Group 1 - The core viewpoint of the article highlights that Hongshang Asset has conducted research on Baicheng Pharmaceutical, focusing on its dual development strategy of innovative and generic drug research [1] - Baicheng Pharmaceutical is actively seeking new business growth points and has a wide range of innovative drug research projects in critical medical fields such as oncology, autoimmune diseases, neuropsychiatric disorders, and respiratory diseases [1] - The company is advancing several key projects, including the small molecule innovative drug BIOS-0635 for tumor treatment and multiple large molecule innovative drugs, with a strong emphasis on developing a drug targeting the KT6 site for solid tumors [1] Group 2 - Baicheng Pharmaceutical has established multiple mature organoid models for evaluating the efficacy of anti-tumor drugs, personalized precision medicine, and drug toxicity prediction [1] - The company has a new drug research platform that encompasses several key technology platforms, with a team of over 200 people, of which more than 80% hold master's or doctoral degrees [1] - The market potential for the 0618 target, which addresses osteosarcoma (OS) and neuropathic pain, is significant, especially given the large number of OS patients [1] Group 3 - Hongshang Asset was founded in October 2013, in collaboration with Sequoia Capital, and is recognized as a prominent private equity fund company in China [2] - The company focuses on absolute return goals in equity investment strategies, driven by fundamental research capabilities [2] - The investment research team at Hongshang Asset includes experienced professionals from large fund companies and award-winning analysts, ensuring robust management and industry influence [2]

2、7月1日，国家医保局、国家卫生健康委联合印发了《支持创新药高质量发展的若干 措施》，提出加大创新药研发支持力度，鼓励商业健康保险公司通过创新药投资基金等 多种方式，为创新药研发提供稳定的长期投资，培育支持创新药的耐心资本。 2、美国总统特朗普7月2日宣布，美国将对越南出口商品征收20%关税，任何从第三国 通过越南转运的商品将面临40%的关税。他并称，越南将对美国产品征收零关税。 01 重要事件回顾 1、6月份，中国制造业采购经理指数(PMI)为49.7%，比上月上升0.2个百分点，中美关 税降级影响仍在逐渐显现，修复速度略有放缓。6月制造业PMI分项普遍修复，生产、订 单、进口、价格等普遍修复，但就业指标小幅回落。 3、美国6月非农就业人数大幅超预期。美国6月季调后非农就业人口录得14.7万人，预 期为11万人，高于5月修正后的14.4万人。美国6月失业率录得4.1%，为2月份以来的最 低水平，低于预期4.3%。数据公布后，目前市场对九月份美联储降息的概率约为80%。 4、7月1日参议院通过《大而美丽法案》。7月3日美国众议院以218:214通过修改后的 《大而美丽法案》。白宫表示，美国总统特朗普将于当地 ...

Group 1: Innovation Drug Development - The company is actively pursuing new business growth points through dual development of innovative and generic drugs, focusing on self-initiated innovative drug projects in key medical fields such as oncology, autoimmune diseases, and respiratory diseases [1] - The small molecule innovative drug R&D center has two approved cases, with several ongoing projects including BIOS-0629, BIOS-0623, BIOS-0632, and BIOS-0635, the latter being a key project targeting tumors [1][2] - The global market for targeted cancer drugs is over 60%, with immunotherapy accounting for 23.4% of the market, indicating a growing demand for innovative treatments [2] Group 2: Organoid Technology - Organoids have been recognized as a significant technology since 2013, with multiple mature organoid models developed by the company for drug efficacy evaluation and personalized medicine [3] - The company has established a service platform for organoids, focusing on drug screening, efficacy evaluation, and safety assessment, enhancing the precision and efficiency of drug development [4] Group 3: Market Potential of Drug 0618 - Drug 0618 targets the H3 receptor and addresses two indications: daytime sleepiness in OSA patients, with approximately 2.1 billion OSA patients in China, and neuropathic pain affecting around 90 million people [6] - The market expectations for the competing drug Pitolisant are significant, with projected sales of $582 million in 2023 and $710 million in 2024 [6] Group 4: New Drug R&D Platform and Team - The company’s new drug development encompasses various stages from compound discovery to clinical trials, focusing on both fast follow-on and first-in-class products [7] - The R&D team consists of over 200 members, with more than 80% holding advanced degrees, emphasizing the importance of talent in the industry [8] - The company collaborates with universities and research institutions to attract top talent, ensuring a strong foundation for innovative drug development [8]

