Apatinib Mesylate

In post hoc analysis of CARES-310 trial, combination improved mPFS versus sorafenib across age subgroups Combination also improved mOS versus sorafenib in patients <50 years and ≥50 years Elevar is sponsoring Sept. 3 welcome reception at ILCA Annual Conference BRUSSELS, Sept. 01, 2026 (GLOBE NEWSWIRE) -- Elevar Therapeutics, Inc., a majority-owned subsidiary of HLB Co., Ltd. and a fully integrated biopharmaceutical company dedicated to elevating treatment experiences and outcomes for cancer patients, today announced that in a post hoc analysis of its Phase 3 CARES-310 study, camrelizumab, an anti-PD-1 antibody, plus rivoceranib, an oral TKI, demonstrated a clinically meaningful progression-free survival (PFS) benefit across all age subgroups when compared to sorafenib in patients with unresectable hepatocellular carcinoma (uHCC). The poster, titled “ Younger Age and Clinical Outcomes in Patients with Unresectable Hepatocellular Carcinoma Treated with Camrelizumab + Rivoceranib vs Sorafenib (CARES-310) ,” will be on display throughout the International Liver Cancer Association 2026 Annual Conference, which runs Sept. 3-5 at Le Plaza Hotel in Brussels. Elevar is sponsoring the conference’s welcome reception on Sept. 3., from 6:15-7:30 p.m. (CET). “We remain deeply committed to gaining FDA approval and helping patients confronted with hepatocellular carcinoma, because the scientific data demonstrates that the combination of camrelizumab and rivoceranib shows consistent potential to extend survival when compared to currently approved treatments,” said Dong-Gun Kim, chief executive officer of Elevar. “This post-hoc analysis of CARES-310 further demonstrates the broad potential of the combination. We are excited to share it with our peers at the ILCA Annual Conference.” The post-hoc, exploratory analysis concluded that: Camrelizumab plus rivoceranib improved median overall survival (mOS) versus sorafenib in patients aged <50 years (21.5 vs. 15.2 months; HR 0.7; 95% CI, 0.47-1.06; P=0.0445*) and ≥50 years (23.9 vs. 15.2 months; HR 0.6; 95% CI, 0.47-0.77; P<0.0001), with a numerically longer mOS also observed in patients <40 years (24.2 vs. 15.2 months; HR 0.82; 95% CI, 0.4-1.72; P=0.2982)^. Camrelizumab plus rivoceranib also improved mPFS versus sorafenib across age subgroups, including patients <50 years (5.5 vs. 2.7 months; HR 0.53; 95% CI, 0.37–0.77; P=0.0004), ≥50 years (6.2 vs. 3.7 months; HR 0.56; 95% CI, 0.45–0.72; P<0.0001), and <40 years (5.5 vs. 2.2 months; HR 0.56; 95% CI, 0.29–1.12; P=0.0485)^. Treatment-related adverse events (TRAEs) were similar across age subgroups. The most common (≥5%) grade 3-4 TRAE was hypertension for