Core Viewpoint - The company is acquiring all assets and equity of Shanghai Xiangrui and Xianwei for a total consideration of 83.18 million yuan, aiming to quickly enter the mRNA technology field and enhance its competitive advantage in various therapeutic areas [1][2]. Group 1: Acquisition Details - The total consideration for the acquisition is 83.18 million yuan, comprising 17.52 million yuan for Shanghai Xiangrui's assets and 65.66 million yuan for Xianwei's equity [1]. - Shanghai Xiangrui is primarily engaged in mRNA technology-related research and development activities, with its main assets including laboratory instruments and office equipment [1]. - Xianwei is involved in the preparation of clinical samples related to mRNA vaccines, with key assets including raw materials for medical consumables and equipment for mRNA factory installation [1]. Group 2: mRNA Technology Significance - mRNA technology represents a revolutionary breakthrough in the biopharmaceutical field, inducing immune responses by introducing mRNA encoding pathogen antigens into human cells [2]. - Compared to traditional vaccines, mRNA vaccines do not require the cultivation of live pathogens, thus eliminating risks associated with enhanced virulence and gene integration [2]. - mRNA vaccines avoid issues related to protein folding errors and low expression levels, which are common in recombinant protein vaccines, and do not require adjuvants that may cause adverse reactions [2]. Group 3: Strategic Implications - The acquisition allows the company to quickly enter the mRNA technology sector, avoiding redundant research and development investments while being more responsive to diverse future demands in infectious diseases, cancer treatment, autoimmune diseases, rare diseases, and gene editing [2]. - The company aims to establish a competitive advantage in key areas such as infectious diseases, cancer, and autoimmune diseases, complementing its existing innovative drug pipeline [2]. - The strategic acquisition is expected to enhance research and development efficiency, shorten new drug development cycles, and create a solid barrier against potential competition in the mRNA sector [2].

上海祥瑞及先为在北京祥瑞集团内建立了成熟mRNA技术平台。mRNA技术为生物医药领域的革命性突 破。通过将编码病原体抗原的mRNA导入人体细胞，从而诱导免疫应答，具有高免疫原性、安全性好、 生产週期短的特点。相比传统疫苗，mRNA疫苗不需要培养活的病原体，没有毒力增强和基因整合的风 险。与重组蛋白疫苗相比，mRNA疫苗不需要表达和纯化目的蛋白，可以避免蛋白折叠错误和表达水准 低等问题，且无添加佐剂引发的不良反应。 截至本公告日期，上海祥瑞仅进行与mRNA技术相关的研发和实验等业务筹备活动。上海祥瑞的主要资 产包括实验仪器及办公室设备，该等资产均为资产收购事项标的。先为仅进行生产与mRNA疫苗相关的 临床样品等业务筹备活动。先为的主要资产包括(i)生产医疗耗材的原材料;(ii)细胞分析仪、药物强光照 射试验箱、电脑等机电设备;(iii)已完成建设并正待进行GMP认证的mRNA工厂设备安装项目;及(iv)向公 司附属公司海南先声药业有限公司租赁的物业的使用权资产。 公告称，集团通过该等收购事项快速切入mRNA技术领域，避免重复研发投入，能够更灵活应对未来在 传染病、抗肿瘤治疗、自身免疫疾病、罕见病以及基因编辑等方 ...

