Core Viewpoint - Kanghong Pharmaceutical is actively advancing its drug pipeline, focusing on innovative treatments and maintaining a strong market position in the ophthalmology sector, particularly with its anti-VEGF product, Conbercept [1][3]. Group 1: Drug Development and Clinical Trials - The company is conducting a review for Lifisert eye drops at the National Medical Products Administration [1]. - KH109 and KH110 are in Phase III clinical trials, with KH109 already having completed subject enrollment and KH110 still in the process [1]. - KH110 aims to provide an innovative Chinese medicine solution for Alzheimer's disease, potentially enhancing the company's competitiveness in this therapeutic area [2]. - The clinical research for anxiety disorders using KH109 is progressing steadily, with completion of Phase III enrollment expected by April 2025 [1][2]. Group 2: Market Performance and Strategy - The company anticipates double-digit growth for Shugan Jieyu capsules in 2024, outpacing the overall antidepressant market growth [1]. - Kanghong Pharmaceutical has successfully entered multiple national procurement lists for its chemical drugs, including the Shongling Xue Mai Kang capsule, which has been selected in 23 provinces [2]. - The company is committed to increasing R&D investments across innovative drugs, traditional Chinese medicine, and chemical generics to provide high-quality, cost-effective products [2]. Group 3: Competitive Landscape - Conbercept has established itself as a leader in the Chinese anti-VEGF market, competing against top global brands [3]. - The company has a successful track record of overcoming challenges in the market, demonstrating confidence in maintaining its competitive edge [3]. - The incidence rates for the five major indications of anti-VEGF products are stable, suggesting consistent market demand [3]. Group 4: Management and Operational Efficiency - The company plans to enhance internal control management and performance evaluation to improve overall management efficiency [4]. - There is a focus on advancing infrastructure projects for planned production and improving brand promotion and marketing management [4]. - Financial management will be strengthened, with an emphasis on cost control, budget execution, and monitoring of fund operations to mitigate financial risks [4].

Core Viewpoint - Heng Rui Medicine has officially launched its H-share global public offering, aiming to raise up to HKD 13.08 billion, marking the highest fundraising amount for a Hong Kong IPO by a pharmaceutical company in the past five years [1][2]. Group 1: IPO Details - The company plans to issue 224,519,800 H-shares, with 5.5% allocated for public offering in Hong Kong and 94.5% for international placement [1]. - The price range for the shares is set between HKD 41.45 and HKD 44.05, with the final price expected to be determined by May 22, 2025 [1]. - If the overallotment option is fully exercised, the total number of H-shares could reach 296,927,200 [1]. Group 2: Use of Proceeds - The funds raised will be used for R&D programs, building new production and R&D facilities in China and overseas, and for working capital and other general corporate purposes [2]. - The cornerstone investors include notable firms such as GIC, Invesco, and Hillhouse Capital, with their subscriptions accounting for 43.04% of the total offering [2]. Group 3: Financial Performance - In 2024, Heng Rui Medicine reported a revenue of CNY 27.985 billion, a year-on-year increase of 22.63%, and a net profit of CNY 6.337 billion, up 47.28% [3]. - For Q1 2025, the company achieved a revenue of CNY 7.206 billion, reflecting a 20.14% growth year-on-year, and a net profit of CNY 1.874 billion, up 36.90% [3]. Group 4: R&D Investment - The company has maintained high R&D investment, with expenditures reaching CNY 6.150 billion in 2023 and projected to increase to CNY 6.583 billion in 2024, representing over 23% of revenue [4]. - Cumulatively, the R&D investment since 2011 has reached CNY 46 billion, supporting ongoing innovation [4]. Group 5: Industry Trends - The trend of Chinese innovative pharmaceutical companies going public in Hong Kong is driven by policy, capital, and industry logic, with 30 A-share companies disclosing plans for Hong Kong IPOs since early 2025 [2][5]. - The shift from generic drugs to true innovation is seen as a necessary transition for the industry, with Hong Kong serving as a platform for global resource integration [2][5]. Group 6: Internationalization Strategy - The H-share listing is considered a critical step in Heng Rui Medicine's internationalization strategy, enhancing its brand influence and optimizing its capital structure [7]. - The company aims to leverage the Hong Kong market to expand its overseas business and international R&D collaborations [7]. Group 7: License-out Model - The License-out model has accelerated the internationalization of Chinese innovative pharmaceutical companies, allowing them to enter global markets by partnering with foreign firms [8][10]. - Heng Rui Medicine's recent licensing agreement with Hercules Company exemplifies this strategy, providing both upfront payments and equity stakes [9].

