Core Viewpoint - The management of Innovent Biologics (信达生物) aims to become a leading global biopharmaceutical company by 2030, with significant advancements in product pipelines and international market presence [1] Group 1: Product Development and Clinical Trials - IBI363, a PD-1/IL-2α-bias dual antibody, is expected to show promising results in clinical trials, with Phase I focusing on understanding mechanisms of action and Phase II targeting representative tumors for proof of concept [2] - The management anticipates that Phase III trials will advance for indications with high certainty, with first-line indications for colorectal, gastric, and lung cancers expected to yield proof of concept data by 2026 [2] - Adverse reactions for IBI363 are manageable, with a reported rate of 43.9% for grade 3 or higher adverse reactions in the 3mg/kg Q3W group, but improvements are expected as clinical experience accumulates [3] Group 2: Product Launch and Market Strategy - The recently approved Marsduo peptide is expected to see rapid market penetration, targeting adults with a BMI of 28 or higher for long-term weight control [4] - The company plans to implement a multi-channel marketing strategy for Marsduo, including hospital-based, outpatient, retail, and e-commerce channels, with projected sales of 600 million yuan in 2025 and 1.8 billion yuan in 2026 [4] Group 3: Future Outlook - The domestic non-oncology business is projected to grow significantly, driven by the approval of Marsduo and other products, with expectations of reaching 20 billion yuan in revenue by 2027 [5] - The overseas business is also expected to see revenue growth from oncology products IBI363 and IBI343, with a focus on tumor indications initially and contributions from non-oncology later [5]

Core Viewpoint - Haidong International's report highlights the increased success rate of Lisaftoclax in treating MDS, along with its potential global peak sales, leading to unchanged revenue and net profit forecasts for FY26-27 [1] Group 1: Clinical Data and Efficacy - Lisaftoclax's clinical data was presented at the ASCO annual meeting, showcasing its effectiveness in treating newly diagnosed or previously treated AML patients [2] - In a study involving 28 previously Venetoclax-resistant AML patients, the overall response rate (ORR) was 31.8%, with 22.8% achieving complete response (CR) [2][3] - Among 6 newly diagnosed AML patients, the ORR was 83.3%, with 33.3% achieving CR [3] - In 15 evaluable NDMDS/CMML patients, the ORR was 80%, with 40% achieving CR [3][5] Group 2: Safety and Tolerability - Lisaftoclax demonstrated good tolerability and manageable safety, with most adverse events being hematological and non-hematological toxicities being rare [3][4] Group 3: Competitive Landscape - Lisaftoclax shows potential to overcome Venetoclax resistance, particularly in TP53-mutated AML patients, where traditional therapies have poor outcomes [4] - The recent failure of Venetoclax in MDS highlights Lisaftoclax's potential to fill a clinical gap in treating this indication [5][6] - The company is advancing global registration clinical studies for high-risk MDS and AML, with ASCO data enhancing the potential for external licensing [6] Group 4: Future Research and Developments - The company plans to present 13 research updates on its novel drugs, including Oreba and EED inhibitor APG-5918, at the upcoming EHA conference [3] - Oreba's potential in treating Ph+ ALL is also noted, with high CR rates and good tolerability in various treatment settings [7]

Group 1 - The core point of the article is that Easy Control Intelligent Driving Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Haitong International as the exclusive sponsor [1] Group 2 - The company is seeking to enter the public market through this listing application [1] - The involvement of Haitong International indicates a strategic partnership for the listing process [1]

Core Viewpoint - Dazhong Oral has passed the main board listing hearing of the Hong Kong Stock Exchange, with Haitong International as the sole sponsor, positioning itself as a leading private dental service provider in Central China, particularly in Hubei and Hunan provinces [1] Group 1: Company Overview - Dazhong Oral operates a direct chain model and aims to serve the public, ranking first among private dental service providers in Central China with a market share of approximately 2.4% based on projected 2024 revenue [1] - The company's dental service network is expanding, with the number of operational dental institutions increasing from 77 on January 1, 2022, to 86 by December 31, 2024, and further to 92 by June 21, 2025, including 4 dental hospitals, 80 dental clinics, and 8 dental offices across 8 cities in Hubei and Hunan [1] Group 2: Business Strategy and Talent Management - Dazhong Oral has implemented a partner program to attract experienced medical professionals as minority shareholders, with 37 dentists becoming shareholders by December 31, 2024, which supports network expansion, stabilizes core talent, and drives profitability [1] - The company has a stable team of 280 practicing dentists as of December 31, 2024, with retention rates for dentists with over three years of experience being approximately 87%, 89%, and 90% for the years 2022, 2023, and 2024, respectively [2] Group 3: Service Offerings and Customer Metrics - Dazhong Oral provides comprehensive dental treatments, including oral implants and orthodontic services, catering to clients of all ages [2] - The number of clients served by the company was 276,310 in 2022, 296,859 in 2023, and 283,640 in 2024, with total patient visits of 708,651, 768,809, and 748,632 for the respective years, and average spending per visit being RMB 578, 575, and 544 [2]

