Group 1: Energy Storage Industry - Advanced Energy is one of the three leading industries in Changping District, with a focus on innovation in energy storage solutions [1] - Zhonghai Energy is developing iron-chromium flow batteries, which have a 90% water-based electrolyte, significantly reducing fire risks associated with traditional lithium-ion batteries [1][2] - The company has secured multiple billion-level orders and expects to achieve a revenue of 200 million yuan this year, with plans to establish three production bases across the country [2] Group 2: Pharmaceutical Industry - Innovent Biologics has received approval for its new BTK inhibitor, Oubatinib, for treating chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL), expanding its market potential [2][3] - The drug is also being explored for use in autoimmune diseases, with several clinical trials progressing to global Phase III [3] - The innovative design of Oubatinib allows for precise targeting of BTK proteins, minimizing side effects and enhancing safety for long-term use in autoimmune conditions [3] Group 3: Synthetic Biology and Advanced Manufacturing - The synthetic biology sector is emerging in Changping, with companies like Weiyuan Synthetic innovating in the production of rare sugars like allulose through engineered microorganisms [4] - The rapid growth of Weiyuan Synthetic is supported by public service platforms established by the district to aid startups in high-throughput screening and other essential services [4] - The private sector in Changping contributes significantly to the local economy, accounting for over 79.8% of large-scale enterprises and generating substantial tax revenue and employment [4]

● 本报记者傅苏颖 近期，中国创新药行业利好消息不断，行业景气度提升。日前备受瞩目的美国癌症研究协会(AACR)年 会在芝加哥召开，多家中国创新药企受邀参会。与此同时，信达生物、康方生物等企业相关产品取得阶 段性突破；部分创新药企业一季报和年报数据亮眼，实现显著同比增长。业内人士认为，随着政策支 持、市场认可提升、投融资环境改善以及研发成果逐步显现，创新药板块发展前景广阔。受益于多个积 极因素推动，医药行业有望在2025年继续迎来估值修复。 创新药密集获批 作为全球规模最大的癌症研究会议之一，AACR年会一直是癌症领域最新研究成果的重要展示平台。近 年来，中国创新药在该会议上的影响力持续攀升。据不完全统计，今年有126家中国药企亮相AACR会 议，共发布近300项新药研究结果，其中包括超80项ADC研究、近40项双抗研究和超10项单抗研究，其 他药物类型还有多肽偶联药物、分子胶、细胞疗法、三抗、PROTAC等，展现出中国创新药研发的强大 实力。 4月28日，和誉医药和信达生物在AACR年会上展示多项最新临床前数据的信息和时间表。信达生物以 壁报的形式展示旗下一系列双抗、三抗及双抗体偶联药物(ADC)肿瘤管线的 ...

生物科技板块的强劲表现带动相关主题基金收益飙升。据Wind数据，截至4月30日，在今年来收益率排名前20的权益基金中，9只为医药主题基金，收益率 均在40%以上。其中，长城医药产业精选在一季度大幅加仓医药股，对第一大重仓股泽璟制药增持约1.84万股，对第二大重仓股信达生物增持约4.85万股， 对诺诚健华增持16.2万股，对益方生物、康弘药业等亦有大幅增持。 平安核心优势混合同样在一季度积极调仓，康方生物升为第一大重仓股，增持约4.5万股；诺诚健华新进为前十大重仓股，持有28.08万股。其对百济神州、 百利天恒、艾力斯也有不同程度加仓。知名基金经理葛兰管理的中欧医疗健康混合一季度净值大幅反弹，科伦药业新进入前十大重仓股，迈瑞医疗、东阿阿 胶、华润三九等个股被减持。 【环球网财经综合报道】Wind数据显示，今年以来，港股生物科技板块强势崛起，恒生香港上市生物科技指数（HSHKBIO）累计上涨32.83%，跑赢同期恒 生科技指数。多只细分领域龙头股股价创新高，荣昌生物年内涨幅达到187.5%，三生制药、康宁杰瑞制药-B等涨幅超过120%，信达生物、百济神州、诺诚 健华等涨幅超过40%。 有业内人士表示，2025年或 ...

