Market Overview - Hong Kong stocks opened lower but rebounded, with the Hang Seng Index closing up 0.17% at 25,165.94 points and a total turnover of HKD 285.29 billion [1] - The market is currently focused on mid-term performance and cost-effectiveness, with potential volatility from US-China trade negotiations and fluctuations in US stocks [1] Blue Chip Performance - Sunny Optical Technology (02382) led blue chips, rising 9.74% to HKD 82.25, contributing 8.07 points to the Hang Seng Index [2] - Semiconductor Manufacturing International Corporation (00981) increased by 3.4%, while WuXi Biologics (02269) rose by 2.82% [2] - Hansoh Pharmaceutical (03692) fell 7.37%, negatively impacting the index [2] Sector Highlights - New consumption stocks performed well, with Pop Mart (09992) surging 12% to a record high, and Lao Pu Gold (06181) rising over 10% [3] - Apple-related stocks saw gains as iPhone 17 entered mass production, with Sunny Optical and other suppliers experiencing price increases [4][5] - Semiconductor stocks also rallied, with SMIC (00981) up 3.4% [5] Pharmaceutical Sector - The pharmaceutical sector faced pressure, with notable declines in stocks like Singlera Genomics (01672) and Hansoh Pharmaceutical [7] - Hansoh announced a placement of 108 million shares at a discount, raising approximately HKD 3.897 billion for R&D and production [7] Notable Stock Movements - Several high-performing stocks attracted capital, including Chow Sang Sang (00116) up 27.51% and Fuyao Glass (03606) up 15.19% [8] - Dongfang Zhenxuan (01797) rebounded 8.22% amid rumors regarding its CEO, which were denied [9] - Tianyue Advanced (02631) debuted with a 6.4% increase, focusing on wide-bandgap semiconductor materials [10] - Yancoal Australia (03668) fell 10.06% after reporting a 14.75% decrease in revenue [11]

（文章来源：每日经济新闻） 国金证券8月20日发布研报称，给予诺诚健华（688428.SH，最新价：30.62元）买入评级。评级理由主 要包括：1）加速创新成果兑现，上半年多项里程碑创国内首次纪录；2）国际化进程行稳致远，后续出 海合作潜力可期。风险提示：竞争加剧风险、临床试验结果不及预期风险、临床时间及资金成本超预期 风险、BD不及预期风险、上市进度不及预期风险。 ...

Market Overview - Major A-share indices collectively declined, with the Shanghai Composite Index down 0.05% at 3725.22 points, the Shenzhen Component down 0.66%, and the ChiNext Index down 1.71% [1] - The trading volume in the Shanghai and Shenzhen markets was 15.35 billion yuan, a decrease of 1.43 billion yuan compared to the previous day, with over 3400 stocks declining [1] Sector Performance - The State Council emphasized strengthening domestic circulation and stimulating consumption, leading to a third consecutive day of gains in the liquor sector, with stocks like Guizhou Moutai and Wuliangye performing well [3] - The food and beverage, tourism, and other consumer sectors also saw increases, with stocks such as JiuGuiJiu and Quanjude hitting the daily limit [3] - The small metals sector performed strongly, with stocks like Dongfang Zirconium and Yunnan Zhenzhu hitting the daily limit, and Huaxi Nonferrous Metals rising over 9% [3] - Bank stocks experienced a broad rally, with China Bank and Xiamen Bank rising over 2%, and Postal Savings Bank reaching a historical high [3] Declining Sectors - The film and television sector faced significant declines, with stocks like Ciweng Media dropping nearly 9% and Huace Film and Television down nearly 8% [3] - The pharmaceutical sector collectively fell, with stocks such as New Tian Pharmaceutical hitting the limit down, and Shutai Shen and Nuocheng Jianhua dropping over 8% [3] - The liquid cooling server concept also saw a pullback, with stocks like Kangsheng falling [3]

Market Performance - The Hong Kong stock market indices continued to decline, with the Hang Seng Index falling by 0.57% to 24,980.20, the Hang Seng China Enterprises Index down by 0.67% to 8,945.88, and the Hang Seng Tech Index dropping by 1.26% to 5,472.25, marking a breach of the 25,000-point threshold again [1]. Sector Performance - Large technology stocks showed weak performance, with Kuaishou down nearly 5%, Alibaba down 1.6%, JD.com down 1.46%, and Baidu down 1%. Tencent, NetEase, Meituan, and Xiaomi also experienced declines [3]. - The pharmaceutical sector faced significant adjustments, particularly in internet healthcare and innovative drug stocks, with Tongyuan Kangyi falling nearly 22%, and other notable declines from Gilead Sciences, Nuo Cheng Jianhua, and Fosun Pharma [3]. - Chinese brokerage stocks were collectively weak, with Hongye Futures and Dongfang Securities showing notable declines [3]. Notable Stock Movements - Fuyao Glass surged nearly 14% following its earnings report, indicating strong performance in the glass manufacturing sector [3]. - New consumption concept stocks saw a rise, particularly Pop Mart, which increased by 8.6%, surpassing the 300 HKD mark for the first time [3].

