丨证券研究报告丨 行业研究丨专题报告丨制药、生物科技与生命科学 [Table_Title] IL-25：II 型炎症通路创新靶点，剑指百亿美元特 应性皮炎市场 报告要点 [Table_Summary] IL-25 为 II 型炎症通路细胞因子，研究发现其在特应性皮炎 (AD)、银屑病和接触性皮炎这几种 皮肤炎症疾病的病变组织中均有上调，表明其与这几种疾病的发展有关。由中国抗体开发的 SM17 是全球 FIC 的 IL-25 受体 IL-17RB 单抗，针对特应性皮炎（AD）的 Ib 期顶线数据展现 出了优异的 PoC 数据，在保证不弱于 IL-4 单抗等疗法的皮损改善能力前提下，实现了比现有 创新疗法更快速和深度的瘙痒改善，有望成为特应性皮炎市场的下一个重磅靶点，并且还具有 拓展至其他 II 型炎症适应症的潜力。 分析师及联系人 [Table_Author] 彭英骐 刘长洪 SAC：S0490524030005 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 制药、生物科技与生命科学 cjzqdt11111 [Table_Title2] I ...

年初至今，新药放量+Biotech逐步减亏盈利+重磅BD频出催化创新药大行情。自三生制药拿下辉瑞60亿美元BD后，再度印证了中国创新药领域在全球的竞 争力，近期整个市场都在"疯狂"挖掘下一个重磅BD。 事实上，在众多免疫系统疾病中，特应性皮炎是一种常见的高发的疾病，尤其是在儿童人群中高发，其所带来的皮肤瘙痒以及皮肤破损，严重影响患者的生 活质量。然而目前现有治疗方案无法完全达到兼顾快速止痒、皮损改善和安全性的效果。 流行病学研究显示，全球AD患者数至少2.3亿人，我国AD患者群体庞大，超过7000万人，其中中重度AD占比约达28%。对比之下，美国预计AD成人患者数 在1650万，中重度AD占比约占40%。庞大的患者群体意味着AD市场存在着巨大潜力，也推动药企加速开发差异化疗法。 6月3日，中国抗体的股价迅速拉升，盘中股价涨幅一度达到45.75%，最终收盘价2港元，收涨30.72%；6月4日，中国抗体股价继续大涨，盘中最高价触及 2.99港元，创下自2022年2月以来股价新高，后收涨42.5%，两个交易日股价涨幅高达86.27%，这也是市场预期中国抗体创新加速，押注公司未来重磅BD交 易的真实反应。 例如，安进 ...

智通财经APP获悉，截止6月4日收盘，有109只股票创52周新高，其中嘉鼎国际集团(08153)、中国抗体 －Ｂ(03681)、升华兰德(08106)创高率位于前3位，分别为37.84%、32.89%、32.26%。 52周新高排行 | 股票名称 | 收盘价 | 最高价 | | 创高率 | | --- | --- | --- | --- | --- | | 嘉鼎国际集团(08153) | 0.405 | 0.510 | 37.84% | | | 中国抗体－Ｂ(03681) | 2.850 | 2.990 | 32.89% | | | 升华兰德(08106) | 0.142 | 0.164 | 32.26% | | | 亿都（国际控股） | 1.980 | 2.740 | 24.55% | | | (00259) | | | | | | 倍搏集团(08331) | 0.131 | 0.241 | 23.59% | | | 美丽田园医疗健康 | 24.300 | 24.300 | 22.23% | | | (02373) | | | | | | 金马能源(06885) | 1.080 | 1.080 | 21.3 ...

| (03004) | | | | | --- | --- | --- | --- | | 江苏宁沪高速公路 | 10.440 | 10.520 | 0.57% | | (00177) | | | | | 嘉里建设(00683) | 18.880 | 19.360 | 0.57% | | 万洲国际(00288) | 7.280 | 7.350 | 0.55% | | 港灯－ＳＳ(02638) | 5.720 | 5.780 | 0.52% | | 富邦沪深港高股息 | 14.460 | 14.490 | 0.49% | | (03190) | | | | | ＧＸ０３月债－Ｕ | 7.040 | 7.040 | 0.43% | | (09440) | | | | | 农业银行(01288) | 5.150 | 5.160 | 0.39% | | 中国财险(02328) | 15.560 | 15.560 | 0.39% | | 恒隆集团(00010) | 11.360 | 11.380 | 0.35% | | 贤能集团(01730) | 3.020 | 3.020 | 0.33% | | 粤港湾控股(0139 ...