Core Viewpoint - The article highlights the rapid development of the Chinese innovative pharmaceutical company, Nuo Cheng Jian Hua, since its establishment in 2015, showcasing its competitive advantages through continuous innovation and the successful commercialization of its core product, Obinutuzumab [4][5]. Group 1: Company Development - Nuo Cheng Jian Hua has established a rich product pipeline in hematological malignancies, autoimmune diseases, and solid tumors, with its core product, Obinutuzumab, achieving commercialization [4][5]. - The company has successfully listed on both the Hong Kong Stock Exchange and the Sci-Tech Innovation Board, benefiting from supportive policies for innovative drug companies [8][10]. - As of December 31, 2024, Nuo Cheng Jian Hua reported a cash balance of 7.76 billion yuan, indicating strong financial health [12]. Group 2: Product Innovation - Obinutuzumab, a novel BTK inhibitor developed by the company, has received approval for a new indication in first-line treatment of chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) [5][7]. - The drug has shown potential effects in treating demyelinating diseases due to its high target selectivity and ability to penetrate the blood-brain barrier [5]. - The company anticipates the approval of five to six innovative drugs in the next three to five years, with three to four products entering international markets [7]. Group 3: Industry Context - The Chinese biopharmaceutical industry has experienced robust growth, supported by favorable policies and a vibrant innovation ecosystem [13]. - Recent measures from the Beijing Municipal Medical Security Bureau aim to enhance the quality of innovative drug development and streamline clinical trial approvals [13][14]. - The industry is expected to see accelerated innovation and commercialization of domestic drugs, driven by policy support and company initiatives [15].

Core Insights - The trend of license-out transactions involving Chinese pharmaceutical companies continues into 2025, with over 20 deals reported in Q1 alone, including significant agreements worth over $1 billion [2] - However, there is a concerning "return rate" of 40% for completed license-out transactions from 2020, indicating a growing trend of terminated collaborations [5] - The industry is experiencing a "clearing" phase after a surge in business development (BD) activities, with many companies facing challenges in maintaining partnerships [5][6] Group 1: Business Development Trends - In Q1 2025, notable transactions included Roche's $1 billion deal with Innovent Biologics and Lepu Biopharma's $1.2 billion collaboration with ArriVent [2] - Companies like InnoCare and Baillie Gifford have successfully capitalized on BD opportunities, with InnoCare's license-out deals exceeding $6 billion, contributing to its successful IPO [2] - The overall BD transaction volume is expected to reach new highs in 2025, driven by increased interest from global pharmaceutical companies in Chinese innovative drugs [2] Group 2: Challenges and Terminations - As of April 2025, 25 out of 62 completed license-out transactions from 2020 have been terminated, reflecting a 40% return rate [5] - Recent high-profile disputes include Novo Nordisk's $800 million claim against Henlius for alleged fraud and GAVI's termination of a pre-purchase agreement with Clover Biopharmaceuticals [6] - The primary reasons for these terminations include disappointing clinical data and strategic shifts by the buying companies, leading to increased competition and pressure on Chinese biotech firms [6][8] Group 3: Financial Implications - The milestone achievement rate for Chinese innovative drugs is only 22%, indicating that most companies only receive the initial payment, which typically constitutes 2%-5% of the total deal value [9][11] - The financial impact of terminated collaborations is significant, as companies lose potential milestone payments and face challenges in maintaining market confidence [9][12] - The NewCo model is emerging as a more favorable alternative, allowing for shared risk and deeper collaboration between Chinese firms and multinational corporations [13][14] Group 4: Future Outlook - The BD landscape is expected to see an increase in "return" events, as the market matures and companies face heightened scrutiny [15] - Successful future collaborations will require Chinese companies to demonstrate superior clinical data and competitive advantages in the global market [18][19] - The industry must balance the urgency of BD with long-term strategic planning to avoid reliance on potentially volatile partnerships [17][18]

