Core Viewpoint - Nuo Cheng Jian Hua is optimistic about its future development, expecting to achieve breakeven in 2025, two years ahead of its profitability target, supported by strong revenue growth and a significant licensing deal with Zenas [1][2]. Financial Performance - The company reported a 59.8% year-on-year increase in total revenue for the first three quarters of 2025, reaching 1.12 billion yuan, primarily driven by the sales of its core product, the BTK inhibitor Aobutini [1]. - Aobutini's revenue for the same period rose by 45.8% to 1.01 billion yuan, surpassing last year's total revenue [1]. - The company's losses narrowed significantly by 74.8%, down to 70 million yuan, due to rapid revenue growth and improved cost efficiency [1]. Strategic Partnerships - The licensing agreement with Zenas, valued at over 2 billion USD, is expected to enhance Nuo Cheng Jian Hua's financial performance and support its global expansion efforts [2][3]. - Zenas is advancing global Phase III clinical trials for Aobutini targeting primary progressive multiple sclerosis (PPMS) and secondary progressive multiple sclerosis (SPMS) patients, with trials set to start in Q1 2026 [2]. Product Pipeline and Market Potential - Nuo Cheng Jian Hua is focusing on three key therapeutic targets: BTK, CD19, and BCL2, to strengthen its position in the hematological oncology market [4]. - The CD19 monoclonal antibody, Tanshizhuo, has been commercially launched in China, filling a gap in the treatment of relapsed/refractory diffuse large B-cell lymphoma (DLBCL) [5]. - The BCL2 inhibitor, Mesutoclax, is undergoing multiple clinical trials, showing promise in treating various hematological malignancies [6][7]. Expansion into Autoimmune Diseases - The global market for autoimmune diseases is projected to reach 185 billion USD by 2029, with Nuo Cheng Jian Hua actively advancing multiple Phase III clinical trials for its pipeline products [8]. - Aobutini is the first BTK inhibitor to show efficacy in systemic lupus erythematosus (SLE) in Phase II trials, with data expected to be released in Q4 2025 [8]. Research and Development - The company has increased its R&D expenditure by 9.9% year-on-year to 680 million yuan, with plans to submit 5 to 7 clinical trial applications for new drug candidates by 2026 [10][11]. - Nuo Cheng Jian Hua is developing a new ADC drug, ICP-B794, which has completed its first patient dosing, and aims to leverage its ADC platform for further innovations [10][11].

Core Insights - The company, Nuo Cheng Jian Hua, reported a strong revenue growth of 59.8% year-on-year for the first three quarters of 2025, reaching 1.12 billion yuan, primarily driven by the sales of its core product, the BTK inhibitor, Obinutuzumab [1] - The company expects to achieve breakeven for the full year of 2025, two years ahead of its profitability target, thanks to effective cost management and a significant licensing deal with Zenas [1] - The loss for the first three quarters of 2025 narrowed significantly by 74.8% to 70 million yuan, attributed to rapid revenue growth and improved cost efficiency [1] Group 1 - The licensing agreement with Zenas, valued at over 2 billion USD, is expected to enhance the company's financial performance and strategic value [1] - Zenas is advancing global Phase III clinical trials for Obinutuzumab in multiple sclerosis patients, which will further validate the drug's potential in autoimmune diseases [2] - The collaboration with Zenas alleviates future overseas development costs and allows the company to leverage Zenas's expertise in the autoimmune field [2] Group 2 - Nuo Cheng Jian Hua is strengthening its leadership in hematologic oncology with key therapies including Obinutuzumab, Tanibrutinib, and Mesutoclax [3] - The approval of Obinutuzumab for first-line treatment of chronic lymphocytic leukemia/small lymphocytic lymphoma is expected to benefit more lymphoma patients [3] - The company aims to accelerate its globalization process and plans to push five to six innovative drugs for approval, with three to four products targeting global markets [3]

Core Insights - The overall performance of the Sci-Tech Innovation Board (STAR Market) has shown a significant recovery, with a 75% year-on-year increase in net profit for the third quarter, indicating strong resilience and growth quality among "hard tech" companies [1][3]. Financial Performance - In the first three quarters of 2025, STAR Market companies achieved operating revenue of 1,105.01 billion yuan, a year-on-year increase of 7.9%, and net profit of 49.27 billion yuan, up 8.9% [2]. - Excluding four leading photovoltaic companies, the overall revenue and net profit growth rates for the STAR Market were 14.6% and 30.6%, respectively, indicating an amplified growth momentum [2]. Growth Characteristics - Over 70% of companies on the STAR Market reported revenue growth, and nearly 60% saw net profit increases, with 158 companies experiencing net profit growth exceeding 50% [3]. - The STAR 50 Index companies accounted for 46% of the board's revenue and 50% of net profit, while the STAR 100 Index companies demonstrated high growth elasticity, with revenue and net profit increasing by 12% and 134%, respectively [3]. R&D Investment - The total R&D investment of STAR Market companies reached 119.75 billion yuan, which is 2.4 times the net profit, with a median R&D intensity of 12.4%, leading A-shares in R&D efforts [3]. Sector Performance - The integrated circuit industry saw a 25% year-on-year revenue increase and a 67% net profit increase among 121 related companies, with major players like SMIC and Hua Hong maintaining high capacity utilization [5]. - The artificial intelligence (AI) sector emerged as a new growth pillar, with significant revenue increases in various segments, including a nearly 24-fold increase for Cambrian and a 55% increase for Haiguang Information [6]. - The biopharmaceutical sector reported an 11% revenue increase and a 48% net profit increase, driven by the approval of new drugs and accelerated commercialization [7]. Policy Impact - The ongoing "1+6" reform and the establishment of the Sci-Tech Growth Layer have provided targeted support for unprofitable tech companies, with 35 companies in this layer reporting a 39% revenue increase and a significant reduction in net losses [3].

