Core Viewpoint - The company plans to sign a technical cooperation development contract with Nanjing University to jointly develop anti-thrombotic small nucleic acid drugs, with a total contract amount of 15 million RMB (including tax) [1] Company Summary - The company will pay the cooperation fees to Nanjing University in installments according to the project development plan outlined in the contract [1] - Upon successful development and market launch of the target drug, the company will pay Nanjing University a percentage of the annual revenue generated by the drug for a period of 10 years [1] - The collaboration aims to leverage Nanjing University's strong research capabilities in nucleic acid drugs and the company's industrialization and clinical development capabilities to advance the research and commercialization of innovative drugs [1] Industry Summary - The domestic small nucleic acid drug market is primarily dominated by imported drugs, indicating significant growth potential in the domestic market compared to the global market [1] - With increasing policy support and capital investment, the development of small nucleic acid drugs in China is progressing rapidly, and the domestic market is expected to experience rapid growth [1] - The company's early entry into the small nucleic acid drug field is aimed at seizing market opportunities, supported by a deep understanding of local market demands and the strategic alignment with its cardiovascular treatment focus [1]

Summary of Key Points from the Conference Call on Small Nucleic Acid Drugs Industry Overview - The conference focuses on the small nucleic acid drug industry, specifically discussing mechanisms such as ASO (Antisense Oligonucleotides) and siRNA (small interfering RNA) [1][2][3]. Core Insights and Arguments - **Mechanisms and Delivery**: siRNA has a higher knockdown efficiency (80%-90%) compared to ASO (30%-50%), but requires an efficient delivery system. The GalNAc technology has lowered the delivery threshold for siRNA, promoting research in this area [1][2]. - **Delivery Technologies**: Three main types of extrahepatic small nucleic acid delivery technologies are identified: Carbon 16 lipid modification (lacks specificity), antibody conjugation (targets specific receptors), and ligand conjugation (targets specific organs). Antibody and ligand conjugation are seen as more promising due to their higher specificity [1][5]. - **Market Impact of Acquisitions**: Novartis' acquisition of Alvion has heightened market interest in extrahepatic small nucleic acid drugs, particularly in treating muscle and CNS diseases, indicating significant commercial potential [1][6]. - **Challenges in AOC Technology**: The core challenge in AOC (Antibody Oligonucleotide Conjugates) technology lies in developing the delivery system. Focusing on rare diseases can mitigate risks and validate platform effectiveness [1][7]. - **Domestic Advantages**: Domestic small nucleic acid drugs have advantages in the cardiovascular field due to a favorable investment environment, lower labor costs, and the rapid development of the CDMO (Contract Development and Manufacturing Organization) industry [1][8]. Additional Important Insights - **Competition in Cancer Treatment**: Small nucleic acid drugs show potential in cancer treatment by specifically inhibiting oncogenes, but face intense competition and lack direct cytotoxicity, leading to poor clinical outcomes [3][16]. - **Cost and Profitability**: Commercialized small nucleic acid drugs typically have a gross margin of 90%-95%. However, production costs have not significantly decreased despite rising market demand [21][22][27]. - **Safety and Long-term Effects**: The long-term safety of small nucleic acid drugs expressing mRNA is crucial and depends on specificity and stability. Continuous monitoring for immune responses and side effects is essential [23][24]. - **Patent Considerations**: Patent issues are significant for domestic companies entering international markets. Companies must navigate varying levels of intellectual property protection across countries [17][18]. Conclusion The small nucleic acid drug industry is rapidly evolving, with significant advancements in delivery technologies and market interest driven by strategic acquisitions. However, challenges remain in terms of competition, production costs, and safety evaluations. The domestic market shows promise, particularly in cardiovascular applications, supported by favorable conditions and technological advancements.

Core Insights - Dongyangguang Pharmaceutical (600673) has seen a stock increase of nearly 6%, currently up 5.41% at HKD 48.28, with a trading volume of HKD 20.129 million [1] Group 1: Clinical Developments - The National Medical Products Administration has approved Dongyangguang Pharmaceutical's self-developed first-class new drug, HECN30227, for clinical trials aimed at treating chronic hepatitis B, marking a significant advancement in the field of small nucleic acid drug development in China [1] - This development offers new hope for functional cure of hepatitis B [1] Group 2: Market Position and Product Launch - Dongyangguang Pharmaceutical's recently approved product, Fingo Mod (Fingolimod) capsules, is the first generic oral medication for multiple sclerosis (MS) in China, with a global market performance exceeding USD 3.3 billion in 2018 and projected to surpass USD 500 million in 2024 [1] - The project was initiated in 2011, with the company being the first to apply for generic approval in China in 2020, breaking the original research monopoly [1] - Currently, only Dr. Reddy's Laboratories in India has products related to this drug under review [1]

