Group 1 - Morgan Stanley increased its stake in Innovent Biologics (01801) by 408,630 shares at a price of HKD 84.9352 per share, totaling approximately HKD 34.7071 million [1] - After the increase, the total number of shares held by Morgan Stanley is approximately 86,908,100, representing a holding percentage of 5% [1]

CanSino Biologics Inc. 康希諾生物股份公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6185） 自願公告 獲 得PIC/S GMP認 證 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的內容概不負 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 或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 本次通過PIC/S GMP認 證，標 誌 著 本 公 司 的 生 產 和 質 量 管 理 體 系 符 合PIC/S GMP 的標準，將有助於推進MCV4、PCV13 i 在馬來西亞及其他PIC/S成員國藥品註冊上 市的工作。 本公司股東及潛在投資者在買賣本公司股份時務請審慎行事。 承董事會命 康希諾生物股份公司 Xuefeng YU 董事長 香港，2026年3月5日 於本公告日期，本公司董事會包括執行董事Xuefeng YU博士、Shou Bai CHAO博 士 及王靖女士；非執行董事李志成先生；以及獨立非執行董事張耀樑先生、左敏先 生及紀雪峰女士。 本 公 告 由 康 希 諾 生 物 股 份 公 司（「本公司」）自 願 作 出。 ...

Company Overview - Rongchang Biopharmaceuticals is an innovative biopharmaceutical company based in Yantai, Shandong, China, established on July 4, 2008, and listed on March 31, 2022 [1] - The company focuses on the development and commercialization of therapeutic antibody drugs, including antibody-drug conjugates (ADCs), antibody fusion proteins, monoclonal antibodies, and bispecific antibodies [1] - The main revenue sources are from product sales (99.46%), material sales (0.38%), and leasing services (0.16%) [1] Stock Performance - On March 5, Rongchang Biopharmaceuticals' stock rose by 5.04%, reaching a price of 93.16 CNY per share, with a trading volume of 252 million CNY and a turnover rate of 1.70%, resulting in a total market capitalization of 52.587 billion CNY [1] Fund Holdings - Penghua Fund has a significant holding in Rongchang Biopharmaceuticals, with its Penghua SSE STAR Market Biomedicine ETF (588250) increasing its position by 7,625 shares in the fourth quarter, totaling 76,900 shares, which represents 2.85% of the fund's net value [2] - The ETF has a current size of 210 million CNY and has experienced a year-to-date loss of 7.09%, ranking 5242 out of 5570 in its category [2] Fund Management - The fund manager of the Penghua SSE STAR Market Biomedicine ETF is Lin Song, who has been in the position for 2 years and 250 days, managing total assets of 3.741 billion CNY [3] - During Lin Song's tenure, the best fund return was 43.89%, while the worst return was -22.7% [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [11]. Core Insights - The company is a leader in the tetanus vaccine market, providing stable cash flow, while the staphylococcus aureus vaccine is emerging as a new growth driver. The company is continuously leading the industry during market expansion [3]. - The company has a robust pipeline with a focus on innovative vaccines for superbugs, including the recombinant staphylococcus aureus vaccine and others targeting Helicobacter pylori, Acinetobacter baumannii, and Pseudomonas aeruginosa [6][48]. Summary by Relevant Sections Company Overview - The company specializes in the research, production, and sales of human vaccines, having launched its first product, the adsorbed tetanus vaccine, in 2016. It has since expanded its product line to include vaccines for Hib and meningococcal diseases [19][30]. Financial Performance - The company expects revenues of CNY 704 million, CNY 727 million, and CNY 760 million for 2025-2027, with net profits of CNY 22.23 million, CNY 37.64 million, and CNY 44.05 million respectively. The earnings per share (EPS) are projected to be CNY 0.05, CNY 0.09, and CNY 0.11 for the same period [9]. Product Pipeline - The company has three products currently on the market: adsorbed tetanus vaccine, Hib vaccine, and meningococcal polysaccharide conjugate vaccine. It is also advancing four global class 1.1 new drug projects, including the recombinant staphylococcus aureus vaccine, which is in phase III clinical trials [6][48]. Market Position - The company holds a dominant position in the tetanus vaccine market, with a favorable competitive landscape and minimal pressure from new entrants. The tetanus vaccine primarily targets populations at risk of injuries and blood product clients, with a rigid sales channel [7][29]. Research and Development - The company has a strong R&D team, with 128 personnel dedicated to vaccine development, representing 27.65% of its workforce. It has established multiple research platforms and maintains collaborations with domestic and international research institutions [42][43].