Core Viewpoint - The announcement from Nocera Health indicates significant changes in the top ten circulating shareholders as of September 30, 2025, with new entrants and exits among major shareholders [1][2][3] Shareholder Changes - HKSCC NOMINEES LIMITED has entered as a new shareholder, holding 892 million shares, representing 50.55% of circulating shares [1][3] - Sunny View Holdings Limited and Renbin Zhao family have maintained their position with 145 million shares, accounting for 8.21% [1][3] - Sunland BioMed Ltd and Jisong Cui family also entered with 127 million shares, making up 7.2% [1][3] - King Bridge Investments Limited and its concerted actions hold 122 million shares, representing 6.92% [1][3] - Other new shareholders include Wan Jia You Xuan with 10 million shares (0.57%) and Ping An Medical Health Mixed A with 8.63 million shares (0.49%) [1][3] Shareholder Exits and Reductions - HKSCC NOMINEES LIMITED previously held 882 million shares (50.02%) before exiting [2][3] - King Bridge Investments Limited and its concerted actions reduced their holdings from 133 million shares (7.54%) [2][3] - The report notes a reduction in holdings for 富国精准医疗灵活配置混合A, decreasing by 3.39% to 12.15 million shares [2][3] - 汇添富创新医药混合A also saw a reduction of 9.78% to 6.86 million shares [2][3] Overall Shareholder Composition - The top ten circulating shareholders collectively hold 1.54 billion shares, accounting for 87.28% of circulating shares, which is a decrease of 6.9795 million shares from the previous report [3]

Core Insights - The company expects to achieve its profitability target two years ahead of schedule, with a projected breakeven in 2025 [1][2] Financial Performance - In the first three quarters, the company's total revenue increased by 59.8% year-on-year, reaching 1.12 billion yuan, while the net loss narrowed by 74.78% to 72 million yuan [1] - Revenue from the core product, BTK inhibitor Oubatinib, reached 1.01 billion yuan in the first three quarters, surpassing the total revenue of the previous year [1] Strategic Partnerships - The company entered a licensing agreement with Prolium, which includes an upfront payment of 17.5 million USD and potential milestone payments totaling up to 503 million USD based on specific clinical and regulatory achievements [1] - A significant licensing agreement with Zenas regarding Oubatinib and other autoimmune pipeline products was established, with a total transaction value exceeding 2 billion USD, including an upfront payment of 100 million USD [2] Research and Development - Research and development expenses increased by 9.9% year-on-year, amounting to 680 million yuan for the first three quarters of 2025 [2] - The company aims to push five to six innovative drugs for approval and globalize three to four products, while developing five to ten differentiated clinical candidates [2] Cash Position - As of September 30, 2025, the company held approximately 7.76 billion yuan in cash and cash equivalents [2]

Core Insights - Nuo Cheng Jian Hua reported a significant revenue increase of 59.8% year-on-year for the first three quarters of 2025, reaching 1.12 billion yuan, primarily driven by the sales growth of its core product, the BTK inhibitor Aobutini (Yinokai®) [2][5] - The company expects to achieve breakeven for the entire year of 2025, two years ahead of its profitability target, supported by strong revenue growth and improved cost efficiency [2][5] Financial Performance - Aobutini's revenue for the first three quarters increased by 45.8% year-on-year, totaling 1.01 billion yuan, surpassing the total revenue for the previous year [2] - The company's loss narrowed significantly by 74.8%, down to 70 million yuan, due to rapid revenue growth and enhanced cost management [2] Globalization Strategy - Nuo Cheng Jian Hua is accelerating its globalization efforts, having completed two major licensing agreements this year, including a significant deal with Zenas for Aobutini and other autoimmune pipeline products [3][4] - The agreement with Zenas includes an upfront payment of 100 million USD and potential milestone payments, with the total deal value exceeding 2 billion USD [3] Product Pipeline and Market Position - The company is strengthening its leadership in the hematological oncology market with Aobutini, Tanshizhu Single Antibody (Mingnuokai®), and Mesutoclax, covering multiple indications [6] - Aobutini has been approved for first-line treatment of CLL/SLL, enhancing its market position [6][7] - Tanshizhu Single Antibody has been fully commercialized in China, providing a new treatment option for R/R DLBCL patients [8] Clinical Development - Mesutoclax is undergoing multiple clinical trials, showing significant potential in treating CLL/SLL and AML, with promising efficacy and safety data [9][10] - The company is advancing several Phase III clinical trials for autoimmune diseases, including Aobutini for primary progressive multiple sclerosis (PPMS) and immune thrombocytopenic purpura (ITP) [12][14] Innovation and R&D - Nuo Cheng Jian Hua is committed to innovation, with a 9.9% increase in R&D expenses, reaching 680 million yuan in the first three quarters of 2025 [19] - The company plans to submit 5 to 7 clinical trial applications for new drug candidates in 2026, focusing on oncology and autoimmune diseases [20]

