Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The report highlights the significant commercial value of extrahepatic delivery technology for small nucleic acid drugs, which is expanding from liver diseases to multiple disease areas. Domestic companies are rapidly developing multi-target drugs and extrahepatic delivery platforms, which are expected to accelerate the release of potential clinical value [3][8] - The report emphasizes that multinational corporations (MNCs) are intensifying their focus on next-generation delivery platforms, moving from "liver validation" to "multi-organ expansion." This shift is crucial as it addresses unmet clinical needs in various tissues such as fat, muscle, central nervous system, heart, and kidneys [8] - The report indicates that 2026 is a pivotal year for small nucleic acid therapies, with domestic innovative drugs expected to become core assets for transactions. Domestic companies have accumulated rich experience in chemical modifications and liver-targeted delivery technologies, covering high-value areas such as hyperlipidemia, hypertension, hepatitis B, and weight loss [8] Summary by Sections Industry Overview - The report focuses on the pharmaceutical and biotechnology industry in China, specifically on small nucleic acid drugs and their evolving delivery technologies [5][6] Investment Recommendations and Targets - The report lists several investment targets, including: - YK Pharma (688658, Buy) - Hengrui Medicine (600276, Buy) - Xinda Biopharma (01801, Not Rated) - Other companies such as Chengdu XianDao (688222, Not Rated), Reborn Biotech (06938, Not Rated), and others [3]

证券代码：688759 证券简称：必贝特 公告编号：2026-004 广州必贝特医药股份有限公司 自愿披露关于 BEBT-701 临床试验申请 获得国家药品监督管理局批准的公告 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。 近日，广州必贝特医药股份有限公司（以下简称"公司"）收到国家药品监 督管理局（NMPA）签发的《药物临床试验批准通知书》，同意公司自主研发的 全球首创AGT/PCSK9双靶点小干扰核酸（siRNA）药物BEBT-701开展用于治疗 轻中度高血压合并低密度脂蛋白胆固醇升高的I-II期临床试验。 由于药品的研发周期长、审批环节多、研发投入大，存在较多不确定性因素， 敬请广大投资者谨慎决策，注意防范投资风险。 现将相关情况公告如下： 一、药品基本情况 药品名称：BEBT-701 注射液 申请事项：境内生产药品注册临床试验 申请人：广州必贝特医药股份有限公司 临床试验通知书编号：2026LP00318 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025 年 11 月 28 日受理的 BEB ...

Core Viewpoint - The company, Bibet (688759.SH), has received approval from the National Medical Products Administration (NMPA) to conduct I-II phase clinical trials for its innovative siRNA drug, BEBT-701, aimed at treating mild to moderate hypertension combined with elevated low-density lipoprotein cholesterol (LDL-C) levels [1][2]. Group 1: Company Developments - BEBT-701 is the first drug developed using the company's proprietary GalNAc dual oligonucleotide conjugate (GDOC) technology platform, designed to silence two key targets, angiotensinogen (AGT) and proprotein convertase subtilisin/kexin type 9 (PCSK9), simultaneously [1]. - The drug aims to provide a long-acting, low-frequency administration solution for managing chronic diseases, improving adherence among high cardiovascular risk populations [1]. Group 2: Clinical and Non-Clinical Research - Non-clinical studies have demonstrated that BEBT-701 achieves efficient and durable gene silencing of AGT and PCSK9 in humanized mouse models and non-human primates, showing synergistic effects in lowering blood pressure and cholesterol levels with good safety profiles [1]. - The World Health Organization's Global Hypertension Report indicates that approximately 1.4 billion people worldwide suffer from hypertension, with around 245 million adults affected in China, highlighting the significant market potential for effective treatments [2]. Group 3: Industry Context - The use of siRNA drugs, such as BEBT-701, represents a shift towards low-frequency, precise, and stable management of cardiovascular metabolic diseases, addressing issues related to long-term medication adherence and fluctuations in drug concentration [2].

Core Viewpoint - The company, Bibet (688759.SH), has received approval from the National Medical Products Administration (NMPA) to conduct I-II phase clinical trials for its innovative siRNA drug, BEBT-701, aimed at treating mild to moderate hypertension combined with elevated low-density lipoprotein cholesterol (LDL-C) [1][2] Group 1: Company Developments - BEBT-701 is the first drug developed using the company's proprietary GalNAc dual oligonucleotide conjugate (GDOC) technology platform, designed to silence two key targets, AGT and PCSK9, simultaneously [1] - The drug aims to provide a long-acting, low-frequency administration solution for managing chronic diseases in high cardiovascular risk populations by improving both blood pressure and lipid levels [1] - Non-clinical studies have shown that BEBT-701 effectively and durably silences AGT and PCSK9 in humanized mouse models and non-human primates, demonstrating synergistic effects in lowering blood pressure and lipids with good safety profiles [1] Group 2: Industry Context - According to the World Health Organization's Global Hypertension Report, approximately 1.4 billion people worldwide are affected by hypertension, with around 245 million adults in China suffering from the condition [2] - Hypertension often coexists with high LDL-C, posing significant risks for cardiovascular diseases [2] - siRNA drugs, like BEBT-701, offer a new pathway for managing cardiovascular metabolic diseases by enabling low-frequency, precise, and stable control of treatment, addressing issues related to long-term medication adherence and drug concentration fluctuations [2]

