当前国内小核酸药物市场以进口药物为主，国内市场相较于全球市场有较大的发展空间。随着政策支持 与资本投入的不断增加，国内小核酸药物研发进展迅速，在全球市场蓬勃发展、国内市场即将迎来快速 增长的背景下，公司计划尽早布局小核酸药物领域，有望抢占市场先机，凭借对本土市场需求的深入理 解，精准开发契合国内患者的产品。同时该药物与公司心脑血管治疗领域的战略规划深度适配，既有利 于提升公司研发层面的核心竞争力，也能为创新药产品储备注入新动能，推动公司在该领域持续深耕。 本次合作旨在以南京大学在核酸药物领域雄厚的科研实力与前期研究基础，结合公司的产业化与临床开 发能力，共同推进创新药物的研发与上市。 格隆汇11月18日丨联环药业(600513.SH)公布，公司拟与南京大学签订《技术合作开发合同》，合同标 的为双方联合研发抗血栓小核酸药物。合同总金额为1,500.00万元人民币（含税），根据项目开发计 划，公司按照合同约定分期向南京大学支付合作费用。此外，目标药物研发成功上市销售后，公司需按 目标药物每年营业收入的一定比例向南京大学支付提成，期限为10年。 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company achieved its highest quarterly revenue of 44.73 million, representing a year-on-year growth of 10.22% and a quarter-on-quarter increase of 47.6%. The revenue growth is primarily driven by the innovative HIV drug Aikening and the sales of the agent product, Veklury [1]. - The company is actively expanding its marketing network into lower-tier cities and county-level markets, enhancing the accessibility of its products in grassroots medical institutions. The focus is on solidifying Aikening's position as the preferred medication in the inpatient market while targeting high-potential outpatient patients [2]. - The company is advancing its small nucleic acid pipeline, with two drugs, FB7013 and FB7011, showing First-in-Class potential targeting the complement system. The initial indication for these drugs is IgA nephropathy, with potential expansion into other diseases related to complement system activation [2][3]. Financial Summary - The company's total revenue for Q1-Q3 reached 103 million, with a year-on-year increase of 12.80%. The R&D expenses for Q3 were 35.93 million, accounting for 80.33% of operating revenue, maintaining a stable investment in R&D [1]. - Projected revenues for 2025, 2026, and 2027 are estimated at 161 million, 190 million, and 223 million respectively, with growth rates of 24.0%, 18.4%, and 17.2% [5][3]. - The company is expected to continue its revenue growth trajectory as its products penetrate deeper into the market, particularly with Aikening [3].

Core Viewpoint - A Shanghai-based innovative nucleic acid drug company is aiming for an IPO with a valuation of $250 million, and its CEO previously worked at WuXi AppTec [1] Group 1: Company Overview - The company specializes in nucleic acid-based therapeutics, which are gaining traction in the pharmaceutical industry due to their potential in treating various diseases [1] - The CEO's background at WuXi AppTec, a leading global pharmaceutical and biotechnology company, adds credibility and expertise to the company's leadership [1] Group 2: Market Context - The IPO is set against a backdrop of increasing interest in biotechnology and innovative drug development, particularly in the context of personalized medicine [1] - The valuation of $250 million reflects the growing investor confidence in the nucleic acid therapeutics sector, which is expected to expand significantly in the coming years [1]

