Core Viewpoint - The stock price of Yipinhong has significantly declined following the announcement of the sale of its stake in Arthrosi, which is developing the gout drug AR882, despite the company retaining 100% rights to AR882 in China [1][5][6]. Group 1: Stock Performance - Yipinhong's stock price has dropped nearly 30% over three trading days following the announcement of the stake sale [3][4]. - On December 17, the stock opened down 1.53% and experienced a decline of nearly 5% during the day, closing at 33.34 CNY per share, down 0.24% [3][4]. - The stock hit a 20% limit down on December 15, prompting the company to announce a share buyback plan of 100 to 200 million CNY to stabilize investor confidence [4][6]. Group 2: Stake Sale Details - Yipinhong plans to sell its 13.45% stake in Arthrosi to Sobi for a total of 9.5 billion USD upfront and up to 5.5 billion USD in milestone payments [3][5]. - Following the sale, Yipinhong will no longer hold any equity in Arthrosi but will retain 100% market rights for AR882 in China and priority for global supply [5][6]. Group 3: Financial Performance - Yipinhong reported a revenue of approximately 1.45 billion CNY last year, a decrease of 42.07%, resulting in a net loss of about 540 million CNY [7]. - For the first three quarters of this year, the company recorded a revenue of approximately 814 million CNY, down 34.35%, with a net loss of about 136 million CNY [7]. - The company aims to focus on innovation and has established multiple drug development platforms, with plans to submit 1-2 new drug applications annually [8]. Group 4: Product Focus - AR882 is a selective URAT1 inhibitor aimed at treating gout and related conditions, currently in critical phase III clinical trials [5][6]. - Yipinhong's innovation strategy includes developing drugs that meet unmet clinical needs, with a focus on best-in-class and first-in-class products [8].

| 序号 | 名称 | 接待机构数量 | 接待方式 | 接待人员 | 接待地点 | 接待日期 | 公告日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 通达创智 | 1 | 特定对象调 研 ... | 董事会秘书 ... | 厦门市海沧 ... | 2025/12/16 | 12月17日 | | 2 | 国光股份 | 1 | 特定对象调 | 国光股份董 ... | 公司龙泉办 ... | 2025/12/16 | 12月17日 | | | | | 研 ... | | | | | | 3 | 格尔软件 | 1 | 业绩说明会 | 公司董事长 ... | 上海证券交 ... | 2025/12/16 | 12月17日 | | 4 | 长安汽车 | 214 | 特定对象调研 | 人工智能基 ... | 线上会议 | 2025/12/16 | 12月16日 | | 5 | 一品红 | 119 | 分析师会议 | 董事长、总 ... | 公司通过" ... | 2025/12/15 | 12月16日 | | 6 | 天康生物 | 60 | 电话会议 ...

Core Viewpoint - The company Yipinhong (300723) announced its intention to sell its stake in the U.S. company Arthrosi Therapeutics, Inc., which holds the innovative gout drug AR882 currently in Phase III clinical trials. Despite the positive outlook from the company regarding the transaction and a concurrent share buyback plan, its stock price has significantly declined, reaching a six-month low in market capitalization [1][5]. Group 1: Transaction Details - Yipinhong holds a 13.45% stake in Arthrosi through its wholly-owned subsidiary, Ruiteng Bio (Hong Kong) Co., Ltd. The core asset of this transaction is the innovative gout drug AR882, which is a new generation oral URAT1 inhibitor [2][3]. - Arthrosi plans to sign a merger agreement with Sobi US Holding Corp., a subsidiary of Swedish Orphan Biovitrum AB, for a total acquisition price of $950 million (approximately 6.713 billion RMB), including a $550 million (approximately 3.887 billion RMB) milestone payment [2]. - Following the completion of the transaction, Yipinhong will no longer hold any equity in Arthrosi, but it aims to maintain collaboration on the global supply chain and continue clinical development of AR882 in China [3][4]. Group 2: Financial Performance and Market Reaction - Arthrosi is currently in a loss-making position with no sales revenue, reporting a loss of $43.44 million in 2024 and $73.15 million in the first three quarters of the current year [3]. - Yipinhong's stock price fell sharply after the announcement, with a 10.45% drop on December 16, closing at 33.42 RMB per share, resulting in a market capitalization reduction to 15.096 billion RMB [5][6]. - The company is facing significant financial pressure, projecting a net loss of 540 million RMB for 2024, attributed to industry policy changes, market environment shifts, and increased R&D investments [5][6].

