Market Overview - The US stock market experienced a collective decline, leading to a weak market sentiment in Hong Kong, with the Hang Seng Index down 0.84% to 25,549.90 points, the Hang Seng Tech Index down 1.32% to 5,587.69 points, and the National Enterprises Index down 1.12% to 8,981.84 points [1] Company News - Dongfeng Group reported cumulative sales of 1.697 million vehicles in the first 11 months, a year-on-year decrease of approximately 0.3%. New energy vehicle sales reached 489,203 units, marking a year-on-year increase of about 39.1% [2] - New天绿色能源 achieved a cumulative power generation of 13.3689 million MWh in the first 11 months, an increase of 8.04% year-on-year, with November's generation at 1.662 million MWh, up 24.45% year-on-year [2] - Longyuan Power completed a cumulative power generation of approximately 69.0964 million MWh in the first 11 months, reflecting a year-on-year growth of 0.41% [3] - Greenland Hong Kong reported contract sales of approximately 6.823 billion yuan in the first 11 months, a year-on-year decline of 22.6% [4] - Sunyu Optical Technology completed a share swap merger with Goer Optical, with its subsidiary Ningbo Aolai holding approximately 31.31% of the shares, becoming the second-largest shareholder [4] - Zoomlion Heavy Industry completed the acquisition of 81% equity in Zoomlion Heavy Industry Finance Leasing (Beijing) [5] - Cambridge Technology plans to increase its investment in CIG USA by $100 million [6] - WuXi AppTec announced research data for JWCAR201 IIT at the 67th American Society of Hematology Annual Meeting [7] - Four Seasons Pharmaceutical's innovative drug Anjiuwei® successfully renewed its inclusion in the 2025 National Basic Medical Insurance Drug List, while its innovative drug XuanYueNing® was included for the first time [7] - Yuanda Pharmaceutical's Class 1 innovative drug GPN01360 successfully reached clinical endpoints in Phase II clinical trials in China [8] - Agile Group's hearing has been further postponed to March 9, 2026 [9] Institutional Insights - Haitong International suggests that after market consolidation, a rebound is expected, with technology stocks having room for recovery. The rebound's strength will depend on policy implementation and potential interest rate cuts by the Federal Reserve [10] - Everbright Securities notes that the Hang Seng Index's current P/E ratio is above its 5-year average, indicating overall valuation recovery, while the tech index has just returned to its 5-year average, suggesting room for further valuation catch-up [10] - Guosen Securities predicts that the short-term adjustment in Hong Kong stocks opens up space for market growth in 2026, with net inflows from southbound funds exceeding 110 billion yuan in November [10]

药明巨诺-B(02126)发布公告，宣布在第67届美国血液学会年会上公布JWCAR201的IIT研究数据。 JWCAR201是药明巨诺自主研发的靶向CD19/CD20的自体CAR-T产品。 截至2025年10月30日，本研究已入组的7例受试者完成了JWCAR201回输，初步完成了三个剂量组的安 全性，疗效以及药代和药效动力学(PK/PD)的探索。 本次研究中回输的7例患者，中位年龄56岁(范围：42至72岁)，42.9%为男性。该队列患者表现出显著的 高风险特征：DLBCL-NOS占比85.7%，non-GCB亚型占比57.1%，国际预后指数(IPI)评分≥3占比 57.1%，双表达淋巴瘤(MYC/BCL2)占比71.4%，巨大病灶(≥7 cm)28.6%，P53异常占比42.9%。另外， 42.9%的患者既往接受过≥3线治疗，71.4%的患者为塬发性难治，85.7%的患者对最近一次治疗方案耐 药。所有患者在参加本研究前均接受过多种治疗方案，仍疾病进展，急需新的有效治疗手段。 截至2025年10月30日，本研究初步结果显示，7例患者中最佳总缓解率(ORR)达到100%(7/7)，完全缓解 率(CRR)达到85 ...

