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 ...

消息面上，2月23日，基石药业宣布，其PD-L1抗体舒格利单抗针对III期非小细胞肺癌(NSCLC)的新适 应症，已正式取得英国药品和医疗保健用品管理局(MHRA)的批准。此次获批是该适应症继2024年7月 获得欧盟委员会(EC)许可之后，在欧洲核心市场取得的又一关键突破。 此外，基石药业核心资产CS2009用于晚期实体瘤的II期临床试验IND申请近期获得FDA批准。 CS2009(PD-1/VEGF/CTLA-4三特异性抗体)用于晚期实体瘤的II期新药临床试验申请(IND)获美国食品药 品监督管理局(FDA)批准，标志着这一创新免疫疗法的全球开发取得重要进展。 基石药业-B(02616)再涨超6%，月内累计涨幅已超25%。截至发稿，涨5.03%，报6.68港元，成交额1.02 亿港元。 ...

此外，基石药业核心资产CS2009用于晚期实体瘤的II期临床试验IND申请近期获得FDA批准。 CS2009(PD-1/VEGF/CTLA-4三特异性抗体)用于晚期实体瘤的II期新药临床试验申请(IND)获美国食品药 品监督管理局(FDA)批准，标志着这一创新免疫疗法的全球开发取得重要进展。 消息面上，2月23日，基石药业宣布，其PD-L1抗体舒格利单抗针对III期非小细胞肺癌(NSCLC)的新适 应症，已正式取得英国药品和医疗保健用品管理局(MHRA)的批准。此次获批是该适应症继2024年7月 获得欧盟委员会(EC)许可之后，在欧洲核心市场取得的又一关键突破。 智通财经APP获悉，基石药业-B(02616)再涨超6%，月内累计涨幅已超25%。截至发稿，涨5.03%，报 6.68港元，成交额1.02亿港元。 ...

2月20日（大年初四），港股迎来马年春节后的首个交易日。当日上午，港股市场呈现出结构性行情， 机器人、港口航运等板块表现活跃。 在中央广播电视总台2026年春晚，多家公司机器人的"炸场"表演，引发关注。2月20日开盘后，港股机 器人概念股集体大涨。截至午间收盘，越疆上涨19.2%，报47.56港元/股；速腾聚创报37.64港元/股，上 涨9.42%；禾赛-W上涨6.64%，报215.2港元/股；优必选上涨6.74%，报147.3港元/股。 速腾聚创19日发布盈利预告显示，公司2025年全年净亏损同比大幅收窄。同时，公司在2025年第四季度 利润净额不少于6000万元人民币，首次实现单季度盈利。 近日，东吴证券机械研究团队发布观点表示，机器人核心能力进步，是机器人在央视春晚再度出圈的关 键，也是机器人能够真正从实验室走向工厂的关键。2021年—2025年，机器人产业链已完成从0到1的发 如何抓住"黄金牛市"波段机会？升级投资账户，一键配置金+银>> 展。展望2026年，特斯拉、国内头部企业将同时开启大规模量产，开启机器人从1到10的新篇章。在投 资上，建议关注真正具备量产能力、以及进链的头部标的。 港股港口运输 ...

Core Viewpoint - The approval of the IND application for CS2009 by the FDA marks a significant advancement in the global development of this innovative immunotherapy for advanced solid tumors [1] Group 1: Company Developments - 基石药业's stock rose over 5% in early trading, currently at 6.19 HKD with a trading volume of 26.55 million HKD [1] - The company announced that its core asset CS2009, a tri-specific antibody targeting PD-1/VEGF/CTLA-4, has received FDA approval for its Phase II clinical trial application [1] Group 2: Clinical Trial Insights - Preliminary data from the Phase I clinical study of CS2009 will be presented at the 2025 European Society for Medical Oncology (ESMO) annual meeting, indicating good safety and tolerability, along with positive anti-tumor activity data [1] - Additional data from both Phase I and Phase II clinical studies is expected to be released at the upcoming American Society of Clinical Oncology (ASCO) and ESMO meetings this year [1]

