董事认为，订立商业化服务协议将使集团得以透过集团现有地域布局、渠道接入及医院覆盖范围，在海 森生物尚未全面覆盖的地区及客户群中创造协同效应;透过担任成熟产品的CSO服务供应商，强化产品 生命周期管理及商业化能力;及创造CSO服务费的经常性服务费收入来源，从而提升现有商业平台的利 用率及生产力。凭借既有基础设施、销售团队及关键客户关系，公司相信可创造增量销售，同时提升自 身商业组织的规模、经验及效能。 自2025年12月11日起，云顶新耀医药科技有限公司与海森生物订立授权许可协议，据此海森生物向该附 属公司授出一项不可转让及不可指让的独家(即使对于海森生物及其联属公司)授权许可，以及根据授权 人专利权及授权人专有技术进行转授许可的有限权利，仅用于在该地区的该领域对授权化合物及授权产 品进行开发、商业化、使用、销售、要约销售、出口及进口。 云顶新耀(01952)公布，于2025年12月11日，云顶新耀医药科技有限公司(公司的全资附属公司)与海森生 物订立商业化服务协议，据此，该附属公司将于中国就产品提供CSO服务。 此外，孙欣先生已获委任为非执行董事，自2025年12月11日起生效。 ...

其中，高端美妆部门净收入为10.70亿美元(约合人民币74.9亿元)，占总销售额68%，同比下降6%。大众 美妆部门净收入为5.08亿美元(约合人民币35.56亿元)，占总销售额32%，同比下降11%。 值得注意的是，面对欧莱雅、雅诗兰黛等国际美妆企业的激烈竞争，财报显示，科蒂大众美妆部门营业 亏损770万美元(约合人民币5390万元)，亏损率为1.5%。 11月11日，智通财经获悉，美妆集团科蒂（Coty）通过旗下子公司在英国商业法庭起诉意大利奢侈品牌 古驰（Gucci）及其母公司及其母公司开云集团（Kering）。该诉讼涉及古驰美妆与香水的授权许可。 据悉，科蒂集团与古驰美妆业务的授权合同将在2028年到期。据Evercore IRI的数据显示，古驰美妆业 务约占科蒂总销售额的8%，利润的11%。 10月19日，开云集团宣布与欧莱雅集团达成合作。作为协议的一部分，欧莱雅集团将有权在开云与科蒂 的现有授权协议到期后，获得为期50年的独家授权，这些授权包括古驰香水及美妆产品研发、开发和分 销。开云集团与欧莱雅集团当时发表的联合声明中提及，开云将继续履行现有许可协议的义务，其中就 包括古驰与科蒂的合作。 根据科 ...

Group 1 - The core viewpoint of the news is that Innovent Biologics (信达生物) has shown strong financial performance with a significant increase in product revenue, driven by its oncology and comprehensive pipeline [1] - As of the latest report, Innovent Biologics' total product revenue for the first half of 2025 exceeded RMB 5.2 billion, reflecting a year-on-year growth of over 35% [1] - In the second quarter of 2025, the company's total product revenue surpassed RMB 2.7 billion, with a year-on-year increase of over 30% [1] Group 2 - Morgan Stanley has raised the valuation of Innovent Biologics' early-stage assets by 43%, recognizing the company's R&D capabilities and market acceptance [2] - The target price for Innovent Biologics has been increased by 21%, from HKD 90 to HKD 109, while maintaining an "overweight" rating [2] - The potential licensing income for Innovent Biologics is expected to account for 5-7% of its future total revenue, highlighting the strategic importance of licensing in the Chinese biopharmaceutical industry [2]

Group 1 - The core viewpoint of the news is that Innovent Biologics (信达生物) has shown strong financial performance with a significant increase in product revenue, driven by its oncology and comprehensive pipeline [1] - As of the latest report, Innovent Biologics' total product revenue for the first half of 2025 exceeded RMB 5.2 billion, reflecting a year-on-year growth of over 35% [1] - In the second quarter of 2025, the company's total product revenue surpassed RMB 2.7 billion, with a year-on-year increase of over 30% [1] Group 2 - Morgan Stanley has raised the valuation of Innovent Biologics' early-stage assets by 43%, recognizing the company's R&D capabilities and increasing market acceptance [2] - The target price for Innovent Biologics has been increased by 21%, from HKD 90 to HKD 109, while maintaining an "overweight" rating [2] - The firm anticipates that licensing revenue will account for 5-7% of Innovent Biologics' future total revenue, highlighting the strategic importance of licensing in the Chinese biopharmaceutical industry [2]

Group 1 - Company shares of Innovent Biologics (01801) rose over 8%, reaching HKD 94.65 with a trading volume of HKD 2.115 billion [1] - In the first half of 2025, the company reported total product revenue exceeding RMB 5.2 billion, maintaining a strong year-on-year growth of over 35% [1] - The second quarter of 2025 saw total product revenue surpassing RMB 2.7 billion, with a year-on-year increase of over 30%, driven by both oncology and comprehensive pipeline [1] Group 2 - Morgan Stanley raised the valuation of early-stage assets by 43%, reflecting the market's increasing recognition of Innovent's R&D capabilities [2] - The target price was adjusted upward by 21%, from HKD 90 to HKD 109, while maintaining an "Overweight" rating [2] - The firm expects potential licensing revenue to account for 5-7% of Innovent's future total revenue, highlighting the strategic importance of licensing in the Chinese biopharmaceutical industry [2]