Core Viewpoint - Hansoh Pharmaceutical is a leading innovation-driven pharmaceutical company in China, focusing on major disease treatments and achieving significant growth in revenue and innovative drug sales [2] Company Overview - Hansoh Pharmaceutical Group Limited is recognized for its commitment to continuous innovation aimed at improving human life quality, with a focus on oncology, anti-infection, central nervous system, metabolism, and autoimmune diseases [2] - The company has established itself among the top 100 global pharmaceutical companies and is a key high-tech enterprise in China, having been listed on the Hong Kong Stock Exchange since June 2019 [2] Research and Development - Hansoh has set up four R&D centers in Shanghai, Lianyungang, Changzhou, and Maryland, USA, employing over 1,800 specialized R&D personnel [2] - The company has developed a comprehensive R&D system covering all stages from information gathering to clinical research, and has established several national-level research institutions [2] - Currently, there are 40 candidate innovative drug projects undergoing over 60 clinical trials, showcasing a competitive R&D pipeline [2] Financial Performance - In 2024, the company reported a revenue of 12.261 billion yuan, representing a year-on-year growth of 21.3%, with innovative drugs and cooperative product sales accounting for 9.477 billion yuan, or 77.3% of total revenue [2] - Seven innovative drugs have been approved for market launch, with nine indications included in the national medical insurance directory, significantly reducing patient medication costs [2] International Strategy - Hansoh is actively pursuing business development collaborations, having engaged in 11 introduced projects, with nine in clinical stages and two in commercialization [2] - The company has established licensing collaborations with leading international pharmaceutical firms such as GSK and Merck [2] Sustainability and Quality Standards - Hansoh integrates ESG principles into its long-term strategy, maintaining an MSCI ESG rating of AA and leading in key areas such as corporate governance and inclusive healthcare [2] - The company’s production quality system has received official certifications from the FDA, EMA, and PMDA, allowing its products to be sold in major international markets [2]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) has shown a strong increase of 1.56% as of July 4, 2025, with notable gains from constituent stocks such as Zhenhua Cell (688520) up 14.55%, Rongchang Bio (688331) up 12.37%, and Shanghai Yizhong (688091) up 8.67% [1] - The Sci-Tech Biopharmaceutical ETF (588250) rose by 1.62%, with a latest price of 1.13 yuan, and has accumulated a 2.88% increase over the past week as of July 3, 2025 [1] - Baili Tianheng announced that its self-developed first-in-class EGFRXHER3 dual antibody ADC (iza-bren) has reached its primary endpoint in a Phase III clinical trial for nasopharyngeal carcinoma, marking it as the first dual antibody ADC to enter Phase III globally [1] Group 2 - Changchun High-tech's IL-1β monoclonal antibody (Fuxin Qibai) has been approved for the acute gout market, which is projected to be worth billions, and is noted for its rapid onset and low recurrence rate compared to existing NSAIDs and steroid therapies [2] - The approval of this product is expected to enhance Changchun High-tech's product portfolio in the adult autoimmune sector and strengthen its competitive position in the pharmaceutical market [2] - The policy to open public data resources in the medical insurance sector for innovative drug development is anticipated to significantly improve the efficiency of innovative drug research and development [2] Group 3 - As of June 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) include Yuying Medical (688271), BeiGene (688235), and Huatai Medical (688617), with these ten stocks accounting for a total of 50.3% of the index [3]