Core Viewpoint - Dongyang Sunshine Pharmaceutical (06887) has seen a nearly 6% increase in stock price following the approval of its self-developed siRNA therapy HECN30227 for clinical trials in chronic hepatitis B treatment, marking a significant advancement in the field of small nucleic acid drug development in China [1] Company Developments - Dongyang Sunshine Pharmaceutical's stock rose by 5.41%, reaching HKD 48.28, with a trading volume of HKD 20.129 million [1] - The approval of HECN30227 offers new hope for functional cure of hepatitis B and signifies a key step in China's small nucleic acid drug research [1] - The company has also recently received approval for its oral drug, FingoMod (Fingolimod hydrochloride capsules), for the treatment of multiple sclerosis (MS), which is the first generic version in China [1] Market Performance - FingoMod has shown strong global market performance, with sales exceeding USD 3.3 billion in 2018 and projected to surpass USD 500 million in 2024 [1] - Dongyang Sunshine Pharmaceutical initiated the FingoMod project in 2011 and has filed for approval in multiple countries, with the first generic application submitted in China in 2020 [1] - Currently, only Dr. Reddy's Laboratories in India has products related to FingoMod under review [1]

Core Insights - Small nucleic acid drugs are considered potential candidates for treating various diseases due to their unique molecular structure and therapeutic mechanisms [1][3] - The global nucleotide market, including oligonucleotides and monomers, is projected to reach a sales figure of $730 million in 2023, with China being the largest production market [3] Group 1: Impact of Phosphoramidite Monomers - Phosphoramidite monomers significantly influence the research and development process of small nucleic acid drugs, serving as a fundamental raw material [1] - These monomers enhance the stability and biological activity of small nucleic acid drugs and drive innovation in their development [1] Group 2: Oligonucleotides as Key Raw Materials - Oligonucleotides are the primary raw materials and major cost source in the production of nucleic acid drugs, with most nucleic acid drugs being composed of oligonucleotides [2] Group 3: Future Demand and Opportunities - The demand for phosphoramidite monomers is expected to grow significantly, benefiting companies within the supply chains of multinational pharmaceutical firms [3] - Approximately 90% of global nucleotides are utilized for nucleic acid drug production, indicating a strong market focus [3] Group 4: Investment Recommendations - Companies to watch in the innovative drug and device sector include Furuya Co., Ltd. (300049.SZ), Anglikang (002940.SZ), and others [4] - In the CXO and raw material sectors, companies such as WuXi AppTec (603259.SH) and Jiuzhou Pharmaceutical (603456.SH) are recommended for attention [5]

Market Overview - The overall valuation of the market has increased, with the Wind All A Index leading the rise, up by 2.9 percentage points in PE-TTM historical percentile[5] - The PB-LF historical percentile also saw an increase across indices, with the CSI 300 leading at a rise of 4.4 percentage points[5] Industry Insights - In the automotive sector, PE valuation increased by 1.1 percentage points, leading among industries[6] - The non-ferrous metals sector saw a significant rise in PB valuation, up by 14.0 percentage points, indicating strong performance[6] Trading Activity - Trading activity has increased, with the turnover rate rising by 26.0% for the SSE 50 index, while total transaction volume decreased by 1.25%[6] - As of September 30, 2025, the margin trading balance was 2.39 trillion yuan, reflecting a decrease of 1.25% compared to September 26, 2025[6] Company Performance - The company reported a revenue growth from 678,800 yuan in 2022 to 1,908,800 yuan in 2024, with a compound annual growth rate of 67.7%[12] - The gross profit margin improved significantly from 19.9% in 2022 to 32.7% in 2024, maintaining at 32.4% in the first half of 2025[12] Risk Factors - Risks include uncertainties in overseas economic conditions and geopolitical factors that may impact market stability[8] - Potential risks in the pharmaceutical sector include uncertainties in original IP incubation and fluctuations in consumer demand[13]