Investment Rating - The report maintains an "Overweight" rating for the industry [5] Core Insights - The pharmaceutical sector is experiencing a phase of oscillation and differentiation, with a recommendation to seize thematic rotation and bottom adjustment opportunities, particularly in the innovative drug supply chain and AI+ sectors [6][13] - The long-term growth driver for the pharmaceutical sector is technological innovation, with key focuses on "continuation of policy benefits," "breakthroughs in frontier technologies," and "international BD transactions" [6][13] - The report highlights the potential of new generation CTLA-4 therapies that address toxicity issues, thereby unlocking market potential [7] Summary by Sections Industry Overview - The pharmaceutical industry comprises 499 listed companies with a total market value of 71,291.29 billion [2] - The industry is currently valued at 25.8 times PE based on 2025 earnings forecasts, with a premium of 10.2% over the overall A-share market [22] Market Dynamics - The report notes a 14.49% return for the pharmaceutical sector since the beginning of 2025, underperforming the CSI 300 index by 1.60 percentage points [19] - Recent market movements show a decline in the pharmaceutical sector, with specific segments like pharmaceutical commerce and medical devices showing positive growth [19][6] Key Recommendations - Focus on companies involved in innovative drug development and AI applications, such as 恒瑞医药 (Hengrui Medicine), 中国生物制药 (China National Pharmaceutical Group), and 康方生物 (Kangfang Biopharma) [6][13] - The report emphasizes the importance of addressing clinical pain points and enhancing safety in new generation immuno-oncology drugs [7] Notable Companies - The report recommends several companies for investment, including 康方生物 (Kangfang Biopharma), 药明合联 (WuXi AppTec), and 泰格医药 (Tigermed) [7][30] - It highlights the performance of specific stocks, noting that the average decline for 中泰医药 (Zhongtai Medicine) was 2.51% this month, while it outperformed the industry by 0.68% this week [29][30]

