Core Insights - The first domestically developed gene engineering Class I new drug, human interferon α1b (Yunde Su), is showing unique potential in cancer treatment, emphasizing "Chinese wisdom" in the field [1] Group 1: Event Overview - The "2025 Annual Academic Salon of Academicians and Experts" was held by Sanyuan Gene Pharmaceutical Co., Ltd. in Beijing, focusing on the innovative application of human interferon α1b in treating malignant tumors [1] - The event was guided and funded by the Beijing Association for Science and Technology, gathering top oncology experts from various prestigious institutions [3] Group 2: Strategic Value of Old Drugs - Academician Hou Yunde, known as the "father of Chinese interferon," highlighted that while interferon is an old drug, interferon α1b is a new drug with significant advantages in cancer treatment, including the ability to improve efficacy through higher dosages and expand clinical indications [4] - Continuous innovation by clinical experts and Sanyuan Gene in new formulations and administration methods for interferon has established a high-quality brand in China [4] Group 3: Clinical Data and Research Findings - Experts shared significant research results on the efficacy of interferon α1b in treating melanoma, particularly in the context of its unique characteristics compared to Western treatments [5] - A new high-level randomized controlled clinical research plan was announced, indicating that combination therapy based on human interferon α1b is effective and safe for various types of melanoma [5] Group 4: Expert Consensus and Guidelines - The latest expert consensus on the treatment of melanoma with interferon α1b was presented, confirming its safety and efficacy through numerous cases [6] - The treatment protocol for melanoma using interferon α1b has been officially included in the 2025 edition of the Chinese Anti-Cancer Association (CACA) melanoma guidelines, marking a significant recognition of domestically developed innovative drugs [6] Group 5: Future Directions - A high-level dialogue session was held to explore future research directions and application potential of interferon α1b, showcasing the event as a platform for academic achievements and promoting the value of original research drugs in cancer treatment [7]

Core Insights - Pfizer has registered two global Phase III clinical trials for its PD-1/VEGF dual antibody PF-08634404 (SSGJ-707) on Clinicaltrials.gov, targeting advanced non-small cell lung cancer (NSCLC) and metastatic colorectal cancer [1] Group 1: Clinical Development - The trials will compare PF-08634404 in combination with chemotherapy against Keytruda plus chemotherapy for NSCLC and will also explore its use in metastatic colorectal cancer [1] - Pfizer's acquisition of the dual antibody from 3SBio included an upfront payment of $1.25 billion, $4.8 billion in milestone payments, and a double-digit percentage of sales [1] - The drug is expected to become a cornerstone treatment in global oncology, with rapid initiation of Phase III trials anticipated for NSCLC and other solid tumors [1] Group 2: Market Reaction - Following the news, 3SBio's stock surged nearly 12%, contributing to a rise in the Hong Kong pharmaceutical sector, with the Hang Seng Pharmaceutical ETF increasing over 3% [1] - 3SBio Guojian experienced a 20% limit-up, while the Sci-Tech Innovation Pharmaceutical ETF rose over 4% [1]

Core Viewpoint - The stock of 3SBio (01530) rose nearly 7% in early trading, driven by Pfizer's registration of two global Phase III clinical trials for the PD-1/VEGF dual antibody PF-08634404 (SSGJ-707) on Clinicaltrials.gov [1] Group 1: Clinical Trials and Developments - Pfizer registered two global Phase III clinical trials for PF-08634404, focusing on advanced non-small cell lung cancer (NSCLC) in comparison to Keytruda plus chemotherapy and metastatic colorectal cancer [1] - The clinical trials are expected to be rapidly initiated by Pfizer for NSCLC and other solid tumors, with exploration of PF-08634404 in monotherapy and combination therapy with other treatments, including ADCs [1] Group 2: Financial Aspects - In May, Pfizer secured the rights to 3SBio's PD-1/VEGF dual antibody with an upfront payment of $1.25 billion, milestone payments of up to $4.8 billion, and a double-digit percentage of sales [1] Group 3: Market Outlook - According to Zhongyou Securities, PF-08634404 is anticipated to become a cornerstone treatment in global oncology, highlighting its potential impact on the market [1]

Core Insights - Inhibrx Biosciences, Inc. announced positive primary results from the ChonDRAgon clinical trial (n=206) evaluating ozekibart (INBRX-109) in patients with advanced or metastatic, unresectable chondrosarcoma compared to placebo [1] - Based on these results, Inhibrx plans to submit a marketing application for ozekibart for chondrosarcoma to U.S. regulatory authorities by the end of June 2026 [1] - Ozekibart is the first investigational drug to significantly improve progression-free survival (PFS) in chondrosarcoma patients in a randomized controlled trial, addressing a significant unmet medical need [1] Group 1 - Inhibrx holds exclusive development and commercialization rights for ozekibart in mainland China, Hong Kong, Macau, and Taiwan through a licensing agreement with its wholly-owned subsidiary, HJB [1] - The encouraging clinical data further confirms the value of ozekibart for global patients and in regions where the company has exclusive rights [1] Group 2 - In addition to the registration trial, Inhibrx is advancing an expanded cohort study to evaluate ozekibart in combination with irinotecan for the treatment of Ewing sarcoma and colorectal cancer [2] - Early results show promising signals, supporting further exploration of ozekibart's potential in these difficult-to-treat tumors with unmet medical needs [2]

