Core Insights - The company, Ascentage Pharma-B (06855), announced multiple clinical and preclinical advancements for three products (Orebactin®, Lisatoclax®, APG-5918) selected for presentation at the 67th American Society of Hematology (ASH) Annual Meeting, including one oral presentation [1] - Orebactin® has been selected for ASH for eight consecutive years, showcasing its ongoing clinical progress [1] - Lisatoclax® has two clinical advancements selected for ASH, marking its fourth consecutive year of inclusion [1] Group 1: Product Developments - Orebactin® is the first approved third-generation BCR-ABL inhibitor in China, with commercialization jointly managed by Ascentage Pharma and Innovent Biologics [2] - At the ASH meeting, the company will present the latest data from the global Phase III POLARIS-1 study on Orebactin® combined with low-intensity chemotherapy for newly diagnosed Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL) patients [2] - The company will also update data from a randomized controlled Phase II study on Orebactin® for TKI-resistant chronic myeloid leukemia in chronic phase (CML-CP) patients, including four-year follow-up data [2] Group 2: Lisatoclax® Insights - Lisatoclax® is a novel oral Bcl-2 selective inhibitor developed by Ascentage Pharma, showing potential in treating various hematological malignancies and solid tumors [2] - The product has been approved in China for adult chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) patients who have undergone at least one systemic treatment, including a Bruton tyrosine kinase (BTK) inhibitor [2] - The company will present the latest advancements from a registered Phase II clinical study of Lisatoclax® as a monotherapy for relapsed/refractory CLL/SLL patients, along with data on its combination with azacitidine for newly diagnosed or previously venetoclax-treated myeloid tumor patients [2] Group 3: ASH Annual Meeting - The ASH Annual Meeting is one of the largest international academic events in the field of hematology, covering research on the etiology and treatment of blood diseases [3] - The 67th ASH Annual Meeting will take place from December 6 to December 9, 2025, in Orlando, Florida, in a hybrid format [3]

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全部內容概不負責，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。 ASCENTAGE PHARMA GROUP INTERNATIONAL 亞盛醫藥集團 （於開曼群島註冊成立的有限公司） （股份代號：6855） 自願公告 亞盛醫藥耐立克®、利生妥®、APG-5918的多項臨床進展將 在2025年美國血液學會年會(ASH)展示，其中一項獲口頭報告 亞盛醫藥集團（「本公司」或「亞盛醫藥」）欣然宣佈，本公司3個品種（耐立克®、利 生妥®、APG-5918）有多項臨床和臨床前進展入選第67屆美國血液學會(American Society of Hematology, ASH)年會展示及報告，其中一項獲口頭報告。其中，本 公司原創1類新藥奧雷巴替尼（商品名：耐立克®）有多項臨床進展獲選第67屆ASH 年會，這是該品種的臨床進展連續第8年入選ASH年會。此外，本公司原創1類新 藥利沙托克拉（商品名：利生妥®；研發代碼：APG-2575）共有2項臨床進展獲選 第67屆ASH年會， ...

Core Viewpoint - Ascentage Pharma Group International is actively participating in investor conferences in November 2025, highlighting its ongoing commitment to engage with the investment community and showcase its innovative biopharmaceutical pipeline [1][7]. Company Overview - Ascentage Pharma is a global, commercial stage, integrated biopharmaceutical company focused on discovering, developing, and commercializing novel therapies for unmet medical needs in cancer [2][5]. - The company has developed a rich pipeline of innovative drug products, including inhibitors targeting key apoptotic pathway proteins and next-generation kinase inhibitors [2]. Product Pipeline - The first approved product, Olverembatinib, is a third-generation BCR-ABL1 inhibitor for chronic myelogenous leukemia (CML) patients with specific mutations and is included in the China National Reimbursement Drug List [3]. - Olverembatinib is currently undergoing registrational Phase III trials, including POLARIS-2 for CML and POLARIS-1 and POLARIS-3 for other leukemia types [3]. - The second approved product, Lisaftoclax, is a Bcl-2 inhibitor for hematologic malignancies, with multiple global registrational Phase III trials ongoing [4]. Collaborations and Partnerships - Ascentage Pharma has established a portfolio of global intellectual property rights and formed partnerships with leading biotechnology and pharmaceutical companies, including Takeda, AstraZeneca, Merck, and Pfizer [5]. - The company collaborates with prominent research institutions such as Dana-Farber Cancer Institute and Mayo Clinic to enhance its research and development capabilities [5].

