Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [2] Core Insights - The Chinese innovative drug sector is entering a harvest period, with a focus on technological innovation and business development (BD) potential [5] - Companies such as Sangfor Biopharma, Kexing Pharmaceutical, and Yifang Biotech are highlighted for their strong growth prospects and innovative pipelines [4][5] Summary by Sections 1. Chinese Innovative Drugs Entering Harvest Period - **Sangfor Biopharma**: Core products are showing steady growth, and the innovative pipeline is gradually yielding results. The PD-1/VEGF dual antibody AK112 has become the first drug to outperform K drug in head-to-head Phase III clinical trials, enhancing the development enthusiasm for PD(L)-1/VEGF dual antibodies. The company has three ongoing clinical trials demonstrating excellent efficacy and BD potential [7][8] - **Kexing Pharmaceutical**: The CAR-T therapy shows significant potential, with its first product, CT053, approved for treating multiple myeloma in February 2024. Another product, CT041, is a potential first-in-class CAR-T for Claudin18.2, with a Phase II trial for gastric cancer completed. The company is well-positioned in the universal CAR-T technology space [11][12] - **Yifang Biotech**: The drug D-2570 shows promising data for treating psoriasis, with clinical results indicating significant efficacy compared to placebo. The drug is in Phase II trials and ranks third among domestic products, with a large patient population and a competitive landscape [14][15] 2. Weekly Market Review and Hotspot Tracking (March 31 - April 3, 2025) - The pharmaceutical and biotechnology sector index rose by 1.2%, outperforming the CSI 300 index by 2.57%. Year-to-date, the sector index has increased by 4.77%, also outperforming the CSI 300 index by 6.64 [16][18] - The top five performing stocks during this period included Duorui Pharmaceutical (up 56.32%), Weisi Medical (up 31.80%), and Hasanlian (up 31.15%) [29][32] 3. Overall Investment Strategy and Allocation Thoughts - The development of AI is driving the widespread adoption of AI in healthcare, with many medical companies exploring AI applications. Companies with extensive patient data and those with health insurance data are expected to have significant application potential. The report suggests focusing on innovative drugs and companies with a turning point in fundamentals [4][5]

