Core Viewpoint - Iza-bren (BL-B01D1) is a groundbreaking ADC drug developed by the Chinese company BaiLi TianHeng, showing significant potential in treating EGFR-mutant non-small cell lung cancer (NSCLC) and other cancers, with promising clinical trial results that could reshape cancer treatment paradigms globally [1][9][16]. Summary by Sections Clinical Efficacy - In a study involving 50 patients with advanced or metastatic EGFR-mutant NSCLC, 94% experienced tumor shrinkage, with progression-free survival (PFS) exceeding one year, nearly doubling the duration compared to existing treatments [4][14]. - Another study with 38 patients showed that 100% had tumor reductions of over 30% when treated with Iza-bren in combination with the targeted drug Osimertinib, outperforming the best current therapies which have an 86% effective shrinkage rate [5][14]. Drug Development and Market Potential - Iza-bren is the first-in-class dual-target ADC, currently in Phase III clinical trials for multiple cancers, with expectations for a 2026 launch in China [9][18]. - The drug has received breakthrough therapy designations from both the Chinese National Medical Products Administration (NMPA) and the U.S. FDA for several indications, highlighting its potential to address unmet clinical needs [17][18]. Financial Implications - The potential annual sales peak for Iza-bren is estimated at $20 billion, positioning it among the top-selling cancer drugs globally, alongside established products like Merck's Pembrolizumab [25][27]. - Achieving over $20 billion in annual sales would place BaiLi TianHeng among the top pharmaceutical companies worldwide, a significant milestone for a Chinese biotech firm [28][29]. Company Vision and Strategy - BaiLi TianHeng aims to transform into a multinational corporation (MNC) rather than merely a supplier for larger firms, emphasizing the importance of maintaining global rights and pursuing joint development agreements [24][30]. - The company is building a robust pipeline beyond Iza-bren, with several other ADCs in clinical development, indicating a strong commitment to innovation and long-term growth in the biopharmaceutical sector [31][32].

证券代码：301045 证券简称：天禄科技 公告编号：2025-057 苏州天禄光科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州天禄光科技股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召 开第三届董事会第三十次会议和第三届监事会第二十七次会议，审议通过了《关 于使用部分闲置募集资金进行现金管理的议案》，同意公司在确保不影响募集资 金投资项目建设进度，并有效控制风险的前提下，使用不超过人民币 1.20 亿元 闲置募集资金进行现金管理，使用期限自第三届董事会第三十次会议审议通过之 日起 12 个月内有效，在前述额度及期限有效期内，可循环滚动使用。具体内容 详见公司于 2025 年 8 月 26 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于 使用部分闲置募集资金进行现金管理的公告》（公告编号：2025-053）。 二、投资风险及风险控制措施 （二）风险控制措施 1、公司将严格遵守审慎投资原则，选择低风险投资品种。不得用于其他证 券投资，不购买股票及其衍生品 ...

证券代码：301045 证券简称：天禄科技 公告编号：2025-056 苏州天禄光科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州天禄光科技股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召 开第三届董事会第三十次会议和第三届监事会第二十七次会议，审议通过了《关 于使用部分闲置募集资金进行现金管理的议案》，同意公司在确保不影响募集资 金投资项目建设进度，并有效控制风险的前提下，使用不超过人民币 1.20 亿元 闲置募集资金进行现金管理，使用期限自第三届董事会第三十次会议审议通过之 日起 12 个月内有效，在前述额度及期限有效期内，可循环滚动使用。具体内容 详见公司于 2025 年 8 月 26 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于 使用部分闲置募集资金进行现金管理的公告》（公告编号：2025-053）。 二、投资风险及风险控制措施 （一）投资风险 1、虽然现金管理产品经过严格的评估，但金融市场受宏观经济的影响较大， 不排除该项投资受到市场波动的影 ...

