Core Insights - Sinda Biopharma (01801) has entered into a global strategic collaboration with Takeda Pharmaceutical, which includes 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][2] - The collaboration will provide Sinda Biopharma with an upfront payment of $1.2 billion, including a strategic equity investment of $100 million, with potential milestone payments reaching up to $10.2 billion and potential sales sharing [1][2] - 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 clinical data from over 1,200 patients, 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 the efficacy and safety of IBI363 at a 3 mg/kg dose against docetaxel [2] - The collaboration model will help Sinda Biopharma build experience in global clinical and commercialization teams, leveraging its development efficiency in China 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 expected to enhance Sinda Biopharma's global footprint, gradually establishing R&D and commercialization capabilities in key international markets, maximizing long-term sustainable value [2]

Core Viewpoint - Goldman Sachs released a report on the preliminary Phase 1 study data of CS2009 (a PD-1/VEGF/CTLA-4 tri-specific antibody) presented at the ESMO 2025 conference, indicating good safety and early tumor response signals across various cancer types, supporting further research on this asset [1] Group 1: Safety and Tolerability - CS2009 demonstrated good tolerability during the dose escalation study involving 72 patients across six dosage levels (1/3/10/20/30/45 mg/kg) [2] - In comparison, the HARMONi-2 trial showed that ivonescimab (PD-1/VEGF dual antibody) had a 29% incidence of grade 3 or higher treatment-related adverse events (TRAE) and 7% for immune-related adverse events (irAE) [2] - Higher dose groups experienced fewer adverse reactions, potentially due to shorter observation times, as some adverse reactions may take 4-8 weeks to manifest [2] Group 2: Competitive Potential in NSCLC - Among 49 patients who underwent at least one tumor assessment, partial responses were observed in seven patients across five cancer types, indicating preliminary pan-cancer potential for CS2009 [3] - Notably, in 12 IO-treated NSCLC patients without prior anti-angiogenic therapy, CS2009 showed a 25% objective response rate (ORR) and an 83% disease control rate (DCR), suggesting positive evidence for further research in NSCLC [3] - For context, other treatments like cadonilimab and BNT327 showed ORR/DCR of 13%/96% and 12.5%/62.5% respectively in similar patient populations [3] Group 3: Future Development Plans - The management plans to select the recommended Phase 3 dose from 20 mg/kg and 30 mg/kg based on Phase 1 data, aiming to initiate a global Phase 3 trial by the end of 2026 for NSCLC treatment [4] - A recently launched Phase 2 trial in Australia and China has over 30 clinical centers initiated, with patient enrollment expected to start soon [4] - Goldman Sachs adjusted the earnings per share forecast for the company from RMB -0.21/-0.7/0.09 to RMB -0.22/1.07/0.01, reflecting an increased view on CS2009's success probability from 30% to 49% [4]

Core Viewpoint - Anke Bio (300009.SZ) presented the latest research results of its self-developed biological innovative drug HuA21 at the ESMO annual meeting in Berlin, demonstrating promising efficacy and safety in treating HER2-positive advanced gastric/GEJ adenocarcinoma [1][2]. Summary by Sections Research Overview - The study titled "HuA21 combined with trastuzumab and chemotherapy in HER2-positive advanced gastric/GEJ adenocarcinoma: Phase Ib/II dose-escalation and expansion study" was led by researchers from Fudan University and Anhui Medical University [2]. - HuA21 is a monoclonal antibody targeting HER2 with a unique amino acid sequence, distinct from trastuzumab and pertuzumab, and possesses independent intellectual property rights [2]. Mechanism of Action - HuA21 induces internalization and downregulation of the HER2 receptor, disrupting cancer cell signaling pathways, inhibiting growth and proliferation, promoting apoptosis, and reducing tumor angiogenesis [2]. Clinical Trial Details - Early clinical trials indicated good safety (no dose-limiting toxicities observed at doses ≤15 mg/kg) and significant anti-tumor activity (objective response rate of 63.6% when combined with trastuzumab and chemotherapy) [3]. - The study enrolled 60 patients with HER2-positive advanced gastric/GEJ adenocarcinoma, utilizing a "3+3" design for dose escalation and expansion [3]. Efficacy Results - The objective response rates (ORR) were 80.8% for the HuA21 (30 mg/kg) group and 76.7% for the HuA21 (20 mg/kg) group, indicating strong anti-tumor activity [4]. - Disease control rates (DCR) were 96.2% for the 30 mg/kg group and 100% for the 20 mg/kg group, with mPFS and mOS data still maturing [4]. Safety Profile - Overall safety was good, with treatment-emergent adverse events (TEAE) occurring in 100% of the 30 mg/kg group and 96.7% of the 20 mg/kg group, primarily grade 1-2 [4]. - Serious adverse events (SAE) occurred in 6.7% of the 30 mg/kg group and 23.3% of the 20 mg/kg group, with manageable common TEAEs including thrombocytopenia, anemia, and elevated liver enzymes [4]. Conclusion - The HuA21 (30 mg/kg) group showed a higher ORR of 80.8% compared to the 20 mg/kg group, with a lower incidence of SAEs, supporting the recommendation of 30 mg/kg as the phase III dose for HER2-positive advanced gastric cancer or GEJ cancer [5].

