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，並表明概不就因本公告全部或任何部份內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 RemeGen Co., Ltd.* 榮 昌 生 物 製 藥（ 煙 台 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9995） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由榮昌生物製藥 （煙台）股份有限公司（「本公司」）作出。 茲載列本公司於上海證券交易所網站刊登公告如下，僅供參閱。 承董事會命 榮昌生物製藥（煙台）股份有限公司 董事長兼執行董事 王威東先生 中國煙台 2026年3月27日 於本公告日期，董事會成員包括執行董事王威東先生、房健民博士、林健先生及 溫慶凱先生；非執行董事王荔強博士及蘇曉迪博士；及獨立非執行董事郝先經先 生、陳雲金先生及黃國濱先生。 * 僅供識別 荣昌生物制药（烟台）股份有限公司 2025 年年度报告 公司代码：688331 公司简称：荣昌生物 荣昌生物制药（烟台）股份有限公司 2025 年年度报告 1 / 2 ...

Core Viewpoint - Lung cancer is the most common malignant tumor globally, accounting for approximately 18.7% of all cancer-related deaths. The article discusses the potential of B7-H3-targeted antibody-drug conjugates (ADCs) in treating lung cancer, particularly focusing on the drug HS-20093 developed by Hansoh Pharmaceutical, which has shown promising results in clinical trials [2][5]. Group 1: Drug Development and Mechanism - HS-20093 is an ADC targeting B7-H3, utilizing a cleavable linker to couple a fully human monoclonal antibody with a topoisomerase I inhibitor, achieving an average drug-antibody ratio (DAR) of 4 [5]. - B7-H3 is highly expressed in non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC), making it an ideal target for ADC development [2]. Group 2: Clinical Trial Results - The ARTEMIS-001 trial evaluated HS-20093 in 306 previously treated patients with advanced solid tumors, determining a maximum tolerated dose of 12.0 mg/kg in phase 1a [6]. - Among 236 lung cancer patients receiving doses of 8.0 or 10.0 mg/kg, the confirmed objective response rate was 52.3% for extensive-stage SCLC (N = 65) and 22.4% for NSCLC (N = 152) [6]. - The most common treatment-related adverse events included neutropenia (25.5% vs 50.5%), leukopenia (19.7% vs 42.4%), and anemia (16.8% vs 34.3%) [6]. Group 3: Safety and Efficacy - HS-20093 demonstrated good antitumor activity in lung cancer patients, with a low serum exposure of the effective payload indicating high stability in vivo [12]. - The safety profile of HS-20093 was controllable, with treatment-related interstitial lung disease and fatal adverse events occurring at rates of 3.4% and 3.8%, respectively [6].