Core Insights - The company reported 2025 revenue of $5.343 billion, a 40% year-over-year increase, with product revenue at $5.282 billion, also up 40% [1] - GAAP net profit reached $287 million, slightly below expectations due to a one-time equity investment impairment and non-recurring tax issues in Q4 2025; excluding these impacts, net profit is expected to meet projections [1] Revenue Growth - Zebutinib drove steady product revenue growth, with 2025 sales of $3.9 billion, a 49% increase year-over-year; quarterly sales were $790 million, $950 million, $1.04 billion, and $1.15 billion, with quarter-over-quarter changes of -4%, +20%, +10%, and +10% respectively [2] - Global sales of Tislelizumab reached $740 million in 2025, a 19% increase year-over-year; GAAP net profit of $287 million marked the first quarterly profit [2] Future Guidance - The company maintains strong growth guidance for 2026, projecting full-year revenue between $6.2 billion and $6.4 billion, a 16-20% increase; GAAP gross margin is expected to remain high at around 80% [2] - GAAP operating expenses are projected to be between $4.7 billion and $4.9 billion, a year-over-year increase of 11-16%; GAAP operating profit is expected to be between $700 million and $800 million [2] Upcoming Catalysts - The company anticipates several key catalysts in 2026, including potential approval for Sotorasib in R/R MCL in 1H26, and accelerated approval for BTK CDAC in R/R CLL based on Phase II data in 2H26 [3] - Phase III trials for CDK4 in 1L breast cancer are set to start in 1H26, with Phase I data expected to be disclosed in the same period; B7-H4 ADC Phase III trials will also commence within 12 months, with Phase I data to be released in 1H26 [3] Profit Forecast and Valuation - Considering domestic healthcare price adjustments and cost control, the company has lowered its 2026 revenue forecast by 2.7% but maintains a profit forecast of $610 million, introducing a 2027 profit forecast of $870 million [4] - The company maintains an outperform rating, with target prices based on DCF model set at 320 CNY, 250 HKD, and 420 USD, representing upside potentials of 36.2%, 40.1%, and 41.4% respectively [4]

Core Viewpoint - Shanghai Pudong is embracing globalization by fostering collaboration between domestic and foreign enterprises for overseas expansion, moving beyond traditional models of individual company ventures and industry clusters [1][2]. Group 1: Overview of Collaboration - Pudong has a natural advantage in promoting cooperation between domestic and foreign enterprises, with 1,060 multinational company regional headquarters and 631 foreign R&D centers recognized in Shanghai as of September 2025, with nearly half located in Pudong [2]. - The collaboration primarily involves sectors such as biomedicine, new energy, foreign contracting projects, and overseas cooperation zones, focusing on five main models: overseas investment cooperation, export cooperation, strategic alliances, brand licensing, and open innovation platforms [2]. Group 2: Challenges and Needs - As companies enter the overseas phase, they face challenges related to culture, standards, compliance, supply chains, and ecosystems, shifting their focus from cost to compliance and resilience [3]. - A comprehensive compliance system is necessary to address these challenges, including technical, safety, tax, and legal compliance [3]. Group 3: Role of Foreign Enterprises - Foreign enterprises play a crucial role in providing production services, leveraging their global experience to assist Chinese companies in navigating international markets [4]. - The collaboration creates a new globalization dividend, allowing Chinese companies to learn international rules and enhance risk resilience while foreign enterprises gain deeper integration into the Chinese economy [4]. Group 4: Integration and Support - Foreign production service industries fill gaps in the end-to-end capabilities of Chinese manufacturing enterprises, which often struggle with planning, construction, and operation [6]. - Companies like Rockwell Automation are establishing centers to support automation and digital transformation, helping enterprises find replicable scenarios for successful overseas operations [6][8]. Group 5: Innovation and R&D - Chinese enterprises are entering a high-level overseas phase focused on R&D and innovative products, with collaborations like that of Junshi Biosciences and Cytiva exemplifying this trend [10]. - The biopharmaceutical sector faces various challenges in international markets, with a strong demand for innovative solutions and regulatory compliance [10]. Group 6: Ecosystem Development - Pudong has established a comprehensive service system to support internationalization, including the GOI initiative for open innovation and the establishment of ESG alliances to address sustainability challenges [18][20]. - The integration of professional service resources, including legal, financial, and strategic support, is crucial for facilitating overseas operations for both domestic and foreign enterprises [22][23]. Group 7: Policy Support - The Pudong government provides extensive support for enterprises' overseas endeavors, offering public service policies and professional services to reduce operational costs and compliance risks [23]. - The "Pudong Model" represents a systematic approach to enhancing the "going out" strategy, contributing to the dual circulation development pattern [23].