（原标题：突发利好！4分钟，直线涨停！） 今日早盘，A股整体低开震荡，北证50相对强势，低开高走微幅飘红，创业板指再度跌破2000点关口，上证50、沪深300则均创本轮调整以来新 低。下跌个股远多于上涨个股，成交继续温和放大。 盘面上，农林牧渔、医药生物、房地产、人脑工程等板块涨幅居前，可控核聚变、消费电子、减速器、人形机器人等板块跌幅居前。 农林牧渔迎政策利好 农林牧渔产业早间集体走强，养殖业方向领涨，板块指数逆势高开高走，放量大涨近4%，开盘不到15分钟成交就超过昨日全天成交。板块内所有 个股飘红，巨星农牧开盘仅约4分钟就直线拉涨停，湘佳股份、神农集团等涨幅居前。 猪肉、饲料、种业、饮料乳品等细分板块也跟随走强，光明肉业、秋乐种业、晓鸣股份、海大集团等强势上攻。 消息面上，上海市人大常委会日前对《上海市粮食安全保障条例（草案）》进行了审议。为进一步发扬立法民主，现将条例草案及相关说明公开 向社会征求意见，以便进一步研究修改，再提请以后的常委会会议审议。征求意见时间为2025年5月29日—6月12日。 四川省同样于近日起草了《关于促进畜牧业高质量发展的十条措施（征求意见稿）》，向社会公开征求意见。其中提到， ...

此外，5月30日-6月3日，2025年美国临床肿瘤学会（ASCO）年会将在美国芝加哥举行。今年ASCO年 会上，中国研究者共计70余项原创研究入选口头报告。太平洋证券表示，流动性和风险偏好提升，数据 和BD催化有望成为全年主线。交银国际研报指出，ASCO大会召开在即，LBA重磅数据即将揭晓，创 新药板块有望迎来关注热潮、并有望在未来推动更多出海交易达成，市场情绪与板块估值将进入正向修 复通道。 智通财经APP获悉，医药股再度走高，截至发稿，中国抗体-B(03681)涨18.85%，报1.45港元；宜明昂 科-B(01541)涨17.54%，报13.4港元；昭衍新药(06127)涨14.96%，报14.6港元；歌礼制药-B(01672)涨 12.25%，报7.97港元；和铂医药-B(02142)涨5.03%，报9.18港元。 消息面上，石药集团今日盘前公布，正与若干独立第三方就三项潜在授权合作进行磋商，涉及集团旗下 若干产品及基于其技术平台开发药品的开发、生产及商业化。每项交易可能带来的首付款、开发里程碑 付款及商业化里程碑付款总额最高可达约50亿美元。此前不久，三生制药宣布与辉瑞就PD-1/VEGF双抗 药物 ...

