Summary of Key Points Core Viewpoint - The Hong Kong biotechnology sector experienced a significant decline, with most stocks falling sharply, indicating a bearish trend in the market [1]. Company Performance - **Gilead Sciences (歌礼制药-B)**: Decreased by 15.06%, latest price at 15.510, market cap at 14.946 billion [2]. - **Yunkang Group (云康集团)**: Fell by 14.18%, latest price at 2.300, market cap at 1.429 billion [2]. - **PAG Pharmaceuticals (派格生物医药-B)**: Dropped by 9.15%, latest price at 31.760, market cap at 12.258 billion [2]. - **Tengsheng Boao (腾盛博药-B)**: Declined by 8.30%, latest price at 2.210, market cap at 1.590 billion [2]. - **China Antibody (中国抗体-B)**: Decreased by 7.49%, latest price at 3.210, market cap at 4.371 billion [2]. - **Jiahua Biotech (嘉和生物-B)**: Fell by 7.08%, latest price at 4.460, market cap at 2.347 billion [2]. - **Sillod Pharmaceuticals (思路迪医药股份)**: Dropped by 6.06%, latest price at 7.910, market cap at 2.042 billion [2]. - **Tiger Med (泰格医药)**: Decreased by 5.73%, latest price at 54.250, market cap at 46.711 billion [2]. - **Kangji Medical (加科思-B)**: Fell by 5.69%, latest price at 8.120, market cap at 6.404 billion [2]. - **WuXi AppTec (药明巨诺-B)**: Dropped by 5.14%, latest price at 5.720, market cap at 2.382 billion [2]. - **Three Leaf Clover Biotech (三叶草生物-B)**: Decreased by 5.13%, latest price at 0.740, market cap at 0.960 billion [2]. - **Yiming Oncology (宜明昂科-B)**: Fell by 4.76%, latest price at 12.810, market cap at 5.218 billion [2]. - **Junshi Biosciences (君实生物)**: Decreased by 4.69%, latest price at 34.540, market cap at 35.462 billion [2]. - **Zhonghui Biotech (中慧生物-B)**: Fell by 4.39%, latest price at 51.150, market cap at 20.125 billion [2]. - **Zhaoyan New Drug (昭衍新药)**: Decreased by 4.38%, latest price at 23.140, market cap at 17.343 billion [2].

Brii Biosciences Limited 騰盛博藥生物科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2137） 董事會召開日期 騰盛博藥生物科技有限公司（「本公司」）董事會（「董事會」）僅此宣佈，董事會會 議將於2025年8月21日（星期四）舉行，藉以（其中包括）審閱及批准發佈本公司及 其附屬公司截至2025年6月30日止六個月的未經審核之中期業績及其刊發，以及 處理其他事項。 承董事會命 騰盛博藥生物科技有限公司 主席 Zhi Hong博士 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，並明確表示概不會就本公告全部或任何部分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。 香港，2025年8月11日 於本公告日期，董事會包括執行董事Zhi Hong博士及李安康博士；以及獨 立非執行董事Martin J Murphy Jr博士、Grace Hui Tang女士、徐耀華先生、 Gregg Huber Alton先生及楊台瑩博士。 ...

FF301 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: 2025年7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: 騰盛博藥生物科技有限公司(於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月6日 第 1 頁 共 11 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 02137 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 719,334,991 | | 12,723,500 | | 732,058,491 | | 增加 / 減少 (-) | | | 42,392 | | | | | | 本月底結存 | | | 719,377,383 | | 12,723,500 ...

