Core Viewpoint - The company, Innovent Biologics (09969.HK), has announced that it will hold a board meeting on November 13, 2025, to consider and approve its unaudited third-quarter results for the nine months ending September 30, 2025 [1] Summary by Category - **Company Announcement** - Innovent Biologics will conduct a board meeting on November 13, 2025, to review and approve its financial results [1] - The meeting will focus on the unaudited third-quarter performance for the period ending September 30, 2025 [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。 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：9969） 董事會召開日期 諾誠健華醫藥有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 2025年11月13日（星期四）舉行董事會會議，藉以（其中包括）考慮及批准本公司 及其附屬公司截至2025年9月30日止九個月之未經審核第三季度業績及其發佈。 InnoCare Pharma Limited 諾誠健華醫藥有限公司 於本公告日期，董事會包括主席兼執行董事崔霽松博士；執行董事趙仁濱博士；非執行董事 施一公博士及謝榕剛先生；以及獨立非執行董事胡蘭女士、董丹丹博士及管坤良教授。 承董事會命 諾誠健華醫藥有限公司 主席兼執行董事 崔霽松博士 香港，2025年10月31日 ...

Group 1 - The pharmaceutical sector has been experiencing fluctuations since September, following a strong rally, and is currently undergoing a rotation adjustment. The question arises whether the sector is worth attention after a valuation decline and if there is still growth logic [1] - The fundamentals supporting the innovative drug sector may continue to strengthen in Q4, with multiple catalysts on the horizon that could further release industrial development momentum [1] Group 2 - The policy environment for the pharmaceutical industry is improving, with the National Healthcare Security Administration and the National Health Commission jointly releasing measures to support high-quality development of innovative drugs, providing comprehensive support across five key areas [2][4] - The implementation of ICH guidelines in China is promoting more efficient and scientific drug evaluation processes, enhancing regulatory confidence [2] Group 3 - The upcoming peak season for business development (BD) transactions is expected to see increased activity, with historical data indicating that October and November are high-frequency periods for such transactions [5] - A significant deal was struck on October 8, with Innovent Biologics making a $100 million upfront payment, marking the beginning of Q4's BD activity [5] - On October 22, Innovent Biologics and Takeda Pharmaceuticals announced a global strategic collaboration worth up to $11.4 billion, setting a record for BD transaction amounts among Chinese innovative drug companies [6] Group 4 - The valuation of the pharmaceutical sector shows a significant gap from its recent five-year price peak, indicating potential for recovery [9] - The proportion of public equity funds heavily invested in the pharmaceutical sector has increased to 12.2%, suggesting that there is still room for growth compared to the historical average of 13.7% [9] - Excluding pharmaceutical-themed funds, the proportion of public equity funds in the sector is at a historical low of 6.44%, indicating potential for significant inflow of new capital if market interest increases [9] Group 5 - For ordinary investors, investing in individual innovative drug stocks poses challenges due to the need for specialized tracking capabilities across various aspects such as pipelines, clinical trials, and regulations. Therefore, considering ETFs that cover industry leaders may be a more effective strategy [10]

