Summary of the Conference Call for Yingensheng Bio Company Overview - **Company**: Yingensheng Bio - **Focus**: Development of ADC (Antibody-Drug Conjugate) new drugs - **Core Products**: DB1,303, DB1,305, DB1,311 targeting various cancers including breast cancer and non-squamous non-small cell lung cancer - **Collaborations**: Partnerships with Biotech and Biogen, with total authorized collaboration transactions exceeding $561 billion [2][7] Key Points and Arguments Product Pipeline and Efficacy - **DB1,305**: A dual antibody therapy (PDL1 and VEGFR) shows an objective response rate (ORR) of 53.8% in platinum-resistant ovarian cancer, significantly higher than single-agent therapies, but with a grade 3 or higher adverse event rate of 32.8% [2][3] - **DB1,311**: Targets B7-H3, achieving an ORR of 42.3% in CRPC patients, with a 9-month progression-free survival (PFS) rate of approximately 58%. The prostate cancer market is expected to reach $9 billion by 2032 [2][11] - **DB1,303**: Targets HER2, with a planned launch for endometrial cancer (EC) as the first indication. Expected global risk-adjusted total sales could reach 15 billion RMB by 2035 [2][15][16] Financials and R&D Investment - **R&D Expenses**: Estimated at approximately 837 million RMB for 2024, with around 349 million RMB for the first half of 2025. The company has nearly 3 billion RMB in cash and cash equivalents, supporting high R&D investments [2][8] - **Market Valuation**: Current market cap is around 28-30 billion HKD, with a target market cap of 48 billion HKD, indicating a potential upside of nearly 50% [4][19] Market Potential - **Dual Antibody and ADC Market**: The dual antibody market is projected to reach $250 billion by 2032, while the ADC market is expected to reach $115.1 billion, totaling approximately $250 billion in market space [3][10] - **Future Revenue Projections**: Expected revenues for 2025, 2026, and 2027 are projected at 1.503 billion, 1.657 billion, and 1.76 billion RMB, respectively, with growth rates of 10% and 6% [3][18] Additional Important Insights - **Team Expertise**: The team is composed of highly experienced members, including founder Dr. Zhu Zhongyuan, who has a PhD from the University of Massachusetts Medical School and an MBA from ECB. The team has a strong background in drug development and commercialization [6] - **Globalization and Licensing Progress**: The company has made significant strides in global expansion and licensing, with a total authorized collaboration transaction amount exceeding $561 billion [7] - **Future Directions**: The company plans to focus on core R&D pipelines, including B7-H4 PD-L1 dual antibody and EGFR HER3 dual antibody ADC projects, while exploring autoimmune fields for future ADC drug development [18] This summary encapsulates the key aspects of Yingensheng Bio's conference call, highlighting its product pipeline, financial health, market potential, and strategic direction.

本月底法定/註冊股本總額： USD 20,000 FF301 第 1 頁 共 10 頁 v 1.2.0 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: 映恩生物 (「本公司」) 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) 09606 說明 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 200,000,000 USD 0.0001 USD 20,000 增加 / 減少 (-) USD 本月底結存 200,000,000 USD 0.0001 USD 20,000 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 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 ...

Core Viewpoint - Enbio-B (09606.HK) has seen a significant increase in its stock price, rising over 6% to reach 340.6 HKD, with a trading volume of 154 million HKD [2] Group 1 - The stock price of Enbio-B increased by 6.04% [2] - The current trading price is 340.6 HKD [2] - The total trading volume reached 1.54 billion HKD [2]

Core Viewpoint - The stock of Immune-Oncological Biotech (09606) has risen over 6%, currently trading at 340.6 HKD, with a transaction volume of 154 million HKD, following the announcement of BioNTech initiating the first Phase III clinical trial for BNT324 (DB-1311), a B7-H3ADC drug developed by Immune-Oncological Biotech [1] Group 1 - BioNTech has started the first Phase III clinical trial for BNT324, marking it as the fifth B7-H3ADC to enter this stage [1] - BNT324 was licensed to BioNTech in April 2023, granting them development, production, and commercialization rights outside of China [1] - Guotai Junan Securities predicts that by 2026, multiple clinical data sets for ADC+IO and core monotherapy will be released, indicating a significant milestone for Immune-Oncological Biotech [1] Group 2 - Immune-Oncological Biotech is leading the ADC iteration wave, with expectations for commercialization in 2026 [1] - The company is continuously developing next-generation ADCs, including bispecific ADCs, novel mechanism payload ADCs, and self-immune ADCs [1] - Two bispecific ADCs have already entered clinical stages, and the unique MOA payload ADC DB-1316 is expected to address existing ADC resistance issues and is about to enter clinical trials [1]

