10月20日，我武生物涨10.07%，成交额7.37亿元。两融数据显示，当日我武生物获融资买入额9796.48 万元，融资偿还6928.49万元，融资净买入2867.99万元。截至10月20日，我武生物融资融券余额合计 4.38亿元。 融资方面，我武生物当日融资买入9796.48万元。当前融资余额4.35亿元，占流通市值的2.53%，融资余 额超过近一年70%分位水平，处于较高位。 截至6月30日，我武生物股东户数3.46万，较上期减少3.53%；人均流通股13999股，较上期增加3.66%。 2025年1月-6月，我武生物实现营业收入4.84亿元，同比增长12.81%；归母净利润1.77亿元，同比增长 18.61%。 分红方面，我武生物A股上市后累计派现9.13亿元。近三年，累计派现3.17亿元。 机构持仓方面，截止2025年6月30日，我武生物十大流通股东中，招商国证生物医药指数A（161726） 位居第五大流通股东，持股469.01万股，相比上期减少18.80万股。香港中央结算有限公司位居第七大流 通股东，持股410.96万股，相比上期减少49.18万股。创新药（159992）退出十大流通股东之列。 责 ...

Group 1: 康方生物 (Kangfang Biologics) - The report highlights that the PD-1 drug,依沃西, has shown significant improvement in progression-free survival (PFS) for first-line lung squamous cell carcinoma, with median PFS of 11.1 months compared to 6.9 months for the control group, achieving a hazard ratio of 0.60 and a p-value of <0.0001 [1] - The company has received acceptance for a new indication application from the CDE in July 2025, with peak sales expectations in mainland China projected at RMB 7.1 billion [1] - The report maintains a buy rating with a target price of HKD 183, indicating a potential upside of 49.3% from the closing price of HKD 122.60 [1][2] Group 2: 协鑫科技 (GCL-Poly Energy) - The report indicates that GCL-Poly has turned profitable in its photovoltaic materials segment, reporting a profit of RMB 960 million in Q3, largely driven by a significant increase in polysilicon prices since late July [3] - The company announced a plan to issue 4.74 billion shares at HKD 1.15 per share, raising approximately HKD 5.392 billion for capacity expansion and other purposes [3] - The new national standards for polysilicon energy consumption are expected to tighten significantly, which may benefit the elimination of outdated production capacity [3] Group 3: 互联网行业 (Internet Industry) - The report notes a steady growth in e-commerce, with adjusted online retail sales for physical goods increasing by 7.5% year-on-year in Q3 2025 [8] - Key players like Alibaba, JD, and Pinduoduo are expected to maintain robust growth, with Alibaba's GMV growth aligning with market trends and JD's retail growth remaining stable [8][9] - The report emphasizes the potential of instant retail as a growth driver, particularly with the extended promotional periods leading up to major sales events [8][9]

Group 1 - The core point of the news is that Junshi Biosciences experienced a slight decline in stock price and significant trading activity, with notable financing and margin trading figures indicating high levels of investor engagement [1][2][3] Group 2 - On October 20, Junshi Biosciences' stock fell by 0.34%, with a trading volume of 351 million yuan. The financing buy-in amount was 28.92 million yuan, while the financing repayment was 33.51 million yuan, resulting in a net financing outflow of 4.59 million yuan [1] - As of October 20, the total financing and margin trading balance for Junshi Biosciences was 1.401 billion yuan, with the financing balance at 1.39 billion yuan, accounting for 4.69% of the circulating market value, which is above the 90th percentile of the past year [1] - In terms of margin trading, on October 20, Junshi Biosciences had 3,815 shares repaid and 2,550 shares sold short, with a short selling amount of 98,600 yuan. The remaining short selling volume was 284,500 shares, with a margin balance of 11 million yuan, also above the 90th percentile of the past year [1] Group 3 - Junshi Biosciences, established on December 27, 2012, and listed on July 15, 2020, focuses on the research and commercialization of monoclonal antibody drugs and other therapeutic protein drugs. The main revenue sources are 90.67% from drug sales, 8.74% from technology licensing, and 0.59% from technical services [2] - As of June 30, 2025, Junshi Biosciences reported a revenue of 1.168 billion yuan, representing a year-on-year growth of 48.64%, while the net profit attributable to shareholders was -413 million yuan, showing a year-on-year increase of 36.01% [2] Group 4 - As of June 30, 2025, among the top ten circulating shareholders of Junshi Biosciences, the Huaxia SSE STAR 50 ETF held 29.7167 million shares, a decrease of 536,700 shares from the previous period. The E Fund SSE STAR 50 ETF increased its holdings by 630,000 shares to 22.2132 million shares [3] - Hong Kong Central Clearing Limited was the tenth largest circulating shareholder, holding 13.1291 million shares, a decrease of 186,650 shares from the previous period [3]

