Core Viewpoint - Hunan Maijiz Biological Technology Co., Ltd. has submitted an application for an IPO on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] Company Overview - Maijiz Biological was established in 2016 and is a clinical-stage biopharmaceutical company focused on unmet medical needs in allergic diseases, autoimmune diseases, and other inflammatory and immune diseases [3] - The company currently has no products on the market, with its core product MG-K10 being a long-acting anti-IL-4Rα antibody, which is considered to have "best-in-class" potential [3] Financial Performance - The company has reported continuous losses, with a total adjusted net loss of approximately 307 million yuan over the past two years [5] - Revenue for the first three months of 2023, 2024, and 2025 was 872,200 yuan, 24,000 yuan, and 0 yuan respectively, with corresponding net losses of 253 million yuan, 178 million yuan, and 27.3 million yuan [4] Product Pipeline - In addition to MG-K10, Maijiz Biological has two other self-developed pipelines that have entered clinical stages: MG-014 targeting TSLP for asthma and COPD, and MG-013 targeting MASP-2 for rare and inflammatory diseases [4] - The company has several other preclinical candidates, including MG-012, MG-015, MG-018, MG-208, and MG-242, which are in development [4] Valuation and Funding - The company has undergone multiple rounds of financing, raising over 700 million yuan, with a post-money valuation growth of nearly 45 times over eight years [7] - The valuation increased from 58 million yuan in early 2017 to 2.64 billion yuan in May 2025 [10] Shareholding Structure - The controlling shareholder, Zhang Chenghai, holds approximately 42.65% of the company, while other significant shareholders include Kangzhe Pharmaceutical and Hunan Guochuang [10] Use of IPO Proceeds - The funds raised from the IPO will be used for ongoing and planned clinical trials of the core product MG-K10, as well as for MG-014, MG-013, and other preclinical and discovery-stage assets [10]

Core Insights - Ipsen reported strong financial results for H1 2025, with total sales reaching €1,819.8 million, a 9.7% increase compared to H1 2024, and 11.4% growth at constant exchange rates (CER) [2][3] - The company achieved a core operating income of €655.8 million, reflecting a 21.9% increase, and a core operating margin of 36.0%, up by 3.6 percentage points [2][3] - Ipsen upgraded its full-year 2025 financial guidance, expecting total sales growth greater than 7.0% at CER, and a core operating margin exceeding 32.0% [3][4] Financial Performance - Total sales for H1 2025 were €1,819.8 million, compared to €1,659.3 million in H1 2024, marking a 9.7% increase [2] - Core operating income rose to €655.8 million from €538.0 million, a growth of 21.9% [2] - Core consolidated net profit increased by 27.3% to €508.3 million, with core earnings per share rising to €6.07 from €4.78 [2] - IFRS operating income was €451.6 million, up 42.1%, with an IFRS operating margin of 24.8%, an increase of 5.7 percentage points [2] Therapeutic Areas Performance - Sales growth was driven by three therapeutic areas: 95.7% in Rare Disease, 9.7% in Neuroscience, and 6.4% in Oncology [3] - The rare liver disease franchise showed particularly strong momentum, contributing significantly to overall sales growth [3] Pipeline and Regulatory Updates - Ipsen received European Commission approval for Cabometyx in advanced neuroendocrine tumors on July 23, 2025, marking the sixth indication for the drug [3][6] - The company is anticipating pivotal study results for fidrisertib in fibrodysplasia ossificans progressiva (FOP) and proof-of-concept data for LANT in aesthetics in the second half of 2025 [3][4] - Recent pipeline developments include the initiation of a Phase II study of LANT in cervical dystonia and the presentation of Iqirvo® data at a major liver congress [5][6] Future Outlook - The company expects a negative impact on Somatuline sales due to increased generic competition in the U.S. and Europe, but remains optimistic about overall growth [4][11] - Ipsen's strategy focuses on external innovation and a commitment to scientific excellence, positioning the company for continued positive impact in the biopharmaceutical sector [4]

