多年来，中国已成为全球生物技术供应链的关键后勤基地，如合成小分子化合物、开展临床前及临床研 究项目等。 于近日在旧金山举行的第44届摩根大通医疗健康年会上，笔者与多名企业创始人及投资者交流，他们共 同陈述了一个事实：中国已不再处于生物技术创新的边缘，而是结构性地嵌入其中。事实上，许多美国 公司，无论大小，越来越依赖中国、印度和新加坡等亚洲国家的供应链，以使极其昂贵且漫长的药物开 发过程变得更加高效。 除了分子合成领域，中国的临床研究生态系统也迅速成熟。2024年，中国开展的临床试验占全球总量的 近1/3。笔者与制药信息公司Panoptic Bio的联合创始人兼首席执行官塞巴斯蒂安·德·比尔斯进行了交流。 他曾在中国生活一年并研究生物技术生态系统，他说："我当时在中国顶尖大学清华大学交流学习，并 了解那里正在进行的研究。与许多生物技术公司、生物制药公司和投资者交流后，我看到了中国日益成 熟的生物技术生态系统。"他还提到了中国在科研领域具有多重优势，比如运营成本更低、可招募患者 数量庞大、数据基础设施完善。 若有人质疑中国是否已成为行业的首要关注对象，风险投资公司Flagship Pioneering首席执行官努 ...

近日，远大控股（000626）董事会审议通过了关于出资设立中药材种业公司的议案。董事会成员以14票 全票赞成的表决结果，批准了此次投资。 根据公告，公司全资子公司远大生物农业有限公司将出资8125万元，与甘肃赫博陇药科技有限责任公司 及邵宝平教授团队合作，共同设立一家中药材种业公司。新公司将聚焦三大核心方向：深耕党参、黄芪 等中药材种质创制与生物育种技术创新，攻坚现代农业设施无土种苗繁育技术体系研发及产业化落地， 发力中药大健康产品深度开发与商业化推广，以精准布局打通中药材产业"从种质到产品"的关键环节。 远大控股表示，此次合作是其中药材领域的首个产业链布局，更是以生物技术创新赋能传统中药材产业 升级的重要实践。通过切入高价值中药材细分赛道，公司将进一步拓宽产业价值边界，丰富盈利增长曲 线，为作物科学板块高质量发展注入强劲动力。(齐和宁) 党参是中医"补中益气"的核心药材，性味甘平、归脾肺经，核心功效为健脾益肺、养血生津，能调理脾 肺气虚、气血不足等症，药性温和适合长期调理，其含有的党参多糖、皂苷等成分还具备增强免疫、抗 疲劳的现代药理价值。它不仅是200多种中成药的关键原料，更凭借"药食同源"优势，成为药膳 ...

Group 1 - The China Securities Regulatory Commission (CSRC) issued supplementary material requirements for 10 companies, including Mingyu Pharmaceutical, which is required to clarify the compliance of its equity structure and reverse mergers [1] - Mingyu Pharmaceutical has submitted its application to the Hong Kong Stock Exchange, with Morgan Stanley, BofA Securities, and CITIC Securities as joint sponsors [1] - The CSRC requests legal opinions on various compliance issues related to equity structure, foreign exchange management, and investment regulations [1][2] Group 2 - Mingyu Pharmaceutical was established in 2018 and is a biotechnology innovation company with a dual growth engine: a robust clinical-stage oncology product portfolio based on proprietary antibody-drug conjugate (ADC) platforms and a novel PD-1/VEGF bispecific antibody (bsAb) [3] - The company is advancing its own immune assets that are in late clinical stages towards commercialization [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 10 companies, including Mingyu Pharmaceutical, which is preparing for a listing on the Hong Kong Stock Exchange. The CSRC has requested clarifications on compliance regarding equity structure and reverse mergers [1][2]. Group 1: Regulatory Compliance - Mingyu Pharmaceutical is required to clarify the compliance of its equity structure and reverse mergers, including whether shareholders holding over 5% have fulfilled foreign exchange registration requirements and whether domestic entities have complied with outbound investment regulations [1][2]. - The CSRC has asked for legal opinions on whether the establishment of domestic operational entities, Minghui Hangzhou and Minghui Shanghai, has met foreign investment reporting obligations and foreign exchange registration [1][2]. Group 2: Share Capital and Shareholder Information - The company must provide details on whether any upper-tier investors in QimingVIll and QimingVILL-HC are prohibited from holding shares under legal regulations, and the specific arrangements of special shareholder rights and their impact on control [2]. - Recent shareholders, including Radiance, PK, and Chin, must be explained regarding their background, the reasons for shareholding arrangements, and the fairness of the share prices during the recent capital increases [2]. Group 3: Company Overview - Mingyu Pharmaceutical, established in 2018, is a biotechnology innovation company with a dual growth engine based on proprietary antibody-drug conjugate (ADC) platforms and a novel PD-1/VEGF bispecific antibody (bsAb) [3].