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 Viewpoint - Anke Bio announced the presentation of its self-developed biological innovative drug HuA21 at the ESMO annual meeting, showcasing its efficacy in treating HER2-positive advanced gastric/GEJ adenocarcinoma in combination with trastuzumab and chemotherapy [1] Group 1: Study 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, possessing independent intellectual property rights [2] Group 2: Efficacy and Safety - Early clinical trials indicated that HuA21 demonstrated good safety with no dose-limiting toxicities observed at doses ≤15 mg/kg and significant anti-tumor activity, achieving an objective response rate (ORR) of 63.6% when combined with trastuzumab and chemotherapy [3] - The study enrolled 60 patients with HER2-positive advanced gastric/GEJ adenocarcinoma, using a "3+3" design for dose escalation and expansion [3] - The ORR for the HuA21 (30 mg/kg) group was 80.8%, while the ORR for the HuA21 (20 mg/kg) group was 76.7%, indicating strong anti-tumor activity [4] Group 3: Safety Profile - The overall safety profile was good, with treatment-emergent adverse events (TEAEs) occurring in 100% of the HuA21 (30 mg/kg) group and 96.7% of the HuA21 (20 mg/kg) group, primarily grade 1-2 [4] - Serious adverse events (SAEs) occurred at rates of 6.7% for the HuA21 (30 mg/kg) group and 23.3% for the HuA21 (20 mg/kg) group [4] - Common TEAEs included thrombocytopenia, anemia, neutropenia, leukopenia, and elevated aspartate aminotransferase, all of which were manageable [4] Group 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 Viewpoint - Anke Biopharma announced the presentation of clinical research data for its innovative drug HuA21 at the ESMO annual meeting, highlighting its efficacy and safety in treating HER2-positive advanced gastric/gastroesophageal junction adenocarcinoma [1] Group 1: Company Developments - Anke Biopharma will present the latest research findings on HuA21, a recombinant anti-HER2 humanized monoclonal antibody injection, at the ESMO annual meeting in Berlin from October 17 to 21, 2025 [1] - The clinical study data for HuA21 in combination with trastuzumab and chemotherapy further confirms its good anti-tumor activity and tolerable safety profile [1] Group 2: Industry Implications - The results from the clinical research provide support for the Phase III clinical trial, potentially accelerating the drug development process [1]

Core Viewpoint - The company announced promising results from its clinical trial of the innovative biological drug HuA21 in combination with trastuzumab and chemotherapy for treating HER2-positive advanced gastric/gastroesophageal junction adenocarcinoma [1] Group 1: Clinical Trial Results - The latest research findings were presented at the 2025 European Society for Medical Oncology (ESMO) annual meeting [1] - A total of 60 HER2-positive advanced gastric/gastroesophageal junction adenocarcinoma patients were enrolled in the study as of February 20, 2025 [1] - The objective response rate (ORR) for the HuA21 (30 mg/kg) group was 80.8%, while the ORR for the HuA21 (20 mg/kg) group was 76.7%, indicating strong anti-tumor activity [1] - There were no statistically significant differences in demographic and baseline characteristics between the two patient groups [1]

智通财经APP讯， 安科生物(300009.SZ)发布公告，公司于2025年 10 月17日至21日在德国柏林召开的欧 洲肿瘤内科学会(ESMO)年会上，以壁报形式公布自主研发的生物创新药重组抗HER2人源化HuA21单克 隆抗体注射液(以下简称"HuA21")联合曲妥珠单抗和化疗治疗HER2阳性晚期胃/胃食管交界处腺癌Ib/II 期剂量递增和扩展研究的最新研究成果。 本次在ESMO年会上披露的HuA21联合曲妥珠单抗联合化疗治疗HER2阳性晚期胃/胃食管交界处腺癌的 临床研究数据进一步证实了其良好的抗肿瘤活性和可耐受的安全性，为III期临床试验提供了支持，加速 药物研发进程。此外，积极的临床数据将为产品市场前景提供有力支持，有助于增强公司产品的未来市 场竞争力。 ...

