ck Code : 1093) R&D Capabilities 00 5 capacity of 250,000L R&D centers located in R&D platforms China & the U.S. 201010 + - 2401 Innovative drugs and R&D professionals new formulations Manufacturing Capabilities Commercialization Capabilities 2 10+ Production bases for pharmaceutical products Nano formulation production capacity of 20M doses/year; Biologics fermentation Chemical drugs production capacity of OSD ~30B tablets/year, production capacity of injection ~3B doses/year mRNA vaccine commercial produc ...

Group 1: Financial Performance - The company reported total revenue of 13.273 billion RMB, a year-on-year decrease of 18.5% [1] - Profit attributable to shareholders was 2.548 billion RMB, down 15.64% year-on-year, with basic earnings per share at 22.29 cents [1] - The gross profit margin decreased by 6.0 percentage points to 65.6%, primarily due to a reduction in the revenue share from the prescription drug business [1] Group 2: Research and Development - R&D expenses increased by 5.5% year-on-year to 2.683 billion RMB, accounting for 26.2% of prescription drug revenue [1] - The company has nearly 90 products in various stages of clinical trials, with 12 submitted for market approval and over 30 key products in the registration clinical phase [1] - The company focuses on high-demand treatment areas such as breast cancer and lung cancer, accelerating the commercialization of core products [2] Group 3: Strategic Initiatives - The company is implementing a "dual-driven" strategy of "innovation + internationalization," enhancing cooperation with global innovative pharmaceutical companies [2] - Authorization revenue reached 1.075 billion RMB in the first half of 2025, providing new growth momentum for the prescription drug business [2] - The company has completed four external authorization projects with a cumulative contract amount of 9.71 billion USD [3] Group 4: Global Expansion and Recognition - The company has been recognized as a "national-level innovative enterprise" and has established key national laboratories [4] - It ranks 19th in the global TOP25 pipeline scale pharmaceutical companies, improving its position by 5 places compared to the previous year [4] - The company is expected to submit over 50 new drugs or new indications for approval by the end of 2028 [4]

ck Code : 1093) 2025 Interim Results Presentation Aug. 2025 ININI China's Leading Innovative Pharmaceutical Enterprise R&D Capabilities 00 5 capacity of 250,000L R&D centers located in R&D platforms China & the U.S. 201010 + - 2401 Innovative drugs and R&D professionals new formulations Manufacturing Capabilities Commercialization Capabilities 2 10+ Production bases for pharmaceutical products Nano formulation production capacity of 20M doses/year; Biologics fermentation Chemical drugs production capacity o ...

Group 1 - The core viewpoint of the news is that CSPC Pharmaceutical Group has entered into an exclusive licensing agreement with Madrigal Pharmaceuticals for the global development, production, and commercialization of the oral small molecule GLP-1 receptor agonist SYH2086, which has led to a significant increase in the company's stock price [1] - CSPC will receive up to $2.075 billion in total consideration, including an upfront payment of $120 million and potential milestone payments based on development, regulatory, and commercial achievements, as well as a high double-digit sales royalty based on annual net sales of SYH2086 [1] - The stock price of CSPC increased by 6.25% to HKD 10.54, with a trading volume of HKD 613 million, indicating strong market interest following the announcement [1] Group 2 - Huatai Securities highlighted that the licensing deal exceeded market expectations, showcasing CSPC's strong research and business development capabilities in the metabolic platform [2] - The company is in advanced discussions for a significant product, EGFR ADC, which is expected to become an important benchmark for domestic ADCs going abroad [2] - There are still important early-stage technology platforms with licensing expectations, and the sales and development potential of some key products (such as KN026 and PD-1/IL-15) remains to be reassessed [2]