Core Viewpoint - The collaboration between 思路迪医药 and 楷拓生物 aims to enhance the development of mRNA-based therapies by leveraging their respective strengths in AI-driven mRNA research and large-scale mRNA production [1] Group 1: Strategic Collaboration - 思路迪医药 has entered into a strategic cooperation framework agreement with 楷拓生物, focusing on the integration of their technologies in mRNA research and delivery systems [1] - The partnership will utilize 思路迪医药's proprietary AI+mRNA research platform and lipid nanoparticle (LNP) delivery system alongside 楷拓生物's expertise in mRNA production [1] Group 2: Technological Advancements - 思路迪医药 has established a globally recognized mRNA technology platform and LNP delivery system, which are crucial for the development of innovative therapies [1] - The mRNA technology platform includes a multi-module tumor vaccine analysis system (3D-PreciseAg) that supports extensive antigen multi-omics analysis and selection of tumor antigens [1] - The AI-enhanced LNP delivery technology platform allows for the screening of thousands of compounds, resulting in the synthesis of various LNP products tailored for different delivery scenarios, improving the efficiency and targeting of mRNA tumor vaccines and immune cell therapies [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，概不對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。 3D Medicines Inc. 思路迪医药股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1244） 本公司欣然宣布，思路迪醫藥於2025年8月20日與楷拓生物訂立戰略合作框架協 議（「該協議」）。 根據該協議，雙方將基於思路迪醫藥的自研具有自有知識產權的AI+mRNA研發 平台和脂質體遞送系統(3D-LNP)，與楷拓生物的mRNA規模化生產優勢和經驗， 深化靶向LNP遞送(tLNP)、腫瘤疫苗、in vivo CAR-T/NK等領域的合作。具體實 施將依據後續正式協議落實。此次合作標誌着思路迪醫藥正不斷加速布局mRNA 領域研究，為基於mRNA-LNP技術的創新療法產品後續臨床開發以及未來商業化 提供堅實的產能保障。 思路迪醫藥目前已建立起擁有全球自主知識產權的mRNA技術平台及LNP遞送系 統平台。該mRNA技術平台是基於目前先進的AI技術構建的多模塊腫瘤疫苗分析 平台(3D-Pre ...

Core Viewpoint - Zhonghui Biotech-B (02627.HK) has made a significant debut on the Hong Kong Stock Exchange, with its stock price rising by 158% on the first day, marking the highest first-day gain for a new stock since 2025. The company's market capitalization reached HKD 20.5 billion, ranking fifth among 18 domestic vaccine companies [2][3]. Company Overview - Zhonghui Biotech is a relatively new player in the vaccine industry, having been established only 10 years ago and currently offering just one vaccine on the market, which has been available for less than two years [2]. - The founder, An Youcai, transitioned into the vaccine sector from a non-biological background, emphasizing a commitment to maintaining pricing integrity for its flu vaccine amidst market competition [2][4]. IPO and Financials - The company raised approximately HKD 383 million from its IPO, which will help alleviate its financial pressures, especially considering it had only HKD 115 million in cash at the end of Q1 2025 and needed to repay around HKD 400 million in bank loans within a year [3]. Product and Market Position - Zhonghui Biotech's flu vaccine is the only quadrivalent subunit flu vaccine available in the domestic market, priced at HKD 319 per dose, making it the most expensive flu vaccine in China [8]. - The company has chosen not to participate in the recent price cuts initiated by competitors, focusing instead on a market segment that prioritizes safety and high-quality vaccines [8]. - The flu vaccine generated sales of approximately HKD 259 million in 2024, and the company plans to expand its production capacity from 2 million doses to between 10 million and 15 million doses as it enters international markets [8][9]. Research and Development - Zhonghui Biotech has a pipeline of 11 vaccines, with 10 currently in development. The company is also working on a human diploid rabies vaccine, which is expected to have fewer adverse reactions compared to traditional vaccines [9]. - The company aims to differentiate its products through unique positioning and targeting specific consumer groups, with plans to develop vaccines that can compete with imported products and lead in global technology [10].

