Group 1: Hong Kong Stock Exchange Developments - Hong Kong Stock Exchange (HKEX) CEO Charles Li stated that HKEX will research a 24-hour trading mechanism, taking into account international experiences and local market conditions [1] - HKEX plans to enhance its competitiveness through strategic investments in data platform optimization and trading settlement system upgrades [1] - The exchange is also exploring shortening the settlement cycle for the cash market, with a potential T+1 settlement system supported by its technology by the end of this year [1] Group 2: Market Overview - The S&P 500 index fell for four consecutive days, with the index closing down 0.24% at 6395.78 points [2] - Major technology stocks mostly declined, with Intel dropping approximately 7% [2] - The Nasdaq China Golden Dragon Index rose by 0.33%, with notable gains from Tiger Brokers and JinkoSolar [2] Group 3: Financial Regulatory Updates - The National Financial Regulatory Administration is seeking public opinion on the draft of the "Commercial Bank M&A Loan Management Measures," which includes provisions for equity acquisition loans [3] Group 4: Federal Reserve Insights - The Federal Reserve's July meeting minutes indicated a moderate GDP growth in the first half of the year, with a focus on inflation risks over labor market concerns [4] - There was a notable dissent among Fed officials regarding interest rate decisions, marking a significant moment since 1993 [4] Group 5: Corporate Earnings Reports - Alibaba Group announced plans to spin off its subsidiary, Zhaima, for an independent listing on the Hong Kong Stock Exchange [5] - Baidu Group reported a total revenue of RMB 327.13 billion for Q2 2025, a year-on-year decrease of 4%, while net profit increased by 33% to RMB 73.22 billion [8] - Huazhu Group's total revenue for Q2 2025 was RMB 64.26 billion, with a net profit of RMB 15.44 billion, reflecting a 44.7% year-on-year increase [9] - China Oriental Group expects a net profit increase of no less than 70% for the first half of 2025, projecting at least RMB 2.20 billion [10] - Lijun Pharmaceutical reported a net profit of RMB 12.81 billion for the first half of 2025, a 9.4% increase year-on-year [11] - BOSS Zhipin reported a net profit of RMB 7.16 billion for Q2 2025, a 69.87% increase year-on-year [12] - New World Development reported a significant increase in net profit to HKD 887 million, a 1076% rise year-on-year [13] - Yimuyou Group expects a net profit of no less than RMB 2.6 billion for the first half of 2025, representing a growth of over 90% [14] - Yongsheng Medical reported a net profit of HKD 51.63 million, a 55.1% increase year-on-year [15] - Lepu Biopharma achieved a revenue increase of 249.59% for the first half of 2025, marking its first profit [16] - Huya Technology expects a net profit of USD 30 million to 38 million for the first half of 2025, a significant increase from the previous year [17] - Kingsoft reported a net profit of RMB 816 million for the first half of 2025, a 20.41% increase year-on-year [18] - Zhong An Online reported a net profit of RMB 668 million, a 1103.54% increase year-on-year [19] - Yaoshi Bang reported a net profit of RMB 78.12 million, a 258% increase year-on-year [20] - Crystal International reported a net profit of USD 98.27 million, a 17% increase year-on-year [21] - Ocean Group expects a turnaround with a projected net profit of RMB 9.5 billion to 11 billion for the first half of 2025 [22] - Kingsoft Cloud reported an adjusted EBITDA of approximately RMB 725 million, a 672.62% increase year-on-year [23] Group 6: Pharmaceutical Developments - Heyou Pharmaceutical's IND application for a combination therapy for NSCLC has been approved by the CDE [24] - Shengbela reported a net profit of RMB 327 million, marking a turnaround from a previous loss, with significant growth in various business segments [25]

