Core Viewpoint - Minghui Pharmaceutical Co., Ltd. is positioned as a near-commercial biotechnology innovation company with dual growth engines, focusing on proprietary antibody-drug conjugate (ADC) platforms and a novel PD-1/VEGF bispecific antibody [2][4]. Pipeline Overview - As of November 16, 2025, Minghui has 13 candidate products in its pipeline, with 10 in clinical stages. The autoimmune projects are expected to generate revenue soon, while the oncology projects aim to innovate first-line cancer treatments through ADC monotherapy and combination therapies with PD-1/VEGF bispecific antibodies [3][4]. Key Products - The core product MHB036C targets the TROP-2 antigen for solid tumors and is in I/II phase trials for non-small cell lung cancer (NSCLC) and II phase trials for breast cancer. Another key product, MHB088C, is a B7-H3 ADC for small cell lung cancer (SCLC) and is currently in III phase trials [4][5]. Market Potential - The global ADC market is projected to grow from $13.5 billion in 2024 to over $216.3 billion by 2035, with a compound annual growth rate (CAGR) of 28.7%. The market for treatments of thyroid eye disease (TED) is expected to grow from $3.4 billion in 2024 to $13.4 billion by 2035, and the atopic dermatitis market is anticipated to expand from $14.9 billion to $29.5 billion in the same period [6]. Strategic Partnerships - Minghui has established a strategic collaboration with Qilu Pharmaceutical for MHB088C in Greater China, valued at 1.345 billion RMB. The clinical data for MHB088C has been selected for presentation at major oncology conferences, indicating strong interest from the medical community [7]. Funding and Valuation - Following the last round of financing in July, Minghui's valuation reached 3.936 billion RMB. The funds raised from the IPO will primarily support the development of core and key products, manufacturing, quality control, and commercialization capabilities [8].

Core Viewpoint - China National Pharmaceutical Group's subsidiary, Lixin Pharmaceutical Technology, has received clinical trial approval from the NMPA for its innovative drug LM-350, a CDH17-targeted antibody-drug conjugate (ADC) [1][2] Group 1: Product Development - LM-350 is developed based on Lixin's next-generation LM-ADC™ platform and selectively binds to CDH17, demonstrating strong internalization capabilities [1] - The drug utilizes an IgG1 wild-type configuration and exhibits antibody-dependent cellular cytotoxicity (ADCC) activity [1] - Preclinical studies show significant anti-tumor activity of LM-350 in various xenograft models, particularly in colorectal cancer models resistant to MMAE or irinotecan [1] Group 2: Market Potential - CDH17 is highly expressed in various cancers, including approximately 99% in colorectal cancer, 86% in gastric adenocarcinoma, 79% in esophageal adenocarcinoma, and 50% in pancreatic ductal adenocarcinoma [1] - Gastrointestinal cancers, including colorectal, gastric, pancreatic, and esophageal cancers, represent one of the highest incidence and mortality rates globally, with over 4 million new cases reported in 2022, indicating a significant unmet clinical need [1] Group 3: Regulatory Progress - LM-350 has previously received IND approval from the FDA, with the first patient enrollment in Australia expected by September 2025 [2] - The approval of the clinical trial application in China will accelerate the clinical research process, aiming to provide new treatment options for patients sooner [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for BlissBio Inc. regarding its overseas listing application, focusing on operational management and financial details [1][2]. Group 1: Regulatory Requirements - CSRC has requested BlissBio Inc. to clarify the actual operation of its management and the significant influence on the management team [1]. - Specific inquiries include the pricing basis and tax implications related to the acquisition of CCCBio, as well as the tax situation during the capital reduction process in Hangzhou [1][2]. - The CSRC also seeks explanations regarding the reasons for not recognizing certain individuals as joint actual controllers and the rationale behind the stock incentive plans [2]. Group 2: Company Overview - BlissBio Inc. is a clinical-stage biopharmaceutical company focused on developing next-generation antibody-drug conjugates (ADCs) to address unmet needs in cancer treatment [2]. - The company's core product, BB-1701, targets HER2 and is aimed at treating breast cancer, non-small cell lung cancer, and other HER2-expressing cancers [2]. Group 3: Financial Performance - For the fiscal years 2023 and 2024, BlissBio Inc. reported revenues of approximately 180 million RMB and 22.59 million RMB, respectively [3]. - The company incurred losses of about 206 million RMB and 55.7 million RMB for the same periods [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for BlissBio Inc. as part of its overseas listing application process, highlighting the need for detailed explanations regarding the company's management operations and financial transactions [1][2]. Group 1: Regulatory Requirements - The CSRC has requested BlissBio Inc. to provide clarifications on several financial and operational aspects, including the pricing basis for the acquisition of CCCBio and tax implications for the involved parties [1]. - Specific inquiries include the tax situation related to the capital reduction process in Hangzhou, the relationship between shareholders, and compliance with foreign exchange management regulations [1][2]. - The CSRC also seeks to understand the reasons behind the lack of simultaneous capital reduction for the Shenyang entity and the implications of the acquisition of equity in Hangzhou [1][2]. Group 2: Company Overview - BlissBio Inc. is a clinical-stage biopharmaceutical company focused on developing next-generation antibody-drug conjugates (ADCs) to address unmet needs in cancer treatment [2]. - The company's lead product, BB-1701, targets the human epidermal growth factor receptor 2 (HER2) and is primarily aimed at treating breast cancer, non-small cell lung cancer, and other HER2-expressing cancers [2]. Group 3: Financial Performance - For the fiscal years 2023 and 2024, BlissBio Inc. reported revenues of approximately 180 million RMB and 22.591 million RMB, respectively, while incurring losses of about 206 million RMB and 55.7 million RMB during the same periods [3].

