Core Insights - Immunome's experimental drug successfully met the primary endpoint in a late-stage study targeting patients with a rare type of tumor [1] Company Summary - The company is advancing its drug development efforts in the oncology sector, focusing on rare tumor types [1]

公司专注于发现和开发针对自身免疫性疾病和肿瘤的自主研发小分子药物，截至最后实际可行日期，公 司已开发出包含七个小分子候选药物的产品管线，其中包括两种核心产品Mufemilast和Hemay022，涵盖 三种自身免疫候选药物和四种肿瘤候选药物。核心产品Mufemilast是一种自主研发的PDE4B表达阻断剂 和PDE4抑制剂，具有双重作用机制。该药已于2025年9月获得中国国家药监局的新药上市申请 （NDA）批准，用于治疗中重度斑块状银屑病。核心产品Hemay022是一种全球拥有的1类小分子抑制 剂，同时靶向EGFR和HER2。公司正进行一项针对晚期ER+/HER2+乳腺癌的III期联合疗法临床试验， 计划于2027年向中国国家药监局提交NDA。 和美药业已建立覆盖小分子药物开发全流程的综合技术体系，包括模块化化合物库构建平台、生物标志 物动物模型筛选平台、肿瘤微环境激活组合化疗药物设计平台和差异化临床设计平台。全球和中国自身 免疫性疾病药物市场均呈现显著增长趋势。中国自身免疫性疾病药物市场预计到2032年将达到263亿美 元；中国银屑病药物市场预计到2032年将达到人民币871亿元。 和美药业向港交所主板递交 ...

Investment Rating - The industry investment rating is "Outperform" [31] Core Insights - Pfizer's Q3 2025 revenue decreased from $17.7 billion to $16.65 billion, a decline of 7% year-over-year, primarily due to reduced demand for COVID-19 products [3][10] - Despite the revenue drop, Pfizer raised its full-year profit forecast, driven by growth in non-COVID business segments [3] - Total revenue for the first three quarters of 2025 was $45.02 billion, down 2% year-over-year [3][10] Summary by Sections Part 1: Q3 2025 Financial Overview and Key Events - Pfizer's Q3 2025 reported net income was $3.54 billion, a 21% decrease from the previous year, while adjusted income was $4.95 billion, down 18% [7][10] - Key events included reaching an agreement with the U.S. government to alleviate tariff threats and a partnership with Metsera to enhance its presence in the obesity market [13][11] Part 2: Core Product Sales Analysis - The oncology segment is the fastest-growing among Pfizer's three business units, with Ibrance sales at $3.083 billion, down 6% year-over-year [20] - Nectin-4 ADC drug Padcev generated $464 million in Q3 2025, a 13% increase, and is established as a standard treatment for certain cancers [20][29] - Rare disease drug Vyndaqel series sales reached $1.591 billion, up 7%, benefiting from ongoing promotion in developed markets [20] Part 3: Future Pipeline Milestones - Pfizer anticipates one regulatory decision and two Phase III data readouts potentially delayed to 2026 [23][25] - The regulatory decision involves BRAFTOVI for treating BRAF V600E mutation metastatic colorectal cancer [25]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - Merck has entered into a $700 million collaboration with Blackstone Life Sciences to accelerate the global development of sacituzumab tirumotecan (sac-TMT) [1][2] - The funding will support part of the R&D costs for sac-TMT in 2026, with Blackstone entitled to a low to mid-single-digit royalty on net sales of sac-TMT in approved indications [2] - Merck is actively advancing sac-TMT's clinical development, with 15 global Phase III trials ongoing for six types of tumors, including lung cancer and breast cancer [3] Financial Projections - Projected revenues for the company are expected to be CNY 2.084 billion, CNY 2.876 billion, and CNY 4.663 billion for the years 2025, 2026, and 2027 respectively, with net profits of CNY -622 million, CNY -130 million, and CNY 561 million [6]