Core Viewpoint - The stock price of Yipinhong (300723) has experienced a significant decline after the announcement of the sale of its stake in Arthrosi, which is developing the gout drug AR882. Despite retaining 100% rights to AR882 in China, investors reacted negatively, perceiving the sale as a loss of a beneficial project [1][5][7]. Group 1: Stock Performance - Yipinhong's stock price fell nearly 30% over three trading days following the announcement of the stake sale [3][4]. - On December 17, the stock opened down 1.53% and hit a low of nearly 5% during the day, closing at 33.34 yuan per share, down 0.24% [3][4]. - The stock hit a limit down of 20% on December 15, prompting the company to announce a share buyback plan of 100 to 200 million yuan to stabilize investor confidence [4]. Group 2: Stake Sale Details - Yipinhong plans to sell its stake in Arthrosi, which is developing AR882, to Sobi for a total of up to $15 billion (approximately 106 billion yuan) [3][6]. - Yipinhong holds a 13.45% stake in Arthrosi through its subsidiary, and after the sale, it will no longer hold any equity in Arthrosi [3][6]. Group 3: Financial Performance and Future Outlook - Yipinhong is facing significant financial pressure, with projected revenues for 2024 expected to drop by 42.07% to approximately 1.45 billion yuan, resulting in a net loss of about 540 million yuan [8]. - The company reported a net loss of 136 million yuan in the first three quarters of this year, continuing its trend of financial difficulties [8]. - Yipinhong aims to focus on innovation, with plans to submit 1-2 new drug applications annually, targeting unmet clinical needs and global commercialization [9].

Core Viewpoint - The company, Yahui Pharmaceutical (688176.SH), has received approval from the National Medical Products Administration (NMPA) for its clinical trial application of APL-2401 (ASN-8639 tablets) in patients with advanced solid tumors driven by FGFR2/3 [1] Group 1: Clinical Trial Approval - APL-2401 has been approved for a Phase I clinical trial, marking a significant milestone for the company [1] - The drug is a first-class innovative medication developed globally, designed as a highly selective small molecule inhibitor targeting FGFR2/3 [1] - The approval was granted in just 22 working days, making it one of the first projects to receive approval under the new regulatory pathway established by the NMPA [1] Group 2: Potential Impact - APL-2401 aims to provide a new treatment option for patients with advanced solid tumors, including urothelial carcinoma, cholangiocarcinoma, endometrial cancer, gastric cancer, breast cancer, ovarian cancer, non-small cell lung cancer, and other specific solid tumors [1] - The clinical trial design and submission materials comply with international clinical trial technical standards, enhancing the drug's credibility and potential for success in the market [1]

公告显示，APL-2401为全球同步研发的1类创新药，其国际多中心临床试验设计及申报资料符合国际临 床试验技术标准体系要求，成功纳入国家药监局于2025年9月12日发布的《关于优化创新药临床试验审 评审批有关事项的公告(2025年第86号)》规定的"30日通道"，并以仅22个工作日获得批准，成为全国首 批获得此项新政审批通过的项目之一。 亚虹医药(688176.SH)公告，公司收到国家药品监督管理局(NMPA)签发的《药物临床试验批准通知 书》，公司APL-2401(药物名称为ASN-8639片)在FGFR2/3驱动的晚期实体瘤患者中开展I期临床试验申 请获得批准。 ...

Core Viewpoint - The company, Yahui Pharmaceutical (688176.SH), has received approval from the National Medical Products Administration (NMPA) for its clinical trial application of APL-2401, a novel drug targeting FGFR2/3 in patients with advanced solid tumors, marking a significant milestone in its development process [1] Group 1: Clinical Trial Approval - The NMPA issued a "Drug Clinical Trial Approval Notification" for APL-2401, allowing the company to conduct Phase I clinical trials in patients with FGFR2/3-driven advanced solid tumors [1] - APL-2401 is classified as a first-class innovative drug and has been designed in accordance with international clinical trial technical standards [1] - The approval was granted in just 22 working days, making it one of the first projects to receive approval under the new policy announced by the NMPA on September 12, 2025, which aims to optimize the review and approval process for innovative drugs [1] Group 2: Drug Profile and Potential - APL-2401 is a highly selective small molecule inhibitor targeting fibroblast growth factor receptors 2 and 3 (FGFR2/3) [1] - The drug is expected to provide a new treatment option for patients with advanced solid tumors, including urothelial carcinoma, cholangiocarcinoma, endometrial cancer, gastric cancer, breast cancer, ovarian cancer, non-small cell lung cancer, and other specific solid tumors [1]