Core Viewpoint - Mingyu Pharmaceutical, founded by former Heng Rui executive Cao Guoqing, has officially submitted its IPO application to the Hong Kong Stock Exchange, focusing on oncology and autoimmune diseases, but has yet to achieve commercialization [1][3]. Financial Performance - The company reported no revenue for 2023 and 2024, with a revenue of 264.15 million RMB in the first half of 2025, primarily from a strategic partnership with Qilu Pharmaceutical [1][3]. - Cumulative losses reached 1.239 billion RMB by mid-2025, with net losses of 137.275 million RMB in 2023, 282.631 million RMB in 2024, and 167 million RMB in the first half of 2025 [2][3][4]. - Operating cash flow was negative for 2023 and 2024, at -143 million RMB and -146 million RMB respectively, turning positive to 102 million RMB in the first half of 2025 due to licensing fees from Qilu [4]. Research and Development - Mingyu Pharmaceutical has 13 candidate products in its pipeline, with 10 in clinical stages, but has not yet commercialized any products [3][5]. - The company plans to allocate 51% of its fundraising net proceeds to the development of two core products, MHB036C and MHB018A, with 26% for MHB036C and 25% for MHB018A [6]. Market Competition - The most advanced product, MH004, targets atopic dermatitis and has submitted a new drug application in China, facing competition from Heng Rui's products in a market projected to reach 14.9 billion USD in 2024 [5][6]. - The global market for atopic dermatitis drugs is expected to grow to 29.5 billion USD by 2035, indicating significant commercial potential [5]. Strategic Partnerships - The partnership with Qilu Pharmaceutical has been crucial for generating revenue, with a total transaction value of 1.345 billion RMB for rights in the Greater China region [3][4].

Core Insights - Mingyu Pharmaceutical Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with Morgan Stanley, BofA Securities, and CITIC Securities as joint sponsors [1] - The company, established in 2018, is a biotechnology innovator with a dual growth engine: a robust clinical-stage oncology product portfolio based on proprietary antibody-drug conjugate (ADC) platforms and a novel PD-1/VEGF bispecific antibody (bsAb) [1] - As of November 16, 2025, the company has 13 candidate products in its pipeline, with 10 in clinical stages, and expects to generate revenue from its autoimmune projects soon [1] - The oncology projects focus on advancing ADC monotherapy for later-line treatment and exploring combination therapies with PD-1/VEGF bispecific antibodies to innovate first-line cancer treatment [1]

Core Insights - Mingyu Pharmaceutical Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with Morgan Stanley, BofA Securities, and CITIC Securities acting as joint sponsors [1] - The company, established in 2018, is a biotechnology innovation enterprise with a dual growth engine: a robust clinical-stage oncology product portfolio based on proprietary antibody-drug conjugate (ADC) platform and a novel PD-1/VEGF bispecific antibody (bsAb) [1] - As of November 16, 2025, the company has 13 candidate products in its pipeline, with 10 in clinical stages, and expects to generate revenue from its autoimmune projects soon [1] - The oncology projects focus on advancing ADC monotherapy for later-line treatment and exploring combination therapies with PD-1/VEGF bispecific antibodies to innovate first-line cancer treatment [1]

Core Viewpoint - The company is changing its stock abbreviation from "Lude Environment" to "Lude Technology" to better align with its core product positioning in bio-fermentation feed and highlight the importance of biotechnology in its main business [1] Group 1: Company Name Change - The abbreviation change to "Lude Technology" reflects the company's focus on biotechnology and aims to enhance market recognition of its "biotechnology" attributes [1] - The new abbreviation encompasses the company's existing main business and product system, which is expected to improve brand recognition and professional image [1] Group 2: Brand and Market Positioning - The name "Lude Technology" is consistent with the full company name "Lude Biological Environmental Technology Co., Ltd." and better represents the company's identity as a modern biotechnology enterprise integrating innovation and ecological environmental protection [1] - This change is anticipated to strengthen brand consistency and support the company's long-term development strategy in the capital market [1]

Core Viewpoint - The company is changing its stock abbreviation from "Lude Environment" to "Lude Technology" to better align with its core product positioning in bio-fermentation feed and highlight the importance of biotechnology in its main business [1] Group 1 - The new abbreviation "Lude Technology" reflects the company's focus on biotechnology and its existing product system [1] - The change aims to enhance market recognition of the company's "biotechnology" attributes, improving brand visibility and professional image [1] - The new name is consistent with the company's full name, "Lude Biological Environmental Technology Co., Ltd," reinforcing its identity as a modern biotechnology enterprise that integrates innovation and ecological protection [1]

Core Insights - China's bio-economy is showing a positive trend, with significant advancements in CAR-T cell therapy, original drug production, and brain-machine interface medical devices, positioning the country as the second-largest biopharmaceutical market globally [1][2] Industry Overview - The global bio-manufacturing industry is receiving heightened attention from major economies, with increased funding for genetic and cell engineering research, biomass utilization, and bio-based product development [2] - The number of CAR-T clinical research centers worldwide has grown to 2069 in 2024, a 60% increase from 1297 in 2020, with China hosting 388 centers, ranking second globally [2] - China has achieved a record high in the proportion of self-developed new drugs, with 93 new drugs approved by the National Medical Products Administration in 2024, marking a five-year peak [2] Research and Development - In 2024, China published over 20,000 SCI papers in the medical equipment field, leading globally in research output [3] - The bio-economy in China is characterized by a robust industrial foundation, with significant growth in the pharmaceutical and chemical sectors driven by advancements in synthetic biology and high-throughput screening technologies [3] Industry Transformation - The bio-industry is transitioning from "quantitative accumulation" to "qualitative leap," focusing on core technology breakthroughs, product quality upgrades, and enhancing supply chain resilience [4] - Notable innovations include the approval of the world's first "rice-derived" human serum albumin injection and the launch of the world's first 5.0T whole-body MRI system [4] Future Prospects - Innovations in synthetic biology and gene editing are driving rapid growth in bio-manufacturing, outpacing GDP growth, and positioning the bio-economy as a crucial sector in the future global economy [5]