Core Viewpoint - The stock of InnoCare Pharma (09606) has risen over 6%, currently trading at 340.6 HKD, with a transaction volume of 154 million HKD, following the announcement of BioNTech initiating the first Phase III clinical trial for BNT324 (DB-1311), a B7-H3 ADC developed by InnoCare [1] Group 1: Clinical Development - BioNTech has started the first Phase III clinical trial for BNT324, marking it as the fifth B7-H3 ADC to enter this stage [1] - InnoCare has licensed BNT324 to BioNTech, which holds the rights for development, production, and commercialization outside of China [1] Group 2: Future Prospects - Guolian Minsheng Securities predicts that by 2026, multiple clinical data for ADC+IO and core monotherapy will be released, with InnoCare's collaboration with BioNTech expected to lead to significant developments [1] - InnoCare is at the forefront of the ADC evolution, with expectations for commercialization in 2026 [1] - The company is actively developing next-generation ADCs, including bispecific ADCs, novel mechanism payload ADCs, and immune ADCs, with two bispecific ADCs already in clinical stages [1] - The unique MOA payload ADC DB-1316 is anticipated to address existing ADC resistance issues and is set to enter clinical stages soon [1]

Core Insights - The company announced that its self-developed ADAM9 ADC drug DB-1317 has received IND approval from the NMPA to conduct clinical trials in patients with advanced/metastatic malignant solid tumors [1] - DB-1317 targets ADAM9, which is highly expressed in various cancers such as gastric, colorectal, pancreatic, and non-small cell lung cancer, while showing low expression in normal tissues [1] - The company is leading the ADC innovation wave and expects significant commercialization opportunities in 2026, with multiple clinical data readouts scheduled for that year [2] Clinical Development - The company is collaborating with BioNtech to develop three ADC pipelines, with multiple clinical data readouts expected in 2026, including HER2 ADC in breast cancer and B7H3 ADC in non-small cell lung cancer [2] - The HER2 ADC DB-1303 has reached its primary endpoint in a Phase III trial for HER2-positive unresectable or metastatic breast cancer, accelerating its market approval process [3] - The company anticipates that 2026 will be a pivotal year for commercialization, with potential approvals for multiple indications [3] Financial Projections - Revenue projections for the company are estimated at 1.95 billion, 1.97 billion, and 2.1 billion yuan for 2025-2027, with year-on-year growth rates of 0.5%, 1.1%, and 6.5% respectively [3] - The net profit attributable to the parent company is projected to be -247 million, -386 million, and -341 million yuan for the same period, with growth rates of 76.5%, -56.1%, and 11.5% respectively [3] - The company has initiated coverage with a "recommended" rating based on its growth potential and upcoming clinical data [3]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Insights - The company is leading the ADC (Antibody-Drug Conjugate) iteration wave and is expected to achieve commercialization by 2026 [2][3]. - The company has received IND approval for its self-developed ADAM9 ADC drug DB-1317, allowing clinical trials in late-stage metastatic solid tumor patients [2]. - The HER2 ADC DB-1303 has reached its primary endpoint in a Phase III clinical trial for HER2-positive unresectable or metastatic breast cancer, accelerating its path to market [3]. - The company is expected to report significant clinical data in 2026, which could enhance its market position and revenue potential [9]. Financial Forecasts - Projected revenues for the company are as follows: 1,941 million RMB in 2024, 1,950 million RMB in 2025, 1,972 million RMB in 2026, and 2,100 million RMB in 2027, with growth rates of 8.7%, 0.5%, 1.1%, and 6.5% respectively [4]. - The net profit attributable to shareholders is forecasted to be -1,050 million RMB in 2024, -247 million RMB in 2025, -386 million RMB in 2026, and -341 million RMB in 2027, showing a significant improvement in 2025 with a growth rate of 76.5% [4]. - Earnings per share (EPS) are expected to be -11.75 RMB in 2024, -2.76 RMB in 2025, -4.31 RMB in 2026, and -3.82 RMB in 2027 [4].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Insights - The company is leading the ADC (Antibody-Drug Conjugate) innovation wave and is expected to achieve commercialization by 2026 [2][3]. - The company has received IND approval for its self-developed ADAM9 ADC drug DB-1317, allowing clinical trials in late-stage metastatic solid tumor patients [2]. - The HER2 ADC DB-1303 has reached its primary endpoint in a Phase III clinical trial for HER2-positive unresectable or metastatic breast cancer, accelerating its market approval process [3]. - The company is expected to report multiple clinical data readouts in 2026, which could significantly impact its growth trajectory [9]. Financial Forecasts - Projected revenues for 2024, 2025, 2026, and 2027 are 1,941 million, 1,950 million, 1,972 million, and 2,100 million RMB respectively, with growth rates of 8.7%, 0.5%, 1.1%, and 6.5% [4]. - The net profit attributable to shareholders is forecasted to be -1,050 million, -247 million, -386 million, and -341 million RMB for the same years, reflecting growth rates of -193.8%, 76.5%, -56.1%, and 11.5% [4]. - Earnings per share (EPS) are expected to be -11.75, -2.76, -4.31, and -3.82 RMB for 2024, 2025, 2026, and 2027 respectively [4]. Clinical Development and Pipeline - The company is advancing its ADC pipeline, including DB-1316, which aims to address existing ADC resistance issues and is set to enter clinical stages soon [9]. - Collaborations with BioNtech are expected to yield significant clinical data in 2026, enhancing the company's competitive position in the ADC market [9].

