Group 1 - The stock of Vili International Holdings-B (09887.HK) has increased by over 3%, specifically by 3.49%, reaching a price of 57.9 HKD [2] - The trading volume for Vili International Holdings-B is reported at 20.2056 million HKD [2]

Core Viewpoint - The stock of Wuxi Biologics (09887) increased by over 3%, reaching HKD 57.9 with a trading volume of HKD 20.21 million, following the announcement of five research abstracts accepted for presentation at the 67th Annual Meeting of the American Society of Hematology (ASH) [1] Group 1 - On November 4, Wuxi Biologics announced that five research abstracts related to its innovative drugs LBL-034 and LBL-076 were accepted for the ASH annual meeting [1] - One clinical study of LBL-034 was selected for the first oral presentation on the first day of the conference, showcasing the latest efficacy and safety data for LBL-034 in patients with relapsed/refractory multiple myeloma [1]

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: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 南京維立志博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） 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 09887 | | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 153,278,691 | | 0 | | 153,278,691 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 15 ...

Core Viewpoint - The company, Valiant Bio-B (09887.HK), announced that five research abstracts have been selected for presentation at the 67th Annual Meeting of the American Society of Hematology (ASH), highlighting its innovative drug candidates LBL-034 and LBL-076 [1] Group 1: Research Highlights - The clinical study of LBL-034 has been chosen for the first oral presentation on the first day of the conference, showcasing the latest efficacy and safety data for patients with relapsed/refractory multiple myeloma [1] - Multiple research results have been accepted for the 67th ASH meeting, indicating strong recognition from the international academic community regarding the company's research and innovation capabilities [1] Group 2: Company Recognition - The company has consistently presented its innovative drug development results at international platforms such as ASH and the American Society of Clinical Oncology (ASCO) over the years [1]

Core Viewpoint - The company, Valiant Bio-B (09887), announced that five research abstracts have been selected for presentation at the 67th Annual Meeting of the American Society of Hematology (ASH) [1] Group 1: Company Developments - The company provided further details regarding its innovative drugs LBL-034 and LBL-076, which have multiple research abstracts included in the ASH meeting [1] - One clinical study of LBL-034 has been selected for the first oral presentation on the first day of the conference, showcasing the latest efficacy and safety data for LBL-034 in patients with relapsed/refractory multiple myeloma [1]

Core Viewpoint - The company, Wuxi Biologics-B (09887), announced that five research abstracts have been selected for presentation at the 67th Annual Meeting of the American Society of Hematology (ASH) [1] Group 1: Company Developments - The company provided further details regarding its innovative drugs LBL-034 and LBL-076, which have multiple research abstracts included in the ASH conference [1] - One clinical study of LBL-034 has been selected for the first oral presentation on the first day of the conference, showcasing the latest efficacy and safety data for LBL-034 in patients with relapsed/refractory multiple myeloma [1]

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。 Nanjing Leads Biolabs Co., Ltd. 南 京 維 立志博生物科技股份有限公司 （於 中 華 人 民 共 和 國 成 立 的 股 份 有 限 公 司） （股 份 代 號：9887） 自願公告 有關研究摘要入選第67屆ASH年會展示 的進一步公告 本公告由 南京維立 志博生物科技股份有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 作 出，以 告 知 本 公 司 股 東 及 潛 在 投 資 者 有 關 本 公 司 的 最 新 業 務 發 展 情 況。 茲提述本公司日期為2025年10月9日 的 公 告，內 容 有 關5篇研究摘要入選美國血 液學會（「ASH」）以於其第67屆 年 會 上 展 示。本 公 司 欣 然 提 供 有 關 其 在 研 創 新 藥 LBL-034及LBL-076的 進 一 步 詳 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company positions itself as a leader in next-generation tumor immunotherapy, leveraging three major technology platforms to establish a high-quality R&D pipeline [3][12]. - The 4-1BB co-stimulation signal market shows significant potential, with the product LBL-024 demonstrating notable competitive advantages [4][25]. - The TCE technology platform has been validated through clinical data, with LBL-034 showing superior efficacy and safety compared to competitors [5][22]. - The company is currently in the new drug development investment phase, with projected revenues of 175 million, 314 million, and 187 million yuan for 2025, 2026, and 2027 respectively, and expected net losses of 200 million, 99 million, and 262 million yuan [5]. Summary by Sections Section 1: Three Platforms Supporting Next-Generation Tumor Immunotherapy - The company aims to address diseases that current therapies, such as PD-1/PD-L1 antibodies, cannot treat, focusing on cutting-edge targets like 4-1BB and PD-L1 dual targets [3][12]. - The R&D team is robust, with extensive experience in new drug development, and has established a pipeline of 14 new drugs, including 6 in clinical stages and 4 with leading global clinical progress [13][22]. Section 2: 4-1BB Co-Stimulation Signal Market Potential - 4-1BB serves as a co-stimulation immune checkpoint molecule, providing a second signal for T-cell activation [25][31]. - LBL-024, a low-affinity 4-1BB dual antibody, has shown excellent efficacy and safety balance in clinical trials, with significant improvements in overall survival compared to existing treatments [4][35]. Section 3: TCE Technology Platform Validation - The TCE platform, particularly the CD3 TCE drug LBL-034, has demonstrated the ability to conditionally activate T-cells in tumor microenvironments, showing advantages in safety and efficacy over similar products [5][22]. - The company has plans for new generation TCE and TCE ADC platforms, with the CD3/MUC16 TCE positioned among the top globally [5][22].

