Core Viewpoint - SHP2 inhibitors are emerging as a significant target for cancer treatment, with rapid development in the industry, particularly in China, which is becoming a notable player in the global market [1][6][9]. Industry Overview - SHP2, a protein tyrosine phosphatase, plays a crucial role in regulating various cellular functions, including growth, differentiation, and oncogenic transformation [2][6]. - The global market for SHP2 inhibitors is projected to start existing from 2027, reaching approximately $329 million by 2029, and is expected to grow to $4.821 billion by 2033 [1][7][9]. Market Size - The Chinese SHP2 inhibitor market is anticipated to grow to $206 million by 2029 and reach $784 million by 2033 [9][10]. Industry Chain - The SHP2 inhibitor industry chain includes upstream components such as protein reagents, specific antibodies, small molecule building blocks, testing kits, and experimental models; midstream involves drug research and production; downstream consists of large oncology specialty hospitals and comprehensive hospital oncology departments [11][12]. Development Environment - Recent policies in China have been implemented to encourage the pharmaceutical industry, particularly in the development and production of innovative drugs, including cancer therapies, by shortening clinical application and approval times [13][14]. Competitive Landscape - Major companies in the SHP2 inhibitor space include Innovent Biologics, CanSino Biologics, Junshi Biosciences, and others, with significant progress in developing SHP2 inhibitors, although no drugs have yet been approved for commercialization [15][16]. - Notable companies include: - **QinHao Pharmaceutical**: Focused on developing innovative candidates targeting the RAS signaling pathway, with its lead candidate GH21 in Phase II clinical trials [15][16]. - **Nuocheng Jianhua**: Known for its BTK inhibitor, it is also developing a new SHP2 inhibitor, ICP-189, in collaboration with ArriVent Biopharma [16][17]. Future Outlook - The SHP2 inhibitor sector is one of the hottest areas in pharmaceutical research, with significant advancements in the development of allosteric inhibitors and ongoing clinical trials showing promising results [17][18].

Group 1 - The stock of JACOS-B (01167) rose over 6%, currently at 6.06 HKD with a trading volume of 14.5881 million HKD [1] - In December last year, JACOS announced a collaboration agreement with AstraZeneca for its self-developed Pan-KRAS inhibitor JAB-23E73 [1] - The company’s core pipeline, JAB-23E73, is expected to achieve a peak sales revenue of 1.2 billion RMB in the domestic market, and 1.9 billion USD in overseas markets, adjusted for risk [1] Group 2 - The KRAS G12C inhibitor, Goleirese, is set to be included in the national medical insurance catalog in January 2026, which is anticipated to drive rapid sales growth under the commercialization efforts of Elys [1]

Core Viewpoint - The stock of 加科思-B (01167) has seen a significant increase of over 6%, currently trading at 6.06 HKD with a transaction volume of 14.5881 million HKD, following the announcement of a collaboration with AstraZeneca on its proprietary Pan-KRAS inhibitor JAB-23E73 [1] Group 1: Company Developments - 加科思 announced a collaboration with AstraZeneca regarding its Pan-KRAS inhibitor JAB-23E73 in December last year [1] - The company’s core pipeline product, JAB-23E73, is projected to achieve a peak sales revenue of 1.2 billion RMB in the domestic market, adjusted for risk [1] - In the overseas market, the peak sales revenue for JAB-23E73 is expected to reach 1.9 billion USD, with an unadjusted figure of 7.2 billion USD [1] Group 2: Market Impact - The KRAS G12C inhibitor, 戈来雷塞, is set to be included in the national medical insurance directory starting January 2026, which is anticipated to drive rapid sales growth under the commercialization efforts of 艾力斯 [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 加科思藥業集團有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01167 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | | 0 | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | | 100,000 | 本月底法定/註 ...

Investment Rating - The report assigns a positive investment rating to the company, highlighting its potential in the oncology sector with innovative drug candidates [7][36]. Core Insights - The company, 加科思, focuses on developing targeted therapies for cancer, particularly through its KRAS inhibitors and antibody-drug conjugates (ADCs) [4][8]. - The management team, led by founder Dr. Wang Yinxiang, has extensive experience in drug development, particularly in oncology [2][3]. - 加科思's lead product, 戈来雷塞 (Glecirasib), has been approved for the treatment of KRAS G12C mutation-positive non-small cell lung cancer (NSCLC) in China, marking a significant milestone for the company [10][37]. - The company is advancing multiple clinical trials, including JAB-23E73, a pan-KRAS inhibitor, which is expected to enter pivotal studies in 2026 [36][37]. Company Overview - 加科思 is headquartered in Beijing with additional offices in Shanghai and Boston, employing over 210 staff, primarily in preclinical and clinical development [3]. - The company has established a robust pipeline focusing on the KRAS signaling pathway, with several drug candidates targeting different nodes of this pathway [4][5]. Product Pipeline - The product pipeline includes: - JAB-3312 (SHP2 inhibitor) and Glecirasib (KRAS G12C inhibitor) for NSCLC [12]. - JAB-BX600, a tADC targeting KRAS G12D, which is designed to enhance drug delivery and efficacy [23][24]. - JAB-BX467, an iADC that aims to convert cold tumors into hot tumors by recruiting immune cells [27][28]. Clinical Data - Glecirasib has shown promising clinical results, with a 49.6% objective response rate (ORR) and an 86.3% disease control rate (DCR) in a pivotal study for 2L NSCLC [10][11]. - The combination of Glecirasib and JAB-3312 in first-line NSCLC treatment demonstrated a 71% ORR, significantly outperforming standard therapies [12][13]. Financial Performance - The company reported a 100% increase in revenue for the first half of 2025, driven by sales from Glecirasib and collaboration agreements [35]. - The company maintains a strong cash position, with 1.07 billion yuan in cash and available credit to support ongoing clinical development [35]. Strategic Partnerships - 加科思 has entered into strategic partnerships, including a collaboration with 阿斯利康 for JAB-23E73, which includes significant milestone payments and revenue sharing [37].