Summary of Corning Jereh Conference Call Company Overview - **Company**: Corning Jereh - **Focus**: Development of innovative drugs targeting HER2-positive cancers, including breast and gastric cancers Key Points Industry and Product Pipeline - Corning Jereh plans to submit KN026 for HER2-positive gastric cancer in 2025, with expected approval by mid to late Q2 2026, showing strong clinical trial results with an ORR over 40% and PFS over 8.6 months [2][5][6] - The company is developing multiple new molecules (022, 027, 021) aimed at enhancing treatment efficacy and expanding indications, with IND submissions planned for 2025 or Q1 2026 [2][8] - KN026 has completed enrollment for a Phase III trial in breast cancer with nearly 900 participants, with full data interpretation expected in 2026 [2][32] Clinical Trials and Data - KN026's Phase II trial demonstrated competitive results, with PFS significantly better than competitors [6] - GSK003, another HER2-targeted ADC, is in a Phase III trial for HER2-positive breast cancer, with completion of enrollment expected in 2025 [2][3] - The company is also exploring new indications for existing drugs, including cervical cancer and other HER2-effective treatments [3][19] Market Potential - The market potential for second-line gastric cancer treatment is estimated to exceed 1 billion RMB, with ongoing exploration for first-line indications [10] - The domestic anti-HER2 product market is valued at approximately 25-30 billion RMB, with 80-85% attributed to breast cancer [15] Competitive Landscape - KN026 is positioned as a safer first-line treatment compared to competitors like 8,201, which has shown significant toxicity issues [12][13][14] - The sales peak for KN026 is projected to exceed 6 billion RMB, making it a leading product in the market [15][29] Development and Regulatory Strategy - The company is actively pursuing regulatory submissions and has positive feedback from CDE regarding KN026 [5][27] - Plans for data presentations at academic conferences to support future collaborations and submissions [9][39] Collaboration and Partnerships - Corning Jereh emphasizes external collaborations, having made significant partnerships in the past year, particularly for late-stage products [26][39] - The company is also exploring global development opportunities for new molecules [26] Financial and Operational Outlook - Recent stock performance has been under pressure, but the company maintains a positive outlook on operational and product development progress [27][38] - Key milestones include upcoming IND submissions and data readouts in 2026 for various products [27][28] Unique Technology and Risks - The ADC platform utilizes glycosylation-based conjugation technology, offering better stability and reduced toxicity compared to traditional ADCs [33] - There are some patent risks associated with certain projects, but the company is actively managing these concerns [34][39] Employee Incentives - The company has established incentive mechanisms for key personnel to ensure stability and drive R&D progress [35] This summary encapsulates the critical insights from the conference call, highlighting the company's strategic direction, product pipeline, market potential, and operational strategies.

Group 1 - The core viewpoint of the report is that Guangfa Securities is optimistic about the differentiated biopharmaceutical platform of CStone Pharmaceuticals-B (09966) and the development potential of its ADC drugs, which have shown preliminary clinical efficacy [1] - The company was established in 2015 and focuses on the development, production, and commercialization of innovative anti-tumor biologics, with a highly differentiated internal pipeline covering anti-tumor drugs at various research stages [1] - The first product, KN035 (Envafolimab injection), was launched in November 2021, marking the company's entry into the commercialization phase [1] Group 2 - CStone Pharmaceuticals has developed several globally leading biopharmaceutical technology platforms, including glycoengineered conjugation platform, linker payload platform, bispecific antibody platform, and subcutaneous high-concentration formulation platform, which have differentiated therapeutic advantages [1] - The glycoengineered conjugation platform reduces the production cost of ADC drugs while effectively minimizing toxin release in the circulatory system, enhancing drug safety [1] - Products developed based on this platform, JSKN003 and JSKN016, have entered clinical stages, and the company has upgraded the dual payload technology platform with corresponding products expected to enter clinical trials [1] Group 3 - The HER2 bispecific antibody KN026 is undergoing registration clinical studies for second-line gastric cancer, first-line breast cancer, and neoadjuvant therapy, with a promising path to market [2] - The HER2 bispecific ADC JSKN003 is in phase III clinical trials for breast cancer and platinum-resistant ovarian cancer, demonstrating competitive efficacy in early clinical studies [2] - The HER3/TROP2 bispecific ADC JSKN016 has initiated clinical trials for lung cancer and breast cancer, indicating a broad potential market, while new generation ADCs like JSKN021 (dual payload) and JSKN022 are expected to advance to clinical stages quickly [2]

Core Viewpoint - The article discusses the robust growth in the neurological field driven by the products Enbip and Mingful, highlighting their market strategies and new indications that are expected to contribute to revenue growth [1][2]. Group 1: Product Innovations and Market Strategies - Enbip and Mingful are being promoted through hospital channels and retail pharmacies to enhance patient education and accessibility for stroke patients [1]. - Mingful received approval for a new indication for thrombolytic treatment in acute ischemic stroke patients, which is anticipated to drive significant growth [1][2]. - The company has launched multiple innovative products across various therapeutic areas, including oncology and neurology, contributing to long-term growth [6][7]. Group 2: Clinical Development and Pipeline Progress - The company has initiated key clinical trials for SYS6010, a novel EGFR ADC, which has shown promising efficacy in overcoming TKI resistance in NSCLC patients [2][40]. - SYS6010 demonstrated an objective response rate (ORR) of 39.2% in EGFR-mutant non-squamous NSCLC patients, indicating its potential as a new treatment option [40][38]. - The company has multiple ADC products in various clinical stages, including JSKN003 and DP303c, which are also showing positive results in clinical trials [44][52]. Group 3: Financial Performance and Growth Projections - The company reported a revenue of 29.009 billion yuan in 2024, a decrease of 7.8% year-on-year, with a net profit of 4.328 billion yuan, down 26.3% [14]. - Despite some revenue pressures from price reductions due to centralized procurement, the introduction of new products is expected to provide incremental revenue growth [14][15]. - The company has a strong pipeline with over 200 innovative drugs in development, indicating a robust future growth trajectory [25][28]. Group 4: Research and Development Platforms - The company has established eight major R&D platforms focusing on various innovative drug development areas, including mRNA and siRNA technologies [18][21]. - Recent collaborations and licensing agreements for several innovative products are expected to enhance revenue streams and support future growth [21][22]. - The company is actively exploring gene therapy and cell therapy, positioning itself at the forefront of innovative treatment options [18][21].