Core Viewpoint - The article discusses the recent developments of Vili Biotech, a company focused on T-cell engagers (TCE), highlighting its market positioning, clinical advancements, and strategic decisions in the competitive biotech landscape [2][3]. Group 1: Company Overview - Vili Biotech completed its IPO in July 2023, becoming the first TCE-focused company listed in Hong Kong, with a market capitalization of approximately HKD 11.34 billion [2]. - The company has positioned itself in the less mainstream TCE sector, which connects T-cells to cancer cells, despite the associated risks such as cytokine storms and neurotoxicity [2][4]. Group 2: Market Performance - Vili Biotech's stock saw a significant increase of 127% shortly after its IPO, with retail subscriptions reaching a record 3,494.8 times, indicating strong market interest [3]. - The company aims to avoid the "overnight success" narrative, focusing instead on long-term development and the quality of its research pipeline [3]. Group 3: TCE Technology Insights - TCEs are gaining traction in the immunotherapy field, particularly for blood cancers, but are less recognized compared to antibody-drug conjugates (ADCs) [4]. - The first TCE drug to surpass USD 1 billion in sales is Amgen's Blincyto, which targets leukemia, with projected sales exceeding USD 1.2 billion in 2024 [4]. Group 4: Clinical Development - Vili Biotech has six innovative drug candidates in clinical stages, with LBL-024 being the closest to market, targeting advanced neuroendocrine carcinoma [7]. - The company employs a "small to large" clinical strategy, starting with niche indications and expanding to broader cancer types [8]. Group 5: Financial Strategy - The company currently has around RMB 2 billion in funds, sufficient to support its R&D plans for the next 4 to 5 years, with no immediate plans for additional financing [10]. - Vili Biotech emphasizes the importance of financial preparedness in the cyclical biotech industry, having adjusted its fundraising strategy during a downturn in 2021 [10].

Core Viewpoint - The article discusses the recent developments and market positioning of Weili Zhibo, a biotech company that has recently gone public in Hong Kong, focusing on T-cell engagers (TCE) as a novel cancer treatment approach, amidst a competitive landscape in the innovative drug sector [1][4]. Company Overview - Weili Zhibo completed its IPO in July 2023, becoming the first TCE-focused company listed in China [1]. - The company has gained significant market attention, with retail subscriptions reaching a record 3,494.8 times during its IPO [4]. - The CEO, Kang Xiaoqiang, emphasizes a long-term development strategy over quick fame, focusing on the company's research pipeline and clinical data [4][5]. TCE Technology - TCEs are positioned as a promising alternative to antibody-drug conjugates (ADCs), with the potential to activate T-cells against cancer cells [3][5]. - The first TCE drug to surpass $1 billion in sales is Amgen's Blincyto, which targets leukemia [5]. - TCEs have advantages in terms of lower antigen expression requirements and longer duration of action compared to ADCs [5]. Clinical Development - Weili Zhibo has six innovative drug candidates in clinical stages, with LBL-024 being the closest to market, targeting advanced neuroendocrine carcinoma [8][9]. - The clinical strategy involves starting with niche indications and expanding to larger cancer types, aiming for a broad-spectrum anti-cancer approach [9]. - The company plans to showcase two new blood cancer drugs at the 2025 ASH annual meeting, indicating strong clinical data [6][7]. Market Strategy - The company has opted for a "small first, then large" strategy to address unmet clinical needs in less competitive areas [9]. - Weili Zhibo has secured a global licensing agreement with Dianthus Therapeutics, potentially generating over $10 billion in total transaction value [10]. - The CEO remains cautious about market volatility and emphasizes the importance of having sufficient funds to support R&D for the next 4-5 years [10][11].