临床前研究表明，LM-24C5可诱导持久的抗肿瘤免疫记忆，并与其他免疫治疗药物具有协同效应，具有 成为同类首创(First-in-Class)免疫疗法的潜力。目前，LM-24C5正在美国开展I/II期临床试验。 格隆汇8月7日丨中国生物制药(01177.HK)公告，集团全资附属公司礼新医药科技(上海)有限公司("礼新 医药")自主研发的创新药LM-24C5"CEACAM5/4-1BB双抗"已获得中国国家药品监督管理局(NMPA)的临 床试验批准，同意其在CEACAM5阳性的晚期实体瘤患者中开展一项联合其他抗肿瘤药物的II期临床试 验。 CEACAM5(癌胚抗原相关细胞黏附分子5)在多种实体瘤中高表达，包括非小细胞肺癌、结直肠癌和胃癌 等，使其成为一个极具前景的肿瘤治疗靶点。LM-24C5是礼新医药基于条件激活型4-1BB平台开发的双 特异性抗体，通过特异性结合肿瘤细胞表面的CEACAM5和免疫细胞表面的4-1BB，将免疫细胞特异性 定向至肿瘤微环境，激活并增强其抗肿瘤活性。LM-24C5的独特结构可以CEACAM5依赖性方式选择性 激活4-1BB信号通路，避免非特异性外周免疫系统激活带来的毒性风险。 ...

Summary of the Conference Call for Kangfang Biotech Company Overview - **Company**: Kangfang Biotech - **Date**: August 6, 2025 Key Points Industry and Company Focus - Kangfang Biotech has strategically shifted focus from PD-1 monoclonal antibodies to bispecific antibodies as limitations of PD-1 therapies become apparent, showcasing its market foresight and strategic vision [2][3] - The company has demonstrated exceptional R&D efficiency, with all early-stage innovative drugs successfully advancing to commercialization or registration clinical stages, particularly core products AK104 and AK112, which have surpassed domestic average development speeds [2][3] Product Development and Clinical Trials - AK112 has shown outstanding performance in clinical trials for first-line wild-type non-small cell lung cancer (NSCLC), with the Harmony II study indicating a 49% reduction in progression and mortality risk compared to K drug, without significant increase in severe adverse reactions [4][13] - AK112 is being tested across multiple indications, including triple-negative breast cancer, biliary cancer, pancreatic cancer, and colorectal cancer, aiming to cover more patient groups who cannot use PD-1 inhibitors or have poor responses [4][19] Internationalization Achievements - Kangfang Biotech has made significant strides in international development, including licensing its monoclonal antibody to Merck in 2015 and a $5 billion exclusive licensing deal with Summit for Ivosidenib in 2022, marking a record for Chinese innovative drug out-licensing [6] - The company’s PD-1 monoclonal antibody received FDA approval in April 2025, becoming the first innovative biopharmaceutical independently developed by a Chinese company to achieve this milestone [6] Market Potential and Competitive Advantage - The second-generation immuno-oncology (IO) market is projected to be 3 to 4 times larger than the PD-1/PD-L1 inhibitor market, with AK112 positioned as a first-mover with significant value potential [2][7] - AK112's unique tetravalent structure enhances affinity for PD-1 and VEGF, significantly improving related signaling pathway effects and demonstrating superior safety in clinical trials compared to monoclonal antibodies or monoclonal antibody-VEGF combinations [11] Future Development and Market Outlook - The market is expected to focus on AK112's overseas clinical layout and collaboration progress in 2025, with potential for re-licensing or acquisition impacting asset revaluation [7] - The overall market for PD-1/PD-L1 inhibitors is projected to exceed $90 billion by 2028, with second-generation IO drugs potentially surpassing $300 billion in market size [9] Financial Projections - AK104 is expected to exceed 4 billion RMB in risk-adjusted peak sales in China, while AK112 could reach 8.5 billion RMB domestically and $23.3 billion in overseas markets, leading to a total valuation exceeding $200 billion for Kangfang Biotech [28][29] Pipeline and Future Innovations - Kangfang Biotech is not limited to bispecific antibodies but is also developing a range of candidates, including dual-target ADCs and other innovative therapies across various indications, indicating a robust pipeline for future growth [25][26] Conclusion - Kangfang Biotech's strategic pivot towards bispecific antibodies, strong R&D capabilities, international partnerships, and a promising pipeline position it favorably within the rapidly evolving oncology market, with significant growth potential anticipated in the coming years [2][29]