Core Points - Apollomics Inc. has successfully appealed a delisting notification from Nasdaq, resulting in the cancellation of the scheduled hearing and the continuation of its listing on the Nasdaq Stock Market [1] - The company is focused on developing oncology therapies, particularly its lead program vebreltinib (APL-101), a selective c-Met inhibitor for non-small cell lung cancer [2] Company Overview - Apollomics Inc. is a clinical-stage biopharmaceutical company based in California, specializing in oncology drug development aimed at treatment-resistant cancers [2] - The lead drug candidate, vebreltinib, is currently undergoing a Phase 2 multicohort clinical trial in the United States and other countries [2]

Group 1 - The company announced a capital increase agreement and a share transfer agreement with an industry partner, involving a total payment of RMB 2 billion for acquiring 80% of the shares in a subsidiary focused on cardiovascular drug development [1][2] - After the completion of the transaction, the ownership structure will be: Beijing Jakesi will hold 10%, Haisong Capital will hold 80%, and the industry partner will hold 10% of the shares in the subsidiary [1] - The subsidiary, Jakesi Ruikang, is primarily engaged in the internal research and development of cardiovascular disease treatment drugs and holds intellectual property related to early-stage cardiovascular research and development projects [1] Group 2 - The company is focused on developing innovative oncology products and solutions to improve health outcomes, aligning with its strategic development in key cancer pipeline products [2] - The proceeds from the share transfer will be used for the research, production, and commercialization of the company's Pan-KRAS inhibitors and other innovative oncology projects [2] - The transaction aims to optimize capital allocation and enhance organizational efficiency while maintaining future value through a risk-sharing model [2]

Group 1 - The company, 加科思-B, has signed a capital increase agreement and a share transfer agreement with an industry partner, involving a total payment of RMB 2 billion for acquiring 80% of 加科瑞康 [1][2] - After the completion of the transaction, 加科思 will own 10% of 加科瑞康, 海松资本 will own 80%, and the industry partner will hold 10% [1] - 加科瑞康 focuses on the internal research and development of cardiovascular disease treatment drugs and holds relevant intellectual property for early-stage cardiovascular research and development projects [1] Group 2 - The company is committed to developing innovative oncology products and solutions to improve health outcomes [2] - The transaction aligns with the company's strategic focus on key oncology pipeline products targeting various critical cellular pathways, optimizing capital allocation, and enhancing organizational efficiency [2] - The proceeds from the share transfer will be used for the research, production, and commercialization of the Pan-KRAS inhibitor and other innovative oncology projects [2]

Core Viewpoint - The article provides an overview of recent IPO activities in Hong Kong, the US, and A-shares, highlighting key companies and their market positions. Group 1: Changfeng Pharmaceutical - Changfeng Pharmaceutical officially listed on the Hong Kong Stock Exchange on October 8, 2025, under the stock code "2652" [3] - The global offering consisted of 41.198 million shares, with the Hong Kong public offering being oversubscribed by 6,697.80 times, marking the second-highest oversubscription since the revised pricing mechanism was implemented [3] - The company specializes in inhalation formulations and has a comprehensive product portfolio addressing significant clinical needs in respiratory diseases, including asthma and COPD [4] - The CEO emphasized the advantages of inhalation therapies and the company's commitment to innovation in this field, aiming to create long-term value for shareholders [4] Group 2: Yunji Technology - Yunji Technology plans to list on the Hong Kong Stock Exchange on October 16, 2025, with the stock code "2670" [6] - The company holds a leading position in China's robot service AI market, with a 6.3% market share and a 13.9% share in the hotel service sector [6] - Its products are used in over 34,000 hotels globally, and it has established partnerships with major hotel groups [6] - Financially, Yunji Technology's revenue grew from 161 million yuan in 2022 to 245 million yuan in 2024, with a compound annual growth rate of 23.2% [8] Group 3: Qichacha Technology - Qichacha's IPO application was accepted on October 10, 2025, aiming to list on the Shanghai Stock Exchange [10] - The company provides comprehensive business data services, helping users understand various commercial entities' credit and risk [10] - As of June 2023, Qichacha had over 150 million registered users and ranked second in market share among business data service providers in China [11] - The company reported revenues of 518 million yuan in 2022, with a net profit margin exceeding 45% [12] Group 4: InxMed Limited - InxMed Limited submitted its prospectus for listing on the Hong Kong Stock Exchange, focusing on improving cancer treatment paradigms [14] - The company is the only one in China with a selective FAK inhibitor in late-stage clinical trials, with a product pipeline that includes ifebemtinib [14][15] - Ifebemtinib is positioned to be a leading treatment option for various cancers, with regulatory recognition for its clinical potential [15] - InxMed has secured over 929 million yuan in investments from notable institutions, with a pre-IPO valuation of 306 million USD [16][17]