Group 1 - The Hang Seng Index fell by 0.49%, losing 114 points, while the Hang Seng Tech Index dropped by 1.03%, with a trading volume of 105.5 billion HKD in the morning session [1] - Nvidia's CEO Jensen Huang stated that the company is reassessing its strategy in the Chinese market due to U.S. government restrictions on the export of the Hopper architecture H20 chip to China, and will not launch the Hopper series chips in the future [1] - Semiconductor stocks rose against the market trend, with Hua Hong Semiconductor increasing over 4% and SMIC rising more than 1.8% [1] Group 2 - Fubo Group saw an increase of over 4% following the release of the "Digital China Construction 2025 Action Plan," which aligns with the company's AI service layout [2] - Four Seasons Pharmaceutical surged over 16% after receiving drug registration approval for two indications of its Pyrotinib tablets [3] - Xiansheng Pharmaceutical rose over 7% as the resurgence of COVID-19 raised attention, with its product Xianoxin being the first oral COVID-19 drug in China to receive regular approval [4] Group 3 - CanSino Biologics saw an increase of over 6% after collaborating with CSPC to develop KN026, which has reached the primary endpoint of the PFS [5] - Giant Legend surged over 12% as the show "Travel Diary 3" gained popularity, leading to the company's IP business revenue surpassing its new retail business for the first time [5] - Guming increased over 3% after being included in the Hang Seng Composite Index, with CICC optimistic about its same-store sales growth maintaining a high year-on-year level in Q2 [6] Group 4 - Aimee Vaccine rose over 9% as both the U.S. and China approved clinical trials for the iterative mRNA shingles vaccine [7] - Apple-related stocks collectively declined, with notable drops including Highgreat Electronics down 3.89%, Sunny Optical down 3.95%, and BYD Electronics down 1.7% [7] - Alibaba's stock continued to fall over 4% after its fourth fiscal quarter revenue fell short of expectations, and reports indicated that its AI collaboration plan with Apple is under U.S. review [8]

Market Overview - The Hong Kong stock market opened higher on May 2, with significant gains in the new energy vehicle and AI sectors, leading the Hang Seng Technology Index to rise over 3% at one point [2] - As of the report, the Hang Seng Index increased by 1.33%, while the Hang Seng Technology Index rose by 2.71% [2] AI Sector Developments - On April 30, Xiaomi launched its first open-source inference model, Xiaomi MiMo, which has 7 billion parameters and surpassed OpenAI's closed-source model o1-mini and Alibaba's Qwen model in mathematical reasoning and coding competitions [4] - Following this announcement, Xiaomi Group's stock rose over 4%, and Kingsoft's stock increased by nearly 5% [4] - The AI sector remained active, with Alibaba-W rising over 3%, and SenseTime-W, JD Group-W, and Tencent Holdings all gaining over 2% [4] New Energy Vehicle Sales - The new energy vehicle sector experienced a significant surge, with the Hang Seng Technology Index climbing over 3%, led by XPeng Motors, whose stock rose over 7% [5] - XPeng Motors reported delivering 35,000 new vehicles in April, a year-on-year increase of 273% and a month-on-month increase of 5.5%, marking six consecutive months of deliveries exceeding 30,000 units [8] - Li Auto delivered 33,900 new vehicles in April, reflecting a year-on-year growth of 31.6% [8] - Leap Motor achieved a record high with 41,000 deliveries in April, representing a year-on-year increase of 173% [8] Notable Stock Movements - On May 2, the stock of CanSino Biologics surged over 21% following positive interim results from a clinical study of its HER2 bispecific antibody KN026 for treating HER2-positive gastric cancer [9][11] - The study showed significant improvement in progression-free survival (PFS) compared to existing standard treatments, with a trend towards overall survival (OS) benefits [11] - The product's domestic rights have been sold to CSPC Pharmaceutical Group, with a total upfront and milestone payment of 1 billion yuan and a double-digit sales share [11]

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。 ALPHAMAB ONCOLOGY 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 KN026關鍵性II/III期臨床試驗期中分析 達到PFS主要終點 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。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司與石藥集團有限公司（股份 代號：1093）附屬公司上海津曼特生物科技有限公司合作開發的KN026（「KN026- 001」）聯合化療二線及以上治療HER2陽性GC（包括GEJ）的II/III期臨床試驗已完 成首個期中分析及期中分析結果達到PFS主要終點。 KN026-001的第2部分是一項隨機、雙盲、安慰劑對照的III期研究，旨在評估 KN026聯合化療用於一線標準治療失敗的HER2陽性晚期不可切除或轉移性GC （包 ...