Financing Overview - A total of 17 financing events occurred in Shanghai this week, with 10 disclosing amounts totaling approximately 2.0735 billion yuan [4][2] - The number of financing events increased by one compared to the previous week, which had 16 events [4] - The majority of financing events were concentrated in the Pudong New Area, with 7 events and a total financing amount of 1.381 billion yuan [4] Company Dynamics - JBD Xianyao completed over 1 billion yuan in B+ round financing, led by Chaos Investment and CITIC Jinshi [13] - MiFei Technology completed nearly 300 million yuan in Pre-IPO financing, led by Frontier Investment [15] - Zhiwei Xingyi completed several hundred million yuan in strategic financing, exclusively invested by Kewai Fund [17] - Changsen Pharmaceutical completed several hundred million yuan in B+ round financing, led by Qiming Venture Partners [19] Industry Focus - The artificial intelligence sector saw 4 financing events this week, including 3 related to AIGC and 1 in smart healthcare [21] - XREAL established its global headquarters in Shanghai Pudong and emphasized its focus on "AI+AR" technology direction [21] - The Shanghai Municipal Economic and Information Commission issued an action plan for high-quality development of the smart terminal industry, focusing on AI chip layout and enhancing model performance [22]

Core Viewpoint - Cathay Securities has initiated coverage on Lepu Biopharma-B (02157) with a "Buy" rating, projecting significant revenue growth from 2025 to 2027, driven by a robust product pipeline and imminent approval of MRG003 [1][2] Group 1: Financial Projections - Revenue forecasts for Lepu Biopharma are set at 853 million, 1.204 billion, and 1.665 billion yuan for 2025, 2026, and 2027 respectively [1] - The company is assigned a target price of 9.55 to 10.38 HKD based on a cautious approach using both PS and PB valuation methods [1] Group 2: Product Pipeline and Development - Lepu Biopharma has developed a diverse pipeline of oncology products, focusing on immunotherapy, ADC targeted therapy, and oncolytic virus drugs [1] - The cornerstone of the company's immunotherapy is an anti-PD-1 antibody candidate, with advanced ADC technology being utilized for innovative drug development [1] Group 3: Regulatory Approvals and Clinical Trials - MRG003 has received priority review qualification from the CDE for the treatment of R/MNPC, with an NDA submission expected in March 2025 [2] - MRG003 has also been included in the list of breakthrough therapy drugs by the NMPA for use in combination with PD-1 antibody for specific cancer indications [2]

Core Viewpoint - Recently, the company announced that its subsidiaries received approval from the National Medical Products Administration for clinical trials of three drug candidates, indicating progress in its oncology pipeline [1][2][3] Group 1: Drug Candidates - SHR-A2102 is a targeted antibody-drug conjugate (ADC) developed by the company, which targets Nectin-4 and has a payload of a topoisomerase I inhibitor. It is noted that Nectin-4 is highly expressed in tumors, correlating with tumor progression and poor prognosis. Currently, there is one similar product approved globally, Enfortumab vedotin, with projected global sales of approximately $1.949 billion in 2024. The cumulative R&D investment for SHR-A2102 is about 225 million yuan [1] - SHR-1802 is a humanized monoclonal antibody developed by the company that activates and promotes anti-tumor T cell responses. There are currently no similar products approved in the domestic market. The cumulative R&D investment for SHR-1802 is approximately 62.09 million yuan [2] - Adebali monoclonal antibody injection is a humanized anti-PD-L1 monoclonal antibody that blocks the PD-1/PD-L1 pathway, reactivating the immune system's anti-tumor activity. It was approved for market in February 2023 for first-line treatment of extensive-stage small cell lung cancer. Similar products like Atezolizumab, Avelumab, and Durvalumab have been approved in the U.S., with combined global sales projected to be around $9.648 billion in 2024. The cumulative R&D investment for Adebali is approximately 939 million yuan [3]

Core Viewpoint - The company, 宜明昂科-B (01541.HK), has announced a placement agreement with Credit Suisse to issue 24.2 million new H-shares at a price of HKD 14.50 per share, representing a discount of approximately 12.97% from the last closing price of HKD 16.66 [1] Group 1: Placement Details - The placement will involve the issuance of 24.2 million new H-shares, which accounts for about 5.94% of the company's total issued share capital and approximately 6.11% of the total issued H-shares as of the announcement date [1] - The estimated total gross proceeds from the placement are approximately HKD 350.9 million, with net proceeds expected to be around HKD 345.1 million [1] Group 2: Use of Proceeds - Approximately 40% of the net proceeds will be allocated to fund the research and development of IMM2510 and IMM27M for the treatment of solid tumors [1] - About 20% of the net proceeds will be used to fund the research and development of IMM01 (Tideglusib) [1] - Approximately 10% will be allocated for the research and development of IMM0306, while around 30% will be used to supplement the company's working capital and for general corporate purposes [1]

