Core Viewpoint - Citic Securities maintains a target price of HKD 177 for Kangfang Biopharma (09926) and a "outperform" rating, following the positive trends observed in the global Phase III Harmoni study data for ivonescimab in treating second-line EGFR+ non-small cell lung cancer (NSCLC) [1] Group 1 - The Harmoni study showed an improvement in overall survival (OS) risk trend from 0.79 to 0.78, with risk ratios reported at 0.7 for North America and 0.76 for Asia, indicating strong performance [1] - The next anticipated catalyst is the presentation of results from the Harmoni-6 head-to-head Phase III trial against tislelizumab at the 2025 European Society for Medical Oncology (ESMO) [1]

Group 1 - The core viewpoint of the article highlights that Merck's (MRK) stock price dropped by 5.5% on July 29, closing at $79.44 per share, with a total market capitalization of $199.48 billion [1][2] - Financial data shows that as of June 30, 2025, Merck's total revenue amounted to $31.335 billion, reflecting a year-on-year decrease of 1.73% [1][2] - The net profit attributable to shareholders for the fiscal year 2025 was reported at $9.506 billion, which represents a decline of 6.96% compared to the previous year [2] Group 2 - Merck is identified as a leading global biopharmaceutical company focused on providing drugs and vaccines for some of the world's most challenging diseases [2] - The company continues to be at the forefront of biopharmaceutical research, aiming to advance prevention and treatment for diseases that threaten populations worldwide, including cancer, heart disease, emerging animal diseases, Alzheimer's, and infectious diseases such as HIV and Ebola [2]