Core Viewpoint - Baotai Biopharmaceutical Co., Ltd. has received approval from the European Commission for Usymro®, a biosimilar drug for treating moderate to severe plaque psoriasis, active psoriatic arthritis, and moderate to severe active Crohn's disease in adults and children, marking a significant milestone for the company [2][3] Company Overview - Baotai is a global biopharmaceutical company based in Guangzhou, China, focused on developing innovative drugs and biosimilars for various diseases, including cancer and autoimmune disorders [2][3] - The company has successfully launched multiple drugs, including Adalimumab and Tocilizumab, in various markets, establishing itself as a leader in antibody drug development [3] Recent Developments - The approval of Usymro® follows a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) in June 2025, highlighting the company's commitment to advancing its biosimilar pipeline [2] - In October 2024, Baotai signed a licensing and commercialization agreement with Gilead Sciences for BAT2206, another biosimilar, covering markets in the EU, UK, Switzerland, and other regions [2]

Financial Performance - Henlius achieved a revenue of RMB 2.82 billion in 2025 H1, representing a 2.7% year-over-year growth[5, 207, 212] - Product sales reached RMB 2.56 billion in 2025 H1, a 3.1% year-over-year increase[6, 207, 212] - The company's net profit was RMB 386 million, with a net profit margin of 13.8%[5, 6] - Net operating cash inflow reached RMB 770 million, showing a 207% year-over-year growth[6] Business Development & Out-licensing - BD contract cash inflow exceeded RMB 1 billion in 2025 H1, a 280% year-over-year growth[6] - Out-licensing deals include HLX13 (Ipilimumab) to Sandoz for up to USD 300 million, HLX15 (daratumumab) to Dr Reddy's for up to USD 131.6 million, and HANSIZHUANG (serplulimab) to Lotus in South Korea for up to USD 112 million[6, 48] - Recent major out-licensing products contributed cash inflow of approximately RMB 670 million in 1H25[47] Key Products Performance - HANSIZHUANG sales reached RMB 0.6 billion in 2025 H1[6] - HANQUYOU global revenue in 1H2025 was RMB 1.44 billion[146] - HANBEITAI revenue in 1H2025 was RMB 116 million[176] - HANNAIJIA revenue in 1H2025 was RMB 97 million[158] - HANLIKANG revenue in 1H2025 was RMB 274 million[186] - HANDAYUAN revenue in 1H2025 was RMB 27 million[186]

Core Viewpoint - Bio-Thera Solutions, Ltd. reported a revenue increase of 9.84% in the first half of 2025, driven by the sales of its products, including Adalimumab injection and Tocilizumab injection, while also noting a significant reduction in net losses compared to the previous year [3][4][5]. Company Overview and Financial Indicators - Bio-Thera Solutions is a biopharmaceutical company focused on the research and development of innovative drugs and biosimilars, classified under the pharmaceutical manufacturing industry [5]. - The company reported a total revenue of approximately CNY 441.89 million in the first half of 2025, compared to CNY 402.29 million in the same period of the previous year [3][4]. - The total profit for the period was a loss of CNY 124.77 million, an improvement from a loss of CNY 236.85 million in the previous year [3][4]. - The net assets attributable to shareholders decreased by 17.65% to CNY 583.12 million compared to the end of the previous year [3][4]. - The company’s R&D expenditure accounted for 78.94% of its revenue, a decrease of 21.12 percentage points from the previous year [4]. Industry Overview - The global pharmaceutical market has grown from USD 1,324.5 billion in 2019 to USD 1,472.3 billion in 2023, with a projected CAGR of 5.0% reaching USD 2,069.4 billion by 2030 [5]. - The Chinese innovative drug market is also on the rise, with a market size expected to grow from USD 132.5 billion in 2019 to USD 159.2 billion by 2024, reflecting a CAGR of 3.7% [5]. - The oncology treatment sector is the largest in the pharmaceutical industry, with significant growth in antibody-drug conjugates (ADC) and bispecific antibodies, showing annual growth rates of approximately 70% and 125%, respectively [6]. - The autoimmune disease drug market is projected to grow from USD 116.9 billion in 2019 to USD 158.5 billion by 2032, with a CAGR of 6.1% from 2019 to 2023 [7][8]. - Cardiovascular diseases are a major health concern in China, with a significant increase in the incidence of acute coronary syndrome (ACS), leading to a projected growth in percutaneous coronary intervention (PCI) procedures [9]. - The aging population is contributing to an increase in eye diseases, particularly age-related macular degeneration (AMD), with the number of patients expected to rise significantly by 2050 [10].

