Company Overview - MaiBo Pharmaceutical Co., Ltd. (stock code 02181.HK) is a publicly listed company on the Hong Kong Stock Exchange, focusing on the research and production of new drugs and biosimilars for cancer and autoimmune diseases [2] - The company aims to deliver high-quality and affordable innovative biopharmaceuticals through an efficient R&D system and low-cost production capabilities [2] - MaiBo has developed a robust R&D and industrialization platform, mastering core technologies for large-scale antibody drug preparation, and has three antibody drugs successfully approved for market sale [2] Financial Performance - As of December 31, 2024, MaiBo achieved total revenue of 258 million yuan, representing a year-on-year growth of 196.27% [1] - The company reported a net profit attributable to shareholders of -128 million yuan, with a year-on-year increase of 38.89% [1] - The gross profit margin stood at 84.96%, while the debt-to-asset ratio was 91.25% [1] Market Performance - As of August 11, the stock price of MaiBo Pharmaceutical-B was 0.71 HKD per share, reflecting a 22.41% increase with a trading volume of 2.261 million shares and a turnover of 1.4792 million HKD [1] - Over the past month, the stock has seen a cumulative increase of 16%, and since the beginning of the year, it has surged by 107.14%, outperforming the Hang Seng Index by 23.92% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology industry is -1.18 times, with a median of 4.48 times [1] - MaiBo's P/E ratio is -17.31 times, ranking 116th in the industry [1] - Comparatively, other companies in the sector have P/E ratios such as Jingxin Pharmaceutical (1.29 times), Kingsray Biotechnology (1.61 times), Dongrui Pharmaceutical (3.35 times), Hutchison China MediTech (5.61 times), and Jilin Changlong Pharmaceutical (5.89 times) [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6]. Core Insights - The company reported a total revenue of 657 million yuan for H1 2025, representing a year-on-year growth of 20%, with a net profit of 328 million yuan, up 59% [1]. - The company has successfully reduced R&D expenses to 228 million yuan, with an R&D expense ratio of 37.25%, down 6 percentage points year-on-year [2]. - The drug Pimiatinib has shown potential as a breakthrough therapy, with a 54% overall response rate (ORR) in a clinical trial, significantly higher than the 3.2% in the placebo group [3]. - The company has initiated a clinical study for ABSK011, a drug targeting FGFR4, which has received breakthrough therapy designation, indicating its potential in treating HCC patients with FGF19 overexpression [4]. - The company is actively developing several pipeline drugs, including ABSK043 and ABSK061, with promising early data [5]. Financial Projections - The company is projected to achieve revenues of 630 million yuan, 684 million yuan, and 634 million yuan for the years 2025, 2026, and 2027, respectively [6]. - The expected net profit for the same years is forecasted to be 45 million yuan, 68 million yuan, and 98 million yuan [6].

Core Viewpoint - The Hang Seng Index closed at 25,041.03 points, up 0.52%, while the Hang Seng Tech Index rose 0.54% to 5,562.32 points, indicating a positive market trend driven by specific sectors [1] Sector Performance - The semiconductor, industrial support, and real estate sectors led the gains in the market [1] - Conversely, the information technology equipment, pharmaceuticals and biotechnology, and software services sectors experienced declines [1]