Group 1 - The core viewpoint of the news highlights a significant increase in the performance of innovative drug ETFs, driven by improved geopolitical relations between China and the U.S. and the onset of the fourth quarter's business development (BD) peak season for innovative drugs [1][3] - Multiple innovative drug ETFs, including those from Huatai-PineBridge, ICBC, and others, have seen gains exceeding 5%, indicating a positive market sentiment towards the sector [1] - The recent U.S.-China summit has alleviated previous geopolitical concerns, leading to a rapid recovery in market expectations for innovative drugs [1] Group 2 - Pfizer has registered two global Phase III clinical trials for its PD-1/VEGF dual antibody PF-08634404, targeting advanced non-small cell lung cancer and metastatic colorectal cancer, with significant patient enrollment planned [2] - The trials are set to compare the new treatment against established therapies, with completion dates projected for early 2029 and 2030, respectively [2] - Pfizer's collaboration with 3SBio involves a substantial upfront payment and milestone payments, indicating strong financial backing for the development of this dual antibody [2] Group 3 - The fourth quarter is marked by several catalysts for the innovative drug sector, including major academic conferences and a peak in BD transactions, which are expected to enhance market activity [3] - Chinese innovative drug companies are gaining recognition on international platforms, with key products selected for late-breaking abstracts at major conferences, showcasing their R&D capabilities [3] - The domestic policy environment is favorable for innovative drugs, with clear support for genuine innovation and an expected adjustment in the medical insurance catalog [3] Group 4 - By 2025, China is projected to become a significant player in the global innovative drug market, with patent authorization transactions expected to exceed $100 billion, reflecting a 170% year-on-year increase [4] - The proportion of patent authorizations in the U.S. from Chinese companies has risen from 5% in 2019 to 24%, positioning China as a major source of innovative drug patents outside the U.S. [4] - The upcoming ESMO conference is anticipated to showcase the growth and international influence of Chinese research, marking a transition from a follower to a leader in the innovative drug space [4]

Core Insights - Nuo Cheng Jian Hua's stock increased by 5.09% to 23.96 CNY per share, with a total market capitalization of 42.281 billion CNY as of October 31 [1] Company Overview - Nuo Cheng Jian Hua Pharmaceutical Co., Ltd. is based in Beijing and was established on November 3, 2015, with its IPO on September 21, 2022 [1] - The company focuses on the research, production, and commercialization of biopharmaceuticals, particularly in oncology and autoimmune diseases [1] - The revenue composition includes 87.67% from drug sales, 12.04% from technology licensing, and 0.15% each from testing and R&D services [1] Fund Holdings - Jianxin Fund has a significant position in Nuo Cheng Jian Hua, with its Jianxin High-end Medical Stock A fund holding 147,800 shares, representing 3.39% of the fund's net value [2] - The fund has generated an estimated floating profit of approximately 171,500 CNY today [2] Fund Manager Information - The fund manager of Jianxin High-end Medical Stock A is Pan Longling, who has been in the position for 9 years and 218 days [3] - The fund's total asset size is 162 million CNY, with a best return of 48.64% and a worst return of -31% during the manager's tenure [3]

Group 1: Market Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index rose by 2.51% as of October 31, 2025, with notable increases in individual stocks such as 9.75% for 3SBio, 7.28% for InnoCare Pharma, and 5.51% for Innovent Biologics [3] - The Hong Kong Innovative Drug Selection ETF (520690) increased by 2.75%, reaching a latest price of 0.9 yuan, with a turnover rate of 9.15% and a transaction volume of 48.62 million yuan [3] - Over the past year, the average daily trading volume of the Hong Kong Innovative Drug Selection ETF was 119 million yuan [3] Group 2: Company Developments - Innovent Biologics announced its formal application for a Hong Kong listing on October 30, aiming for a dual listing in both A-share and H-share markets, which is a significant step in its global strategy [3] - The company emphasizes that this listing will support its expansion into overseas markets and strengthen its international business foundation, marking a new phase of "local deepening + global expansion" [3] Group 3: Industry Trends - Small nucleic acid drugs are recognized as the third wave in the pharmaceutical industry, with expectations for the Chinese market to exceed 10 billion yuan by 2030 [4] - The breakthrough of GalNAc technology in 2014 has significantly activated the industry, leading to commercial profitability and advancements in various therapeutic areas [4] - Chinese companies are developing in sync with global trends, expanding from cardiovascular and hepatitis B treatments to areas like weight loss and central nervous system disorders [4] Group 4: Policy and Market Outlook - The 15th Five-Year Plan emphasizes support for innovative drugs and medical devices, focusing on major diseases such as tumors and metabolic diseases, while also promoting new technology platforms like ADCs and nucleic acid drugs [5] - The latest scale of the Hong Kong Innovative Drug Selection ETF reached 523 million yuan, a new high since its inception, with a total share count of 598 million [5] - Recent net inflows into the ETF totaled 21.09 million yuan, with a significant trend of net inflows observed over the past five trading days [5] Group 5: Index Composition - As of October 8, 2025, the top ten weighted stocks in the Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index accounted for 72.15% of the index [6]

