Group 1 - The company China Biopharmaceutical (01177.HK) announced a change in its English stock abbreviation from "SINO BIOPHARM" to "SBP GROUP" [1] - The change will take effect on March 31, 2026, at 9:00 AM [1] - The Chinese stock abbreviation will remain unchanged as "中国生物制药" [1]

智通财经APP讯，中国生物制药(01177)公布， 于香港联合交易所有限公司买卖公司股份的英文股份简 称将由"SINO BIOPHARM"更改为"SBP GROUP"，由2026年3月31日上午九时正起生效。公司中文股份 简称保持不变，仍为"中国生物制药"。 ...

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。 Shanghai Henlius Biotech, Inc. 上海復宏漢霖生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） A. 緒言 本公告由上海復宏漢霖生物技術股份有限公司（「本公司」）自願作出，以告知 本公司股東及潛在投資者本公司最新業務更新。 本公司董事會（「董事會」）欣然宣佈，近日，HLX701（重組人SIRPα-IgG4 Fc 融合蛋白注射液）（「HLX701」）聯合西妥昔單抗和化療治療晚期結直腸癌的 1b/2期臨床研究於中國境內（不包括中國港澳台地區）完成首例患者給藥。 B. 臨床試驗設計及目的 本研究為一項在既往接受過化療的復發性、不可切除或轉移性RAS/BRAF野 生型結直腸癌患者中比較HLX701聯合西妥昔單抗和化療(FOLFOX/FOLFIRI) 對比安慰劑聯合西妥昔單抗和化療(FOLFOX/FOLFIRI)的1b/2期臨床研究。 該研究包括三個階段：第一階段為安全導 ...

Investment Rating - The report maintains a "Buy" rating for Kelun Biotech [2][16] Core Insights - Kelun Biotech reported a revenue of RMB 2.06 billion for 2025, representing a year-on-year growth of 6.5%, with a net loss of RMB 382 million, which is an increase of 43.2% year-on-year [5][12] - The adjusted net loss for 2025 was RMB 211 million, reflecting a year-on-year increase of 78.3%, aligning with expectations [5][12] - The company achieved product sales of RMB 543 million in 2025, a significant increase of 949.8% year-on-year, while revenue from business development collaborations decreased by 19.6% to RMB 1.5 billion [5][12] Financial Data and Profit Forecast - The company’s R&D expenses rose by 9.4% to RMB 1.32 billion, and selling expenses surged by 160.1% to RMB 475 million, resulting in a selling expense ratio of 23.1% for 2025 [5][12] - As of the end of 2025, Kelun Biotech had cash and financial assets amounting to approximately RMB 4.56 billion [5][12] - Revenue projections for the upcoming years are as follows: - 2026: RMB 2.7 billion (31.25% growth) - 2027: RMB 4.8 billion (77.64% growth) - 2028: RMB 6.5 billion (34.74% growth) [10][17] Product Pipeline and Market Position - The company has four commercialized products, including Sac-TMT, which is expected to see significant sales growth due to its inclusion in the National Reimbursement Drug List (NRDL) [6][13] - Sac-TMT has received NMPA approval for multiple indications and several pivotal clinical trials have been initiated, including for advanced solid tumors [7][14] - The pipeline includes various innovative ADCs and dual antibodies, with ongoing clinical trials for several promising candidates [8][15] Target Price and Earnings Forecast - The target price for Kelun Biotech has been raised from HKD 552 to HKD 560, indicating a potential upside of 31% [16] - Earnings per share (EPS) forecasts have been adjusted, with estimates for 2026 revised down to -RMB 0.57 and for 2027 to RMB 2.26, while a new forecast for 2028 is set at RMB 6.61 [16]

