Core Insights - The company is expected to achieve profitability by 2025, with significant breakthroughs in international expansion and promising clinical data for its product, Westoroni, in the pancreatic cancer field [1][2]. Financial Performance - The company's revenue forecast for 2025 is projected at 910 million yuan, representing a year-on-year growth of 38.32% [2]. - The net profit attributable to shareholders is expected to be 53.46 million yuan, marking a turnaround from previous losses [2]. - Key products, including Sigleth sodium, have seen a sales revenue increase of approximately 123% year-on-year, while Sidabamine, despite facing price reductions from insurance, still achieved a 16% growth [2]. Recent Developments - On February 10, 2026, the company announced progress in its international expansion, granting exclusive rights for Sidabamine to Russian pharmaceutical company Nizhpharm in the CIS and Central Asia, which includes an upfront payment of 10 million yuan [3]. - The updated Phase II clinical data for Westoroni in combination chemotherapy shows a 50% objective response rate (ORR) and a median progression-free survival (mPFS) of 9.1 months, supporting further development [3]. Stock Performance - Over the past week (February 5 to 11, 2026), the company's stock price fluctuated between a high of 32.47 yuan and a low of 30.75 yuan, with a total decline of 0.76% [4]. - On February 10, the stock price increased by 1.28%, with a net inflow of 28.19 million yuan from major funds; however, it closed at 31.21 yuan on February 11, down 1.73% for the day [4]. - The financing balance has been increasing, with a recent growth of 5.57% over the past five days [4].

Group 1: Company Performance - Microchip Biotech forecasts a turnaround to profitability in 2025, with projected revenue of 910 million yuan, a year-on-year increase of 38.32% [1] - The net profit attributable to shareholders is expected to reach 53.46 million yuan, a significant improvement from a loss of 115 million yuan in the previous year, marking an increase of 168 million yuan [1] - Revenue growth is primarily driven by the commercialization of core products, with sales of Sigleptin sodium increasing approximately 123% due to its clinical value in "diabetes-liver management" and effective collaboration between self-operated and channel sales [1] - Sales of Sidabamine, despite facing price reductions and inventory adjustments, still achieved a year-on-year growth of 16% after being included in the national medical insurance catalog for a new indication of diffuse large B-cell lymphoma [1] Group 2: Strategic Developments - The company has made a breakthrough in business development by granting exclusive rights for Sidabamine to the Russian pharmaceutical company Nizhpharm for research, registration, and commercialization in 12 CIS and Central Asian countries [2] - Nizhpharm will pay an upfront fee of 10 million yuan and a milestone payment of 10 million yuan upon registration, along with a high double-digit percentage of net sales in the authorized regions [2] - Sidabamine is the world's first subtype-selective HDAC inhibitor, approved for multiple indications in China and Japan, and is currently undergoing Phase III clinical trials for additional indications [2] Group 3: Clinical Research Updates - Xioroni has updated data on pancreatic cancer, showing potential in treatment through both single-agent exploration in the U.S. and combination chemotherapy in China [3] - In a Phase II study for first-line treatment of pancreatic ductal adenocarcinoma, Xioroni combined with AG chemotherapy demonstrated a breakthrough efficacy potential, achieving an objective response rate (ORR) of 50% [3] - The median progression-free survival (mPFS) is reported at 9.1 months, with approximately half of the patients still on treatment after a median follow-up of 9.6 months [3] - Xioroni shows promising synergy with targeted drugs like RAS inhibitors in various mouse models, indicating enhanced tumor suppression effects when combined [3] - The U.S. Phase I dose-escalation trial for Xioroni is nearing completion, with the company actively advancing its overseas development and collaboration efforts [3]

