Core Viewpoint - The company is focused on advancing innovative treatments for cancer and immune diseases, showcasing its latest developments in the ATTC platform and late-stage pipeline candidates [1] Group 1: R&D Progress - The company shared key advancements in its innovative cancer and immune disease treatments during an investor meeting [1] - The ATTC platform is expected to redefine precision treatment for cancer, addressing unmet medical needs in these fields [1] Group 2: Leadership Insights - Dr. Shi Ming, the company's R&D head and Chief Medical Officer, emphasized the mission to meet critical unmet medical needs in cancer and immune diseases [1] - The company is confident in its ability to provide transformative treatment options for patients globally, supported by a robust product pipeline and collaboration strategies [1]

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 對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。 HUTCHMED (China) Limited 和黃醫藥（中國）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：13） 自願性公告 和黃醫藥舉辦最新研發進展投資者會議分享產品管線及業務進展 — 和黃醫藥介紹其創新ATTC平台，有望通過雙重作用機制為癌症精準治療帶來變革 — — 首個候選藥物HMPL-A251搭載選擇性PI3K/PIKK抑制劑有效載荷，在 臨床前研究中展現出令人鼓舞的療效與安全性 — 和黃醫藥（中國）有限公司（簡稱「和黃醫藥」或「HUTCHMED」）於2025年10月31日舉行的投資者會議中分享 最新關鍵研發和業務進展。此次活動重點展示了和黃醫藥在推進創新癌症和免疫疾病治療方面的最新進展，包括介 紹其新一代抗體靶向偶聯藥物（ 「ATTC」）平台，以及後期管線候選藥物的最新進展。 和黃醫藥研發負責人兼首席醫學官石明博士表示：「滿足癌症和免疫疾病領域關鍵未被滿足的醫學需求是和黃醫 藥的 ...

Core Insights - CK Hutchison is exploring a potential merger between its Italian telecom unit Wind Tre and the Italian operations of French telecom group Iliad [1] Company Overview - CK Hutchison is a Hong Kong conglomerate with interests in various sectors, including telecommunications [1] - Wind Tre is the Italian telecom unit of CK Hutchison, indicating the company's significant presence in the European telecom market [1] Industry Context - The potential tie-up reflects ongoing consolidation trends in the European telecom industry, where companies are seeking to enhance competitiveness and operational efficiencies [1] - Iliad, a French telecom group, has been expanding its footprint in Italy, making it a strategic partner for CK Hutchison's Wind Tre [1]

Core Insights - The article emphasizes the importance of international expansion for Chinese biopharmaceutical companies, particularly through licensing agreements and strategic partnerships, as they seek to enhance their global competitiveness [1][3][4]. Group 1: Market Trends and Opportunities - Chinese biopharmaceutical companies are increasingly focusing on international markets, with a projected licensing-out transaction value of nearly $66 billion in the first half of 2025, surpassing the $51.9 billion total for 2024 [1]. - The U.S. market offers the highest returns, but recent regulatory changes by the FDA have raised challenges for Chinese companies, necessitating a proactive approach to adapt to evolving policies [5]. - There is a growing interest in exploring "small loop" markets such as Hong Kong and Southeast Asia, which could serve as gateways for Chinese products due to similar clinical needs and expedited approval processes [5]. Group 2: Strategic Approaches - Companies are advised to collaborate with larger pharmaceutical firms to leverage their international experience and resources, rather than attempting to enter foreign markets independently [6]. - Establishing a dual strategy that combines "big loop" (focusing on major markets like the U.S. and Europe) with "small loop" (targeting emerging markets) is recommended to enhance market reach [5]. - The importance of building trust and understanding local market regulations is highlighted, suggesting that companies engage with platforms like DIA for better insights into international markets [5]. Group 3: Policy and Regulatory Environment - The article notes that policy and institutional reforms in China, particularly since 2015, have significantly improved the clinical trial environment, aligning it with international standards and attracting foreign investment [3]. - Shanghai has introduced various policies to support the biopharmaceutical industry, aiming to create a comprehensive innovation support system [6].