Core Viewpoint - Rebio Biotech, established in 2007, is attempting to go public in Hong Kong after previously withdrawing its application for the Sci-Tech Innovation Board in 2020. Despite being recognized as a leader in the small nucleic acid drug sector, the company has yet to commercialize any self-developed drugs, relying heavily on financing and technology licensing for revenue [1][3]. Financial Performance - Rebio Biotech reported a revenue of RMB 44,000 in 2023, which is projected to increase to RMB 1.43 billion in 2024. However, net losses for the same periods were RMB 4.37 billion and RMB 2.81 billion, respectively, leading to a cumulative loss exceeding RMB 7 billion over two years [4][5]. - The company's total assets fluctuated from approximately RMB 7.16 billion in 2023 to RMB 10 billion in 2025, while total liabilities increased from RMB 6 billion to RMB 9.42 billion during the same period [5][6]. Funding and Financing - From 2015 to 2025, Rebio Biotech raised a total of RMB 1.829 billion from various investors, including Hillhouse Capital and CICC Capital. However, the company's valuation has been volatile, dropping from RMB 48.7 billion in 2024 to RMB 35.8 billion in 2025 [8][9]. - The company has been utilizing a combination of financing and business development (BD) partnerships to maintain operations, with significant contributions from collaborations, such as a deal with Qilu Pharmaceutical worth over RMB 700 million [9][11]. Research and Development - Rebio Biotech has developed a large pipeline of siRNA drugs, with six self-developed drug assets in clinical trials targeting various diseases. However, the company's resource allocation for core product development has been low, with only 19.1% to 25.9% of total R&D spending directed towards core products from 2023 to 2025 [12][14]. - The company has not established its own production facilities, relying on outsourcing for clinical sample production, which poses a challenge in the competitive landscape [16]. Market Position and Competition - The global small nucleic acid drug market is projected to grow from USD 2.7 billion in 2019 to USD 46 billion by 2033, with Rebio Biotech's core product, RBD4059, being the first siRNA drug for thrombotic diseases in clinical development. However, it faces competition from other companies that have advanced further in clinical trials [13][14].

Group 1: Market Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index rose by 2.51% as of October 31, 2025, with notable increases in individual stocks such as 9.75% for 3SBio, 7.28% for InnoCare Pharma, and 5.51% for Innovent Biologics [3] - The Hong Kong Innovative Drug Selection ETF (520690) increased by 2.75%, reaching a latest price of 0.9 yuan, with a turnover rate of 9.15% and a transaction volume of 48.62 million yuan [3] - Over the past year, the average daily trading volume of the Hong Kong Innovative Drug Selection ETF was 119 million yuan [3] Group 2: Company Developments - Innovent Biologics announced its formal application for a Hong Kong listing on October 30, aiming for a dual listing in both A-share and H-share markets, which is a significant step in its global strategy [3] - The company emphasizes that this listing will support its expansion into overseas markets and strengthen its international business foundation, marking a new phase of "local deepening + global expansion" [3] Group 3: Industry Trends - Small nucleic acid drugs are recognized as the third wave in the pharmaceutical industry, with expectations for the Chinese market to exceed 10 billion yuan by 2030 [4] - The breakthrough of GalNAc technology in 2014 has significantly activated the industry, leading to commercial profitability and advancements in various therapeutic areas [4] - Chinese companies are developing in sync with global trends, expanding from cardiovascular and hepatitis B treatments to areas like weight loss and central nervous system disorders [4] Group 4: Policy and Market Outlook - The 15th Five-Year Plan emphasizes support for innovative drugs and medical devices, focusing on major diseases such as tumors and metabolic diseases, while also promoting new technology platforms like ADCs and nucleic acid drugs [5] - The latest scale of the Hong Kong Innovative Drug Selection ETF reached 523 million yuan, a new high since its inception, with a total share count of 598 million [5] - Recent net inflows into the ETF totaled 21.09 million yuan, with a significant trend of net inflows observed over the past five trading days [5] Group 5: Index Composition - As of October 8, 2025, the top ten weighted stocks in the Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index accounted for 72.15% of the index [6]

Core Insights - Frontline Bio (688221.SH) reported steady growth in performance for the first three quarters of 2025, achieving revenue of 103.37 million yuan, a year-on-year increase of 12.80% [1] - In Q3 2025, revenue reached 44.73 million yuan, showing a significant quarter-on-quarter growth of 47.58%, driven primarily by the sales of the innovative anti-HIV drug Aikening® and the agency product Viread® [1] - The company has increased its R&D investment, with R&D expenses amounting to 83.87 million yuan in the first three quarters, focusing on the small nucleic acid drug field and advancing long-acting anti-HIV drugs and high-end generics [1] Small Nucleic Acid Drug Development - The company is developing two small nucleic acid drugs, FB7013 and FB7011, targeting complement diseases, both of which have First-in-Class potential [2] - FB7013 targets the MASP-2 pathway and has shown promising preclinical results, with a single subcutaneous injection maintaining target protein reduction for 16 weeks in healthy monkeys, and is expected to submit an IND application by the end of 2025 [2] - FB7011, a dual-target drug, has demonstrated over 95% inhibition efficiency for both target proteins in preclinical studies, with significant improvements in key indicators in IgA nephropathy models, and is also expected to have a favorable safety profile [3] Upcoming Events and Future Directions - The company will present the latest preclinical efficacy data for FB7011 and FB7013 at the 2025 ASN Kidney Week in Houston, a leading global nephrology conference [3] - Additional small nucleic acid drug developments include FB7023 for dyslipidemia, which has completed pharmacological studies in transgenic mice, and early-stage products targeting hyperuricemia, tumors, and type 2 diabetes, all of which are in preclinical stages [4] - The company aims to leverage its research capabilities showcased at international conferences to enhance product competitiveness and continue breakthroughs in treatment options for complement and metabolic diseases [4]