撰文丨王聪 编辑丨王多鱼 排版丨水成文 杂合子家族性高胆固醇血症 （ heterozygous familial hypercholesterolemia ） ， 是一种常见的 遗传代谢性肝病 ，其特征为血清中 低 密度脂蛋白胆固醇 （LDL-C） 终生升高以及过早出现动脉粥样硬化性心血管疾病。 目前，该疾病仅有 终身规律用药 这一种治疗方式， 患者面临着巨大的用药依从性挑战，治疗负担沉重。 YOLT-101 是由 尧唐生物 （ YolTech Therapeutics ） 开发的 一种在研的体内基因疗法 （ in vivo gene therapy ） ，通过 GalNAc 修饰的 脂质纳米颗粒 （LNP） 递送 腺嘌呤碱基编辑器 （hpABE5 ） ，精准沉默肝细胞中 PCSK9 的表达，以实现持续降低低密度脂蛋 白胆固醇 （LDL-C） 的效果。 Y OLT-101 降低 PCSK9 和 LDL-C 的机制 ： GalNAc 修饰的 LNP 系统递送 腺嘌呤碱基编辑器 （hpABE5） 的 mRNA 和 sgRNA 以 特异性靶向肝脏中的 PCSK9 基因。给药后进入血液循环， LNP 会 ApoE 包 ...

Summary of Conference Call Notes Industry Overview - The focus is on the **innovative pharmaceutical industry** in China, particularly the progress of domestic companies in early-stage research compared to their Western counterparts [1] Key Points and Arguments - There is a **growing trend** of domestic innovative drugs catching up and potentially surpassing Western innovations in early research stages, as evidenced by recent business development (BD) activities [1] - Recent announcements from **China Biologic Products** and **Deqi Pharmaceuticals** regarding partnerships with **Sanofi** and **UCB** highlight the ongoing progress in the industry [1] - The **CD3/CD19 dual-target antibody** from Deqi is already in the early research phase and is being marketed internationally, indicating a significant advancement in the sector [1] - The upcoming **AACR** conference in April and the **ASCO** conference mid-year are expected to provide further insights and updates on the industry [1] - Despite potential fluctuations in BD optimism, the industry is expected to continue benefiting from ongoing BD contributions, reinforcing the growth potential of the sector [1] - The **global participation** of innovative drugs from China has been increasingly evident since 2025, suggesting a positive outlook for domestic new drugs in the mid-term [1] - The expectation is that domestic innovative drugs will enter a **harvest period** due to efficiency-driven competition, making it a promising investment opportunity [1] Additional Important Content - Recommendations for **high-certainty stocks** with relatively low BD disruption include: **Innovent Biologics**, **3SBio**, **Kangfang Biopharmaceuticals**, **Ying'en Biopharmaceuticals**, **Vila Biotech**, **Lepu Biopharma**, and **Kangnuo Pharmaceuticals** [2] - Attention is also drawn to new technology sectors such as **small nucleic acids**, with companies like **Frontier Biotech**, **Sunshine Nuohuo**, and upstream supply chain firms like **Aorite**, **Lanshan Technology**, **Nami Technology**, and **Jiuzhou Pharmaceutical** being highlighted [2]

