Group 1 - Company announced the successful completion of the first patient dosing in the Phase IB/II clinical trial of IMM2510 in combination with IMM01 for the treatment of advanced solid tumors, marking a milestone in innovative cancer immunotherapy [1] - IMM2510 (Pervirafusp alpha) is a dual-specific molecule targeting Vascular Endothelial Growth Factor (VEGF) and Programmed Cell Death Ligand 1 (PD-L1), designed to inhibit angiogenesis, reduce tumor size, and enhance immune response sensitivity [1] - The mechanism of IMM2510 includes blocking the PD-L1/Programmed Cell Death Protein 1 (PD-1) interaction and inducing antibody-dependent cellular cytotoxicity (ADCC) and phagocytosis (ADCP), activating T cells, natural killer cells, and macrophages [1] Group 2 - The company entered into a licensing and collaboration agreement with Axion Bio, Inc., granting the company commercialization rights for IMM2510 in the Greater China region while allowing Axion Bio, Inc. exclusive rights for research, development, and commercialization outside this region [2] - The core product IMM01 (Tideglusib) is an innovative molecule targeting CD47, being the first SIRPα-Fc fusion protein to enter clinical stages in China, designed to activate macrophages through dual mechanisms [3] - IMM01 has received orphan drug designation from the FDA for first-line treatment of Chronic Myelomonocytic Leukemia (CMML) in combination with Azacitidine, showcasing its potential in the market [3] - The company holds global intellectual property and commercialization rights for IMM01, with a patent family that includes granted patents in China, the United States, Japan, and the European Union [3]

Core Viewpoint - Cinda Biologics (01801) has entered a global strategic partnership with Takeda Pharmaceutical to co-develop the next-generation IO cornerstone therapy IBI363, along with licensing agreements for IBI343 and IBI3001 [1] Group 1: Financial Impact - According to the report by Credit Lyonnais, the sales and net profit forecasts for Cinda Biologics for the fiscal year 2026 have been raised by 48.5% and 172% respectively, while the net profit forecast for 2027 has been increased by 1.5% [1] - The target price for Cinda Biologics has been adjusted from HKD 111.4 to HKD 120.1, maintaining an "outperform" rating [1] Group 2: Product Development and Market Strategy - The collaboration is viewed positively for Cinda's global expansion and product development, particularly in advancing the core project IBI363 [1] - IBI363 received FDA approval in August this year to initiate a Phase III clinical trial for the treatment of squamous non-small cell lung cancer [1] - The plan for joint commercialization of IBI363 in the U.S. is expected to unlock market value, leveraging Takeda's strong commercial rights and experience in the U.S. market [1]

Core Viewpoint - Citibank reports that Innovent Biologics (01801) has entered into a global strategic collaboration with Takeda Pharmaceutical to jointly develop the next-generation IO cornerstone therapy IBI363, along with licensing agreements for IBI343 and IBI3001 [1] Financial Impact - Following this collaboration, Citibank has raised its sales and net profit forecasts for Innovent Biologics for the fiscal year 2026 by 48.5% and 172% respectively, and the net profit forecast for 2027 has been increased by 1.5% [1] - The target price for Innovent Biologics has been adjusted from HKD 111.4 to HKD 120.1, while maintaining an "Outperform" rating [1] Strategic Significance - The collaboration is viewed positively for Innovent's global expansion and product development, particularly in advancing the core project IBI363 [1] - IBI363 received FDA approval in August this year to initiate a Phase III clinical trial for the treatment of squamous non-small cell lung cancer [1] - The plan for joint commercialization of IBI363 in the U.S. is expected to unlock market value, with Takeda's strong U.S. commercial rights and extensive experience in the market being advantageous [1]

Core Viewpoint - CITIC Securities maintains a "Buy" rating for Innovent Biologics (01801), projecting revenues of 11.806 billion yuan, 15.382 billion yuan, and 21.092 billion yuan for 2025-2027, respectively, with a DCF valuation indicating a fair market value of 221.5 billion HKD and a target price of 129.61 HKD [1] Group 1 - The company has established a significant presence in the oncology sector, with high-value clinical products expected to enhance revenue and reduce marginal costs [1] - In non-oncology sectors, the company has made extensive investments in metabolism, autoimmune diseases, and ophthalmology, with competitive and advanced products both launched and in development [1] Group 2 - On October 22, Innovent Biologics entered a global strategic partnership with Takeda Pharmaceutical, which will pay 1.2 billion USD upfront, including a strategic equity investment of 100 million USD at a subscription price of 112.56 HKD per share, representing a 20% premium over the weighted average share price of the past 30 trading days [1] - The total value of the collaboration could reach 11.4 billion USD, with Innovent Biologics and Takeda jointly developing IBI363 (PD-1/IL-2α-bias) [1] - Innovent Biologics granted Takeda exclusive rights for IBI343 (CLDN18.2ADC) outside Greater China and exclusive options for IBI3001 (EGFR/B7H3ADC) outside Greater China [1]

Core Viewpoint - Shenyin Biological (688098.SH) experienced a significant intraday drop of 6.31% to 10.24 yuan due to a planned share reduction by a major shareholder, UBI, to meet funding needs for clinical trials and commercialization of innovative drugs, including an Alzheimer's peptide vaccine [1] Summary by Relevant Sections - **Shareholder Actions** - UBI, a shareholder holding more than 5% of the company, plans to reduce its holdings by up to 4.1064 million shares through centralized bidding and up to 8.2129 million shares through block trading, totaling a maximum reduction of 12.3193 million shares, which represents 3% of the company's total share capital [1] - **Purpose of Share Reduction** - The share reduction is aimed at funding the clinical trials and commercialization efforts for original innovative drugs, as well as accelerating the construction of manufacturing bases in collaboration with partners in China [1] - **Timeline for Share Reduction** - The reduction period is set from November 13, 2025, to February 12, 2026, with the shares being sourced from those acquired prior to the IPO [1]