Core Insights - InnoCare Pharma has initiated a clinical trial for its novel B7-H3 targeted antibody-drug conjugate (ADC), ICP-B794, marking a significant step in cancer treatment development in China [1][2]. Company Overview - InnoCare Pharma is a biopharmaceutical company focused on developing treatments for cancer and autoimmune diseases, with a commitment to addressing unmet medical needs both in China and globally [6]. Product Development - ICP-B794 is designed as a humanized anti-B7-H3 monoclonal antibody linked to a potent payload, ensuring targeted delivery to tumor cells while reducing off-target effects [2]. - The ADC has shown superior anti-tumor activity in animal models compared to other ADCs, demonstrating significant efficacy even against large tumors [2]. Market Potential - Currently, there are no approved therapies targeting B7-H3 globally, making it a promising target due to its high expression in various solid tumors [3]. - The ADC platform developed by InnoCare aims to tackle hard-to-treat cancers, potentially offering improved safety and efficacy profiles for cancer patients [5]. Leadership Perspective - Dr. Jasmine Cui, co-founder and CEO, emphasized the potential of ICP-B794 to provide precise treatment options for cancer patients and the company's commitment to expanding its ADC portfolio [4].

Core Viewpoint - The article discusses the recent developments of Vili Biotech, a company focused on T-cell engagers (TCE), highlighting its market positioning, clinical advancements, and strategic decisions in the competitive biotech landscape [2][3]. Group 1: Company Overview - Vili Biotech completed its IPO in July 2023, becoming the first TCE-focused company listed in Hong Kong, with a market capitalization of approximately HKD 11.34 billion [2]. - The company has positioned itself in the less mainstream TCE sector, which connects T-cells to cancer cells, despite the associated risks such as cytokine storms and neurotoxicity [2][4]. Group 2: Market Performance - Vili Biotech's stock saw a significant increase of 127% shortly after its IPO, with retail subscriptions reaching a record 3,494.8 times, indicating strong market interest [3]. - The company aims to avoid the "overnight success" narrative, focusing instead on long-term development and the quality of its research pipeline [3]. Group 3: TCE Technology Insights - TCEs are gaining traction in the immunotherapy field, particularly for blood cancers, but are less recognized compared to antibody-drug conjugates (ADCs) [4]. - The first TCE drug to surpass USD 1 billion in sales is Amgen's Blincyto, which targets leukemia, with projected sales exceeding USD 1.2 billion in 2024 [4]. Group 4: Clinical Development - Vili Biotech has six innovative drug candidates in clinical stages, with LBL-024 being the closest to market, targeting advanced neuroendocrine carcinoma [7]. - The company employs a "small to large" clinical strategy, starting with niche indications and expanding to broader cancer types [8]. Group 5: Financial Strategy - The company currently has around RMB 2 billion in funds, sufficient to support its R&D plans for the next 4 to 5 years, with no immediate plans for additional financing [10]. - Vili Biotech emphasizes the importance of financial preparedness in the cyclical biotech industry, having adjusted its fundraising strategy during a downturn in 2021 [10].

