中金发布研报称，由于康诺亚-B(02162)CM313和CM355对外授权首付款及近期付款确认增厚，将2025 年盈利亏损由8.37亿元调整至5.24亿元，2026年盈利预测维持基本不变。维持跑赢行业评级，由于公司 管线出海开始落地，基于DCF估值，该行上调目标价54.5%至85.00港币，较当前股价有16.8%的上行空 间。 中金主要观点如下： 1H25销售符合该行预期 公司公布1H25业绩：收入4.99亿元，同比增长812%;产品销售收入1.69亿元;归母净亏损0.79亿元，总收 入超该行预计，主因公司CM313和CM355对外授权首付款及近期付款确认增厚收入，除此之外的销售 收入符合该行预期。 CM310三个适应症获批上市，1H25销售业绩符合该行预期 截至2025年3月，公司核心产品司普奇拜单抗(CM310)已有3项适应症获CDE批准上市，分别是成人中重 度特应性皮炎(AD)、季节性过敏性鼻炎(SAR)和慢性鼻窦炎伴鼻息肉(CRSwNP)。1H25CM310贡献收入 1.69亿元，符合该行预期。截至2025年6月，公司商业化团队已达370人，并计划持续扩招。目前CM310 的价格为1812元/支，赠药 ...

在全球范围内积极开展对外合作 公司已与阿斯利康就CLDN 18.2 ADC(CMG901)达成全球独家授权协议，阿斯利康已启动CM901单药治 疗2L及以上晚期或转移性胃及胃食管结合部腺癌的III期MRCT研究，目前入组进度已过半。此外，公司 就CM512(TSLPxIL13)、CM536、CM336(BCMAxCD3)、CM313(CD38)、CM355(CD20xCD3)通过 NewCo的形式，快速推进海外临床进度：1)CM313和CM355均于今年1月份分别于Timberlyne和Prolium 达成独家授权，1H25合计确认首付款和近期付款3.18亿元，增厚公司收入;2)CM512正在探索更长给药 间隔，其中重度特应性皮炎、慢性鼻窦炎伴鼻息肉、中重度哮喘、COPD均处于国内II期临床阶段， Belenos也启动了哮喘适应症的美国I期临床，首例受试者于3月入组;3)Ouro获得了CM336首个海外IND 批准，首例受试者于8月入组。 风险提示：新产品上市、临床试验数据及销售不及预期、竞争加剧。 智通财经APP获悉，中金发布研报称，由于康诺亚-B(02162)CM313和CM355对外授权首付款及近期付 ...

报告期内，集团的研发开支主要包括(i)与临床前及临床研究有关的开支，包括就集团的研发活动聘请 CRO及其他服务供应商以及安排临床试验基地的第三方承包成本；(ii)集团研发雇员的员工成本；(iii)采 购用于研发候选药物的原材料及耗材的开支；及(iv)与研发活动有关的物业、厂房及设备以及其他无形 资产的折旧及摊销。截至2025年6月30日止六个月，集团的研发开支由截至2024年6月30日止六个月的人 民币3.31亿元增加人民币2900万元至人民币3.60亿元。该增加主要归因于员工成本、临床试验数量及研 发活动所用的原材料增加。 格隆汇8月26日丨康诺亚-B(02162.HK)发布公告，截至2025年6月30日止六个月，实现收入人民币4.99亿 元，同比增加812%；毛利为人民币4.65亿元，同比增加813%；期内亏损为人民币7879.9万元，同比收 窄77%；经调整期内亏损为人民币6263.4万元，同比收窄80%；基本每股亏损人民币0.30元。 ...

公告称，于报告期内，集团的收入包括合作收入及司普奇拜单抗(康悦达)的销售额。合作收入为3.29亿 元。司普奇拜单抗的销售额为1.69亿元。销售成本包括司普奇拜单抗的生产成本及对外授权合作安排产 生的成本。 康诺亚-B(02162)发布截至2025年6月30日止六个月的中期业绩，收入4.99亿元(人民币，下同)，同比增 加812.1%;股东应占亏损7884.3万元，同比收窄76.59%;每股基本亏损0.3元。 ...

格隆汇8月26日丨康诺亚-B(02162.HK)发布公告，张延荣因个人原因及计划倾注更多时间于其他工作已 辞去公司首席财务官兼联席公司秘书职务，并自本公告日期起生效。未来，张先生将担任公司顾问。 ...

智通财经APP讯，康诺亚-B(02162)发布截至2025年6月30日止六个月的中期业绩，收入4.99亿元(人民 币，下同)，同比增加812.1%;股东应占亏损7884.3万元，同比收窄76.59%;每股基本亏损0.3元。 公告称，于报告期内，集团的收入包括合作收入及司普奇拜单抗(康悦达)的销售额。合作收入为3.29亿 元。司普奇拜单抗的销售额为1.69亿元。销售成本包括司普奇拜单抗的生产成本及对外授权合作安排产 生的成本。 ...