Financial Data and Key Metrics Changes - Full year net product revenue for ANKTIVA was $113 million, representing a 700% year-over-year increase from $14.1 million in 2024 [35] - The company achieved a 750% increase in unit sales volume over the same period, indicating revenue growth driven by clinical adoption rather than pricing [35][36] - The fourth quarter net product revenue increased from $31.1 million to $38.3 million, reflecting a 20% quarter-over-quarter growth from Q3 to Q4 [44] Business Line Data and Key Metrics Changes - ANKTIVA is now authorized across 33 countries, including major jurisdictions like the United States, the United Kingdom, Saudi Arabia, and the European Union, marking rapid international expansion [37] - The U.S. remains the largest and most mature commercial market, with strong uptake among urologists and oncologists treating BCG-unresponsive non-muscle invasive bladder cancer [38][40] Market Data and Key Metrics Changes - The European Commission granted conditional marketing authorization for ANKTIVA in February 2026, covering all 27 EU member states plus Iceland, Norway, and Liechtenstein [41] - In Saudi Arabia, ANKTIVA received approvals for both bladder cancer and metastatic non-small cell lung cancer, marking the first worldwide authorization for lung cancer [42] Company Strategy and Development Direction - The company aims to grow from a commercial stage immunotherapy business into a diversified oncology platform, leveraging three platform technologies: ANKTIVA, CAR-NK cell therapy, and DNA vaccine vector technology [47][48] - The strategy includes pursuing label expansions for BCG-naïve bladder cancer and international expansion for non-small cell lung cancer [48] Management's Comments on Operating Environment and Future Outlook - Management highlighted the favorable tolerability profile and durable response of ANKTIVA, which has led to repeat prescribing behavior among physicians [39] - The company is preparing for commercial launches in Saudi Arabia and Europe, indicating confidence in sustained growth as awareness of ANKTIVA increases [40][41] Other Important Information - The company reported a full year net loss attributable to common stockholders of $351.4 million, a reduction from $413.6 million in 2024, reflecting progress in converting revenue growth into a narrowing loss profile [46] - The company has established an artificial intelligence solution called Ask IB to drive AI-powered advancements across all areas of the business [52] Q&A Session Summary Question: What is the commercial strategy for ANKTIVA in the U.S.? - The company is focused on building strong relationships with key opinion leaders and expanding its reach into community practices where most bladder cancer patients are treated [39] Question: How does the company plan to address the European market? - The company has partnered with Accord Healthcare to deploy over 100 dedicated professionals across 31 countries in the EU, ensuring rapid commercial launch [41] Question: What are the future plans for clinical trials? - The company plans to submit a BLA for the BCG-naïve indication in Q4 2026, which would significantly broaden the addressable market for bladder cancer [51]

（股份代號：6996） 內幕消息 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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Antengene Corporation Limited 德琪醫藥有限公司 （於開曼群島註冊成立的有限公司） 德琪醫藥與優時比(UCB)就用於自身免疫性疾病的CD19/CD3 雙特異性T細胞銜接器ATG-201達成全球獨家授權協議 本公告乃由德琪醫藥有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香 港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.09(2)(a)條及 香港法例第571章證券及期貨條例第XIVA部項下的內幕消息條文（定義見上市規 則）而作出。 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2026年3月3日，本公司全資 附屬公司Antengene Biologics Limited及德琪（杭州）生物有限公司（合稱為「許 可方」）與優時比(UCB)（「優時比」或「被許可方」）達成授權協議（「授權協議」）。 根據授權協議， ...