Core Viewpoint - 康弘药业 has made significant progress in its core therapeutic areas, particularly with its flagship product 康柏西普, which now accounts for a substantial portion of the company's revenue. The company aims to achieve international market presence and continuous innovation over the next decade [1][4]. Group 1: Financial Performance - The company's revenue increased from 36.05 billion in 2021 to 44.53 billion in 2024, while the net profit rose from 3.01 billion to 11.84 billion during the same period [1]. - In the first half of 2025, 康弘药业 reported a revenue of 24.53 billion, a year-on-year growth of 6.95%, and a net profit of 7.23 billion, reflecting a 6.51% increase [2]. Group 2: R&D and Innovation Strategy - 康弘药业 has invested a total of 25.21 billion in R&D over the past few years, emphasizing the importance of innovation and market-driven development [1][2]. - The company maintains a balanced approach to innovation and risk management, focusing on "controllable risks under innovative breakthroughs" [3]. Group 3: Product Development and Market Position - 康柏西普 has generated 13.45 billion in revenue in the first half of 2025, representing 54.83% of the company's total revenue, and has maintained a leading market share in the hospital sector [4][5]. - The company has introduced a new product, 利非司特滴眼液, which is expected to tap into a market with a projected size of 47.9 billion by 2024, indicating a significant growth opportunity [5]. Group 4: Future Growth and Technological Advancements - 康弘药业 is focusing on cutting-edge technologies such as gene therapy and synthetic biology, with ongoing clinical trials for its gene therapy products [6][7]. - The company aims to establish a strong position in the next-generation antibody-drug conjugates (ADC) market, with its product KH815 being the first of its kind to enter clinical trials [8].

Group 1 - The core point of the article is that Fuhong Hanlin (02696) is in negotiations with multinational pharmaceutical companies such as Johnson & Johnson and Roche to sell rights related to the targeted PD-L1 antibody-drug conjugate HLX43, potentially receiving several hundred million dollars in upfront payments and milestone payments based on the drug's performance [1][1][1] Group 2 - Fuhong Hanlin's stock price increased by over 9% during the trading session, with a current price of 82.75 HKD and a trading volume of 114 million HKD [1][1][1] - Morgan Stanley recently upgraded the ratings for Fosun Pharma (600196) A-shares and H-shares to "Overweight," raising the A-share target price to 42 CNY and the H-share target price to 33 HKD [1][1][1] - Morgan Stanley values Fuhong Hanlin at 72 billion CNY, significantly higher than its current market value of approximately 44 billion CNY, translating to a per-share value of 143-145 HKD, with 73% of this valuation attributed to core candidate drugs HLX43, HLX22, and serplulimab [1][1][1]

Group 1 - The core point of the article is that Fuhong Hanlin (02696) is in negotiations with multinational pharmaceutical companies such as Johnson & Johnson and Roche to sell rights related to the PD-L1 antibody-drug conjugate HLX43, potentially receiving several hundred million dollars in upfront payments and milestone payments based on the drug's performance [1][1][1] Group 2 - Fuhong Hanlin's stock price increased by over 9% during trading, with a current price of 82.75 HKD and a trading volume of 114 million HKD [1][1][1] - Morgan Stanley recently upgraded the ratings for Fosun Pharma's A-shares and H-shares to "Overweight," raising the A-share target price to 42 HKD and the H-share target price to 33 HKD [1][1][1] - Morgan Stanley assigned a valuation of 720 billion HKD to Fuhong Hanlin, which is significantly higher than its current market value of approximately 440 billion HKD, translating to a per-share value of 143-145 HKD, with 73% of the valuation attributed to core candidate drugs including HLX43, HLX22, and serplulimab [1][1][1]

