Core Viewpoint - CITIC Securities reports that Kangfang Biopharma (09926) has multiple products and indications in its pipeline that are expected to be approved for market entry, indicating a strong long-term sustainable development capability [1] Group 1: Pipeline and Product Development - Kangfang Biopharma's research pipeline is expanding, with a rich reserve of early-stage products [1] - The approval of Iwosimab for market entry contributes to the company's sales growth, while the sales revenue from its products is increasing year by year [1] - The company is rated as "Buy" due to the excellent efficacy of its innovative drug products and the broad market potential [1] Group 2: Clinical Trial Results - At the 2025 SITC, Kangfang Biopharma presented the final overall survival (OS) results of the HARMONi-A trial, showing a median follow-up time of 32.5 months, with an OS hazard ratio (OSHR) of 0.74 (0.58-0.95) (P=0.019) for the Iwosimab treatment group compared to the control group [1] - This trial is noted as the first to achieve clinically meaningful and statistically significant benefits in both progression-free survival (PFS) and OS for an immunotherapy in patients with EGFR TKI-pretreated non-small cell lung cancer (NSCLC) [1] Group 3: Future Focus Areas - Future attention can be directed towards the final OS results update for Iwosimab in the domestic HARMONi-2 trial and the submission of the BLA application in the U.S. [2] - Ongoing global clinical trials for AK104 targeting first-line gastric cancer, second-line IO-resistant hepatocellular carcinoma, and PD-L1 negative NSCLC are also noteworthy [2] - The advancement of AK132 (Claudin18.2/CD47), AK137 (CD73/LAG3) into Phase II clinical trials, and the IND application for AK150 (ILT2/ILT4/CSF1R) are significant developments [2]

Core Viewpoint - CITIC Securities reports that Kangfang Biopharma (09926) has multiple products and indications in its pipeline nearing approval, with a continuously expanding R&D pipeline and a strong early-stage pipeline, indicating long-term sustainable development capability [1] Group 1: Product Pipeline and R&D - Kangfang Biopharma is expected to present final overall survival (OS) results for HARMONi-A at the 2025 SITC, with a median follow-up of 32.5 months showing an OS hazard ratio (OSHR) of 0.74 (0.58-0.95) (P=0.019) [1] - The company has achieved significant clinical and statistical benefits in its Phase III clinical trial for an immunotherapy that targets EGFR TKI-treated non-small cell lung cancer (NSCLC) [1] Group 2: Sales Performance - The approval of the drug Iwosimab has contributed to incremental sales for the company, while the sales of the drug Kantan have shown stable growth, leading to an annual increase in product sales revenue [1] Group 3: Future Focus Areas - Future attention can be directed towards the final OS results update for Iwosimab in the domestic HARMONi-2 trial, the submission of the BLA application in the U.S., and the overseas mPFS analysis for HARMONi-32026 in the second half of 2026 [2] - Ongoing global clinical trials for AK104 targeting first-line gastric cancer, second-line IO-resistant hepatocellular carcinoma, and PD-L1 negative NSCLC are also noteworthy [2] - The advancement of AK132 (Claudin18.2/CD47), AK137 (CD73/LAG3) into Phase II clinical trials, and the IND application for AK150 (ILT2/ILT4/CSF1R) are significant developments [2]

