格隆汇7月25日丨云顶新耀(01952.HK)发布公告，2025年7月25日(交易时段前)，公司、卖方(即C -Bridge IV Investment Two Limited)及配售代理(即高盛与摩根士丹利)订立配售及认购协议，据此，按照配售及 认购协议所载条款并在其条件规限下，(a)卖方同意出售，而配售代理同意个别而非共同地担任卖方的 代理，尽力最大努力促使不少于六名承配人按购买价(即每股待售股份69.70港元)购买待售股份(即由卖 方实益拥有及根据配售及认购协议将予出售的2256.1万股股份)；及(b)卖方同意认购(作为主事人)，而公 司同意按购买价发行认购股份(数目相等于待售股份数目)。 董事认为配售事项及认购事项为公司提供进一步集资的机会，有利于集团的长远发展，通过引入长期国 际机构股东扩大股东基础，改善交易流动性，并为公司药物管线的开发提供额外资金。假设全部待售股 份获悉数配售及认购股份由卖方认购，则配售事项及认购事项所得款项总额预期约为15.725亿港元，而 所得款项净额将约为15.534亿港元。公司拟将认购事项所得款项净额按下列方式动用︰(i)50%用于管线 产品的全球研发；(ii)40%用于 ...

配售事项及认购事项所得款项总额预期约为15.73亿港元，而所得款项净额将约为15.53亿港元。本公司 拟将认购事项所得款项净额按下列方式动用︰50%用于管线产品的全球研发;40%用于商业化推进工作， 包括新产品上市及推广;及10%用作公司营运及一般行政管理开支。 董事认为配售事项及认购事项为本公司提供进一步集资的机会，有利于本集团的长远发展，通过引入长 期国际机构股东扩大股东基础，改善交易流动性，并为本公司药物管线的开发提供额外资金。因此，董 事相信配售事项及认购事项符合本集团及股东的整体利益。 智通财经APP讯，云顶新耀(01952)发布公告，于2025年7月25日(交易时段前)，本公司、卖方C -Bridge IV Investment Two Limite及配售代理订立配售及认购协议，按照配售及认购协议所载条款并在其条件规 限下，卖方同意出售，而配售代理同意个别而非共同地担任卖方的代理，尽力最大努力促使不少于六名 承配人按购买价购买待售股份(2256.1万股现有股份);及卖方同意认购(作为主事人)，而本公司同意按购 买价发行认购股份。 待售股份数目相当于：于本公告日期已发行股份(不包括库存股份)总数约6 ...

2025年来，mRNA领域颇有"复苏"的迹象。6月底，艾伯维宣布斥资21亿美元收购体内CAR-T疗法公司 Capstan Therapeutics；而BioNTech、Moderna等更早入局的企业，也已布局了成熟的mRNA疫苗的药物 设计和递送技术等研发平台，探索肿瘤疫苗等产品的研发，进展快者已进入二期临床阶段。 近两年，BD几乎成为国内创新药企的重要"KPI"。相关数据统计，今年以来，全球肿瘤领域授权交易的 首付款中，来自中国的资产贡献了将近50%的份额。"这说明不同于过去，跨国药企现在已经非常认可 中国创新的价值；第二，也证明了中国的自主创新、成本和效率都达到了一定程度。" 具体到mRNA技术领域，该技术集合了软件式平台、通用型生产平台的优势，具备覆盖从肿瘤到自免、 代谢性疾病、传染病等多种难治性疾病的药物开发能力。作为基因技术，mRNA技术可将药物开发 从"分子筛选"转变为"信息设计"，实现了"信息即药物"，可利用人体自身生成药物，使人体成为为自身 生产药物的"智能工厂。 从过往的案例看，在个性化肿瘤疫苗产品领域，国际大药企之间有过很多交易，比较有代表性的是 Moderna和BioNTech两家的对外 ...

Core Viewpoint - The supply of Budesonide enteric-coated capsules, a key product of the innovative pharmaceutical company Cloudy New Horizon, is currently facing shortages due to increased demand and production capacity limitations, with the drug expected to be included in the national medical insurance catalog starting January 1, 2025 [2][3]. Group 1: Company Overview - Cloudy New Horizon was established in 2017 and has listed products including Budesonide enteric-coated capsules, Ilaris, and Icotinib, targeting kidney diseases, infectious diseases, and autoimmune diseases [3]. - As of July 15, 2023, the total market capitalization of Cloudy New Horizon is approximately HKD 23.6 billion [3]. Group 2: Product Details - Budesonide enteric-coated capsules are the first drug globally for the treatment of IgA nephropathy and act as an immunomodulator targeting intestinal mucosal B cells [3]. - The drug was approved for domestic marketing in May 2024 and is included in the 2024 version of the national medical insurance catalog, specifically for adult patients with primary IgA nephropathy at risk of progression [3]. Group 3: Financial Performance - In 2024, Cloudy New Horizon reported revenue of CNY 707 million, representing a year-on-year increase of 461%, primarily driven by rapid sales growth of the antibiotic Ilaris and the launch of Budesonide enteric-coated capsules [4]. - The company incurred a net loss of CNY 1.041 billion in the same year, largely due to one-time, non-recurring impairment losses related to intangible assets associated with mRNA COVID-19 vaccines [4].