Core Viewpoint - Heng Rui Medicine is launching a global public offering of H-shares, aiming to raise up to HKD 13.08 billion, marking the highest fundraising amount for a pharmaceutical IPO in Hong Kong in the past five years [1][2]. Group 1: IPO Details - The company plans to issue 224,519,800 H-shares, with 5.5% allocated for public sale in Hong Kong and 94.5% for international placement [1]. - The price range for the shares is set between HKD 41.45 and HKD 44.05, with the potential to increase the total shares issued to 296,927,200 if the over-allotment option is fully exercised [1]. - The public offering in Hong Kong will conclude on May 20, 2025, with the final issue price expected to be determined by May 22, 2025 [1]. Group 2: Investor Participation - The IPO has attracted a strong lineup of cornerstone investors, including GIC, Invesco, UBS-GAM, Hillhouse Capital, and Boyu Capital, with total subscriptions exceeding HKD 4.1 billion, accounting for 43.04% of the offering size [2]. - The cornerstone investors will purchase shares at the mid-point of the issue price, indicating strong market confidence in the company [2]. Group 3: Financial Performance - In 2024, the company reported revenue of RMB 27.985 billion, a year-on-year increase of 22.63%, and a net profit of RMB 6.337 billion, up 47.28% [3]. - For Q1 2025, revenue reached RMB 7.206 billion, growing 20.14% year-on-year, while net profit increased by 36.90% to RMB 1.874 billion [3]. - The company has maintained high R&D investment, totaling RMB 8.228 billion in 2024, with a R&D expense ratio consistently above 20% [3]. Group 4: Strategic Importance of Listing - The Hong Kong listing is a crucial step in the company's international expansion strategy, enhancing its brand influence in the global pharmaceutical industry [4]. - The listing will optimize the capital structure and open new financing channels, supporting diversified funding efforts [4]. - It will also facilitate the expansion of overseas business and international R&D collaborations, strengthening the company's global competitiveness [4].

Group 1 - The company, Heng Rui Medicine, plans to globally issue approximately 225 million H-shares, with 12.3486 million shares available in Hong Kong and around 212 million shares for international offering [1] - The expected pricing date for the shares is May 21, 2025, with a price range of HKD 41.45 to HKD 44.05 per share [1] - The company has established a cornerstone investment agreement, with cornerstone investors agreeing to subscribe for shares totaling USD 533 million (approximately HKD 4.131 billion) [3] Group 2 - The company is recognized as a leading innovative pharmaceutical enterprise rooted in China, ranking highly in terms of innovative drug revenue and the number of new drug entities in clinical or later stages [2] - The company has committed to significant R&D investment, with 29.4% of total revenue allocated to R&D in 2024 [2] - The net proceeds from the global offering are expected to be approximately HKD 94.578 billion (assuming a mid-price of HKD 42.75 per share) or HKD 125.282 billion if the overallotment option is fully exercised [4] Group 3 - The company intends to allocate approximately 45% of the net proceeds for clinical research of innovative and pipeline drugs, 20% for the development of innovative drugs, and 10% for potential global acquisitions and collaborations [4] - Additionally, around 15% of the funds will be used for building new production and R&D facilities in China and overseas, with the remaining 10% for working capital and other general corporate purposes [4]

集团估计，经扣除承销佣金及其他集团就全球发售应付的估计费用后，集团将自全球发售获得募集资金 净额约94.58亿港元(假设发售价为每股H股42.75港元，即本招股章程所述发售价范围的中位数，并假设 发售量调整权及超额配股权未获行使)或125.28亿港元(倘发售量调整权及超额配股权获悉数行使)。集团 拟将全球发售募集资金净额用于以下用途：约75%将用于集团的研发计划;约15%将用于在中国和海外市 场建设新的生产和研发设施;余下约10%将用作集团的营运资金及其他一般企业用途。 集团已与GIC、Invesco Advisers、UBS AM Singapore等基石投资者订立基石投资协议，据此，基石投资 者已同意遵照若干条件，按发售价认购或促使其指定实体认购若干数目的发售股份(向下约整至最接近 每手200股H股的完整买卖单位)，总金额为5.33亿美元(假设发售价为每股发售股份42.75港元(即发售价 范围的中位数)。 对创新的这一执着追求，从集团的资金投入中可见一斑，2024年集团的研发投入(包括研发费用及资本 化研发支出)占总收入的百分比达29.4%。此外，集团致力于为股东带来可观的回报。自A股上市以来， 集团的累 ...

