Core Viewpoint - SystImmune, a wholly-owned subsidiary of Baillie Gifford (688506.SH), has received a milestone payment of $250 million from BMS, with potential for additional payments totaling up to $2.5 billion in the near term and up to $7.1 billion in further payments upon achieving specific development, registration, and sales milestones [1] Group 1 - The company has received a milestone payment of $250 million from BMS [1] - The collaboration agreement allows for additional payments of up to $2.5 billion based on future milestones [1] - There is potential for further payments totaling up to $7.1 billion upon reaching specific development, registration, and sales milestones [1]

Core Viewpoint - SystImmune, a wholly-owned subsidiary of Baillie Gifford (688506.SH), has received a milestone payment of $250 million from BMS, with potential for additional payments totaling up to $71 billion based on future development and sales milestones [1] Group 1 - The company has received a milestone payment of $250 million from BMS [1] - The collaboration agreement allows for additional payments of up to $250 million for near-term or contingent payments [1] - There is potential for further payments of up to $7.1 billion upon achieving specific development, registration, and sales milestones [1] Group 2 - The milestone payments are contingent upon meeting certain conditions, indicating uncertainty regarding the final amounts [1]

Core Viewpoint - The company is set to hold a performance briefing on December 4, 2025, to discuss its Q3 2025 results and address investor inquiries [2][3][4]. Group 1: Meeting Details - The performance briefing will take place on December 4, 2025, from 15:00 to 16:00 [6]. - The meeting will be conducted in an online text interaction format [3][5]. - Investors can participate by logging into the Shanghai Stock Exchange Roadshow Center [5][6]. Group 2: Participation and Inquiry - Investors can submit questions from November 28, 2025, to December 3, 2025, before 16:00 through the Roadshow Center or via the company's email [2][7]. - The company will address commonly asked questions during the briefing [3][7]. Group 3: Attendees - Key attendees include the Chairman, General Manager, Chief Scientific Officer, and independent directors [4].

证券代码：688506 证券简称：百利天恒 公告编号：2025-087 四川百利天恒药业股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 11 月 28 日（星期五）至 12 月 3 日（星期三）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 （https://roadshow.sseinfo.com/preCallQa）或通过四川百利天恒药业股份有限公司 （以下简称"公司"）邮箱 ir@baili-pharm.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 公司已于 2025 年 10 月 27 日发布公司 2025 年第三季度报告，为便于广大投 资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况及发展战略， 公司计划于 2025 年 12 月 4 日（星期四）下午 15:00-16:00 举行 2025 年第三季度 业绩说明 ...

证券日报网讯百利天恒11月25日在互动平台回答投资者提问时表示，截至2025年9月30日，股东户数为 5，979户。 ...

Core Viewpoint - The innovative drug Iza-bren developed by Baillie Tianheng has received formal acceptance for its market application, marking it as the world's first EGFR×HER3 dual-target ADC to enter the III clinical phase, which is expected to accelerate its market launch [2][4]. Group 1: Drug Development and Clinical Trials - Iza-bren is currently undergoing over 40 clinical trials in China and the United States for various tumor types, specifically targeting locally advanced or metastatic nasopharyngeal carcinoma [2][5]. - The drug has been included in the priority review list by the National Medical Products Administration (NMPA) based on interim analysis results from the BL-B01D1-303 study [4][5]. - Iza-bren has seven indications recognized as breakthrough therapy by the NMPA and one by the U.S. FDA [5]. Group 2: Research and Development Investment - Baillie Tianheng has significantly increased its R&D investment from CNY 196 million in 2020 to CNY 1.443 billion in 2024, with a total of CNY 4.811 billion invested over the past six years [3][9]. - In the first three quarters of 2025, the company’s R&D expenditure reached CNY 1.772 billion, surpassing the total for 2024, reflecting a year-on-year growth of 90.23% [9][10]. - The company employs 1,360 R&D personnel, accounting for 48.16% of its total workforce, with a notable increase in staff with master's degrees or higher [10]. Group 3: Financial Performance and Market Response - Baillie Tianheng's stock price has doubled since the beginning of 2025, with a significant increase from CNY 24.70 per share at the time of its IPO to approximately CNY 384.97 per share by November 2025, representing a cumulative increase of over 14 times [10]. - The company experienced a substantial revenue increase in 2024, reaching CNY 5.823 billion, a 936.31% year-on-year growth, primarily due to a collaboration agreement with Bristol-Myers Squibb [7][10].

Core Insights - The innovation drug sector in China is experiencing a strong upward trend driven by policy, industry dynamics, demand, and globalization, with expectations for continued growth into 2026 [1][2] Group 1: Market Performance - As of November 24, 2025, the CSI Innovation Drug Industry Index rose by 0.82%, with notable increases in stocks such as Zai Lab (up 4.64%) and Kelun Pharmaceutical (up 2.47%) [1] - The index reflects the performance of up to 50 representative listed companies involved in innovative drug research and development [2] Group 2: Regulatory Developments - Baili Tianheng announced that it received a formal acceptance notice from the National Medical Products Administration for its first-in-class EGFR×HER3 dual antibody ADC drug, which is now in Phase III clinical trials [1] Group 3: Industry Outlook - Citic Construction Investment Securities highlights that the Chinese pharmaceutical industry is entering a critical phase of "innovation realization and global layout," supported by population and domestic demand, as well as manufacturing capabilities [2] - The industry is expected to focus on internal supply chain security and compliance while exploring diversified international expansion [2] - The outlook for 2026 includes opportunities from innovation commercialization, global breakthroughs, policy optimization, and industry mergers and acquisitions [2]