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical and biotechnology industry in China [6]. Core Insights - Small nucleic acid drugs are expected to become the third major class of drugs after small molecules and antibodies, with unique advantages such as broad targets, strong specificity, high development efficiency, and long dosing intervals [9][38]. - The commercialization of rare diseases is maturing, and the long-term advantages for chronic diseases are becoming evident, with significant sales growth for products like Spinraza and Leqivo [9][60]. - There is a notable increase in business development (BD) activities, highlighting the potential of early-stage chronic disease pipelines [9]. Summary by Sections 1. Small Nucleic Acids: Potential as a New Drug Class - Small nucleic acid drugs, including ASO, siRNA, and Aptamer, interact with mRNA to regulate gene expression, offering a new technological pathway for drug development [13]. - The global market for small nucleic acid drugs has grown from $1.04 billion in 2017 to $5.09 billion in 2024, with a CAGR of 25.5% [60]. 2. Milestones in Overseas and Domestic Markets - In the overseas market, significant developments are expected in the TTR field and cardiovascular diseases, with drugs like Vutrisiran and Pelacarsen showing promise [9]. - In China, new therapies for chronic hepatitis B and competitive advancements in cardiovascular drugs are emerging, with several companies making progress in their pipelines [9][60]. 3. Investment Recommendations and Targets - The report suggests focusing on high-quality domestic companies involved in the development of small nucleic acid drugs targeting chronic hepatitis B and cardiovascular diseases, such as HengRui Medicine, China National Pharmaceutical Group, and others [9].

Core Viewpoint - The collaboration between Tengsheng Bo Pharmaceutical and Health元 Group focuses on the exclusive licensing and commercialization of BRII-693 in Greater China, addressing the urgent need for new antibiotics in the face of rising antibiotic resistance [1] Company Summary - Tengsheng Bo Pharmaceutical's subsidiary, Brii Biosciences, has signed a technology transfer agreement with Health元 Group for the development and commercialization of BRII-693 in Greater China [1] - Health元 Group will be responsible for the development, regulatory approval, and commercialization of BRII-693 in the specified regions [1] - The agreement includes an upfront payment and additional milestone payments based on the achievement of specific development and commercialization milestones, along with a sales revenue sharing arrangement [1] Industry Summary - The increasing threat of antibiotic resistance in Greater China highlights the urgent need for new hospital antibiotics, making the development of BRII-693 particularly timely [1] - The collaboration is expected to leverage Health元 Group's proven capabilities in the production and commercialization of hospital antibiotics, enhancing the prospects for BRII-693 [1] - The project is anticipated to address significant unmet clinical needs, with potential to become a Best-in-Class drug based on its therapeutic potential and pharmacological characteristics [1]

Core Viewpoint - The Hong Kong pharmaceutical stocks have experienced a decline, with notable drops in several companies' share prices, indicating a bearish trend in the sector [1] Company Performance - Kangfang Biotech (09926.HK) saw a significant drop of 15.07% in its share price [1] - Yiming Oncology-B (01541.HK) decreased by 9.75% [1] - Zai Lab (09688.HK) fell by 6.43% [1] - Akeso-B (01167.HK) experienced a decline of 5.37% [1] - Terns Pharmaceuticals-B (02137.HK) dropped by 5% [1]