Core Viewpoint - Huiyu Pharmaceutical (688553) reported a significant decline in financial performance for Q3 2025, with a revenue drop of 12.92% year-on-year and a net loss of 50.8 million yuan, marking a 122.35% decrease compared to the previous year [1][3]. Financial Performance Summary - The company's revenue for Q3 2025 was 288.63 million yuan, down 9.70% year-on-year, while the net profit attributable to shareholders was 29.92 million yuan, a decrease of 81.55% [2][3]. - For the year-to-date period, total revenue reached 741.75 million yuan, reflecting a 12.92% decline, and the net profit attributable to shareholders was a loss of 50.8 million yuan, down 122.35% [2][3]. - The operating cash flow for the year-to-date period was 31.17 million yuan, a significant decrease of 80.79% compared to the previous year [2][4]. Reasons for Financial Changes - The decline in net profit by 81.5% was attributed to reduced revenue, increased R&D expenditures, and changes in the fair value of shares in Tongyuan Kang (HK2410) [3][4]. - The substantial drop in operating cash flow was primarily due to increased cash payments for goods and services during the reporting period [3][4]. R&D Investment - R&D investment totaled approximately 94.91 million yuan in Q3 2025, representing a 28.33% increase year-on-year, and accounted for 32.88% of total revenue [2][4].

Group 1 - The core point of the article is that 加科思-B (01167) experienced a 5.04% increase in stock price, reaching 7.50 HKD, with a trading volume of 42.24 million HKD [1] - The company announced that it will present preclinical data on its Pan-KRAS inhibitor JAB-23E73 at the 2025 American Association for Cancer Research International Molecular Targets and Cancer Therapeutics Conference in Boston from October 22 to October 26, 2025 [1] - 加科思 has signed an agreement with 海松资本 and an industry partner for a capital increase and equity transfer, where 海松资本 will pay 125 million RMB as an initial payment and 75 million RMB as a milestone payment to acquire 80% of 加科瑞康, reducing 加科思's stake in 加科瑞康 to 10% [1] Group 2 - The divestment of non-core assets allows the company to focus more strategically on the oncology field and enhances its cash flow [1]

Core Viewpoint - 加科思-B (01167) shares rose over 5% following the announcement of their participation in the 2025 American Association for Cancer Research conference, where they will present preclinical data on their Pan-KRAS inhibitor JAB-23E73 [1] Group 1: Company Developments - 加科思 announced that they will present preclinical data on the oral, absorbable, and potent Pan-KRAS inhibitor JAB-23E73 at the 2025 American Association for Cancer Research conference in Boston from October 22 to October 26, 2025 [1] - The company signed an agreement with Haisheng Capital and an industry partner for a capital increase and equity transfer, where Haisheng Capital will pay a total of RMB 2 billion (1.25 billion upfront and 750 million milestone payment) to acquire 80% of Beijing Jakesi's subsidiary, Jakesi Kang [1] - Following the completion of this transaction, 加科思's ownership in Jakesi Kang will decrease to 10%, allowing the company to focus more on its core oncology business and improve cash flow [1]

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [5] Core Insights - The report highlights the significant performance of domestic new drugs showcased at the ESMO 2025 conference, with several companies presenting excellent clinical data [3][21] - The report emphasizes the importance of academic conferences as key catalysts for the innovative drug sector, particularly mentioning ESMO, ASCO, and WCLC as critical events for Chinese pharmaceutical companies [20] Weekly New Drug Market Review - From October 20 to October 26, 2025, the top five gainers in the new drug sector were: - 欧康维视 (+8.87%) - 君圣泰 (+8.21%) - 诺思兰德 (+7.07%) - 友芝友 (+4.42%) - 海创药业 (+3.73%) - The top five losers were: - 康宁杰瑞 (-17.72%) - 北海康成 (-14.42%) - 创胜集团 (-14.29%) - 宜明昂科 (-13.40%) - 来凯医药 (-12.40%) [16][17] Recommended Focus Stocks - The report suggests focusing on several stocks with potential catalysts, including: 1. Products with high overseas volume certainty after MNC certification: - PD-1 upgraded product: 三生制药 - GLP-1 asset: 联邦制药 - ADC assets: 科伦博泰, 百利天恒 2. Potential heavyweights for overseas MNC authorization: - PD-1 upgraded products: 康方生物, 信达生物 - Breakthroughs in autoimmune fields: 益方生物, 中国抗体 - Innovative target ADC: 复宏汉霖, 石药集团 3. Stocks likely to benefit from medical insurance negotiations and commercial insurance innovative drug directories: - Beneficiaries of medical insurance directory: 恒瑞医药, 康诺亚, 迈威生物, 智翔金泰, 海创药业 - Beneficiaries of commercial insurance innovative drug directory: 药明巨诺, 科济药业 [2][20] New Drug Approval and Acceptance - This week, four new drug or new indication applications were approved, and five new drug or new indication applications were accepted in the domestic market [9] - A total of 46 new drug clinical applications were approved, and 31 new drug clinical applications were accepted [10] Key Domestic Market Events - 信达生物 announced a global strategic partnership with Takeda to accelerate the development of new generation tumor immunotherapy and antibody-drug conjugate therapies [11] - 康宁杰瑞 and 石药集团 announced that their HER2 bispecific antibody-drug conjugate JSKN003 received breakthrough therapy designation from the CDE [11] - 和黄医药 presented clinical data for HMPL-A251 at the AACR-NCI-EORTC conference [11] Key Overseas Market Events - 罗氏 received FDA approval for Gazyva/Gazyvaro for the treatment of active lupus nephritis in adult patients [12] - Electra Therapeutics announced that its therapy ELA026 received breakthrough therapy designation from the FDA and PRIME qualification from the EMA [12] - 安斯泰来 announced that the FDA accepted its supplemental biologics license application for the antibody-drug conjugate Padcev in combination with Keytruda [12]