Group 1 - The report indicates that the sponsor, Zhongtai Securities, has effectively reviewed the information disclosure documents of Suzhou Tianlu Technology Co., Ltd., with no instances of delayed reviews [1] - The company has established and effectively executed regulations to prevent related parties from occupying company resources and to manage raised funds [1] - The sponsor conducted two inquiries into the company's raised funds special account and confirmed that the project progress aligns with the disclosed information [1] Group 2 - The company has fulfilled its commitments regarding voluntary lock-up, extended lock-up, and intentions for share reduction, with no instances of non-compliance reported [2] - The company has also committed to measures to stabilize stock prices when net assets per share are diluted and has made commitments to compensate investors for losses due to false statements or fraudulent issuance [2] - There are no reported regulatory measures taken against the company or its sponsor, indicating a stable compliance status [2]

苏州天禄光科技股份有限公司 关于与专业投资机构共同投资的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、与专业投资机构共同投资概述 根据公司战略规划的需要，为进一步拓展公司业务领域，更好地借助专业机 构的专业力量及资源优势，整合各方资源，苏州天禄光科技股份有限公司（以下 简称"公司"）与苏州峰毅远达股权投资基金管理有限公司、安庆市产业发展投 资基金有限公司、安庆铭泓投资管理有限公司、江苏富淼科技股份有限公司、蒋 宇任、苏州宇诺产业投资有限公司共同投资设立安庆毅泓创业投资合伙企业（有 限合伙）（以下简称"安庆毅泓"），安庆毅泓主要聚焦化学新材料领域，围绕 化工材料、关键战略材料、前沿新材料等重点领域和化工新材料产业链的关键环 节。安庆毅泓各合伙人的认缴出资额合计人民币 20,000 万元，公司作为有限合 伙人认缴出资人民币 2,000 万元，占安庆毅泓认缴出资总额的 10%。 公司已于2025年8月18日根据合伙协议约定缴付首期出资人民币500万元， 具体内容详见同日公司披露在巨潮资讯网（http://www.cninfo.com.cn）上的《关 ...

中泰证券股份有限公司 关于苏州天禄光科技股份有限公司 2025年半年度持续督导跟踪报告 | 保荐机构名称：中泰证券股份有限公司 | 被保荐公司简称：天禄科技 | | --- | --- | | 保荐代表人姓名：关峰 | 联系电话：0531-68889236 | | 保荐代表人姓名：王飞 | 联系电话：0531-68889236 | —、保荐工作概述 四、其他事项 | 报告事项 | 说明 | | --- | --- | | 1、保荐代表人变更及其理由 | 无 | | 2、报告期内中国证监会和本所对保荐 机构或者其保荐的公司采取监管措施的事 | 无 | | 项及整改情况 | | | 3、其他需要报告的重大事项 | 无 | （此页无正文，为《中泰证券股份有限公司关于苏州天禄光科技股份有限公司2025年 半年度持续督导跟踪报告》之签章页） | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次 | 0次 | | 数 | | | 2、督导公司建立健全并有效执行规章制 | | | 度的情况 ...

证券代码：301045 证券简称：天禄科技 公告编号：2025-054 苏州天禄光科技股份有限公司 关于控股股东、实际控制人之一所持公司股份被轮候冻结的公告 公司控股股东、实际控制人之一陈凌先生保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别风险提示： 公司控股股东、实际控制人之一陈凌先生持有公司股份 23,032,193 股，占公 司总股本的 20.88%。陈凌先生持有的公司股份被轮候冻结，敬请投资者注意投 资风险。 注：上述股份被轮候冻结事项系法院冻结股权，未在中国证券登记结算有限责任公司办 理轮候冻结手续。 二、股东股份累计被冻结的情况 （一）股东股份累计被冻结的情况 截至本公告披露日，陈凌先生及其一致行动人所持股份被冻结情况如下： | 股东名称 | 持股数量（股） | 持股比例 | 累计被冻结股 | 合计占其所 | 合计占公司 | | --- | --- | --- | --- | --- | --- | | | | | 份数量（股） | 持股份比例 | 总股本比例 | 序号 股东 名称 是否为 ...