Core Viewpoint - Sichuan Kelun Pharmaceutical Co., Ltd. announced significant clinical research results from its subsidiary, Sichuan Kelun Botai Biopharmaceutical Co., Ltd., at the 2025 European Society for Medical Oncology (ESMO) conference, highlighting advancements in targeted antibody-drug conjugates (ADCs) for various cancers [1]. Group 1: Clinical Research Results Overview - Two studies on sac-TMT (LKB5) were selected for Late Breaking Abstract (LBA) oral presentations, demonstrating its efficacy in treating EGFR mutation-positive non-small cell lung cancer (NSCLC) and hormone receptor-positive, HER2-negative breast cancer (BC) [2][3]. - In the OptiTROP-Lung04 study, sac-TMT showed a median progression-free survival (PFS) of 8.3 months compared to 4.3 months for chemotherapy, reducing the risk of disease progression or death by 51% [2][3]. - The OptiTROP-Breast02 study reported a median PFS of 8.3 months for sac-TMT versus 4.1 months for investigator's choice chemotherapy, with a hazard ratio (HR) of 0.35 [4][5]. Group 2: Safety and Efficacy - Both studies indicated similar rates of treatment-related adverse events (TRAEs) between sac-TMT and chemotherapy, with no TRAEs leading to treatment discontinuation in the sac-TMT group [3][5]. - The objective response rate (ORR) for sac-TMT was 60.6% in NSCLC and 41.5% in BC, significantly higher than the chemotherapy groups [2][5]. - The studies support the approval of sac-TMT by the National Medical Products Administration (NMPA) for specific cancer treatments [3][5]. Group 3: Additional Research and Drug Information - The study on SKB315, targeting Claudin18.2 in advanced solid tumors, showed an ORR of 37.5% and a median PFS of 8.2 months [6]. - The innovative drugs sac-TMT and botu-tuzumab (舒泰莱) are designed to target specific cancer types, with sac-TMT being the first TROP2 ADC approved for lung cancer indications [8][10]. - Kelun Botai has initiated multiple clinical studies for these drugs, indicating a robust pipeline for cancer treatment [9][11].

Core Viewpoint - The stock of Deqi Pharmaceutical-B (06996) rose over 6% following the announcement of positive clinical trial results for its ADC ATG-022 at the ESMO 2025 conference, indicating strong safety and anti-tumor activity across various patient groups [1] Group 1: Clinical Research Results - Deqi Pharmaceutical presented the latest findings from the I/II phase clinical study of ATG-022, an antibody-drug conjugate targeting CLDN18.2, at the ESMO 2025 conference in Berlin [1] - ATG-022 demonstrated good safety and significant anti-tumor activity in patients with gastric cancer (GC) and gastroesophageal junction cancer (GEJC) across different levels of CLDN18.2 expression [1] - Preliminary efficacy was also observed in other non-gastrointestinal tumors, with further data expected to be presented at upcoming academic meetings [1] Group 2: Dosage and Safety Data - The safety data for the 2.4 mg/kg dosage group was reported to be good, while the 1.8 mg/kg dosage group showed even better safety and tolerability [1] - These findings support the potential for ATG-022 to be combined with immune checkpoint inhibitors and chemotherapy in frontline treatment, significantly expanding its clinical applicability and commercialization potential [1] Group 3: Ongoing Development - The I phase dose expansion study of ATG-022 is progressing smoothly in mainland China and Australia [1] - The company is actively preparing for clinical research on combination therapies involving ATG-022 to further advance its clinical development process [1]