Core Insights - Recent fluctuations in the Hong Kong stock market are primarily driven by liquidity contraction due to deposit migration, which is not expected to alter the positive mid-to-long-term trend [2][27] - The risks associated with this liquidity contraction are anticipated to ease with the new Federal Reserve chair's influence [2][27] - The biopharmaceutical sector in Hong Kong is expected to have significant highlights in 2026 [2][27] Short-term Market Fluctuations - The root cause of recent volatility in the Hong Kong stock market is identified as "deposit migration" leading to liquidity shrinkage [3][28] - The offshore RMB was previously viewed as a liquidity anchor for the Hong Kong market, creating a chain reaction that benefits the capital market [5][28] - The decline in HIBOR (Hong Kong Interbank Offered Rate) has not translated into improved liquidity for the stock market, as it is primarily driven by capital outflow rather than liquidity enhancement [11][35] Impact of Southbound Capital - The inflow of southbound capital has contracted, causing significant disturbances to the Hong Kong market [9][32] - Concerns over potential fund outflows arise from the over-allocation of mainland active equity funds to Hong Kong stocks, which could lead to rebalancing [8][32] Biopharmaceutical Sector Outlook - The biopharmaceutical sector is highlighted as a key area of focus for 2026, with expectations of no "black swan" events in the short term [16][39] - The new procurement rules for medical insurance in China are expected to favor small and medium-sized enterprises, leading to improved financial performance in 2026 [41][45] - Specific companies recommended for investment include: - **Innovent Biologics (09696.HK)**: Anticipated to reach significant milestones in 2026 with ongoing collaborations [46] - **Lee's Pharmaceutical (00950.HK)**: Currently has a low P/E ratio and is actively expanding its business [47] - **China Biologic Products (01177.HK)**: Focused on various therapeutic areas and has recently received approval for a new drug [47]

Core Viewpoint - The company, InnoCare Pharma-B (09606), has seen its stock price increase by over 4% in early trading, currently up 2.42% at HKD 363.6, with a trading volume of HKD 51.0575 million, following the announcement of a new drug clinical trial approval for its ADC product DB-1317 [1] Group 1: Company Developments - InnoCare Pharma announced that its self-developed ADAM9-targeted antibody-drug conjugate (ADC) DB-1317 has received clinical trial approval from the National Medical Products Administration (NMPA) to conduct trials in patients with advanced/metastatic malignant solid tumors [1] - DB-1317 is developed based on the company's proprietary ADC technology platform DITAC and is a next-generation ADC product with global rights [1] - The target ADAM9 is highly expressed in various tumors such as gastric cancer, colorectal cancer, pancreatic cancer, and non-small cell lung cancer, while showing low expression levels in normal tissues [1] Group 2: Clinical Research Insights - Preclinical studies have demonstrated that DB-1317 exhibits significant anti-tumor activity across multiple tumor models [1]