Financial Performance - The company reported a pre-tax loss of RMB 243,111,000 for the fiscal year ending December 31, 2023, a decrease of 14.5% compared to RMB 284,158,000 in 2022[5]. - The total equity of the company decreased to RMB 192,911,000 in 2024 from RMB 295,583,000 in 2023, reflecting a decline of 34.7%[5]. - Other income and gains totaled approximately RMB 7.6 million, a decrease of about RMB 3.1 million compared to the previous year, primarily due to a reduction in government subsidies of approximately RMB 2.4 million[79]. - Research and development costs decreased to approximately RMB 94.8 million in 2024 from RMB 135.4 million in 2023, mainly due to a reduction in laboratory supplies and testing costs by approximately RMB 33.2 million[81]. - Administrative expenses totaled approximately RMB 67.7 million in 2024, down from RMB 97.6 million in 2023, primarily due to a decrease in share-based payments of approximately RMB 13.0 million[82]. - The total available funds, including cash and cash equivalents, pledged and restricted deposits, and structured deposits, decreased to RMB 141.4 million in 2024 from RMB 233.1 million in 2023, a net decrease of approximately RMB 91.7 million[86]. - The net cash used in operating activities was RMB (130.8) million in 2024, compared to RMB (133.8) million in 2023[88]. - As of December 31, 2024, the outstanding bank borrowings amounted to RMB 419.3 million, an increase from RMB 391.4 million in 2023[90]. - The actual interest rates on bank borrowings ranged from 3.15% to 3.90% in 2024, compared to 3.30% to 4.05% in 2023[90]. - The company reported a net current liability of RMB 18,161,000 and a net loss of RMB 185,141,000 for the year ending December 31, 2024[198]. Research and Development - Research and development costs for the fiscal year 2023 were RMB 135,409,000, down 25% from RMB 180,368,000 in 2022[5]. - The flagship product, Suciraslimab, has completed two major regulatory inspections and is awaiting final approval from the National Medical Products Administration for the treatment of rheumatoid arthritis[9]. - The company is actively exploring additional therapeutic applications for Suciraslimab, including its potential use in treating Alzheimer's disease[9]. - The development of SM17, a humanized monoclonal antibody targeting IL-25, is progressing significantly, with potential applications in atopic dermatitis, asthma, and other immune diseases[10]. - The company has added two new candidate drugs to its pipeline, targeting vitiligo and osteoporosis, respectively[11]. - The company aims to achieve three interrelated milestones by 2025: obtaining regulatory approval for Suciraslimab, strategic licensing or collaboration for SM17, and expanding its global footprint[12]. - SM17 demonstrated good safety and tolerability in preclinical and Phase 1 clinical trials, outperforming JAK1 inhibitors[13]. - The Phase 1b proof-of-concept study for SM17 in patients with atopic dermatitis (AD) included 32 moderate to severe patients, with the last patient visit completed on March 24, 2025[13]. - The flagship product, Suciraslimab (SM03), achieved primary endpoints in a Phase 3 clinical study for rheumatoid arthritis (RA) in China, with the Biologics License Application (BLA) accepted in September 2023[22]. - The company is actively exploring partnerships with major pharmaceutical companies to advance the development of SM17 based on strong Phase 1 data obtained in the US and China[13]. - The Phase 1 clinical trial results for SM17 were published in the journal "Frontiers in Immunology," demonstrating excellent safety, tolerability, and pharmacokinetic properties[13]. - The extended Phase III trial for Suciraslimab is expected to complete in December 2024, with results anticipated in Q3 2025[34]. - Suciraslimab's long-term efficacy data indicates sustained response rates over time, suggesting advantages over traditional biologics[34]. - SM17's preclinical studies showed efficacy comparable to JAK1 inhibitors in treating atopic dermatitis in mouse models[39]. - The company plans to advance clinical development of Suciraslimab for additional