Thalys(SH:603716) Shang Hai Zheng Quan Bao·2025-10-16 21:22Core Viewpoint - The announcement details the regulatory response from the company regarding its investment in Wuhan Huajiyuan Biotechnology Co., Ltd., focusing on the development of a therapeutic vaccine for hypertension, highlighting the associated risks and the company's strategic considerations in entering the pharmaceutical industry [3][38]. Group 1: Investment and Development Progress - The therapeutic vaccine HJY-ATRQβ-001 is currently in the preparatory stage for Phase I clinical trials, with significant uncertainties regarding the success of future trials [3][4]. - The company has completed various preclinical studies, including pharmacological and toxicological evaluations, and has received approval for clinical trials [5][12]. - The company plans to invest an additional RMB 42.74 million to support the clinical trials of the vaccine, with the total valuation of Wuhan Huajiyuan set at RMB 272 million [21][42]. Group 2: Personnel and Expertise - Wuhan Huajiyuan has a total of 17 employees, with 11 in research and development, and a high percentage of advanced degrees among the staff [6]. - Key personnel include experienced professionals with extensive backgrounds in cardiovascular research and drug development, enhancing the company's capability to advance the vaccine project [7][8][9][10]. Group 3: Market Potential and Strategic Rationale - The aging population in China and the increasing prevalence of hypertension create a significant market opportunity for the therapeutic vaccine, which aims to improve patient compliance and reduce long-term medication costs [38]. - The company's strategic shift towards the pharmaceutical sector is driven by the need to overcome challenges in its traditional IVD business and to capitalize on high-value growth opportunities in innovative drug development [39][41]. - The investment in Wuhan Huajiyuan is seen as a way to mitigate risks associated with cross-industry ventures while ensuring continuity in the vaccine's development [42].