Core Viewpoint - The announcement highlights a significant collaboration between SystImmune and Bristol-Myers Squibb (BMS) regarding the development of the dual-targeting antibody-drug conjugate (ADC) BL-B01D1, which has triggered a milestone payment of $250 million [1][3]. Group 1: Collaboration Details - SystImmune has entered into an exclusive licensing and collaboration agreement with BMS for the ADC project BL-B01D1, which targets EGFR and HER3 [1][3]. - The agreement includes an initial payment of $800 million from BMS, with potential milestone payments reaching up to $7.1 billion based on specific development, registration, and sales milestones [3]. - The total potential transaction value could reach $8.4 billion, marking a record for ADC drug transactions globally [3]. Group 2: Financial Performance - The company reported net profits of -282 million yuan, -780 million yuan, 3.708 billion yuan, and -1.118 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, indicating a trend of losses except for 2024 due to intellectual property income from innovative drugs [4]. - The company anticipates the need for continued substantial R&D investments for ongoing projects [4].

Core Viewpoint - The company SystImmune, Inc., a wholly-owned subsidiary of Baillie Tianheng, has entered into an exclusive licensing and collaboration agreement with Bristol-Myers Squibb for the drug iza-bren (BL-B01D1, EGFR×HER3 dual antibody ADC) [1] Group 1 - The recent milestone in the global Phase II/III pivotal registration clinical trial IZABRIGHT-Breast01 has triggered the first payment of $250 million under the collaboration agreement [1] - SystImmune is expected to receive the payment shortly, with the actual amount subject to bank fees [1] - Under the collaboration agreement, Baillie Tianheng is eligible for up to an additional $250 million in near-term contingent payments, as well as up to $7.1 billion in further payments upon achieving specific development, registration, and sales milestones [1]

智通财经APP讯，百利天恒(688506.SH)发布公告，2023年12月11日，公司全资子公司SystImmune,Inc. (简称"SystImmune")与百时美施贵宝(简称"BMS"，纽交所代码：BMY)就 iza-bren(BL-B01D1、 EGFR×HER3双抗 ADC)项目达成独家许可与合作协议。截至2024年3月7日，公司已收到由 BMS支付的 8亿美元不可退还且不可抵扣的首付款。 全球II/III期关键注册临床试验 IZABRIGHT-Breast01，已达成里程碑事件，正式触发合作协议项下第一 笔2.5亿美元的近期或有付款条件，SystImmune将于近期收到款项(实际到账金额须扣除银行手续费)。根 据合作协议，公司后续还有资格获得最高可达2.5亿美元的近期或有付款，以及在达到特定的开发、注 册和销售里程碑后最高可达71亿美元的额外付款。合作协议中所约定的里程碑付款需要满足一定的条 件，最终里程碑付款尚存在不确定性。 ...

证券代码：688506 证券简称：百利天恒 公告编号：2025-074 四川百利天恒药业股份有限公司 自愿披露关于全资子公司 SystImmune 与百时美施贵宝就 iza-bren 的全球战略合作协议触发里程碑付款条件的公告 一、协议签署及生效情况 2023 年 12 月 11 日，四川百利天恒药业股份有限公司（以下简称"公司"） 全资子公司 SystImmune,Inc.（以下简称"SystImmune"）与百时美施贵宝（以 下简称"BMS"，纽交所代码：BMY）就 iza-bren（BL-B01D1、EGFR×HER3 双抗 ADC）项目达成独家许可与合作协议（以下简称"合作协议"）。具体内 容详见公司于 2023 年 12 月 12 日披露于上海证券交易所网站（www.sse.com.cn） 的《四川百利天恒药业股份有限公司关于全资子公司 SystImmune 与百时美施贵 宝就 BL-B01D1 的开发和商业化权益达成全球战略合作协议的公告》（公告编号： 2023-057）。 截至 2024 年 3 月 7 日，公司已收到由 BMS 支付的 8 亿美元不可退还且不 可抵扣的首付款。具体内容详见公司于 ...