Company Updates - The company presented significant data at the ESMO conference on October 17, including the approval of sac-TMT for lung cancer in China on October 12, and the approval of trastuzumab deruxtecan on October 17 [1][2] - Sac-TMT demonstrated strong positive overall survival (OS) benefits in the second-line EGFRm non-small cell lung cancer (NSCLC) compared to chemotherapy, marking it as the first successful ADC drug in this indication globally [1] - In the domestic Phase III trial OptiTROP-Lung04, sac-TMT showed statistically and clinically significant improvements in progression-free survival (PFS) and OS, with a median follow-up of 18.9 months, PFS of 8.3 months vs. 4.3 months (HR=0.49), and OS not reached vs. 17.4 months (HR=0.6, p=0.0006) [1] Breast Cancer Insights - In the domestic Phase III trial OptiTROP-Breast02, sac-TMT also showed strong positive OS benefits in HR+ HER2- breast cancer, with PFS of 8.3 months vs. 4.1 months (HR=0.35), and OS not reached but with HR=0.33, indicating significant dual benefits [2] - The HER2 ADC trastuzumab deruxtecan showed clear benefits in a head-to-head trial against Roche's T-DM1, with PFS of 11.1 months vs. 4.4 months (HR=0.39) and OS HR=0.62, leading to its approval in China on October 17 [2] Financial Forecast and Valuation - The company maintains its net profit forecasts for 2025 and 2026 at losses of 672 million yuan and 174 million yuan, respectively [2] - Based on a DCF model, the company maintains an outperform rating and a target price of 550 HKD, indicating a 20.0% upside potential from the current stock price [2]

Summary of Key Points from the Conference Call Company and Industry Overview - **Company**: 科济药业 (Kojin Pharmaceutical) - **Industry**: Biotechnology, specifically focusing on CAR-T cell therapy and cancer treatment Core Insights and Arguments - **Clinical Trials and Efficacy**: - The Phase I clinical trial of Shurijiaolun's adjuvant therapy for pancreatic cancer showed preliminary efficacy, with 83.3% of patients experiencing a significant decrease in CA199 levels, although longer follow-up is needed to assess long-term disease-free survival (DFS) and overall survival (OS) [2][3] - CT0,596, a universal CAR-T therapy, demonstrated rapid tumor clearance in relapsed/refractory multiple myeloma, with two patients achieving stringent complete response (SCR) and negative minimal residual disease (MRD) detection [2][4] - The CD041 project for pancreatic cancer indicated that CAR-T therapy may extend DFS for high-risk patients, but final data requires further clinical validation [2][3] - **Technological Developments**: - The Enma LNP technology showed excellent performance in B-cell clearance but faces challenges in T CAR-T expansion time and antibody level recovery [2][9] - The company is exploring CT0,596 for other plasma cell tumor indications, such as amyloidosis affecting organs like the heart, to expand its clinical application and market potential [2][5] - **Market Position and Future Plans**: - The company is optimistic about returning to the Hong Kong Stock Connect, with a significant market cap recovery providing a safety cushion for this transition [2][24] - Plans to submit IND applications for multiple myeloma by the end of the year and to continue expanding the clinical application of its CAR-T therapies [2][4][19] Additional Important Insights - **Patient Data and Safety**: - In the CD041 project, 6 patients were enrolled, with a median follow-up of 6.05 months; only one patient experienced disease recurrence, indicating a positive trend in DFS [3][20] - All patients in the trials experienced mild to moderate cytokine release syndrome (CRS), with one case of grade 3 CRS managed effectively [3] - **Competitive Landscape**: - The pancreatic cancer treatment landscape is becoming competitive with various emerging drugs, including small molecule inhibitors and ADCs, necessitating exploration of combination therapies for improved efficacy [2][15][17] - **Intellectual Property**: - The company has a strong patent portfolio, including European patent grants for GP10 CAR-T and broad coverage for NK cell technology, ensuring comprehensive protection for its technology platforms [2][21] - **Financial and R&D Progress**: - The company has made progress in its funding chain and plans to disclose more data on universal products by the end of the year [2][25] - Focus remains on challenging projects in solid tumors, leveraging a less competitive environment to concentrate resources [2][26] - **Viral Vector Technology**: - Viral vectors are a core technology for the company, enabling self-production and modification for potential future relapses, with ongoing efforts to innovate in this area [2][27]