indications, including SLE and Alzheimer's-related MCI, post-commercialization[35]. - The Phase III trial for Suciraslimab demonstrated effective reduction in disease activity for RA patients[34]. - SM17's mechanism targets IL-25, potentially benefiting patients with allergic and autoimmune diseases[36]. - The IND application for asthma was submitted in May 2023 and approved on August 11, 2023, while the IND application for AD was submitted in June 2023 and approved on September 8, 2023[40]. - A bridging Phase 1a clinical trial in China is expected to complete in May 2024, assessing the safety, tolerability, and PK characteristics of SM17, which showed good tolerability and safety[40]. - The Phase 1b clinical trial for SM17 in moderate to severe AD patients commenced with 32 patients enrolled, with the last patient visit scheduled for March 24, 2025[40]. - SN1011, a third-generation reversible covalent BTK inhibitor, has shown high target selectivity and durable controllable efficacy for potential long-term treatment of SLE, pemphigus, MS, and NMOSD[42]. - The company has established a pipeline of monoclonal antibodies and new chemical entities (NCEs) to address unmet medical needs in immune diseases[21]. - The company is optimizing the CMC for SM06, a second-generation anti-CD22 antibody, which may have stronger immunomodulatory effects[44]. - The company is conducting CMC optimization and toxicology studies for an internally developed anti-γc antibody, which shows potential for treating vitiligo and other autoimmune diseases[46]. - The company has established a preclinical research platform focused on autoimmune diseases, with ongoing clinical projects generating pharmacological data for products like SM06, which is currently in the IND application stage[64]. - The company is optimizing the production and preclinical research of SM09, with plans to apply for clinical trials after completing preclinical studies[68]. Corporate Governance and Management - The management team includes experienced professionals with extensive backgrounds in the pharmaceutical industry, contributing to strategic direction and operational management[104]. - The company is focused on strategic development and governance, with a strong emphasis on independent judgment from its board members[114]. - The board includes members with extensive backgrounds in investment, research, and strategic management within the pharmaceutical sector[112]. - The company has adopted the corporate governance code and has complied with all applicable provisions during the reporting period, except for the separation of roles between the chairman and CEO[134][148]. - The company promotes a corporate culture of "ELITES," focusing on excellence, learning, innovation, talent, efficiency, and collaboration[135][136]. - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[134]. - The company has a strong management team with extensive research and business management experience, leading to stable progress in drug development[137]. - The company has appointed a new company secretary effective March 31, 2023, enhancing its corporate governance structure[131]. - The board consists of ten members, including two executive directors, four non-executive directors, and four independent non-executive directors[143]. - The board believes that Dr. Liang, as the founder and CEO, has a comprehensive understanding of the company's business, supported by Mr. Wang's role as Executive Director and President (China Region) since his appointment[150]. - The board has maintained compliance with listing rules, ensuring at least three independent non-executive directors, constituting one-third of the board, with one possessing appropriate professional qualifications in accounting or related financial management[151]. - All independent non-executive directors have confirmed their independence in writing according to listing rules, ensuring effective governance and oversight[151]. - The company has established a training program for all directors, covering topics related to their responsibilities under listing rules and relevant legal obligations[158]. - The board held regular