Core Viewpoint - The stock of Hong Kong innovative pharmaceutical company, Yaojie Ankang, experienced significant volatility, soaring over 50% before plummeting to a closing price of 192 HKD after a series of announcements regarding its clinical trials and product developments [1][5]. Group 1: Stock Performance - Since September, Yaojie Ankang's stock price surged from around 60 HKD to over 600 HKD, drawing considerable market attention [2]. - The stock saw a notable increase following a September 4 announcement regarding the initiation of a clinical trial for its core product, Tinengotinib, which is aimed at treating advanced liver cancer [2]. - Following the announcement, the stock price rose by 5.43% on September 5, reaching 63.1 HKD, and continued to climb, hitting 90 HKD with a 27.57% increase on September 10 [2][3]. Group 2: Clinical Developments - Yaojie Ankang's core product, Tinengotinib, is a unique MTK inhibitor currently in the registration clinical stage, targeting several difficult-to-treat solid tumors [2]. - On September 10, the company announced the approval of a Phase II clinical trial for Tinengotinib in combination with Fulvestrant for treating HR+/HER2- breast cancer, which is expected to provide new treatment options for patients [3]. Group 3: Financial Performance - Despite the stock price surge, Yaojie Ankang reported zero revenue, with significant operating losses of 343 million RMB and 275 million RMB expected for 2023 and 2024, respectively, due to high R&D and management costs [4]. - As of mid-2023, the company had not generated any revenue, with a loss of 123 million RMB reported for the first half of the year [4].

Core Viewpoint - The stock of药捷安康-B (02617) experienced significant market interest, surging nearly 130% at one point during the day, ultimately closing up 77.09% at 192.5 HKD, with a total trading volume of 2.613 billion HKD and a turnover rate of approximately 4.74% [1] Company Overview -药捷安康 is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule innovative therapies for oncology, inflammation, and cardiovascular metabolic diseases [1] - As of June 30, 2025, the company has six clinical-stage candidate products and several preclinical candidates in its pipeline [1] Key Product Highlights - The core product,替恩戈替尼 (TT-00420), has garnered significant market attention due to multiple recent positive developments [1] - On September 10,替恩戈替尼 received clinical implied approval from the National Medical Products Administration of China for a Phase II clinical trial in treating hormone receptor-positive (HR+) and HER2-negative or low-expressing recurrent or metastatic breast cancer [1] - The product is also involved in an open-label, multicenter Phase II clinical study for advanced hepatocellular carcinoma (HCC) in combination with 康方生物's 开坦尼/依达方, with the first patient recently dosed [1] - Additionally,替恩戈替尼 has been granted Fast Track designation by the U.S. Food and Drug Administration (FDA) for the treatment of metastatic castration-resistant prostate cancer [1]

Core Viewpoint - The stock of ZhiJie AnKang-B (02617) has surged nearly 88%, reaching a high of 204.6 HKD, representing an increase of over 1455% from its IPO price of 13.15 HKD, driven by its inclusion in the Hong Kong Stock Connect list and positive developments regarding its core product, Tiengertinib [1][1][1] Company Developments - ZhiJie AnKang's Tiengertinib is the world's first and only FGFR inhibitor to enter the registration clinical stage for treating patients with recurrent or refractory cholangiocarcinoma [1][1] - The company has received multiple positive updates for Tiengertinib, including the approval for a Phase II clinical trial in China for treating HR+ and HER2- recurrent or metastatic breast cancer, which was granted clinical implied permission on September 10 [1][1] - Tiengertinib is also involved in an open-label, multicenter Phase II clinical study for advanced hepatocellular carcinoma (HCC) in combination with other therapies, with the first patient recently dosed [1][1] - The drug has received Fast Track designation from the FDA for the treatment of metastatic castration-resistant prostate cancer [1][1]

Group 1 - The core viewpoint of the report is that the company maintains its profit forecasts for 2025 and 2026 for 康方生物 (09926) and has raised the target price by 87.5% to HKD 225.00, indicating a 33.1% upside potential [1] - The company's 1H25 revenue reached CNY 14.12 billion, representing a year-on-year growth of 37.75%, which aligns with the expectations of the analysts [1] - The sales revenue of core products in 1H25 was CNY 14.02 billion, showing a year-on-year increase of 49.2%, with a gross margin of 79.25% [2] Group 2 - The company has established a commercialization team of over 1,000 sales personnel to maximize the domestic commercialization potential of its two core products, AK104 and AK112, which have been included in the national medical insurance catalog [2] - The final analysis of the HARMONi-A trial demonstrated statistically significant overall survival (OS) benefits for AK112 in treating 2L EGFRm NSCLC, with an OS hazard ratio of 0.80 [3] - AK112 has 13 ongoing registration/Phase III clinical trials globally, covering indications beyond lung cancer, with 8 trials specifically in the lung cancer field [4]