Core Insights - The company reported a revenue of 103.37 million yuan for the first three quarters of 2025, representing a year-on-year growth of 12.80% [1] - In Q3 2025, the company achieved a revenue of 44.73 million yuan, with a quarter-on-quarter increase of 47.58%, primarily driven by the sales of its innovative HIV drug and the代理产品缬康韦 [1] - The company invested 83.87 million yuan in R&D during the first three quarters, accounting for 81.13% of its revenue [1] R&D Focus - The company is concentrating its R&D efforts on small nucleic acid drugs, while also advancing the development of long-acting anti-HIV drugs and high-end generic drugs [1] - Two small nucleic acid drugs, FB7013 and FB7011, with First-in-Class potential have been developed, with FB7013 completing GMP batch production and non-clinical studies proceeding as planned [1] - FB7011 has completed efficacy studies in a monkey model for IgA nephropathy [1] Product Development and Commercialization - The company is advancing the R&D of FB3002 and other chemical drug hot melt adhesive products, with its subsidiary obtaining a production license for FB3002 [2] - In the pain management sector, the company has initiated commercial production of two specifications of far-infrared therapeutic patches and is expanding its online marketing channels [2] - New institutional investors, including E Fund Medical Healthcare Mixed Securities Investment Fund and E Fund Taihe Growth Stock Pension Product, have entered the company's top ten shareholders list, holding 2.06% and 1.67% of shares respectively [2]

Core Insights - The approval of HECN30227, a novel siRNA therapy developed by Dongyangguang Pharmaceutical, marks a significant advancement in the treatment of chronic hepatitis B (CHB) and highlights China's progress in the small nucleic acid drug development field [1][3]. Group 1: Treatment Landscape - Chronic hepatitis B is a major global health issue, with approximately 254 million chronic HBV carriers worldwide, including around 87 million in China, representing one-third of the global total [2]. - Current mainstream treatments, including nucleos(t)ide analogs (NAs) and interferon, have significant limitations such as difficulty in achieving functional cure, side effects, and challenges in long-term adherence [2]. - The medical community is exploring new treatment avenues, including immune/gene therapy and small nucleic acid drugs, with siRNA showing promising potential in early studies [2]. Group 2: HECN30227 Development - HECN30227 is the first siRNA drug developed by Dongyangguang Pharmaceutical, designed to eliminate HBsAg from both cccDNA and intDNA sources, demonstrating broad genotype activity and efficacy against drug-resistant strains [3]. - The drug is part of a combination therapy strategy that includes siRNA, ASO, and immune modulators, aiming for comprehensive suppression of HBV and immune reconstruction [3]. - HECN30227 has been recognized for its clinical development potential, receiving a "Poster of Distinction" at the 2025 AASLD annual meeting, indicating high international academic recognition [4]. Group 3: Market Potential - The small nucleic acid drug market is projected to exceed 10 billion yuan by 2030 in China, driven by a large patient population and urgent clinical needs [5]. - Dongyangguang Pharmaceutical has established a comprehensive R&D platform for small nucleic acid drugs, positioning itself among the top tier in the domestic market [5]. - The company has over 10 small nucleic acid pipelines across various therapeutic areas and plans to advance multiple candidates into clinical stages annually [5]. Group 4: Strategic Vision - Dongyangguang Pharmaceutical aims to lead the innovation wave in small nucleic acid drugs through a multi-faceted approach involving technology, pipeline development, and industrialization [6]. - The company has successfully challenged patents in the U.S. and is committed to addressing unmet clinical needs, exemplified by its recent approval of a generic for multiple sclerosis [6]. - Recent reports have recommended Dongyangguang Pharmaceutical as a strong investment opportunity, reflecting confidence in its innovative and international development strategy [6].