本次更新的资料来自于一项在中国开展的单臂、开放、多中心、剂量探索IIT研究，起始剂量设为 25×106 CAR+ T细胞，采用二阶段CRM设计的剂量探索规则，在25×106 CAR+ T细胞、50×106 CAR+ T 细胞、100×106 CAR+ T细胞三个剂量水准进行探索，以评估CAR-T细胞产品JWCAR201在复发╱难治 性(r/r)弥漫性大B细胞淋巴瘤(DLBCL)患者的安全性与初步疗效。截至2025年10月30日，本研究已入组 的7例受试者完成了JWCAR201回输，初步完成了三个剂量组的安全性，疗效以及药代和药效动力学 (PK/PD)的探索。 格隆汇12月8日丨药明巨诺-B(02126.HK)宣布在第67届美国血液学会年会上公布JWCAR201的IIT研究数 据。JWCAR201是药明巨诺自主研发的靶向CD19/CD20的自体CAR-T产品。 本次研究中回输的7例患者，中位年龄56岁(范围：42至72岁)，42.9%为男性。该队列患者表现出显著的 高风险特征：DLBCL-NOS占比85.7%，non-GCB亚型占比57.1%，国际预后指数(IPI)评分≥3占比 57.1%，双表达淋巴瘤(MYC ...

截至2025年10月30日，本研究已入组的7例受试者完成了JWCAR201回输，初步完成了三个剂量组的安 全性，疗效以及药代和药效动力学(PK/PD)的探索。 本次研究中回输的7例患者，中位年龄56岁(范围：42至72岁)，42.9%为男性。该队列患者表现出显著的 高风险特征：DLBCL-NOS占比85.7%，non-GCB亚型占比57.1%，国际预后指数(IPI)评分≥3占比 57.1%，双表达淋巴瘤(MYC/BCL2)占比71.4%，巨大病灶(≥7 cm)28.6%，P53异常占比42.9%。另外， 42.9%的患者既往接受过≥3线治疗，71.4%的患者为塬发性难治，85.7%的患者对最近一次治疗方案耐 药。所有患者在参加本研究前均接受过多种治疗方案，仍疾病进展，急需新的有效治疗手段。 截至2025年10月30日，本研究初步结果显示，7例患者中最佳总缓解率(ORR)达到100%(7/7)，完全缓解 率(CRR)达到85.7%(6/7)。除1例患者D90部分缓解(PR)煺出研究外，余6例患者的缓解均持续至D180或 在更长随访中，中位缓解持续时间(DOR)、无进展生存期(PFS)和总生存期(OS)均尚未达到 ...

自願公告 藥明巨諾（開曼）有限公司* （於開曼群島註冊成立的有限公司） （股份代號：2126） 研究及發展更新 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之內容概不負責，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。 JW (Cayman) Therapeutics Co. Ltd 在第67屆美國血液學會年會上公佈JWCAR201 IIT研究數據 JW (Cayman) Therapeutics Co. Ltd（藥明巨諾（開曼）有限公司*）（「本公司」或「藥明 巨諾」，連同其附屬公司統稱「本集團」），一家獨立的、專注於研發、生產及商 業化細胞免疫治療產品的創新型生物科技公司，宣佈在第67屆美國血液學會年 會上公佈JWCAR201的IIT研究數據。 關於JWCAR201 JWCAR201是藥明巨諾自主研發的靶向CD19/CD20的自體CAR-T產品。 JWCAR201 IIT研究數據摘要 本次更新的資料來自於一項在中國開展的單臂、開放、多中心、劑量探索IIT研 究，起始劑量設為25×106 CAR+ T細胞， ...

Core Viewpoint - The company reported better-than-expected reduction in operating losses for 1H25, driven by cost control and licensing agreements [1][2] Financial Performance - Revenue for 1H25 reached 106 million yuan, a year-on-year increase of 22.5% - The net loss attributable to shareholders was 267 million yuan, with an operating loss of 114 million yuan after excluding impairment impacts, showing a reduction in losses of 126.5 million yuan compared to the same period last year [1] - The gross margin for product sales improved to 51.1%, up 0.7 percentage points year-on-year, while the sales expense ratio decreased by 15.7 percentage points to 72.0% [1] Development Trends - The company achieved stable sales for its main product, Benodac, in 1H25, and entered a licensing agreement with Juno for JW sLVV production technology, with a payment of up to 10 million USD expected to enhance performance [1] - The company disclosed a new CD19/20 dual-target CAR-T pipeline, with data expected by the end of the year, and initiated IIT research for JWCAR201 in hematological malignancies and autoimmune diseases [1] Clinical Trials - The company started a Phase I clinical trial for systemic lupus erythematosus (SLE) in May 2024, with patient enrollment completed by 1Q25, indicating a first-mover advantage in CAR-T treatment for SLE in China [2] Profit Forecast and Valuation - Due to the better-than-expected reduction in operating losses, the company raised its 2025 net profit forecast from a loss of 609 million yuan to a loss of 427 million yuan, and introduced a 2026 forecast of a loss of 320 million yuan [2] - The target price was increased by 151.7% to 6.04 HKD, indicating a potential upside of 19.6% from the current stock price [2]

