Core Points - The company, Heptagon Pharmaceuticals-B, repurchased 400,000 shares on October 17 at a price range of HKD 12.740 to HKD 13.100, totaling HKD 5.1349 million [2] - The stock closed at HKD 12.790 on the same day, reflecting a decline of 4.84%, with a total trading volume of HKD 74.9912 million [2] - Year-to-date, the company has conducted 52 repurchase transactions, acquiring a total of 22.793 million shares for a cumulative amount of HKD 156 million [2] Repurchase Details - On October 17, 2025, the company repurchased 40,000 shares at a maximum price of HKD 13.100 and a minimum price of HKD 12.740, with a total expenditure of HKD 513.49 thousand [2] - The repurchase activity has shown a consistent trend, with multiple transactions occurring throughout the year, indicating a strategic approach to managing share value [3] - The highest recorded repurchase price this year was HKD 15.330 on October 9, while the lowest was HKD 2.270 on January 8 [3]

Core Viewpoint - The company, Zhifei Biological, has indicated that investors should pay attention to the company's information disclosure regarding its research and development activities [2] Group 1 - The company responded to investor inquiries on October 17, emphasizing the importance of following its official disclosures for updates on research and development [2]

Core Viewpoint - Guilin Sanjin (002275) is nearing the completion of Phase I clinical trials for its product BC006 monoclonal injection, with potential key breakthroughs to be disclosed as per Shenzhen Stock Exchange requirements [1] Company Summary - The company has responded to investor inquiries on October 17, indicating progress in its clinical trials for BC006 [1]

近日，四川大学华西医院生物治疗全国重点实验室孵化的企业——成都威斯津生物医药科技有限公司自 主研发的全球首个针对乙肝病毒(HBV)相关疾病(肝癌)的mRNA治疗性疫苗WGc-0201注射液获美国食品 药品监督管理局(FDA)临床试验许可批准。 《每日经济新闻》记者从四川大学华西医院方面了解到，WGc-0201注射液是基于自研mRNA技术平台 开发的一款治疗性癌症疫苗，系全球首个针对乙肝病毒相关疾病设计开发的mRNA治疗药物。该药物兼 顾抗病毒与抗肿瘤双重免疫机制 《慢性乙型肝炎防治指南(2022年版)》显示，30岁以上，只要乙肝病毒阳性，都建议积极抗病毒治疗， 减少肝硬化、肝癌发生。该指南还强调，对于部分适合条件的乙肝患者，应追求临床治愈，最大限度降 低肝硬化、肝癌的发生。 公开研究数据显示，未抗病毒治疗、抗病毒治疗和达到功能性治愈5年肝癌发生率有很大差别。未抗病 毒治疗的慢性乙肝患者和肝硬化患者的肝癌发生率为14.9%和53.1%；抗病毒治疗的慢性乙肝患者和肝 硬化患者的肝癌发生率为10.7%和31.9%；而达到临床治愈的慢性乙肝患者肝癌发生率仅为 0.6%~1.88%。 因此，WGc-0201注射液与抗病 ...

Core Viewpoint - The interim analysis of the KN026 clinical trial indicates that KN026 combined with chemotherapy shows clinically meaningful and statistically significant benefits in progression-free survival (PFS) and overall survival (OS) compared to placebo combined with chemotherapy, suggesting it as a potential new treatment option for HER2+GC/GEJ patients who have progressed after prior trastuzumab-based therapy [2]. Group 1: Clinical Trial Details - The KN026-001 trial, a Phase III clinical study, involves HER2+GC/GEJ patients who progressed after trastuzumab-based treatment, randomized to receive either KN026 combined with chemotherapy or placebo combined with chemotherapy [1]. - Baseline characteristics of both patient groups were balanced, with a median age of approximately 64 years for the KN026 group and 61 years for the control group, and over 80% of patients in both groups having an ECOG PS score of 1 [1]. Group 2: Mechanism and Future Trials - KN026 is designed to be a next-generation HER2-targeted therapy, capable of binding to two different clinically validated HER2 epitopes while retaining the wild-type Fc region, allowing for dual blockade of HER2-related signaling pathways and enhanced tumor-killing effects [2]. - Multiple Phase III clinical trials are currently underway in China, including studies of KN026 combined with docetaxel for first-line treatment of HER2+ breast cancer and for second-line treatment of HER2+GC/GEJ [2].

Core Viewpoint - The company announced a cash dividend distribution plan for the first half of 2025, indicating a commitment to returning value to shareholders [2] Group 1: Dividend Distribution - The company will distribute a cash dividend of 5.000000 RMB per 10 shares to all shareholders [2] - The total number of shares used as the basis for this distribution is 1,827,456,666 [2] - The record date for the dividend is set for October 24, 2025, and the ex-dividend date is October 27, 2025 [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ALPHAMAB ONCOLOGY 1 結論：期中分析顯示，與安慰劑聯合化療相比，KN026聯合化療在PFS和OS方 面均取得具有臨床意義和具有統計學顯著性的獲益，且具有良好可控的安全性特 徵。該等結果表明，對於既往接受過曲妥珠單抗為基礎的治療後出現疾病進展的 HER2+ GC/GEJ患者，KN026聯合化療可作為一種有潛力的新治療選擇。 關於KN026 KN026旨在成為全球性新一代HER2靶向療法。憑藉其創新的結構，可同時結合 至兩種不同的經臨床驗證的HER2表位（表位II及IV），並保留野生型Fc區。這使 得KN026能夠(i)雙重阻斷HER2相關信號通路，(ii)增強與HER2受體的結合，(iii) 減少細胞表面的HER2蛋白，及(iv)通過完整的抗體依賴性細胞介導的細胞毒性增 強對腫瘤的殺傷效果。該等結合機制使KN026表現出卓越的腫瘤抑制作用。 康寧傑瑞生物製藥 （於開曼群島註冊成立的有限公 ...