Financial Data and Key Metrics Changes - Total revenue for 2025 was $106 million, up from $76.3 million in 2024, driven by significant clinical and regulatory milestones and collaboration options [27] - Operating expenses decreased to $198.5 million in 2025 from $213.4 million in 2024, primarily due to a non-recurring impairment charge in 2024 [28][29] - Net loss improved to $81.1 million in 2025 compared to a net loss of $122.7 million in 2024, attributed to increased revenue and decreased operating expenses [30] Business Line Data and Key Metrics Changes - Revenue growth was partially offset by a decline in development support and drug supply-related revenue from Jazz, reflecting a transition of responsibilities under collaboration agreements [27] - The company reported regulatory approvals for zanidatamab as monotherapy in Canada and the UK for second-line biliary tract cancer, which is expected to translate into regulatory milestone payments of up to $440 million [12][13] Market Data and Key Metrics Changes - Consensus estimates for peak sales of zanidatamab have doubled, indicating potential for multi-billion dollar peak sales levels [12] - The company expects cumulative revenue contributions through royalties and milestones to scale meaningfully as use broadens across indications and geographies [14] Company Strategy and Development Direction - The company aims to leverage a validated scaling asset to secure efficient non-dilutive capital while preserving long-term upside [16] - Zymeworks plans to deploy capital dynamically across royalty asset acquisitions and share repurchase programs, maintaining flexibility based on market conditions [24] - The company intends to integrate new partnerships and collaborations into its existing wholly owned portfolio to share funding and risk [37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding zanidatamab's potential to redefine treatment paradigms in first-line HER2-positive metastatic or locally advanced GEA [7] - The company anticipates continued discipline in capital allocation and expects adjusted gross operating expenses in 2026 to be approximately 20% lower than in 2025 [32] - Management highlighted the importance of maintaining a robust R&D operation while integrating partnerships and collaborations to enhance funding [89] Other Important Information - The company announced a strategic financing agreement with Royalty Pharma, providing $250 million of low-cost non-dilutive capital [16] - The company retains 70% of the royalty stream throughout the duration of the royalty-backed note, preserving cash flows for reinvestment [18] Q&A Session Summary Question: Regarding GPC3 ADC ZW251 enrollment and internal decision-making - Management indicated that enrollment for ZW251 is proceeding as planned, with a similar operational execution expected as seen in the ZW191 program [45][48] Question: Timing of royalty-backed financing and acquisition opportunities - Management clarified that the timing for the royalty note completion was influenced by the commercialization cycle of zanidatamab and the current cost of capital [54][56] Question: Expectations for AACR and internal R&D updates - Management hinted at significant updates on both multispecifics and ADC capabilities at the upcoming AACR conference [58][60] Question: Recent data on pasritamig and its emerging profile - Management expressed enthusiasm regarding pasritamig's safety and efficacy profile, noting positive feedback from physicians [69] Question: Types of assets targeted for acquisitions and cash runway considerations - Management stated that no acquisitions are included in the cash runway forecast, emphasizing a disciplined approach to capital deployment [74][76]

Core Viewpoint - The article discusses the advancements in Antibody-drug conjugates (ADCs) in cancer treatment, highlighting their effectiveness over traditional chemotherapy and their potential in various cancer types [2][16]. Group 1: ADC in Non-Small Cell Lung Cancer (NSCLC) - A study published on December 16, 2025, indicates that ADCs outperform chemotherapy in EGFR-TKI resistant NSCLC, based on a Bayesian network meta-analysis involving 19 randomized controlled trials with 4,039 participants [5][6]. - The ADC Sac-TMT significantly improved progression-free survival (PFS) and overall survival (OS) compared to traditional chemotherapy and other treatment strategies [6][7]. - The study concludes that Sac-TMT, Dato-DXd, and bispecific antibody-based treatments are the most effective options for advanced NSCLC patients who have progressed after EGFR-TKI therapy, with manageable toxicity [7]. Group 2: ADC and PD-1 Inhibitors in Metastatic Urothelial Carcinoma (mUC) - A study published on November 29, 2025, evaluates the combination of the ADC Disitamab Vedotin with PD-1 inhibitors in mUC, showing promising results in a cohort of 63 patients [9][11]. - The treatment response rates included 19.0% achieving complete response (CR) and 52.4% achieving partial response (PR), with an overall response rate (ORR) of 71.4% and disease control rate (DCR) of 87.3% [11][12]. - The study concludes that this combination therapy demonstrates good efficacy and controllable safety as a first-line treatment for mUC patients [12]. Group 3: ADC in HER2-Positive and HER2-Low Advanced Breast Cancer - A study published on February 28, 2025, assesses the efficacy and safety of T-DXd in Chinese patients with HER2-positive and HER2-low advanced breast cancer, involving 61 participants [14][15]. - The results show a median PFS of 10.51 months for the HER2-low group and 10.18 months for the HER2-positive group, with ORR of 37.93% and 62.50% respectively [14][15]. - The study indicates that T-DXd may be an effective treatment option for advanced breast cancer patients regardless of HER2 expression levels, with manageable adverse reactions [15].