Core Viewpoint - WuXi AppTec's stock surged over 10% following the release of its interim results, indicating positive market sentiment towards the company's financial performance and future prospects [1] Financial Performance - The company reported a revenue of 106 million RMB for the first half of the year, representing a year-on-year increase of 22.5% [1] - Gross profit reached 65.12 million RMB, showing a significant year-on-year increase of 48.86% [1] - Research and development expenses amounted to 92.04 million RMB [1] Operational Insights - CICC noted that the company's operating profit showed a reduction in losses, primarily due to cost control measures and successful licensing collaborations, with expectations for continued loss reduction throughout the year [1] - The company plans to initiate IIT research for JWCAR201 in hematological malignancies and autoimmune diseases in the second half of 2024, currently in the enrollment phase [1] Product Development - The company holds global rights for JWCAR201, which combines dual-targeting, potentially leading to broader efficacy and higher signal thresholds [1] - Encouraging preliminary data has been obtained for hematological malignancies, with plans to present IIT data at the American Society of Hematology annual meeting in December 2025 [1] - Updates on systemic lupus erythematosus (SLE) data for CD19 CAR-T are also anticipated [1]

Core Viewpoint - CICC maintains an "outperform" rating for WuXi AppTec-B (02126) and raises the target price by 151.7% to HKD 6.04, indicating a 19.6% upside potential from the current stock price due to improved operational profit and industry valuation increase [1] Group 1: Financial Performance - In 1H25, the company reported revenue of HKD 1.06 billion, a year-on-year increase of 22.5%, with better-than-expected loss reduction primarily due to cost control [2] - The gross margin for product sales improved to 51.1%, up 0.7 percentage points year-on-year, while the sales expense ratio decreased by 15.7 percentage points to 72.0% [2] - Administrative and R&D expenses were reduced by 45.7% and 39.0% respectively, indicating effective cost management [2] Group 2: Strategic Developments - The company announced a licensing agreement with Juno for JW sLVV production technology, with a payment of up to USD 10 million, which is expected to enhance performance [2] - The company has initiated IIT research for JWCAR201 targeting blood cancers and autoimmune diseases, with preliminary encouraging data expected to be presented at the 2025 American Society of Hematology annual meeting [3] Group 3: Clinical Trials and Pipeline - The company is set to update data on its CD19 CAR-T therapy for systemic lupus erythematosus (SLE), having started Phase I clinical trials in May 2024, with patient enrollment completed by 1Q25 [4] - The company is believed to have a first-mover advantage in CAR-T treatment for SLE in China, with anticipation for future data releases [4]

Core Viewpoint - 中金维持药明巨诺-B的跑赢行业评级，基于DCF模型上调目标价151.7%至6.04港币，预计有19.6%的上行空间 [1] Group 1: Financial Performance - 1H25公司收入为1.06亿元，同比增加22.5%，减亏情况好于预期，主要得益于降本控费 [1][2] - 1H25公司产品销售毛利率提升至51.1%，同比增加0.7个百分点，销售费用率下降至72.0%，同比减少15.7个百分点，行政和研发开支分别减少45.7%和39.0% [2] Group 2: Strategic Developments - 2025年4月，公司与Juno达成授权合作，授予JW sLVV生产工艺及相关技术知识的非独家许可，Juno支付的对价不超过1千万美元 [2] - 2H24公司启动JWCAR201在血液瘤和自免的IIT研究，计划在2025年12月美国血液学会年会公布初步数据 [3] Group 3: Clinical Trials - 公司于2024年5月启动系统性红斑狼疮SLE的I期临床试验，截至1Q25患者入组完成，预计未来将有潜在数据读出 [4]