Core Viewpoint - Huadong Medicine's innovative drug, Mevanertinib (brand name: Mairuidong), has received approval from the National Medical Products Administration (NMPA) for the treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) harboring the EGFR exon 21 (L858R) substitution mutation, marking a significant advancement in lung cancer treatment options [1][4]. Company Developments - Huadong Medicine's subsidiary, Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd., has successfully developed and launched Mevanertinib, which is a first-class innovative drug with independent intellectual property rights [1][5]. - The company has achieved a milestone by obtaining approval for two innovative drugs within a week, showcasing its commitment to advancing its product pipeline [1][4]. - The company is actively preparing for the commercialization of Mevanertinib to provide better clinical benefits to patients [1][4][8]. Industry Context - Lung cancer remains the most prevalent and deadly malignancy globally, with NSCLC accounting for approximately 85% of primary lung cancer cases [2]. - In China, the incidence of lung cancer is particularly high, with over 1.06 million new cases reported in 2024, and the EGFR mutation is present in about 50% of lung adenocarcinoma patients [2]. - The targeted drug market for NSCLC in China is projected to reach 182.87 billion yuan by 2030, with a compound annual growth rate (CAGR) of 13.2% [2]. Clinical Insights - Mevanertinib is a novel, potent, and highly selective irreversible EGFR/HER2 small molecule inhibitor, demonstrating superior safety and tolerability compared to existing third-generation EGFR-TKIs in patients with the L858R mutation [3][4]. - The approval of Mevanertinib is based on a Phase III clinical trial that met predefined efficacy standards, indicating its potential to fulfill unmet clinical needs in the treatment of NSCLC [3][4]. Future Outlook - The approval of Mevanertinib is expected to provide significant market growth opportunities, as it addresses the clinical demand for effective treatments in patients with the EGFR L858R mutation [4][6]. - Huadong Medicine is focused on developing a diverse pipeline of innovative drugs, particularly in oncology, with over 80 projects currently in development [5][6][8].

Core Insights - Sinda Biopharma (01801) has entered a global strategic collaboration with Takeda Pharmaceutical, involving two late-stage therapies IBI363 (PD-1/IL-2α-bias) and IBI343 (CLDN18.2 ADC), as well as an early-stage project IBI3001 (EGFR/B7H3 ADC) [1] - The collaboration includes an upfront payment of $1.2 billion, which consists of a $100 million strategic equity investment, with potential milestone payments reaching up to $10.2 billion and potential sales sharing [1] - IBI363 is viewed as a next-generation cornerstone therapy for tumors, with a significant market potential, targeting a global immune-oncology (IO) responder population of approximately 1.5 million, corresponding to a $50 billion hot tumor market [1] Group 1 - IBI363 has accumulated over 1,200 patient clinical data, with plans to advance its global development in non-small cell lung cancer (NSCLC) and colorectal cancer (CRC), including first-line indications [2] - The first global Phase 3 clinical study (MarsLight-11) for IBI363 has received FDA approval, focusing on IO-resistant squamous NSCLC patients, comparing IBI363 at a 3 mg/kg dose to docetaxel [2] - The collaboration model is expected to enhance Sinda Biopharma's experience in building global clinical and commercialization teams, leveraging Sinda's domestic development efficiency and Takeda's international capabilities [2] Group 2 - Takeda invests approximately $5 billion annually in R&D and has a clinical team of 4,500, possessing extensive experience in oncology and immunotherapy [2] - This partnership is anticipated to help Sinda Biopharma expand its global footprint and gradually establish R&D and commercialization capabilities in key international markets, maximizing long-term sustainable value [2]