Financial Performance - The company reported a net loss of $5.6 million for the three months ended December 31, 2024, compared to net income of $19 thousand for the same period in the prior year[167]. - Total equity decreased by $10.0 million, or 23.6%, to $32.3 million at December 31, 2024, resulting from a net loss of $10.0 million[163]. - Non-interest income decreased by $1.5 million, or 60.0%, to $1.0 million for the three months ended December 31, 2024, compared to $2.5 million in the prior year quarter[188]. - Non-interest expense increased by $1.4 million, or 17.3%, to $9.5 million for the three months ended December 31, 2024, compared to $8.1 million in the prior year quarter[189]. - Net interest income decreased by $2.5 million, or 45.5%, to $3.0 million for the three months ended December 31, 2024, compared to $5.5 million for the same quarter last year[172]. - Interest income decreased by $1.7 million, or 20.0%, to $6.8 million for the three months ended December 31, 2024, compared to $8.5 million for the prior year quarter[176]. - The net interest margin decreased to 1.63% for the three months ended December 31, 2024, down from 3.03% in the prior year[176]. - The average interest rate spread decreased to 2.14% for the nine months ended December 31, 2024, down from 2.66% in the prior year[175]. Asset and Liability Management - Total assets decreased by $29.3 million, or 3.9%, to $727.5 million as of December 31, 2024, from $756.8 million at March 31, 2024[156]. - Total liabilities decreased by $19.2 million, or 2.7%, to $695.3 million at December 31, 2024, due to a $10.1 million decrease in total deposits[160]. - The Bank's cash and cash equivalents totaled $50.0 million at December 31, 2024, down from $59.0 million at March 31, 2024[140]. - During the nine months ended December 31, 2024, total cash and cash equivalents decreased by $9.0 million, reflecting cash used in operating activities of $6.4 million and cash used in financing activities of $18.1 million[143]. - Net borrowings decreased by $8.2 million, or 17.6%, to $38.3 million at December 31, 2024, compared to $46.5 million at March 31, 2024[138]. - Advances from the FHLB-NY and other borrowed money decreased by $8.2 million, or 17.6%, to $38.3 million at December 31, 2024[162]. Credit Quality and Allowance for Credit Losses - The allowance for credit losses (ACL) increased to $6.1 million as of December 31, 2024, compared to $5.9 million as of December 31, 2023[180]. - The company recorded a provision for credit losses of $817 thousand for the nine months ended December 31, 2024, compared to a provision of $77 thousand for the prior year period[181]. - Net charge-offs for the nine months ended December 31, 2024, were $631 thousand, compared to $77 thousand in the prior year[181]. - The allowance for credit losses (ACL) was $6.1 million at December 31, 2024, with a ratio of ACL to nonaccrual loans at 26.6%, down from 49.9% at March 31, 2024[182]. - Non-performing assets reached $22.9 million, or 3.1% of total assets, compared to $11.8 million, or 1.6% at March 31, 2024[186]. - The ratio of nonaccrual loans to total loans was 3.73% as of December 31, 2024, compared to 2.77% at September 30, 2024[186]. - The allowance to total loans ratio was 0.99% at December 31, 2024, slightly up from 0.94% at March 31, 2024[186]. Capital and Regulatory Compliance - Carver Federal's Tier 1 leverage capital ratio was 9.03% and total risk-based capital ratio was 12.14% as of December 31, 2024, exceeding regulatory requirements[148]. - The Company has a $25.0 million revolving unsecured loan facility to support green initiatives, which has not been drawn upon as of December 31, 2024[139]. Loan Portfolio and Lending Practices - Carver Federal's loan portfolio segments include one-to-four family loans and multifamily loans, with specific underwriting guidelines and risk assessments[133][134]. - The Bank's multifamily loans require a debt service coverage ratio of at least 1.30x and a maximum loan-to-value ratio of 70%[134]. - The maximum loan-to-value (LTV) ratio on commercial real estate loans is generally 70%[136]. - The Bank's primary lending market includes Kings, Bronx, and Queens Counties in New York City, facing significant competition from larger financial institutions[127]. - The Bank's community involvement and targeted services help it compete in historically underserved areas[128]. - The Bank had $2.6 million in subprime loans, accounting for 0.4% of its total loan portfolio, with $0.7 million classified as non-performing loans[187]. - Modified loans to borrowers experiencing financial difficulty totaled $6.0 million, with $5.7 million classified as performing[184]. Stock and Shareholder Activity - As of December 31, 2024, Carver Federal repurchased 11,744 shares of its common stock at an average price of $235.80 per share[136]. - The Company sold an aggregate of 397,367 shares of common stock for approximately $3.1 million during fiscal year 2022[141].

Core Insights - Carver Bancorp, Inc. has re-elected Jillian E. Joseph and Kenneth J. Knuckles to its Board of Directors, reflecting shareholder support for the company's turnaround strategy [1][2][3] Company Overview - Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a certified Community Development Financial Institution (CDFI) and designated Minority Depository Institution (MDI) [4] - Founded in 1948, Carver aims to serve historically underserved communities in New York, providing access to mainstream financial services [4] Strategic Focus - The company is committed to enhancing profitability and shareholder value through targeted strategic initiatives and operational goals [3] - A comprehensive transformation plan is being developed to strengthen top-line performance while reducing risks and expenses [3] - The strategy includes growing the core business, expanding operational capacity, and investing in technology to improve efficiency and customer service [3] Board and Management - The Board of Directors includes Lewis P. Jones III (Chairman), Colvin W. Grannum, Craig C. MacKay, Dr. Pazel G. Jackson, Jr., and Robin L. Nunn, alongside the re-elected directors [3][5] - Donald Felix has been appointed as the new CEO, tasked with accelerating the implementation of the company's strategy [3] Recent Actions - The company approved its 2024 Equity Incentive Plan, which allows for stock-based awards to officers, employees, and directors [5] - BDO USA, LLP has been ratified as the independent auditors for the fiscal year ending March 31, 2025 [5]