Group 1 - Wuhan Dazhong Dental Medical Co., Ltd. has passed the listing hearing on the Hong Kong Stock Exchange on June 24 [1] - The exclusive sponsor for the listing is Haitong International [1]

Core Viewpoint - Shandong Jitie Haitong International Logistics Co., Ltd. has been established with a registered capital of 10 million RMB, fully owned by Haina Baichuan Land Port Supply Chain (Heze) Co., Ltd. [1] Company Summary - The legal representative of Shandong Jitie Haitong International Logistics Co., Ltd. is Fu Leijia [1] - The company is classified under the transportation, warehousing, and postal industry, specifically in the multimodal transport and transportation agency sector [1] - The registered address is located at No. 888, Huaihe East Road, Huangzhen Township, Mudan District, Heze City, Shandong Province [1] - The company type is a limited liability company (wholly owned by a legal entity) [1] - The business term is from June 17, 2025, to an indefinite period [1] Business Scope - The business scope includes international freight forwarding, loading and unloading, domestic freight forwarding, international container and general cargo transportation, and various logistics services [1] - The company is also involved in customs declaration, supply chain management, and international shipping agency services [1] - Certain activities require approval from relevant authorities, such as customs-regulated warehousing and hazardous goods transportation [1]

Core Viewpoint - Stablecoins combine digital currency technology with the value stability of traditional currencies, addressing the price volatility of cryptocurrencies while enhancing the cross-border circulation efficiency of fiat currencies [1][2]. Summary by Relevant Sections Advantages of Stablecoins - Stablecoins support 24/7 global cross-border transfers, taking only seconds to minutes, with costs less than 0.1%, compared to traditional bank services which range from 3% to 8% [2]. - They provide value stability, serving as a "measure of value" and "medium of exchange" in the blockchain industry, unlike volatile cryptocurrencies like Bitcoin [2]. Global and Stablecoin Market Outlook - The global stablecoin market is currently valued at nearly $250 billion, with a monthly trading volume of approximately $700 billion, which is close to Visa's global transaction volume [3]. - There are over 100 million wallet addresses, indicating real-world applications such as payments, investment scenarios, and on-chain global settlement networks [3]. - Predictions suggest that by 2030, the global stablecoin market could exceed $1 trillion, with optimistic estimates reaching between $3 trillion to $6 trillion [3]. Hong Kong Stablecoin Market Outlook - Before the stablecoin legislation is passed, the Hong Kong Monetary Authority (HKMA) released a discussion paper on crypto assets and stablecoins in 2022 and plans to launch a stablecoin "sandbox" in 2024, indicating that Hong Kong's entry into the stablecoin market is not late [4]. - The future scale of the Hong Kong dollar stablecoin will depend on application scenarios and demand, as well as regulatory flexibility regarding on-chain investment scenarios and cross-chain interactions [4]. Potential for Renminbi Stablecoin - Policies suggest that Hong Kong could explore the possibility of an offshore Renminbi (CNH) stablecoin, potentially piloted in the region [5]. Comparison of Stablecoin Legislation in the US and Hong Kong - The US regulatory framework covers fiat, commodity, and algorithmic stablecoins, while Hong Kong's framework is limited to fiat-backed stablecoins [6]. - The US emphasizes capital requirements, consumer protection, and systemic risk prevention, with higher entry barriers and a focus on stablecoin payments and value storage [6]. - Hong Kong's legislation is based on the US framework but emphasizes innovation and flexibility, with moderate entry barriers and a broader range of business activities, including DeFi and staking [6]. Stablecoin Application Scenarios - Key application scenarios for stablecoins include cross-border payments and trade, on-chain finance (DeFi), daily payments in emerging markets, and tokenization of real-world assets [8]. Participants in the Stablecoin Industry Chain - The stablecoin industry consists of three main segments: 1. Upstream: Infrastructure, including blockchain networks, custody services, and compliance services [9]. 2. Midstream: Core industry players, including issuers (e.g., Circle, Tether), technology service providers, and liquidity providers [9]. 3. Downstream: Application scenarios, including payment platforms and DeFi protocols [9].