Investment Rating - The report does not explicitly state an investment rating for the small nucleic acid drug industry Core Insights - The small nucleic acid drug market is experiencing strong and sustained growth, projected to increase from $2.7 billion in 2019 to $5.7 billion by 2024, with a compound annual growth rate (CAGR) of 16.2% [4] - By 2029 and 2034, the market is expected to reach $20.6 billion and $54.9 billion, respectively, with a CAGR of 29.4% from 2024 to 2029 and 21.6% from 2029 to 2034 [4] - The report highlights the expansion of small nucleic acid drugs from liver-targeting to brain and fat-targeting applications, with ongoing clinical progress in areas such as lipid reduction, weight loss, and hypertension [5] Summary by Sections Section 1: Restructuring the Modern Pharmaceutical Landscape - Small nucleic acids are chemically synthesized short nucleic acid sequences that regulate gene expression levels, providing a direct method for disease treatment [3][14] - The main types of small nucleic acid drugs include small interfering RNA (siRNA), antisense oligonucleotides (ASO), and aptamers, each functioning through different mechanisms to modulate gene expression and protein levels [3][14] Section 2: Commercialization and Business Development - The global small nucleic acid drug market is projected to grow significantly, with 23 approved small nucleic acid drugs as of March 2026, including 12 ASO drugs and 8 siRNA drugs [41] - The number of transactions and total transaction value in the small nucleic acid field is on the rise, with a transaction value of $32.21 billion and 46 transactions in 2025 [47][50] Section 3: New Indications and Extensions - Small nucleic acid drugs are expanding their therapeutic applications beyond liver targets to include brain and fat targeting, with ongoing clinical trials in various conditions [5][57] - The report lists several companies involved in the development of small nucleic acid drugs, including domestic firms like Frontline Bio and Reborn Bio, as well as international companies like Alnylam and Arrowhead [7][41]

Investment Rating - The report maintains a "Buy" rating for Kelun Biotech [2][16] Core Insights - Kelun Biotech reported a revenue of RMB 2.06 billion for 2025, representing a year-on-year growth of 6.5%, with a net loss of RMB 382 million, which is an increase of 43.2% year-on-year [5][12] - The adjusted net loss for 2025 was RMB 211 million, reflecting a year-on-year increase of 78.3%, aligning with expectations [5][12] - The company achieved product sales of RMB 543 million in 2025, a significant increase of 949.8% year-on-year, while revenue from business development collaborations decreased by 19.6% to RMB 1.50 billion [5][12] - R&D expenses rose by 9.4% to RMB 1.32 billion, and selling expenses surged by 160.1% to RMB 475 million, resulting in a selling expense ratio of 23.1% [5][12] Financial Data and Profit Forecast - The company expects revenue growth to continue, with projected revenues of RMB 2.70 billion in 2026, RMB 4.80 billion in 2027, and RMB 6.47 billion in 2028, reflecting growth rates of 31.25%, 77.64%, and 34.74% respectively [10][18] - The forecasted net profit for 2026 is a loss of RMB 132 million, with a turnaround expected in 2027 with a profit of RMB 528 million and RMB 1.54 billion in 2028 [10][18] - The earnings per share (EPS) forecast for 2026 is adjusted to a loss of RMB 0.57, with a projected profit of RMB 2.26 in 2027 and RMB 6.61 in 2028 [10][16] Product Pipeline and Market Position - Kelun Biotech has four commercialized products, including Sac-TMT, which is expected to see significant sales growth due to its inclusion in the National Reimbursement Drug List (NRDL) [6][13] - The company has initiated multiple pivotal clinical trials for Sac-TMT, targeting various cancers, and has received NMPA approval for its use in specific indications [7][14] - The pipeline includes a rich array of oncology and non-oncology products, with several in different stages of clinical trials, indicating a strong focus on innovation and market expansion [8][15]

Better Medicines, Better Life 2025 Full-Year Earnings Conference March 2026 1 Disclaimer This presentation has been prepared by Everest Medicines Limited (the "Company" and together with its subsidiaries, the "Group") solely for information purposes and does not constitute a recommendation regarding the securities of the Group or an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Group in any jurisdiction or an inducement to enter into investment activity, nor may ...

FY2025 Annual Results Presentation Advancing Pipeline 2.0 & Accelerating Global Commercialization March 27, 2026 Stock Code: 2616. HK 基石红 基石灰 白色 基石黄 基石绿 基石蓝 基石中灰 基石浅灰 基石金 品牌色 品牌辅助色 Presentation Disclaimer 基石红 基石灰 白色 基石黄 基石绿 基石蓝 基石中灰 基石浅灰 基石金 品牌色 品牌辅助色 • By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following: • The information in this presentation has been prepared by representatives of CStone Pharmaceuticals (the "Company" a ...