Core Points - Approximately 70% of retail shareholders voted for new nominees Jeffrey "Jeff" Anderson and Jeffrey Bailey for the Board of Directors at Carver Bancorp's Annual Meeting [1][4] - Concerns were raised regarding the Board's decision to extend the voting period by 45 minutes, which was seen as an attempt to influence the outcome [2][3] - Dream Chasers Capital Group is demanding transparency from the Board, including real-time voting totals and disclosure of any high-pressure sales tactics used to sway votes [5][6] Summary by Sections Voting Results - Preliminary results indicate that around 70% of retail shareholders supported the election of Anderson and Bailey, excluding votes from the Dream Chasers Group [1][4] Board Conduct - The voting was extended for an additional 45 minutes, raising suspicions about the Board's intentions and the integrity of the voting process [2][3] - Dream Chasers expressed that conducting a vote under such circumstances is not appropriate for the new CEO, Donald Felix, and emphasized the need for transparency [3][4] Demands from Dream Chasers - Dream Chasers is calling for the public disclosure of real-time voting totals in 15-minute increments during the meeting [5] - They are requesting a full accounting of any high-pressure sales calls made to large shareholders, including any promises or assurances given [6] - The group insists that the Board should appoint Anderson and Bailey to acknowledge the shareholders' intent and to ensure future decisions reflect shareholder perspectives [8]

Core Viewpoint - Dream Chasers Capital Group is urging institutional shareholders to support nominees Jeffrey "Jeff" Anderson and Jeffrey Bailey for the Board of Directors of Carver Bancorp, emphasizing the need for change due to the company's prolonged poor performance and significant shareholder value decline [1][2][4]. Financial Performance - Carver Bancorp has reported losses totaling nearly $25 million over the last decade, with only one year of annual profit in that period, primarily due to a one-time gain from the sale of its headquarters [3][9]. - Shareholders have experienced a 79% decline in total shareholder return over the past ten years [3][9]. Governance Concerns - Institutional Shareholder Services (ISS) has indicated that Carver's long history of total shareholder return (TSR) and operational underperformance suggests a need for a strategic rethink and improved execution [4][12]. - The current Board's governance framework is criticized for not aligning with the best interests of shareholders [4]. Call to Action - Dream Chasers is encouraging all shareholders to vote for change by supporting the independent nominees, highlighting their qualifications and commitment to improving Carver's profitability and community service [8][13]. - The letter emphasizes that continued support for the current Board is counterproductive and detrimental to both the community and Carver itself [7][10].

Corrects Record on Board's Misleading Statements in Proxy ContestUrges Institutional and Retail Shareholders to Vote for Change: Vote FOR Mr. Jeffrey "Jeff" Anderson and Mr. Jeffrey Bailey for the Board of Directors Using the BLUE Proxy Card and Vote WITHHOLD on Carver's Under-Performing DirectorsNEW YORK, Nov. 26, 2024 /PRNewswire/ -- Dream Chasers Capital Group LLC ("Dream Chasers") today called for the Board of Directors (the "Board") of Carver Bancorp, Inc. ("Carver," or the "Company") (NASDAQ: CARV) to ...

Carver Reported $2.1 Million Loss in Second Quarter, up from $1.48 Million Loss in Same Quarter 2023$25m in Losses Over Last Ten Years1 Resulting in ~80% Stock Price Drop2A $10,000 Investment in 2014 Would be Worth Only Approximately $2,000 today3Dream Chasers Urges Institutional and Retail Shareholders to Vote for Change: Vote FOR Mr. Jeffrey "Jeff" Anderson and Mr. Jeffrey Bailey for the Board of Directors Using the BLUE Proxy Card and Vote WITHHOLD on Carver's Non-Performing DirectorsCarver's Board Has F ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-13007 CARVER BANCORP, INC. (Exact name of registrant as specified in its charter) Delaware 13-3904174 (State or Other Jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-13007 CARVER BANCORP, INC. (Exact name of registrant as specified in its charter) Delaware 13-3904174 (State or Other Jurisdiction of Incor ...

NEW YORK, Aug. 1, 2024 /PRNewswire/ -- Carver Bancorp, Inc. (Nasdaq: CARV), the holding company for Carver Federal Savings Bank, released a letter from its Interim CEO Craig C. MacKay on the Bank's 2024 fiscal year-end performance: Dear Carver Shareholders: We remain optimistic about the Bank's future - Craig C. MacKay Post this Carver Bancorp, Inc. Interim CEO Craig C. MacKay Comments on the Bank's 2024 Fiscal Year-End Performance Carver Bancorp, Inc. ("Carver") reduced its net loss by 32% to $3.0 million ...