Core Viewpoint - The company, Cloudtop New Horizon (01952.HK), reported a significant revenue increase of RMB 144.6 million or 48.0% to RMB 446.1 million for the six months ending June 30, 2025, primarily driven by the growth of its commercialized products, NAI Fukan® and Yijia® [1] Revenue Growth - Revenue growth is attributed to the inclusion of NAI Fukan® in the national medical insurance drug list, which has become a major growth driver [1] - Yijia® continues to deepen its market penetration, contributing to sustained revenue growth [1] - NAI Fukan® successfully launched in Taiwan, marking a significant milestone for the company [1] - The introduction of Weishiping® into the Singapore market in the first half of 2025 highlights the company's progress in expanding international markets and improving drug accessibility [1] Research and Development - R&D expenditure decreased from RMB 253.2 million for the six months ending June 30, 2024, to RMB 195.2 million for the same period in 2025, reflecting strategic resource optimization and a focus on core pipeline breakthroughs [1] - The company achieved multiple R&D milestones in the first half of the year while actively optimizing its R&D strategy [1] - The company is accelerating the development of autologous CAR-T and mRNA platforms to prepare for the next phase of research and clinical trials, while continuing to develop the value of EVER001 (Civorebrutinib) [1]

Core Insights - The company reported a revenue of 446 million, representing a year-on-year growth of 47.96% [1] - Gross profit reached 299 million, an increase of 29.56% compared to the previous year [1] - The loss attributable to shareholders narrowed to 250 million, a reduction of 60.5% year-on-year [1] Revenue Growth Drivers - Revenue growth was primarily driven by the continued expansion of Naisikan and Yijia in commercialized markets [1] - In the Chinese market, Naisikan was included in the national medical insurance drug list, significantly boosting its revenue [1] - Yijia's market penetration continued to deepen, contributing to sustained revenue growth [1] International Market Expansion - Naisikan successfully launched in Taiwan, marking a significant milestone for the company [1] - The company successfully introduced Weishiping to the Singapore market in the first half of 2025, showcasing progress in international market expansion and improving drug accessibility [1]

Core Insights - The company reported a revenue of 446 million yuan for the six months ending June 30, 2025, representing a year-on-year increase of 47.96% [1] - Gross profit reached 299 million yuan, up 29.56% compared to the previous year [1] - The loss attributable to shareholders narrowed to 250 million yuan, a reduction of 60.5% year-on-year [1] Revenue Growth Drivers - Revenue growth was primarily driven by the continued market expansion of Naisukan® and Yijia® in commercialized markets [1] - In the Chinese market, Naisukan® was included in the national medical insurance drug list, significantly boosting its revenue for the six months ending June 30, 2025 [1] - Yijia®'s market penetration continued to deepen, contributing to sustained revenue growth [1] International Market Expansion - Naisukan® successfully launched in Taiwan, marking a significant milestone for the company [1] - In the international market, Weishiping® was successfully introduced to the Singapore market in the first half of 2025 [1] - These achievements highlight the company's progress in expanding international markets and improving drug accessibility [1]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （於開曼群島註冊成立的有限公司） （股份代號：1952） Everest Medicines Limited 雲頂新耀有限公司 截 至2025年6月30日 止 六 個 月 中 期 業 績 公 告 雲 頂 新 耀 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）宣 佈 本 公 司 及 其 附 屬 公 司 截 至2025年6月30日 止 六 個 月 的 未 經 審 計 中 期 業 績。本 公 告 載 有 本 公 司 2025中 期 報 告 全 文，符 合 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）證 券 上 市 規 則 中 有 關 中 期 業 績 初 步 公 告 附 載 資 料 的 相 關 要 求 ...