Core Viewpoint - Nocera Biopharma (688428.SH) has reported its first profitable quarter since its IPO, indicating a positive trend in its operations with significant revenue and profit growth in Q1 2025 [1][2] Financial Performance - The company achieved a revenue of 381 million yuan in Q1 2025, representing a year-on-year increase of 129.92% [1] - The net profit attributable to shareholders was 17.97 million yuan, up 112.62% year-on-year [1] - The net profit excluding non-recurring items was 1.59 million yuan, reflecting a growth of 101.19% year-on-year [1] - Operating cash flow turned positive for the first time, amounting to 56.52 million yuan [1] Product Performance - Sales revenue from the core product, Obinutuzumab (brand name: Yinuokai), reached 311 million yuan in Q1 2025, marking an increase of 89.22% year-on-year [2] - The growth in sales is attributed to the inclusion of three major indications for Obinutuzumab in medical insurance, particularly for marginal zone lymphoma [2] Strategic Partnerships - Nocera Biopharma and Connoa announced a licensing agreement with Prolium Bioscience for the development and commercialization of the CD20×CD3 bispecific antibody ICP-B02 (CM355) [2] - The agreement includes potential payments of up to 520 million USD, covering upfront and milestone payments, along with royalties on future product sales [2] Research and Development - The company has committed significant resources to R&D, with investments of 649 million yuan, 757 million yuan, and 815 million yuan planned for 2022, 2023, and 2024 respectively [3] - A strategic cooperation framework and research cooperation agreement was signed with Westlake University to support innovative drug development, with funding of up to 54 million yuan allocated for joint projects [3] Cash Position - As of March 31, 2025, Nocera Biopharma held approximately 7.78 billion yuan in cash and cash equivalents, providing a strong financial foundation for accelerating pipeline project development [2]

Summary of the Conference Call for 诺诚健华 Company Overview - **Company**: 诺诚健华 (Nuo Cheng Jian Hua) - **Industry**: Biotechnology and Pharmaceuticals Key Financial Performance - **Q1 2025 Financials**: - Achieved a net profit of 0.14 billion RMB, a significant turnaround from a loss of 1.45 billion RMB in the same period last year [2][4] - Total revenue reached 3.81 billion RMB, a year-on-year increase of 129.92% [4] - Cash reserves stood at 77.78 billion RMB, providing a solid foundation for future R&D and market expansion [2][4] Product Development and Approvals - **Obinutuzumab (奥布替尼)**: - Approved for first-line treatment of chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL), with expected growth over 35% for the year [2][8] - Revenue from Obinutuzumab reached 3.11 billion RMB, up 89.2% year-on-year [4] - **Mino-Kai (坦西妥单抗)**: - Received priority review for market approval, expected to fill unmet needs in diffuse large B-cell lymphoma treatment, with peak sales estimated at 0.5 to 1 billion RMB [2][21] - **ICP723 (NTRK Inhibitor)**: - Application for market approval accepted and prioritized, showing a total response rate of 85.5%, expected to be approved within a year [3][28] - **Self-immune Disease Pipeline**: - Advancements in clinical trials for PPMS and SPMS, with patient enrollment expected to start mid-2025 [6][12] - ITP phase III clinical trial expected to submit NDA in H1 2026 [6] Strategic Collaborations - **Partnership with Prologue**: - Global strategic cooperation worth 5.2 billion USD, with 8.75 million USD confirmed revenue in Q1 [7] R&D and Financial Metrics - **R&D Expenses**: - Q1 R&D expenses were approximately 208 million RMB, a 16.8% increase year-on-year, with an annual growth forecast of 15%-20% [2][9] - Gross margin improved to 90.5%, up from 85.4% year-on-year, attributed to increased sales of Obinutuzumab and reduced costs [9] Market Dynamics and Future Outlook - **Market Expansion**: - The company is focusing on expanding its market presence in the treatment of marginal zone lymphoma, with expectations of significant growth [24][38] - Plans to explore new indications and expand its pipeline, particularly in autoimmune diseases and ADC platforms [25][41] - **Impact of US Drug Pricing Reforms**: - Potential adjustments in US drug pricing could enhance the importance of the Chinese market for innovative drugs, with a diversified strategy for international expansion [18][19] Conclusion - **Future Growth**: - The company anticipates strong growth in 2025 and 2026, driven by new product launches and ongoing clinical trials [40][41] - Continued collaboration with research institutions to enhance R&D capabilities and expedite product development [41]