Financial Performance - InnoCare Pharma reported a revenue of $150 million for the fiscal year 2024, representing a 25% increase compared to the previous year[1]. - InnoCare Pharma anticipates a revenue guidance of $200 million for the next fiscal year, reflecting a projected growth rate of 33%[1]. - The company reported a net loss of $10 million for the fiscal year, which is an improvement from a net loss of $15 million in the previous year[1]. - InnoCare Pharma's gross margin improved to 60%, up from 55% in the prior year, indicating better cost management and pricing strategies[1]. - Total revenue increased by 36.7% from RMB 738.5 million in 2023 to RMB 1,009.4 million in 2024, driven by strong sales growth of the drug Oubatinib[46]. - Gross profit rose by 42.8% from RMB 610.1 million in 2023 to RMB 871.0 million in 2024, with a gross margin of 86.3%, up 3.7 percentage points from 82.6% in 2023[46]. - The net loss for the year decreased by 29.9% from RMB 645.6 million in 2023 to RMB 452.9 million in 2024[48]. - Adjusted net loss for the year was RMB 430.8 million in 2024, compared to RMB 490.7 million in 2023, after excluding certain non-cash items[49]. Research and Development - The company is actively developing three new drug candidates, with clinical trials expected to commence in Q2 2024[1]. - InnoCare Pharma has invested $20 million in R&D for innovative therapies, focusing on unmet medical needs in oncology and autoimmune diseases[1]. - The company is conducting over 30 ongoing global trials across various clinical stages, indicating a strong commitment to research and development[17]. - The company is committed to developing high-quality innovative drugs and expanding its pipeline to meet the growing global demand for innovative therapies[57]. - The company is actively developing a range of innovative oral therapies for autoimmune diseases, including small molecules and oral cyclic peptides[36]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach, with a budget of $50 million allocated for this purpose[1]. - The company aims to enhance value through excellence in clinical trials, accelerated product development, and improved operational efficiency despite global market volatility[51]. Product Development and Pipeline - The company has established strategic partnerships with two leading biotech firms to accelerate the development of its pipeline products[1]. - The monoclonal antibody, Tisagenlecleucel, is expected to receive Biologics License Application (BLA) approval in the first half of 2025[18]. - The company aims to establish itself as a leader in the hematology field, focusing on significant diseases such as Non-Hodgkin Lymphoma (NHL) and leukemia[18]. - The company has a robust pipeline of innovative high-value assets, including two commercialized products[17]. - The company is committed to leveraging both monotherapy and combination therapy to address major diseases effectively[18]. - The company plans to submit an IND application for ICP-B794 in the first half of 2025, further advancing its pipeline in solid tumor therapies[42]. - The company is expanding its pipeline through internal R&D and strategic collaborations, focusing on complementary assets that enhance clinical development and commercialization capabilities[67]. Clinical Trials and Approvals - The NDA for first-line CLL/SLL treatment with ibrutinib has been accepted by the CDE, with approval expected within the year[23]. - The combination therapy of tazemetostat and lenalidomide has received priority review from the NMPA, with BLA approval expected in the first half of 2025[23]. - The company is conducting a study for ICP-490 in NHL, with the first patient expected to be enrolled by March 2025[25]. - The company is conducting a Phase IIb trial for Socitinib (ICP-332) in ITP patients, with a registration trial initiated in China in H1 2023[65]. - The company plans to submit an NDA for Orelabrutinib in SLE by H1 2026, following positive results from a Phase IIa trial[64]. - The company plans to submit an NDA application for ITP treatment in the first half of 2026[129]. Market Expansion and Strategy - InnoCare Pharma plans to expand its market presence in Europe and North America, targeting a 15% market share in these regions by 2025[1]. - The company is exploring strategic partnerships to accelerate global reach and enhance regulatory and clinical capabilities in key markets[55]. - The strategic partnership with Prolium for the development and commercialization of ICP-B02 marks a key step in expanding international influence[62]. - The company has established a large molecule CMC pilot facility in Beijing for early clinical supplies and is constructing a new R&D center and large molecule production facility[182]. Financial Stability and Investments - Cash and cash equivalents as of December 31, 2024, were approximately RMB 7.8 billion, providing flexibility for clinical development and investment in competitive product lines[48]. - The company has a cash balance of RMB 7.8 billion at year-end, providing financial stability and flexibility to navigate macroeconomic challenges[56]. - The company plans to issue up to 12,337,750 shares under the 2024 RMB share incentive plan to attract and retain talent[184]. Clinical Efficacy and Safety - ICP-248 has shown promising results in early-stage trials for CLL/SLL patients, with an overall response rate (ORR) of 100%, complete response rate (CRR) of 53.4%, and undetectable minimal residual disease (uMRD) rate of 46.2% after 12 weeks of treatment[22]. - The ORR for relapsed/refractory CLL/SLL patients treated with 125mg ICP-248 is 87.5%, with a CRR of 6.3%[26]. - The ORR for relapsed/refractory MCL patients treated with 125mg ICP-248 is 79.2%, with a CRR of 37.5%[26]. - The company is exploring the efficacy of ICP-488 in psoriasis patients and other autoimmune diseases, with patient recruitment for a Phase III trial initiated in March 2025[38]. - The company has successfully completed patient recruitment for a Phase II pivotal trial evaluating Tazemetostat combined with Lenalidomide, with results expected to be presented at the EHA 2024 conference[96].