Core Viewpoint - The article discusses the recent developments and market positioning of Weili Zhibo, a biotech company that has recently gone public in Hong Kong, focusing on T-cell engagers (TCE) as a novel cancer treatment approach, amidst a competitive landscape in the innovative drug sector [1][4]. Company Overview - Weili Zhibo completed its IPO in July 2023, becoming the first TCE-focused company listed in China [1]. - The company has gained significant market attention, with retail subscriptions reaching a record 3,494.8 times during its IPO [4]. - The CEO, Kang Xiaoqiang, emphasizes a long-term development strategy over quick fame, focusing on the company's research pipeline and clinical data [4][5]. TCE Technology - TCEs are positioned as a promising alternative to antibody-drug conjugates (ADCs), with the potential to activate T-cells against cancer cells [3][5]. - The first TCE drug to surpass $1 billion in sales is Amgen's Blincyto, which targets leukemia [5]. - TCEs have advantages in terms of lower antigen expression requirements and longer duration of action compared to ADCs [5]. Clinical Development - Weili Zhibo has six innovative drug candidates in clinical stages, with LBL-024 being the closest to market, targeting advanced neuroendocrine carcinoma [8][9]. - The clinical strategy involves starting with niche indications and expanding to larger cancer types, aiming for a broad-spectrum anti-cancer approach [9]. - The company plans to showcase two new blood cancer drugs at the 2025 ASH annual meeting, indicating strong clinical data [6][7]. Market Strategy - The company has opted for a "small first, then large" strategy to address unmet clinical needs in less competitive areas [9]. - Weili Zhibo has secured a global licensing agreement with Dianthus Therapeutics, potentially generating over $10 billion in total transaction value [10]. - The CEO remains cautious about market volatility and emphasizes the importance of having sufficient funds to support R&D for the next 4-5 years [10][11].

Core Insights - The total scale of active equity funds increased by 19.54% in Q3 2025, reaching 3.79 trillion yuan, with 4,456 funds in total, an increase of 71 funds from the previous quarter [1] - The issuance of new funds was robust, with 111 new active equity funds established in Q3 2025, totaling 56.11 billion shares, a 53.33% increase from the previous quarter [1] - The equity positions of active equity funds rose, with ordinary stock funds, equity-mixed funds, and flexible allocation funds having equity positions of 90.89%, 89.02%, and 74.76%, respectively, showing increases from the previous quarter [1] Fund Positioning - The current equity positions of ordinary stock funds, equity-mixed funds, and flexible allocation funds are at the highest historical percentiles since 2010, with increases of 7.94%, 4.76%, and 4.76% respectively from the previous quarter [2] - The allocation to Hong Kong stocks also saw a slight increase, with ordinary stock funds, equity-mixed funds, and flexible allocation funds having Hong Kong stock positions of 12.93%, 17.37%, and 4.09%, respectively [2] - The Hong Kong stock positions are at the highest levels since 2019, with percentile increases of 3.70% from the previous quarter [2] Fund Composition - The number of active equity funds allocating to Hong Kong stocks has steadily increased since 2019, with 239 ordinary stock funds, 1,632 equity-mixed funds, and 162 flexible allocation funds, representing 41.93%, 64.13%, and 12.74% of their respective total fund counts [3] - The top three A-shares by absolute market value held by active equity funds in Q3 2025 are Ningde Times, New Yisheng, and Zhongji Xuchuang, with holdings of 67.31 billion yuan, 53.80 billion yuan, and 49.59 billion yuan, respectively [3] - The top three A-shares by market value ratio are Nuocheng Jianhua-U, Aerospace Nanhu, and Baile Tianheng, with holdings accounting for 24.37%, 23.43%, and 23.29% of their circulating shares [3] Increased Holdings - The top three A-shares with the largest increase in holdings compared to the previous quarter are Industrial Fulian, Shenzhen South Circuit, and Zhongji Xuchuang, with increases of 28.24 billion yuan, 7.72 billion yuan, and 7.15 billion yuan, respectively [4] - The top three Hong Kong stocks with the largest increase in holdings are Alibaba-W, Huahong Semiconductor, and Jiufang Zhitu Holdings, with increases of 17.03 billion yuan, 2.70 billion yuan, and 1.81 billion yuan, respectively [4]