meetings throughout the year, with a minimum of four meetings planned, approximately once per quarter, to ensure effective governance[160]. - The company has a high proportion of independent directors, with two executive directors and four independent non-executive directors, ensuring a balanced decision-making process[150]. - The company has implemented a director and officer liability insurance policy, which is reviewed annually to protect against potential legal actions[155]. - The board is responsible for leading and monitoring the company, ensuring good internal controls and risk management systems are in place[154]. - The company has established clear written terms of reference for its three committees: audit, remuneration, and nomination[163]. - The audit committee is tasked with monitoring the effectiveness of risk management and internal control systems[165]. - The remuneration committee reviewed the remuneration policies for all directors and senior management, assessing performance and making recommendations for individual remuneration[172]. - The nomination committee is responsible for reviewing the composition of the board and making recommendations for the appointment of directors[177]. - The board has adopted a diversity policy, recognizing that board diversity is crucial for achieving strategic goals and sustainable development[182]. - The gender ratio at the board level is currently 1:9 (female to male), while the employee level ratio is 45:55[185]. - The board is responsible for reviewing the effectiveness of the risk management and internal control systems, which aim to manage risks associated with achieving business objectives[187]. - An independent consultant was hired to analyze and review the adequacy and effectiveness of the risk management and internal control systems during the fiscal year[188]. - The audit committee reviews the risk management policies to ensure alignment with business strategies and monitors the management's handling of significant risks[193]. - The CFO is responsible for formulating and updating risk management policies and ensuring the implementation of risk management measures across departments[193]. Market and Industry Insights - The global autoimmune disease drug market is projected to grow from $120.5 billion in 2020 to $163.8 billion by 2030, with a CAGR of 3.1%[70]. - The Chinese rheumatoid arthritis (RA) treatment market is expected to reach RMB 32.8 billion by 2024 and RMB 83.3 billion by 2030, with a CAGR of 16.8%[70]. - The biopharmaceutical market share for biologics in the Chinese RA treatment market is projected to increase from 43.4% in 2024 to 59.8% by 2030[70]. - The global asthma patient population is expected to reach approximately 860 million by 2030, with a significant increase in patients in China[72]. - The company believes that SM17, targeting the Th2 inflammatory cytokine pathway, will provide a safe and effective treatment option for atopic dermatitis (AD) and asthma[71][72]. Production and Facilities - The Suzhou production facility is expected to pass completion acceptance in early 2025, following the completion of construction by the end of 2024[17]. - The clinical site inspections and GMP checks for the Haikou production base were completed in January 2024, which are necessary for the BLA approval process[22]. - The production facility in Haikou spans approximately 19,163 square meters with a capacity of 1,200 liters, and completed GMP inspection in January 2024[52]. - The second production facility in Suzhou, covering 43,158 square meters, is expected to complete construction by the end of 2024 and pass acceptance inspection in early 2025[53]. - The company has acquired a 43,158 square meter land in Suzhou, China, for a new production facility, expected to be completed by the end of 2024[68]. Intellectual Property - The company holds 91 invention patents as of December 31, 2024, compared to 35 patents as of December 31, 2023, indicating significant growth in intellectual property[56]. - As of December 31, 2024, the company has six pending patent applications in the U.S., seven in China, and six in the EU[54].