Financial Performance - Total revenue for 2023 was RMB 617,000, a significant decrease from RMB 51,626,000 in 2022, indicating a decline of approximately 98.8%[12] - Other income for 2023 was RMB 163,728,000, down from RMB 107,857,000 in 2022, reflecting a decrease of about 51.8%[12] - The net loss for 2024 was RMB 512,381,000, which is an increase of 177.5% from the net loss of RMB 184,370,000 in 2023[12] - Other income decreased from RMB 163.7 million in 2023 to RMB 141.4 million in 2024, primarily due to a decline in bank interest income and government subsidies[43] - Other gains and losses shifted from a gain of RMB 252.4 million in 2023 to a loss of RMB 197.7 million in 2024, mainly due to non-cash losses from the fair value of financial assets and impairment of intangible assets[44] - The adjusted loss for the year was RMB 496.3 million for the year ended December 31, 2024, compared to RMB 120.1 million for the year ended December 31, 2023[50] - The company has faced significant net losses since its establishment and is expected to continue incurring losses in the foreseeable future[110] - The company has a history of significant losses and will require additional financing to fund its operations, which may not be secured under acceptable terms[110] Research and Development - Research and development expenses for 2024 were RMB 249,847,000, a reduction of 37.8% compared to RMB 402,705,000 in 2023[12] - The company is focusing on expanding its early research pipeline in new targets and platform technologies, enhancing its commitment to innovative solutions for global patients[6] - The company is focusing on infectious diseases, particularly its HBV projects and three core assets: BRII-179, elebsiran, and tobevibart, which are showing promising multi-modal approaches for higher functional cure rates in HBV patients[14] - The optimized recombinant vaccine BRII-179 has demonstrated strong HBsAg and broad T-cell responses, indicating its potential in enhancing immune responses against HBV[14] - The company expects to obtain key interim data between 2025 and 2026, which will guide further clinical actions towards achieving the highest functional cure rates for HBV[15] - The company plans to present data from ongoing combination studies involving BRII-179, elebsiran, and PEG-IFNα between 2025 and 2026, focusing on their effectiveness in treating chronic HBV[28] - The company plans to further evaluate its combination therapy programs to enhance functional cure rates for HBV infections, with a focus on initiating confirmatory clinical studies in the Greater China region[39] - The company is advancing multiple clinical trials for HBV treatments, with key data from the ENSURE study showing higher HBsAg seroclearance rates when combining siRNA with PEG-IFNα compared to monotherapy[24] Financial Position - Total assets as of December 31, 2024, were RMB 2,706,625,000, down from RMB 3,198,251,000 in 2023, representing a decrease of approximately 15.4%[12] - The company’s non-current liabilities increased to RMB 23,124,000 in 2024 from zero in 2023, indicating a shift in financial obligations[12] - The total liabilities decreased to RMB 100,545,000 in 2024 from RMB 125,869,000 in 2023, showing a reduction of approximately 20%[12] - Cash and cash equivalents decreased from RMB 2,661.4 million as of December 31, 2023, to RMB 2,413.4 million as of December 31, 2024, primarily due to operating expenses and third-party contract costs[48] - The current ratio increased to 3,118% as of December 31, 2024, from 2,211% as of December 31, 2023, due to the payment of most third-party contract costs and the amortization of deferred revenue[52] Strategic Focus - The company is actively seeking partnerships to further develop its promising projects in the MDR/XDR and HIV fields[25] - The company aims to enhance functional cure rates for a broader patient population through targeted combination therapy designs[18] - The company is seeking collaborations for promising non-HBV projects, including long-acting treatments for HIV and multi-drug resistant Gram-negative infections[16] - The company is strategically increasing investments in its leading HBV candidates as they enter late-stage clinical development[22] - The company aims to expand its pipeline through strategic licensing opportunities and business development, aligning with its long-term vision and priorities[40] Corporate Governance - The company is focused on expanding its board with experienced professionals in finance, auditing, and pharmaceutical sectors to enhance governance and strategic direction[80] - The management team emphasizes the importance of strategic planning and risk management in navigating market challenges and opportunities[80] - The company has adopted a share incentive plan to provide incentives and rewards to its employees[61] - The board of directors includes Zhi Hong as the Chairman and CEO, and Li Ankang as an executive director[126] - The company has no significant transactions or contracts involving directors or related entities during the reporting period[131] Employee and Shareholder Information - The group employed a total of 98 full-time employees as of December 31, 2024, down from 128 in 2023[137] - Total compensation costs for the year ended December 31, 2024, amounted to RMB 194 million, a decrease of 36% from RMB 302 million for the year ended December 31, 2023[62] - Major shareholders include ARCH Venture Fund IX, L.P. with 45,205,210 shares, representing 6.18% of the total shares[145] - The company has established a unified, value-based corporate culture and brand globally, enhancing performance and employee engagement[96] Market and Competitive Landscape - The company has experienced intense competition, which may lead to other companies discovering or commercializing competitive drugs before it does[110] - Approximately 87 million people in China are affected by chronic HBV, making it the country with the highest prevalence of the virus, and the company is focusing on improving functional cure rates for these patients[26] Future Outlook - The company plans to allocate HKD 1,466.6 million (56%) of the net proceeds to the HBV functional cure project, with HKD 681.8 million already utilized[112] - The company expects to fully utilize the revised unutilized net proceeds by the end of 2027[112] - The company has not fully utilized the net proceeds from the global offering, indicating ongoing funding needs for operations[111]

Group 1 - The Hong Kong pharmaceutical stocks showed a strong performance, with notable gains in several companies [1] - Zai Lab (09688.HK) experienced a significant increase of 13.51% [1] - Other companies such as LianKe Pharma-B (02105.HK) and Kintor Pharmaceutical (02137.HK) also saw substantial rises of 10.34% and 6.17% respectively [1][1]