Core Viewpoint - The announcement indicates that CSPC Pharmaceutical Group Limited has received approval from the National Medical Products Administration of China to conduct clinical trials for Dupilumab Injection, a monoclonal antibody drug targeting IL-4Rα, which is a biosimilar to Dupixent [1] Group 1: Product Development - The product is a recombinant fully human monoclonal antibody drug designed for the treatment of moderate to severe atopic dermatitis in adults [1] - The development of the product follows the relevant research guidelines for biosimilars, ensuring compliance with regulatory standards [1] Group 2: Research Findings - Pharmaceutical and non-clinical research results demonstrate that the product is highly similar to the reference drug in terms of quality, safety, and efficacy, supporting the initiation of subsequent clinical studies [1]

Group 1 - The core point of the article is that CSPC Pharmaceutical Group (01093) has received approval from the National Medical Products Administration of China to conduct clinical trials for its drug Dupilumab Injection [1] - The product is a recombinant fully human monoclonal antibody targeting IL-4Rα and is a biosimilar to Dupixent, classified under Category 3.3 for therapeutic biological products [1] - The drug is intended for the treatment of moderate to severe atopic dermatitis in adults [1] Group 2 - The development of the product follows the relevant research guidelines for biosimilars [1] - Pharmaceutical and non-clinical research results indicate that the product is highly similar to the reference drug in terms of quality, safety, and efficacy, supporting the initiation of subsequent clinical studies [1]

Core Viewpoint - Jiuyuan Gene (02566) saw a nearly 24% increase in stock price, attributed to the upcoming board meeting to approve mid-term performance and the potential of its biosimilar drug Semaglutide in the domestic market [1] Company Developments - Jiuyuan Gene's stock rose by 23.72% to HKD 15.28, with a trading volume of HKD 41.215 million [1] - The company plans to hold a board meeting on August 18 to approve its mid-term performance [1] - Jiuyuan Gene is focusing on the metabolic field, particularly with its potential first domestic biosimilar of Semaglutide [1] Market Strategy - The company aims to leverage its first-mover advantage in the hospital market and expand accessibility through pharmacy networks and strategic partnerships with e-commerce platforms [1] - Jiuyuan Gene has granted overseas rights for Semaglutide to other domestic pharmaceutical companies, including a unique licensing agreement with Sinovac Biotech for major Latin American countries [1] - A product licensing agreement with Fosun Pharma allows them exclusive rights for clinical development, registration, and commercialization of Semaglutide and other products in the Middle East, North Africa, sub-Saharan Africa, and parts of ASEAN countries [1] - New drug applications for Semaglutide are expected to be submitted to Brazil and Saudi Arabia by 2025 [1]

Core Insights - The stock of Boan Biotech (06955) has increased by over 3%, currently trading at 18.88 HKD with a transaction volume of 313 million HKD [1] Group 1: Product Approval - Boan Biotech announced that its self-developed product, Bo You Ping® (Dulaglutide injection), has received approval from the National Medical Products Administration for market launch, aimed at blood sugar control in adult patients with type 2 diabetes [1] - Bo You Ping® is the world's first and currently the only approved biosimilar to Trulicity® (the English brand name), with no other domestic dulaglutide injections having entered the Biologics License Application (BLA) stage in China [1] Group 2: Commercialization and Collaboration - The commercialization of Bo You Ping® in mainland China will be conducted in collaboration with Shanghai Pharmaceuticals Holding Co., Ltd [1] Group 3: Technical Expertise - The development of dulaglutide, as a peptide-Fc fusion protein, involves complex processes, and the biosimilar's pharmaceutical (CMC) development is challenging [1] - The company possesses extensive technical expertise and experience in the CMC field, with an advanced process development platform that effectively controls critical quality attributes [1] - The innovative analytical platform has successfully developed control methods for key quality attributes, overcoming CMC technical challenges and facilitating the early approval of Bo You Ping® [1] Group 4: Clinical Trials - Beyond the Chinese market, Bo You Ping® has also been approved to conduct clinical trials in the United States [1]

