed in the licensing cooperation for LM-299, with a $300 million milestone payment expected soon [1] - Yiming Anke received milestone payments under the authorization and cooperation agreement with AXION BIO [1] Share Buybacks/Reductions - Midea Group repurchased 832,500 A-shares for approximately 59.9954 million yuan on July 30 [1] - Shanghai Electric repurchased 3 million A-shares for about 23.957 million yuan on July 30 [1] - Vitasoy International repurchased 2.122 million shares for approximately 19.5997 million HKD on July 30 [1] - Draka Comteq B.V. reduced its holdings by approximately 37.5953 million H-shares, lowering its stake to 10% [1] Operating Performance - CATL reported a net profit attributable to shareholders of 30.512 billion yuan, an increase of 33.02% year-on-year [1] - HSBC announced a post-tax profit of $12.4 billion for the first half of 2025, a decrease of 30% year-on-year [1] - New Oriental reported a net profit attributable to shareholders of $372 million, a year-on-year increase of 20.1% [1] - China Ruyi Holdings expects a post-tax comprehensive net profit of approximately 1 billion to 1.2 billion yuan for the interim period, turning a profit year-on-year [1] - Saint Bella anticipates a net profit of no less than 320 million yuan for the first half of the year, also turning a profit year-on-year [1] - Prada reported a net revenue of approximately 386 million euros for the first half, a year-on-year increase of 0.62% [1] - Hang Lung Group reported a net profit attributable to shareholders of 697 million HKD for the first half of 2025, a decrease of 21.51% year-on-year [1] - Hang Lung Properties reported a net profit attributable to shareholders of 912 million HKD for the first half of 2025, a decrease of 14.04% year-on-year [1] - Hang Seng Bank reported a net profit of 6.88 billion HKD for the first half of 2025, a decrease of 30.46% year-on-year [1] Other Developments - Giant Star Legend's subsidiary entered into a cooperation agreement with Yushu Technology [2] - COSCO Shipping Development plans to order 10 bulk carriers with a deadweight tonnage of 210,000 tons and lease them out [2]

Group 1 - Ningde Times (03750.HK) reported a net profit attributable to shareholders of 30.512 billion yuan for the first half of 2025, representing a year-on-year increase of 33.02% [1] - The company's revenue for the same period reached 178.9 billion yuan, showing a year-on-year growth of 7.27% [1] - The basic earnings per share for Ningde Times were 6.92 yuan per share, and the company announced an interim dividend of 10.07 yuan per 10 shares (tax included) [1] Group 2 - In the power battery sector, Ningde Times held a global market share of 38.1% from January to May 2025, an increase of 0.6 percentage points compared to the same period last year [1] - In the energy storage sector, the company ranked first globally in battery production from January to June 2025 [1]

Performance Summary - Ningde Times (03750.HK) reported a revenue of 178.886 billion yuan for the first half of the year, an increase of 7.27% year-on-year, with a net profit of 30.512 billion yuan, up 33.02% year-on-year [2] - Hisense Home Appliances (00921.HK) achieved a total operating revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit of 2.077 billion yuan, up 3.01% year-on-year [2] - New Oriental-S (09901.HK) recorded a net revenue of 4.9 billion USD for the fiscal year 2025, a year-on-year increase of 13.6%, with a net profit of 372 million USD, up 20.1% year-on-year [2] - Weisheng Holdings (03393.HK) reported an operating income of 1.368 billion yuan, a year-on-year increase of 11.88%, and a net profit of 305 million yuan, up 12.24% year-on-year [2] - Yingda Real Estate (00432.HK) had a total revenue of 736 million HKD, a year-on-year growth of 35%, but reported a net loss of approximately 249 million HKD, an increase of 62.75% year-on-year [2] - Saint Bella (02508.HK) announced a profit alert, expecting a net profit of over 320 million yuan, turning from loss to profit year-on-year [2] - Aoneng Construction (01183.HK) issued a profit alert, expecting a net profit increase of over 125% to no less than 18 million MOP year-on-year [2] - Da Cheng Corn Group (03889.HK) issued a profit warning, expecting a net loss of approximately 65 to 85 million HKD, turning from profit to loss year-on-year [2] Company News - Sinopec Oilfield Services (01033.HK) announced that its subsidiary won a natural gas pipeline engineering project with a bid amount of 3.597 billion yuan, accounting for 4.44% of the 2024 revenue [2] - CSPC Pharmaceutical Group (01093.HK) signed an exclusive licensing agreement with MADRIGAL for SYH2086, with potential total payments of up to 2.075 billion USD [2] - China Biopharmaceutical (01177.HK) reported successful external licensing cooperation for LM-299, with a milestone payment of 300 million USD expected to be received soon [2] - Chunquan Industrial Trust (01426.HK) reported an average rental rate of approximately 86% for Huamao Property in the second quarter [2] - Sihuan Pharmaceutical (00460.HK) completed the first patient enrollment in a Phase III clinical trial for the new indication of the innovative drug Annelazole Sodium for gastroesophageal reflux disease [2] - Zhaoke Ophthalmology-B (06622.HK) received orphan drug designation from the FDA for Mephalan for the treatment of retinoblastoma in children [2] - Yunnan Construction Investment Concrete (01847.HK) continues to sign concrete supply contracts for the expansion project of Kunming Changshui International Airport, with a contract amount of approximately 283 million yuan [2] Buyback and Increase Dynamics - Vitasoy International (00345.HK) repurchased 2.122 million shares for approximately 19.6 million HKD at a price range of 9.2 to 9.26 HKD [2] - China Eastern Airlines (00670.HK) spent approximately 7.2536 million HKD to repurchase 2.5 million shares at a price range of 2.89 to 2.92 HKD [2]