Group 1 - The stock price of Valiant Biotech-B (09887.HK) increased by 113% [1] - The stock price of China Antibody-B (03681.HK) rose by 8.37% [1] - The stock price of Lepu Biopharma-B (02157.HK) went up by 5.64% [1] - The stock price of Tongyuan Kang Pharmaceutical-B (02410.HK) increased by 3.81% [1]

Group 1: Hong Kong Stock Market Movements - Jin Jing New Energy (01783) rose over 4.5% as the Hang Seng Index company is set to release its mid-year review results on August 22, with changes effective from September 8 [1] - Paper stocks in Hong Kong continued to rise, with Nine Dragons Paper (02689.HK) increasing over 7%, recording five consecutive gains, while Lee & Man Paper (02314.HK) rose about 5% [1] - Airline stocks saw significant gains, with China National Aviation (0753.HK) up over 7%, driven by the Civil Aviation Administration's emphasis on enhancing the industry’s competitive landscape [1] - Renrui Talent (06919) surged over 19% after announcing a positive earnings forecast, expecting revenue of approximately RMB 2.49 billion to 2.69 billion for the year ending June 30, 2025, representing a year-on-year growth of 21.1% to 30.8% [1] Group 2: Other Notable Stock Movements - China Antibody-B (03681) increased over 8% after entering into subscription agreements for the issuance of 182 million new shares at a subscription price of HKD 2.03 per share [2] - Fufeng Group (00546) rose over 4% with an expected net profit of RMB 1.74 billion for the first half of the year, a 67% increase year-on-year, attributed to higher sales and lower raw material costs [2] - Cao Cao Travel (02643) gained over 4%, reaching a new high following a strategic partnership with a leading commercial aerospace company [2] - NIO-SW (09866) rose over 8%, with a cumulative increase of over 40% in the month [2] Group 3: US Stock Market Highlights - Kohl's (KSS.US) saw a dramatic increase of nearly 90%, becoming a popular "meme stock" among retail investors, closing at $14.34, up 37.62% [3] - Daqo New Energy (DQ.US) closed at $24.60, with a rise of 16.75%, as silicon material prices have been on the rise, with an increase of 25-35% recently [3] - General Motors (GM.US) stock fell by 8.12% to $48.89, with the CFO indicating potential tariff impacts of up to $5 billion this year [3] - The Nasdaq Golden Dragon China Index rose 1.35%, with notable gains in Chinese concept stocks, including PONY.US up 8.62% and NIO.US up 10.84% [3] Group 4: Additional Stock Movements - Faraday Future (FFAI.US) surged over 43% after receiving a non-binding order for 1,000 vehicles valued at up to $100 million [4] - Most new energy vehicle stocks rose, with Lucid Group (LCID.US) closing at $3.13, an increase of about 11% [4] - Circle (CRCL.US) fell by 8.23% after a downgrade from "neutral" to "sell" by Compass Point Research [4] - Replimune (REPL.US) dropped 77% after the FDA rejected its application for a combination therapy for advanced melanoma, citing insufficient evidence [4]

Group 1 - Nanshan Aluminum International (02610.HK) expects a mid-term net profit of approximately $225 million to $265 million for the six months ending June 30, 2025, compared to a net profit of about $159 million for the same period ending June 30, 2024 [1] - The increase in net profit is primarily attributed to an improvement in gross margin, driven by higher alumina prices and relatively stable unit production costs [1] - The average selling price of the company's products for the first half of 2025 is expected to be around $530 per ton, up from approximately $387 per ton in the first half of 2024, but lower than $561 per ton in the second half of 2024 [1] Group 2 - TCL Electronics (01070.HK) anticipates a year-on-year adjusted net profit growth of approximately 45% to 65% for the first half of 2025 [2] - Renrui Talent (06919.HK) expects a mid-term profit attributable to equity holders to increase by 66.7% to 94.1% [2] - China Rare Earth Holdings (03788.HK) reports an increase in total gold resources to 5.07 million ounces [2]