Core Viewpoint - Tianlu Technology (301045) reported a decline in total revenue for the first half of 2025, while net profit showed a slight increase, indicating mixed financial performance amid challenges in sales [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 296 million yuan, a decrease of 8.4% year-on-year [1]. - Net profit attributable to shareholders was 15.17 million yuan, an increase of 0.71% year-on-year [1]. - In Q2 2025, total revenue was 150 million yuan, down 12.4% year-on-year, while net profit was 9.70 million yuan, a decrease of 2.12% year-on-year [1]. - Gross margin increased by 7.38% to 21.02%, and net margin rose by 1.34% to 4.34% [1]. - Total expenses (selling, administrative, and financial) amounted to 29.40 million yuan, accounting for 9.93% of revenue, an increase of 14.81% year-on-year [1]. Key Financial Metrics - Earnings per share remained stable at 0.14 yuan [1]. - Operating cash flow per share increased significantly by 213.41% to 0.16 yuan [1]. - The company's net assets per share rose by 3.05% to 9.20 yuan [1]. Changes in Financial Items - Cash and cash equivalents increased by 0.51% to 338 million yuan, attributed to ongoing investments in the optical substrate factory project [2]. - Inventory decreased by 17.04% due to lower raw material prices and improved inventory management [2]. - Short-term borrowings decreased by 10.66%, while long-term borrowings increased by 7.51% due to continued project financing [2]. - The company experienced a 50.4% increase in financial expenses, primarily due to reduced interest income and exchange gains [3]. Operational Insights - The company's return on invested capital (ROIC) was 1.67%, indicating weak capital returns, with a historical median ROIC of 15.91% since its listing [4]. - The business model relies heavily on R&D, marketing, and capital expenditures, necessitating careful evaluation of capital projects [4]. - Accounts receivable have reached 686.19% of profit, suggesting potential liquidity concerns [4].

Group 1 - Tianlu Technology's stock price decreased by 0.50% on August 25, with a trading volume of 92.1 million yuan [1] - On the same day, the financing buy-in amount was 14.78 million yuan, while the financing repayment was 16.49 million yuan, resulting in a net financing outflow of 1.71 million yuan [1] - As of August 25, the total margin balance for Tianlu Technology was 148 million yuan, accounting for 5.59% of its market capitalization, indicating a high level compared to the past year [1] Group 2 - As of August 8, the number of shareholders for Tianlu Technology was 8,450, a decrease of 5.59% from the previous period, while the average circulating shares per person increased by 5.92% to 7,568 shares [2] - For the first half of 2025, Tianlu Technology reported operating revenue of 296 million yuan, a year-on-year decrease of 8.40%, while the net profit attributable to shareholders was 15.17 million yuan, a year-on-year increase of 0.71% [2] - Since its A-share listing, Tianlu Technology has distributed a total of 18.75 million yuan in dividends [2]

Core Insights - Tianlu Technology (301045.SZ) released its semi-annual report for 2025 on August 26, 2025, indicating a total of 3 institutional investors holding shares, amounting to 3.59% of the total share capital [1] Institutional Holdings - As of August 25, 2025, institutional investors collectively held 3.96 million shares of Tianlu Technology, representing a decrease of 0.50 percentage points compared to the previous quarter [1] - The institutional investors include Beijing Xindongneng Investment Management Co., Ltd., Suzhou Xiangcheng Daixi Venture Capital Co., Ltd., and Industrial and Commercial Bank of China - Dacheng CSI 360 Internet + Big Data 100 Index Securities Investment Fund [1] Public Fund Holdings - One new public fund disclosed its holdings this period, namely Dacheng CSI 360 Internet + Index A [1] - Two public funds were not disclosed in this period compared to the previous quarter, which are Huaan CSI 1000 Index Enhanced A and Huaan CSI 500 Index Enhanced A [1]