Group 1 - The overall valuation of the Hong Kong internet social services sector is currently low, indicating potential upward space [1] - With the rise in AI capital expenditure and increased support for technological innovation policies, leading companies in the technology sector have medium to long-term growth potential [1] - Recent market sentiment has declined significantly, but positive signals from the Political Bureau meeting and policy outlook for the second half of the year suggest that overall policies will remain stable, leading to a continuation of valuation recovery under structural policy guidance [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which primarily includes listed technology-related companies across nine Hang Seng secondary industries, reflecting the investment characteristics of the integration of technology and consumption [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link A (015739) and Link C (015740) [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company's core product, SKB264, is positioned as a promising ADC targeting TROP2, with significant clinical trial progress and potential for commercialization [1][14]. - SKB264 has shown superior efficacy in various clinical settings, particularly in NSCLC, outperforming competitors in terms of mPFS [2][24]. - The collaboration with Merck enhances the global development strategy for SKB264, indicating strong commercial potential [1][15]. Summary by Sections Section 1: Collaboration and Clinical Development - The company has partnered with Merck to develop SKB264, which is currently in multiple Phase III clinical trials for various indications, including NSCLC and triple-negative breast cancer [14][15]. - SKB264 is recognized as a candidate with "blockbuster potential" by Merck, reflecting confidence in its market value [16]. Section 2: Efficacy in NSCLC - In the first-line treatment of wild-type NSCLC, SKB264 demonstrated a median progression-free survival (mPFS) of 15.0 months, significantly better than other TROP2 ADCs [2][24]. - In patients with PD-L1 TPS ≥1%, the mPFS reached 17.8 months, showcasing its effectiveness in this subgroup [2][24]. - SKB264 also exhibited promising results in EGFR-mutated NSCLC patients, with a notable reduction in tumor size compared to standard treatments [3][36]. Section 3: Future Potential and Market Position - The report highlights the potential of combining next-generation immunotherapy with ADCs, positioning SKB264 as a key player in this evolving treatment landscape [4][19]. - The competitive landscape for TROP2 ADCs is intensifying, with SKB264 among the leading candidates, necessitating close monitoring of upcoming clinical data [19][21]. Section 4: Financial Projections - Revenue forecasts for the company are optimistic, with projected revenues of 2.084 billion, 2.876 billion, and 4.663 billion CNY for 2025, 2026, and 2027 respectively [5][7]. - The company is expected to achieve profitability by 2027, with a projected net profit of 561 million CNY [5].

行业估值方面，药品及生物科技行业市盈率（TTM）平均值为2.19倍，行业中值6.44倍。康诺亚-B市盈 率-33.21倍，行业排名第99位；其他精优药业（00858.HK）为1.42倍、金斯瑞生物科技（01548.HK）为 1.63倍、东瑞制药（02348.HK）为3.35倍、吉林长龙药业（08049.HK）为5.94倍、大健康国际 （02211.HK）为6.94倍。 8月5日，截至港股收盘，恒生指数上涨0.68%，报24902.53点。康诺亚-B（02162.HK）收报69.6港元/ 股，上涨12.53%，成交量628.25万股，成交额4.18亿港元，振幅12.77%。 最近一个月来，康诺亚-B累计涨幅35.04%，今年来累计涨幅100.16%，跑赢恒生指数23.3%的涨幅。 财务数据显示，截至2024年12月31日，康诺亚-B实现营业总收入4.28亿元，同比增长20.91%；归母净利 润-5.15亿元，同比减少43.38%；毛利率97.15%，资产负债率34.28%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 本文源自：金融界 作者：行情君 资料显示，康诺亚生物医药科技有限公司(2162.HK) ...

Company Overview - Ai Mei Vaccine Co., Ltd. is the second-largest vaccine company in China, holding a market share of 7.4%, second only to the state-owned China National Pharmaceutical Group [2] - The company covers the entire value chain from research and development to manufacturing and commercialization [2] - It possesses five validated human vaccine platform technologies, including bacterial, viral, genetic engineering, combination, and mRNA vaccine technologies [2] Financial Performance - As of December 31, 2024, Ai Mei Vaccine reported total revenue of 1.285 billion yuan, a year-on-year increase of 8.22% [1] - The net profit attributable to shareholders was -277 million yuan, showing a significant year-on-year increase of 78.69% [1] - The gross profit margin stood at 74.2%, with a debt-to-asset ratio of 50.63% [1] Market Position and Valuation - The average price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology industry is 2.19 times, with a median of 6.44 times [1] - Ai Mei Vaccine's P/E ratio is -19.01 times, ranking 111th in the industry [1] - Other companies in the industry have P/E ratios such as: Qingdao Haier Biomedical (1.42), Kingsray Biotechnology (1.63), Dongrui Pharmaceutical (3.35), Jilin Changlong Pharmaceutical (5.94), and Dajiang International (6.94) [1] Recent Developments - The company is one of the first to receive a P3 laboratory construction license under China's 14th Five-Year Plan [2] - In response to the current pandemic, Ai Mei Vaccine is utilizing its comprehensive platform technology to develop new COVID-19 vaccines using three validated technological routes: mRNA, inactivated virus, and recombinant adenovirus vector [2]

