Company News - Q Technology (01478.HK) reported a total sales volume of camera modules of 44.071 million units in January, representing a year-on-year increase of 22.8%. Fingerprint recognition module sales reached 19.741 million units, up 18.4% year-on-year, driven by increased overseas customer demand and a growing market share in the IoT and smart automotive sectors [2] - China Resources Power (00836.HK) achieved a sales volume of 23.78879 million megawatt-hours in January, a year-on-year increase of 28.4%. The sales from wind power plants increased by 7.2%, while solar power plant sales surged by 72.3% year-on-year [2] - NetEase-S (09999.HK) projected net revenue of approximately 112.626 billion yuan for 2025, a year-on-year growth of 6.96%, with net profit expected to be around 33.76 billion yuan, up 13.68% [2] - NetEase Cloud Music (09899.HK) anticipates revenue of about 7.759 billion yuan in 2025, with an expected profit of approximately 2.746 billion yuan, reflecting a significant year-on-year growth of 75.4%. The gross margin is expected to reach 35.7%, an increase from 33.7% in 2024, attributed to business scale growth, enhanced monetization capabilities, prudent cost management, and operational leverage [2] - Huitian Group (00806.HK) expects to achieve a consolidated profit attributable to shareholders of approximately 660 million HKD for the fiscal year 2025, a substantial increase from 31 million HKD in the previous year [2] Biotech Developments - Reborn Bio-B (06938.HK) entered into an exclusive global licensing agreement with Madrigal for several siRNA assets, receiving an upfront payment of 60 million USD, with potential cumulative payments of up to 4.4 billion USD upon achieving certain development, regulatory, and commercialization milestones, in addition to potential royalties on net sales [3] - Fuhong Hanlin (02696.HK) completed the first patient dosing in a Phase 1b/2 clinical study of HLX43 in combination with HLX07 or Hansizhuang® for patients with advanced or metastatic colorectal cancer in China [3] - Heng Rui Medicine (01276.HK) announced that its injection of Rukang Trastuzumab has been included in the list of breakthrough therapies, with global sales of similar products expected to reach approximately 6.557 billion USD in 2024 [3] - Saint Bella (02508.HK) made significant progress in its global strategic expansion plan, aiming to extend its reach to the eastern United States, the UK, France, Thailand, and Australia [3] - China National Biotech Group (08247.HK) signed a strategic cooperation agreement with Xiaoshou Medical to jointly promote the enhancement of quality medical resources and grassroots medical service capabilities [3] Buyback Activities - Geely Automobile (00175.HK) repurchased 1.201 million shares at a cost of 20.3042 million HKD, with repurchase prices ranging from 16.67 to 17.08 HKD [4] - Bairong Cloud-W (06608.HK) repurchased 1.66 million shares for 18.9051 million HKD, with share prices between 11.11 and 11.43 HKD [5] - Kingsoft (03888.HK) repurchased 355,200 shares at a cost of 9.9963 million HKD, with repurchase prices ranging from 27.9 HKD to 28.2 HKD [5]

Core Viewpoint - The company, Junshi Biosciences, has announced the completion of the first patient dosing in a 1b/2 clinical study of HLX43 in combination with HLX07 or Hansizhuang for patients with advanced or metastatic colorectal cancer in mainland China [1][2] Group 1 - The study aims to evaluate the safety, tolerability, and efficacy of HLX43 combined with HLX07 or Hansizhuang in patients with advanced or metastatic colorectal cancer [2] - The study consists of two parts: the first part includes a safety lead-in phase and a dose expansion phase, utilizing a 3+3 dose escalation design [2] - The primary objective of the first phase is to assess the safety and tolerability of different dose levels of HLX43 combined with HLX07, while secondary objectives include pharmacokinetics, immunogenicity, efficacy, and potential biomarkers [2] Group 2 - The second phase is a randomized, multi-center, open-label study evaluating HLX43 at two dose levels combined with fixed-dose HLX07, focusing on efficacy in metastatic colorectal cancer patients [2] - The secondary objectives of the second phase include evaluating safety and tolerability, pharmacokinetics, immunogenicity, and potential predictive or resistance biomarkers [2] - Additionally, the second part assesses HLX43 combined with fixed-dose Hansizhuang in metastatic colorectal cancer patients, with similar objectives regarding efficacy and safety [2]