Core Viewpoint - The company has received approval from the National Medical Products Administration (NMPA) for its innovative drug BEBT-701, which targets both AGT and PCSK9 for the treatment of mild to moderate hypertension combined with elevated low-density lipoprotein cholesterol [1] Group 1 - The drug BEBT-701 is a globally first-of-its-kind small interfering RNA (siRNA) medication [1] - The approval allows the company to initiate Phase I-II clinical trials for BEBT-701 [1] - The development of the drug involves a lengthy research cycle, multiple approval stages, and significant investment, leading to various uncertainties [1]

Core Viewpoint - The company has received approval from the National Medical Products Administration (NMPA) for its innovative drug BEBT-701, which targets both AGT and PCSK9 for the treatment of mild to moderate hypertension combined with elevated low-density lipoprotein cholesterol [1] Group 1 - The drug BEBT-701 is a globally first-of-its-kind small interfering RNA (siRNA) medication [1] - The approval allows the company to initiate Phase I-II clinical trials for BEBT-701 [1] - The targeted condition for the drug includes mild to moderate hypertension along with elevated low-density lipoprotein cholesterol [1]

Group 1 - The core point of the news is that Bibet has experienced a significant decline in its stock price, dropping 5.01% on February 2, with a total market value of 18.249 billion yuan and a cumulative decline of 22.17% over four consecutive days [1] - Bibet is a pharmaceutical company based in Guangzhou, established on January 19, 2012, and focuses on the independent research and development of innovative drugs [1] - The stock trading volume on February 2 was 62.963 million yuan, with a turnover rate of 3.27% [1] Group 2 - From the perspective of major fund holdings, one fund under China Merchants Fund has a significant position in Bibet, with the China Merchants CSI Robot ETF holding 2,789 shares, accounting for 0.0051% of the circulating shares [2] - The fund has incurred a floating loss of approximately 5,968.46 yuan today, with a total floating loss of 33,900 yuan during the four-day decline [2] - The China Merchants CSI Robot ETF was established on January 19, 2024, with a current scale of 309 million yuan and a year-to-date return of 4.39% [2]

Core Viewpoint - Guangzhou Bibete Pharmaceutical Co., Ltd. has completed the registration change and received a new business license following the approval of changes to its registered capital, company type, and amendments to its articles of association [1]. Group 1: Company Changes - The company held its second board meeting on November 11, 2025, and the first extraordinary general meeting of shareholders on November 28, 2025, to approve the proposal for changes in registered capital and company type [1]. - The company has received a new business license from the Huangpu District Market Supervision Administration of Guangzhou, reflecting the changes made [1]. Group 2: Company Information - The updated business license indicates the following details: - Unified Social Credit Code: 91440101589519277H - Name: Guangzhou Bibete Pharmaceutical Co., Ltd. - Type: Joint-stock company (foreign investment, listed) - Address: 25 A-3 Building, Yaying Stone Road, Science City, High-tech Industrial Development Zone, Guangzhou - Legal Representative: Qian Changgeng - Registered Capital: 450,366,570 RMB - Establishment Date: January 19, 2012 - Business Scope: Research and experimental development [1].

证券日报网讯 1月29日，必贝特发布公告称，近期公司完成了变更登记及备案，并收到了广州市黄埔区 市场监督管理局换发的《营业执照》。 （文章来源：证券日报） ...

证券代码：688759 证券简称：必贝特 公告编号：2026-003 广州必贝特医药股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 广州必贝特医药股份有限公司（以下简称"公司"）于 2025 年 11 月 11 日 召开第二届董事会第七次（临时）会议及 2025 年 11 月 28 日召开的 2025 年第一 次临时股东大会审议通过了《关于变更公司注册资本、公司类型、修订<公司章 程>并办理工商变更登记的议案》。具体内容详见公司于 2025 年 11 月 13 日在上 海证券交易所网站（www.sse.com.cn）披露的《广州必贝特医药股份有限公司关 于变更公司注册资本、公司类型、修订<公司章程>并办理工商变更登记的公告》 （公告编号：2025-005）。 类型：股份有限公司（外商投资、上市） 住所：广州市高新技术产业开发区科学城崖鹰石路 25 号 A-3 栋第八层 802 房 法定代表人：钱长庚 QIAN CHANGGENG 注册资本：肆亿伍仟零叁万陆仟陆佰伍拾柒 ...