瑞博生物 20260326 公司 2025 年的财务表现如何？对 2026 年的研发费用和现金流有何展望？ 摘要 瑞博生物核心品种 RBD4,059（Factor XI siRNA）全球进度领先，2a 期临床显示长效安全性，计划 2026 年启动多项 2b/3 期研究，具备 Blockbuster 潜力。 血脂管线 PCSK9 与 APOC3 项目国内进度前列，APOC3 海外 2 期入组 过半；ANGPTL3 靶点将绕开小众适应症，直击 400 亿美元规模的心血 管事件市场。 肝外递送技术取得重大突破，肾脏靶向 siRNA 已进入 IND-enabling 阶 段，为全球首创；心脏、脂肪及神经系统递送数据处于全球领先水平。 2025 年营收 1.55 亿元，研发支出 2.8 亿元；获 Madrigal 6,000 万美 元首付款及 IPO 融资支撑，现金储备可覆盖 3 年以上研发需求。 BD 能力强劲，已与 BI、Madrigal 达成多项合作；新任 CBO 将加速肝 外平台及核心管线的全球授权与联合开发进程。 竞争优势显著，siRNA 相比沙班类药物可将出血风险从 10%降至 2%以 下，且具备一年一针的 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：6938） 建議修訂公司章程及建議撤銷監事會 蘇州瑞博生物技術股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣 佈，為(i)使本公司公司章程（「公司章程」）符合有關舉行混合式股東大會、提供電 子投票及對香港聯合交易所有限公司證券上市規則（「上市規則」）作出相關修訂的 最新監管規定；及(ii)根據《中華人民共和國公司法》、中國證券監督管理委員會發 佈的《上市公司章程指引》及《上市公司股東會規則》以及其他法律法規的最新監管 規定（其中規定中國上市公司撤銷監事會並進一步完善企業管治），結合本公司實 際情況，董事會審議及批准（其中包括）有關修訂（「建議修訂」）公司章程、本公司 股東大會議事規則及董事會議事規則。同時，根據前述法律法規和監管規定，本 公司擬撤銷本公司監事會（「監事會」），監事會的相關職權將由董事會審計委員會 行使。 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。 Suzhou ...

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。 Suzhou Ribo Life Science Co., Ltd. 截至本公告日期，H股購股權計劃及H股激勵計劃須待股東批准後，方可作實。 股東及本公司潛在投資者於買賣本公司證券時，務請謹慎行事。 承董事會命 蘇州瑞博生物技術股份有限公司 蘇州瑞博生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6938） 建議採納H股購股權計劃及H股激勵計劃 蘇州瑞博生物技術股份有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈， 於2026年3月25日，董事會議決建議採納本公司H股購股權計劃（「H股購股權計 劃」）及H股激勵計劃（「H股激勵計劃」，統稱為「股份計劃」），惟須待本公司股東 （「股東」）批准後，方可作實。 股份計劃旨在為合資格人士（包括僱員參與者、服務提供者及相關實體參與者）提 供獲得本公司專有權益的機會，藉以鼓勵合資格人士為本公司及股東的整體利益 積極工作，提升本公 ...

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。 委任首席醫學官及首席商務官 蘇州瑞博生物技術股份有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董 事（「董事」）會（「董事會」）欣然宣佈：(i) Anders Gabrielsen博士已獲委任為本公 司首席醫學官（「首席醫學官」），將負責本公司的整體臨床開發、醫學事務及監管 合規；(2) John Taylor博士已獲委任為本公司首席商務官，將負責本公司的整體商 務發展、授權引進及對外許可合作以及戰略投資；及(3)甘黎明博士不再擔任首席 醫學官，但將繼續擔任本公司的執行董事、聯席首席執行官兼全球研發總裁，均 自2026年3月25日起生效。 Anders Gabrielsen博士，59歲，於2023年加入本集團，擔任副總裁兼全球臨床開 發負責人。Gabrielsen博士是一名經驗豐富的醫師和科學家，在心血管、腎臟和 代謝治療領域擁有逾20年經驗。Gabrielsen博士於1994年取得丹麥哥本哈根大 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：6938） 截至2025年12月31日止年度的年度業績公告 董事會欣然公佈本集團截至2025年12月31日止年度的經審計合併業績，連同截至 2024年12月31日止年度的比較經審計數字。該等年度業績已由審計委員會審閱。 於本公告內，「我們」指本公司及（如文義另有所指）本集團。本公告所載若干金額 及百分比數字已經約整，或約整至小數點後一位或兩位數。本公告任何表格、圖 表或其他地方所列總數與金額總和之間的任何差異乃因約整所致。 | 財務概要 | | | | --- | --- | --- | | | 截至12月31日止年度 | | | | 2025年 | 2024年 | | | 人民幣千元 | 人民幣千元 | | 收入 | 148,510 | 142,627 | | 毛利 | 135,034 | 130,724 | | 研發開支 | (280,461) | (280,370) | | 行政開支 | (118,404) | (92,506) | | 除稅前虧損 | (284,556) | (257,047) | | 年內虧損 | (288,454) | (28 ...