Core Viewpoint - The article discusses the emergence of NewCo transactions in China's innovative pharmaceutical sector, highlighting a shift where Chinese investment firms, such as Sequoia China, are becoming buyers in these deals, leveraging China's clinical efficiency and cost advantages to enhance the global market value of targeted drugs [1][3][6]. Group 1: NewCo Transactions Overview - NewCo transactions have seen a significant increase in China, with 14 similar deals occurring since the beginning of 2024, primarily involving both large and small pharmaceutical companies [2][6]. - The first NewCo transaction led by a Chinese fund involved a $10 million upfront payment to Lepu Biopharma, marking a notable shift in the buyer landscape from predominantly foreign funds to domestic investors [2][4][6]. Group 2: Investment Strategy and Market Impact - Sequoia China's investment strategy focuses on identifying differentiated assets, particularly in the T-cell engager (TCE) space, which has limited competition in solid tumors compared to blood cancers [6][7]. - The transaction structure allows Lepu Biopharma to retain a 10% stake in the new company, Excalipoint, and potentially earn up to $848 million in milestone payments and sales royalties, indicating a strategic approach to funding and asset management [7][10]. Group 3: Clinical Development and Cost Efficiency - The new company will conduct Phase I clinical trials in China, utilizing local resources to expedite development, contrasting with previous models that prioritized overseas clinical trials [12][13]. - The cost of conducting clinical trials in China is significantly lower than in the U.S., with estimates suggesting a cost difference of five to seven times, which enhances the feasibility of early-stage drug development [13]. Group 4: Management and Operational Considerations - The success of NewCo transactions relies heavily on the experience of the management team, with a focus on ensuring seamless integration of core technologies and research strategies [9][10]. - The article emphasizes the importance of strong relationships with potential buyers and understanding their pipeline needs, which is crucial for the successful exit of NewCo assets [16]. Group 5: Market Perception and Future Outlook - Despite some skepticism regarding the low upfront payments typical of NewCo deals, they remain a vital funding avenue for innovative pharmaceutical companies facing financial pressures [17]. - The article suggests that as the market for innovative drugs recovers, more NewCo transactions are likely to emerge, providing opportunities for companies to secure funding while maintaining involvement in their drug pipelines [17].

经济观察报 记者 张英 "大药企里，部分药物因战略调整或官僚主义而被搁置。小药企则不得不将所有资源集中在一两款药品上，即便其他备选药物再好也顾不上。"10年前，一位 30岁的印度裔美国人如此点评欧美药企的状态。 这位名叫维韦克·拉马斯瓦米（Vivek Ramaswamy）的年轻人想从那些被忽视的药物中挖掘出价值。他以低价买入这类在研药物，再组建新公司进一步地研 发投入，得到不错的试验数据后，他将药物或公司转手卖向大型药企以获得大额回报。 拉马斯瓦米因此成为亿万富翁。他的赚钱方法在中国被广泛地称为"NewCo"，即New Company（新公司）的缩写。2024年至今，在资本寒冬下，中国创新药 行业已密集发生了14笔类似交易。 在这些NewCo交易中，卖方既有恒瑞医药（600276.SH/01276.HK）这样的大公司，也有荃信生物（02509.HK）这样的小型创新药企。买方起初以美国基金 为主，不过现在，行业正在悄然起变化。 8月初，乐普生物（02157.HK）达成一笔首付款1000万美元的交易，其股价连涨了三个交易日。但少有人注意，这是第一笔由红杉中国等中国投资机构作为 买方的NewCo交易。 红杉中国董事 ...