全球II/III期关键注册临床试验 IZABRIGHT-Breast01，已达成里程碑事件，正式触发合作协议项下第一 笔2.5亿美元的近期或有付款条件，SystImmune将于近期收到款项(实际到账金额须扣除银行手续费)。根 据合作协议，公司后续还有资格获得最高可达2.5亿美元的近期或有付款，以及在达到特定的开发、注 册和销售里程碑后最高可达71亿美元的额外付款。合作协议中所约定的里程碑付款需要满足一定的条 件，最终里程碑付款尚存在不确定性。 智通财经APP讯，百利天恒(688506.SH)发布公告，2023年12月11日，公司全资子公司SystImmune,Inc. (简称"SystImmune")与百时美施贵宝(简称"BMS"，纽交所代码：BMY)就 iza-bren(BL-B01D1、 EGFR×HER3双抗 ADC)项目达成独家许可与合作协议。截至2024年3月7日，公司已收到由 BMS支付的 8亿美元不可退还且不可抵扣的首付款。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The in vivo CAR-T technology is emerging as a new hotspot in cell therapy, with significant investment opportunities in the domestic market. Major pharmaceutical companies are actively entering this field, with multiple high-value transactions occurring in 2025 [5][14] - Compared to traditional CAR-T, in vivo CAR-T offers advantages such as reduced manufacturing costs, shortened processing times, and improved accessibility for patients, making it applicable in various diseases including B-cell malignancies and autoimmune diseases [6][15] - The report highlights the performance of various sub-sectors within the pharmaceutical industry, noting that the hospital sector showed the highest increase, while the medical R&D outsourcing sector experienced the largest decline [7][24] Summary by Sections Section 1: In Vivo CAR-T Transactions - Numerous significant transactions in the in vivo CAR-T space have occurred in 2025, indicating strong interest and investment potential. Notable deals include AstraZeneca's acquisition of EsoBiotech for $1 billion and BMS's agreement to acquire Orbital Therapeutics for $1.5 billion [5][14] Section 2: Market Performance - In the second week of October 2025, the pharmaceutical sector declined by 1.20%, underperforming the CSI 300 index by 0.69 percentage points, ranking 25th among 31 sub-industries. The hospital sector saw the largest increase at 1.79% [7][18] - The report provides a detailed analysis of sub-sector performance, with the hospital sector leading gains and the medical R&D outsourcing sector facing the most significant losses [24][28] Section 3: Recommended Stocks - The report recommends several stocks for investment, including Shiyao Group, Sunshine Nuohuo, and Yuekang Pharmaceutical, among others [8][16]

Core Insights - SystImmune, a wholly-owned subsidiary of the company, has triggered a milestone event in its collaboration agreement with Bristol-Myers Squibb regarding the BL-B01D1 (EGFR×HER3 dual antibody ADC) project, leading to the receipt of a near-term payment of $250 million [1] Group 1 - The company will receive the payment shortly, with the actual amount subject to bank fees [1] - The collaboration agreement allows the company to potentially receive up to an additional $250 million in near-term payments, as well as up to $7.1 billion in further payments upon achieving specific development, registration, and sales milestones [1]

Summary of Key Points Core Viewpoint The Hong Kong Stock Exchange (HKEX) has seen significant activity in new listings and IPO applications, with notable performances from newly listed companies and ongoing interest from various sectors. Group 1: New Listings - On October 10, HKEX had two companies listed: ZhiDa Technology and JinYe International Group, with ZhiDa Technology closing up 192.14% at HKD 195.50 per share, giving it a market capitalization of approximately HKD 11.7 billion [3] - JinYe International Group saw a remarkable first-day increase of 330.00%, closing at HKD 2.15 per share, with a total market value of around HKD 860 million [3] Group 2: Ongoing IPO Applications - As of October 10, there are three companies currently undergoing the IPO process, with one completing its offering on the same day [4] - The companies include XuanZhu Bio-B, YunJi, and HaiXi New Drug, focusing on biopharmaceuticals and AI-enabled robotics [4] Group 3: Recent IPO Applications - From September 29 to October 10, a total of 35 companies submitted applications for listing on the main board of HKEX [8] - Notable applicants include: - LanNa Cheng, a clinical-stage biotech company focused on radiopharmaceuticals for cancer treatment [15] - JiMi Technology, a leading global brand in the projection industry [17] - WeiYi Holdings, a top player in China's digital health services market [21] - PuYuan Precision, the largest electronic measurement instrument supplier in China [23] - HuanChuang Technology, a leader in high-precision spatial perception solutions [26] - JingCun Technology, an independent manufacturer of embedded storage products [28] - MaiKeAoTe, a platform biotech company with core products in clinical trials [31] - JingShi Measurement and Control, focusing on flexible manufacturing solutions [33] - LuoShi Robotics, dedicated to the design and commercialization of intelligent robots [35] - ChangChun High-tech, a major player in the Chinese pharmaceutical industry [37] - JuXin Microelectronics, specializing in intelligent sensing and machine vision solutions [40] - BeiDa Pharmaceutical, a successful biopharmaceutical company in China [42] - LiOu Group, focusing on AI-driven digital marketing and smart systems [45] - Natural Hall, the third-largest domestic cosmetics group in China [47] - MiLian Technology, an online emotional social platform [50] - JingHe Integration, a global 12-inch pure wafer foundry [52] Group 4: Financial Performance - ZhiDa Technology's total market capitalization reached approximately HKD 11.7 billion on its first day [3] - JinYe International Group's market value was around HKD 860 million after its debut [3] - Financial data for various companies applying for IPOs indicates a mix of revenues and losses, with some companies like WeiYi Holdings projecting significant revenue growth from HKD 13.68 billion in 2022 to HKD 54.96 billion in 2024 [21] - Other companies like JingCun Technology expect revenue growth from HKD 20.96 billion in 2022 to HKD 37.14 billion in 2024 [28] Group 5: Risk Factors - Companies have disclosed various risk factors in their IPO applications, including reliance on successful drug approvals, competition, and market demand fluctuations [16][19][22][24][27][36][41][43][46]

