江蘇荃信生物醫藥股份有限公司 第一章 總則 第二章 人員組成 第三章 秘書 董事會提名委員會工作細則 2026 年 3 月 （二）廣泛物色具備合適資格可擔任董事的人士，並挑選提名有關人士出任董事或就此 第一條 為完善江蘇荃信生物醫藥股份有限公司（以下簡稱"公司"）董事和高級管理人員的產 生，優化董事會組成，完善公司治理結構，根據《中華人民共和國公司法》（以下簡稱 "《公司法》"）、《江蘇荃信生物醫藥股份有限公司章程》（以下簡稱"《公司章程》"）、《香 港聯合交易所有限公司證券上市規則》（以下簡稱"《香港上市規則》"）等其他有關規定， 公司特設立董事會提名委員會（以下簡稱"提名委員會"），並制定本工作細則。 第二條 提名委員會是董事會設立的專門委員會，主要負責對公司董事和高級管理人員的人選、 選擇標准和程序進行選擇並提出建議。 第三條 提名委員會成員由最少三名董事組成，獨立非執行董事占多數。 第四條 提名委員會委員由董事會主席、二分之一以上獨立非執行董事或者全體董事的三分之一 提名，並由董事會選舉產生。 第五條 提名委員會設主任委員（即主席）（以下簡稱"主任委員"）一名，由董事會主席或提名 委員會成員中的獨立非 ...

江蘇荃信生物醫藥股份有限公司 董事會薪酬與考核委員會工作細則 2026 年 3 月 第一章 總則 第二章 人員組成 第一條 為完善江蘇荃信生物醫藥股份有限公司（以下簡稱"公司"）董事及高級管理人員的考 核和薪酬管理制度，完善公司治理結構，根據《中華人民共和國公司法》（以下簡稱"《公 司法》"）、《江蘇荃信生物醫藥股份有限公司章程》（以下簡稱"《公司章程》"）、《香港聯 合交易所有限公司證券上市規則》（以下簡稱"《香港上市規則》"）等其他有關規定，公 司特設立董事會薪酬與考核委員會（以下簡稱"薪酬與考核委員會"），並制定本工作細 則。 第二條 薪酬與考核委員會是董事會設立的專門委員會，主要負責制定公司董事及高級管理人員 的考核標准並進行考核；負責制定、審查公司董事及高級管理人員的薪酬政策與方案， 對董事會負責。 第三條 本工作細則所稱董事是指在本公司領取薪酬的所有董事，高級管理人員指公司招股章 程、中期報告或年報（以最後者為准）內提及之高級管理人員。公司的董事會應負責決 定哪些個別人士（一個或以上）為高級管理人員。高級管理人員可包括公司之附屬公司 的董事，以及公司的董事會認為合適的集團內其他分部、部門或營運單位 ...

江蘇荃信生物醫藥股份有限公司 董事會審核委員會工作細則 2026 年 3 月 第一章 總則 董事會審核委員會應向董事會匯報其工作。 審核委員會成員須保證足夠的時間和精力履行委員會的工作職責，勤勉盡責，切實有效 地監督公司的外部審計，指導公司內部審計工作，促進公司建立有效的內部控制並提供 真實、准確、完整的財務報告。 第三條 公司須為審核委員會提供必要的工作條件，配備專門人員或機構承擔審核委員會的工作 聯絡、會議組織、材料准備和檔案管理等日常工作。審核委員會履行職責時，公司管理 層及相關部門須給予配合。 第二章 人員組成 第一條 為完善江蘇荃信生物醫藥股份有限公司（以下簡稱"公司"）董事會審核委員會（以下 簡稱"審核委員會"）的議事和決策程序，保證審核委員會各項工作的順利進行，根 據《中華人民共和國公司法》（以下簡稱"《公司法》"）、《江蘇荃信生物醫藥股份有限公司 章程》（以下簡稱"《公司章程》"）、《香港聯合交易所有限公司證券上市規則》（以下簡稱"《香港上 市規則》"）及其他有關規定，制定本工作細則。 第二條 審核委員會是董事會設立的專門委員會，行使《公司法》規定的監事會的職權，主要職 能是檢討公司財務狀況、 ...