Core Viewpoint - The Hong Kong stock market's innovative drug sector shows signs of recovery in the first half of 2025, with companies like BoKang Vision preparing for IPOs, indicating a potential investment opportunity in the ophthalmic drug market [1][9]. Company Overview - BoKang Vision, established in 2015, is a clinical-stage ophthalmic biotech company focusing on innovative therapies for eye diseases, with a pipeline that includes eight candidate drugs, four of which are in clinical stages [2][6]. - The company plans to raise funds through an IPO on July 3, 2025, aiming to develop and commercialize two core ophthalmic drugs [1][6]. Product Pipeline - The two core products, CBT-001 and CBT-009, target pterygium and myopia in adolescents, respectively. CBT-001 is the first targeted therapy for pterygium in Phase III clinical trials, while CBT-009 is the only clinical candidate using a non-aqueous formulation [4][5]. - CBT-001 has completed patient enrollment for multi-center trials in the U.S. and China, marking a significant milestone in its development [4][6]. Market Potential and Challenges - The innovative drug market remains attractive, particularly for "first-in-class" therapies, but BoKang Vision faces challenges in commercializing its products due to a lack of revenue and the need for substantial funding [6][8]. - The pricing strategy for CBT-001 and CBT-009 is set against existing competitors, but the low treatment rates for pterygium may hinder market penetration [11][12]. Financial Overview - BoKang Vision reported no revenue in 2022 and 2023, with projected revenue of $10 million in 2024, primarily from licensing agreements [6][8]. - The company has incurred significant operating losses, with R&D expenses increasing substantially, indicating a high burn rate of cash reserves [14][6]. Competitive Landscape - The company faces intense competition in the myopia treatment market, with over 15 similar drugs in development and recent approvals for competing products [13][12]. - The competitive environment is expected to intensify as rivals gain regulatory approval, potentially impacting BoKang Vision's market position and pricing power [13][12]. Strategic Recommendations - To succeed, BoKang Vision must accelerate the commercialization of its core products and adopt a flexible pricing strategy, possibly exploring insurance or assistance programs to enhance market access [15][12]. - Collaborating with multinational pharmaceutical companies could help mitigate risks and expedite the commercialization process [15][12].

Core Insights - Cloudbreak Pharma Inc. is set to launch an IPO and aims to list on the Hong Kong Stock Exchange, focusing on innovative ophthalmic therapies to address unmet medical needs globally [1][16] - The company has developed a pipeline of eight candidate drugs, with four in clinical stages, including two core products, CBT-001 and CBT-009, which show significant market potential [3][12] Product Potential - CBT-001 is a potential first-in-class drug for the prevention and treatment of pterygium, a common benign eye surface disease, with no approved treatments currently available globally [4][5] - CBT-001 acts as a small molecule multi-kinase inhibitor, directly targeting receptors to inhibit angiogenesis and fibrosis, potentially reducing the need for surgical intervention [6][7] - The global pterygium patient population is projected to grow from 974 million in 2023 to 1.059 billion by 2033, with the market for pterygium treatments expected to reach $1.78 billion by 2028, growing at a CAGR of 58.6% [7] Market Opportunity - CBT-009 targets juvenile myopia and is a non-aqueous atropine eye formulation, expected to have higher safety and stability compared to traditional aqueous formulations [11] - The juvenile myopia treatment market is projected to grow from $90 million in 2023 to $3.697 billion by 2033, with significant growth in China, where the market is expected to reach $347.9 million by 2028 [11] Research and Development - The company has significantly increased its R&D spending, from $15.29 million in 2022 to $37.94 million in 2024, indicating a strong commitment to innovation [13] - Cloudbreak Pharma has established three R&D centers in the U.S. and China and has developed proprietary technology platforms to enhance its drug development capabilities [14] Commercialization Progress - The company has made strides in commercialization, including exclusive licensing agreements with major pharmaceutical companies for the distribution of CBT-001 in Greater China and other regions [15] - The strategic partnerships are expected to generate up to $91 million in upfront and milestone payments, along with a percentage of future net sales [15] Conclusion - Cloudbreak Pharma is positioned in a lucrative ophthalmic market with strong product potential, robust R&D capabilities, and promising commercialization prospects, making it an attractive investment opportunity [16]