Summary of InnoCare Pharma Earnings Review Company Overview - **Company**: InnoCare Pharma (Ticker: 9969.HK) - **Industry**: Biotechnology Key Financial Highlights - **2Q Revenue**: Rmb350 million, representing a **38% year-over-year increase** [1] - **Orela Sales**: Rmb325 million, a **29% year-over-year increase** compared to guidance of Rmb340 million [1] - **Net Loss**: Narrowed to **Rmb48 million** from **Rmb119 million** in the previous year [1] - **Gross Margin**: Improved to **88.4%** from **85.9%** in 2Q24 [1] - **Collaboration Income**: Rmb25 million contributed to financial performance [1] - **Cash Balance**: Strong cash position of **Rmb7.7 billion** as of 2Q, only slightly lower than the end of 1Q [1] Growth Drivers - **MZL Indication**: Remains the key growth driver for the company [1] - **New Indications**: Newly approved indication for **1L CLL/SLL** expected to drive sales growth in the coming years following NRDL inclusion [1] - **Sales Guidance**: Management maintains a full-year sales growth guidance of **35%+** for 2025, with a high likelihood of exceeding this target based on solid 2Q performance [1] - **New Products**: Potential revenue from newly approved **tafasitamab** and additional business development income anticipated in 2H25 [1] Strategic Initiatives - **Orela Sales Target**: Management targets **US$1 billion** in peak sales for orela, driven by deeper penetration in MZL and potential new indications [2] - **ITP Indication**: Expected to file sNDA in **1H26**, with a market potential of **Rmb1-1.5 billion** [2] - **SLE Treatment**: Plans to change the treatment landscape for SLE with orela as an oral targeted drug [2] - **Commercial Strategy**: Plans to leverage existing hematology franchise for ITP and consider building a separate team for SLE in two years [2] Clinical Development - **Phase 3 Trials**: Plans to start patient enrollment in **2H25** for global phase 3 clinical trials for orela in PPMS and SPMS [3] - **Partnership Strategy**: Management prefers to wait for more validation from preliminary clinical data before licensing out pre-clinical assets [3] - **Clinical Focus**: Shifted focus to global clinical trials for **1L AML and MDS** instead of 1L CLL/SLL for faster development timelines and ROI [3] Earnings Forecast Revision - **Earnings Forecast**: Revised up for 2025E/2026E/2027E by Rmb23 million/Rmb11 million/Rmb11 million to account for higher collaboration income [4] - **Probability of Success (PoS)**: Increased for ITP indication to **80%** from **70%** due to better visibility for sNDA [4] Price Target and Risks - **12-Month Price Target**: HK$20.59 for H-Share and Rmb39.66 for A-Share, reflecting an increase from previous targets [8][9] - **Key Risks**: Include R&D risks for key clinical assets, lack of long-term commercialization track record, pricing uncertainties, potential entry of generic ibrutinib in 2027, and below-expected progress in global expansion [9] Conclusion InnoCare Pharma shows strong growth potential driven by solid sales performance, strategic product development, and a robust financial position. The company is well-positioned to exceed its sales guidance for 2025, with significant opportunities in new indications and collaborations. However, investors should remain cautious of inherent risks associated with R&D and market competition.

Market Performance - The Hong Kong stock market continued its downward trend, with the Hang Seng Technology Index experiencing a significant decline of 1.26% [1] - The Hang Seng Index and the China Enterprises Index fell by 0.57% and 0.67% respectively, with the Hang Seng Index dropping below the 25,000-point mark [1] Sector Performance - Major technology stocks underperformed, negatively impacting market sentiment, with Kuaishou down nearly 5%, JD.com and Alibaba down 1.5%, and Baidu, Tencent down 1% [1] - Pharmaceutical stocks, which had previously been on the rise, are now undergoing adjustments, with internet healthcare and innovative drug concept stocks showing notable declines, including Tongyuan Kang Pharmaceutical down over 22% [1] - Chinese brokerage stocks also faced collective weakness, with Hongye Futures and Dongfang Securities leading the declines [1] - Other sectors such as heavy machinery, lithium battery, home appliances, aviation, building materials, and steel also saw declines [1] Notable Performances - Fuyao Glass experienced a significant increase of nearly 14% following its earnings report, marking it as one of the strongest performers [1] - Morgan Stanley indicated that Chinese bank stocks are likely to see further increases, with domestic bank stocks generally rising [1] - New consumption concept stocks saw a boost, particularly Pop Mart, which surged by 8.6%, marking its first time above 300 Hong Kong dollars [1]

