Core Viewpoint - The company has received approval from the National Medical Products Administration of China for clinical trials of IMM01 (Tida-paisip) for the treatment of atherosclerosis, marking a significant milestone in its product development [1] Group 1: Product Development - IMM01 (Tida-paisip) is an innovative targeted CD47 molecule and the first SIRPα-Fc fusion protein to enter clinical stages in China [1] - The product activates macrophages through a dual mechanism by blocking the "don't eat me" signal and delivering the "eat me" signal via Fc-gamma receptors [1] - The CD47 binding domain of IMM01 has been specially modified to avoid binding with human red blood cells, enhancing its safety profile [1] Group 2: Regulatory Milestones - IMM01 (Tida-paisip) has been granted orphan drug designation by the FDA for first-line treatment of CMML in combination with Azacitidine as of November 2023 [1] Group 3: Intellectual Property - The company holds global intellectual property and commercialization rights for IMM01 (Tida-paisip), with a patent family that includes granted patents in China, the United States, Japan, and the European Union [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1541） ImmuneOnco Biopharmaceuticals (Shanghai) Inc. 宜明昂科生物醫藥技術（上海）股份有限公司 – 1 – 本集團擁有IMM01（替達派西普）的全球知識產權及商業化權利。截至本公告日 期，就IMM01（替達派西普）而言，本集團擁有一個專利家族，其中包括在中國、 美國、日本及歐盟的已授權專利。 根據香港聯合交易所有限公司證券上市規則第18A.05條的警示聲明：本公司無 法保證能夠成功開發或最終上市銷售IMM01（替達派西普）。本公司股東及潛在 投資者在買賣本公司股份時應謹慎行事。 承董事會命 宜明昂科生物醫藥技術（上海）股份有限公司 自願公告 IMM01（替達派西普）獲國家藥監局批准進行 動脈粥樣硬化治療的臨床試驗 本公告由宜明昂科生物醫藥技術（上海）股份有限公司（「本公司」，連同其附屬 公司統稱「本集 ...

Core Viewpoint - Chengdu XianDao is positioned as an innovative technology-driven biotechnology company, focusing on drug discovery and optimization through advanced platforms and technologies, including a large DNA-encoded small molecule library and AI integration [2][4][12]. Company Overview - Chengdu XianDao is a leading innovative biopharmaceutical company with the world's largest known DNA-encoded small molecule library, focusing on small molecule and nucleic acid drug discovery and optimization [2]. - The company has developed several core technology platforms, including DNA-encoded library (DEL) technology, fragment-based drug design (FBDD/SBDD), oligonucleotide-based drug development (OBT), and targeted protein degradation (TPD) [2][3]. Technological Capabilities - The company is constructing an automated closed-loop DEL+AI+automated DMTA (Design-Synthesis-Testing-Analysis) molecular optimization platform to accelerate the discovery and optimization of preclinical drug candidates [3]. - Chengdu XianDao's DEL technology allows for high-throughput screening of over 120 billion small molecules, significantly enhancing the efficiency of drug discovery [2][15]. Market Trends and Strategic Focus - The global biopharmaceutical industry is rapidly expanding, with a notable increase in innovative drug approvals. In 2024, the FDA approved 50 new drugs, with 32 being new chemical entities [7][8]. - Chengdu XianDao is strategically focusing on high-potential therapeutic areas such as oncology, inflammation, and autoimmune diseases, with the global oncology drug market projected to reach $304.8 billion by 2025 [8][9]. AI Integration in Drug Development - The company is leveraging AI to enhance drug discovery processes, focusing on building predictive models for compound affinity and optimizing molecular design through automated systems [12][13]. - However, challenges remain in fully integrating AI into drug development, with current applications primarily serving as research aids rather than providing systematic predictive outcomes [15][17]. Business Model and Growth Strategy - Chengdu XianDao aims to establish a sustainable and profitable business model by balancing its own drug pipeline with collaborative research projects, ensuring compliance with commercial rules and avoiding conflicts of interest with clients [6][7]. - The company emphasizes the importance of generating revenue growth to support its business expansion and technological advancements [7].