Financial Performance - In the first half of 2025, the company achieved a revenue of 38,736.49 million CNY, representing a year-on-year growth of 29.38% [1] - The net profit attributable to shareholders was 8,380.40 million CNY, with a year-on-year increase of 47.81% [1] - The net profit excluding non-recurring items was 8,412.87 million CNY, reflecting a growth of 45.82% [1] - In Q1 2025, revenue was 18,649.04 million CNY, up 27.73% year-on-year, while net profit was 4,057.85 million CNY, increasing by 32.30% [1] - In Q2 2025, revenue reached 20,087.45 million CNY, a 30.95% year-on-year growth, with net profit at 4,322.54 million CNY, marking a significant increase of 66.10% [1] Business Growth Drivers - The rapid growth in domestic business is attributed to supportive national policies, significant license transactions, and accelerated industry mergers and acquisitions [2] - The demand for recombinant proteins and related biological reagents continues to rise, driven by the recovery of the innovative drug market and increased industry investment [2] CGT Field Development - The company is well-positioned in the cell and gene therapy (CGT) sector, providing comprehensive solutions from drug target discovery to commercial production [3] - It has developed a range of recombinant proteins and unique antibodies for CAR-T product development, enhancing the quality and activity assessment of related products [4] ADC Field Development - Antibody-drug conjugates (ADC) are highlighted as a key focus area, combining targeted antibodies with potent cytotoxic agents to improve treatment efficacy while minimizing side effects [6] - The development of ADCs relies on five critical elements: suitable antigen targets, highly specific antibodies, effective toxin molecules, quality linkers, and precise drug-antibody ratios (DAR) [7] - The company offers a variety of high-quality products and services to support ADC drug development, covering the entire research and development chain from antibody preparation to production quality control [7]

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of June 30, 2025, with InnoCare Pharma-B (09606) being included in the Hang Seng Composite Index, effective after market close on September 5, 2023, and effective from September 8, 2023 [1] - According to Huatai Securities research, InnoCare Pharma-B is likely to be included in the Hong Kong Stock Connect due to meeting various criteria including market capitalization, liquidity, and listing time [1] - InnoCare Pharma announced that its key product DB-1310, a targeted antibody-drug conjugate (ADC) for human epidermal growth factor receptor 3 (HER3), has received Fast Track designation from the U.S. FDA for treating adult patients with advanced or metastatic non-squamous non-small cell lung cancer (NSCLC) who have disease progression after treatment with EGFR tyrosine kinase inhibitors (TKIs) and platinum-based chemotherapy [1] Group 2 - DB-1310 is a next-generation ADC product targeting HER3 developed using the company's proprietary DITAC technology platform [2] - In June 2025, InnoCare Pharma presented the initial results of the Phase I/IIa clinical study (NCT05785741) of DB-1310 at the American Society of Clinical Oncology (ASCO) annual meeting, showing encouraging efficacy and manageable safety in patients with advanced solid tumors who had failed standard treatments [2]

Core Viewpoint - The company, Fuhong Hanlin (02696), has announced the completion of the first patient dosing in the United States for an international multicenter phase II clinical trial of HLX43, a PD-L1 targeted antibody-drug conjugate, in patients with advanced non-small cell lung cancer (NSCLC) [1] Group 1: Clinical Trial Details - The phase II clinical trial is designed to evaluate the efficacy and safety of HLX43 in patients with advanced NSCLC [1] - The study consists of two phases: the first phase focuses on dose exploration to select an appropriate dose for the second phase, which is a single-arm, multicenter phase II clinical study [1] - The primary objective of the study is to assess the clinical efficacy of HLX43 in advanced NSCLC, with the main endpoint being the objective response rate evaluated by a blinded independent review committee according to RECIST v1.1 criteria [1] Group 2: Market Context - As of the date of the announcement, there are no approved PD-L1 targeted antibody-drug conjugates available in the global market [1]