Investment Rating - The report rates the pharmaceutical industry as "Positive" [1][33] Core Viewpoints - The source of innovation in the pharmaceutical industry is improving, and short-term fluctuations do not change long-term value. The ESMO 2025 conference highlighted 23 "Late-Breaking Abstracts" led by Chinese scholars, with 3 significant results presented at the highest academic level, indicating China's growing position in global pharmaceutical innovation [5][26] - Domestic innovative drugs are showing competitive clinical data, with several products demonstrating global competitiveness. For instance, the sac-TMT from Kelun Biotech is expected to be a strong competitor for EGFR mutation NSCLC after EGFR-TKI resistance [5][6] - Investment suggestions focus on shifting attention from "expectations" to "realization" of clinical data and commercialization. Key directions include companies with validated R&D and commercialization capabilities, those entering performance release periods, and those with excellent clinical data pipelines [5][27] Summary by Sections Section 1: Kelun Biotech - The sac-TMT is expected to be a strong competitor for EGFR mutation NSCLC after EGFR-TKI treatment failure, with significant clinical data presented at ESMO 2025 [6][8] Section 2: Kangfang Biotech - The HARMONi-6 study results met expectations, showing significant PFS benefits compared to the control group, with ongoing overseas clinical research updates anticipated [9][10] Section 3: Basestone Pharmaceuticals - The CS2009's efficacy and safety have been preliminarily validated, showing promise as a next-generation I-O therapy competitor [12][14] Section 4: Shouyao Holdings - The SY-5007 demonstrated significant efficacy advantages in RET fusion-positive NSCLC patients, with a low treatment-related discontinuation rate [16][18] Section 5: Jinfang Pharmaceuticals - The GFH375 showed promising efficacy in treating KRAS G12D mutation pancreatic cancer, with a notable objective response rate [19][21] Section 6: Aosaikang - The ASKB589 combined with chemotherapy and PD-1 inhibitors showed significant survival benefits in advanced gastric cancer patients [23][25]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry in China [5]. Core Insights - The ESMO conference showcased significant breakthroughs in both foreign and domestic innovative drugs, highlighting the competitive strength of Chinese pharmaceutical companies on the international stage [3][12]. - The report emphasizes the potential of domestic innovative drugs to redefine standard therapies, particularly in the context of PD-1/VEGF dual antibodies and antibody-drug conjugates (ADCs) [8][29]. Summary by Sections 1. PD-1 plus and Domestic Dual Antibodies - The PD-(L)1/VEGF dual antibody, Ivosidenib, demonstrated strong positive results in a Phase III trial for first-line treatment of advanced squamous non-small cell lung cancer (NSCLC), showing a progression-free survival (PFS) improvement of 4.2 months compared to the PD-1 group [13][16]. - SSGJ-707, a PD-1/VEGF dual antibody, showed promising results in treating microsatellite stable (MSS) colorectal cancer, with an overall response rate (ORR) of 68.7% and a disease control rate (DCR) of 98.5% [18][19]. - HB0025, another PD-L1/VEGF dual antibody, reported an ORR of 83.3% in squamous NSCLC patients, indicating strong anti-tumor efficacy [20][21]. 2. ADCs: Accelerated Breakthroughs - SKB264, an ADC, has shown significant PFS and overall survival (OS) benefits in a Phase III trial for EGFR-mutant NSCLC, with PFS HR of 0.49 and OS HR of 0.60, indicating its potential as a new standard therapy [29][30]. - In the breast cancer domain, SKB264 demonstrated an ORR of 41.5% in CDK4/6i pre-treated HR+/HER2- advanced breast cancer, significantly outperforming chemotherapy [31][32]. - The report highlights the global potential of SKB264, with ongoing studies expected to further validate its efficacy and safety profile [23][29].

Group 1 - The article does not provide any specific information or data regarding companies or industries [1]

Core Insights - The 2025 European Society for Medical Oncology (ESMO) annual meeting held in Berlin showcased significant clinical research results from various domestic pharmaceutical companies, indicating that ESMO could act as a catalyst for business development (BD) in innovative drugs from China [1][2]. Group 1: Clinical Research Highlights - Bai Li Tianheng's drug, Iza-bren, an EGFR×HER3 dual antibody ADC, received considerable attention at ESMO, with a reported 100% objective response rate (ORR) at the World Lung Cancer Conference [3]. - The overseas multi-center study of Iza-bren included 107 patients across various cancer types, showing a cORR of 55% and a median progression-free survival (mPFS) of 5.4 months, highlighting its broad-spectrum treatment potential [3][4]. - The study included a higher proportion of heavily pre-treated patients (57.9%) compared to earlier domestic studies, confirming the drug's efficacy across different populations [4]. Group 2: Market Reactions and Stock Performance - Following the ESMO conference, stocks of companies like Decipher Biosciences, Kintor Pharmaceutical, and Kelun Pharmaceutical saw significant increases after presenting their clinical data [2]. - Kintor Pharmaceutical's CAR-T therapy for pancreatic cancer showed promising results, with a 83.3% disease-free survival rate at 9 months, leading to a 7.01% increase in stock price [5][6]. Group 3: Business Development Opportunities - The ESMO meeting highlighted over 50 targets across various development paths, with a focus on "ADC+IO" and "dual/multi-antibody" therapies [7]. - Companies are increasingly focusing on differentiated mechanisms of action and complementary therapeutic areas for new BD opportunities, as traditional PD-1 targets become saturated [10]. - Recent BD agreements, such as the one between Hansoh Pharmaceutical and Roche for HS-20110, indicate a continued interest in innovative drug development, with potential milestone payments reaching up to $14.5 billion [10].