Core Insights - The establishment of a million-ton beverage super factory by Coca-Cola in Henan signifies a strong commitment to investing in the region, reflecting confidence in its future potential [1] - Henan's strategic position as a major market with a population of approximately 100 million and over 22 million middle-income groups enhances its attractiveness for investment [1] - The provincial government is actively promoting the integration into a unified national market, which is seen as a key strategy for high-quality development [2] Market Connectivity - The logistics network in Henan is improving, with railway transport covering over 53% of the national population within three hours and air transport covering over 87% within two hours [3] - Collaborative projects with neighboring regions are being implemented to enhance infrastructure connectivity and industrial innovation [3] - The number of China-Europe (Asia) freight trains has increased significantly, with 2,385 trains operating in the first three quarters, marking a 52.4% year-on-year growth [3] Market Efficiency - Efforts to optimize land use have led to a 51.7% share of "standard land" in industrial land transfers, an increase of 4.54 percentage points year-on-year [4] - Zhengzhou has been selected as one of the top ten pilot cities for comprehensive reform in market-oriented allocation of data elements, with a 10.1% increase in data products and services available [4] Competitive Capability - The production of new energy vehicles in Henan has grown by 20.6% year-on-year, while lithium-ion battery production has more than doubled [5] - The retail sales of consumer goods in Henan increased by 6.2% year-on-year, surpassing the national average by 1.7% [5] - The province is focusing on breaking bottlenecks and enhancing connectivity to boost its role in the global market, aiming to attract more investment [5]

Core Insights - The report highlights the strong performance of Chinese pharmaceutical companies at the ESMO conference, suggesting that Q4 2025 will see increased focus on policies, academic conferences, and business development catalysts [1][2] - The Hang Seng Healthcare Index rose by 2.0% this week, underperforming the broader market, with CXO, internet pharmaceuticals, and biopharmaceuticals showing better performance [1] - Institutional holdings in the pharmaceutical sector have seen fluctuations, with a slight decrease in domestic holdings through the Hong Kong Stock Connect, while foreign investments have also been declining since mid-year [1] Market Review - The report notes that since October, the pharmaceutical sector has experienced significant price volatility, but the overall trend remains focused on innovative drug investments, particularly in companies with clear pipeline values and cost-effectiveness [1][2] - Key companies such as Kangfang Biotech, Rongchang Biotech, Kelun-Botai, and others presented significant data at the ESMO conference, indicating a potential market revival as industry catalysts increase [2] Investment Recommendations - The report recommends focusing on innovative drugs, particularly companies like 3SBio and DQ Pharma, which have rich short-term catalysts and whose valuations do not yet reflect the value of their core products [2] - It also suggests that CXO companies, benefiting from high downstream demand and improving financing conditions, should be prioritized, with WuXi AppTec highlighted as a leading player in this segment [2]