Core Viewpoint - Lepu Biopharma has successfully turned a profit for the first time since its IPO, achieving a net profit of 29.3 million yuan in the first half of 2025, compared to a loss of 197 million yuan in the same period last year, driven by significant revenue growth and improved cash flow [1][2][14] Financial Performance - In the first half of 2025, Lepu Biopharma reported revenue of 466 million yuan, a 350% increase from 133 million yuan in the same period last year [1][2] - The company achieved a cash inflow from operating activities of 46.7 million yuan, a turnaround from a cash outflow of 115 million yuan in the previous year [2][14] Product Performance - The rapid growth of Lepu's first commercialized product, Pudilan (PD-1 monoclonal antibody), contributed significantly to the revenue, generating 151 million yuan in sales, a 58.8% increase year-on-year [3][14] - MRG003, a new product in the pipeline, is expected to be a key driver for future revenue, with its NDA for treating recurrent/metastatic nasopharyngeal carcinoma under priority review by the National Medical Products Administration [4][5] Clinical Development - MRG003 has shown promising clinical results, with an overall response rate (ORR) of 30.2% in a pivotal study, significantly higher than the chemotherapy group's 11.5% [4][5] - The company is also advancing other products in its ADC pipeline, including MRG004A and MRG006A, which target various cancers and have shown early signs of efficacy [8][10] Strategic Initiatives - Lepu Biopharma is pursuing a dual strategy of commercialization and business development (BD) to enhance its market presence and revenue streams, including global licensing agreements for its products [12][13] - The company has established a strong sales and marketing team to boost product awareness and drive sales growth [3][14] Future Outlook - The successful commercialization of MRG003 and CG0070, along with the ongoing development of other promising candidates, positions Lepu Biopharma for sustained growth and profitability in the coming years [10][14] - The company aims to evolve from a biotech to a biopharma entity, focusing on innovative therapies and expanding its global footprint [14]

Core Viewpoint - Lepu Biopharma has successfully turned a profit for the first time since its IPO, achieving significant revenue growth and net profit in the first half of 2025, marking a pivotal moment for the company in the Hong Kong market for innovative drugs [1][14]. Financial Performance - In the first half of 2025, Lepu Biopharma reported revenue of 466 million yuan, a 350% increase from 133 million yuan in the same period last year [2]. - The net profit reached 29.3 million yuan, a turnaround from a loss of 197 million yuan in the previous year [2]. - The company achieved a positive cash flow from operating activities of 46.7 million yuan, compared to a cash outflow of 115 million yuan in the same period last year [2]. Product Performance - The rapid growth in revenue is largely attributed to the commercialization of its product, Puyouheng (Putilizumab Injection), which generated sales of 151 million yuan, a 58.8% increase year-on-year [3]. - Puyouheng is a humanized IgG4 monoclonal antibody targeting PD-1, approved for treating MSI-H/dMMR solid tumors and unresectable or metastatic melanoma [3]. Pipeline Development - MRG003, an anti-EGFR ADC, is expected to be a significant product for Lepu Biopharma, with its NDA for treating recurrent/metastatic nasopharyngeal carcinoma (NPC) under priority review by the National Medical Products Administration [4]. - MRG003 has shown promising clinical results, with an overall response rate (ORR) of 30.2% and a median progression-free survival (PFS) of 5.82 months in clinical trials [4][5]. Strategic Initiatives - The company is actively pursuing a dual strategy of commercialization and business development (BD) to enhance its revenue streams, achieving 309 million yuan from BD initiatives in the first half of 2025 [12]. - Lepu Biopharma has entered into global licensing agreements, including a deal with ArriVent for MRG007, which will provide significant milestone payments and royalties [12][13]. Future Outlook - The company is positioned for continued growth with a robust pipeline, including MRG004A and MRG006A, which target various cancers and are in advanced clinical stages [8][10]. - The development of CG0070, a first-in-class oncolytic virus for non-muscle invasive bladder cancer (NMIBC), is also underway, with plans for BLA submission in 2025 [10][11]. Conclusion - Lepu Biopharma's strategic focus on innovative therapies and effective commercialization has led to a successful transition from a biotech to a biopharma company, highlighting its long-term investment potential [14].