Core Viewpoint - The approval of the new BTK inhibitor, Oubatinib (brand name: Yinuokai), by the National Medical Products Administration (NMPA) in China for first-line treatment of Chronic Lymphocytic Leukemia/Small Lymphocytic Lymphoma (CLL/SLL) represents a significant advancement in the treatment options available for lymphoma patients [1] Group 1: Company Overview - Nocare Biopharma (stock codes: 688428 on SSE; 09969 on HKEX) is a biopharmaceutical high-tech company focused on the development of innovative drugs for malignant tumors and autoimmune diseases [3] - The company has multiple new drug products at various stages of commercialization, clinical trials, and preclinical research, with branches in Beijing, Nanjing, Shanghai, Guangzhou, Hong Kong, and the United States [3] Group 2: Product Approval and Impact - Oubatinib has previously been approved in China for treating relapsed/refractory CLL/SLL, mantle cell lymphoma (R/R MCL), and marginal zone lymphoma (R/R MZL), all of which are included in the national medical insurance [1] - The first-line approval for CLL/SLL is expected to benefit a larger number of lymphoma patients, with clinical trials showing a complete remission rate of 12.1% [1] - Experts have highlighted Oubatinib's high selectivity and low off-target effects, which enhance its efficacy and safety in treating blood cancers [1] Group 3: Clinical Research and Expert Opinions - Clinical researchers noted that Oubatinib demonstrated significant efficacy and safety even during the challenges posed by the COVID-19 pandemic, confirming its innovative nature [1] - The drug has been included as a Class I recommendation in the CSCO lymphoma treatment guidelines for first-line therapy of CLL/SLL, indicating its recognized importance in clinical practice [1] - Experts anticipate that the accumulation of real-world data will further guide clinical practices and improve treatment options for more lymphoma patients [1]

Financial Data and Key Metrics Changes - In 2024, the company achieved drug sales growth of 49.7%, primarily driven by core product Aureloproteinib, which reached RMB1 billion in sales, reflecting a 49.1% increase compared to 2023 [11][12] - The net loss for the year decreased by 29.9%, from RMB646 million in 2023 to RMB453 million in 2024, indicating improved operational efficiency [11][12] - Gross margin ratio increased from 82.6% in 2023 to 86.3% in 2024, demonstrating enhanced manufacturing efficiency and revenue growth [12] Business Line Data and Key Metrics Changes - The commercialization of Aureloproteinib was a significant driver, achieving over RMB1 billion in sales, marking a milestone for the company [10][14] - The launch of the AMZAL indication for Aureloproteinib contributed to its rapid growth, establishing the company as the first mover in this market [13][14] Market Data and Key Metrics Changes - The company is focusing on expanding its market reach in China, particularly in low-tier cities, to enhance hospital coverage and sales for its hematology products [77] - The company anticipates that the MZL contribution to sales will grow to around 50% by the end of 2025, indicating strong market potential [76] Company Strategy and Development Direction - The company aims to accelerate its pipeline development, with expectations of three to four large asset approvals in the next three years [16] - Strategic collaborations, such as the partnership with Voluum for the development of CD2063 antibody, are key to expanding the company's global reach [15] - The company is prioritizing business development and aims to secure first-line approvals for its products in both China and globally [64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a growth rate of at least 30% in 2025, driven by the continued success of MZL and expansion into new markets [76][78] - The company is optimistic about the approval timelines for its key products, including tafacitumab, which is expected to receive approval in the second quarter of 2025 [80] Other Important Information - The company has made significant advancements in its innovative pipeline, with 50 drugs in various stages of development, including pre-IND, Phase I, II, and III trials [16] - The ADC platform is a new focus area for the company, with the first candidate B7 ADC expected to enter clinical trials soon, showcasing the company's commitment to expanding its therapeutic offerings [45][50] Q&A Session Summary Question: Can you elaborate on the ADC platform and its differentiation? - Management highlighted the strengths of the ADC platform, emphasizing the innovative linker and payload design that enhances efficacy and safety compared to existing therapies [45][50] Question: What is the strategy for ICP-248 and its positioning in the market? - Management acknowledged the competitive landscape but expressed confidence in securing first-line approval for their BCL2 inhibitor in China, while also pursuing global opportunities [64][66] Question: What is the timeline for the Phase III trial of orilabrutinib in SLE? - Management indicated that the Phase IIb data would be available in the fourth quarter, with a high possibility of initiating the Phase III trial within the same year [72] Question: What are the expectations for tafacitumab's approval timeline? - Management anticipates approval for tafacitumab around the second quarter of 2025, with preparations for commercial launch already underway [80] Question: How does the company view competition in the hematology space? - Management acknowledged the competitive data presented by peers but remains focused on improving their own efficacy and securing market share through strategic positioning [60][84]