Summary of Haizhi Science Conference Call Company Overview - **Company**: Haizhi Science (海思科) - **Key Focus**: Development and commercialization of innovative pharmaceuticals, particularly in the respiratory system and oncology sectors Key Industry Insights - **Collaboration with Frasier**: Haizhi Science is collaborating with Frasier to advance the clinical development and commercialization of PD34 in the U.S. Frasier has raised $220 million to support Phase I and II clinical trials, aiming for FDA approval by 2030 [2][4] - **Market Strategy**: The partnership with Frasier allows Haizhi Science to retain rights in the Chinese market while leveraging Frasier's expertise in respiratory drug development and funding capabilities [2][5] - **International Business Development (BD)**: Previous licensing agreements for TYK2 and DTP1 with Alumis and Casey demonstrate Haizhi Science's BD strength and lay the groundwork for future international collaborations [2][6] Core Product Development - **PD34 Potential**: PD34 is projected to have peak sales in the billions if successfully commercialized. The collaboration with Frasier is expected to accelerate its entry into the U.S. market [2][7] - **Clinical Trials**: Key Phase II data for PD34 is expected to be disclosed in early 2026, with plans for Phase III trials to follow. The company anticipates submitting a New Drug Application (NDA) in China by late 2027 or early 2028 [2][9] - **DPI Product 39,004**: This product is designed to meet various usage scenarios and has shown promising initial efficacy in clinical trials. It combines mixed rotation and DPI (dry powder inhaler) technologies [2][9] Financial Aspects - **Revenue Sharing**: Haizhi Science will receive a double-digit percentage of revenue from licensing agreements based on the development stage of assets in the U.S. [2][8] - **Future Licensing Opportunities**: The company plans to pursue additional licensing agreements and aims to report a new product by the end of 2026, with two to three more expected in 2026 [3][21] Competitive Landscape - **Differentiation**: 39,004 offers advantages over competitors by addressing various treatment backgrounds and demonstrating effective results in complex patient populations [2][9] - **Market Positioning**: Haizhi Science is strategically avoiding highly competitive areas in the domestic market while focusing on therapeutic areas like anesthesia, metabolism, and respiratory diseases [19] Future Directions - **Long-term Vision**: The company aims to transform into an innovative drug company over the next decade, focusing on unique and challenging products rather than generic competition [17][22] - **International Expansion**: Haizhi Science is committed to expanding its international presence and learning from global market leaders to enhance its competitive edge [16][19] Recent Achievements - **Product Pipeline**: Haizhi Science has four key molecules in development, with significant progress in clinical trials and regulatory submissions expected in the coming years [3][13][23] - **Market Recognition**: The company has successfully integrated several products into the healthcare system and is actively pursuing international collaborations [23] Conclusion - **Commitment to Innovation**: Haizhi Science is focused on advancing its product pipeline and expanding its market reach through strategic partnerships and innovative drug development, positioning itself for significant growth in the pharmaceutical industry [21][22]

Core Viewpoint - The announcement highlights the inclusion of DR10624, a novel long-acting tri-target agonist developed by Zhejiang Daor Bio, in the list of breakthrough therapies for severe hypertriglyceridemia (sHTG), indicating significant potential for addressing this public health issue [1]. Group 1: Product Development and Clinical Research - DR10624 is a first-in-class tri-specific agonist targeting FGF21R, GCGR, and GLP-1R, with clinical research approvals from China's CDE and the US FDA for sHTG [1]. - The Phase II clinical study (DR10624-201) results are set to be presented at the 2025 American Heart Association Scientific Sessions, showcasing its innovative approach in treating sHTG [1]. Group 2: Clinical Efficacy and Safety - Clinical data from the DR10624-201 study demonstrate strong lipid-lowering effects and good safety profiles, with additional benefits in reducing liver fat and metabolic regulation [2]. - Traditional lipid-lowering medications have limited efficacy in reducing triglyceride levels below 500 mg/dL, highlighting the need for more effective treatments like DR10624 [2]. Group 3: Public Health Implications - The increasing prevalence of hypertriglyceridemia, with approximately 10% of adults affected globally, underscores the urgent need for better therapeutic options for sHTG, which is associated with serious health risks [2][3]. - DR10624's potential to significantly lower triglycerides and improve inflammatory lipid profiles positions it as a promising innovative therapy for sHTG and related metabolic diseases [3].

Core Viewpoint - Guangzhou's Huangpu and Tianhe districts are focusing on the biopharmaceutical sector, showcasing innovative drugs and leveraging AI technology to enhance drug development efficiency [1][2][6]. Group 1: Innovative Drug Development - The innovative drug AR882 by Yipin Hong Pharmaceutical demonstrates significant efficacy in treating gout, filling a gap in oral small molecule medications [1][2]. - By 2025, China's innovative drug BD transaction scale is expected to account for 49% of the global market, with Guangzhou enterprises becoming key players in the global innovation network [2]. - Baiyoutai has achieved overseas authorization for five products totaling $750 million, with a goal of doubling annual revenue starting in 2026 and aiming for 15 global product launches by 2030 [3]. Group 2: AI Integration in Biopharmaceuticals - AI technology is becoming a crucial driver for the biopharmaceutical industry, enhancing research and production capabilities [6][7]. - Collaborations between local hospitals and AI companies aim to streamline drug discovery processes, significantly reducing the time from basic research to clinical trials [6][7]. - The global pharmaceutical AI market is projected to grow from over $4 billion in 2025 to $25.7 billion by 2030, indicating vast potential for AI in drug development [8]. Group 3: Supportive Ecosystem and Policies - The establishment of the National University Regional Technology Transfer Center in the Guangdong-Hong Kong-Macao Greater Bay Area is accelerating the transformation of research results into practical applications [5]. - Policies such as expedited approval for innovative medical devices and R&D incentives are fostering a conducive environment for biopharmaceutical innovation [4].