Core Insights - Genting Yong's strategic investment in I-Mab amounts to $30.9 million, equivalent to approximately HKD 242.6 million, making it the largest shareholder with a 16.1% stake [1] - This investment marks a significant step in Genting Yong's strategic positioning in the next-generation tumor immunotherapy sector [1] I-Mab's Core Technology and Pipeline Products - I-Mab is a global biotechnology company listed on NASDAQ under the ticker "IMAB," focusing on precision tumor immunotherapy [3] - The company has three clinical pipeline products: Givastomig (Claudin18.2x4-1BB bispecific antibody), Ragistomig (PD-L1x4-1BB bispecific antibody), and Uliledlimab (CD73 antibody) [3] - Recent clinical data from I-Mab indicates an objective response rate of 83% for Givastomig in a Phase 1b dose-escalation study for first-line gastric cancer treatment [3] Strategic Synergy and Global Layout Value - Genting Yong's CEO stated that the investment enhances the company's global strategy in next-generation tumor immunotherapy pipelines [4] - Genting Yong has developed proprietary AI+mRNA and autologous CAR-T platforms, focusing on mRNA therapeutic vaccines and autologous CAR-T therapies [4] - The collaboration between Genting Yong and I-Mab is expected to create a matrix of next-generation tumor immunotherapy products, providing innovative solutions for major treatment areas [4] - The investment leverages I-Mab's clinical development capabilities in the U.S. and complements Genting Yong's strong presence in the Asian market, potentially enhancing the value of core self-developed pipeline products in both the U.S. and China [4]

Group 1 - The core point of the news is that CloudTop New Horizon (云顶新耀) announced an investment of $30.9 million in I-Mab, making it the largest shareholder with approximately 16.1% ownership after the transaction [2][3] - I-Mab is a global biotechnology company based in the United States, listed on NASDAQ, focusing on the development of precision immunotherapy drugs for cancer treatment [2] - I-Mab currently has three clinical development pipeline products, including two bispecific antibodies and one CD73 antibody, with a reported objective response rate (ORR) of 83% in a recent clinical trial for gastric cancer [2] Group 2 - CloudTop New Horizon's CEO stated that the strategic direction of the company aligns well with I-Mab's differentiated 4-1BB platform and bispecific antibody pipeline, which can create a new generation of tumor immunotherapy product matrix [3] - The investment is based on I-Mab's next-generation tumor immune product pipeline and its clinical development capabilities in the U.S., which complement CloudTop's strong presence in the Asian market [3] - The collaboration is expected to leverage both companies' expertise in clinical development and business expansion in China and globally, providing more breakthrough treatment options for cancer patients [3]

公告显示，SHR—8068注射液是恒瑞医药引进的一款全人源抗CTLA—4单克隆抗体，可增强抗肿瘤免 疫效应；阿得贝利单抗注射液是恒瑞医药自主研发的人源化抗PD—L1单克隆抗体，能通过特异性结合 PD—L1分子从而阻断导致肿瘤免疫耐受的PD—1/PD—L1通路，重新激活免疫系统的抗肿瘤活性，从而 达到治疗肿瘤的目的；贝伐珠单抗是一种人源化抗VEGF单克隆抗体。 北京商报讯(记者王寅浩实习记者宋雨盈)7月31日，恒瑞医药（600276）发布公告称，公司子公司苏州 盛迪亚生物医药有限公司、上海盛迪医药有限公司收到国家药品监督管理局核准签发的关于SHR—8068 注射液、阿得贝利单抗注射液、贝伐珠单抗注射液的《药物临床试验批准通知书》，将于近期开展临床 试验。 ...