Group 1 - The top three companies with the highest short positions are WuXi AppTec (22.57%), CATL (17.76%), and COSCO Shipping Holdings (14.27%) [1][2] - The companies with the largest absolute increase in short positions are Alibaba Health (4.45%), China Liansu (2.54%), and Hong Kong Travel (2.02%) [1][2] - The companies with the largest absolute decrease in short positions are Far East Horizon (-1.62%), ZhongAn Online (-1.55%), and Rongchang Biologics (-1.32%) [1][3] Group 2 - The latest short position data shows that WuXi AppTec has 87.35 million shares, CATL has 27.69 million shares, and COSCO Shipping Holdings has 411 million shares [2] - Alibaba Health's short position increased from 6.97% to 11.42%, while China Liansu's increased from 0.61% to 3.15% [2] - Far East Horizon's short position decreased from 4.43% to 2.82%, and ZhongAn Online's decreased from 7.43% to 5.88% [3][4]

Core Insights - The emerging autologous CAR-T therapy significantly reduces costs compared to traditional CAR-T therapies, which can exceed hundreds of thousands of yuan, but it faces high technical barriers [1][4]. Industry Developments - AbbVie announced a $2.1 billion acquisition of Capstan Therapeutics to expand its product line in autoimmune disease therapies, marking the highest transaction record in the cell therapy sector for 2025 [1]. - CloudTop New Horizon (01952.HK) reported advancements in its autologous CAR-T projects, which utilize a proprietary targeted LNP (tLNP) system for treating tumors and autoimmune diseases, achieving effective tumor cell clearance in humanized mouse models and validating T cell transfection in non-human primate models [1]. Advantages of Autologous CAR-T Therapy - Compared to traditional CAR-T therapies, autologous CAR-T therapy offers multiple advantages, including large-scale production capabilities, no need for lymphodepleting chemotherapy prior to treatment, predictable pharmacokinetics/pharmacodynamics, adjustable dosing, and better overall quality control [4]. - The mRNA technology in autologous CAR-T therapy allows for a shift from "molecular screening" to "information design," enabling the body to produce its own drugs, thus marking a new era in biopharmaceuticals [4]. Cost Reduction Potential - The core advantage of in vivo CAR-T cell manufacturing lies in significantly simplifying the process and reducing costs, potentially lowering the cost of a single treatment by an order of magnitude compared to currently commercialized CAR-T therapies [4]. Challenges in Autologous CAR-T Therapy - The main challenge for autologous CAR-T therapy is the precise, efficient, and safe delivery of CAR-T constructs to target T cells [5]. - Two primary technical routes have emerged: lentiviral vectors and RNA delivery. Lentiviral vectors can achieve permanent CAR expression but may lack targeting precision, while RNA delivery offers higher safety but only transient CAR protein synthesis [5]. - The high technical barriers in autologous CAR-T technology limit participation to a few companies, requiring proprietary cationic lipids and stringent delivery technology to target spleen and peripheral T cells while avoiding safety risks associated with liver expression [5].