Core Insights - He Yuan Bio became the first project to be approved after the resumption of the fifth set of standards on the Sci-Tech Innovation Board, officially listing on October 28 [1] - The investment firm Yifeng Capital has been supporting He Yuan Bio for over nine years since its investment in 2016, focusing on the development of innovative drugs in the medical health sector [1][2] - Yifeng Capital's CEO, Zhu Pai, emphasizes the importance of value investment and patience in supporting companies through various cycles, particularly in the context of China's pharmaceutical industry [1][6] Company Development - He Yuan Bio has developed a recombinant human serum albumin extraction technology from rice, successfully transitioning from pilot production to commercialization [2][3] - The company faced significant challenges during its industrialization phase, including financial pressure and sales difficulties, which are common in the "valley of death" for tech startups [2][3] - After nine years of support, He Yuan Bio achieved significant milestones, including the approval of its core product in July 2025 and its listing on the Sci-Tech Innovation Board in October [3] Investment Strategy - Yifeng Capital has invested in over a hundred projects, focusing on innovative drugs and high-end medical devices, avoiding investments in heavy asset hospitals and ordinary consumables [4][5] - The firm employs a professional team with extensive experience in the medical field, enabling it to identify trends and assess project value effectively [4] - Zhu Pai outlines three key dimensions for selecting investment projects: technological and clinical progress, innovation in drug formulation, and sustained R&D capabilities [5] Industry Trends - The Chinese pharmaceutical industry is experiencing a surge in collaboration with major global pharmaceutical companies, leading to explosive growth in overseas licensing deals [6] - Chinese pharmaceutical companies are increasingly recognized in the global market, enhancing their competitiveness and profitability through international expansion [6] - Yifeng Capital remains optimistic about the long-term development opportunities in the Chinese pharmaceutical sector, focusing on value investment and supporting companies in their R&D breakthroughs [6]

Core Insights - The company is actively responding to regulatory calls by enhancing investor education and building a sustainable investment education ecosystem, focusing on providing diverse services and improving financial literacy among investors [1][21]. Group 1: Investor Education Initiatives - The "8·18 Investor Education Festival" emphasizes rational investment and features both online innovations and offline activities to create a platform for face-to-face communication and engagement [2]. - Activities include a film screening for veterans and party members, aimed at educating them on financial fraud prevention while also promoting red culture [2][5]. - The company launched the "Investment Journey with Responsibility" series to help investors recognize psychological traps and maintain clear judgment in complex markets [7]. Group 2: Community Engagement - During the Financial Education Promotion Week, the company focused on protecting financial rights and addressing community concerns, particularly for vulnerable groups like the elderly and veterans [8]. - Interactive games and immersive experiences were utilized to enhance public financial literacy and risk awareness [9][12]. - The company organized community events that integrated traditional culture with financial education, making the content more relatable and engaging [10]. Group 3: Research and Development - The company conducted targeted surveys to understand investor needs better, shifting from broad coverage to precise service delivery [17]. - Collaborations with various institutions facilitated direct communication between investors and companies, enhancing understanding of corporate value and market dynamics [18]. Group 4: Technological Integration - The introduction of the AI-powered investment education assistant "NanNan FUND" aims to provide real-time support and enhance the interactive experience for investors [21]. - The company is committed to improving investor financial literacy through innovative and engaging content delivery methods [21].