Group 1 - Pharmaceutical stocks experienced a significant rise in early trading, with notable increases in share prices [1][3] - 加科思-B (01167) saw an increase of 8.71%, reaching HKD 7.24 [1][3] - 和铂医药-B (02142) rose by 7.39%, trading at HKD 14.25 [1][3] - 复宏汉霖 (02696) increased by 4.46%, with a price of HKD 66.70 [1][3] - 映恩生物-B (09606) experienced a rise of 2.98%, priced at HKD 359 [1][3]

Core Viewpoint - Pharmaceutical stocks have risen significantly, driven by regulatory changes aimed at expediting the approval of urgently needed foreign drugs in China [1] Group 1: Stock Performance - Companies such as 加科思-B (01167) increased by 8.71% to HKD 7.24, 和铂医药-B (02142) rose by 7.61% to HKD 14.28, 复宏汉霖 (02696) gained 5.25% to HKD 67.2, and 映恩生物-B (09606) climbed 4.88% to HKD 365.6 [1] Group 2: Regulatory Changes - The National Medical Products Administration (NMPA) has optimized the review and approval process for urgently needed foreign drugs that are already on the market, aiming to meet the clinical needs of patients [1] - The NMPA emphasizes a clinical value-oriented approach, encouraging applicants to conduct global synchronous research and simultaneous submissions in China [1] - Original and generic drugs that are urgently needed and meet the criteria can be included in the priority review and approval category [1] Group 3: Market Outlook - Huatai Securities believes that the valuation of innovative drugs in the Hong Kong market remains attractive compared to global peers, attributing the liquidity discount to the decline in innovative drugs during November and December [1] - The firm anticipates that the ongoing liquidity recovery, along with continued business development (BD) activities and the upcoming JPM conference and annual report season, will boost the innovative drug sector [1] - The upward trend in the innovative drug sector is expected to continue as liquidity improves at the beginning of the year [1]

Core Viewpoint - The pharmaceutical stocks have risen significantly, driven by regulatory changes from the National Medical Products Administration (NMPA) aimed at expediting the approval of urgently needed foreign drugs in China [1] Group 1: Stock Performance - Stocks such as Akeso-B (01167) increased by 8.71% to HKD 7.24, HAPO (02142) rose by 7.61% to HKD 14.28, Innovent Biologics (02696) gained 5.25% to HKD 67.2, and InnoCare Pharma-B (09606) climbed 4.88% to HKD 365.6 [1] Group 2: Regulatory Changes - On January 7, the NMPA announced measures to optimize the review and approval process for urgently needed foreign drugs already on the market, aiming to meet the clinical needs of patients [1] - The NMPA emphasized a clinical value-oriented approach, encouraging applicants to conduct global synchronized research and simultaneous submissions for market approval in China [1] - The NMPA will prioritize the review of urgently needed foreign original and generic drugs that meet specific criteria [1] Group 3: Market Outlook - Huatai Securities believes that the valuation of innovative drugs in the Hong Kong market remains attractive compared to global peers, attributing the recent decline in innovative drug stocks to liquidity discounts [1] - The firm anticipates that the ongoing liquidity recovery, along with external business development (BD) activities, the JPMorgan Healthcare Conference, and the annual report cycle, will boost the innovative drug sector's performance [1] - The upward trend in the innovative drug sector is expected to continue as liquidity improves [1]

Group 1 - The company, 加科思-B (01167), announced a share buyback plan [1] - The total expenditure for the buyback is HKD 1.4846 million [1] - The company will repurchase 240,000 shares at a price range of HKD 6.13 to HKD 6.21 per share [1]

Core Viewpoint - The company, 加科思-B (01167.HK), announced a share buyback on January 6, 2026, involving an expenditure of HKD 1.485 million to repurchase 240,000 shares at a price range of HKD 6.13 to HKD 6.21 per share [1]. Group 1 - The total expenditure for the share buyback is HKD 1.485 million [1]. - The number of shares repurchased is 240,000 [1]. - The buyback price per share ranges from HKD 6.13 to HKD 6.21 [1].