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之內容概不負責，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 該等內容而引致之任何損失承擔任何責任。 Suzhou Ribo Life Science Co., Ltd. 蘇州瑞博生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 香港，2026年3月12日 截至本公告日期，執行董事為梁子才博士、甘黎明博士及張鴻雁博士，非執行董 事為戚飛博士、李東方先生及李宇輝先生，及獨立非執行董事為宇學峰博士、馬 朝松先生及王瑞平先生。 （股份代號：6938） 董事會會議日期 蘇州瑞博生物技術股份有限公司（「本公司」連同其附屬公司「本集團」）董事（「董 事」）會（「董事會」）謹此宣佈，董事會會議將於二零二六年三月二十五日（星期 三）舉行，藉以（其中包括）考慮及批准本集團截至二零二五年十二月三十一日止 之年度業績及其發佈，並考慮建議派發末期股息（如有）及處理其他事務。 承董事會命 蘇州瑞博生物技術股份有限公司 梁子才 董事長 ...

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical and biotechnology industry [5] Core Viewpoints - Short-term fluctuations do not change the long-term growth trajectory of the innovative drug sector. Despite recent market volatility, the underlying logic for medium to long-term growth remains intact, driven by globalization, technological breakthroughs, and industry upgrades [8][12] - The focus has shifted from "can we go global" to "what progress has been made after going global," emphasizing the importance of overseas clinical deployment and milestone achievements for innovative drugs [13][14] - Breakthroughs in frontier technologies, particularly in small nucleic acids and CAR-T therapies, position Chinese companies to become core global assets [18][20] - The commercialization of innovative drugs is expected to lead to a profitability inflection point, with key companies entering a positive cycle of product volume growth and reinvestment in R&D [22] Summary by Sections 1. Short-term Fluctuations, Long-term Growth - The innovative drug sector has experienced significant volatility due to concentrated expectations and emotions, but the long-term growth trend remains unchanged [8][12] - The valuation of leading companies has reached reasonable levels, suggesting potential investment opportunities as market sentiment stabilizes [12] 1.1 Focus on Globalization Progress - The emphasis has shifted to the progress of products in overseas clinical trials, with a focus on key data readouts and milestone achievements [13][14] - Domestic bispecific antibodies are accelerating their global clinical trials, becoming core trading assets in the context of expiring patents for PD-(L)1 products [13] 1.2 Breakthroughs in Frontier Technologies - Chinese companies are leading in small nucleic acids and CAR-T therapies, with significant advancements in delivery technologies expanding treatment options beyond rare diseases [18] - In vivo CAR-T therapies have shown preliminary clinical effectiveness, with a growing number of transactions indicating a shift towards mainstream adoption [20] 1.3 Commercialization Driving Profitability - Leading innovative drug companies are entering a cycle of product volume growth that supports R&D reinvestment, with expectations for exceeding market performance in 2023 [22] - The upcoming earnings period in March-April 2026 is seen as a critical validation point for the sector [22] 2. Global New Drugs: Highlights in Autoimmunity and Oncology - The report highlights the approval of the world's first PD-L1/TGF-β bispecific antibody, showcasing the R&D capabilities of domestic companies [26][27] - The successful launch of innovative drugs in critical therapeutic areas reflects the growing strength of domestic pharmaceutical companies in addressing unmet medical needs [26][27]