Core Viewpoint - China National Pharmaceutical Group's subsidiary, Chengdu Tianqing, has received approval for its biosimilar Adalimumab (Taibowei) in Algeria, providing affordable treatment options for patients with autoimmune diseases in Belt and Road Initiative countries [1][2] Group 1: Product Approval and Market Impact - The approval of Taibowei marks a significant step in meeting the growing demand for high-quality biosimilars in Algeria, a key market in North Africa [2] - Adalimumab is a critical drug for treating various autoimmune diseases, including rheumatoid arthritis and psoriasis [1] - The successful approval reflects the company's commitment to innovation and internationalization, aligning with the Belt and Road Initiative [2] Group 2: Regulatory and Quality Management - The development of biosimilars requires demonstrating high similarity in quality, safety, and efficacy to the reference drug, with China's regulatory framework evolving since 2015 [1] - As of 2024, over 20 biosimilars have been approved in China, with Taibowei being a successful example of this process [1] - The company has established large R&D and production bases in Jiangsu, with multiple production lines certified by EU cGMP and US FDA, emphasizing the importance of quality management [1] Group 3: Future Strategy and Collaboration - The company plans to deepen collaboration with local partners in Algeria to accelerate the commercialization of its products [2] - The firm aims to leverage its established technology platform and existing biosimilars to support further international expansion [2] - Future efforts will focus on innovation and meeting clinical needs in Belt and Road countries, contributing to the "Health Silk Road" initiative [2]

Core Viewpoint - The company has received approval from the National Medical Products Administration for its self-developed product, Boyouping® (Dulaglutide Injection), which is the first and only biosimilar to Trulicity® approved for the treatment of type 2 diabetes in adults in China [1][3] Group 1: Product Development and Approval - Boyouping® is a long-acting GLP-1 receptor agonist that can improve pancreatic beta-cell function and effectively lower blood glucose and HbA1c levels [1] - The product's development process adhered to biosimilar guidelines from China, the US, and the EU, confirming its overall similarity to Trulicity® in quality, efficacy, safety, and immunogenicity [3] - The company has overcome complex CMC challenges in developing the biosimilar, leveraging its advanced technical expertise and analysis platforms [2] Group 2: Market Potential and Commercialization - China has the highest number of diabetes patients globally, with projections of approximately 148 million adults with diabetes in 2024, expected to rise to 168 million by 2050 [4] - The GLP-1 drug market in China is projected to reach approximately 6.376 billion RMB in 2024, driven by the increasing patient demand [4] - The company has granted exclusive commercialization rights of Boyouping® in mainland China to Shanghai Pharmaceuticals, which has a vast distribution network covering over 70,000 medical institutions [4]

Core Insights - The company has received approval from the National Medical Products Administration for its self-developed product, Boyouping (Dulaglutide Injection), aimed at blood sugar control in adult patients with type 2 diabetes, making it the first and only approved biosimilar of Trulicity globally [1][3] - Boyouping is developed in collaboration with Shanghai Pharmaceuticals Holding Co., Ltd., which will handle its commercialization in mainland China [1][4] Company Development - The complexity of the manufacturing process for Dulaglutide, a peptide-Fc fusion protein, presents significant challenges in developing its biosimilar, but the company has leveraged its expertise in Chemistry, Manufacturing, and Controls (CMC) to overcome these hurdles [2] - The company has established advanced platforms for process development and quality control, enabling it to successfully navigate CMC technical challenges and achieve market approval for Boyouping [2] Clinical Research - The development of Boyouping adhered to the biosimilar guidelines of China, the US, and the EU, confirming its overall similarity to Trulicity through a series of rigorous studies [3] - Key clinical studies comparing Boyouping and Trulicity in China demonstrated that Boyouping effectively lowers blood sugar and weight, with no clinically significant differences in safety and immunogenicity [3] Market Potential - China has the highest number of diabetes patients globally, accounting for over 25% of the total, with projections indicating approximately 148 million adult diabetes patients in China and 589 million worldwide by 2024 [4] - The GLP-1 drug market in China is expected to reach approximately 6.376 billion RMB in 2024, driven by the increasing patient demand [4] - The global sales of Trulicity are projected to be around 5.25 billion USD in 2024, highlighting the significant market opportunity for Boyouping [4]