Core Insights - The company reported a revenue of 17.518 billion yuan for the first half of the year, representing a year-on-year growth of 46.03%, and achieved a net profit of 450 million yuan, compared to a loss of 2.877 billion yuan in the same period last year [1] - The revenue growth was primarily driven by the global sales performance of core products, particularly the BTK inhibitor, Brukinsa (Zebutinib), which generated global sales of 12.527 billion yuan, a 56.2% increase year-on-year [1] - The company continues to invest heavily in R&D, with R&D expenses reaching 7.278 billion yuan, a 9.80% increase, accounting for 41.54% of total revenue [1] Revenue Breakdown - Brukinsa sales in the U.S. reached 8.958 billion yuan, a year-on-year increase of 51.7% - Sales in Europe amounted to 1.918 billion yuan, growing by 81.4% - Sales in China were 1.192 billion yuan, reflecting a 36.5% increase [1] - The other core product, PD-1 monoclonal antibody, Baiyuean (Tislelizumab), achieved sales of 2.643 billion yuan, a 20.6% increase, supported by new indications being included in medical insurance in China [1] R&D and Pipeline Developments - The company has one of the largest oncology research teams in the industry and is strong in the translational discovery of small molecules and antibody drugs, with three proprietary platform technologies: ADC, bispecific antibodies, and CDAC [2] - Over the next 18 months, the company anticipates more than 20 milestone advancements in its hematologic and solid tumor pipelines [3] - The global Phase III trial for the BCL2 inhibitor, Sonrotoclax, in combination with Brukinsa for first-line treatment of CLL has completed patient enrollment [3] Collaborations and Commercialization - In August 2025, the company entered into an agreement with Royalty Pharma to sell the royalty rights for the global sales of Tarlatamab outside of China, with a transaction value of up to 950 million USD, optimizing cash flow structure [4] - The company has established a competitive global commercialization team in major markets such as the U.S., EU, and China, and is accelerating business expansion in Asia-Pacific, Latin America, and the Middle East to diversify revenue sources [4]

Core Viewpoint - The company is actively implementing its "Quality Improvement and Efficiency Enhancement" action plan for 2025, focusing on accelerating drug development, enhancing financial management, and improving corporate governance to increase shareholder value and maintain compliance with regulatory requirements [1][12]. Group 1: Drug Development and Commercialization - The company has made significant progress in its core drug pipeline, with multiple candidates in various clinical development stages targeting key oncogenic drivers such as ALK, RET, and KRAS (G12C) [2][3]. - The key Phase III clinical study of SY-5007 for RET fusion-positive NSCLC has met its primary endpoint, demonstrating significant anti-tumor activity [3]. - The company is advancing the development of SY-3505, a third-generation ALK inhibitor, with key Phase II and III studies completed, and patient follow-ups are ongoing [3][4]. - SY-5933 has shown promising pharmacokinetic properties and anti-tumor activity in patients with KRAS (G12C) mutations, with good tolerability observed [4][5]. - The company is exploring combination therapies with SY-5933 and SY-707, showing enhanced anti-tumor effects in preclinical models [6]. Group 2: Early Pipeline and International Collaboration - The company is committed to early-stage research, presenting key data on four projects at the 2025 AACR annual meeting, including a fourth-generation ALK inhibitor and various other targeted therapies [7]. - Plans are in place to present data on SY-5007 at the 2025 ESMO annual meeting, highlighting the company's ongoing commitment to international academic exchange [7]. Group 3: Infrastructure Development - The company has signed an economic development cooperation agreement to invest up to 787 million yuan in a new drug research and industrialization base at Bio Park, enhancing its R&D and production capabilities [8]. Group 4: Financial Management - As of mid-2025, the company reported total assets of 819.45 million yuan and equity attributable to shareholders of 704.64 million yuan, with no interest-bearing debt, indicating a strong financial position [9]. - The company achieved cash management income of 9.44 million yuan through prudent investment strategies while ensuring liquidity and safety [10]. Group 5: Corporate Governance - The company has strengthened its governance structure, holding multiple board meetings and enhancing communication with key personnel to ensure compliance and effective oversight [11]. - Amendments to the company's governance documents are underway to align with new regulations, aiming to clarify responsibilities and improve governance efficiency [12]. Group 6: Investor Relations and Information Disclosure - The company emphasizes investor communication, participating in nearly 60 investor engagement activities and ensuring transparent information disclosure [12][13]. - A total of 2 regular reports and 17 temporary announcements were disclosed in the first half of 2025, maintaining high standards of transparency and compliance [13][14].