Core Viewpoint - The company has reported significant revenue growth and profitability improvements in its interim results, driven by successful commercialization of its product pipeline and strategic partnerships in the oncology sector [1][2][3] Financial Performance - The company achieved revenue of RMB 466 million, a year-on-year increase of 249.59% [1] - Profit attributable to owners was RMB 41.75 million, compared to a loss of RMB 192 million in the same period last year [1] - Basic earnings per share were RMB 0.02 [1] - Revenue from MRG007 licensing was RMB 309 million, up from RMB 20.7 million in the same period last year [1] - Sales of Puyuheng (Petrilizumab injection) generated RMB 151 million, a significant increase of 58.8% compared to RMB 94.8 million in the previous year [1] - Revenue from CDMO services was RMB 6.3 million, down from RMB 17.8 million in the same period last year [1] Product Pipeline and Development - The company has strategically developed multiple oncology product pipelines, including one candidate drug in the clinical/commercialization stage and nine in clinical stages [2] - Among the nine clinical candidates, seven are targeted therapies and two are immunotherapies [2] - MRG003 has received FDA designations including BTD, ODD, and FTD for treating NPC [2] - MRG002 and CMG901 have also received FDA designations for their respective indications [2] - The company is focused on building and developing new technology platforms as part of its innovation strategy [2] Commercialization Strategy - The company aims to commercialize its product pipeline in China through a professional sales and marketing team while expanding into international markets via strategic partnerships [3] - Puyuheng has completed the commercialization process and is experiencing rapid sales growth [3] - CMG901's global rights have been licensed to AstraZeneca, and MRG007's rights outside Greater China have been licensed to ArriVent [3] - The company has established end-to-end commercialization capabilities in the domestic market and is positioning itself as a global biotech company [3]

Group 1: Financial Performance - The company reported a revenue of RMB 466 million for the six months ending June 30, 2025, representing a year-on-year increase of 249.59% [1] - Profit attributable to the owners of the company was RMB 41.75 million, a significant turnaround from a loss of RMB 192 million in the same period last year [1] - Basic earnings per share were RMB 0.02 [1] Group 2: Product Pipeline and Development - The company has strategically developed multiple oncology product pipelines, including one candidate drug in the clinical/commercialization stage and nine candidate drugs in clinical stages [2] - Among the nine clinical-stage candidates, seven are targeted therapies and two are immunotherapies, with several receiving FDA designations such as Breakthrough Therapy Designation (BTD) and Orphan Drug Designation (ODD) [2] - The company is focused on building and developing new technology platforms as part of its innovation engine [2] Group 3: Commercialization and Strategic Partnerships - The company aims to commercialize its product pipeline in China through a professional sales and marketing team while expanding into international markets via strategic partnerships [3] - The product "普佑恆®" (Putilizumab Injection) has completed the full commercialization process and is currently experiencing rapid sales growth [3] - The global rights for CMG901 have been licensed to AstraZeneca, and the rights for MRG007 outside Greater China have been licensed to ArriVent, establishing a solid foundation for future commercialization and global collaboration [3]

Core Viewpoint - Lepu Biopharma-B (02157.HK) reported significant revenue growth and achieved profitability for the first time, with revenue of approximately RMB 466 million for the six months ending June 30, 2025, representing 3.5 times the revenue of the same period in 2024, and a profit of approximately RMB 29.3 million compared to a loss of RMB 197 million in the previous year [1][2]. Group 1 - The company focuses on innovative biopharmaceuticals in the oncology treatment field, particularly targeted therapy and immunotherapy, utilizing advanced ADC technology [1]. - The company has established an integrated end-to-end capability covering all key aspects of the biopharmaceutical value chain, from drug discovery to clinical development and compliant production [1]. - The company aims to continuously develop differentiated product pipelines through strategic collaborations and its own innovation capabilities [1]. Group 2 - The company has strategically laid out multiple oncology product pipelines, including one clinical/commercial candidate, nine clinical candidates, and three combination therapy candidates [2]. - Among the nine clinical candidates, seven are targeted therapies and two are immunotherapies, with several candidates receiving FDA designations such as Breakthrough Therapy Designation (BTD), Orphan Drug Designation (ODD), and Fast Track Designation (FTD) [2]. - The company is actively working on establishing and developing new technology platforms as part of its innovation engine [2].