Group 1 - The core point of the news is that the company has submitted a Biologics License Application (BLA) for Shuxili monoclonal antibody for the treatment of rheumatoid arthritis (RA) in China after achieving significant efficacy in Phase III clinical trials [1] - The Phase III trial results showed an ACR20 response rate of approximately 50% at week 24, with improvement over time, exceeding 65% at week 52 and over 70% at week 104, with no new safety risks identified [1] - The company voluntarily withdrew the BLA application due to the need for additional early efficacy evidence as emphasized by the Center for Drug Evaluation (CDE) in China [1] Group 2 - The company remains confident in obtaining approval for Shuxili monoclonal antibody in China, believing in its unique mechanism of action to achieve long-term efficacy and safety in treating autoimmune diseases [2] - The company has initiated planning for new clinical development programs for Shuxili monoclonal antibody targeting systemic lupus erythematosus [2] - The company has a diverse pipeline with multiple clinical and preclinical candidates, including two innovative drugs in clinical stages and four in preclinical stages, and will continue advancing its research and clinical development [2]

Investment Rating - The report maintains a "Positive" investment rating for the industry [8]. Core Insights - IL-25 is identified as a novel target in the Type II inflammation pathway, showing upregulation in atopic dermatitis (AD), psoriasis, and contact dermatitis, indicating its involvement in the progression of these skin inflammatory diseases [2][5][27]. - The drug SM17, developed by Chinese Antibody, is a first-in-class (FIC) IL-17RB monoclonal antibody targeting IL-25, demonstrating promising proof-of-concept (PoC) data in Phase Ib trials for atopic dermatitis, with superior itch relief compared to existing therapies [6][35][42]. Summary by Sections IL-25 as a Target - IL-25, a member of the IL-17 cytokine family, plays a crucial role in host defense and inflammatory diseases, inducing the production of IL-4, IL-5, and IL-13, while inhibiting Th17 differentiation [5][17]. - The upregulation of IL-25 in various skin inflammatory diseases suggests its potential for multi-indication exploration [27]. SM17 Clinical Data - In the Phase Ib trial, 75% of patients in the high-dose group achieved at least a 75% improvement in the Eczema Area and Severity Index (EASI-75) by week 12, compared to 0% in the placebo group, indicating a significant difference of 75% [6][35]. - The high-dose group also showed that 91.7% of patients had a significant reduction in the Peak Pruritus Numeric Rating Scale (PP-NRS) score, with no responders in the placebo group [7][38]. - SM17 demonstrated rapid and deep itch relief, outperforming existing AD therapies while maintaining comparable skin lesion improvement [41][43]. Competitive Landscape - Currently, only two IL-25-targeting candidates, SM17 and XKH001, are in clinical development, indicating a relatively early stage of research for this target compared to more established pathways like IL-17 and IL-4 [6][33]. - The competitive landscape for IL-25 and IL-17RB-targeting drugs is evolving, with several candidates in various stages of development [34].

Core Viewpoint - The Chinese innovative drug sector is gaining global competitiveness, highlighted by significant business development (BD) deals and the promising clinical data of the drug SM17, which is expected to attract attention from major pharmaceutical companies [1][2][12]. Group 1: Market Dynamics - The market is actively seeking the next major BD deal, especially after the significant $6 billion BD deal between 3SBio and Pfizer, indicating a trend of increasing interest in Chinese innovative drugs [1]. - The total amount of outbound transactions for Chinese innovative drugs is projected to reach a record high by 2025, with $45.5 billion already achieved in 2025 alone [5][7]. - The frequency of BD transactions is driven by multinational pharmaceutical companies facing "patent cliffs," necessitating the acquisition of innovative drug pipelines to replenish their product lines [7][8]. Group 2: SM17 Drug Overview - SM17 is a first-in-class monoclonal antibody targeting the IL-25 receptor, showing promising results in clinical trials for moderate to severe atopic dermatitis (AD) [2][3]. - The drug demonstrated a 91.7% response rate in itch control and a 75% response rate in skin lesion improvement during phase 1b trials, significantly outperforming existing treatments [4]. - SM17's unique dual mechanism of action allows for rapid itch relief and effective inflammation reduction, setting it apart from current therapies [3][4]. Group 3: Clinical and Commercial Potential - The global AD patient population is substantial, with at least 230 million affected worldwide, including over 70 million in China, indicating a significant market opportunity for SM17 [2][4]. - SM17's safety profile is favorable, with no serious adverse events reported during the clinical trials, further enhancing its attractiveness for potential licensing deals [4][9]. - The drug has potential applications beyond AD, including asthma and other autoimmune diseases, which could broaden its commercial prospects [9][11]. Group 4: Company Strategy and Future Outlook - The company has established a robust pipeline of innovative drugs, focusing on monoclonal antibodies for various immune-related diseases, positioning itself for sustainable growth [11][12]. - The strategic emphasis on self-research and innovation, coupled with promising clinical data for SM17, is expected to attract significant investment and partnership opportunities [12].