另一方面，光伏再开反内卷会议，福耀玻璃绩后大涨近14%表现最为强势，小摩指中国银行股有望进一 步上涨，内银股普遍上涨，新消费概念股拉升，尤其是泡泡玛特大涨8.6%首次站上300港元大关。(格隆 汇) 港股三大指数延续昨日跌势，恒生科技指数跌幅相对较大，午间收跌1.26%，恒生指数、国企指数分别 下跌0.57%及0.67%，恒指再度失守25000点整数关口。 盘面上，大型科技股再度表现低迷拖累市场情绪，快手跌近5%，阿里巴巴跌1.6%，京东跌1.46%，百度 跌1%，腾讯、网易、美团、小米均走低；前期持续上涨的医药类股近日持续调整，互联网医疗股、创 新药概念股跌幅明显，其中，同源康医药大跌近22%，歌礼制药、诺诚健华、复星医药跌幅居前；中资 券商股集体低迷，弘业期货、东方证券跌幅靠前，重型机械股、锂电池股、家电股、航空股、建材水泥 股、钢铁股等纷纷走低。 ...

Market Overview - Major A-share indices collectively declined, with the Shanghai Composite Index down 0.05% at 3725.22 points, the Shenzhen Component down 0.66%, the ChiNext Index down 1.71%, and the Northbound 50 Index down 0.39% [1] - The trading volume in the Shanghai and Shenzhen markets was 15,350 billion yuan, a decrease of 1,430 billion yuan compared to the previous day, with over 3,400 stocks declining [1] Sector Performance - The State Council emphasized strengthening domestic circulation and stimulating consumption, leading to a third consecutive day of gains in the liquor sector, with stocks like Guojiao Liquor and Xian Restaurant hitting the daily limit [1] - The small metals sector performed well, with stocks such as Dongfang Zirconium and Yunnan Germanium hitting the daily limit, and Huaxi Nonferrous Metals rising over 9% [1] - Bank stocks saw widespread gains, with China Bank and Xiamen Bank rising over 2%, and Postal Savings Bank reaching a historical high [1] Underperforming Sectors - The film and television sector faced significant declines, with Ciweng Media down nearly 9% and Huace Film & TV down nearly 8% [1] - The pharmaceutical sector collectively fell, with Xintian Pharmaceutical hitting the daily limit down, and Shutai Shen and Nuo Cheng Jianhua down over 8% [1] - The liquid cooling server concept experienced a pullback, with Kangsheng Co. down over 8% and Kehua Data down over 7% [1]

Core Viewpoint - Nocera Biotech (09969) experienced a decline of over 4% following the release of its interim results, with shares trading at HKD 19.01 and a transaction volume of HKD 66.54 million [1] Financial Performance - For the six months ending June 30, 2025, Nocera Biotech reported revenue of RMB 731 million, representing a year-on-year increase of 74.26% [1] - The adjusted loss for the period was RMB 15.504 million, a decrease of 93.62% compared to the previous year [1] - The loss attributable to the company's owners was RMB 30.091 million, down 88.51% year-on-year [1] - The loss per share was RMB 0.02 [1] Revenue Drivers - The increase in revenue was primarily driven by strong sales growth of Oubutini and licensing income from Prolium [1] - Revenue from Oubutini rose from RMB 417 million for the six months ending June 30, 2024, to RMB 637 million for the same period in 2025, marking a 52.8% increase due to expanded coverage and an increase in treated patients [1]

Core Viewpoint - The company, Nuo Cheng Jian Hua, experienced a stock decline of over 4% following the release of its interim financial results, despite reporting significant revenue growth and reduced losses [1]. Financial Performance - For the six months ending June 30, 2025, the company reported revenue of RMB 731 million, representing a year-on-year increase of 74.26% [1]. - The adjusted loss for the period was RMB 15.5 million, a decrease of 93.62% compared to the previous year [1]. - The loss attributable to the parent company was RMB 30.1 million, down 88.51% year-on-year [1]. - The earnings per share were reported at a loss of RMB 0.02 [1]. Revenue Drivers - The increase in revenue was primarily driven by strong sales of Obutuzumab and licensing income from Prolium [1]. - Revenue from Obutuzumab rose from RMB 417 million for the six months ending June 30, 2024, to RMB 637 million for the same period in 2025, marking a growth of 52.8% due to an expanded coverage and an increase in treated patients [1].