Core Insights - Small nucleic acid drugs are emerging as a potential third major class of therapeutics, alongside small molecules and antibody drugs, due to their unique advantages in development speed, efficacy, and safety [6][12]. Group 1: Overview of Small Nucleic Acid Drugs - Small nucleic acid drugs, including antisense oligonucleotides (ASO), small interfering RNA (siRNA), and microRNA (miRNA), are short-chain nucleic acids designed to intervene in gene expression for disease treatment [1][3]. - The development of small nucleic acid drugs has evolved since the 1970s, with significant breakthroughs occurring after 2014, leading to the successful market entry of several key products [3][4]. Group 2: Advantages of Small Nucleic Acid Drugs - Compared to traditional small molecule and antibody drugs, small nucleic acid drugs have shorter development cycles, lasting effects, higher success rates, and a lower likelihood of developing drug resistance [4][5]. - The success rate of small nucleic acid drugs from Phase I to Phase III trials is approximately 59.2%, which is five times higher than that of targeted drugs and overall pharmaceuticals [5]. Group 3: Market Progress and Investment Opportunities - The global small nucleic acid drug market is projected to grow from $2.7 billion in 2019 to $4.6 billion in 2023, with a compound annual growth rate (CAGR) of 14.3%, and is expected to reach $46.7 billion by 2033 [12]. - Several small nucleic acid drugs have been approved, with notable sales forecasts for 2024, including Nusinersen at $1.6 billion, Vutrisiran at $970 million (up 73% year-over-year), and Inclisiran at $750 million (up 112% year-over-year) [7][12]. Group 4: Pipeline and Regulatory Landscape - As of mid-2025, there are 22 approved small nucleic acid drugs globally, with the majority targeting genetic rare diseases [10]. - The Chinese market for RNA interference (RNAi) therapies is expected to grow significantly, with projections indicating a rise from approximately $4 million in 2022 to over $300 million by 2025 [14]. Group 5: Key Companies and Developments - Companies such as Yuyuan Pharmaceutical and Chengdu XianDao are actively involved in the development of small nucleic acid drugs, with multiple candidates in various clinical stages [18][20]. - Major multinational corporations (MNCs) are investing heavily in the small nucleic acid space, with significant collaborations and partnerships emerging in the industry [15][14].

Core Viewpoint - The global small nucleic acid drug market is experiencing significant growth, with a projected increase from $4.6 billion in 2023 to $46.7 billion by 2033, driven by technological advancements and increased clinical approvals [1][2]. Market Growth - The global small nucleic acid drug market size grew from $2.7 billion in 2019 to $4.6 billion in 2023, reflecting a compound annual growth rate (CAGR) of 14.3% [2]. - The market is expected to accelerate growth starting in 2023, with a projected CAGR of 26.1% until it reaches $46.7 billion by 2033 [1][2]. Technological Advancements - Small nucleic acid drugs are becoming more mature, offering significant advantages over traditional small molecule and antibody drugs, including shorter development cycles, a wider range of targets, lasting effects, and higher success rates [1][3]. - These drugs act directly on the mRNA level, targeting "undruggable" targets that traditional drugs cannot reach, providing new treatment options for many difficult-to-treat diseases [1]. Shift in Focus - The trend is shifting from rare diseases to chronic and common diseases, with small nucleic acid drugs expanding into areas such as hyperlipidemia, hepatitis B, and hypertension [2][3]. - Currently, there are 22 approved small nucleic acid drugs globally, primarily focused on rare diseases, but recent data indicates a move towards more prevalent conditions [2]. Domestic Market Dynamics - Domestic innovative pharmaceutical companies are accelerating their entry into the small nucleic acid drug market, focusing on chronic diseases rather than following the traditional model of starting with rare diseases [3]. - Key therapeutic areas for domestic companies include cardiovascular diseases, hepatitis B, and cancer [3]. Investment Opportunities - Companies with proprietary technology platforms and advantageous pipelines are recommended for investment, including Reebio, Sanofi, Bowang Pharmaceutical, Yuyuan Pharmaceutical, CSPC Pharmaceutical, Tsinghua Tongfang, and Hengrui Medicine [4]. - Notable overseas companies include Alnylam, Ionis, and Arrowhead [4].