Core Viewpoint - Hainan Haiyao's innovative drug project, Paengabine, has successfully completed Phase IIa clinical trials, showing promising results for treating refractory epilepsy [1] Group 1: Clinical Trial Results - The Phase IIa clinical trial for Paengabine, developed in collaboration with the Shanghai Institute of Materia Medica, has met both primary and secondary clinical endpoints [1] - The drug, a new generation KCNQ potassium channel agonist, is the first of its kind globally and is intended for the treatment of refractory epilepsy [1] - Initial exploratory efficacy indicators suggest that Paengabine can effectively reduce the frequency of seizures in patients with focal epilepsy after 8 weeks of continuous use [1] Group 2: Regulatory and Development Milestones - Paengabine received approval for clinical trials from the National Medical Products Administration and has completed Phase I trials in healthy subjects [1] - The Phase IIa trial was designed as a randomized, double-blind, placebo-controlled study to evaluate the safety, tolerability, efficacy, and pharmacokinetics of Paengabine in patients with focal epilepsy [1] - The trial results indicate that Paengabine has good safety and tolerability profiles, with overall risks being manageable [1]

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 71.95 CNY per share [4]. Core Insights - The report highlights that the company is entering a significant growth phase with multiple new products in the domestic market and the overseas market poised for key data readouts, particularly for the long-acting eye drug EYP-1901 [1][2][3]. Summary by Sections Overseas Market - EYP-1901, a long-acting eye drug, is expected to read out phase 3 clinical data for wet age-related macular degeneration (wAMD) by mid-2026, which could catalyze significant market potential [2][24]. - The competitive landscape for VEGF small molecule eye drugs is favorable, with EYP-1901 leading in development progress [2][30]. - EYP-1901 offers a differentiated advantage with a dosing frequency of once every six months, which is expected to significantly improve patient adherence compared to current treatments like Aflibercept, which requires dosing every two months [2][34]. Domestic Market - The company has several new products entering a rapid growth phase, including plant-derived recombinant albumin and long-acting factor VIII, which are expected to capture significant market share [3][21]. - The sales of Enasidenib and Bevacizumab are accelerating, indicating strong growth potential in the lung cancer and other oncology markets [3][21]. - Revenue projections for the company are optimistic, with expected revenues of 3.55 billion CNY, 4.46 billion CNY, and 5.48 billion CNY for 2025, 2026, and 2027 respectively, alongside net profits of 409 million CNY, 704 million CNY, and 896 million CNY for the same years [3][8]. Financial Forecast - The company is projected to achieve a revenue growth rate of approximately 15.9% year-on-year for the first three quarters of 2025, driven by the launch of multiple new drugs [17][21]. - The earnings per share (EPS) are expected to increase from 0.97 CNY in 2025 to 2.13 CNY in 2027, reflecting a strong growth trajectory [8][21].

Core Viewpoint - The announcement highlights the collaboration between the company's subsidiary, Huyou Haiyue, and AstraZeneca to conduct clinical trials for HYP-6589 in combination with Osimertinib for treating specific types of non-small cell lung cancer [1] Group 1: Company Developments - Huyou Haiyue has developed HYP-6589, a highly selective SOS1 small molecule inhibitor, which is currently in the clinical trial phase [1] - The collaboration with AstraZeneca involves a clinical trial agreement to study the safety, tolerability, pharmacokinetics, and efficacy of HYP-6589 both as a monotherapy and in combination with Osimertinib [1] Group 2: Industry Context - Osimertinib, marketed as Tagrisso, is a third-generation oral epidermal growth factor receptor tyrosine kinase inhibitor developed by AstraZeneca, already approved in China for specific non-small cell lung cancer treatments [1] - The partnership aims to explore innovative treatment options in the oncology sector, particularly for non-small cell lung cancer, which remains a significant area of focus in cancer research [1]

Core Viewpoint - Hainan Haiyao's subsidiary has successfully completed Phase IIa clinical trials for the innovative drug Paenagabin, which shows promise as a new treatment for refractory epilepsy [1] Group 1: Clinical Trial Results - The Phase IIa clinical trial for Paenagabin has met both primary and secondary clinical endpoints [1] - Paenagabin is classified as a Class 1 chemical drug and is a novel anti-epileptic medication, specifically a next-generation KCNQ potassium channel activator [1] - Currently, there are no marketed products globally for Paenagabin, indicating a unique market opportunity [1] Group 2: Future Development - The completion of Phase IIa is only a preliminary step; further Phase IIb and III clinical trials are required before seeking approval from the National Medical Products Administration for market entry [1] Group 3: Shareholding Changes - Yunnan International Trust plans to reduce its holdings in Hainan Haiyao by up to 12.9737 million shares, representing 1% of the company's total share capital [1]