Group 1 - Tibet Pharmaceutical's Zolbetuximab has been officially commercialized in the first half of this year, focusing on advanced non-small cell lung cancer with CNS metastasis [1] - The product is the first EGFR TKI designed to penetrate the blood-brain barrier, achieving 100% permeability [1] - The company is preparing for medical insurance negotiations, but the expected revenue impact for this year is minimal [1] Group 2 - Jianerkang emphasizes the importance of accounts receivable management, with dedicated sales personnel responsible for tracking and collecting payments [2] - Performance evaluations for sales staff are strictly linked to payment collection [2] - The company has a risk control specialist who organizes monthly meetings to establish collection plans and follow up on key accounts [2] Group 3 - Tonghua Dongbao has completed the first patient dosing in the Phase II clinical trial for THDBH120, showing good safety and efficacy trends [3] - The company's insulin formulation is still in preclinical research, with future updates to be disclosed as per regulations [3] Group 4 - XinNuoWei is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and competitiveness [4] - The board has approved the proposal to seek shareholder authorization for the overseas listing [4] Group 5 - Bailitiheng has received clinical trial approval for its innovative drug BL-ARC001, aimed at treating advanced solid tumors [5] - BL-ARC001 is the company's first class I innovative drug in the antibody-radiolabeled conjugate field, with potential first-in-class status [5] - The drug is expected to offer better specificity and tumor accumulation compared to traditional radiolabeled drugs [5] Group 6 - Nocare and Zenas have reached a licensing agreement for three autoimmune pipeline products, with a potential total transaction value exceeding $2 billion [6][7] - Zenas will pay up to $100 million in upfront and milestone payments, along with issuing shares to Nocare [7] - Nocare retains global rights for the oncology application of the licensed products while granting Zenas exclusive rights in specific regions [7]

Group 1 - The A-share market is experiencing a steady upward trend, with increased participation from public funds in the private placement market, totaling over 30 billion yuan this year, surpassing the total for the entire previous year [1] - A total of 34 fund companies have participated in private placements this year, with a cumulative subscription amount of 30.12 billion yuan as of October 9, 2023 [1] - Notable fund companies such as Nord Fund and Caitong Fund have each subscribed over 8 billion yuan, while others like E Fund and GF Fund have also shown significant participation [1] Group 2 - Caitong Fund indicates that the supply in the private placement market has been stable with increased enthusiasm from funds, reflecting a positive outlook for the performance of private placement assets [2] - Well-known fund managers are actively participating in private placements, particularly in high-end manufacturing and pharmaceutical sectors [2] - For instance, Guo Lan's fund subscribed for shares in the innovative drug company Baili Tianheng, with a total investment of 588 million yuan, representing 1.8% of the fund's net asset value [2] Group 3 - Other funds managed by Yang Ruiwen and Liu Xu have also participated in private placements for leading companies in the photovoltaic sector and technology sector, respectively [3] - Specific funds like E Fund's New Income Mixed Fund and E Fund's Secure Return Bond Fund have engaged in private placements for TCL Technology [3]