camrelizumab plus rivoceranib and palmar-plantar erythrodysesthesia syndrome for sorafenib, regardless of age. *All P values are one sided. ^Median follow-up time is 22.1 months. Lead poster author Arndt Vogel, M.D., Ph.D., scientist in the Division of Gastroenterology and Hepatology at Toronto General Hospital Research Institute, and a medical oncologist at the UHN-Princess Margaret Cancer Centre at the University of Toronto, will present the poster #P-106 during the conference Poster Tour, Friday, Sept. 4, 10:30-11 a.m. “The analysis of camrelizumab plus rivoceranib by age subgroups provides further evidence that the combination has potential to improve outcomes across diverse healthcare settings,” said Dr. Vogel. “It has also been investigated across early, intermediate, and advanced stages of HCC, both alone and in combination with locoregional therapies, and has consistently demonstrated clinically meaningful antitumor activity together with a manageable safety profile. These findings highlight the potential of this regimen to become an important component of multidisciplinary HCC management.” For more information about Elevar, visit Elevartx.com . About Hepatocellular Carcinoma Hepatocellular Carcinoma (HCC) is the most common type of liver cancer and most frequently develops in people with chronic underlying liver inflammation, which may be from viral and non-viral causes. HCC typically has a poor prognosis with limited treatment options and continues to be a diagnosis with an ongoing urgent medical need. More than 800,000 people worldwide are diagnosed with liver cancer each year and it is also a leading cause of cancer deaths, accounting for more than 700,000 annually, according to the American Cancer Society. About Rivoceranib Rivoceranib, an oral small-molecule tyrosine kinase inhibitor (TKI), is a highly selective inhibitor of vascular endothelial growth factor receptors (VEGFRs), a primary pathway for tumor angiogenesis. VEGFR inhibition is a clinically validated target to limit tumor growth and disease progression. Rivoceranib is currently being studied as a monotherapy and in combination with chemotherapy and immunotherapy in various solid tumor indications. Several clinical studies were completed in patients with uHCC (in combination with camrelizumab), gastric cancer (as a monotherapy and in combination with paclitaxel), adenoid cystic carcinoma (as a monotherapy) and colorectal cancer (in combination with Lonsurf®). Rivoceranib, under the name apatinib (Aitan®), was the first TKI approved in gastric cancer in China (October 2014). It was also approved in China in combination with camrelizumab as a first-line treatment for unresectable