Summary of Sichuan Kelun Pharmaceutical FY Conference Company Overview - **Company Name**: Kelun-Biotech - **Industry**: Biopharmaceuticals - **Focus Areas**: Oncology, immunology, metabolism, and other therapeutic areas - **Shareholders**: Kelun Pharmaceutical (largest), MSD (second largest and major collaborator) [2][3] Pipeline and Product Development - **Pipeline Programs**: Over 30 programs, including: - 4 approved products with 7 indications - 2 products at NDA stage - Over 10 programs in clinical development - **Employee Count**: Approximately 2,000, with 900 in R&D, 500 in manufacturing and quality control, and 500 in sales and marketing [3][4] - **Key Products**: - TROP2 ADC (sac-TMT): Approved for three indications in China, including lung cancer and breast cancer - HER2-ADC (trastuzumab botidotec): Approved for HER2-positive breast cancer - Cetuximab: Approved for RAS wild-type colorectal cancer - PD-L1 for nasopharyngeal carcinoma (NPC) [4][5][11] Clinical Studies and Approvals - **Clinical Studies**: Initiated five pivotal studies for breast cancer, six for lung cancer, and one for gastrointestinal cancer [5] - **Expected Approvals**: Anticipation of more product approvals and label expansions in 2026, including a small molecule RET inhibitor [3][6] - **Global Studies**: MSD is initiating 16 global phase three studies for various cancers [9] Market Position and Strategy - **National Reimbursement Drug List (NRDL)**: Three core products included in NRDL 2025, effective January 2026 [7] - **Commercialization Strategy**: Full-fledged commercialization team established with access to Class III hospitals and key opinion leaders [6] - **Partnerships**: Collaborations with MSD, Ellipses, Wonderworld Bio, and Keratin Bio to enhance pipeline value and global market reach [7][8] Innovation and Future Plans - **OptiDC Platform**: Focus on optimized drug conjugate technology, with plans to expand into non-oncology areas [12][15] - **Research Focus**: Development of novel payloads, linkers, and ADC designs, including bispecific antibodies and non-toxin-based drug conjugates [14][15] - **Growth Plans**: Prioritizing differentiated pipeline programs, expanding drug development and commercialization capabilities, and enhancing global partnerships [15][16] Key Performance Metrics - **Efficacy Data**: - TROP2 ADC demonstrated significant improvements in progression-free survival (PFS) and overall survival (OS) in clinical trials [10] - HER2-ADC showed improved PFS and overall response rate (ORR) compared to T-DM1 [11] This summary encapsulates the key points from the conference, highlighting the company's strategic focus, product pipeline, clinical advancements, and future growth plans.