Summary of Baicheng Pharmaceutical Conference Call Company Overview - Baicheng Pharmaceutical has been transitioning to innovative drug development since 2018, responding to changes in centralized procurement policies and the MH system [2][4] - The company has received two IND approvals for innovative drugs and 11 clinical approvals for improved new drugs [2] Core Business and R&D Focus - The company has three main R&D platforms: small molecule innovative drug development, large molecule innovative drug development, and innovative drug discovery and evaluation [6] - Key products include: - Small molecule drug 0,618 targeting neuropathic pain and OSA (Obstructive Sleep Apnea) daytime sleepiness, with significant market potential [2][14] - Antitumor drug XPO1 target 0,629 showing superior efficacy in mouse trials compared to positive controls [2][15] - Other ongoing projects include 0,623 for itching and pain, 0,632 for neuropathic pain, and 0,635 for tumors [6][18] Business Development (BD) Strategy - Baicheng Pharmaceutical is actively expanding its BD market, targeting global markets including Africa, Southeast Asia, Japan, Korea, and Europe, and has obtained EU CEP certification [2][7] - The company aims to make BD a key focus for 2025, seeking to finalize projects through business collaborations [2][9] Financial Performance and Future Outlook - In Q1 2025, the company continued to experience a pessimistic trend with losses exceeding 20 million yuan, but hopes for gradual improvement throughout the year [3] - The company plans to maintain an annual investment of approximately 20% in innovative R&D [5][19] Market Trends and Regulatory Environment - The domestic and international BD markets are thriving, with increasing quality and quantity of Chinese innovative drugs [7][12] - Recent government policies are supportive of innovative drug development, providing unprecedented opportunities [12] Potential Products and Market Prospects - The 0,618 project is expected to enter Phase II clinical trials in July 2025, with significant market potential due to the high prevalence of OSA [14] - The company has a broad layout in oncology, enteritis, allergy, and itching drugs, with promising market prospects [13] Long-term Vision - The actual controller and chairman of Baicheng Pharmaceutical expresses confidence in the company's long-term development and plans to increase shareholding [10][20] - The company aims to embrace the capital market for stable long-term growth and value creation [10] Class Organoid Technology - Baicheng Pharmaceutical is investing in organoid technology, which is seen as a future trend for drug development, potentially replacing animal testing [11] Conclusion - Baicheng Pharmaceutical is in a transitional phase from generic to innovative drug development, with a strong focus on R&D and strategic partnerships to enhance its market position and product pipeline [20]

Group 1 - Baili Tianheng announced a significant breakthrough in its clinical trial for Lankang Yilong Monoclonal Antibody, achieving the primary endpoint in a Phase III trial for recurrent or metastatic nasopharyngeal carcinoma [2] - The drug was licensed to Bristol-Myers Squibb for an upfront payment of $800 million, with a potential total deal value of up to $8.4 billion, marking the highest transaction for a single asset in the ADC field globally [2] - The company is currently conducting over 40 clinical trials in China and the US for various tumor types with Lankang Yilong Monoclonal Antibody [2] Group 2 - Dizhe Pharmaceutical's Shuwotini tablet received FDA approval for adult patients with locally advanced or metastatic non-small cell lung cancer with EGFR exon 20 insertion mutations [3] - Shuwotini has received four breakthrough therapy designations (BTD) in China and the US, and it was granted "priority review" status by the FDA, which accelerates the review process for drugs that show significant safety or efficacy breakthroughs [3] - A total of 10 domestic innovative drugs have been approved for market entry in the US, with four of them coming from companies listed on the STAR Market [3] Group 3 - The breakthroughs achieved by Baili Tianheng and Dizhe Pharmaceutical reflect the rising strength of China's biopharmaceutical industry, showcasing the transition from "follower" to "leader" in innovative drug development [3] - This development signifies a shift from "following and copying" to "independent innovation," positioning China as a core player in global innovative drug research and development [3]

Group 1 - Baili Tianheng announced that its drug Iza-bren (BL-B01D1) for nasopharyngeal carcinoma achieved its primary endpoint in a Phase III clinical trial, marking it as the first dual antibody ADC to complete such a study globally [2][3] - The drug was licensed to Bristol-Myers Squibb for an upfront payment of $800 million, with a potential total deal value of up to $8.4 billion, representing the highest transaction for a single asset in the ADC field [2] Group 2 - Dize Pharma received FDA approval for its drug ZEGFROVY® (Shuwotini), which is indicated for adult patients with locally advanced or metastatic NSCLC with EGFR exon 20 insertion mutations, following disease progression after platinum-based chemotherapy [3][4] - Shuwotini has been recognized with four breakthrough therapy designations in China and the U.S., making it the only drug to achieve "BTD Grand Slam" for treating EGFR exon 20 insertion NSCLC [4] Group 3 - The breakthroughs by Baili Tianheng and Dize Pharma reflect the rising strength of China's biopharmaceutical industry, showcasing a shift from being "followers" to "leaders" in innovative drug development [5] - As of now, 10 domestic innovative drugs have been approved for marketing in the U.S., with four of them coming from companies listed on the STAR Market [5] - Recent policies from the National Healthcare Security Administration and the National Health Commission aim to support the high-quality development of innovative drugs through various measures, injecting vitality into China's innovative drug sector [5]