Group 1 - The company expects a net loss attributable to shareholders of the parent company for the first half of 2025 to be between -110 million and -140 million yuan, representing a reduction in loss of 96.84 million to 126.84 million yuan compared to the same period last year [2] - The expected net loss attributable to shareholders after deducting non-recurring gains and losses is projected to be between -160 million and -190 million yuan, indicating a reduction in loss of 80.33 million to 110.33 million yuan [2] - The previous year's net loss attributable to shareholders was -236.85 million yuan, with a net loss after deducting non-recurring gains and losses of -270.33 million yuan [4] Group 2 - The company anticipates a decrease in losses due to increased market expansion, with sales of Adalimumab injection (Geleli) expected to rise, contributing an additional revenue of 20 million to 50 million yuan compared to the previous year [6] - Research and development expenses are expected to decrease by 40 million to 70 million yuan compared to the previous year, primarily because several R&D projects have completed Phase III clinical trials, with BAT2206, BAT2306, and BAT2506 currently in the application stage for market approval [6] - BAT2206 has already received FDA approval for market launch in the United States, which has contributed to the reduction in R&D expenses [6]

Core Viewpoint - Shanghai Pharmaceuticals announced that its subsidiary, Shanghai Pharmaceuticals Group Biotherapy Technology Co., Ltd., has received approval from the National Medical Products Administration for clinical trials of its self-developed drug "B019" for the treatment of refractory systemic lupus erythematosus [1] Group 1 - B019 injection is a chimeric antigen receptor T-cell injection targeting CD19 and CD22, aimed at treating refractory systemic lupus erythematosus [1] - The project has accumulated research and development expenses of approximately 149,000 RMB for this new indication [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。 自願公告 重組抗人 IL-17A/F 人源化單克隆抗體注射液Ⅲ期臨床試驗 達到主要研究終點 近日，麗珠醫藥集團股份有限公司 Livzon Pharmaceutical Group Inc.*（「本公司」）控股附 屬公司珠海市麗珠單抗生物技術有限公司（「麗珠單抗」）與北京鑫康合生物醫藥科技 有限公司聯合開發的"重組抗人IL-17A/F人源化單克隆抗體注射液"（「LZM012」或「本 品」）的Ⅲ期臨床試驗達到主要研究終點。現將有關詳情公告如下： 一、藥品基本情況 藥品名稱：重組抗人IL-17A/F人源化單克隆抗體注射液 英文名/拉丁名：Recombinant anti-human IL-17A/F Humanized Monoclonal Antibody Injection 劑型：注射劑 註冊分類：治療用生物製品1類 規格：160 mg（1.6mL）/瓶 上市申請人：珠海市麗珠單抗生物技術有限公司 本公司 ...

Core Viewpoint - Hunan Maijizhi Biotechnology Co., Ltd. (referred to as "Maijizhi") has officially submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step in its growth as a biopharmaceutical company focused on innovative biologics for inflammatory and immune diseases [3][9]. Company Overview - Established in 2016, Maijizhi has developed a pipeline of eight innovative candidate products, including core product MG-K10 and key products MG-014 and MG-013, with three candidates already in clinical stages [5][7]. - MG-K10 is a long-acting anti-IL-4Rα antibody designed for the precise treatment of moderate to severe atopic dermatitis and asthma, with a half-life 2 to 3.5 times longer than similar antibodies on the market [5][7]. Clinical Development - MG-K10 has made significant progress in clinical research, having completed Phase II trials for atopic dermatitis and currently undergoing Phase III trials for atopic dermatitis, asthma, nodular prurigo, and Phase II/III trials for seasonal allergic rhinitis in China [7][8]. - The company has established a comprehensive clinical development plan, with key milestones including the submission of a Biologics License Application (BLA) expected in the second half of 2025 [8]. Financial and Investment Highlights - Maijizhi has secured a total investment of 1.5 billion yuan from Xiangjiang Guotou, holding a 6.59% stake in the company, which has facilitated its clinical research progress [9]. - The company completed a Pre-IPO financing round in July, raising 260 million yuan, resulting in a post-investment valuation of 2.64 billion yuan [8].