Summary of Suzhou Ribo Life Science (6938.HK) Conference Call Company Overview - **Company**: Suzhou Ribo Life Science - **Ticker**: 6938.HK - **Industry**: siRNA Drug Development Key Points Industry and Market Potential - The global oligonucleotide drug market is projected to grow from **US$5.7 billion in 2024** to **US$54.9 billion by 2034**, with a CAGR of **29.4% from 2024 to 2029** and **21.6% from 2029 to 2034** [28][29] - siRNA drugs are expected to capture a greater market share, outpacing other oligonucleotide modalities [28] Company Strengths - Ribo is a pioneer in siRNA technology with a robust pipeline of **seven in-house discovered drug assets** in clinical trials targeting cardiovascular, metabolic, renal, and liver diseases [12][3] - Proprietary delivery technologies, including **RiboGalSTARTM**, enhance targeting specificity and safety, positioning Ribo as a leader in siRNA therapeutics [25][26] - Collaborations with major pharmaceutical companies, including **Boehringer Ingelheim** and **Madrigal**, with total deal value exceeding **US$6.0 billion** [4][26] Key Products - **RBD4059**: A potential first-in-class FXI-targeting siRNA drug for thrombotic diseases, with estimated peak sales potential of **US$6.8 billion** [2][15] - **RBD5044**: A potential best-in-class APOC3-targeting siRNA for hypertriglyceridemia, showing competitive triglyceride-lowering efficacy [21] - **RBD1016**: A promising siRNA candidate for chronic hepatitis B (CHB) and coronary heart disease (CHD), with favorable safety and efficacy profiles [22][23] Financial Overview - **2023 Net Profit**: -RMB 428 million - **2024 Net Profit**: -RMB 270 million, with an expected EPS growth of **36.9%** [5][9] - **Target Price**: HK$102, representing an expected share price return of **73.5%** [6][11] Clinical Development and Efficacy - RBD4059 has shown a **dose-dependent reduction** in FXI activity, with maximum percentage changes from baseline of **67.5% to 91.6%** across different dosing cohorts [37] - The phase 2a trial for RBD4059 is expected to complete by the end of **2025** [35] Risks and Challenges - Key risks include potential R&D failures, slower-than-expected product launches, competition, and historical lack of profitability [4][11] Conclusion - Suzhou Ribo Life Science is positioned as a leader in the siRNA therapeutic space with significant growth potential driven by innovative products and strategic collaborations. The company faces challenges typical of biotech firms, including the need for successful clinical outcomes and market acceptance.

| 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06938 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 165,813,510 | RMB | | 1 RMB | | 165,813,510 | | 增加 / 減少 (-) | | | 4,741,400 | | | RMB | | 4,741,400 | | 本月底結存 | | | 170,554,910 | RMB | | 1 RMB | | 170,554,910 | 本月底法定/註冊股本總額： RMB 170,554,910 備註： 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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 蘇州瑞博生物技術股份有限公司 呈交日期: 202 ...

Investment Rating - The report assigns a "Buy" rating for RiboBio-B (06938) as a first-time coverage [1][7]. Core Insights - RiboBio focuses on the development and industrialization of small nucleic acid drugs, being one of the pioneers in this field. The company has established a fully integrated research and development platform for small nucleic acid drugs, covering various chronic diseases such as cardiovascular, metabolic, kidney, and liver diseases [5][17]. - The small nucleic acid drug industry is entering a period of explosive growth, with a projected compound annual growth rate (CAGR) of 29.4% from 2024 to 2029, driven by advancements in delivery technology and the expansion of indications from rare diseases to chronic diseases [27][28]. - RiboBio's differentiated pipeline includes RBD4059, which targets FXI for thrombotic diseases, RBD5044 for dyslipidemia, and RBD1016 for hepatitis B functional cure, showcasing the company's potential to meet unmet clinical needs [32][46]. Financial Data and Profit Forecast - The company is expected to generate revenues of RMB 143 million in 2024, with a projected growth to RMB 350 million in 2026 and 2027. The net profit attributable to ordinary shareholders is forecasted to be -RMB 270 million in 2024, improving to -RMB 133 million in 2026 [6][8]. - The target price for RiboBio is set at RMB 76.24, equivalent to HKD 86.08, indicating a potential upside of 46% from the market capitalization as of March 4, 2026 [7][8]. Pipeline and Market Opportunities - RiboBio has a robust pipeline with over 20 preclinical drugs and 7 clinical drugs, including 4 in Phase II trials. The core pipeline targets chronic diseases, addressing significant unmet clinical needs [30][31]. - RBD4059 is positioned as the world's first clinical-stage siRNA drug for thrombotic diseases, with a significant market potential as the global anti-thrombotic market is expected to reach USD 59.3 billion by 2024 [32][33]. - RBD5044 aims to address the unmet needs in the dyslipidemia market, which is projected to grow from USD 24 billion in 2019 to USD 35.3 billion by 2029 [46][49]. Key Assumptions and Catalysts - The revenue for 2025-2027 is primarily expected to come from business development (BD) licensing income, with significant milestone payments anticipated from collaborations with partners like Boehringer Ingelheim and Qilu Pharmaceutical [8][9]. - Key clinical data releases for RBD4059, RBD5044, and RBD1016, as well as new licensing agreements with overseas companies, are expected to act as catalysts for stock price performance [10].