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [2][33]. Core Insights - The pharmaceutical sector saw a slight increase of 0.14% in the week, while the Shanghai Composite Index decreased by 1.27% [3][2]. - The report highlights the implementation of the "Traditional Chinese Medicine Industry High-Quality Development Implementation Plan (2026-2030)" by the Ministry of Industry and Information Technology and other departments, aiming to enhance the supply chain and technological advancements in the traditional Chinese medicine sector [11][12]. - Key pharmaceutical products such as Eli Lilly's Tirzepatide are projected to generate significant sales, with estimates of $36.5 billion in 2025, reflecting a 99% year-on-year growth for the diabetes version and a 175% growth for the weight loss version [15][17]. - The report notes active licensing and collaboration in the industry, with significant deals such as a $1.5 billion agreement between Saint's RNAi therapy and Genentech, and various other collaborations involving companies like Jichuan Pharmaceutical and Baiyunguan [18][20]. Market Performance Summary - The overall valuation of the pharmaceutical sector is reported at 29.6 times earnings, ranking 13th among 31 sectors [4][14]. - The performance of various sub-sectors includes: - Raw materials (+0.6%) - Traditional Chinese Medicine (+2.6%) - Chemical preparations (-0.8%) - Medical devices (+0.1%) [4][3]. Key Events and Developments - The report emphasizes the importance of the new plan for traditional Chinese medicine, which includes goals such as establishing 60 high-standard raw material production bases and developing 10 major traditional Chinese medicine products by 2030 [12][11]. - Notable company developments include: - Eli Lilly's projected revenue growth driven by Tirzepatide [15]. - And the announcement of significant profit forecasts from Heptares Pharmaceuticals, indicating a shift towards profitability [16]. Investment Recommendations - The report suggests focusing on domestic companies related to traditional Chinese medicine, such as Zoli Pharmaceutical and Yunnan Baiyao, as well as innovative drug companies like Heng Rui Pharmaceutical and Bai Jie Shen Zhou [2][18].

Core Viewpoint - Microchip Biotech has signed a licensing and distribution agreement with Nizhny Novgorod Chemical Pharmaceutical Plant (Nizhpharm) for the commercialization of Sidabenamine in multiple authorized regions [1] Group 1: Agreement Details - Nizhpharm will obtain exclusive rights for the research, registration, and commercialization of Sidabenamine in the specified regions [1] - Nizhpharm is responsible for the product's research, market registration, secondary packaging, transportation, and commercial sales in the authorized areas [1] Group 2: Financial Aspects - The company will receive an initial payment of 10 million RMB upon the agreement's effectiveness [1] - Additional milestone payments include 10 million RMB for the transfer of regulatory materials and another 10 million RMB for local registration and market launch [1] Group 3: Company Background - Nizhpharm is one of the leading pharmaceutical companies in the Russian Federation, with over a century of history [1]

Agreement Overview - Shenzhen MicuRx Biotech Co., Ltd. has signed a licensing and distribution agreement with Nizhny Novgorod Chemical Pharmaceutical Plant (Nizhpharm) for the product Chidamide [1] - Nizhpharm will have exclusive rights for research, registration, and commercialization of Chidamide in several countries including Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Mongolia, Russia, Tajikistan, Uzbekistan, Georgia, and Turkmenistan [1][5] Counterparty Information - Nizhpharm is one of the leading pharmaceutical companies in the Russian Federation, established in 1919, focusing on unmet medical needs and has a modern production base compliant with GMP standards [3] Product Information - Chidamide (brand name "Epidaza") is the world's first subtype-selective histone deacetylase (HDAC) inhibitor, approved for multiple indications in China, Japan, and Taiwan [4] Key Terms of the Agreement - Nizhpharm will be responsible for the development, registration, repackaging, transportation, and commercialization of Chidamide in the authorized regions [6] - The agreement includes an initial payment of 10 million RMB and additional milestone payments totaling 10 million RMB for local registration [6] - The agreement will last for 10 years from the first market approval of the product in the licensed area [6] Impact on the Company - This licensing agreement is expected to accelerate the global development and commercialization of Chidamide, enhancing the company's brand value and international influence [8]

Core Viewpoint - Microchip Biotech (688321.SH) has signed a licensing and distribution agreement with Nizhny Novgorod Chemical Pharmaceutical Plant (Nizhpharm) for the product Sidabenamine, granting Nizhpharm exclusive rights for research, registration, and commercialization in several countries [1][2] Group 1 - The agreement allows Nizhpharm to have exclusive rights for Sidabenamine in Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Mongolia, Russia, Tajikistan, Uzbekistan, Georgia, and Turkmenistan, as well as any future countries with capitals in these regions [1] - Nizhpharm will be responsible for the product's research, market registration, secondary packaging, transportation, and commercialization in the authorized regions [2] - The company will receive an initial payment of 10 million RMB and additional milestone payments totaling 10 million RMB for local registration upon the agreement's effectiveness [2] Group 2 - Nizhpharm will purchase the product from the company at an agreed price for commercialization in the authorized regions, with the company receiving a high double-digit percentage of sales based on net sales in those areas [2] - The agreement will last for 10 years from the date the licensed product first receives market approval in the authorized region, unless terminated early as per contract terms [2]