經調整期內虧損指未計股份支付開支人民幣16,165,000元（截至2024年6月30日止六個月：人 民幣17,634,000元）影響的期內虧損。《國際財務報告準則》並未對經調整期內虧損一詞進行界 定。使用該非《國際財務報告準則》計量作為分析工具具有局限性， 閣下不應視其為獨立於或 可代替本集團根據《國際財務報告準則》所呈報的經營業績或財務狀況的分析。我們對有關經 調整數字的呈列未必可與其他公司所呈列的類似計量指標相比。然而，我們認為，該非《國際 財務報告準則》計量可通過消除管理層認為不能反映本集團核心經營表現的項目的潛在影響， 反映本集團的核心經營業績，從而有助於在適用限度內比較不同期間及不同公司的核心經營表 現。 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 該等內容而引致之任何損失承擔任何責任。 Keymed Biosciences Inc. 康諾亞生物醫藥科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2162） 截至2025年6月30日止六個月之 中期業績公告；及 首席 ...

Group 1 - The Chinese government is accelerating the development of a world-class innovative pharmaceutical and medical device industry, aiming for breakthroughs in "first-in-class" drugs and products [1] - Jiangsu Province has received approval for a plan to develop a biopharmaceutical industry cluster with global influence, focusing on high-level openness and institutional innovation [1][2] - By 2027, the biopharmaceutical industry in Pudong is expected to exceed 500 billion yuan, with innovative pharmaceutical and medical device output accounting for 35% to 40% [2] Group 2 - Hainan Province has introduced comprehensive policies to support the high-quality development of the biopharmaceutical industry, including financial rewards for R&D and participation in national procurement [2][3] - The Chinese biopharmaceutical industry is entering a critical phase characterized by policy empowerment, regional competition, and innovation breakthroughs, as indicated by the national strategic planning [3] - The number of innovative drugs in development in China accounts for approximately 30% of the global total, positioning the country as the second-largest pharmaceutical market worldwide [3][4] Group 3 - Chengdu is emerging as a hub for innovative drug development, with significant investments and a growing number of projects in the biopharmaceutical sector [4] - The Tianfu International Biotech City in Chengdu has attracted over 300 projects with total investments exceeding 140 billion yuan, fostering a talent pool of nearly 20,000 [4] - The competition for becoming a biopharmaceutical innovation hub is seen as a new avenue for regional economic development, with potential for creating internationally competitive enterprises [4][5]

Group 1 - The core viewpoint of the news is the performance and holdings of the Zhongyin Innovation Medical Mixed Fund C, which has shown significant growth in recent months and year-to-date [1] - As of August 22, 2025, the latest net value of the fund is 2.2884 yuan, reflecting a growth of 1.44%. The fund's one-month return is 8.42%, six-month return is 71.78%, and year-to-date return is 93.05% [1] - The fund's top ten stock holdings account for a total of 62.83%, with notable positions in companies such as Innovent Biologics (8.33%), Kelun-Biotech (8.15%), and Hengrui Medicine (8.08%) [1] Group 2 - The Zhongyin Innovation Medical Mixed Fund C was established on October 30, 2020, and as of June 30, 2025, it has a total scale of 2.686 billion yuan [1] - The fund manager, Zheng Ning, has a background in stock research and has held various positions in asset management companies before joining Zhongyin Fund Management in 2022 [2]

Core Viewpoint - Hansoh Pharmaceutical plans to raise HKD 3.9 billion through a placement, marking its third refinancing since its listing, with its stock price currently at approximately 80% of its historical high [2] Group 1: Financing Activities - Since the beginning of 2025, over 20 innovative pharmaceutical companies listed in Hong Kong have engaged in refinancing, significantly surpassing the same period last year, with total refinancing exceeding HKD 34 billion [2][4] - WuXi AppTec raised nearly HKD 7.7 billion through a share placement, making it the highest fundraising company in this round of refinancing [5] - Innovent Biologics raised approximately HKD 4.3 billion through the placement of 55 million new shares, with 90% of the funds allocated for global R&D and facility layout [5] Group 2: Stock Performance and Market Trends - The stock prices of many innovative pharmaceutical companies have doubled since the beginning of the year, indicating a market recovery [2] - Innovent Biologics' stock price has increased over 2.5 times since the start of the year, reflecting strong market interest [10] Group 3: Shareholder Actions - Some founders and major shareholders are taking the opportunity to reduce their holdings and cash out, despite the ongoing fundraising activities [4][10] - Notable reductions include Temasek's divestment of over HKD 2.4 billion from Innovent Biologics and significant sales by other major shareholders in various companies [10][11] Group 4: Alternative Financing Methods - Several companies are utilizing "old-for-new" financing methods, where founders sell their old shares to new investors and use the cash to subscribe to new shares, making it more attractive for investors [7][8] - Companies like Aisheng Pharmaceutical and others have successfully raised funds through this method, indicating a trend in the market [8]