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $47.4 million, down from $69.4 million in Q2 2024. Excluding high volume Clean Cap, base revenue increased by 5% year-over-year [19][20] - GAAP net loss before non-controlling interests was $69.8 million for Q2 2025, compared to a loss of $18.4 million in Q2 2024 [20] - Adjusted EBITDA was negative $10.4 million for Q2 2025, down from a positive $13 million in Q2 2024 [21] - Basic and diluted EPS for Q2 2025 was a loss of $0.27 per share, compared to a loss of $0.07 per share in Q2 2024 [21] Business Line Data and Key Metrics Changes - Nucleic Acid Production (NAP) segment revenue was $31.1 million in Q2 2025, with base NAP business excluding high volume Clean Cap up 3% year-over-year [23] - Biologics Safety Testing (BST) segment revenue was $16.3 million in Q2 2025, reflecting a 10% year-over-year increase [24] - Adjusted EBITDA for BST was $10.9 million, resulting in an adjusted EBITDA margin of 67% [24] Market Data and Key Metrics Changes - Revenue by customer type in Q2 2025: 28% biopharma, 30% life sciences and diagnostics, 8% academia, 7% CRO, CMO, CDMO, and 27% to distributors [19] - Revenue by geography: 65% North America, 18% EMEA, 12% Asia Pacific (excluding China), and 5% in China [19] Company Strategy and Development Direction - The company is committed to improving operational excellence and execution through a restructuring plan aimed at reducing annualized expenses by over $15 million [6][7] - Focus on revenue diversification and growth across business segments, particularly in BST and NAP, with investments in new analytical products [10][11] - The company aims to return to sustainable positive adjusted EBITDA and free cash flow by 2026 [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the need for a stronger culture of accountability and operational discipline to drive results [5] - The CEO expressed optimism about the company's future, emphasizing the potential for growth and profitability despite current challenges [15] - The leadership team is focused on stabilizing the organization and exploring further growth opportunities post-restructuring [111] Other Important Information - The company has initiated a comprehensive business review and has withdrawn prior guidance for 2025, planning to reinstate guidance after completing the review [27] - Anticipated restructuring charges of approximately $8 million to $9 million in 2025, primarily for employee severance and related expenses [26] Q&A Session Summary Question: Guidance philosophy and visibility for 2026 targets - Management is focused on controlling costs and gaining confidence in the numbers shared, with no specific red flags indicating incorrect guidance [36][40] Question: Durability of BST improvement and pull forward dynamics - BST showed strong growth, with no significant pull forward dynamics from China or Asia impacting Q2 results [41][43] Question: Growth potential in China - Management expects China to become a growth driver as relations between the U.S. and China improve [47] Question: Impact of tariffs on CDMO business - Currently, there has been little movement regarding tariffs, but potential opportunities exist if tariffs lead to U.S. production shifts [51] Question: Positive surprises and challenges in the business review - Management was surprised by the extent of expenditures and the loyalty of customers in the preclinical to phase three segments [56][58] Question: E-commerce revenue potential - E-commerce currently represents a small percentage of revenue, but management sees significant potential for growth in this area [75][78] Question: Long-term margin potential - Management aims to restore profitability and free cash flow before addressing long-term margin targets [92][94]

Core Insights - The high cost of advanced cell therapy drugs, reaching hundreds of thousands to millions per injection, can potentially be reduced through mRNA and advanced delivery technologies, transforming highly personalized therapies into more universal drugs [1] - The development of in vivo CAR-T therapy pipelines by Chinese biopharmaceutical companies aims to address the long development cycles and high treatment costs associated with traditional CAR-T therapies [1] Company Developments - DeepXing Biotechnology, led by Dr. Linxian Li, has innovated a delivery technology platform using lipid nanoparticles (LNP), enabling "instant modification and treatment," which could significantly lower costs and expand the range of applicable conditions for advanced immunotherapy [2] - The company has rapidly grown into an international team of over 150 people and has secured over 1 billion in financing since its establishment in late 2019 [2] Government Support - Shenzhen has initiated the 2023 second batch of special funds for strategic emerging industries, with DeepXing's LNP delivery technology platform project successfully receiving government investment [3] - The company has also received funding approval for its "R&D Investment Support Plan for Technology-based Enterprises" from the Shenzhen government [3] - DeepXing has four mRNA rare disease therapies that have received pediatric rare disease designation and orphan drug designation from the FDA [3]