8月25日，InxMed Limited-B（简称：应世生物）向港交所主板递交招股书，保荐人为中信证券、建银 国际。 应世生物是一家处于临床后期阶段的生物科技公司，致力于改进目前疗效有限的肿瘤治疗方案，以解决 肿瘤治疗的核心挑战－由肿瘤防御所引起的耐药为使命。 近年来，科技发展带来癌症疗法的进步显著改善了患者预后及总体生存率，然而耐药性仍是肿瘤治疗领 域面临的巨大挑战，在此情况下，针对多重耐药机制的联合疗法应运而生，并被多家医疗科技公司纳入 开发范围。 应世生物聚焦于FAK抑制剂的研究。FAK（黏着斑激酶）在肿瘤细胞和CAFs（肿瘤相关成纤维细胞） 中均过度表达和激活，在调节细胞增殖、迁移和侵袭中起关键作用，共同为癌细胞创造生存优势。抑制 FAK信号通路，有望破坏肿瘤防御系统，尤其是适应性耐药机制。 同时，公司通过靶向CAFs来拆除肿瘤细胞周围的保护屏障。 来源：洞察IPO 近期，继劲方医药、轩竹生物等公司港交所敲钟后，资本市场的大门再一次被生物科技公司叩响。 应世生物的治疗策略旨在破坏纤维化间质，增强T细胞及生物疗法对TME的渗透，延迟或预防治疗耐药 性。 FAK等新兴药物靶点（即耐药节点）的研究对于延缓耐 ...

Core Viewpoint - Changchun Gaoxin announced that its subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd., received written notification from the FDA regarding the acceptance of the clinical trial application for its drug GenSci143, which is a dual-specific antibody-drug conjugate targeting B7-H3 and PSMA, indicating potential dual therapeutic effects in chemotherapy and tumor immunotherapy [1]. Company Summary - Changchun Gaoxin's subsidiary, Changchun Jinsai Pharmaceutical, has developed GenSci143, which is a novel drug designed to target specific cancer markers [1]. - The acceptance of the clinical trial application by the FDA is a significant milestone for the company, potentially paving the way for further development and commercialization of GenSci143 [1]. Industry Summary - The drug GenSci143 represents advancements in the field of targeted cancer therapies, particularly in the area of dual-specific antibody-drug conjugates, which may enhance treatment efficacy [1]. - The FDA's acceptance of clinical trial applications is a critical step in the drug development process, reflecting regulatory confidence in innovative cancer therapies [1].

Investment Rating - The report assigns an "Accumulate" rating to the company [5]. Core Insights - The company is a leading domestic innovative pharmaceutical enterprise focusing on ADC combined with IO, with expectations for rapid growth following the approval of MRG003 [2]. - The product pipeline includes plans for international business development, indicating a positive long-term outlook for the company [2]. Financial Summary - Projected total revenue for 2024A is 368 million RMB, with a growth rate of 63%. By 2027E, revenue is expected to reach 1,665 million RMB, with a growth rate of 38% [4]. - The company is projected to achieve a net profit of -411 million RMB in 2024A, improving to -29 million RMB by 2027E [4]. - The price-to-earnings (PE) ratio is expected to improve from -10.04 in 2024A to -389.49 in 2027E, while the price-to-book (PB) ratio is projected to increase from 5.87 to 18.86 over the same period [4]. Company Overview - The company was established in January 2018 and focuses on innovative treatments for cancer, particularly targeted therapies and immunotherapies [13]. - The company has built a robust product pipeline through acquisitions and partnerships, including PD-1 antibodies and ADC drugs [13][15]. - The management team is experienced, with a high concentration of ownership, ensuring stability and strategic direction [15][19]. Market Potential - The global and Chinese cancer immunotherapy market is expected to grow significantly, with a projected CAGR of 16.3% and 25.1% respectively from 2025 to 2030 [30]. - The PD-1 therapy market in China is anticipated to reach 582 billion RMB by 2030, with a CAGR of 30.5% from 2020 to 2025 [33]. Product Pipeline and Development - The company has multiple tumor product pipelines covering immunotherapy, ADC targeted therapy, and oncolytic virus drugs [20]. - MRG003 is currently under NDA review for treating R/M NPC, with potential for significant market impact [22]. - The company is also exploring combination therapies with PD-1 antibodies, which may enhance treatment efficacy [20]. Sales Growth - The company's first commercial product, the PD-1 antibody, has seen rapid sales growth, achieving 300 million RMB in revenue in 2024, three times the revenue of 2023 [23][36]. - The company has expanded its sales network across 118 cities in China, enhancing its market presence [36].