Core Viewpoint - The company Nocare Biopharma showcases its commitment to innovation and high-quality development at the 2025 Zhongguancun Forum, emphasizing its contributions to global patient accessibility and technological advancements in the biopharmaceutical sector [1][2]. Group 1: Recognition and Awards - Nocare Biopharma received two significant recognitions at the Zhongguancun Forum, including being the only biopharmaceutical company selected for the Beijing Municipal Government Quality Management Award and having its novel oral BCL2 inhibitor Mesutoclax (ICP-248) included in the "Top 100 New Technologies and Products List" [1][2]. - The company was nominated for the Beijing Municipal Government Quality Management Award, standing out among over 300 applicants, with only 10 companies receiving awards [1]. Group 2: Innovative Products and Pipeline - Nocare Biopharma's new oral high-selectivity BCL2 inhibitor ICP-248 was highlighted at the forum, marking the third innovative product from the company to be recognized in the "Top 100 New Technologies and Products List" [2]. - The company showcased its innovative pipeline in hematological malignancies and autoimmune diseases, including new BTK inhibitors and TYK2 inhibitors [2]. Group 3: Market Potential and Research Focus - The global market for autoimmune diseases is projected to reach $185 billion by 2029, prompting Nocare Biopharma to enhance its drug discovery platform and accelerate clinical research for its high-potential TYK2 inhibitors targeting unmet clinical needs [3]. - The company is focused on addressing various autoimmune diseases such as atopic dermatitis and psoriasis through its innovative drug development efforts [3]. Group 4: Integration of AI in Drug Development - Nocare Biopharma is actively exploring the integration of artificial intelligence (AI) in its drug development processes, aiming to enhance molecular screening and clinical trial efficiency [4][5]. - The company has established a dedicated R&D team to develop and upgrade its computational chemistry platform, which includes modules for predicting physicochemical properties and drug design [4].

Group 1 - The Hang Seng Healthcare Index (HSHCI) has seen a strong increase of 1.80%, with notable gains from companies such as Lepu Biopharma-B (up 16.56%) and Zai Lab (up 10.27%) [1] - The Hang Seng Medical ETF (513060) has risen by 2.11%, marking its third consecutive increase, with a trading volume of 4.69 billion yuan [1][2] - The second Boao Lecheng Stem Cell Conference has opened, marking a new phase of standardized and high-quality development in China's stem cell industry [2] Group 2 - Financial analysts predict that the approval and implementation of more projects in the stem cell sector will lead to advanced treatment methods benefiting the public [2] - The domestic medical innovation industry is expected to experience multiple growth opportunities, particularly for companies with true innovation capabilities in new drug development [2] - The Hang Seng Medical ETF has seen a significant growth in scale, increasing by 34.09 billion yuan over the past year, ranking in the top third among comparable funds [2] Group 3 - Since its inception, the Hang Seng Medical ETF has achieved a maximum monthly return of 28.34% and an average monthly return of 7.00% [3] - The ETF has outperformed its benchmark with an annualized excess return of 2.02% over the past year [3] - The ETF's management fee is 0.50%, and the custody fee is 0.15% [3] Group 4 - The tracking error of the Hang Seng Medical ETF is 0.033%, the highest tracking precision among comparable funds [4] - The latest price-to-earnings ratio (PE-TTM) of the Hang Seng Medical Healthcare Index is 24.97, indicating it is at a historical low compared to the past year [4] - The top ten weighted stocks in the Hang Seng Medical Healthcare Index account for 55.64% of the index, with companies like WuXi Biologics and BeiGene among the leaders [4][6]