Investment Rating - The report assigns a "Buy" rating for the stock, indicating a positive outlook for the company's performance [1][7]. Core Insights - The company reported a stable revenue of 4.36 billion yuan for the first half of 2025, with a net profit of 1.36 billion yuan, reflecting a year-on-year increase of 24.6% [4][5]. - The core products and subsidiary revenues are performing steadily, with significant contributions from various product lines [5]. - The licensing agreement for the 707 product with Pfizer is expected to enhance profits and reduce risks associated with global market expansion [6][7]. Company Overview - Latest closing price: HKD 30.94 - Total shares: 2.432 billion, with a market capitalization of HKD 75.2 billion - 52-week high/low: HKD 36.80 / HKD 5.43 - Debt-to-asset ratio: 25.51% - Price-to-earnings ratio: 27.4 [3]. Financial Projections - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 9.108 billion, 19.723 billion, 10.840 billion, and 12.075 billion yuan respectively, with growth rates of 17%, 117%, -45%, and 11% [9]. - The net profit attributable to the parent company is projected to be 2.090 billion, 9.693 billion, 2.405 billion, and 2.762 billion yuan for the same years, with growth rates of 35%, 364%, -75%, and 15% [9]. - The expected earnings per share (EPS) for 2025 is 3.99 yuan, with a corresponding price-to-earnings ratio of 6.96 [9]. Product Development and Market Potential - The 707 product, a dual antibody targeting PD-1/VEGF, has shown promising clinical data and is expected to be a cornerstone in global oncology treatment [6][7]. - The product has received breakthrough therapy designation in China and is undergoing multiple clinical trials for various cancers [7].

Core Viewpoint - The recent approval of a new 100mg specification for SKB264 by NMPA is expected to enhance treatment accessibility and convenience for patients with advanced breast cancer and non-small cell lung cancer (NSCLC) [1] Group 1: Clinical Research and Product Development - SKB264's two key clinical studies have been selected for presentation at the 2025 ESMO conference, with the OptiTROP-Lung04 study being featured in the Presidential Symposium, highlighting its potential in treating EGFR-mutant NSCLC [1] - The company anticipates significant revenue growth, projecting revenues of 2.084 billion, 2.876 billion, and 4.663 billion yuan for the years 2025, 2026, and 2027 respectively [1] - SKB264 has received approval for the treatment of EGFR-mutant NSCLC in China and is making progress in earlier lines of treatment, with a New Drug Application (NDA) for 2L NSCLC submitted and prioritized for review [1] Group 2: Efficacy in Rare Mutations and Other Indications - SKB264 has shown promising results in treating rare EGFR mutations, achieving an overall response rate (ORR) of 35.7% and a disease control rate (DCR) of 85.7% in a Phase II study [2] - Ongoing clinical trials for SKB264 in various NSCLC settings are demonstrating superior efficacy compared to other investigational drugs and existing therapies [2] Group 3: Breast Cancer Applications - SKB264 has been approved for use in triple-negative breast cancer (TNBC) and is under review for HR+/HER2- breast cancer, with the NDA based on the successful OptiTROP-Breast02 study [3] - The OptiTROP-Breast02 study has met its primary endpoint, showing significant improvements in progression-free survival (PFS) and a positive trend in overall survival (OS) for HR+/HER2- breast cancer patients [3]

Group 1 - The core viewpoint of the report highlights that SSSJ-707, a PD-1/VEGF dual antibody developed by the company, is a potential cornerstone drug for cancer treatment, expanding the boundaries of traditional PD-(L)1 monoclonal antibody therapies [5] - The company has 30 products in its pipeline, with SSSJ-707 being a key asset that has been licensed to Pfizer for an upfront payment of $1.5 billion, including $1.4 billion in cash and $100 million in stock [5] - The company's revenue for H1 2025 was 4.36 billion yuan, showing no growth, while the net profit attributable to shareholders was 1.36 billion yuan, reflecting a 24.6% increase [5] Group 2 - The report projects the company's revenue for 2025-2027 to be 17.456 billion, 10.746 billion, and 11.335 billion yuan respectively, with net profits of 8.289 billion, 2.860 billion, and 3.163 billion yuan, resulting in PE ratios of 8.1, 23.4, and 21.2 [5] - The global market for PD-(L)1 monoclonal antibodies is expected to reach $99 billion by 2029, indicating significant growth potential for SSSJ-707, which has superior efficacy potential compared to traditional therapies [5] - SSSJ-707 has shown promising clinical efficacy in various cancers, including non-small cell lung cancer (NSCLC) and colorectal cancer (CRC), with notable overall response rates (ORR) in clinical trials [5]