事件：2025年5月15日，海通国际举办消费引力专场活动，邀请华中零食消费领域专家分享行业看法与 趋势。专家样本包括"零食很忙""赵一鸣""万辰好想来""来优品""零食有名"5个零食品牌，合计32家量贩 零食门店和6家省钱超市门店，覆盖湖南、湖北、江苏、安徽、成都和重庆等区域。 不同店铺类型初期投入和日均店效正相关，由于店铺加密缘故同店仍呈下行趋势 市场上的零食量贩店铺主要分4类，A+核心商圈店(大店)、社区店、校园店及城镇店。从店铺投入上 看，A+核心商圈店所需投入最多，其次按序排列分别是社区店、校园店和城镇店。 智通财经APP获悉，海通国际发布研报称，以量贩零食和潮玩为核心的省钱超市模型正在多个区域进行 试点，华中地区尚未全面布局，目标在于拓展客户圈层、提升店铺人流以及提高客单价。目前成都已有 三家省钱超市，2024年销售表现同比下滑，主因供应链不成熟和非零食品类(日化和潮玩)周转速度慢于 零食，整体周转速度和坪效较低。但量贩零食门店仍有巨大空间，品牌下沉主要依赖于成熟供应链网 络、仓储体系与物流时效保障。 海通国际主要观点如下： 从日均店效看，A+核心商圈店店效最高，其次同样分别是社区店、校园店和城镇店 ...

Core Viewpoint - Haitong International has adjusted its revenue forecasts and valuation model for Innovent Biologics (01801), expecting total revenues of 11.86 billion, 14.34 billion, and 18.09 billion RMB for 2025-2027, representing year-on-year growth of 31%, 20%, and 26% respectively [1] Group 1: Financial Performance - The company reported Q1 2025 product revenue exceeding 2.4 billion RMB, a year-on-year increase of 41% and a quarter-on-quarter increase of 13% [2] - The company is expected to turn profitable in 2025, achieving a net profit of 380 million RMB, slightly up from the previous estimate of 370 million RMB [1] Group 2: Product Development and Pipeline - The product portfolio has expanded to 15 commercialized products, with four new drugs launched in 2025: Daberanib (ROS1), Aotinib (EGFRTKI), Jebatuzumab (BTK), and Tizotumab (IGF-1R) [2] - The company anticipates the approval of additional products such as Marsduotide (GCG/GLP-1) and IBI112 (IL-23p19) within 2025, which will support revenue growth [2] Group 3: Revenue Growth Drivers - The growth in revenue is attributed to three main factors: continued growth of mature products like Daberanib (PD-1), rapid volume increase of PCSK9 monoclonal antibodies due to inclusion in the 2024 medical insurance negotiation drug list, and new products like Fluorazepine (KRASG12C), Daberanib (ROS1), and Tizotumab (IGF-1R) contributing to revenue [3] Group 4: R&D and Innovation - The company expects at least five new assets to enter global MRCT before 2030, including PD-1/IL-2α-bias and CDLN18.2ADC [4] - The company has made significant progress in its ADC platform, with IBI3020 being the first dual-load ADC targeting CEACAM5 to complete patient dosing in Phase I clinical trials, showing good anti-tumor activity and manageable safety profiles [4] Group 5: Upcoming Research Catalysts - The company has a rich pipeline of upcoming research catalysts, including updates on PD-1/IL-2 at the ASCO conference and clinical data for various ADCs and other molecules [5]

Core Viewpoint - The report from Haitong International indicates that the potential implementation of pharmaceutical tariffs by the U.S. could impact large pharmaceutical companies, but the overall effect on China's pharmaceutical industry is limited due to the low import proportion from China and the long lead time for new capacity to come online [1][2][3] Group 1: U.S.-China Pharmaceutical Trade - In 2023, the proportion of U.S. imports from China in total pharmaceutical imports is only 1.5%, which is relatively low [2] - The U.S. has maintained a long-term trade surplus in pharmaceuticals with China, which has been expanding [2] - The potential for U.S. pharmaceutical tariffs to be implemented exists, as previous threats from Trump indicated a possible 25% tariff to encourage domestic production [2][3] Group 2: Impact of Tariffs on the Industry - The impact of tariffs on China's pharmaceutical industry is limited, suggesting a focus on domestic substitution, innovative drugs, and consumer demand sectors [2] - The tariffs may accelerate the process of domestic substitution in medical devices and other areas [2] - If tariffs are enacted, large pharmaceutical companies will be the most affected, but the transition of the supply chain back to the U.S. is complicated and costly [3] Group 3: U.S. Pharmaceutical Trade Deficit - The U.S. pharmaceutical trade deficit is projected to reach $118.6 billion in 2024, a 35% increase year-on-year [3] - Ireland, Germany, and Switzerland are the top three sources of pharmaceutical imports to the U.S., with Ireland being the largest due to favorable tax policies [3]