Group 1 - The core viewpoint of the news highlights the recent stock performance of CloudTop New Horizon (01952.HK), which closed at HKD 67.000, a slight decrease of 0.15% from the previous trading day, with an intraday high of HKD 69.800, marking a new high in nearly a year [1] - The company experienced a net outflow of HKD 37.6499 million in capital on the day, with unspecified amounts flowing in and out [1] Group 2 - CloudTop New Horizon Limited is a Hong Kong-listed biopharmaceutical company focused on the research, clinical development, manufacturing, and commercialization of innovative drugs and vaccines, aiming to meet unmet medical needs in Greater China and other Asian markets [2] - The management team possesses extensive expertise and experience in high-quality research and development, clinical development, regulatory affairs, chemical manufacturing and control (CMC), business development, operations, and commercialization within the pharmaceutical industry [2] - The company has established a portfolio of globally first-in-class or best-in-class drugs and vaccines in areas such as nephrology, mRNA platforms, infectious and communicable diseases, and autoimmune diseases [2] - CloudTop New Horizon initiated commercial listing in 2021 and is building a professional and efficient commercialization team to accelerate product commercialization in Greater China and other Asia-Pacific markets [2] - The company is committed to becoming a leading biopharmaceutical company in Asia, focusing on the development and commercialization of innovative drugs and vaccines to meet the growing medical needs in China and globally, with a mission to enhance human health and well-being [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the acquisition of Capstan Therapeutics by AbbVie for up to $2.1 billion, focusing on in vivo CAR-T therapy development [6][15] - The report emphasizes the growing interest and investment in in vivo CAR-T technology, with multiple companies actively pursuing diverse delivery systems [7][26] - The pharmaceutical and biotechnology sector saw a weekly increase of 3.64%, outperforming the CSI 300 index by 2.1 percentage points, ranking 4th among 31 sub-industries [8][31] Summary by Sections 1. AbbVie Acquisition of Capstan - AbbVie announced the acquisition of Capstan Therapeutics for a maximum of $2.1 billion, focusing on in vivo CAR-T therapies [6][15] - Capstan's main asset, CPTX2309, is an RNA delivery candidate for anti-CD19 CAR-T therapy, currently in Phase I clinical trials [15][20] 2. MNC's Active Layout in In Vivo CAR-T Technology - MNC has been actively investing in in vivo CAR-T technology through collaborations and acquisitions, focusing on both lentiviral and lipid nanoparticle delivery systems [7][26] - The report notes that over 20 disclosed mRNA technology projects in in vivo CAR-T are primarily concentrated in the lipid nanoparticle direction [22][30] 3. Weekly Performance of the Pharmaceutical Sector - The pharmaceutical sector increased by 3.64% in the first week of July, outperforming the CSI 300 index [31] - Among sub-sectors, other biological products saw the highest increase of 8.28%, while medical equipment experienced the largest decline of 0.21% [35][36] 4. Recommended Stocks - Recommended stocks include major pharmaceutical and biotechnology companies such as Heng Rui Medicine, East China Medicine, and others [9]

Core Viewpoint - The company, Ginkgo Bioworks, is balancing operational sustainability with future growth through a dual strategy of "licensing in + independent research and development" to drive innovation and revenue generation [1][2]. Group 1: Business Strategy - Ginkgo Bioworks has achieved stable cash flow through the introduction of large commercial products while focusing on cutting-edge mRNA therapies, resulting in the development of key products such as EVM14, EVM16, and CAR-T [1][3]. - The company has established a comprehensive technology platform that includes antigen design, mRNA sequence optimization, lipid nanoparticle delivery technology, and industrial production capabilities, making it one of the few companies with end-to-end capabilities in the industry [3][6]. Group 2: Financial Performance - Financial data indicates that Ginkgo Bioworks expects to generate revenue of 707 million yuan in 2024, representing a year-on-year increase of 461%, driven by three commercialized products [3]. - The company aims to achieve sales of 10 billion yuan by 2030, leveraging its existing product portfolio [3]. Group 3: Competitive Advantage - Ginkgo Bioworks possesses a proprietary lipid library of over 500 types, which supports various projects including vaccines and CAR-T therapies [5][6]. - The company has developed an AI algorithm for efficient antigen sequence design, with its algorithm system now in its third generation, and has established a lipid nanoparticle delivery technology platform with patent protections [6]. Group 4: Market Position - Major pharmaceutical companies like AbbVie, Eli Lilly, Johnson & Johnson, and AstraZeneca are investing in mRNA therapies and CAR-T technologies, indicating a competitive landscape [4]. - Ginkgo Bioworks is one of the few domestic companies capable of full-process localized production of mRNA therapy drugs, enhancing its market position [6].

Group 1 - BioNTech's research on mRNA neoantigen vaccines shows potential in treating pancreatic cancer by inducing long-lived CD8+ T cell responses, offering new hope for cancer immunotherapy [1] - The challenge of tumor recurrence and metastasis remains significant in clinical treatment, highlighting the importance of mRNA technology in immune response [1] - Cloud Health's CEO discusses how mRNA technology stimulates T and B cells to create specific immune responses against tumor cells, forming immune memory to reduce recurrence risk [1] Group 2 - mRNA technology shifts drug development from "molecular screening" to "information design," transforming the human body into a smart factory for protein drug production [2] - Despite its advantages, the delivery system poses a major barrier for mRNA technology, as synthesized mRNA is prone to degradation when entering the human body [2] - Cloud Health has made breakthroughs in delivery technology, establishing a proprietary LNP (lipid nanoparticle) delivery platform with patents in ionizable and stealth lipids [2] Group 3 - The third-generation AI algorithm significantly enhances target protein expression levels, enabling Cloud Health to advance mRNA tumor drug development [3] - EVM16 is Cloud Health's first personalized mRNA tumor vaccine entering clinical stages, with the first patient dosing completed in March 2025 [3] - EVM14 is a universal therapeutic vaccine targeting five tumor-related antigens, intended for the treatment of squamous cell carcinoma [3]