Group 1 - The Hong Kong biotechnology stocks experienced a collective decline, with notable drops in several companies [1] - WuXi AppTec (02126) saw a decrease of 12.95%, closing at 4.840 [2] - BioNTech (06952) fell by 12.53%, with a latest price of 13.750 [2] Group 2 - Other companies such as Valiant (09887) and Beihai Kangcheng (01228) also reported significant declines of 9.93% and 9.75% respectively [2] - The decline extended to companies like Saint Noble (02257) and MIRXES (02629), which dropped by 9.64% and 8.43% [2] - Overall, the biotechnology sector is facing downward pressure, impacting multiple firms [1]

Market Overview - The Hong Kong stock market experienced a significant decline in the afternoon, with the Hang Seng Index dropping by 1.27%, losing over 300 points. The Hang Seng China Enterprises Index and the Hang Seng Tech Index fell by 1.4% and 1.47% respectively, with the former barely holding above the 9000-point mark [2] - Major technology stocks, which serve as market indicators, continued to decline in the afternoon. Kuaishou and Meituan fell over 3%, while JD.com dropped by 2.5%. Baidu, NetEase, and Tencent saw declines close to 2%, and Xiaomi fell by 0.56%. Alibaba managed to stay slightly positive [3] Sector Performance - The financial sector, including banks, insurance companies, and Chinese brokerage firms, collectively underperformed, contributing to the overall market decline. The performance of individual stocks continued to be affected by ongoing earnings reports, with property management and real estate stocks experiencing significant drops [3] - Biopharmaceutical stocks faced a collective downturn, particularly in the innovative drug sector, following comments from Trump regarding the rapid imposition of tariffs on pharmaceuticals. This led to notable declines in various biopharma stocks [3] Specific Stock Movements - Several biopharmaceutical companies saw substantial declines, including Kanghao Ya-B (-8.59%), Qiansirui Biotechnology (-7.42%), and Kangfang Biotechnology (-7.10%). Other notable decliners included Xiansheng Pharmaceutical (-6.79%) and Shiyao Group (-6.36%) [3] - In contrast, the rare earth sector remained strong, benefiting from the implementation of supply reforms and multiple catalysts. Apple’s upcoming event on September 9, where the iPhone 17 series is expected to be launched, led to a rise in Apple-related stocks, with Lens Technology (300433) surging nearly 8% and reaching a new high since its listing [4]

Core Viewpoint - The Hong Kong innovative pharmaceutical sector has seen a significant increase in refinancing activities in 2025, with over 20 companies participating, raising more than 34 billion HKD, which is substantially higher than the same period last year [1][2]. Group 1: Financing Activities - As of August 20, 2025, Hansoh Pharmaceutical announced a plan to raise 3.9 billion HKD through a rights issue, marking its third refinancing since listing [2]. - The total refinancing amount for Hong Kong innovative pharmaceutical companies has exceeded 34 billion HKD, with some companies conducting multiple rounds of refinancing [2][5]. - WuXi AppTec has raised the highest amount in this refinancing wave, securing nearly 7.7 billion HKD through a placement of new shares [7]. Group 2: Comparison with A-Shares - In contrast, only two A-share innovative pharmaceutical companies have been approved for refinancing this year: Dizal Pharmaceutical raised approximately 1.8 billion HKD in April, and Baillie Tianheng's 3.9 billion HKD plan was approved in early August [5]. Group 3: Shareholder Actions - Some founders and major shareholders of innovative pharmaceutical companies are taking the opportunity to reduce their holdings and cash out [6][13]. - Notable reductions include the founders of BeiGene, who have sold shares worth over 70 million USD in the U.S. market since the beginning of the year [13]. - Temasek, the largest shareholder of Innovent Biologics, has reduced its stake three times, cashing out over 2.4 billion HKD [14]. Group 4: Innovative Financing Methods - Several companies are utilizing "old-for-new" financing methods, where founders sell their old shares to new investors and use the cash to subscribe to newly issued shares, making it more attractive for investors [9][10]. - For instance, Ascentage Pharma raised 1.5 billion HKD through this method, coinciding with the approval of its second drug [10]. Group 5: Market Trends - The innovative pharmaceutical sector has experienced a surge in stock prices, with many companies actively seeking financing to support future growth [13]. - Innovent Biologics has seen its stock price increase by over 2.5 times since the beginning of the year, while WuXi AppTec's stock price is close to its historical high [14].