消息面上，康方生物宣布，公司自主研发的全球首创PD-1/VEGF双特异性抗体新药依沃西（商品名：依 达方®）联合多西他赛，用于治疗经PD-1/L1 抑制剂和含铂化疗治疗失败的局部晚期或转移性非小细胞 肺癌的注册性III期临床研究（AK112-305/HARMONi-8A），已完成首例患者给药。 值得注意的是，这是依沃西在肺癌领域开展的第7项III期研究（其中3项为国际多中心注册临床）。作为 全球首创的PD-1/VEGF双抗，依沃西已在NSCLC领域实现了核心适应症的全面覆盖，完成多线治疗的 布局，有望重塑全球晚期NSCLC的整体治疗格局。同时，依沃西也作为公司"IO+ADC"2.0 战略的核心 IO 双抗基石药物，已经针对肿瘤免疫核心适应症一线治疗开展了一系列 III 期临床和 II 期临床。 智通财经APP获悉，康方生物(09926)早盘涨近5%，高见160.4港元，再创历史新高。截至发稿，涨 3.86%，报158.7港元，成交额9.5亿港元。 ...

Group 1 - The core viewpoint of the news highlights the financial performance and market position of BeiGene, with a significant increase in revenue and net profit [1][2]. - As of July 28, BeiGene's stock opened at $299.0 per share, with a market capitalization of $35.42 billion [1]. - Financial data shows that for the fiscal year ending March 31, 2025, BeiGene's total revenue is projected to be $1.117 billion, representing a year-on-year growth of 48.64%, while the net profit attributable to shareholders is expected to be $1.27 million, reflecting a growth of 100.51% [1]. Group 2 - On July 17, Morgan Stanley raised BeiGene's target price to $345, maintaining an "Overweight" rating [1]. - The company is set to disclose its fiscal year 2025 mid-term report on August 6, prior to the market opening [1]. - BeiGene is a commercial-stage biotechnology company focused on developing and commercializing innovative molecular targeted and immunotherapy drugs for cancer treatment, with a diverse product portfolio [2].

Core Insights - Transgene and BioInvent are presenting updated data on BT-001, an oncolytic virus, at the ESMO Annual Meeting in October 2025 [1][2] - BT-001 is being evaluated in a Phase I/IIa study for its efficacy in treating advanced solid tumors [4] Group 1: Study Details - The study is a multicenter, open-label, dose-escalation trial assessing BT-001 as a monotherapy and in combination with pembrolizumab [4] - The Phase I part of the study has shown that BT-001 is well tolerated and has demonstrated initial efficacy, with clinical responses observed in 2 out of 6 refractory patients [3][4] - The treatment has converted "cold" tumors into "hot" tumors, inducing T-cell infiltration and PD(L)-1 expression in the tumor microenvironment [3] Group 2: Product Information - BT-001 is developed using Transgene's Invir.IO® platform and incorporates a Treg-depleting recombinant human anti-CTLA-4 antibody from BioInvent [3] - The collaboration between Transgene and BioInvent is a 50/50 partnership focused on the development of oncolytic viruses [3] Group 3: Company Background - Transgene specializes in designing and developing virus-based immunotherapies for cancer treatment, with a portfolio that includes multiple viral vector-based immunotherapeutics [6][8] - BioInvent focuses on discovering and developing novel immune-modulatory antibodies for cancer therapy, with several candidates in clinical programs [8]