Core Viewpoint - The article highlights the accelerated pace of Chinese innovative pharmaceuticals entering international markets, with a comprehensive recovery in the healthcare industry observed in both primary and secondary markets this year [1]. Group 1: Market Dynamics - Overseas investors are showing a steady increase in interest towards Chinese healthcare companies, with more institutions willing to participate as cornerstone investors in Hong Kong IPOs [2][6]. - The capital market is experiencing a revival, with frequent financing activities and an increase in out-licensing projects, providing strong support for industry development [6][10]. - In the first half of the year, there were 677 financing transactions in the domestic healthcare primary market, totaling over 50 billion yuan, a year-on-year increase of 10% [6]. Group 2: Investment Trends - Investment focus is shifting from financial metrics to technological innovation capabilities, particularly in innovative drugs, medical devices, and artificial intelligence [6][10]. - The return of global funds is partly driven by the successful IPO of Ningde Times and the strong performance of companies like Hengrui Medicine, which has boosted investor confidence [7][10]. Group 3: Challenges in International Expansion - Chinese innovative pharmaceutical companies face challenges in their international expansion, including the risk of collaboration termination and regulatory hurdles, particularly in adapting to FDA requirements [8][10]. - Intellectual property issues are also critical, as some transactions have failed due to IP concerns [8]. Group 4: Enhanced Bargaining Power - Chinese pharmaceutical companies have significantly improved their bargaining power in the global value chain, with international collaborations expanding in breadth and depth [10]. - This enhanced bargaining power is reflected in improved deal terms, including higher upfront payments and more diverse transaction models [10]. Group 5: Future Outlook - The investment and financing activity in the healthcare sector is expected to continue, supported by the ongoing development of the industry and the increasing value of international investment banks' services [11][12]. - The trend of overseas funding returning is still in its early stages, with potential for further liquidity improvements [12]. - The industry is moving towards maturity and globalization, with a growing number of local companies transitioning from followers to key players on the global stage [13].

Summary of the Conference Call for Ascentage Pharma Industry and Company Overview - The conference call focuses on Ascentage Pharma, a biopharmaceutical company specializing in innovative cancer therapies, particularly in the field of apoptosis and targeted therapies [2][3]. Key Points and Arguments 1. **Orebatein Expansion**: Orebatein, a third-generation TKI, expanded its indications in October 2023 to cover more CML patients, with expectations to be included in the national health insurance by the end of 2024, significantly enhancing market potential. The domestic sales reached 217 million yuan, with a forecasted doubling for the year [2][4]. 2. **BCL-2 Inhibitor Launch**: Ascentage Pharma launched its first domestic BCL-2 inhibitor, targeting relapsed CLL/SLL, which has a superior administration method compared to venetoclax, faster cellular uptake, and higher safety. Multiple phase III registration trials are ongoing, indicating a broad market outlook [2][4]. 3. **Collaboration with Takeda**: The company entered a licensing agreement with Takeda for the drug Nilotinib, with a total transaction value of 1.3 billion USD, including an upfront payment of 100 million USD. The remaining amount consists of milestone payments and sales sharing, with three phase III registration trials currently in progress [2][5]. 4. **Sales and R&D Expenses**: In the first half of 2024, sales expenses were 138 million yuan, with an annual estimate of 250 to 300 million yuan. R&D expenses reached 529 million yuan, with expectations to exceed 1 billion yuan for the year, indicating a continued increase in R&D investment [2][5]. 5. **Clinical Trials**: Orebatein is undergoing three phase III registration trials, while the BCL-2 inhibitor is also in multiple phase III trials covering AML, CLL/SLL, MDS, and multiple myeloma [2][6]. 6. **CML Market Size**: The global TKI market for CML is approximately 6 billion USD, with the domestic market around 4 billion yuan. The rapid growth of third-generation TKIs is noted, with Nilotinib being the only domestic third-generation TKI, providing a competitive edge [2][7][8]. Additional Important Information 1. **Market Competition**: The global CML TKI market is characterized by the expiration of patents for first and second-generation TKIs, with significant market players like Novartis and Takeda. Orebatein is positioned to complete its overseas phase III trials and apply for market approval by 2026 [7][9]. 2. **Advantages of BCL-2 Inhibitor**: Compared to venetoclax, Ascentage's BCL-2 inhibitor offers advantages in administration, faster cellular uptake, and lower side effects due to a shorter half-life. Ongoing trials include combinations with other therapies for various indications [2][11]. 3. **Future Directions**: Ascentage Pharma aims to continue its focus on apoptosis pathways and advance new L-type inhibitors for solid tumors, while also pursuing international expansion and product innovation to meet market expectations [3][12].