or metastatic HCC (January 2023). The drug has been studied in more than 6,000 patients worldwide and was well tolerated in clinical trials with a comparable safety pro other TKIs and VEGF inhibitors. Orphan drug designations have been granted for gastric cancer (U.S., EU and South Korea), adenoid cystic carcinoma (U.S.) and uHCC (U.S. and EU). Elevar Therapeutics, Inc. holds the global rights (excluding China) to rivoceranib and has partnered for its development and marketing with HLB-LS in South Korea. Hengrui Pharma, is the license-holder of rivoceranib in the Chinese -territory. As previously disclosed, in July, Elevar received a Complete Response Letter from the FDA regarding its NDA for rivoceranib in combination with camrelizumab due to deficiencies identified during an inspection of the manufacturing site. Elevar is working closely with Hengrui to address the identified issues and prepare for resubmission of the application. About Camrelizumab Camrelizumab (SHR-1210) is a humanized monoclonal antibody that binds to the programmed death-1 (PD-1) receptor. Blockade of the PD-1/PD-L1 signaling pathway is a therapeutic strategy showing success in a wide variety of solid and hematological cancers. Camrelizumab is developed by Hengrui Pharma and has been studied in more than 5,000 patients. Currently, 50 clinical trials are underway in a broad range of tumors (including liver cancer, lung cancer, gastric cancer and breast cancer, etc.) and treatment settings. Camrelizumab, under the brand name AiRuiKa®, is currently approved for eight indications in China, including monotherapy for the treatment of HCC (second-line), in combination with rivoceranib as a treatment for HCC (first-line), relapsed/refractory classic Hodgkin’s lymphoma (third-line), esophageal squamous cell carcinoma (second-line) and nasopharyngeal carcinoma (third-line or further) and in combination with chemotherapy for the treatment of non-small cell lung cancer (non-squamous and squamous), esophageal squamous cell carcinoma and nasopharyngeal carcinoma in the first-line setting. The U.S. Food and Drug Administration granted Orphan Drug Designation to camrelizumab for advanced HCC in April 2021 and by the EMA in August 2024. In October 2023, Elevar licensed camrelizumab for commercialization from Hengrui Pharma worldwide excluding Greater China and Korea. About Elevar Therapeutics Elevar Therapeutics, Inc. is a fully integrated biopharmaceutical company built on the promise of elevating treatment outcomes for cancer patients. A subsidiary of HLB Co., Ltd. based in Fort Lee, New Jersey, Elevar’s expertise is rooted in oncology and grounded in compassion. Our team of experienced scientists and industry leaders is highly focused on identifying and developing medicines for complex yet under-treated health conditions, with a shared goal of making a meaningful difference in the lives of patients. For more information, follow us on LinkedIn and X or visit ElevarTX.com. Media Contact: Rosemary Ostmann RoseComm rostmann@rosecomm.com (201) 615-7751