Core Viewpoint - The company, Junshi Biosciences (复宏汉霖), has announced the completion of the first patient dosing in the United States for an international multicenter phase 2 clinical trial of HLX43, a PD-L1 targeted antibody-drug conjugate, in patients with advanced non-small cell lung cancer (NSCLC) [1] Group 1: Clinical Trial Details - The phase 2 clinical trial is designed to evaluate the efficacy and safety of HLX43 in patients with advanced NSCLC [1] - The study consists of two phases: the first phase focuses on dose exploration to select an appropriate dose for the second phase, while the second phase is a single-arm, multicenter phase 2 clinical study [1] - The primary objective of the study is to assess the clinical efficacy of HLX43 in advanced NSCLC, with the main endpoint being the objective response rate evaluated by a blinded independent review committee according to RECIST v1.1 criteria [1] Group 2: Market Context - As of the date of the announcement, there are no approved PD-L1 targeted antibody-drug conjugates available in the global market [1] - The company plans to conduct clinical trials in Australia and Japan once conditions are suitable, in addition to the ongoing trials in China (excluding Hong Kong, Macau, and Taiwan) [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 該等內容而引致的任何損失承擔任何責任。 Shanghai Henlius Biotech, Inc. 上海復宏漢霖生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2696） 自願公告 本公告由上海復宏漢霖生物技術股份有限公司（「本公司」）自願作出，以告知 本公司股東及潛在投資者本公司最新業務更新。 本公司董事會（「董事會」）欣然宣佈，近日，一項注射用HLX43（靶向PD-L1 抗體偶聯藥物）（「HLX43」）在晚期非小細胞肺癌(NSCLC)患者中開展的國際 多中心2期臨床研究已完成美國首例患者給藥。該2期臨床研究亦正同步於中 國境內（不包括港澳台地區，下同）開展，本公司擬於條件具備後於澳大利亞 及日本等國家開展臨床試驗。 B. 臨床試驗設計及目的 本研究為一項評估HLX43在晚期非小細胞肺癌(NSCLC)患者的開放、國際 多中心2期臨床試驗，旨在評估HLX43在晚期非小細胞肺癌(NSCLC)患者中 的有效性和安全性 ...

Core Viewpoint - 康宁杰瑞制药-B's stock price increased by 14.03% to HKD 10.81, with a trading volume of HKD 73.86 million, following the announcement of a board meeting to approve mid-term results [1] Financial Performance - The company expects to report a profit of no less than RMB 20 million for the first half of the year, compared to a loss of approximately RMB 44.90 million in the same period last year [1] - The turnaround from loss to profit is attributed to milestone revenues from three licensing agreements and sales revenue from commercialized products [1] Product Development - The clinical trial application for JSKN022, a dual-specific antibody-drug conjugate targeting PD-L1 and integrin αvβ6, has been officially accepted by the National Medical Products Administration of China [1] - The company plans to initiate the first human clinical study for JSKN022 aimed at treating advanced malignant solid tumors [1] - Currently, there are no marketed antibody-drug conjugates targeting integrin αvβ6 or PD-L1 globally, with related investigational drugs still in clinical research stages [1]

Core Insights - China National Pharmaceutical Group's subsidiary, Lixin Pharmaceutical Technology, has developed an innovative drug LM-302, which has been included in the Breakthrough Therapy Designation (BTD) program by the Center for Drug Evaluation (CDE) in China for the treatment of CLDN18.2 positive locally advanced or metastatic gastric and gastroesophageal junction adenocarcinoma in combination with PD-1 monoclonal antibody [1][2] - LM-302 is a first-in-class antibody-drug conjugate (ADC) targeting CLDN18.2, showing clinical efficacy in patients with gastric cancer, pancreatic cancer, and biliary tract cancer, including those with low expression of Claudin 18.2 and PD-L1 [1] - Recent data presented at the 2025 American Society of Clinical Oncology (ASCO) annual meeting indicated an overall response rate (ORR) of 65.9% and a disease control rate (DCR) of 85.4% in 41 evaluable patients, with ORR of 71.9% and DCR of 96.9% in 32 patients with CLDN18.2 expression ≥25% [1] Clinical Development - LM-302 is currently undergoing Phase III clinical trials in China for the treatment of CLDN18.2 positive locally advanced or metastatic gastric and gastroesophageal junction adenocarcinoma after progression on two or more lines of systemic therapy [2] - The inclusion in the Breakthrough Therapy Designation program is expected to accelerate the approval process for LM-302, providing innovative treatment options for more CLDN18.2 positive gastric cancer patients [2]