— 超过90%的患者达到NRS -4应答 — 超过70%的患者达到EASI 75应答 — 超过40%的患者达到IGA 0 / 1应答 近日，港股上市公司中国抗体(03681)宣布了一个令人振奋的消息，其自主研发的全球首创新药SM17(注 射用人源化抗IL-25受体单克隆抗体)治疗中重度特应性皮炎(AD)的1b期概念验证临床(POC)试验结果于4 月7日公布。根据该临床数据显示，SM17在快速止痒、皮损治疗和安全性等方面，相比已上市产品的数 据，均体现出差异化优势。 经高剂量SM17治疗的特应性皮炎患者表现如下： — 未发生严重不良事件SAE，未发生3级或以上的药物相关不良事件 据了解，作为一款靶向IL-25受体的全球首创(First-in-Class)单抗药物，SM17的临床进展不仅标志着中国 抗体在免疫疾病领域的突破，更可能为全球特应性皮炎庞大患者群体带来全新的治疗选择，展现出了巨 大的市场潜力和商业价值。 SM17：创新机制与临床潜力共振 智通财经APP了解到，生物创新药的研发与投资领域，通常以临床价值为导向。SM17作为一款全球首 创的人源化IgG4-κ单克隆抗体，其价值便在于能通过创新的作用机制，切实 ...

Financial Performance - The company reported a reduction in annual loss to RMB 185.1 million for the year ending December 31, 2024, down from RMB 243.1 million for the previous year, primarily due to reduced laboratory and trial costs [7]. - Total revenue for the year ended December 31, 2024, was RMB 2,026 million, an increase from RMB 1,365 million in 2023, representing a growth of 48.4% [116]. - Gross profit for the same period was RMB 543 million, compared to RMB 422 million in 2023, indicating a gross margin improvement [116]. - The company reported a net loss of RMB 185,141 thousand for 2024, an improvement from a net loss of RMB 243,111 thousand in 2023, reflecting a reduction of approximately 23.9% [117]. - The company's total equity decreased to RMB 192,911 thousand in 2024 from RMB 295,583 thousand in 2023, a decline of 34.7% [118]. - The basic loss per share improved to RMB (0.17) in 2024 from RMB (0.24) in 2023, indicating a positive trend in loss reduction [116]. Cash Flow and Funding - As of December 31, 2024, the total available funds, including cash and cash equivalents, amounted to RMB 141.4 million, a decrease from RMB 233.1 million as of December 31, 2023 [7]. - The net cash flow used in operating activities was RMB (130.8) million, compared to RMB (133.8) million in the previous year [82]. - The total outstanding bank borrowings increased to RMB 419.3 million as of December 31, 2024, up from RMB 391.4 million a year earlier [83]. - The group recorded a net cash flow decrease of RMB 152.0 million in cash and cash equivalents during the year [82]. - The group has pledged land use rights and construction in progress with a book value of RMB 334.3 million to secure bank loans [84]. Research and Development - The company has made significant progress in its clinical trials and pipeline development, with a Phase 3 extension trial for Suciraslimab completed in December 2024, involving 93 patients [4]. - The company has increased its patent portfolio significantly, with the number of granted and pending patents more than doubling since the beginning of the reporting period [6]. - The company initiated a Phase 1b clinical trial for treating atopic dermatitis (AD) in May 2024, with the first patient dosed on June 5, 2024 [6]. - The company aims to achieve three interrelated milestones by 2025: obtaining regulatory approval for Suciraslimab, strategic licensing or advancing SM17 collaborations, and expanding its global footprint [14]. - The company has established a robust pipeline with multiple products in various stages of clinical development, including Suciraslimab, SM17, and SN1011 [22]. Product Development and Pipeline - The flagship product, Suciraslimab, is currently undergoing the final review stage for its Biologics License Application (BLA) in China, with clinical trial site inspections completed in January 2024 [4]. - The flagship product, Suciraslimab, has successfully completed two major regulatory reviews, including clinical base review and GMP review, and is awaiting final market approval for treating rheumatoid arthritis [9]. - The product SM17, a humanized monoclonal antibody targeting IL-25, has received IND approval for asthma and atopic dermatitis (AD) in China, with a Phase 1b clinical trial for moderate to severe AD patients successfully completed [19]. - The company is actively exploring partnerships with major pharmaceutical companies to further advance the development of SM17 [11]. - The company has developed a novel asset pipeline covering preclinical, clinical, and pre-registration stages for treating various inflammatory and autoimmune diseases, aiming to maximize asset commercial value through strategic partnerships [50]. Market Outlook and Strategy - The company remains confident in the future of the Hong Kong biotech industry, supported by government policies promoting health and medical innovation [13]. - The global autoimmune disease drug market is projected to grow from $120.5 billion in 2020 to $163.8 billion by 2030, with a CAGR of 3.1% [58]. - The company aims to become a global leader in innovative therapies for immune-related diseases and other degenerative conditions [17]. - The company is focusing on developing monoclonal antibodies to address unmet medical needs in the global market [17]. - The company has established collaborations with global enterprises and research institutions to develop innovative therapies for unmet medical needs in the field of autoimmune diseases [37]. Corporate Governance and Compliance - The board confirms adherence to the corporate governance code throughout the reporting period, ensuring high standards of corporate governance [105]. - The independent auditor's report confirms that the consolidated financial statements reflect the group's financial position accurately as of December 31, 2024 [110]. - The audit committee consists of four independent non-executive directors, ensuring effective oversight of financial reporting and risk management [108]. - The financial statements for the years ending December 31, 2023, and December 31, 2024, have been submitted to the company registry as per regulations [106]. - The board believes that the combination of the roles of chairman and CEO does not impair the balance of responsibilities within the board [107].