风险提示：本文全部内容仅为盘面客观分析、个人交易复盘记录，不构成任何投资建议，股市有风险，入市需谨慎。 前言 恒瑞医药作为A股创新药龙头，坚持创新+国际化双轮驱动，创新药占比持续提升，出海授权交易打开想象空间。公司8月19日披露2026半年报，账面归母净利润微增，但扣非净利润明显下滑，Q2业绩承压，利润部分依靠公允价值变动等非经常性收益增厚，市场对新旧动能切换的进度产生巨大分歧。8月31日医药板块整体走弱，恒瑞延续弱势调整，股价继续下探。不少投资者疑惑：非肿瘤创新药高速增长能否接棒肿瘤药，出海授权能否对冲国内商业化压力，股价是否已经充分反映业绩利空。本文结合盘面、资金筹码、财报、行业环境，复盘8月31日走势，推演9月1日行情。 一、8月31日完整盘面深度复盘 8月31日A股震荡，医药板块整体走弱，创新药板块情绪低迷。恒瑞医药半年报利空已经消化一段时间，资金继续博弈后续商业化与管线兑现，全天走出弱势下行行情。 恒瑞医药前一交易日收盘价47.32元，8月31日早盘集合竞价小幅低开，开盘价46.80元。开盘后抛压持续释放，股价震荡下行，全天最低下探45.88元，盘中多次尝试反弹，上方抛压沉重，反弹力度微弱，全天最高仅触及47.17元，日内振幅2.81%。 尾盘没有护盘资金，股价维持低位震荡，最终收盘46.07元，单日下跌1.25元，跌幅‑2.64%，收出一根带上下影的阴线。 量能方面：8月31日全天成交额41.27亿元，换手率1.40%，总市值3041亿。属于放量回调，主力资金大幅净流出，说明场内资金分歧加大，部分机构借调整减仓，增量资金观望，没有出现恐慌踩踏，但多头信心明显不足。 很多散户存在认知误区：创新药龙头就应该持续上涨。医药成长股，国内商业化、管线兑现、出海落地才是核心驱动。半年报显示肿瘤药增长放缓，非肿瘤高增但体量偏小，扣非利润下滑，市场交易的不是过去的财报，而是未来新产品能不能接棒老产品衰退。 板块联动：今日创新药板块集体回调，板块没有出现集体反弹。恒瑞作为医药大盘中军，跟随板块走弱。虽然创新药收入占比提升、出海授权订单亮眼，但Q2业绩不及预期压制估值，利好被业绩压力部分抵消。 单日行情定性：半年报利空消化后的弱势回调，空头力量进一步释放，尚未出现明确见底反转信号，短期处于新旧动能切换的磨底阶段。 二、分时逐段拆解，读懂主力真实操盘意图 只看K线收盘很容易误判行情，分时盘口能够直观看到资金真实博弈状态。 早盘集合竞价低开，反映市场对Q2业绩承压的担忧。9:30开盘之后，短线获利盘、对扣非利润担忧的机构资金集中卖出，股价快速下探至45.88元日内低点。这一波下跌，属于业绩利空带来的情绪性抛售，并非不计成本清仓出逃。 快速下探45.88元之后，下方出现少量承接盘，股价不再创新低，说明该位置有部分资金认可长期估值，空头短期宣泄到达阶段性峰值。上午整体弱势震荡，反复尝试反弹，但每次拉升都会遭遇抛压，反弹高度有限。 上午盘面特征：下跌放量，反弹缩量。卖出意愿较强，场外增量资金观望，多头以防守为主，没有主动进攻力量。 午后开盘，创新药板块依旧偏弱，没有集体反弹。股价小幅脉冲反弹，但是上方抛压沉重，冲高无力再度回落。午后反弹只是技术性超跌修复，缺少板块合力，做多动能不足。 尾盘股价在45.9‑46.2区间震荡，没有尾盘极端跳水，也没有大举抄底资金进场。说明今日属于波段资金调仓，筹码交换，没有大规模出逃，整体依旧弱势格局。 完整分时总结：早盘受业绩顾虑驱动下探，低位有零星承接；午后反弹乏力冲高回落；放量回调，空头部分释放，但多头信心没有修复，短期震荡格局不变。 三、资金流向与筹码结构深度解析 医药大盘成长股，资金流向和筹码分布是判断后续走势的关键。 8月31日，恒瑞医药主力资金大幅净流出，机构、波段资金持续减仓；散户资金小幅接盘，形成机构卖出、散户接盘的格局。 回顾本轮走势：前期高点57元附近回落，50‑53元区间堆积大量套牢筹码，是上方重要压力区。 当前市场短期平均持仓成本约46.22元，今日收盘46.07元，股价已经贴近市场平均成本，大部分持仓小幅浮亏，反弹会面临解套抛压，继续下跌会触发止损抛压。 今日41.27亿成交额属于放量回调。放量下跌代表资金分歧加大，部分机构选择离场；没有出现极端恐慌跌停，说明并没有出现系统性踩踏。股价底部确认，还需要看到机构资金回流、创新药板块企稳信号。 机构持仓分歧巨大：一部分机构看好公司管线厚度，非肿瘤创新药高速增长，海外授权带来大额现金流，创新药占比持续提升，长期具备成长空间；另一部分机构担忧，肿瘤核心品种增速放缓，老产品持续衰退，非肿瘤品种体量尚小，短期难以对冲，扣非利润承压，医保谈判持续降价，行业内卷加剧，选择逢反弹减仓。机构巨大分歧，造成股价反复震荡，很难走出单边大行情。 整体筹码结论：短期抛压有所释放，上方套牢盘沉重；机构资金流出，散户接盘，短期很难快速扭转弱势，需要等待业绩验证信号。 四、今日回调背后驱动逻辑深度拆解 不少投资者疑惑：创新药收入占比提升、海外授权订单丰厚，为何半年报业绩不及预期，股价持续走弱。理清财报、业务结构、行业预期三者之间关系。 第一，2026半年报：账面利润微增，扣非利润明显承压，Q2表现偏弱。 2026上半年实现营业收入154.56亿元，同比‑1.94%；归母净利润44.65亿元，同比+0.34%；扣非归母净利润37.30亿元，同比‑12.71%；经营现金流19.87亿元，同比‑53.80%。 分季度：Q2单季营收73.15亿元，同比‑14.5%；归母净利润21.83亿元，同比‑15.3%；扣非净利润15.57亿元，同比‑35.4%，二季度业绩压力凸显。 