7月30日，截至港股收盘，恒生指数下跌1.36%，报25176.93点。思路迪医药股份（01244.HK）收报7.18 港元/股，上涨12.54%，成交量302.5万股，成交额2191.26万港元，振幅23.2%。 最近一个月来，思路迪医药股份累计涨幅59.1%，今年来累计涨幅107.14%，跑赢恒生指数27.24%的涨 幅。 财务数据显示，截至2024年12月31日，思路迪医药股份实现营业总收入4.46亿元，同比减少29.81%；归 母净利润-1.83亿元，同比增长65.19%；毛利率91.79%，资产负债率42.14%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，药品及生物科技行业市盈率（TTM）平均值为2.73倍，行业中值6.48倍。思路迪医药股 份市盈率-8.35倍，行业排名第129位；其他精优药业（00858.HK）为1.37倍、金斯瑞生物科技 （01548.HK）为1.76倍、东瑞制药（02348.HK）为3.5倍、吉林长龙药业（08049.HK）为6.14倍、大健 康国际（02211.HK）为6.83倍。 资料显示，思路迪医药股份有限公司是一家进入商业化阶段专注肿瘤慢病化 ...

Group 1 - The core viewpoint of the news highlights the significant stock performance of 加科思-B (JACOB) with a year-to-date increase of 513.39%, outperforming the Hang Seng Index by 27.24% [1] - As of July 30, the stock price of 加科思-B closed at 8.82 HKD per share, with a trading volume of 26.44 million shares and a turnover of 233 million HKD, reflecting a volatility of 25.29% [1] - Financial data shows that for the year ending December 31, 2024, 加科思-B achieved total revenue of 156 million HKD, representing a year-on-year growth of 145.13%, while the net profit attributable to shareholders was -156 million HKD, with a growth of 56.64% [1] Group 2 - 加科思药业集团有限公司 is primarily engaged in the research and development of clinical-stage new drugs, focusing on innovative cancer therapies [2] - The company is responsible for the discovery and development of its own drug candidates, including clinical-stage allosteric SHP2 inhibitors JAB-3068 and JAB-3312 [2] - The company mainly operates in the domestic market of China [2] Group 3 - As of July 28, 2025, the company repurchased 47,400 shares at a price range of 7.47-7.49 HKD per share, totaling a repurchase amount of 354,500 HKD [3]

财务数据显示，截至2024年12月31日，创胜集团-B实现营业总收入1126.1万元，同比减少79.09%；归母 净利润-2.9亿元，同比增长37.24%；毛利率35.55%，资产负债率37.38%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 资料显示，创胜集团医药有限公司是一家临床阶段的在生物药发现、研发、工艺开发和生产方面具有全 面综合能力的生物制药公司。2021年9月29日,创胜集团在香港联合交易所主板上市,股票代码:06628。创 胜集团总部位于苏州,已成功搭建了全球的业务布局:在苏州设有药物发现、临床和转化研究中心,创胜集 团总部及以连续灌流生产工艺为核心技术的生产基地也正在建设中;在杭州拥有工艺与产品开发中心以 及药物生产基地,在北京、上海、广州和美国普林斯顿分别设有临床开发中心,并在美国波士顿、洛杉矶 设立了对外合作中心。创胜集团的开发管线已有十三个治疗用抗体新药分子,涵盖肿瘤、骨科和肾病等 领域。 7月29日，截至港股收盘，恒生指数下跌0.15%，报25524.45点。创胜集团-B（06628.HK）收报3.5港元/ 股，上涨17.06%，成交量867.09万股，成交额3058.47 ...