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Insights - The company focuses on developing, producing, and selling new drugs that address significant unmet clinical needs, aiming to become a leading global biopharmaceutical enterprise [8]. - The company has a strong pipeline in the field of IgA nephropathy, with three small nucleic acid drugs that have first-in-class or best-in-class potential [8]. - The projected revenue for the company is expected to grow significantly, with estimates of 210 million, 322 million, and 454 million yuan for the years 2025, 2026, and 2027 respectively [8]. Summary by Sections Company Overview - The company, established in 2013 and listed on the Shanghai Stock Exchange in 2020, specializes in long-acting anti-HIV products, new technology small nucleic acid products, and high-end generic drugs [12][19]. - The company has developed the first approved HIV fusion inhibitor, which has shown significant clinical value and is included in the latest treatment guidelines [35][48]. Market Performance - The company has seen stable revenue growth, with sales increasing from 85 million yuan in 2022 to an estimated 129 million yuan in 2024, reflecting a year-on-year growth of 109.22% and 34.82% respectively [19][21]. - The global HIV drug market is projected to grow from 36.22 billion USD in 2024 to 66.16 billion USD by 2034, with a compound annual growth rate (CAGR) of 6.21% [27][31]. Financial Forecast - The company’s revenue is projected to grow significantly, with estimates of 210 million yuan in 2025, 322 million yuan in 2026, and 454 million yuan in 2027, indicating a revenue growth rate of 62.5%, 53.2%, and 40.8% respectively [6][8]. - The net profit is expected to improve from a loss of 239 million yuan in 2025 to a loss of 123 million yuan in 2027, showing a trend towards reduced losses [6][8]. Product Pipeline - The company has a robust pipeline in IgA nephropathy, with three small nucleic acid drugs targeting the complement system, which is crucial in the disease's pathogenesis [8][49]. - The company’s lead product, a long-acting HIV drug, has demonstrated superior efficacy and safety compared to existing treatments, positioning it well in the market [35][46].

Company Overview - Guangzhou Bibetter Pharmaceutical Co., Ltd. is a biopharmaceutical company established in 2012, focusing on innovative drug research and development with a clinical value orientation [4] - The company specializes in major disease areas such as tumors and metabolic diseases, leveraging its core technology platform for continuous development of first-in-class drugs and innovative medicines addressing unmet clinical needs [4][11] Research and Development Pipeline - The company has established a diverse and differentiated R&D pipeline, having obtained over 30 clinical approvals, with one class 1 innovative drug already on the market and two others in phase III clinical trials [5][21] - The core product, BEBT-908, is a globally first-in-class HDAC/PI3Kα dual-target anti-tumor drug, approved for treating relapsed or refractory diffuse large B-cell lymphoma, with other indications in phase II clinical trials [5][25] - The company is also focusing on next-generation small nucleic acid (siRNA) drug development, having established three proprietary delivery systems with global intellectual property rights [6][22] Financials and Investment - The company has invested significantly in R&D, with expenditures of approximately 166.74 million yuan in 2022, 157.65 million yuan in 2023, and projected 120.29 million yuan in 2024 [17] - The funds raised from the IPO will primarily be used to accelerate the clinical progress of the R&D pipeline, enhance commercialization capabilities, and expand the product line [26][30] Market Position and Strategy - The company aims to become a globally influential innovative drug developer in major disease areas, focusing on deepening independent R&D, accelerating commercialization, and expanding into global markets [19] - The competitive advantages include innovation-driven development, strong R&D capabilities, a broad product pipeline, and significant market potential for approved and core products [20][25] Regulatory Environment - The implementation of the drug marketing authorization holder (MAH) system is seen as a favorable policy for the company, allowing it to focus resources on core R&D activities [25] - The company meets the listing standards for the Sci-Tech Innovation Board, having at least one core product approved for clinical trials and a projected market value of no less than 4 billion yuan [28][29]