Core Viewpoint - UBS has added Kangfang Biotech (09926) to its list of major recommended stocks in the Asia-Pacific region, citing that the overseas potential of its main asset, Edafo, is not fully reflected in the stock price [1] Group 1: Company Analysis - UBS believes that reports of potential collaborations with multinational companies and the upcoming HARMONi study presentation at the 2025 World Lung Cancer Congress will serve as positive catalysts for the stock price [1] - The target price for Kangfang Biotech has been raised from HKD 197.5 to HKD 224.3, with a "Buy" rating assigned [1] - The valuation of Kangfang Biotech is approximately at the median of the biotech stocks covered by UBS, indicating potential for further outperformance [1] Group 2: Sales Forecasts - UBS has increased its peak sales estimate for Edafo from USD 14.6 billion to USD 16.3 billion [1] - The peak sales estimate for another key asset, Kantani, has been raised from USD 2.2 billion to USD 3.4 billion [1]

Group 1 - Kangfang Biotech (09926) shares rose over 4%, reaching a new high of 173.8 HKD, with a trading volume of 1.212 billion HKD [1] - The 2025 World Lung Cancer Conference (WCLC) will take place from September 6 to 9 in Barcelona, Spain, where Kangfang's partner Summit Therapeutics will present the results of the HARMONi study, a pivotal Phase III clinical trial for the PD-1/VEGF bispecific antibody drug, Ivoris [1] Group 2 - UBS has added Kangfang Biotech to its list of major recommended stocks in the Asia-Pacific region, citing the overseas potential of its main asset, Ivoris, which is not fully reflected in the stock price [2] - The firm believes that reports of potential collaborations with multinational companies and the upcoming HARMONi study results will act as positive catalysts for the stock price [2] - UBS raised its peak sales forecast for Ivoris from 14.6 billion USD to 16.3 billion USD and for another key asset, Kantan, from 2.2 billion USD to 3.4 billion USD, increasing the target price from 197.5 HKD to 224.3 HKD with a "Buy" rating [2]

Group 1 - 康方生物's stock price increased over 4%, reaching a new high of 173.8 HKD, with a trading volume of 1.212 billion HKD [1] - The 2025 World Lung Cancer Conference (WCLC) will take place in Barcelona, Spain, where 康方生物's partner Summit Therapeutics will present the results of the HARMONi study, a pivotal Phase III clinical trial for the PD-1/VEGF bispecific antibody drug [1] Group 2 - UBS has added 康方生物 to its list of major recommended stocks in the Asia-Pacific region, citing the overseas potential of its main asset, Edafo, which is not fully reflected in the stock price [2] - The firm believes that news regarding potential collaborations with multinational companies and the upcoming HARMONi study results will act as positive catalysts for the stock price [2] - UBS raised its peak sales forecast for Edafo from 14.6 billion USD to 16.3 billion USD and for another key asset, Okan, from 2.2 billion USD to 3.4 billion USD, while increasing the target price from 197.5 HKD to 224.3 HKD with a "Buy" rating [2]

Core Viewpoint - UBS has added Kangfang Biopharma to its list of major recommended stocks in the Asia-Pacific region, believing that the overseas potential of its key asset, Edafo, is not fully reflected in its stock price [1] Group 1: Company Potential - UBS highlights that reports of potential collaborations with multinational companies and the upcoming HARMONi study presentation at the 2025 World Lung Cancer Congress serve as positive catalysts for the stock price [1] - The company is also advancing the global registration and research of another key asset, Okanani [1] Group 2: Financial Estimates - UBS has raised its peak sales forecast for Edafo from $14.6 billion to $16.3 billion and for Okanani from $2.2 billion to $3.4 billion [1] - The target price for Kangfang Biopharma has been increased from HKD 197.5 to HKD 224.3, maintaining a "Buy" rating [1]