江蘇荃信生物醫藥股份有限公司 董事會戰略與發展委員會工作細則 2026 年 3 月 第一章 總則 第二章 人員組成 第三章 秘書 （一）對公司長期發展戰略規劃進行研究並提出建議； （二）對《公司章程》規定須經董事會批准的重大投資融資方案進行研究並提出建議； （三）對《公司章程》規定須經董事會批准的重大資本運作、資產經營項目進行研究並 提出建議； （四）對其他影響公司發展的重大事項進行研究並提出建議； 第四章 職責權限 第一條 為適應江蘇荃信生物醫藥股份有限公司（以下簡稱"公司"）戰略發展需要，增強公司 核心競爭力，健全投資決策程序，加強決策科學性，提高投資決策的效益和質量，公司 特設立董事會戰略與發展委員會。為完善戰略與發展委員會的議事和決策程序，保證戰 略與發展委員會各項工作的順利進行，根據《中華人民共和國公司法》（以下簡稱"《公 司法》"）、《江蘇荃信生物醫藥股份有限公司章程》（以下簡稱"《公司章程》"）、《香港聯 合交易所有限公司證券上市規則》（以下簡稱"《香港上市規則》"）等其他有關規定，制 定本工作細則。 第二條 戰略與發展委員會是董事會設立的專門委員會，主要負責對公司長期發展戰略和重大發 展決策進 ...

Financial Performance - For the year ending December 31, 2025, the company's revenue increased from RMB 158.8 million in 2024 to RMB 807.0 million, primarily driven by licensing income related to QX030N and QX031N, which rose by RMB 622.5 million[4]. - The company's gross profit for the year was RMB 714.4 million, compared to RMB 92.2 million in 2024, reflecting a significant improvement in operational efficiency[3]. - The company reported a net profit of RMB 307.4 million for the year, a turnaround from a loss of RMB 349.7 million in 2024, indicating a substantial recovery in financial performance[9]. - The total equity increased from RMB 221.1 million in 2024 to RMB 679.1 million in 2025, reflecting strong growth in the company's financial position[3]. - The total assets of the company rose to RMB 1,600.3 million in 2025, up from RMB 983.9 million in 2024, marking a growth of 62.5%[51]. - The company achieved a net cash inflow from financing activities of RMB 93,727,000 in 2025, down from RMB 351,811,000 in 2024[107]. - The company reported a profit before tax of RMB 307,371,000 in 2025, a turnaround from a loss of RMB 349,760,000 in 2024[124]. - The company reported a significant increase in revenue, reaching $12.0464 million from the global offering of H shares[146]. Research and Development - Research and development expenses decreased from RMB 334.3 million in 2024 to RMB 253.2 million in 2025, mainly due to reduced third-party contract costs after the completion of QX002N's Phase III clinical trial[6]. - The company has established an integrated antibody drug R&D platform, capable of supporting over 10 antibody projects for early discovery annually[31]. - The company is advancing its pipeline with multiple dual antibodies, including QX030N, QX031N, and QX027N, which are entering clinical stages under the "荃信2.0" initiative[12]. - The company is involved in the development and commercialization of QX030N through Caldera Therapeutics, which was co-founded by leading biotech investors[144]. - The company is committed to clinical trials to validate the efficacy and safety of its drug candidates[146]. - The company is actively engaged in research and development to enhance its product offerings and address unmet medical needs[146]. Product Development and Pipeline - The company has successfully commercialized its first biosimilar product, QX001S (赛乐信®), with projected domestic sales of nearly RMB 300 million for 2025[17]. - The clinical trials for the core products, QX005N (奧托奇拜單抗) and QX002N (魯塞奇塔單抗), have reached significant milestones, with NDA submissions expected for PN and AD indications in 2026[18]. - The company has established three strategic overseas collaborations for dual antibody products, receiving a total of $90 million in collaboration fees from partners Caldera Therapeutics and Roche[12][13]. - QX030N (IL-23p19/TL1A dual antibody) has initiated overseas Phase I clinical trials, with a collaboration agreement signed with Caldera Therapeutics[12]. - QX031N (TSLP/IL-33 dual antibody) has also begun Phase I clinical trials in New Zealand following a global exclusive collaboration agreement with Roche[13]. - The company has received regulatory approval for the pediatric indication of QX001S, expanding its market potential in treating plaque psoriasis[17]. - The NDA for QX002N (魯塞奇塔單抗) is anticipated to be submitted as it targets IL-17A, a key player in autoimmune diseases[20]. Financial Position and Assets - Cash and cash equivalents, along with financial assets measured at fair value, increased by 87.4% from RMB 556.1 million in 2024 to RMB 1,042.0 million in 2025, attributed to upfront and milestone payments from QX030N, QX031N, and QX005N[8]. - The total non-current assets increased from RMB 367.2 million in 2024 to RMB 483.7 million in 2025, indicating ongoing investment in long-term growth[3]. - Current assets increased from RMB 186.6 million as of December 31, 2024, to RMB 612.9 million as of December 31, 2025, due to initial and milestone payments from QX030N and QX031N licensing transactions[57]. - The company holds 53 patents in China, including 41 invention patents and 12 utility model patents, and has 22 patents pending approval overseas[39]. Strategic Initiatives and Future Plans - The company plans to adopt a share incentive plan for 2026, aiming to align employee interests with long-term company performance[2]. - The company plans to launch at least five new products by 2030, aiming to establish a significant sales scale[42]. - The company is committed to executing an overseas expansion strategy and building an efficient overseas clinical operations team[42]. - The company aims to strategically expand its pipeline with dual-specific antibodies to meet the high therapeutic demand in respiratory, IBD, and dermatological fields[42]. - The company plans to revise its articles of association in response to changes in the Company Law effective July 1, 2024, which includes adjustments to registered capital and the abolition of the supervisory board[97]. Corporate Governance and Compliance - The company believes that having the same individual serve as both Chairman and CEO enhances consistent leadership and effective strategic planning[83]. - The company is committed to strengthening its corporate governance practices to promote business growth and will periodically review these practices[84]. - The company has established an audit committee in compliance with corporate governance codes and has reviewed the financial statements for the year ending December 31, 2025[90]. - The company adheres to current Good Manufacturing Practices (cGMP) for its production processes and facilities[144]. - The company is responsible for the acceptance and technical review of drug clinical trials and market approval applications by the National Medical Products Administration (NMPA)[155]. Market and Risk Factors - The company faces various market risks, including cash flow and fair value interest rate risks, credit risks, liquidity risks, and currency risks[69]. - The company faces foreign exchange risk primarily from cash and cash equivalents and time deposits denominated in currencies other than the functional currency, mainly HKD and USD, without engaging in any hedging transactions[74]. - The company is subject to the Corporate Income Tax Law of the People's Republic of China, which may impact its financial planning[146].