Core Viewpoint - Kolon Biotech Inc. (06990) experienced a significant increase in stock price, rising by 5.37% to HKD 483, with a trading volume of HKD 1.5939 million, following the announcement of multiple clinical research results at the 2025 European Society for Medical Oncology (ESMO) conference held in Berlin from October 17 to 21 [1]. Group 1 - Kolon Biotech announced the presentation of several clinical research results at the ESMO conference [1]. - The research included data on targeted antibody-drug conjugates (ADCs) such as sac-TMT (佳泰莱), A166 (舒泰莱), and SKB315 [1]. - The focus of the studies was on TROP2, HER2, and Claudin18.2 [1].

Core Insights - The company announced that its subsidiary, Sichuan Kelun-Botai Biopharmaceutical Co., Ltd., presented multiple clinical research results at the 2025 European Society for Medical Oncology (ESMO) conference held in Berlin from October 17 to 21 [1] Group 1 - The clinical research results included data on targeted antibody-drug conjugates (ADCs) such as sac-TMT (Jiatailai®), targeting trophoblast cell surface antigen 2 (TROP2) [1] - The results also covered data on A166 (Shutailai®), a HER2-targeted ADC [1] - Additionally, data on SKB315, a Claudin18.2 (CLDN18.2) ADC, was presented [1]

Group 1: Novo Nordisk - Novo Nordisk's oral semaglutide (Rybelsus) has received FDA approval for a new indication to reduce cardiovascular risk in high-risk adults with type 2 diabetes, making it the first oral GLP-1 drug to do so [1] - The company has also submitted a supplemental new drug application for its once-daily oral semaglutide (Wegovy) for obesity treatment, with approval expected later this year [1] - The approval of the new indication for oral semaglutide is expected to further solidify Novo Nordisk's market position in the GLP-1 segment [1] Group 2: Sunshine Guohe - Sunshine Guohe plans to invest 15 million yuan to acquire an 8.20% stake in Yuanma Zhiyao, focusing on CAR-T cell therapy and nucleic acid drugs [2] - Yuanma Zhiyao specializes in the innovation and research of circular mRNA CAR-T nucleic acid drugs and is advancing towards clinical research [2] - This investment aligns with Sunshine Guohe's strategic layout in the CAR-T field and is expected to create synergies between the two companies [2] Group 3: Pian Zai Huang - Pian Zai Huang reported a 28.82% year-on-year decline in net profit for Q3, with revenue of 2.064 billion yuan, down 26.28% year-on-year [3] - For the first three quarters, the company recorded a revenue of 7.442 billion yuan, a decrease of 11.93%, and a net profit of 2.129 billion yuan, down 20.74% [3] - The decline in performance is attributed to reduced sales in the pharmaceutical manufacturing industry and a decrease in gross margin [3] Group 4: Kelun Pharmaceutical - Kelun Pharmaceutical's subsidiary, Kelun Botai, received approval for its core product, trastuzumab deruxtecan (舒泰莱), for treating HER2-positive breast cancer [4] - The product showed significant improvement in progression-free survival (PFS) compared to T-DM1 in interim analysis, indicating strong clinical efficacy [4] - This approval marks a key breakthrough for Kelun Botai in the breast cancer field and highlights the ongoing advancements of domestic ADCs in high-end oncology treatment [4]

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 不對因本公告全部或任何部份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。 OptiTROP-Lung04 共 有376名患者被隨機(1:1)分配接受蘆康沙妥珠單抗(sac-TMT)治療或化 療。於 數 據 截 止 時 間（2025年7月6日），中 位 隨 訪 時 間 為18.9個 月。蘆康沙 妥珠單抗(sac-TMT)組的中位無進展生存期(PFS)為8.3個 月，化 療 組 為4.3個 月。蘆康沙妥珠單抗(sac-TMT)較化療顯著改善了PFS，疾 病 進 展 或 死 亡 風 險降低51%（風 險 比(HR) 0.49；95%置信區間(CI): 0.39-0.62；P<0.0001）。在 預 Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. 四川科倫博泰生物醫藥股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 ...