Group 1: Industry Highlights - The domestic first large-capacity all-solid-state battery production line has been completed and is currently in small-batch testing, with reports indicating that it will be installed in vehicles by 2027, making 1000 km range for electric vehicles a possibility [4] - The Federal Reserve is managing interest rate cut expectations, with two officials calming the market after a significant drop, indicating a 69% probability of a rate cut in December, leading to a rebound in US stocks [5] - The lithium carbonate futures price has surged recently, prompting CATL to plan the earliest restart of an important lithium mine in Yichun next month, with significant gains in related market concept stocks [5] Group 2: Company Developments - Baillie Tianheng's self-developed dual-antibody ADC drug, iza-bren, has had its market application accepted, aimed at treating locally advanced or metastatic nasopharyngeal carcinoma [7] - Huawei has released Flex:ai AI container software, which utilizes computing power slicing technology to divide a single GPU/NPU computing power card into multiple virtual computing units, enabling simultaneous support for multiple AI workloads [8] - Longxin Storage has launched DDR5 and LPDDR5X memory products, with both product series reportedly ranking at the top tier in terms of speed and capacity in the industry [8] - JinkoSolar's Tiger 3 modules have officially entered mass production, with global orders reaching 15 GW [8] - Chang'an Automobile plans to gradually release prototype vehicles starting next year and will launch its first vehicle-mounted component robot in the first quarter of next year [8] - The company Nenghui Technology signed a contract with Company X for a total estimated price of 10 million yuan for new energy power battery assembly [8] - Guotai Microelectronics' major shareholder and its concerted actors plan to reduce their holdings by no more than 2.24% [8]

Core Viewpoint - Sichuan Baili Tianheng Pharmaceutical Co., Ltd. has received the acceptance notice from the National Medical Products Administration for its innovative drug, iza-bren, which is the world's first EGFR×HER3 dual-target ADC entering Phase III clinical trials [1][2] Group 1: Drug Information - The drug name is BL-B01D1/iza-bren, and it is an injectable formulation [1] - The intended indication is for patients with recurrent or metastatic nasopharyngeal carcinoma who have failed at least two lines of chemotherapy, including one line containing platinum, after prior treatment with PD-1/PD-L1 monoclonal antibodies [1] - Iza-bren is recognized as a first-in-class and new concept drug, and it is the only EGFR×HER3 dual-target ADC to have its marketing application accepted [2] Group 2: Clinical Trials and Regulatory Status - Iza-bren is currently undergoing over 40 clinical trials in China and the United States for various tumor types [2] - Seven indications for iza-bren have been included in the breakthrough therapy list by the CDE, and one indication has been designated as a priority review product [2]

Suspension - Jiahua Technology is planning to acquire a controlling stake in Shudun Information Technology through a combination of share issuance and cash payment, leading to a stock suspension [1] - Kaizhong Co., Ltd. is planning a private placement to acquire control of Anhui Tuosheng Automotive Parts, resulting in a stock suspension [1] Mergers and Acquisitions - Yingli Co., Ltd. intends to use 66.497 million yuan to purchase 100% equity of Foshan Zhiqiang Optoelectronics, a supplier of PC display module structural components [2] - Aerospace Electric is planning to acquire 32% equity of Hangdian System for 46.5903 million yuan, after which Hangdian System will become a wholly-owned subsidiary [2] - Huaihe Energy plans to conduct a private placement to acquire 89.30% equity of Huainan Mining at a transaction price of 11.694 billion yuan [2] - Jinfeng Technology is in the process of planning a cash acquisition of at least 51% equity in Guangdong Lanyuan Technology [3] Share Buybacks and Equity Transfers - Hesheng New Materials will see a change in controlling shareholder to Moer Zhixin, with the actual controller changing from Zhao Dongming to Xie Haiwen [4] - Zhongwu Drone's Chengdu Industrial Investment plans to transfer 1.5% equity [5] - Changshan Pharmaceutical's shareholder Gao Shuhua intends to transfer 5.0051% equity to Element Fund at a transfer price of 46.25 yuan per share [6] External Investments and Daily Operations - Baili Tianheng's innovative drug, the EGFR×HER3 dual antibody ADC drug iza-bren, has had its market application accepted, marking a global first and unique entry into Phase III clinical trials [7] - Zhongding Co., Ltd. is collaborating with Fourier on humanoid robot-related products to promote the development of components such as harmonic reducers and planetary reducers [7] - JinkoSolar has officially launched mass production of its Tiger Neo 3.0 module, achieving a total of 15GW in signed orders with major distributors [7] - Baicheng Pharmaceutical has reached an exclusive cooperation agreement with Zhongshen Innovation for the Class 1 innovative drug BIOS-0629 project in Greater China, with a milestone payment of 300 million yuan based on R&D milestones [7] - Jindi Co., Ltd. has signed a strategic cooperation intention letter with Dongpei Industrial to collaborate on humanoid robot harmonic reducer assemblies and key components [7] - Nenghui Technology has signed a contract for a "new energy power battery assembly" with Company X, with a total estimated contract value of 10 million yuan [8] - Huibo Pu has been confirmed as the winning bidder for the Naft Khana oilfield restoration project in Iraq, with a contract amount of 225 million USD, approximately 1.596 billion yuan [8] - Guangdong Construction has won the EPC project for the Yuejianke·Zhongshan Smart Gathering Project, with a bid price of 416 million yuan [8] - Dajin Heavy Industry has signed a contract for a European offshore wind farm project, with a total contract amount of approximately 1.339 billion yuan [9] - Aerospace Development's subsidiary, Hangtian Tianmu, plans to publicly list for capital increase [10]