InnoCare Pharma Limited 諾誠健華醫藥有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：9969） 董事名單與其角色及職能 諾誠健華醫藥有限公司（「本公司」）董事會（「董事會」）成員載列如下： 獨立非執行董事 胡蘭女士 董丹丹博士 管坤良教授 董事會設立三個董事委員會。下表載列各董事會成員在該等委員會中所擔任 的職位： 執行董事 崔霽松博士 （主席兼行政總裁） 趙仁濱博士 非執行董事 施一公博士 謝榕剛先生 | | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | | 崔霽松博士 | | M | C | | 趙仁濱博士 | | | | | 施一公博士 | | | | | 謝榕剛先生 | M | | | | 胡蘭女士 | C | C | | | 董丹丹博士 | M | M | M | | 管坤良教授 | | | M | 附註： C 相關董事會轄下委員會的主席 M 相關董事會轄下委員會的成員 香港，2025年11月13日（星期四） ...

Group 1 - China Pacific Insurance's subsidiary, China Pacific Life, reported a cumulative premium income of 241.32 billion yuan for the first ten months, a year-on-year increase of 9.9% [1] - China Pacific Property Insurance, another subsidiary, achieved a cumulative premium income of 173.57 billion yuan, with a year-on-year growth of 0.4% [1] - Nocera Biopharma reported a net loss of 64.41 million yuan for the first three quarters, despite a revenue increase of 59.85% to 1.115 billion yuan [1] Group 2 - Founder Securities received approval from the China Securities Regulatory Commission to issue short-term corporate bonds not exceeding 5 billion yuan [1] - Haicheng Bonda's director plans to reduce his stake by up to 0.97%, equating to 198,400 shares [1] - Yuyuan Group intends to repurchase shares worth between 200 million and 300 million yuan, with a maximum price of 8.60 yuan per share [1] Group 3 - Huaren Shuanghe's subsidiary passed the GMP compliance inspection for a specific diabetes medication [4] - Lichong Group received project notifications from three international automotive manufacturers, with expected sales amounting to approximately 1.135 billion yuan [6] - Deyang Co. is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy [7] Group 4 - Longxin General announced the transfer of its entire stake in a subsidiary for 105.6 million yuan, and also plans to divest another stake for 1 yuan due to poor performance [16] - Kangda New Materials decided to terminate the acquisition of a semiconductor company due to unsatisfactory due diligence progress [17] - Lu'an Environmental reported a 3.28% year-on-year increase in coal sales for October, totaling 3.78 million tons [18] Group 5 - Shanghai Port Group plans to invest 2 billion yuan to establish a new holding company with several state-owned enterprises [20] - Borui Pharmaceutical's new drug for obesity treatment has received clinical trial approval [23] - Silver Dragon Co. has completed the registration of a new energy industry fund focusing on high-growth potential projects [24] Group 6 - Hengrui Medicine received approval for a clinical trial of a prostate cancer drug [11] - Baiji Shenzhou reported a net profit of 1.139 billion yuan for the first three quarters, marking a turnaround from losses [36] - Huasheng Pharmaceutical's special medical food product has received registration certification [60]

公司核心产品奥布替尼(宜诺凯® )销售收入持续增长，2025 年 1-9 月共实现其销售收入 10.10 亿元，同 比增长 45.77%。 智通财经APP讯，诺诚健华(09969)公布2025年第三季度业绩，营业收入约3.84亿元，同比增长38.09%; 归属于上市公司股东的净亏损为3432.35万元，基本每股亏损0.02元。1-9月，营业收入为约11.15亿元， 同比增长59.85%;归属于上市公司股东的净亏损约6441.49万元，同比收窄76.61%。 ...

Core Insights - The company reported a 59.8% year-on-year increase in total revenue for the first three quarters of 2025, reaching 1.12 billion RMB, driven by the continued growth in sales of its core product, BTK inhibitor Oubatinib (Yinokai®), and an upfront payment from a licensing agreement with Prolium [1] Revenue Performance - Oubatinib's revenue for the first three quarters increased by 45.8% year-on-year, amounting to 1.01 billion RMB, surpassing the total revenue of the previous year, attributed to the expanding market for its exclusive indication of marginal zone lymphoma (MZL) and the approval of new indications for first-line treatment of chronic lymphocytic leukemia (CLL)/small lymphocytic lymphoma (SLL) [1] Loss Reduction - The company's losses significantly narrowed by 74.8%, reducing to 0.07 billion RMB, primarily due to rapid revenue growth and improved cost efficiency [1]