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 何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Qyuns Therapeutics Co., Ltd. 江蘇荃信生物醫藥股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：2509） 有關認購理財產品的須予披露交易 背 景 茲提述本公司日期為2025年7月4日 的 公 告，內 容 有 關 本 公 司 與 浦 發 銀 行 簽 訂 認 購 協議，以認購由浦發銀行提供的若干理財產品。截至本公告日期，本公司於浦發銀 行認購的理財產品皆已被贖回。 認購理財產品 董 事 會 宣 佈，於2026年3月23日，為 有 效 利 用 閒 置 資 金，本 公 司 與 浦 發 銀 行 簽 訂 了 認購協議，以認購由浦發銀行提供 的 理財產品，其主要條款載列如下。 本公司同意認購由浦發銀行發售的理財產品，本金金額為人民幣100百萬元，到期 日 為2026年9 ...

（ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：2509） 董事會會議通告 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。 Qyuns Therapeutics Co., Ltd. 江蘇荃信生物醫藥股份有限公司 江蘇荃信生物醫藥股份有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董 事 會（「董事會」）謹此公佈，本公司董事會會議將於2026年3月27日（星期五）舉行，藉以（其 中包括）考慮及批准本集團截至2025年12月31日止年度的全年業績及其發佈，考慮 建 議 派 發 末 期 股 息（如 有），以 及 處 理 其 他 事 項。 承董事會命 江蘇荃信生物醫藥股份有限公司 董事會主席及執行董事 裘霽宛先生 香港，2026年3月17日 於 本 公 告 日 期，董 事 會 成 員 包 括 主 席 及 執 行 董 事 裘 霽 宛 ...