Summary of IDEAYA Biosciences FY Conference Call Company Overview - **Company**: IDEAYA Biosciences (NasdaqGS:IDYA) - **Event**: 44th Annual J.P. Morgan Healthcare Conference - **Date**: January 12, 2026 - **CEO**: Yujiro Hata Key Focus Areas 1. **Darovasertib**: - Currently in a registrational study with top-line results expected this quarter for potential accelerated approval in the U.S. [2][8] - Targets uveal melanoma, a rare and aggressive cancer with a poor prognosis (5-year survival rate of 15%-20%) [6][7] - Reported an overall response rate of approximately 35% and a median duration of response of nine months [7] - Progression-free survival (PFS) reported at seven months, with overall survival (OS) over 21 months [7] - Received Breakthrough Therapy Designation from the FDA for the neoadjuvant setting [9] 2. **Antibody-Drug Conjugates (ADCs)**: - Focus on DNA damage repair and enhancing durability of ADCs [11][12] - DLL3 TOPO-ADC program (ID849) aims to address unmet needs in small cell lung cancer, with a confirmed response rate of approximately 70% in second-line settings [15][16] - Plans to initiate a registrational study for ID849 targeting monotherapy accelerated approval [17] 3. **MTAP Deletion**: - Represents a significant opportunity as it is co-deleted with CDKN2A in various cancers, including lung and pancreatic cancers [19][20] - No FDA-approved therapies currently exist for patients with MTAP deletion [20] - Response rates of approximately 40% reported in ongoing studies, with a focus on non-small cell lung cancer [21][22] 4. **KAT6/7 Inhibitors**: - New dual KAT6/7 inhibitor (ID574) has entered phase one trials, targeting tumor heterogeneity [24] - Expected to address significant patient populations in breast cancer, prostate cancer, and colorectal cancer [24] Clinical Development and Strategy - IDEAYA has a pipeline of nine clinical stage molecules, focusing on precision medicine in oncology [5] - Emphasis on combination therapies to enhance treatment efficacy and durability [29] - Plans to complete enrollment for the neoadjuvant study by the first half of 2027 [11] Market Insights - IDEAYA aims to learn from the Kimmtrak launch in the uveal melanoma market to enhance its market entry strategy for darovasertib [28] - The company is focused on addressing challenges in community access and market penetration [28] Financial and Operational Highlights - IDEAYA is positioned for potential accelerated approval filings and is investing in future growth areas, including TOPO-ADCs and MTAP deletion biology [25] Additional Considerations - The company is exploring the safety and efficacy of various combinations, including the potential for reduced doses to optimize therapeutic windows [40][41] - The focus on systemic therapies versus dual payload approaches highlights a strategic differentiation in their clinical development [42] This summary encapsulates the key points discussed during the conference call, highlighting IDEAYA's strategic focus, clinical developments, and market positioning.

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has announced that its drug SHR-A1904 has been included in the list of breakthrough therapeutic drugs by the National Medical Products Administration (NMPA) of China, which is a significant milestone for the company in the oncology sector [1][2]. Group 1: Drug Information - Drug Name: SHR-A1904, a targeted antibody-drug conjugate (ADC) aimed at Claudin18.2, with a registration classification of Class 1 [1][2]. - Indication: It is intended for the treatment of locally advanced or metastatic gastric or gastroesophageal junction adenocarcinoma in patients who have previously received at least one line of systemic therapy [1]. - Development Investment: The cumulative R&D investment for SHR-A1904 has reached approximately 174 million yuan [2]. Group 2: Market Context - Gastric cancer is a significant health issue globally, ranking fifth in incidence and fourth in mortality, with about 60% of cases occurring in East Asia. In China alone, there were 479,000 new cases and 374,000 deaths in 2020, accounting for 44% and 48.6% of global gastric cancer cases, respectively [2]. - SHR-A1904 is the first of its kind targeting Claudin18.2, with no similar products approved globally to date [2]. Group 3: Clinical Trial Approval - The company has also received approval for clinical trials of another drug, SHR-A2102, which is a targeted ADC against Nectin-4. This drug will undergo trials in combination with other therapies for advanced solid tumors and esophageal cancer [5][6]. - The cumulative R&D investment for SHR-A2102 has reached approximately 248 million yuan [6].

Core Insights - AstraZeneca PLC and Daiichi Sankyo received FDA approval for Enhertu as a first-line treatment for HER2-positive breast cancer, in combination with Roche's Perjeta [2][7] - The approval is based on the DESTINY-Breast09 study, which showed a significant improvement in progression-free survival (PFS) [5][8] - AstraZeneca will pay Daiichi Sankyo a $150 million milestone payment following this approval [3][7] Regulatory Approval - Enhertu was reviewed under the FDA's real-time oncology review (RTOR) program [3] - The drug is already approved in over 85 countries for second-line treatment of HER2-positive breast cancer and for other cancers [3] Clinical Study Results - The DESTINY-Breast09 study demonstrated a median PFS of 40.7 months for the Enhertu-Perjeta combination, compared to 26.9 months for the standard regimen [5][8] - The combination reduced the risk of disease progression by 44% compared to the current standard treatment [5][7] Market Performance - Over the past year, AstraZeneca's shares increased by 36.3%, outperforming the industry average rise of 12.1% [4]