Core Viewpoint - The company is entering a new development stage with a dual focus on oncology and chronic diseases, showcasing strong competitiveness in both commercialization and early pipeline assets, such as Xinlidi (信迪利单抗), Marsudotide (玛仕度肽), and Tislelizumab (替妥尤单抗) [1][2] Oncology Development - The company maintains a leading position in China's PD-1 market, with Xinlidi showing excellent commercialization results. The early pipeline asset IBI363 (PD1/IL2α) has demonstrated outstanding data in non-small cell lung cancer, colorectal cancer, and melanoma, indicating potential for internationalization [1][2] - IBI363 is positioned as a "super blockbuster" with the potential to capture a significant share of the global $100 billion immuno-oncology market, improving upon the first-generation PD-1 drugs by enhancing immune activation in both "hot" and "cold" tumors [2][5] Chronic Disease Development - In the chronic disease sector, the core weight loss/diabetes product Marsudotide has been approved for weight loss indications, with promising commercialization prospects. Additionally, Tislelizumab and Toripalimab are progressing smoothly in commercialization, contributing to new revenue streams [2][3] - The pipeline includes promising candidates like IBI128 for gout and Pikanqibai monoclonal antibody for psoriasis, which are expected to provide new treatment options and further enhance commercialization potential [2][3] Pipeline and Revenue Forecast - The company has established a robust pipeline with nearly 20 products, balancing immediate sales with long-term potential projects. Key products like Marsudotide are expected to achieve peak sales exceeding 8 billion yuan, while Tislelizumab and Toriqalimab are projected to exceed 2 billion yuan each [3][4] - Revenue forecasts for the company are projected to reach 11.806 billion yuan, 15.382 billion yuan, and 21.092 billion yuan for the years 2025 to 2027, respectively, with a DCF valuation suggesting a reasonable market capitalization of 220.8 billion HKD and a target price of 129.15 HKD [3][4] Strategic Positioning - The company is well-positioned for international expansion, having established a strong competitive edge in both oncology and chronic disease sectors. The dual focus on these areas is expected to accelerate growth and enhance its global presence [5][6] - The company is anticipated to lead the second-generation immuno-oncology drug market, with IBI363 expected to be a key player in this competitive landscape [6]

Core Viewpoint - The article discusses the successful IPO of Nanjing Weilizhibo Biotechnology Co., Ltd. on the Hong Kong Stock Exchange, highlighting the strong interest from both retail and institutional investors, which reflects confidence in the company's innovative drug pipeline and commercialization potential [3][5][30]. Company Overview - Weilizhibo officially listed on the Hong Kong Stock Exchange with the stock code 9887.HK, offering approximately 36.86 million shares at a price of HKD 35 per share [3]. - The company achieved a retail subscription rate of 3,494.8 times, setting a record for the Hong Kong 18A medical innovation sector, while institutional subscriptions reached 40.8 times, also a historical high [3][5]. Institutional Support - The IPO was sponsored by Morgan Stanley and CITIC Securities (Hong Kong), with nine cornerstone investors committing a total of USD 69 million (approximately HKD 542 million), including notable firms like OrbiMed, Tencent, and E Fund [5][7]. - The presence of leading medical investment funds among cornerstone investors indicates strong confidence in Weilizhibo's innovative drug pipeline and its potential for commercialization [5][9]. Product Pipeline and Technology - Weilizhibo's core product, LBL-024, is a unique targeted therapy that has reached critical clinical stages, demonstrating significant safety and efficacy in treating advanced neuroendocrine carcinoma [9][14]. - The company’s product pipeline includes one core product (LBL-024), three main products (LBL-034, LBL-033, LBL-007), and ten high-potential innovative candidates, showcasing a diverse approach to cancer treatment [11][19]. Clinical Development and Market Strategy - LBL-024 has received breakthrough therapy designation from the Chinese National Medical Products Administration and orphan drug designation from the U.S. FDA, validating its global development potential [10][15]. - The company plans to adopt a "self-research + cooperation" model for commercialization, targeting niche indications like EP-NEC before expanding to larger markets [20][23]. Financial Outlook - The funds raised from the IPO will primarily support the clinical development of LBL-024, with a focus on expanding its indications [23][24]. - The company’s R&D expenditure is projected to be CNY 1.857 billion in 2024, with a significant portion allocated to core product development, ensuring alignment with clinical timelines [23][24]. Market Potential - The global oncology immunotherapy market is expected to exceed USD 500 billion by 2025, positioning Weilizhibo strategically within a high-growth sector [25][30]. - The successful commercialization of LBL-024 could lead to a significant revaluation of the company's market potential, transforming it from a niche player to a key competitor in the global immunotherapy landscape [25][30].