Investment Rating - The report assigns an "Outperform" rating for Innovent Biologics, indicating an expected total return over the next 12-18 months that exceeds the return of its relevant broad market benchmark [24]. Core Insights - The management's vision for 2030 is a significant highlight, aiming to position Innovent Biologics as a world-class biopharmaceutical company, with five product pipelines entering global multi-center Phase III clinical trials and two products planned for overseas launch [2][9]. - The development strategy for IBI363 (PD-1/IL-2α-bias bispecific antibody) is clearly defined, with expectations for proof-of-concept data in first-line indications for colorectal, gastric, and lung cancers by 2026 [3][10]. - The recent approval of Mazdumetor is expected to drive rapid sales growth, with projected revenues of 600 million yuan in 2025 and 1.8 billion yuan in 2026 [5][14]. - The non-oncology business is anticipated to match oncology revenue by 2027, driven by multiple product approvals and market expansions [6][15]. Summary by Sections Management Vision - The management reiterated its goal to become a top-tier biopharmaceutical company by 2030, with significant advancements in product pipelines and market presence [2][9]. Product Development - IBI363's clinical strategy focuses on addressing issues in Phase I, selecting representative tumors for Phase II, and advancing certain indications in Phase III, with a focus on colorectal, gastric, and lung cancers [3][10]. - The management emphasizes the importance of partnerships with firms that have strong oncology pipelines and commercialization capabilities [4][11]. Sales and Marketing Strategy - The marketing strategy for Mazdumetor includes a full-channel approach, targeting both in-hospital and out-of-hospital channels, with a focus on rapid sales expansion [5][14]. Revenue Outlook - The domestic non-oncology business is expected to significantly contribute to revenue growth, with projections of reaching 20 billion yuan by 2027 [6][15]. - The overseas business is projected to see revenue growth from 2027 to 2030, primarily driven by oncology products [6][16].

Group 1 - The stock of Israeli clinical biopharmaceutical company UroGen Pharma (ADR) has resumed trading, experiencing a 63% increase [1] - UroGen Pharma focuses on developing novel therapies aimed at changing the standard of care for urological pathology [1] Group 2 - The stock price reached a high of $12.50 and a low of $6.92, with a previous close of $7.30 [3] - The trading volume was 1.97 million shares, with a turnover rate of 4.27% [3] - The stock's market capitalization is approximately $535 million, with a 52-week high of $20.70 and a low of $3.42 [3]

Core Viewpoint - The 2024 Annual General Meeting of Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd. outlines the procedures and agenda for the meeting, including various proposals for shareholder approval, reflecting the company's operational status and future plans [1][2][3]. Meeting Procedures - Shareholders or their representatives must arrive 30 minutes before the meeting and present identification for attendance verification [2]. - Only authorized personnel, including shareholders, directors, supervisors, and invited guests, are allowed to enter the meeting venue [1][2]. - Shareholders have the right to speak, inquire, and vote during the meeting, with specific rules governing the order and duration of speeches [2][3]. Voting and Proposals - The meeting will utilize both on-site and online voting methods, with specific timeframes for each [4][6]. - Key proposals include the 2024 Board of Directors' work report, the 2024 Supervisory Board's work report, and the 2024 annual financial report, all of which have been approved by the board and supervisory committee [5][8][9]. Financial Performance - The company reported a total asset decrease of 12.49% year-on-year, with total liabilities increasing by 25.83% [21][25]. - The net profit for the year was -79.73 million yuan, a slight improvement from the previous year's loss [21]. - Operating revenue reached 30.10 million yuan, a significant increase of 2384.11% compared to the previous year, primarily due to the launch of the product "Sailiqi Monoclonal Antibody Injection" [21][24]. Expense Analysis - Sales expenses surged by 1030.29% to 117.89 million yuan, attributed to the expansion of the sales team and marketing efforts for the new product [22][23]. - Management expenses decreased by 17.60%, while R&D expenses slightly reduced by 1.71% [22][23]. - Financial expenses showed a significant decrease of 313.63%, mainly due to increased interest income from temporarily idle funds [24]. Future Plans - The company plans to apply for a new comprehensive credit limit of up to 2.5 billion yuan to support its operational goals [12][13]. - Proposals for the 2025 director and supervisor remuneration plans have been outlined, reflecting the company's commitment to aligning compensation with performance [10][12].

Core Viewpoint - The company has received acceptance for its H-share full circulation filing by the China Securities Regulatory Commission, which is expected to enhance liquidity, governance, and market competitiveness, driving business growth and shareholder value [1] Group 1: Company Developments - The company's stock price increased by 2.17% to HKD 49.40 on June 10, following the announcement of the H-share full circulation application [1] - The company has six products approved in China and four internationally, reaching over 50 countries and benefiting more than 800,000 patients globally [2] - The company has been included in the MSCI Global Small Cap Index, which is likely to attract more international capital [2] Group 2: Research and Clinical Trials - The company showcased its research results at the American Society of Clinical Oncology (ASCO) annual meeting, including the innovative anti-HER2 monoclonal antibody HLX22 and the anti-PD-1 monoclonal antibody H药 汉斯状® [1] - The company presented Phase I clinical trial data for HLX43 (PD-L1 ADC) for treating advanced/metastatic solid tumor patients, addressing issues of non-response or resistance to PD-1/L1 immunotherapy [1]