Group 1: Domestic News - The State Council announced that from the autumn semester of 2025, public kindergarten tuition fees for large classes will be waived, benefiting approximately 12 million children and reducing family burdens by 20 billion yuan [2] - China's total import and export value of goods reached 25.7 trillion yuan in the first seven months of this year, a year-on-year increase of 3.5%, marking a historical high for the same period [2] - The Ministry of Commerce extended the investigation period for import beef safeguard measures until November 26, 2025, urging related enterprises to monitor developments closely [2] Group 2: Financial Markets - Childcare concept stocks surged, with Chuangyuan Co. rising by 15.34% and others like BeiYinMei and WeiSi Medical increasing over 5%, reflecting strong investor interest in the maternal and infant consumption chain [3] - The Hong Kong Stock Exchange reported a significant year-on-year increase in market capitalization, reaching 44.9 trillion HKD, a 44% rise, with operating income and net profit growing by 16.05% and 5.74% respectively [3] - U.S. stock markets closed higher, with the Dow Jones up 0.19%, Nasdaq up 1.21%, and S&P 500 up 0.73%, driven by a 5.09% jump in Apple’s stock [3] Group 3: Corporate Dynamics - OpenAI launched the revolutionary GPT-5 model, claiming a significant step towards AGI, with a record coding accuracy of 74.9% and a low misinformation rate of 1.6% in health-related areas [4] - Tesla's sales in Europe declined significantly in July, losing its top sales position to Volkswagen, although it saw growth in Spain and Norway [4] - The U.S. government canceled a $500 million mRNA vaccine development project, withdrawing 22 related contracts, which faced criticism from infectious disease experts [4]

NBC还称，目前美国很多科学家和传染病学专家都在反对肯尼迪的做法，因为mRNA技术在新冠疫苗研 发中展现出了相当光明的前景——特别是这一技术路径可以让疫苗快速实现自我更新，以应对一些病毒 多变的毒株。美国的一些流感病毒疫苗目前就正在这一技术路径上进行着重要的探索。因此，有反对肯 尼迪的人就表示，不能因为疫情过去了就把项目砍了，这就好比因为火灾扑灭了，所以就把消防局撤 了。 环球时报消息，据多家美国媒体报道，美国卫生与公众服务部部长罗伯特·F·肯尼迪于当地时间8月5日 宣布，美国政府将砍掉22个与美国高校等机构开展的mRNA疫苗研发合作项目，这些项目总价值近5亿 美元。 但美国国内的反对者认为，这不仅将重创曾在新冠疫情期间助力美国走出疫情的朝阳科研领域，还将让 美国人在下次公共卫生危机袭来时，失去必要的防护。 美国全国广播公司（NBC）就在其报道的大标题中写道，肯尼迪的做法对美国mRNA疫苗这一充满前景 的科研领域是一记重击。 此外，NBC还在报道中着重介绍了肯尼迪以往"反疫苗"言论，比如他曾将新冠病毒疫苗称作"最致命疫 苗"的言论。这家美国媒体认为，肯尼迪如今砍掉mRNA疫苗的合作项目，说明他正在美国卫生与公 ...

每经记者｜宋欣悦 每经编辑｜陈柯名 兰素英 ④ 【AMD二季度"增收不增利"，盘前跌超5%】美芯片巨头AMD盘前跌超5%。消息面上，公司最新公布的财报显示，其二季度的营收超出预期，不过， 二季度营业利润率仅为12%，上年同期为22%。二季度调整后净利润7.81亿美元，同比下降31%。 ⑤ 【马斯克：特斯拉正在训练新的FSD模型】8月6日，马斯克在X上发文称，特斯拉正在训练新的FSD模型，新模型的参数规模约为当前版本的十倍，如 果一切顺利则可能会在下个月底准备好面向公众发布。 ⑥ 【大幅下调营收指引，超微电脑盘前跌超16%】超微电脑盘前跌超16%。消息面上，超微电脑公布的第四财季报告显示，公司预计下季度营收在60亿 ~70亿美元之间，调整后每股收益在0.40~0.52美元之间。2026财年营收预期从此前的400亿美元下调至330亿美元，降幅达17.5%。 ⑦ 【诺和诺德减肥药Wegovy第二季度销售额飙升67%】周三，丹麦制药巨头诺和诺德公布了其2025年第二季度财报。财报显示，其核心产品Wegovy二季 度销售额同比大增67%，至195.3亿丹麦克朗。 ⑧ 【美国卫生部撤回mRNA疫苗开发拨款，众多疫苗大厂" ...