Core Viewpoint - Dongwu Securities maintains a "Buy" rating for Corning Jereh Pharmaceutical-B (09966), anticipating multiple ADC pipelines to complete preclinical development by 2025, leading to adjustments in R&D expense forecasts and net profit estimates for 2025-2027 [1] Group 1: Pipeline Developments - The company has submitted a listing application for KN026, a HER2 bispecific monoclonal antibody, which is expected to receive approval by the end of 2026 or in 2027 [1] - JSKN003, the company's first ADC pipeline, is expected to submit a domestic listing application for HER2-positive breast cancer in 2026, with promising efficacy data presented at the 2025 ESMO conference for ovarian and colorectal cancers [2] Group 2: Clinical Progress and Efficacy Data - For JSKN003, the objective response rate (ORR) for platinum-resistant ovarian cancer patients was 32.0%, with a disease control rate (DCR) of 72.0%, and a median progression-free survival (PFS) of 4.1 months [2] - In colorectal cancer patients, JSKN003 achieved an ORR of 71.0%, a DCR of 100%, a median duration of response (DoR) of 9.89 months, and a median PFS of 11.04 months [2] Group 3: R&D Platform and Future Prospects - The company's self-developed platform continues to yield new pipelines, with the PD-L1/ITGB6/8 multifunctional ADC JSKN022 starting Phase I clinical trials in October 2025, and the PD-L1/VEGFR2 dual-target ADC JSKN027 having received IND approval in December 2025, with Phase I trials expected in 2026 [3]

Core Viewpoint - Dongwu Securities maintains a "Buy" rating for Kangning Jereh Pharmaceutical-B (09966), anticipating multiple ADC pipelines to complete preclinical development by 2025, leading to adjustments in R&D expense forecasts and net profit estimates for 2025-2027 [1] Group 1: Financial Projections - The forecast for net profit attributable to the parent company is adjusted to -115 million yuan for 2025 and -97 million yuan for 2026, down from 14 million yuan and 63 million yuan respectively; a new forecast for 2027 is set at -26 million yuan [1] - The company is expected to gradually reduce losses as products like KN026 are anticipated to be launched domestically, with JSKN003 also nearing its application for market approval [1] Group 2: Product Pipeline Developments - KN026, a HER2 bispecific monoclonal antibody, has had its application for marketing approval accepted by NMPA, with expectations for approval by the end of 2026 or in 2027; the domestic rights have been granted to CSPC Pharmaceutical Group, while the company retains exclusive production rights [1] - JSKN003, the company's first ADC pipeline, is expected to submit a domestic application for HER2-positive breast cancer in 2026, with promising efficacy data presented at the 2025 ESMO conference for ovarian and colorectal cancers [2] Group 3: Research and Development Advancements - The company's self-developed platform continues to yield new pipelines, with the PD-L1/ITGB6/8 multifunctional ADC JSKN022 showing superior internalization efficiency and cytotoxic activity, having initiated Phase I clinical trials in October 2025 [3] - The PD-L1/VEGFR2 bispecific ADC JSKN027 has integrated multiple mechanisms and has received acceptance for its IND application, with Phase I clinical trials expected to commence in 2026 [3] - Additional ADCs, such as EGFR/HER3 bispecific dual-load ADC JSKN021, are anticipated to enter clinical development stages [3]

Core Insights - The company has submitted a listing application for KN026, a HER2 dual-target monoclonal antibody, which is expected to be approved for gastric cancer treatment by the end of 2026 or in 2027 [1] - The company has granted domestic rights for KN026 to CSPC Pharmaceutical Group, which will handle commercialization, while the company retains exclusive production rights [1] - The first ADC pipeline, JSKN003, is progressing rapidly, with a domestic listing application expected in 2026 for its indication in HER2-positive breast cancer [1] - JSKN003 has shown promising efficacy data in ovarian and colorectal cancer, with an objective response rate (ORR) of 32.0% and a disease control rate (DCR) of 72.0% in platinum-resistant ovarian cancer patients [1] - The company’s self-developed platform continues to produce new ADC molecules, with JSKN022 and JSKN027 entering clinical trials in 2025 [2] - Revenue forecasts for 2025-2026 are maintained at 414 million and 471 million yuan, with an additional forecast of 563 million yuan for 2027 [2] Financial Projections - The company has adjusted its R&D expense forecasts, leading to a downward revision of net profit estimates for 2025 and 2026 to -115 million and -97 million yuan, respectively [3] - The net profit forecast for 2027 is also revised to -26 million yuan [3] - Despite the losses, the company is expected to gradually reduce its losses as KN026 approaches market entry and JSKN003 is set to apply for listing [3] - The company maintains a "buy" rating based on the positive development cycle of its R&D capabilities and the upcoming clinical stages of its pipeline [3]