Major Events - Minglue Technology (02718) plans to offer 7.219 million Class A shares globally from October 23 to October 28, with cornerstone subscriptions amounting to $59 million [1] - Wisco Properties (00230) received a privatization offer from Wisco Hong Kong at a premium of approximately 104.08%, with trading resuming on October 24 [1] - Junyu Foundation (01757) was acquired by China Venture Capital Holdings for 75% of its shares at a discount of about 79.06%, with trading resuming on October 24 [1] - Kangda Foods (00834) was acquired by Gaosi Shi for approximately 54.69% of the company’s shares at a premium of about 16.23%, with trading resuming on October 24 [1] - Hutchison China MediTech (00013) presented data on HMPL-A251 at the AACR-NCI-EORTC International Conference on Molecular Targeted and Cancer Therapeutics [1] - Giant Bio (02367) received a medical device registration certificate for its Type I α1 collagen lyophilized fiber product [1] - Yiming Anke-B (01541) completed the first patient dosing in the Phase IB/II clinical trial of IMM2510 combined with IMM01 [1] - Heng Rui Medicine (01276) received approval to conduct clinical trials for injection of Rikan Trastuzumab [1] - Hansoh Pharmaceutical (03692) had its application for HS-10365 capsule marketing approval accepted by the National Medical Products Administration [1] - Baixin An-B (02185) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [1] - Haotian International Construction Investment (01341) purchased a total of 646 units of Ethereum as of October 23 [1] Share Buybacks/Reductions - Cornerstone Pharmaceuticals-B (02616) saw CEO Yang Jianxin and senior management purchase an additional 1 million shares [2] - Midea Group (00300) repurchased 1.3434 million A shares for approximately 99.998 million yuan on October 23 [2] - China Communications Construction (01800) repurchased 119.45 million A shares for approximately 10.5994 million yuan on October 23 [2] - Mengniu Dairy (02319) repurchased 700,000 shares for approximately 10.0692 million HKD on October 23 [2] - Lianlian Digital (02598) spent about 7.5555 million HKD to repurchase 967,000 shares on October 23 [2] - Lianyi Rong Technology-W (09959) repurchased 2.47 million shares for approximately 7.4137 million HKD on October 23 [2] - Heng Rui Medicine (01276) repurchased 97,500 A shares for approximately 6.2808 million yuan on October 23 [2] - Gushengtang (02273) repurchased 19,860 shares for approximately 5.8634 million HKD on October 23 [2] Operating Performance - Ping An Good Doctor (01833) reported total revenue of approximately 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and plans to continue expanding AI technology to enhance medical service efficiency and quality [2] - Sands China Ltd. (01928) reported a 7.5% year-on-year increase in net revenue to $1.9 billion for the third quarter [2] - Livzon Pharmaceutical (01513) announced a net profit attributable to shareholders of 1.754 billion yuan for the first three quarters, a year-on-year increase of 4.86% [2] - China Railway Construction (01186) signed new contracts totaling 1.518765 trillion yuan in the first three quarters, a year-on-year increase of 3.08% [2] - Prada (01913) reported net revenue of 4.07 billion euros for the first three quarters, a year-on-year increase of 9% [2] Additional Performance Metrics - Baio Family Interactive (02100) reported 10.2 million active accounts in the third quarter, a year-on-year increase of 37.8% [3] - Anton Oilfield Services (03337) secured new orders worth 1.273 billion yuan in the third quarter [3]

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report emphasizes the significance of the ESMO conference, highlighting the achievements of Chinese pharmaceutical companies and suggesting to focus on catalysts such as policies, academic conferences, and business development in Q4 2025 [1][4] - The report indicates a potential market rebound due to increasing industry catalysts, including various academic conferences and favorable policies [4] - The report recommends continued attention to companies with promising clinical pipelines and their global commercialization potential [4][5] Valuation Summary - The report provides a detailed valuation overview of various companies, with all covered companies rated as "Buy" except for two rated as "Neutral" and one as "Sell" [3] - Notable target prices and current prices for selected companies include: - AstraZeneca: Target price 93.30, Current price 83.87 [3] - BeiGene: Target price 225.00, Current price 188.20 [3] - Innovent Biologics: Target price 48.00, Current price 36.42 [3] - I-Mab: Target price 105.00, Current price 86.10 [3] - China Biologic Products: Target price 9.10, Current price 7.43 [3] Market Performance - The Hang Seng Index rose by 2.3% and the Hang Seng Healthcare Index increased by 2.0% during the week of October 14-21, 2025, ranking fifth among twelve industry indices [4][7] - Sub-industry performance showed CXO leading with a 4.5% increase, followed by Internet medicine and biopharmaceuticals [4][7] Institutional Holdings - As of October 21, 2025, the proportion of domestic institutional holdings through Hong Kong Stock Connect decreased slightly to 22.1%, while foreign institutional holdings also saw a minor decline to 38.6% [34][38] - The report notes that both domestic and foreign investors are increasing their positions in innovative drug companies with clear pipeline values [4][38] Clinical Developments - The report highlights significant clinical trial results presented at the ESMO conference, including: - CanSino Biologics' promising data on its PD-1/VEGF inhibitor [5][6] - Rongchang Biopharmaceuticals' HER2 ADC showing significant survival benefits [5][6] - Kelun-Biotech's results indicating substantial improvements in progression-free survival [5][6] - The report suggests that these developments enhance the global competitiveness of the covered companies [5][6]