Core Viewpoint - The company reported a net loss of 508 million yuan with no operating revenue, marking a year-on-year increase of 190.66% after the cessation of its COVID-19 neutralizing antibody drug production. The market capitalization has plummeted from over 36 billion HKD to less than 1.8 billion HKD [1]. Financial Performance - The company did not achieve operating revenue in 2024, only generating other income of 141 million yuan. This was impacted by a decrease in bank interest income by 20.8 million yuan due to lower deposit rates and a 13.6% reduction in government subsidy income [2]. - As of the end of 2024, the company's cash and cash equivalents decreased by 9.3% to 2.413 billion yuan due to operational and R&D expenditures [2]. - Administrative expenses were reduced by 22% to 153 million yuan, primarily due to pipeline focus and organizational optimization, resulting in a decrease in employee costs by 39.7 million yuan. The number of employees dropped from 146 in 2022 to 98 in 2024, marking the first time the workforce fell below 100 [2]. R&D Pipeline - R&D expenditures decreased by 38% to 250 million yuan, mainly due to prioritizing the hepatitis B virus (HBV) functional cure project and strategic organizational optimization, which led to a reduction in third-party contract costs by 80 million yuan and employee costs by 68 million yuan [3]. - The company initially established a pipeline of 10 innovative candidate products in 2022 but only reported progress on 7 major candidates in the 2024 annual report. Key products include BRII-179, Elebsiran, and Tobevibart, all currently in Phase II clinical trials [3]. Strategic Focus - The primary focus remains on infectious diseases, particularly the three core candidates in the hepatitis B pipeline. The company aims to enhance the functional cure rate for hepatitis B through combination therapies [4][5]. - The company has strategically acquired rights to BRII-179 to ensure a stable supply for future clinical development after the bankruptcy of VBI Vaccines, which previously held rights to the product [5]. - The company is seeking partners to advance other promising projects, such as long-acting HIV therapies and treatments for multi-drug resistant infections, while emphasizing that commercialization discussions are premature [6].

Core Insights - The company announced the latest data from its ongoing ENSURE Phase 2 study at the 34th Asia-Pacific Association for the Study of the Liver meeting, highlighting the potential of elebsiran in treating chronic hepatitis B virus (HBV) infection [1][2] Group 1: Study Findings - The ENSURE study (NCT05970289) is a multi-center, open-label Phase 2 trial assessing the efficacy of elebsiran, a research small interfering RNA (siRNA), in combination with PEG-IFNα for chronic HBV patients with baseline HBsAg levels between 100-3,000 IU/mL [1] - In cohort 4, participants who previously responded to BRII-179 treatment showed a significantly higher HBsAg seroclearance rate of 55.6% (10/18) compared to 10.0% (1/10) in non-responders at week 24 [2][4] - The overall HBsAg seroclearance rate in cohort 4 was 39.3% (11/28) at week 24, indicating the potential of BRII-179 as a predictive tool for identifying patients likely to respond to curative therapies [2][4] Group 2: Treatment Efficacy - Participants receiving elebsiran in combination with PEG-IFNα had higher HBsAg seroclearance rates and seroconversion rates at the end of treatment (EOT) compared to those receiving PEG-IFNα alone [2][6] - At EOT, the HBsAg seroclearance rates for the elebsiran 200 mg and 100 mg plus PEG-IFNα groups were 26.3% (5/19) and 33.3% (6/18), respectively, significantly higher than the 5.6% in the PEG-IFNα monotherapy group [6] - The average HBsAg decline was greater in the elebsiran plus PEG-IFNα groups, with reductions of -2.47 and -3.01 log10 IU/mL compared to -1.02 log10 IU/mL in the PEG-IFNα group [6][7] Group 3: Expert Commentary - Professor Huang Lihong stated that the positive data from cohort 4 opens new avenues for functional cure in HBV, emphasizing BRII-179's role in identifying patients who can generate necessary HBsAg antibody responses [3] - Dr. David Margolis highlighted the encouraging results supporting the development of strategies to enrich target populations for chronic HBV functional cure, aiming to improve cure rates for the 254 million chronic HBV patients globally [3]