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因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。 Lepu Biopharma Co., Ltd. 樂普生物科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2157） 截至2025年6月30日止六個月的 中期業績公告 董事會欣然宣佈本集團截至2025年6月30日止六個月的未經審核綜合中期業績， 連同2024年同期之比較數字。 財務摘要 1 － 收入顯著增加：截至2025年6月30日止六個月的收入約為人民幣465.9百萬 元（包括來自業務開發活動的許可收入約人民幣309.0百萬元以及來自銷售 普佑恆® （普特利單抗注射液）的收入約人民幣150.6百萬元），約為2024年同 期收入的3.5倍（截至2024年6月30日止六個月：人民幣133.3百萬元）。 － 首次實現盈利：截至2025年6月30日止六個月的利潤約為人民幣29.3百萬元 （截至2024年6月30日止六個月的虧損：人民幣197.0百萬元）。 － 研發開支持續減少：截至2 ...

Summary of the Conference Call for Lepu Biopharma Company Overview - **Company**: Lepu Biopharma - **Industry**: Biopharmaceuticals, specifically focusing on Antibody-Drug Conjugates (ADCs) Key Points and Arguments 1. **Patent Dispute with CSPC**: Lepu Biopharma is involved in a patent dispute with CSPC following CSPC's acquisition of Jinmant. CSPC is currently seeking to invalidate Lepu's antibody patent, which could impact the commercialization of the EGFR ADC [2][3][4] 2. **Clinical Development**: Lepu's GP104 ADC is in Phase I trials and shows promise in treating second-line liver cancer, with plans to present detailed data at the SGO conference in 2026 [2][5] 3. **Revenue Growth**: Lepu Biopharma reported a revenue of 368 million RMB in 2024, a 63% increase year-on-year. The company anticipates its core product MRG003 will be launched by late 2025 or early 2026, with an expected profit of over 20 million RMB in 2025 [2][6] 4. **NDA Submission**: The EGFR ADC (MRG003) for nasopharyngeal carcinoma has submitted a New Drug Application (NDA) and received priority review status, expected to be approved in early 2026 [2][6] 5. **Platform Upgrade**: The ADC platform has been upgraded from second-generation to third-generation, enhancing its potential for international collaboration, as evidenced by licensing agreements with AstraZeneca and Arrivant totaling 1.2 billion USD [2][7] 6. **Pipeline and Market Potential**: Lepu's pipeline focuses on unmet clinical needs in major diseases such as pancreatic cancer, liver cancer, and colorectal cancer, indicating a strategic direction towards high-demand therapeutic areas [2][5][10] 7. **Clinical Data**: Recent data from the SGO conference showed that Lepu's ADC outperformed chemotherapy in terms of Objective Response Rate (ORR) and Progression-Free Survival (PFS), with a notable safety profile [3][11] 8. **Market Size**: The combined peak sales potential for nasopharyngeal and head and neck squamous cell carcinoma is estimated at 2.7 billion RMB, with head and neck cancer representing a larger market opportunity [12] 9. **Future Catalysts**: Key upcoming events include the presentation of clinical data at the ESMO conference in October 2025 and the potential for breakthrough therapy designation for the 004 drug, which would enhance its market entry prospects [9][10] 10. **Valuation**: Lepu Biopharma's valuation is based on pipeline progress and projected sales multiples, estimated at approximately 22.4 billion HKD, indicating room for growth in the current market [19] Other Important but Overlooked Content - **Acquisition Strategy**: Lepu has grown through mergers and acquisitions, integrating various small companies and collaborating on multiple projects, which strengthens its market position [10] - **Emerging Technologies**: The company is also exploring the use of oncolytic viruses, with plans for a BLA submission in the U.S. by the end of 2025, which could further diversify its product offerings [8][10] - **Competitive Landscape**: The ADC market is competitive, with several companies, including Innovent and AstraZeneca, developing similar products, highlighting the need for Lepu to maintain a strong clinical and commercial strategy [16][17] This summary encapsulates the critical insights from the conference call, focusing on Lepu Biopharma's current status, future prospects, and the competitive landscape within the biopharmaceutical industry.