2025年10月23日星期四 ➢ 特朗普料中美谈妥一切；香港拟放 宽零售基金规则。A股缩量调整。上 证指数跌0.07%报3913.76点，深证成 指跌0.62%，创业板指跌0.79%。地产、 银行板块涨幅居前。港股低开低走， 香港恒生指数收盘跌 0.94% 报 25781.77点，恒生科技指数跌1.41%， 恒生中国企业指数跌0.85%。医药股 高开低走。大市成交额达2275.37亿 港元。外盘方面，欧洲三大股指收 盘涨跌不一。美国三大股指全线收 跌，道指跌0.71%，标普500指数跌 0.53%，纳指跌0.93%。美国考虑对中 国实施广泛的软件出口限制，特朗 普预测与习近平会晤能谈妥一切问 题。香港拟放宽零售基金规则。 | 25781.77 | -0.94 | 28.52 | | --- | --- | --- | | 9223.78 | -0.85 | 26.53 | | 5923.09 | -1.41 | 32.56 | | 119.30 | 0.33 | -16.57 | | 3913.76 | -0.07 | 16.77 | | 12996.61 | -0.62 | 24.79 | | 4592.5 ...

Core Viewpoint - Hutchison China MediTech Limited (HCM) is set to present preclinical data for HMPL-A251, a novel PI3K/AKT/mTOR (PAM)-HER2 antibody-drug conjugate (ATTC), at the AACR-NCI-EORTC International Conference on Molecular Targeted Therapy and Cancer Therapeutics in Boston from October 22 to 26, 2025 [1] Group 1: Product Overview - HMPL-A251 is designed to combine HER2-targeted therapy with PAM pathway inhibition, aiming to overcome the limitations of traditional antibody-drug conjugates (ADCs) and single PAM inhibitors [1] - The drug utilizes a highly selective and potent PI3K/PIKK inhibitor as the payload, conjugated to a humanized anti-HER2 IgG1 antibody via a cleavable linker [1] Group 2: Preclinical Efficacy - In vitro studies show that the PI3K/PIKK inhibitor payload exhibits strong, selective, and broad anti-tumor activity across 130 tumor cell lines [2] - HMPL-A251 demonstrates HER2-dependent anti-tumor activity, effectively inhibiting the growth of HER2-positive tumor cells regardless of PAM pathway alterations [2] - The compound also shows a bystander effect on HER2-negative cells when co-cultured with HER2-positive cells [2] Group 3: Safety and Efficacy - The ATTC design emphasizes the precise delivery of regulatory pathway-modulating payloads to tumor tissues, enhancing long-term safety compared to traditional ADCs [3] - HMPL-A251 has shown superior anti-tumor efficacy and tolerability compared to naked antibodies and payload combination therapies in in vivo models [3] - The drug induces tumor regression in various models, including HER2-positive and low HER2 expression models, with efficacy closely linked to payload concentration and target inhibition [3] Group 4: Future Development Plans - HCM plans to initiate global clinical trials for HMPL-A251 by the end of 2025 and submit multiple global new drug clinical trial applications for other ATTC candidates in 2026 [4] - The ATTC platform represents a new generation of precision cancer therapies, combining monoclonal antibodies with proprietary targeted small molecule inhibitors for dual action mechanisms [4][5]