Core Viewpoint - Cathay Securities initiates coverage on Qianxin Biologics-B (02509) with a "Buy" rating, focusing on its development in immunology and allergy therapies, particularly in skin diseases, with a robust pipeline of products [1] Group 1: Market Potential - The global autoimmune drug market is projected to reach $176.7 billion by 2030, with biologics' share increasing from 72.8% in 2022 to 82.1% in 2030 [1] - The Chinese autoimmune market is expected to reach $19.9 billion by 2030, with a compound annual growth rate (CAGR) of 26.7% from 2025 to 2030, and biologics' share rising from 41.9% in 2022 to 69.3% in 2030 [1] Group 2: Product Pipeline and Collaborations - The company has a strong innovation pipeline in the autoimmune sector, with three dual-antibody pipelines expected to be licensed out by 2025, including exclusive rights for QX027N to Winddward Bio and significant licensing agreements with Roche and Caldera [2] - Domestic collaborations include commercial partnerships for QX001S and QX005N with East China Pharmaceutical, and agreements with leading domestic companies for other pipelines, enhancing market access and sales potential [2] Group 3: Financial Projections - EPS forecasts for the company are projected at 0.61, 0.42, and 0.83 yuan for the years 2025 to 2027, respectively, with a target price set at 30.15 HKD based on DCF valuation [1]

Core Viewpoint - The report from Guotai Junan Securities initiates coverage on Qianxin Biologics-B (02509) with a "Buy" rating, highlighting the company's focus on immunotherapy and allergy disease biotherapies, with a comprehensive pipeline targeting four major autoimmune diseases [1] Group 1: Company Overview - Qianxin Biologics is concentrating on immunotherapy for autoimmune and allergic diseases, prioritizing skin diseases in its product pipeline [1] - The company currently has one approved product, nine products in development, and over 20 IND-approved projects [1] Group 2: Market Potential - According to Frost & Sullivan, the global autoimmune drug market is expected to reach $176.7 billion by 2030, with the share of biopharmaceuticals increasing from 72.8% in 2022 to 82.1% in 2030 [1] - The Chinese autoimmune market is projected to reach $19.9 billion by 2030, with a compound annual growth rate (CAGR) of 26.7% from 2025 to 2030, and the share of biopharmaceuticals expected to rise from 41.9% in 2022 to 69.3% in 2030 [1] Group 3: Pipeline Progress - The company has demonstrated strong innovation capabilities in the autoimmune field, with plans to complete three dual-antibody pipelines for external licensing by 2025 [2] - The company has granted exclusive rights to Windward Bio for the overseas development and commercialization of QX027N (TSLPxIL-13 dual antibody) and has secured total licensing agreements of $1.07 billion with Roche and $555 million with Caldera for other dual antibodies [2] - In the domestic market, partnerships have been established with East China Pharmaceutical for QX001S (IL12/23p40) and QX005N (IL-4Rα), as well as collaborations with leading domestic pharmaceutical companies for further commercialization [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][7]. Core Insights - The company focuses on the research and development of innovative drugs for autoimmune diseases and has established strategic partnerships with various pharmaceutical companies, indicating strong potential for future product sales and continued pipeline licensing opportunities [2][5]. - The company has a comprehensive pipeline targeting four major autoimmune diseases, with a priority on skin diseases, currently holding one approved product, nine in development, and over twenty IND approved projects [5][7]. - The global autoimmune drug market is projected to reach USD 176.7 billion by 2030, with biologics' market share expected to increase from 72.8% in 2022 to 82.1% by 2030 [5][7]. Financial Summary - Revenue projections for the company are as follows: - 2024: RMB 159 million - 2025: RMB 687 million (up 333%) - 2026: RMB 594 million (down 14%) - 2027: RMB 755 million (up 27%) [6][8]. - The company is expected to achieve EPS of RMB 0.61, 0.42, and 0.83 for the years 2025, 2026, and 2027 respectively [5][7]. - The target price is set at HKD 30.15 based on DCF valuation methods [5][7]. Business Segmentation - The company's core business revenue is divided into three segments: - Revenue from licensing agreements - Research and development services - Drug sales - Forecasted revenue breakdown for 2024-2027 indicates significant growth in licensing income, with a projected increase from RMB 100.94 million in 2024 to RMB 560 million in 2027 [8].