Macro Strategy - The report highlights the investment value of the Guangfa CSI Media ETF (512980.SH), which is closely tracking the CSI Media Index (399971.SZ) and has a management fee of 0.5% per year and a custody fee of 0.1% per year [10] - As of January 16, 2026, the ETF has a circulation scale of 10.759 billion yuan, leading in scale and liquidity, with an annualized return of 29.47% and a volatility ratio of 0.89, indicating reasonable risk control [10] - The underlying index focuses on AI applications, with a high weight of GEO concept stocks, including major companies like BlueFocus and Rock Mountain Technology, which account for 31.43% of the index [10] - The report notes that the media sector is experiencing a bull market driven by AI technology transformation and the assetization of data elements, contrasting with the previous bull market driven by mobile internet traffic [10] Company Analysis Kangning Jereh Pharmaceutical-B (09966.HK) - The company is expected to have total revenues of 414 million yuan and 471 million yuan in 2025 and 2026, respectively, with a new forecast for 2027 at 563 million yuan [6] - The net profit forecast for 2025 and 2026 has been adjusted down to -115 million yuan and -97 million yuan, respectively, due to increased R&D expenses [6] - The company maintains a "Buy" rating as it anticipates a gradual reduction in losses with the upcoming domestic launch of product KN026 and the submission of JSKN003 for listing [6] Fuan Energy (002911) - The company reported a net profit of 1 billion yuan for 2025, a year-on-year increase of 17.3%, driven by strong growth in its energy and chemical business [17] - The forecast for net profit for 2025-2027 has been raised to 1 billion, 1.07 billion, and 1.12 billion yuan, respectively, reflecting a growth of 17.3%, 7.0%, and 4.4% [17] - The company maintains a "Buy" rating, supported by a stable natural gas business and diversified growth strategies [17] Huace Testing (300012) - The company expects a net profit of 1.01-1.02 billion yuan for 2025, with a growth rate of 10%-11%, and a strong performance in Q4 with a net profit increase of 15%-20% [18] - The report emphasizes the company's strategic focus on traditional markets and emerging sectors, which is expected to drive growth [19] - The company maintains an "Overweight" rating, with adjusted net profit forecasts for 2025-2027 at 1.02 billion, 1.16 billion, and 1.29 billion yuan [19] Tianfu Communication (300394) - The company forecasts a net profit of 1.88-2.15 billion yuan for 2025, representing a year-on-year increase of 40%-60% [20] - The growth is attributed to the acceleration of the AI industry and global data center construction, which has driven demand for high-speed optical devices [20] - The company is positioned to benefit from the upcoming commercial launch of its 1.6T optical engine products [20]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has multiple core pipeline catalysts, with KN026 having submitted a listing application and expected to be approved by the end of 2026 or early 2027. The product has been granted exclusive domestic rights to a partner company for commercialization while retaining production rights [7][12] - The first ADC pipeline, JSKN003, is progressing rapidly, with promising clinical data for multiple indications, including ovarian and colorectal cancers. The company anticipates submitting a domestic listing application for this product in 2026 [21][24] - The self-developed platform continues to yield new ADC molecules, with several expected to enter clinical trials soon. Notable candidates include JSKN022 and JSKN027, which have shown superior efficacy and are set to begin clinical studies in 2026 [28][30] Financial Projections - The company forecasts total revenue of CNY 4.14 billion and CNY 4.71 billion for 2025 and 2026, respectively, with an additional projection of CNY 5.63 billion for 2027. Adjustments to R&D expense forecasts have led to revised net profit estimates of -CNY 1.15 billion and -CNY 0.97 billion for 2025 and 2026, respectively, with a projected loss of -CNY 0.26 billion in 2027 [1][33]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has multiple core pipeline catalysts, with KN026 having submitted a listing application and expected to be approved by the end of 2026 or early 2027. The product is a HER2 bispecific monoclonal antibody targeting gastric cancer and breast cancer [7][12] - JSKN003, the company's first ADC pipeline, is progressing rapidly with promising clinical data for ovarian and colorectal cancers, with an NDA application expected in 2026 [21][24] - The self-developed platform continues to yield new ADC molecules entering clinical stages, including JSKN022 and JSKN027, which are expected to start clinical trials in 2026 [27][29] - Revenue forecasts for 2025-2026 are maintained at 4.14 billion and 4.71 billion CNY, respectively, with a new forecast for 2027 at 5.63 billion CNY. The net profit forecasts for 2025-2026 are adjusted to -1.15 billion and -0.97 billion CNY, respectively, with a new forecast for 2027 at -0.26 billion CNY [1][30] Summary by Sections Core Pipeline Developments - KN026 has been accepted for review by the NMPA for gastric cancer treatment, with further applications for breast cancer expected in 2026 [12][13] - JSKN003 is advancing in clinical trials for HER2-positive breast cancer, with significant efficacy data reported for ovarian and colorectal cancers [21][24] Self-Developed Platform - The company is leveraging its antibody development technology to expand its ADC pipeline, with several new candidates expected to enter clinical trials soon [27][29] Financial Projections - The report maintains revenue projections for 2025-2026 at 4.14 billion and 4.71 billion CNY, with a new forecast for 2027 at 5.63 billion CNY. Adjustments to net profit forecasts reflect increased R&D expenses, with expected losses narrowing as products approach market approval [1][30]