证券代码：688321 证券简称：微芯生物 公告编号：2026-011 深圳微芯生物科技股份有限公司 关于与 Nizhpharm 签署许可及分销协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、 协议签署概述 成立日期：1919 年 主要办公地点：7, Salganskaya str., Nizhny Novgorod, Russian Federation 公司简介：Nizhpharm 集团是俄罗斯联邦领先的制药企业之一，拥有逾百年 历史。Nizhpharm 专注于针对患者及医生需求高度未获满足的关键治疗领域，从 事处方药与非处方药的研发、生产及商业化运营，旗下设有符合 GMP 标准的现 代化生产基地，并拥有覆盖全国的完善商业网络体系。 Nizhpharm 与公司不存在关联关系，除本次交易外，与公司之间亦不存在产 权、业务、资产、债权债务、人员等方面的其他关系。 三、协议标的基本情况 西达本胺（Chidamide；商品名为"爱谱沙/Epidaza"）是全球首个亚型选择 性组蛋白去乙酰化酶（HDAC）抑制剂， ...

Group 1 - The core point of the article is that Microchip Biotech (688321.SH) has signed a licensing and distribution agreement with Nizhny Novgorod Chemical Pharmaceutical Plant (Nizhpharm) for the product Chidamide, granting Nizhpharm exclusive rights for research, registration, and commercialization in several countries [1][2] - Nizhpharm will be responsible for the research, market registration, secondary packaging, transportation, and commercialization of Chidamide in the authorized regions [1][2] - The agreement includes an initial payment of 10 million RMB and additional milestone payments totaling 10 million RMB for local registration and market launch [2] Group 2 - Nizhpharm is one of the leading pharmaceutical companies in the Russian Federation, with over a century of history, focusing on unmet medical needs in key therapeutic areas [2] - Chidamide is the world's first subtype-selective histone deacetylase (HDAC) inhibitor, marking a significant milestone for Chinese innovative drugs in licensing out to Europe and the United States [2] - The company will receive a high double-digit percentage of sales revenue based on the net sales achieved in the authorized regions from Nizhpharm [2]

Group 1 - The company Microchip Biotech (688321.SH) has signed a licensing and distribution agreement with Nizhny Novgorod Chemical Pharmaceutical Plant (Nizhpharm) for its product Chidamide [1][2] - Nizhpharm will obtain exclusive rights for the research, registration, and commercialization of Chidamide in several countries including Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Mongolia, Russia, Tajikistan, Uzbekistan, Georgia, and Turkmenistan [1][2] - The agreement includes an upfront payment of 10 million RMB and additional milestone payments totaling 10 million RMB for local registration [2] Group 2 - Nizhpharm is one of the leading pharmaceutical companies in the Russian Federation, focusing on unmet medical needs and has a modern production base compliant with GMP standards [2] - Chidamide is the world's first subtype-selective histone deacetylase (HDAC) inhibitor, marking a significant milestone for Chinese innovative drugs in licensing to Europe and the United States [2] - Nizhpharm will be solely responsible for the product's research, registration, secondary packaging, transportation, and commercialization in the authorized regions [2]

Core Viewpoint - Microchip Biotech (688321.SH) has signed a licensing and distribution agreement with Nizhny Novgorod Chemical Pharmaceutical Plant (Nizhpharm) for the product Sidabenamine, granting Nizhpharm exclusive rights for research, registration, and commercialization in several countries [1][2] Group 1 - The agreement allows Nizhpharm to have exclusive rights for Sidabenamine in Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Mongolia, Russia, Tajikistan, Uzbekistan, Georgia, and Turkmenistan, as well as any future countries with capitals in these regions [1] - Nizhpharm will be responsible for the product's research, market registration, secondary packaging, transportation, and commercialization in the authorized regions [2] - The company will receive an upfront payment of 10 million RMB and additional milestone payments totaling 10 million RMB for local registration upon the agreement's effectiveness [2] Group 2 - Nizhpharm will purchase the product from the company at an agreed price for commercialization in the authorized regions, with the company receiving a high double-digit percentage of sales based on net sales in those areas [2] - The agreement will last for 10 years from the date the licensed product first receives market approval in the authorized region, unless terminated early as per contract terms [2]