重庆华森制药股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 （一）重庆华森制药股份有限公司（以下简称"公司"或"华森制药"）第 三届董事会第十七次会议（以下简称"本次会议"）通知以书面及电话方式于 （二）本次会议于 2025 年 5 月 13 日 13 时 30 分在公司三楼会议室以现场表 决的方式召开。 （三）本次会议应到董事 9 名，实际出席并表决的董事 9 名。董事游洪涛、 刘小英、王瑛、游雪丹、游苑逸（Yuanyi You）、梁燕、李嘉明、杜守颖、秦少 容均为现场出席会议并进行表决，公司全体高级管理人员列席会议。 （四）公司董事长游洪涛先生主持会议。 （五）本次会议的通知、召集和召开符合《中华人民共和国公司法》等法律、 行政法规、部门规章、规范性文件及《重庆华森制药股份有限公司章程》的有关 规定。 二、董事会会议审议情况 证券代码：002907 证券简称：华森制药 公告编号：2025-041 本次成都奥睿药业有限公司（下称"奥睿药业"）股权变更完成后，公司及 其控股子公司重庆华森英诺生物科技有限公司（下称"华森英诺 ...

Transaction Overview - Company and its wholly-owned subsidiary, Chongqing Huason Yino Biotechnology Co., Ltd., will acquire 37.3619% equity of Chengdu Aorui Pharmaceutical Co., Ltd. to enhance innovation drug R&D capabilities and accelerate transformation [1][2] - After the transaction, the company and Huason Yino will hold a combined 66% equity in Aorui Pharmaceutical, which will be included in the company's consolidated financial statements [1][3] Background of the Transaction - The company participated as an angel investor in Aorui Pharmaceutical in June 2020, investing 30 million RMB at a capital increase price of 4.6146 RMB per registered capital [2] - Aorui Pharmaceutical has faced operational difficulties since 2023, triggering buyback clauses due to failure to submit clinical trial applications by the deadline [3][4] Financial and Operational Status of Aorui Pharmaceutical - Aorui Pharmaceutical reported a net loss of approximately 24.89 million RMB for the year ending December 31, 2024, with current liabilities exceeding current assets by about 11.08 million RMB [9] - The company’s total assets were approximately 26.76 million RMB, and net assets were about 12.98 million RMB as of December 31, 2024 [9] Valuation and Equity Transfer - The valuation report indicated that the book value of Aorui Pharmaceutical's equity was 12.98 million RMB, while the assessed value was 98.39 million RMB, reflecting a significant increase of 658.12% [10] - The equity transfer price is based on this valuation, ensuring fair pricing and protection of the company's and shareholders' interests [10] Strategic Importance of Aorui Pharmaceutical - Aorui Pharmaceutical's core asset, ORIC-1940, has received clinical approval and is positioned to address a critical medical need in treating secondary hemophagocytic lymphohistiocytosis (HLH) [19][20] - The integration of Aorui Pharmaceutical into the company's innovation drug segment is expected to enhance the overall R&D pipeline and success rates in drug development [20] Guarantee and Risk Management - The company will provide a guarantee of up to 26 million RMB for Huason Yino's obligations under the equity transfer agreement, with a three-year term [21][24] - The board believes that the financial condition of Huason Yino is stable, and the risks associated with the guarantee are manageable [24] Board Approval and Compliance - The transaction was approved by the board with unanimous consent, and it does not constitute a related party transaction or a major asset restructuring as defined by regulations [2][3]

Group 1: Collaboration and Research Development - The company collaborates with China Pharmaceutical University to establish a joint laboratory focused on innovative and generic drug development, aiming to enhance the scientific reliability and authority of new drug research [2] - The joint laboratory is currently in the early stages of drug screening and optimization, working on clinical candidate discovery and the establishment of an in vitro bioactivity evaluation platform [2] Group 2: Clinical Trials and Drug Development - The company is conducting Phase IIa clinical trials for the drug Paenagabin, with 70 cases enrolled in Phase Ia and 20 cases in Phase Ib [4] - Paenagabin is positioned as a me-better drug compared to Retigabine, which was withdrawn from the market due to stability and safety issues; Paenagabin shows higher activity and better distribution in the brain [3] - The company plans to expand the indications for Paenagabin based on Phase II clinical results and market demand, potentially including severe depression caused by KCNQ mutations [3][4] Group 3: Future Prospects and Market Strategy - The company anticipates entering Phase III clinical trials for the drug Fluorofenidone in the second half of 2025, which has been included in the list of breakthrough therapies by the National Medical Products Administration [5] - Fluorofenidone is expected to expand its indications to include patients with liver fibrosis caused by metabolic liver diseases, depending on clinical trial outcomes [5][6] Group 4: Shareholder Information - The reduction of shares by Yunnan International Trust is a passive action based on prior agreements and will not affect the company's long-term operations and development [6]