| 恒生医疗保健业指数 | 港股创新药ETF | | --- | --- | | (513120) | (HSCICH) | | 周内涨跌 -2.26% | 周内涨跌 - 2.18% | | - A股当周涨跌幅 - | | | 昭衍新药 | 退市苏吴 | | 周内涨跌 ↑23.38% 周内涨跌 -66.94% | | | - 港股当周涨跌幅 - | | | 金斯瑞生物科技 | 复星医药 | | 周内涨跌) ↑ 4.84% | 周内涨跌 - 10.49% | | 聚焦前沿 | | | 热门赛道 | 又一款国产流感药物获批,不可用于 | | 流感并发症 | | | 一周热股 | 退市苏吴下跌跌幅近7成 钱氏姐弟如 | | 何"掏空"上市公司 | | | 前沿动向 | 全球首个 CDK2/4/6 抑制剂获批上市, | | 用于乳腺癌治疗 | | | 《捉令创新药》栏目中每日经济新闻推出 | 氧国一期 | 氧周一期 每经记者｜金喆 每经编辑｜魏官红 | 8 | | --- | | 解读新药研发进展与趋势 剖析产品竞争力与市场前景 | | 洞察医药资本脉络 见证医药产业高质量发展 | | 数据来源：东方财富App、富途 ...

Core Viewpoint - The stock of Jiangsu Hengrui Medicine Co., Ltd. (02617) surged nearly 14% following the announcement of positive clinical results for its core product, Tiengogatinib, published in a prestigious medical journal [1] Group 1: Clinical Results - Tiengogatinib demonstrated durable responses and extended survival in patients with cholangiocarcinoma during a Phase 2 exploratory clinical trial conducted in the United States [1] - The study results were published in "The Lancet Gastroenterology & Hepatology," which has an impact factor of 38.6 [1] - Researchers from the University of Texas MD Anderson Cancer Center highlighted the need for next-generation FGFR2 inhibitors, with Tiengogatinib being noted for its unique mechanism targeting FGFR [1] Group 2: Product Information - Tiengogatinib is an innovative multi-target small molecule kinase inhibitor developed independently by the company, currently in the registration clinical phase [1] - The drug targets tumor cells and improves the tumor microenvironment to exert anti-tumor effects [1] - Tiengogatinib has received orphan drug designation (ODD) and fast track designation from the FDA for cholangiocarcinoma treatment, and it is included in the breakthrough therapy list and priority review list by China's NMPA [1]

据悉，替恩戈替尼是一款自主研发、注册性临床阶段的创新多靶点小分子激酶抑制剂，通过靶向肿瘤细 胞和改善肿瘤微环境发挥抗肿瘤作用。目前，替恩戈替尼已经在中美两地开展了多项针对胆管癌、前列 腺癌、乳腺癌等实体瘤的临床试验，并获得了美国FDA授予的用于治疗胆管癌的"孤儿药认证"(ODD) 及"快速通道资格认证"，中国NMPA批准纳入突破性治疗品种名单及优先审评品种名单，欧洲EMA授予 的用于治疗胆道癌的孤儿药认证(ODD)。 消息面上，据药捷安康官微消息，近日，公司宣布，核心产品替恩戈替尼在美国开展的针对胆管癌的探 索性临床2期结果在《柳叶刀，胃肠病和肝病学》(影响因子38.6)上发表。为此，德克萨斯大学MD安德 森癌症中心研究人员评论："我们正在寻找针对耐药的下一代FGFR2抑制剂。替恩戈替尼作为下一代 FGFR抑制剂，以独特机制靶向FGFR。在这项2期研究中，替恩戈替尼在胆管癌患者中展现出持久缓解 和生存期延长。这些令人瞩目的数据支持启动3期注册试验。" 药捷安康-B(02617)拉升近14%，截至发稿，涨13.85%，报166.1港元，成交额1.12亿港元。 ...