Core Viewpoint - CITIC Securities maintains a "Buy" rating for Innovent Biologics (01801), projecting revenues of 11.806 billion, 15.382 billion, and 21.092 billion CNY for 2025-2027, with a DCF valuation suggesting a fair market value of 221.5 billion HKD and a target price of 129.61 HKD [1] Group 1: Financial Projections - Expected revenues for Innovent Biologics from 2025 to 2027 are 11.806 billion CNY, 15.382 billion CNY, and 21.092 billion CNY respectively [1] - The company's fair market value is estimated at 221.5 billion HKD based on DCF valuation [1] - Target price set at 129.61 HKD [1] Group 2: Strategic Developments - On October 22, Innovent Biologics entered a global strategic partnership with Takeda Pharmaceutical, which includes a 1.2 billion USD upfront payment [1] - The upfront payment consists of a 100 million USD strategic equity investment at a subscription price of 112.56 HKD per share, representing a 20% premium over the weighted average share price of the last 30 trading days [1] - The total value of the collaboration deal is up to 11.4 billion USD [1] Group 3: Product Pipeline and Market Position - Innovent Biologics has established a significant presence in the oncology sector, with high-value clinical products expected to enhance revenue and reduce marginal costs [1] - In non-oncology areas, the company has made extensive advancements in metabolism, autoimmune diseases, and ophthalmology, with competitive and advanced products both in the market and under development [1] - Innovent Biologics grants Takeda exclusive rights for IBI343 (CLDN18.2 ADC) outside Greater China and exclusive options for IBI3001 (EGFR/B7H3 ADC) outside Greater China [1]

Core Viewpoint - The company, Giant Bio (2367.HK), experienced a significant intraday stock increase of 13.72%, reaching HKD 43.92, following the announcement of receiving a medical device registration certificate from the National Medical Products Administration of China for its recombinant type I α1 collagen freeze-dried fiber product [1] Group 1: Product Approval - The company’s wholly-owned subsidiary, Shaanxi Giant Bio Technology Co., Ltd., received the medical device registration certificate for its recombinant collagen product [1] - This product is designed for facial dermal tissue filling to correct dynamic wrinkles, including frown lines, forehead lines, and crow's feet [1] - It is noted as the first recombinant type I natural sequence collagen injectable product approved in China, showcasing the company's core competencies in technology research and development [1] Group 2: Market Opportunities - The approval of this product enriches the company's product portfolio and presents new opportunities for business development in the skin rejuvenation market [1]

Core Insights - Morgan Stanley's research report indicates that Innovent Biologics has announced a global collaboration agreement with Takeda Pharmaceutical, involving an upfront payment of $1.2 billion and potential milestone payments of up to $11.4 billion, making it the second-largest out-licensing deal globally based on transaction value [1] Group 1 - The agreement involves the joint development of IBI363, with commercialization in the U.S. market, where research and profit/loss will be shared in a 60/40 ratio [1] - Innovent grants Takeda commercialization rights outside Greater China and the U.S., with Takeda responsible for potential development and sales milestone payments, as well as royalties [1] Group 2 - The arrangement is expected to strengthen Innovent's market position in the U.S. and develop the capabilities needed for independent global clinical development and commercialization [1] - Morgan Stanley reaffirms Innovent Biologics as a preferred choice in China's biopharmaceutical sector, setting a target price of HKD 110 and maintaining an "Overweight" rating [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - On October 22, 2025, the company announced a global collaboration agreement with Takeda Pharmaceuticals for three products, with a total transaction value of up to $11.4 billion. The lead product, IBI363, is a globally innovative PD-1/IL-2α-bias bispecific antibody fusion protein, indicating its clinical value and market potential have been initially recognized [2][5] - The collaboration model is not a traditional overseas licensing agreement but a global co-development and commercialization approach, marking a new phase in the company's international strategy [2][5] - The partnership with Takeda is aimed at enhancing the company's participation in global innovative drug development, particularly in the areas of IO (Immuno-Oncology) and ADC (Antibody-Drug Conjugates) therapies [5] Summary by Sections Event Description - The company has entered into a global strategic cooperation with Takeda Pharmaceuticals to advance the global development and commercialization of three products: IBI363, IBI343, and IBI3001 [5] Event Commentary - The collaboration includes a $1.2 billion upfront payment, which consists of a $100 million premium strategic equity investment, and approximately $10.2 billion in milestone payments, with a total potential transaction value of up to $11.4 billion [10] - IBI363 is highlighted as a significant product due to its innovative design and strong clinical performance, which has led to this collaboration [10] - The partnership reflects the company's strategy to build its international R&D capabilities while sharing clinical development and revenue with Takeda, which views IBI363 and IBI343 as key growth drivers for its oncology pipeline post-2030 [10]

Core Viewpoint - Bank of America Securities has raised the target price for Kelun-Biotech from HKD 471.5 to HKD 522, maintaining a "Neutral" rating, citing encouraging clinical progress but limited short-term authorization opportunities [1] Clinical Progress - The report highlights significant improvements in progression-free survival (PFS) data for sac-TMT and A166, which contributed to the upward revision of the target price [1] - The National Medical Products Administration has recently approved sac-TMT for second-line treatment of EGFR mutation non-small cell lung cancer (NSCLC) and A166 for second-line and above HER2-positive breast cancer (BC) [1] Revenue Forecast - Revenue forecasts for 2025 to 2027 have been increased by 1% to 5%, reflecting the positive clinical developments and long-term projections [1]