Core Viewpoint - The Chinese innovative drug industry is experiencing a significant moment in 2025, driven by strong policy support and frequent License-out transactions, making it one of the hottest sectors in the capital market. HBM Holdings Ltd. (2142.HK) stands out with a remarkable stock price increase of 691.94% year-to-date as of September 2, 2025, due to its unique antibody technology platform and international collaborations [1][4]. Company Performance - HBM Holdings Ltd. reported a mid-year profit growth exceeding 50 times, attracting interest from top sovereign funds. The Government of Singapore Investment Corporation (GIC) invested approximately HKD 511 million to acquire 45.02 million shares, increasing its stake from 1.62% to 6.37% [1][4][8]. - Earlier in March 2025, AstraZeneca also made a strategic investment in HBM, acquiring 9.15% of newly issued shares at a price of approximately HKD 10.74 per share, representing a 37.2% premium over the closing price on the day of the agreement [1][11]. Investment Trends - GIC's investment is seen as a long-term commitment to the innovative drug sector, reflecting confidence in the underlying value and future growth potential of HBM. This investment is not merely financial but a strategic vote of confidence in the company's business model and platform value [7][9]. - The trend indicates a shift in valuation logic for Chinese innovative drug companies, moving from pipeline-based valuation to platform technology and business model-centric pricing [17]. Strategic Collaborations - HBM has established a unique value creation system through a three-dimensional cooperation model involving technology licensing, joint development, and equity investment, completing over 40 business development (BD) collaborations since its inception. The total amount of external cooperation has surpassed USD 6 billion in 2025 [11][12]. - The company is evolving towards a more comprehensive "antibody+" strategic ecosystem, aiming to transform into a top-tier platform-based pharmaceutical enterprise by 2028 [12][16]. Market Outlook - Several brokerage firms are optimistic about HBM's future, with East China Securities predicting revenues of USD 154 million, USD 110 million, and USD 144 million for 2025-2027, respectively, alongside net profits of USD 82 million, USD 47 million, and USD 63 million [12]. - The capital market's enthusiastic response is attributed to HBM's robust technology and clear BD strategy, which have garnered recognition from industry giants like AstraZeneca and GIC [16].

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，概不對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。 在我們專有的Harbour Mice®平台及既定的獨特業務模式的支持下，本集團現正加 速轉型，成為可持續盈利的全球生物技術引擎。通過與全球跨國公司和領先的生 物技術公司合作，我們目前在全球已有超過19個分子進入IND階段，這成功地認 可並驗證了我們平台的價值。 於2025年，本公司於公開市場已合共購回8,146,000股股份，總值近30百萬港元。 此進展反映了本公司對其業務前景及展望的信心，同時表明本公司管理層認為當 前估值與本公司的內在價值脫節。 1 現金溢利：經營現金淨流入 1 和鉑醫藥控股有限公司 HBM Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：02142） 自願公告 業務進展及更新 本公告由和鉑醫藥控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）按 自願基準作出，以知會本公司股東（「股東」）及潛在投資者有關本集團最新業務更 新。 本公司董事（「董事 ...