Core Viewpoint - CloudTop New Horizon (01952) saw a significant stock increase of over 5%, closing at 73.35 HKD with a trading volume of 499 million HKD, following the announcement of its core product, Aicromod, being included in the 2025 ACG Clinical Guidelines for Ulcerative Colitis [1] Group 1: Product Development and Recognition - Aicromod has been strongly recommended for the induction and maintenance treatment of moderate to severe active Ulcerative Colitis (UC) patients in the newly released guidelines [1] - The product was previously included in the 2024 American Gastroenterological Association (AGA) clinical practice guidelines as a first-line treatment for Ulcerative Colitis, highlighting its clinical value and potential to fill treatment gaps [1] Group 2: Strategic Investments - CloudTop New Horizon announced a strategic investment of 30.9 million USD in Tianjing Bio, increasing its ownership stake to 16.1%, making it the largest shareholder [1] - According to CMB International, this strategic investment allows the company to leverage Tianjing's differentiated 4-1BB platform, dual antibody pipeline, and overseas clinical transformation capabilities, creating synergies with its existing mRNA tumor vaccine portfolio [1]

Core Viewpoint - CloudTop New Horizon (01952) saw a significant stock increase of over 5%, closing at HKD 73.35 with a trading volume of HKD 499 million, following the announcement of its core product, Aikumo, being included in the 2025 ACG Clinical Guidelines for Ulcerative Colitis [1] Group 1: Product Development and Recognition - Aikumo has been strongly recommended for the induction and maintenance treatment of moderate to severe active ulcerative colitis (UC) patients in the newly released guidelines [1] - The product was previously included in the 2024 AGA Clinical Practice Guidelines, marking it as a first-line treatment for ulcerative colitis [1] - The dual endorsement from two major international guidelines underscores Aikumo's clinical value and its potential to fill a treatment gap in ulcerative colitis [1] Group 2: Strategic Investment - CloudTop New Horizon announced a strategic investment of USD 30.9 million in Tianjing Bio, increasing its ownership stake to 16.1%, making it the largest shareholder [1] - According to CMB International, this strategic investment allows the company to leverage Tianjing's differentiated 4-1BB platform, dual antibody pipeline, and overseas clinical translation capabilities, creating synergies with its existing mRNA tumor vaccine portfolio [1]

Core Insights - The innovative drug Etrasimod (VELSIPITY(R)) from the company has been strongly recommended in the 2025 ACG Clinical Guidelines for the treatment of moderate to severe active Ulcerative Colitis (UC) patients, highlighting its clinical value and potential to meet unmet treatment needs [1][2][3] Group 1: Clinical Guidelines and Recommendations - Etrasimod is recommended for both induction and maintenance therapy in moderate to severe active UC patients, based on moderate quality evidence [1] - The guidelines suggest continuing Etrasimod for patients who have achieved induction remission with S1P receptor modulators, indicating its role in maintaining remission [1] - The guidelines emphasize the importance of achieving endoscopic mucosal healing as a core treatment goal for moderate to severe UC, which is linked to improved long-term management and quality of life for patients [3] Group 2: Clinical Trial Results - The ELEVATE UC III phase registration studies (ELEVATE UC 52 and ELEVATE UC 12) achieved all primary and key secondary endpoints, showing significant improvement in clinical remission rates at 12 weeks and 52 weeks [2] - Notably, 100% of clinical remissions were steroid-free, indicating a favorable safety profile consistent with previous studies [2] - The guidelines also highlight Etrasimod's effectiveness in patients with Ulcerative Proctitis, showing a significant increase in clinical remission rates compared to existing treatments [2] Group 3: Market and Commercialization - The number of UC patients in Asia is rising, with an estimated 800,000 patients in China by 2024, projected to reach 1 million by 2030, indicating a growing need for effective treatment options [4] - The company is accelerating the commercialization process of Etrasimod, aiming to provide long-term effective disease management and improve patient quality of life [4] - Etrasimod's new drug application has been accepted by the Chinese National Medical Products Administration, with expected approval by the end of 2024 or early 2025, and it has already been approved in several regions including Singapore and Hong Kong [4]