Summary of the Conference Call for Maiwei Bio Company Overview - **Company**: Maiwei Bio - **Industry**: Biopharmaceuticals, focusing on age-related diseases and chronic conditions Key Points and Arguments 1. **Collaboration Agreement**: Maiwei Bio has entered into a $1 billion collaboration agreement with Editum Bio, acquiring the RM7,141 project, which includes an upfront payment of $12 million, single-digit royalties, and double-digit Series A preferred equity in ClaxBio [2][3] 2. **Focus on Age-Related Diseases**: The company is concentrating on age-related diseases and chronic conditions, utilizing a dual-target small nucleic acid platform established over the past two to three years [2][4] 3. **ClaxBio's Role**: ClaxBio, established by Editum Bio, focuses on high-potential clinical pipeline projects and has successfully incubated companies like Bersani SpA, which was acquired by Eli Lilly for $1.9 billion [2][6] 4. **Research and Development Efficiency**: Maiwei Bio has approximately 400 R&D personnel, with over 100 dedicated to early-stage research, significantly enhancing R&D efficiency, allowing for candidate identification in just a few months [4][12][13] 5. **Patent Strategy**: The company has a comprehensive patent strategy for its siRNA delivery systems, including the dry lac delivery system and Link system, which have shown higher efficiency and lower costs in multiple models [4][18] 6. **Dual-Target Project**: The dual-target project primarily addresses cardiovascular diseases, aiming to achieve stronger synergistic effects through optimized combinations of different targets [10][23] 7. **Future Plans**: Maiwei plans to expand its dual-target approach and explore additional indications, including fat delivery systems, while maintaining a focus on cardiovascular diseases [11][15] 8. **Market Expectations**: Investors have high expectations for the siRNA molecules, as the recent business development validates the efficiency of the small nucleic acid drug development platform [14] 9. **Clinical Trial Timeline**: The project is currently in the early CMC stage, with plans to initiate clinical trials in the US and China in the second half of 2026 [16] 10. **Regulatory Progress**: The white介11 project for pathological scars is expected to receive approval by the end of this year, with initial efficacy data anticipated by mid-next year [25][27] Additional Important Information - **AI Integration**: Maiwei's technology platform is highly automated and AI-enabled, allowing for rapid screening and optimization of potential candidates, which can be replicated across other projects [19] - **Long-term Strategy**: The company emphasizes long-term value in its partnerships, focusing on the background and resource compatibility of potential collaborators [21][22] - **Competitive Advantage**: Maiwei's dual-target small nucleic acid molecules are designed to achieve significant synergistic effects, potentially outperforming existing products in the cardiovascular space [23][29] This summary encapsulates the essential insights from the conference call, highlighting Maiwei Bio's strategic initiatives, R&D capabilities, and market positioning within the biopharmaceutical industry.

Summary of Key Points from the Conference Call on Small Nucleic Acid Drugs Industry Overview - The small nucleic acid drug industry focuses on innovative therapies that degrade mRNA, making previously undruggable targets viable, particularly in cancer treatment [1][2][3] - Small nucleic acid drugs include various forms such as ASO (Antisense Oligonucleotides), siRNA (small interfering RNA), and miRNA (microRNA), each with distinct development challenges and therapeutic prospects [1][4] Core Insights and Arguments - **Clinical Advantages**: Small nucleic acid drugs can target previously inaccessible drug targets, especially in cancer, and have a longer half-life (up to six months in the liver), making them advantageous for chronic disease management [2][3] - **Delivery Technology**: The industry is seeing a shift towards innovative delivery systems, including third-generation systems (antibodies, peptides, fatty acids) to enhance liver and extrahepatic delivery [1][6][14] - **Market Competition**: Domestic companies are employing differentiated designs to navigate patent protections, with firms like Alnylam and Arrowhead leading in specific therapeutic areas [1][8][17] - **Therapeutic Areas**: Key focus areas include cardiovascular diseases, metabolic disorders, and central nervous system (CNS) diseases, with ongoing clinical trials showing promising results [2][17][18] Important but Overlooked Content - **Cost Challenges**: Despite the potential of small nucleic acid drugs, high production costs remain a significant barrier to replacing traditional oral medications [3][22] - **Safety and Efficacy**: While ASO has a lower barrier to entry, it raises safety concerns due to its mechanism of action. In contrast, siRNA offers higher safety and efficacy but requires advanced delivery technologies [5][6] - **Future Trends**: The future of the small nucleic acid sector will likely focus on delivery technology innovations and structural modifications to enhance drug efficacy and reduce competition [11][12] - **Clinical Data Validation**: Chinese companies need to validate their technologies through clinical data to establish competitive advantages and build robust patent barriers [15][20] Conclusion The small nucleic acid drug industry is poised for growth, driven by innovative delivery technologies and the ability to target previously undruggable diseases. However, challenges such as cost, safety, and the need for clinical validation remain critical for future success.