Group 1: Company Overview - The report focuses on 康宁杰瑞生物-B (9966.HK), which specializes in the development, production, and commercialization of innovative biopharmaceuticals in the oncology field, leveraging various core technology platforms [4][6] - The company has developed a differentiated pipeline that includes single-domain antibodies, bispecific antibodies, and antibody-drug conjugates (ADCs), showcasing international competitiveness [4][5] Group 2: Product Pipeline and Commercialization - The commercialization of 安尼妥单抗 injection is imminent, targeting 2L+HER2+GC treatment and providing better clinical options for 1L/newly diagnosed HER2+ breast cancer patients [4][5] - The first listing application for 安尼妥单抗 for HER2+ gastric cancer has been accepted by NMPA, with expectations for approval within 2026, marking the beginning of a commercialization phase [4][5] - Multiple ongoing clinical trials for various indications, including 1L HER2+ breast cancer and HER2+ gastric cancer, indicate significant potential for blockbuster products [4][5] Group 3: Financial Projections - Revenue forecasts for 康宁杰瑞 are projected at 432 million, 484 million, and 596 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of -32.5%, 12.1%, and 23.0% [6] - The current price-to-sales (PS) ratios are estimated at 20.6x, 18.4x, and 14.9x for the respective years, indicating substantial upside potential due to effective drug commercialization and clinical data disclosures [6] Group 4: Industry Overview - The report highlights a positive macroeconomic environment for the non-ferrous metals industry, with significant price increases in metal commodities driven by supply constraints and favorable economic indicators [7][10] - The U.S. GDP for Q3 exceeded expectations, with a year-on-year growth rate of 4.3%, supporting consumer spending despite inflation and employment concerns [7][8] - The industrial added value for large-scale industries in China is expected to grow by 5.9% in 2025, indicating a robust manufacturing sector [9]

康寧傑瑞生物製藥 （於開曼群島註冊成立的有限公司） （股份代號：9966） 自願公告 JSKN033的一項II期臨床試驗的IND申請獲CDE正式受理 本公告乃由康寧傑瑞生物製藥（「本公司」，連同其附屬公司，統稱「本集團」）自願 作出，以知會本集團股東（「股東」）及潛在投資者有關本集團之最新業務進展。 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。 ALPHAMAB ONCOLOGY 關於JSKN033 JSKN033是本集團開發的全球首個由HER2雙特異性ADC(JSKN003)及PD-L1單 抗（恩沃利單抗）組成的皮下注射複方製劑。JSKN003是一種靶向HER2雙表位 ADC，其中一種拓撲異構酶I抑制劑通過糖基定點偶聯技術與抗體KN026（一種重 組人源化抗HER2雙特異性抗體）的N糖基化位點連接。恩沃利單抗是重組人源化 PD-L1單域抗體和人免疫球蛋白G1 Fc片段組成的Fc融合蛋白，作為全球首個皮下 注射PD-L1抑制劑，已於2021年11月 ...