Core Viewpoint - The announcement from Junshi Biosciences (复宏汉霖) indicates the initiation of a clinical study for HLX43 in combination with HLX07 or Hansizhuang (汉斯状®) for patients with advanced or metastatic colorectal cancer in mainland China [1] Group 1 - Junshi Biosciences has completed the first patient dosing in a 1b/2 phase clinical study for HLX43, a PD-L1 targeted antibody-drug conjugate [1] - The study involves the combination of HLX43 with HLX07, a recombinant humanized monoclonal antibody injection targeting EGFR, or Hansizhuang, a monoclonal antibody injection [1] - The clinical research is being conducted in mainland China, excluding Hong Kong, Macau, and Taiwan [1]

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） （股份代號：2696） 自願公告 注射用HLX43（靶向PD-L1抗體偶聯藥物） 聯合HLX07（重組抗EGFR人源化單克隆抗體注射液） 或漢斯狀® （斯魯利單抗注射液） 在晚期或轉移性結直腸癌患者中開展的1b/2期臨床研究 於中國境內完成首例患者給藥 A. 緒言 1 料，暫定HLX43的劑量水準為2.5 mg/kg和3.0 mg/kg，該階段主要目的是研究不 同劑量HLX43聯合固定劑量HLX07在轉移性結直腸癌(mCRC)患者中的有效性， 次要目的包括評價其安全性和耐受性、HLX43的PK特徵和免疫原性、並研究潛在 預測性或耐藥性生物標誌物。第二部分為一項隨機、多中心、開放標籤研究，評 估HLX43 2.0 mg/kg或2.5 mg/kg聯合固定劑量漢斯狀®(30 ...

Core Insights - The biopharmaceutical industry is at a pivotal moment as it transitions from innovation-driven to value-driven paradigms, with a focus on sustainable growth paths amid global and local dynamics [1][5] Company Overview - As of the end of 2025, the company has established a comprehensive global operational system covering research, production, and commercialization, with products approved in over 60 markets, benefiting more than 95,000 patients globally [5][6] - The company has approximately 4,000 employees and has formed deep collaborative relationships with over 20 global partners, successfully launching 10 products worldwide [5][6] Product Development - The company has achieved a significant transformation from single product licensing to systematic value output, with 4 new products entering overseas markets, including the self-developed H drug Hanshuo® [6][7] - H drug Hanshuo® has become the only approved PD-1 inhibitor for small cell lung cancer in India, demonstrating the company's capability in gaining global regulatory recognition [6][7] Strategic Focus - The company aims to enhance scientific insight in defining therapeutic areas, moving from "fast-follow" to "differentiated innovation," focusing on unmet clinical needs [8][9] - It plans to deepen global collaborative innovation by building a resilient research network that attracts top global talent and fosters symbiotic relationships with local medical ecosystems [8][9] Localization Strategy - The company emphasizes the importance of local operational capabilities, transitioning from "going out" to "integrating in," by establishing production bases and commercialization teams to embed itself in the global industry chain [9] - The next three to five years are seen as a critical period for Chinese biopharmaceutical companies to build global competitiveness, with a focus on scientific foresight and operational resilience [9]

Core Viewpoint - The stock of Fuhong Hanlin (02696) rose nearly 5% in early trading, reflecting positive market sentiment following recent developments in clinical research and regulatory approvals [1] Group 1: Clinical Research Developments - Fuhong Hanlin successfully held an offline investigator meeting in San Francisco for the HLX22-GC-301 study, focusing on the international multicenter Phase III clinical trial of the anti-HER2 monoclonal antibody HLX22 in combination with trastuzumab and chemotherapy for HER2-positive advanced gastric cancer [1] - The company announced the approval from the National Medical Products Administration for clinical trials of HLX43 in combination with HLX07 and surufatinib for the treatment of advanced solid tumors, with plans to initiate a Phase II clinical study in China once conditions are met [1] Group 2: Market Performance - As of the report, Fuhong Hanlin's stock was trading at 58.4 HKD, with a trading volume of 19.16 million HKD, indicating strong investor interest [1]