6月4日，截至港股收盘，恒生指数上涨0.6%，报23654.03点。中国抗体-B（03681.HK）收报2.85港元/ 股，上涨42.5%，成交量6045.78万股，成交额1.5亿港元，振幅39.5%。 最近一个月来，中国抗体-B累计涨幅26.58%，今年来累计涨幅83.49%，跑赢恒生指数17.21%的涨幅。 资料显示，中国抗体制药有限公司("中国抗体"或"公司",股份代号:3681.HK)聚焦研究、开发、生产及商 业化疗法,主要研制以单克隆抗体为基础的全球首创(FIC)生物制剂用以治疗免疫性疾病。公司注重科技 研发,其旗舰产品SM03 (Suciraslimab) 为全球首创用以治疗类风湿关节炎(RA)的抗CD22单抗药物,其商业 化进程正全速推进。SM03(Suciraslimab)在中国进行治疗RA的 III 期临床研究于二零二三年四月达到了 主要终点。于二零二三年九月五日,国家药品监督管理局已受理SM03(Suciraslimab)用于治疗类风湿关节 炎的生物制品许可申请(BLA),海口生产基地的临床现场检查及生产质量管理规范(GMP)检查是BLA审批 过程中的两个必要程序,均已于二零二四年一月完成 ...

Group 1: Stock Movements in Hong Kong Market - Youqu Holdings (02177) surged over 24% as it actively expands into the health sector with the launch of the Canadian anti-aging health food brand Vanpearl containing ergothioneine [1] - Longfly Fiber Optics (06869) rose nearly 10% following the commencement of mass production at its advanced Wuhan base, successfully producing its first 6-inch silicon carbide wafer [1] - SF Holding (06936) increased over 5% with a reported 19.1% year-on-year growth in express delivery volume in April 2025, reaching 16.32 billion parcels [1] Group 2: Notable Developments in Other Companies - Alibaba Pictures (01060) gained over 4% after announcing a name change to Damai Entertainment, indicating a focus on offline performances and IP derivatives [2] - Innovent Biologics (01801) rose over 4% after presenting promising results for its innovative drug IBI343 for treating advanced pancreatic cancer at the 2025 ASCO annual meeting [2] - Ideal Auto (02015) saw a rise of over 6% with May deliveries reaching 40,856 units, marking a 16.7% year-on-year increase [4] Group 3: U.S. Market Highlights - Ferguson (FERG.US) increased by 2.9% with Q3 sales of $7.621 billion, a 4.3% year-on-year growth, exceeding market expectations [5] - Credo Technology (CRDO.US) surged over 14% with Q4 revenue of $170.3 million, a 179.7% year-on-year increase [6] - Nvidia (NVDA.US) rose by 2.8% as UBS projected significant revenue from a new AI data center project in Texas [6]

Group 1 - As of June 3, a total of 105 stocks reached their 52-week highs, with Huayin International Holdings (00989), Dingyifeng Holdings (00612), and Youquhui Holdings (02177) leading the high rate at 57.26%, 37.93%, and 23.02% respectively [1] - The closing prices and highest prices for the top three stocks are as follows: Huayin International Holdings at 1.370 and 1.950, Dingyifeng Holdings at 0.770 and 0.800, and Youquhui Holdings at 3.550 and 3.580 [1] - Other notable stocks that reached their 52-week highs include China Antibody-B (03681) with a high rate of 21.62% and Fengcheng Holdings (02295) at 19.52% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Des Holdings (08437) showing the largest decline at -38.79%, followed by Dimi Life Holdings (01667) at -20.50% [3] - The closing prices and lowest prices for the top three stocks that reached their lows are: Des Holdings at 0.177 and 0.071, Dimi Life Holdings at 0.140 and 0.128, and Lujizhi Technology (01745) at 0.197 and 0.194 [3] - Other stocks with significant declines include GBA Group (00261) at -11.48% and Baide International (02668) at -10.88% [3]

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].