Core Viewpoint - In 2025, under the new "dual circulation" development pattern, China's capital market is undergoing a profound transformation, with the innovative drug sector emerging as a standout performer, marked by significant capital investment and a shift towards "hard technology" [1][3]. Industry Overview - The innovative drug sector has entered a clear structural bull market in 2025, driven by valuation recovery, policy support, and the trend of business development (BD) overseas, leading to a systematic reconstruction of the valuation framework [3]. - The investment logic in innovative drugs has shifted from a narrative focused on "stories and pipelines" to a deeper pricing based on "commercialization capability" and "sustained innovation momentum" [3]. - The competition in the future will focus on "platform-based innovation capability" rather than betting on single-target "probability games" [4]. Company Performance - 康宁杰瑞 (Cangning Jierei) achieved a remarkable stock price increase of 220.57% in 2025, becoming a leader among mid-to-large unprofitable biotech companies, and was awarded the "Annual Innovation Award" by 格隆汇 (Gelonghui) for its innovative model [1][5]. - The company successfully transitioned from early product development to focusing on the dual antibody/ADC golden track, marking a fundamental shift from "single product-driven" to "technology platform-driven" [7]. - Financially, 康宁杰瑞 reported a revenue of 319 million yuan in the first half of 2025, an 84% year-on-year increase, and a net profit of 21.58 million yuan, maintaining positive profitability [9]. Future Outlook - In 2026, 康宁杰瑞 is expected to enter a critical period for innovation results and value validation, with several milestone events and clinical data readouts acting as clear catalysts [12]. - Key products include KN026, JSKN003, and JSKN016, with anticipated regulatory approvals and clinical data expected to further solidify the company's position in the market [12][13]. - The capital market's recognition of 康宁杰瑞 is deepening, with multiple institutions raising ratings and target prices, indicating a clear long-term growth potential [13]. Conclusion - 康宁杰瑞's journey in 2025 reflects a broader transformation in the Chinese innovative drug landscape, emphasizing the importance of systematic platform capabilities over single blockbuster products [16][17]. - As the industry transitions from beta-driven benefits to alpha-driven differentiation, companies like 康宁杰瑞, with independent platforms and clear clinical strategies, are poised to become market leaders and define the next generation of treatment standards [16][18].

Investment Rating - The report does not explicitly state an investment rating for the industry [2]. Core Insights - The pathology business is entering a fast track with the National Healthcare Security Administration issuing guidelines for pricing projects in pathology services, focusing on biopsy sampling, sample processing, and digitalization of pathology data, which is expected to enhance the application of AI in the field [3][11]. - The influenza activity has peaked across the board, with reported cases in southern provinces at 9.7%, down from 11.2% the previous week, but higher than the same period in previous years [3][11]. Market Weekly Review - The pharmaceutical and biotechnology sector fell by 0.14% from December 15 to December 19, outperforming the Wind All A index (-0.15%) and the CSI 300 index (-0.28%). The rebound was weak, with segments like pharmaceutical distribution (5.59%), offline pharmacies (4.69%), and hospitals (4.15%) leading gains, while chemical preparations (-2.1%), vaccines (-0.87%), and medical R&D outsourcing (-0.87%) lagged [3][8]. - Notable stock performances included Huaren Health (55.9%), Luyuan Pharmaceutical (36.8%), and Shuyupingmin (35.7%) with significant gains, while *ST Changyao (-24%), Yipinhong (-23.7%), and Rejing Biology (-16.5%) faced substantial declines [3][11]. Industry News and Key Company Announcements - The National Healthcare Security Administration's guidelines for pathology services are expected to drive high-quality development in the sector and create new scenarios for AI-assisted technology applications [11]. - Significant collaborations and approvals were reported, including Shanghai Jinmante's partnership with Jiangsu Kangning Jerey for a breakthrough therapy designation from the FDA for JSKN003, and Novo Nordisk's submission of a marketing application for CagriSema, which showed a weight loss of 22.7% over 68 weeks in clinical trials [12][13]. - Fosun Pharma's subsidiary received FDA approval to initiate a Phase I clinical trial for HLX18, a biosimilar to Nivolumab, targeting various cancers [13][14].