Product Development and Clinical Trials - The flagship product Suciraslimab (SM03) is currently in the final review stage for its Biologics License Application (BLA) in China, with necessary inspections completed in January 2024[3]. - Significant progress has been made in the development of SM17, a first-in-class monoclonal antibody targeting IL-25, with successful Phase I clinical trial reports in the US and completion of a Phase Ia bridging study in China[4]. - SM17 has shown good safety and tolerability, indicating superiority over JAK1 inhibitors in these aspects[4]. - The ongoing Phase III extension trial for Suciraslimab demonstrates sustained efficacy over time, indicating long-term benefits compared to traditional biologics[4]. - The flagship product Suciraslimab (SM03) achieved primary endpoints in Phase III clinical trials for rheumatoid arthritis (RA) in China[8]. - The clinical trial for SM17 in treating AD is set to commence on June 5, 2024, with the first patient dosing[8]. - SM17's Phase I clinical trial results are expected to be reported in Q1 2024, showing good safety, tolerability, and pharmacokinetic properties[8]. - The company is advancing SM06, a second-generation anti-CD22 antibody, which is currently in the IND stage and undergoing clinical research optimization[8]. - The company is committed to expanding the therapeutic applications of Suciraslimab to address unmet medical needs in various autoimmune and neuroimmune diseases[13]. - The Phase 1b clinical trial for SM17 in AD patients has successfully dosed its first patient in June 2024, with the trial progressing as planned[15]. Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 2,026 million, compared to RMB 1,365 million for the same period in 2023, representing a year-over-year increase of 48.3%[67]. - Gross profit for the first half of 2024 was RMB 543 million, up from RMB 422 million in the first half of 2023, indicating a growth of 28.7%[67]. - The company reported a loss before tax of RMB 90,622 million for the six months ended June 30, 2024, an improvement from a loss of RMB 134,096 million in the same period of 2023, reflecting a reduction of 32.4%[67]. - The basic and diluted loss per share for the six months ended June 30, 2024, was RMB 0.08, an improvement from RMB 0.13 in the same period of 2023[53]. - The total amount of available funds as of June 30, 2024, was RMB 220.0 million, down from RMB 233.1 million as of December 31, 2023[46]. - Cash and cash equivalents decreased to RMB 153.6 million as of June 30, 2024, from RMB 203.7 million as of December 31, 2023[47]. Research and Development - The company is focused on research, development, production, and commercialization of therapies, leveraging its innovative R&D team in Hong Kong and manufacturing capabilities in China[8]. - The company has established a pipeline of monoclonal antibodies and new chemical entities targeting various immune diseases[8]. - The company has established collaborations with global enterprises and research institutions to develop innovative therapies for autoimmune diseases[18]. - The company has developed proprietary innovative technologies and therapeutic platforms to identify novel antibody candidates targeting new pathways[34]. - The company is actively exploring innovative drug targets and has a strong R&D team to foster a culture of innovation[29]. Strategic Initiatives and Partnerships - The company is strategically exploring partnerships and collaboration opportunities to accelerate the development of innovative candidates[6]. - The company aims to create significant therapeutic advancements through innovative mechanisms and models to improve immunogenicity and reduce manufacturing complexities[3]. - The company is focused on expanding its business network globally through business development activities[6]. - The company is committed to maximizing the commercial value of its assets and accelerating the development of innovative therapies for autoimmune diseases[25]. Market Outlook and Growth Potential - The global autoimmune disease drug market is projected to grow from $120.5 billion in 2020 to $163.8 billion by 2030, with a CAGR of 3.1%[30]. - The rheumatoid arthritis (RA) treatment market in China is expected to reach RMB 32.8 billion by 2024 and RMB 83.3 billion by 2030, representing a CAGR of 16.8%[30]. - The number of atopic dermatitis (AD) patients in China is projected to grow from 6.57 million in 2019 to 8.17 million by 2030, with the market value expected to increase from $600 million in 2019 to $1.5 billion by 2024 and further to $4.3 billion by 2030[32]. - The global asthma patient population is expected to reach approximately 860 million by 2030, with China's asthma patients projected to be 78.1 million[33]. Corporate Governance and Management - The company has maintained high standards of corporate governance, adhering to applicable code provisions during the reporting period[12]. - The roles of chairman and CEO are currently held by Dr. Liang Rui'an, who is also the founder, ensuring effective management and business development[13]. - The audit committee, consisting of four independent non-executive directors, has reviewed the interim report and the accounting principles adopted by the group[15]. Employee and Operational Efficiency - The company has established stock incentive and stock option plans to enhance employee engagement and retention[22]. - The total number of employees as of June 30, 2024, was 214, with employee costs amounting to approximately RMB 31.7 million during the reporting period[22]. - The company streamlined its clinical team to improve efficiency, resulting in a reduction of R&D personnel costs by approximately RMB 4.4 million[43]. Future Plans and Investments - The company plans to submit a Biologics License Application (BLA) for Suciraslimab in September 2023, with commercialization expected within 10 to 12 months if no additional data is required[8]. - The company plans to allocate approximately HKD 250.9 million for the clinical trials of its core product SMO3, with funding expected to be utilized by the end of 2024[115]. - The company is focused on diversifying its product portfolio through the discovery and development of new pipeline drugs, with ongoing funding efforts[115].