利润结构：归母净利润小幅增长，很大一部分来自公允价值变动收益8.43亿元（KAILERA相关），属于非经常性收益，主业扣非盈利能力下滑，这是市场最大分歧点。 业务拆分： 1.创新药收入88.09亿元，同比+16.38%，占药品销售收入63.16%，结构持续优化。其中肿瘤创新药62.65亿元，仅同比+2.58%，老品种吡咯替尼、阿帕替尼受竞品冲击、医保降价收入下滑，虽然瑞维鲁胺、达尔西利、瑞康曲妥珠单抗放量，但难以对冲老产品衰退；非肿瘤创新药25.45亿元，同比+73.97%，代谢、自免产品高速增长，但整体体量偏小，暂时无法扛起增长大旗。 2.仿制药收入51.39亿元，同比‑16.07%，公司主动收缩低毛利仿制药，集采持续带来压力。 3.对外许可收入14.22亿元，海外BD授权带来现金流，但是属于一次性/阶段性收益，不能完全替代国内商业化收入。 第二，国内创新药赛道内卷加剧，医保持续降价。 肿瘤赛道竞品扎堆上市，老品种面临医保续约降价，新品虽然获批，但医保谈判后价格承压。ADC、自免、代谢赛道大量国产药企扎堆布局，竞争加剧，放量速度不及市场乐观预期。 第三，海外授权打开长期想象，但短期难贡献国内营收。 公司和BMS等达成大额海外授权，带来里程碑付款，是长期看点。但是海外商业化还需要时间，短期只能贡献现金流，无法直接对冲国内销售压力。 第四，利好提前部分兑现，财报落地进入验证期。 半年报披露前，市场对创新药转型、出海授权抱有较高预期，股价前期已经反映部分乐观预期。财报落地，国内商业化不及乐观预期，资金开始交易“新产品能不能接棒老产品”，股价进入震荡消化，后续需要看Q3、Q4的商业化数据验证。 五、现阶段客观风险与个人实战认知 龙头不等于只会上涨，创新药赛道多重风险必须客观看待。 第一，国内商业化不及预期风险。肿瘤老产品持续衰退，非肿瘤品种虽然高增，但体量有限。如果新品放量速度跟不上老产品下滑，扣非利润会继续承压。 第二，行业内卷与医保降价风险。医保谈判持续降价，同靶点竞品扎堆，ADC、自免等赛道竞争加剧，会压缩产品盈利空间。 第三，利润结构风险。账面利润依赖非经常性收益，如果公允价值收益回落，归母净利润会出现明显回落，市场会持续跟踪扣非净利润真实表现。 第四，管线落地风险。大量在研项目，临床数据、获批进度不及预期，会影响长期成长逻辑。 第五，出海落地风险。海外授权里程碑能否顺利兑现，海外商业化推进不及预期。 结合实战经验分享个人见解。 恒瑞医药的创新转型、管线厚度、出海授权的长期逻辑没有被证伪，非肿瘤创新药高增长是重要亮点。但是当前正处在新旧动能切换阵痛期，肿瘤增长放缓，新大单品尚未完全接棒，扣非业绩承压，股价现在博弈未来商业化兑现，短期很难走出单边大涨行情，大概率区间磨底震荡。 创新药成长股，股价提前反应预期。财报落地之后，不能只看账面净利润，重点要看扣非净利润、各板块商业化数据。股价想要持续走强，需要看到Q3‑Q4：肿瘤药止跌企稳、非肿瘤品种持续放量，扣非利润改善。不要因为长期逻辑盲目重仓抄底，也不要因为短期业绩压力全盘看空。 六、关键支撑压力位精准划定（明日核心攻防） 结合今日收盘形态、分时强弱、筹码分布、量能结构，划定9月1日关键攻防价位。 核心支撑区间 第一短线支撑：45.50‑45.80元，今日低点附近，短线强弱分水岭。回踩缩量企稳属于技术性支撑； 第二强支撑：44.80‑45.20元，前期震荡平台，本轮调整重要防守底线。放量有效跌破该位置，短期调整空间打开。 核心压力区间 第一短线压力：47.00‑47.40元，今日开盘附近，明日首要压力关口。需要放量站稳，才能修复短期弱势； 第二中期压力：49.50‑50.00元，前期筹码密集套牢区，到达区间会遭遇较强解套抛压。 七、9月1日明日行情全景推演 综合今日资金流出、筹码结构、盘面形态、创新药板块情绪、量能变化，明日整体以区间震荡为主。 主流行情情景：小幅平开或小幅低开，早盘试探下方支撑。回踩45.5‑45.8支撑区间，如果回踩缩量承接尚可，会尝试反弹冲击47‑47.4压力。 重点观察两点：一是成交量；二是医药创新药板块情绪。反弹如果成交量不能放大，冲高47‑47.4附近容易遇阻回落，继续区间震荡。单纯散户资金很难推动大级别反弹，反弹需要机构增量资金回流配合。 如果医药创新药板块继续走弱，股价会再度测试45.8支撑。只要不放量跌破45.8，属于良性震荡；一旦放量跌破，短期调整加深，需要谨慎。 单边暴涨暴跌概率偏低。今日属于放量回调，空头部分释放，但没有出现恐慌杀跌，更多是业绩预期博弈。 明日节奏总结：回踩看承接，冲高看量能；缩量反弹难突破，放量企稳才会修复。 八、后市实操节奏与完整个人见解 针对恒瑞医药盘面，给持仓、空仓投资者实战参考。 持仓投资者，不必盲目恐慌割肉。长期创新转型逻辑仍在，但短期处于业绩阵痛磨底阶段。依托支撑压力做波段：反弹冲高靠近47‑47.4压力，量能不足可以适度减仓做T；回踩45.5‑45.8缩量企稳，可以考虑接回。严格盯紧45.8短线支撑，放量跌破要控制仓位。 空仓投资者，不要看到创新药龙头就急于抄底。医药成长股，财报落地后磨底时间往往比较长，需要等待Q3商业化验证。尽量等待回踩支撑位，缩量企稳，同时观察创新药板块企稳信号，再分批布局，不要一次性重仓。 中期跟踪核心三点： 1、国内商业化：肿瘤药是否止跌，非肿瘤创新药收入能否持续放量； 2、扣非净利润是否修复，经营现金流是否回暖； 3、重点管线临床、获批进度，海外授权里程碑兑现情况。 后续财报重点跟踪：创新药分板块收入、扣非净利润、经营现金流。 心态上：医药成长股波动巨大，不要被单日涨跌影响整体判断。不追高、不盲目抄底，做好仓位风控，跟随盘面与基本面信号动态调整。 九、结尾总结 8月31日恒瑞医药放量收阴，半年报披露后持续弱势调整。创新药占比提升、海外授权亮眼，但Q2扣非利润承压，肿瘤药增长放缓，新旧动能切换阵痛显现。筹码交换，散户接盘，上方套牢压力客观存在，短期处于业绩验证磨底阶段，没有形成单边趋势。 9月1日大概率区间震荡，重点观察45.8元防守支撑，以及反弹成交量；量能跟不上，反弹容易遇阻回落。 股市没有百分百准确的预测，所有推演基于当下盘面、财报、行业环境。市场环境瞬息万变，做好仓位风控，理性看待涨跌，才是长久之道。 免责声明：本文仅为个人复盘记录与实战思路分享，不构成任何投资建议。市场有风险，投资需谨慎。