Core Viewpoint - The article discusses the challenges and advancements in developing targeted therapies for T-cell cancers, particularly focusing on antibody-drug conjugates (ADCs) that target TRBC2 and TRBC1, which may provide new treatment options for patients with limited survival rates [1][3][6]. Group 1: T-cell Cancer Overview - T-cell leukemia and lymphoma, collectively known as T-cell cancer, see approximately 100,000 new patients globally each year [1]. - The 5-year survival rate for adult patients with relapsed T-cell cancer ranges from 7% to 38%, highlighting the limited treatment options available compared to B-cell cancers [1]. Group 2: Antibody-Drug Conjugates (ADCs) - ADCs are a novel class of targeted drugs composed of antibodies, cytotoxic agents, and linkers, designed to selectively deliver cytotoxic molecules to tumor cells while sparing healthy cells [1]. - While ADCs have shown significant success in treating solid tumors and hematologic malignancies, developing ADCs for T-cell cancers poses unique challenges due to the need to selectively target malignant T-cells without harming normal T-cells [1]. Group 3: Research Developments - A study published by Suman Paul’s team at Johns Hopkins University developed a TRBC2-targeting ADC for T-cell cancer treatment, demonstrating specific cytotoxic effects on TRBC2-positive cancer cells in vitro and in mouse models [2][6]. - The research indicates that targeting TRBC2 could provide a promising and ready-to-use treatment option for T-cell cancer patients [6]. Group 4: TRBC1-targeting ADCs - Another study from the same team confirmed that CAR-T cells targeting TRBC1 could inadvertently kill normal TRBC1+ T-cells, leading to poor treatment responses [7]. - To address this issue, the team developed a TRBC1-targeting ADC that effectively treats T-cell cancer in vitro and in mouse models, suggesting it may offer an optimal targeting strategy for TRBC1 [8].

Immunome FY Conference Summary Company Overview - **Company**: Immunome (NasdaqCM:IMNM) - **Date of Conference**: December 03, 2025 Key Accomplishments in 2025 - Immunome focused on executing its clinical trials and IND-enabling work for ADCs, particularly AL102 and IM1021, with top-line data expected by the end of 2025 [3][4] - The company filed an IND for IM1021 at the end of 2024 and is preparing for a potential NDA submission and commercial launch [4] Product Differentiation and Clinical Data - **AL102**: Expected to show a higher objective response rate compared to Ogsiveo (41% response rate) with a phase 2 data showing a 64% response rate [5][6] - Tumor volume reduction for AL102 was reported at a median of 88%, significantly higher than Ogsiveo's 59% [6][7] - The company emphasizes the importance of secondary endpoints like tumor volume reduction and T2-weighted imaging, which may not be as well-known but are crucial for understanding treatment benefits [8][9] Market Opportunity - The desmoid tumor market is still developing, with approximately 1,600 new diagnoses annually, but patients often live with the disease for many years, indicating a larger prevalence pool [14] - Ogsiveo has treated around 1,000 patients, suggesting significant room for growth and market displacement, particularly for patients currently under active surveillance [15] ADC Platform and Innovation - Immunome's ADC platform utilizes a topo I inhibitor (HC-74) with a broader therapeutic index compared to competitors [16][17] - The platform aims to overcome resistance seen in other ADCs, particularly in patients with high expression of efflux transporters [17][18] - The lead ADC, IM-1021, targets ROR1 and is differentiated from Merck's ROR1 asset by a better safety profile, allowing for higher dosing [19][20] Future Developments - Multiple additional INDs are expected throughout 2026, including IM-1617, IM-1340, and IM-1335, all targeting solid tumors [21][22] - A successful outcome for IM1021 could validate the platform's capabilities, influencing the perception of other assets [22] Conclusion - Immunome is positioned for significant advancements in the desmoid tumor market and ADC development, with a focus on clinical efficacy and safety. The upcoming data releases and IND filings will be critical for the company's growth trajectory and market positioning.