Core Viewpoint - The stock of Fuhong Hanlin (02696) rose nearly 5% in early trading, reflecting positive market sentiment following recent developments in clinical research and regulatory approvals [1] Group 1: Clinical Research Developments - Fuhong Hanlin successfully held an offline investigator meeting in San Francisco, focusing on the international multicenter Phase III clinical study HLX22-GC-301, which investigates the combination of the new anti-HER2 monoclonal antibody HLX22 with trastuzumab and chemotherapy for first-line treatment of HER2-positive advanced gastric cancer [1] - The company announced the approval from the National Medical Products Administration for clinical trials of HLX43 in combination with HLX07 and surufatinib for the treatment of advanced solid tumors, with plans to initiate a Phase II clinical study in China once conditions are met [1]

Core Viewpoint - The company, Fuhong Hanlin (02696), has received approval from the National Medical Products Administration for clinical trials of a combination therapy involving HLX43, HLX07, and Surulitinib for the treatment of advanced solid tumors, which has positively impacted its stock price [1] Group 1: Company Developments - Fuhong Hanlin's stock rose over 4% in early trading, currently up 3.48% at HKD 56.5, with a trading volume of HKD 12.65 million [1] - The company plans to conduct Phase II clinical research for the combination therapy in China once conditions are met [1] Group 2: Product Information - HLX43 is a novel DNA topoisomerase I inhibitor conjugated with a self-developed PD-L1 targeting antibody, aimed at treating advanced/metastatic solid tumors [1] - HLX07 is an innovative biopharmaceutical developed by Fuhong Hanlin targeting the EGFR, also intended for advanced solid tumor treatment [1] - Surulitinib is an innovative anti-PD-1 monoclonal antibody developed by Fuhong Hanlin [1]

Core Viewpoint - The company, Fuhong Hanlin (02696), has received approval from the National Medical Products Administration for clinical trials of a combination therapy involving HLX43, HLX07, and Surulitinib for the treatment of advanced solid tumors, leading to a stock price increase of over 4% in early trading [1]. Group 1: Company Developments - Fuhong Hanlin's stock price rose by 3.48% to HKD 56.5, with a trading volume of HKD 12.65 million [1]. - The company plans to conduct Phase II clinical research for the combination therapy in China once conditions are met [1]. Group 2: Product Information - HLX43 is a novel DNA topoisomerase I inhibitor conjugated with a PD-L1 targeting antibody, developed for treating advanced/metastatic solid tumors [1]. - HLX07 is an innovative biopharmaceutical developed by Fuhong Hanlin targeting the EGFR for advanced solid tumors [1]. - Surulitinib is an innovative anti-PD-1 monoclonal antibody developed by Fuhong Hanlin [1].

Group 1 - Approval Status: HLX43 (a PD-L1 targeted antibody-drug conjugate) in combination with HLX07 (an anti-EGFR monoclonal antibody) and Hansizhuang (Sruvelizumab) has received approval from NMPA for clinical trials aimed at treating advanced solid tumors in China [1] Group 2 - R&D Progress: Phase 1/2 clinical trials for HLX43 are being conducted in multiple regions including China, the United States, and Japan, covering indications such as NSCLC, colorectal cancer, cervical cancer, and esophageal squamous cell carcinoma [2] - Clinical Data: In patients with previously treated NSCLC, the overall response rate (ORR) reached 37.0% and the disease control rate (DCR) was 87.0%; for cervical cancer patients, the ORR was 41.4% (with the 3.0 mg/kg dosage group achieving 70%) [2] - Market Position: There are currently no similar combination therapies approved for marketing globally [2]