Core Insights - The multinational biopharmaceutical enterprise symposium held in Suzhou Industrial Park aims to enhance collaboration between government and enterprises, focusing on the development of the biopharmaceutical industry [1] Group 1: Industry Development - Biopharmaceuticals and health are key strategic emerging industries in Suzhou, with the industrial park ranking among the top in China's biopharmaceutical industry competitiveness [1] - The symposium serves as a platform for communication to deepen government-enterprise collaboration and promote open innovation and high-quality development in the biopharmaceutical sector [1] Group 2: Government Initiatives - Wu Qingwen, the Deputy Secretary of the Municipal Party Committee and Mayor, emphasized the growing competitiveness of Suzhou's biopharmaceutical industry over nearly 20 years, highlighting improved enterprise development and resource support [1] - The "Global Innovation Cooperation Partner Program for Multinational Biopharmaceutical Enterprises" was launched, with the first batch of participating companies signing agreements during the event [2]

Group 1 - A-shares and Hong Kong stocks in the innovative pharmaceutical sector have rebounded, with significant gains in related stocks and ETFs [1][3][5] - The largest medical ETF in A-shares (512170) saw a trading volume of 589 million yuan, recovering 1.34% on the day [1] - The innovative drug sector is experiencing a collective rise, with notable stocks like Huahai Pharmaceutical increasing by 7.59% [3] Group 2 - The Hong Kong innovative drug ETF (520880) rose by 2.12%, with 35 out of 37 constituent stocks gaining, led by Green Leaf Pharmaceutical with an 8.31% increase [5][7] - Recent funding trends indicate a significant inflow into the innovative drug sector, with over 1.29 billion yuan added in the last three days [7] - Upcoming catalysts include the European Society for Medical Oncology (ESMO) annual meeting, which may showcase significant research results from Chinese innovative drugs [7] Group 3 - Investment strategies suggest focusing on innovative drugs, with specific ETFs like the Hong Kong innovative drug ETF (520880) and the A-share drug ETF (562050) highlighted for their potential [8] - The medical ETF (512170) is noted for its inclusion of CXO companies, which account for 26.77% of its weight [8] - The medical ETF is the largest in the market, with a scale of 26.4 billion yuan, while the drug ETF is the only one tracking the China Pharmaceutical Index [9]

Core Viewpoint - The A-share innovative drug and chemical pharmaceutical sectors experienced a strong surge, driven by the upcoming ESMO conference and the increasing visibility of Chinese pharmaceutical companies in global markets [1][4][5]. Group 1: Market Performance - Multiple stocks in the innovative drug sector saw significant gains, with Guangshentang rising over 17% and Shutaishen increasing by over 12% [1][2]. - The Hong Kong innovative drug concept also performed well, with WuXi AppTec rising over 7% [2][3]. Group 2: ESMO Conference Impact - The ESMO conference, scheduled from October 17 to 21, is expected to be a key catalyst for the innovative drug sector, showcasing significant clinical data and advancements from Chinese companies [4][5]. - The participation of Chinese pharmaceutical firms at ESMO is anticipated to enhance their global visibility and facilitate business development opportunities [5]. Group 3: Business Development and Collaborations - The ESMO conference is viewed as a critical event for potential business development collaborations, with previous high-value transactions indicating the growing global competitiveness of Chinese innovative drugs [5][6]. - The total transaction amount for Chinese innovative drugs reached $60.8 billion in the first half of 2025, reflecting a 129% year-on-year increase [5]. Group 4: R&D and Financial Performance - Recent advancements in R&D include the acceptance of a new drug application for a dual-target fusion protein by Rongchang Biopharmaceutical, marking a significant milestone in the treatment of primary IgA nephropathy [6]. - Companies like Luoxin Pharmaceutical are expected to report positive financial results, with projections indicating a turnaround from losses to profits due to strong market performance of their innovative drugs [6]. Group 5: Industry Outlook - Analysts express optimism regarding the innovative drug sector's sustainability, emphasizing the importance of clinical data, commercialization capabilities, and international expansion for future success [7]. - The trend of "innovation + internationalization" is expected to remain a core focus for the pharmaceutical industry, supported by favorable policies and improving global competitiveness [7].