Macro Strategy - The core viewpoint indicates that the recent escalation in the Middle East has led to hawkish signals from major central banks during the "Super Central Bank Week," resulting in a significant rise in long-term government bond yields and pressure on gold and silver prices [1][24] - The report highlights that the current environment suggests that the Federal Reserve's interest rate hike decisions will be influenced by oil prices and inflation, rather than being a standard response [1][4] Industry Analysis: Shipbuilding - China's shipbuilding industry has transformed from "scale expansion" to "quality and quantity improvement," maintaining its position as the world's leading shipbuilding nation for 16 consecutive years [2][25] - In terms of exports, China has become the largest shipbuilding exporter globally, increasing its market share from 16.8% in 2017 to 32.0% in 2024, with commercial ship exports reaching 41.6% of the global total [2][26] - The report emphasizes China's technological advantages, noting that it is the only country capable of building aircraft carriers, large cruise ships, and large LNG carriers, which are considered the pinnacle of shipbuilding technology [2][26] - The profitability of China's shipbuilding industry has improved, with the revenue profit margin for large shipbuilding enterprises reaching 9.71% in 2025, nearly double the overall industrial average [2][26] Company Insights - 361 Degrees (01361.HK) reported excellent performance in 2025, with plans to open over 100 new stores in 2026, which is expected to enhance overall operational efficiency [10] - Haidilao (06862.HK) reported that its revenue met expectations, with a stabilization in cost and expenses [11] - Minth Group (00425.HK) anticipates growth in its liquid cooling business, maintaining profit forecasts for 2026-2028 [12] - Moutai Group (02097.HK) focuses on enhancing store performance and brand value, with adjusted profit forecasts for 2026-2028 [13] - Ruifeng Group (003010) has seen significant growth in its self-owned brands, leading to an upward revision of profit forecasts for 2026-2028 [15] - Haitian Precision (601882) has adjusted its profit forecasts downward for 2026-2027 due to domestic market recovery challenges, while maintaining a positive outlook on overseas expansion [16] - Tencent Holdings (00700.HK) has shown resilient growth in its core business, with adjusted profit forecasts for 2026-2028 reflecting strong performance [21]

Investment Rating - The report does not explicitly state an investment rating for the gastric cancer antibody drug industry Core Insights - The gastric cancer antibody drug industry is transitioning from a "single treatment paradigm" to a "layered, combinatorial, and platform-based" approach, with clinical decision-making increasingly relying on key biomarkers for stratification [2][3] - The industry is characterized by a multi-technical route landscape, where traditional monoclonal antibodies remain foundational, while new forms like bispecific antibodies and antibody-drug conjugates (ADCs) enrich the product spectrum [2][3] - The evolution of the industry focuses on enhancing treatment efficiency through clinical evidence and stratified pathways, while reducing uncertainty in R&D and delivery through technological platforms and industrial capabilities [3][4] Summary by Sections Overview of Gastric Cancer in China - Gastric cancer is a prevalent and deadly disease, primarily affecting middle-aged and elderly patients, with a significant proportion diagnosed at advanced stages, leading to prolonged treatment cycles and increased management needs [13][27] - The disease burden is substantial, with 358,672 new cases and 260,372 deaths reported in 2024, ranking gastric cancer as the fifth most common and third deadliest cancer in China [15][27] Industry Value Chain and Supply System - The industry value chain is driven by molecular stratification and technological platform iteration, encompassing R&D registration, CMC scaling, and quality system construction [35][36] - Upstream, the focus is on key raw material localization and cost reduction, with a notable 40-50% decrease in Protein A resin prices, which significantly lowers purification costs [43][45] - Midstream, the emphasis is on enhancing quality systems and registration processes to mitigate filing risks, while downstream, diagnostic loops and reimbursement access facilitate volume ramp-up [39][40] Competitive Landscape - The competition in the gastric cancer antibody drug industry is shifting from "efficacy comparison" to "population stratification," where target positivity rates determine market potential and volume growth [20][41] - The report highlights that the core competition will increasingly focus on evidence quality, platform capabilities, commercialization execution, and stable supply [3][4] Future Growth Drivers - Future growth is expected to be driven by diversified technology routes that enhance coverage and accessibility, with a significant focus on the integration of diagnostic capabilities and reimbursement mechanisms [39][41] - The report indicates that the potential patient population for targeted therapies is substantial, with CLDN18.2 positivity rates at 54.39%, PD-L1 at 38.86%, and HER2 at 11.47%, indicating a robust market for precision medicine in gastric cancer [41][42]