公司已连续多年在ASH、美国临床肿瘤学会(ASCO)等国际舞台上发表创新药研发成果。此次多项研究 成果集中入选第67届ASH年会，代表了国际学术界对公司科研创新实力的高度认可。 智通财经APP讯，维立志博-B(09887)发布公告，美国血液学会(ASH)公布了第67届年会摘要评审结果。 公司2款创新药共5篇研究摘要成功入选，包括1篇口头报告、3篇壁报展示和1篇在线发表。 （原标题：维立志博-B(09887)：2款创新药研究成果将亮相第67届ASH年会） ...

公司已连续多年在ASH、美国临床肿瘤学会(ASCO)等国际舞台上发表创新药研发成果。此次多项研究 成果集中入选第67届ASH年会，代表了国际学术界对公司科研创新实力的高度认可。 维立志博-B(09887)发布公告，美国血液学会(ASH)公布了第67届年会摘要评审结果。公司2款创新药共5 篇研究摘要成功入选，包括1篇口头报告、3篇壁报展示和1篇在线发表。 ...

（股 份 代 號：9887） 自願公告 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。 2款創新藥研究成果將亮相第67屆ASH年 會 本公告由南京 維 立志博生物科技股份有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 作 出，以 告 知 本 公 司 股 東 及 潛 在 投 資 者 有 關 本 公 司 的 最 新 業 務 發 展 情 況。 Nanjing Leads Biolabs Co., Ltd. 南 京 維 立志博生物科技股份有限公司 （於 中 華 人 民 共 和 國 成 立 的 股 份 有 限 公 司） 本 公 司 股 東 及 潛 在 投 資 者 在 買 賣 本 公 司 股 份 時 務 請 審 慎 行 事。 承董事會命 Nanjing Leads Biolabs Co., Ltd. 南 京 維 立志博生物科技股份有限公司 董 事 長、執 行 董 事 兼 首 席 ...

Core Points - The company, Bibet (688759.SH), has released its prospectus for an initial public offering (IPO) on the Sci-Tech Innovation Board, planning to issue 90 million shares, which will account for approximately 20.00% of the total share capital post-issuance [1] - The IPO will consist entirely of new shares, with no existing shareholders selling shares [1] - The initial strategic placement will involve 18 million shares, representing 20.00% of the total issuance, with final placement amounts to be determined after the pricing on October 15, 2025 [1] Company Overview - Bibet is a biopharmaceutical company focused on innovative drug development, particularly in the fields of oncology, autoimmune diseases, and metabolic diseases [1] - The company aims to develop First-in-Class drugs and innovative medications to meet unmet clinical needs, emphasizing independent innovation and global intellectual property rights [1] Research Pipeline - As of the signing date of the prospectus, the company has one Class 1 innovative drug, BEBT-908, approved for market, while BEBT-209 is in Phase III clinical trials, and BEBT-109 has been approved to start Phase III trials [2] - Five additional products are currently in Phase I clinical trials [2] Fund Utilization - The net proceeds from the IPO, after deducting issuance costs, will be allocated as follows: 949 million yuan for new drug research and development projects, 555 million yuan for the construction of a research and development center and formulation industrialization base in Qingyuan, and 500 million yuan for working capital [2]

Group 1 - The core point of the news is that Bibet (688759.SH) has released its IPO prospectus for listing on the Sci-Tech Innovation Board, planning to issue 90 million shares, which will account for approximately 20.00% of the total share capital post-issuance [1] - The initial strategic placement will involve 18 million shares, representing 20.00% of the total issuance, with the final strategic placement amount to be determined after the pricing on October 15, 2025 [1] - Bibet focuses on innovative drug development, targeting major diseases such as cancer, autoimmune diseases, and metabolic disorders, with a commitment to creating First-in-Class drugs and addressing unmet clinical needs [1] Group 2 - As of the signing date of the prospectus, the company has one Class 1 innovative drug, BEBT-908, approved for market, while BEBT-209 is in Phase III clinical trials, and BEBT-109 has been approved to start Phase III trials, with five products in Phase I trials [2] - The net proceeds from the IPO, after deducting issuance costs, will be allocated to various projects: 949 million yuan for new drug research and development, 555 million yuan for the construction of the Qingyuan R&D center and formulation industrialization base, and 500 million yuan for working capital [2]

Core Viewpoint - The article highlights the explosive performance of Changfeng Pharmaceutical upon its debut on the Hong Kong stock market, with a significant price increase and strong interest in the biotechnology sector despite a generally weak market [1][3][6]. Company Performance - Changfeng Pharmaceutical was listed on October 8, opening at 47 HKD per share and reaching a peak of 48.8 HKD, representing a rise of over 230% from its issue price of 14.75 HKD [1][3]. - The stock's first-day performance allowed investors to potentially earn over 17,000 HKD per lot (500 shares) if transaction fees are excluded [1]. - The company specializes in the research, development, production, and commercialization of inhalation technologies and drugs, focusing on respiratory diseases [4]. Financial Performance - The revenue figures for Changfeng Pharmaceutical over the years are as follows: 2022 - 349 million CNY, 2023 - 556 million CNY, 2024 - 608 million CNY, and Q1 2025 - 136 million CNY. The gross profits for the same periods were 268 million CNY, 458 million CNY, 491 million CNY, and 108 million CNY respectively [5]. Market Context - The biotechnology sector saw a collective rise of nearly 1% in the Hong Kong market, with several companies like Yiming Anke, He Yu, and others experiencing significant gains [2][6]. - Analysts suggest that the surge in biotechnology stocks may be linked to the announcement of the 2025 Nobel Prize in Physiology or Medicine, which recognized contributions to peripheral immune tolerance research [7][8]. Product Highlights - CF017, an inhalation drug for bronchial asthma, is Changfeng Pharmaceutical's first approved product, capturing approximately 16% of the Chinese market for budesonide inhalation drugs by sales volume in 2024 [5].

Core Insights - The acute gout medication market in China is projected to reach $100 million in 2024, contrasting sharply with the growing patient base of 19.4 million, which has increased by over 70% since 2019 [1][17] - The global acute gout medication market has seen a slight decline from $1.6 billion in 2019 to $1.5 billion in 2024, primarily due to rising prices of traditional drugs and their limitations, but is expected to rebound to $3.3 billion by 2030 with the introduction of new innovative treatments [13][14] Industry Overview - Acute gout medications are designed to quickly alleviate inflammation symptoms during acute attacks, focusing on suppressing inflammation rather than directly lowering uric acid levels [1][6] - The industry supply chain consists of upstream raw material suppliers, midstream manufacturers, and downstream distributors, with each segment's performance affecting the others [8][9] Market Dynamics - The global number of acute gout patients is expected to rise from 35.2 million in 2019 to 45.4 million in 2024, with a compound annual growth rate of 5.3%, driven by factors such as aging populations and dietary changes [11] - The current market is dominated by traditional drugs like allopurinol and febuxostat, which face challenges due to their toxicity, prompting a shift towards innovative drug development [17] Competitive Landscape - The acute gout medication market is characterized by a tiered competition structure, with major international players like Pfizer and Amgen leading the first tier, while domestic companies like Hengrui Medicine are emerging in the third tier with significant market shares [2][11] - The competition is shifting from price wars over traditional drugs to innovation-focused strategies, as companies invest in new drug development targeting specific mechanisms [2][11] Research and Analysis - The research team employs various analytical models such as SCP, SWOT, and PEST to comprehensively assess the market environment, industry policies, and competitive landscape [2][4] - A detailed report titled "2025-2031 China Acute Gout Medication Industry Market Research and Development Trend Forecast" has been compiled to guide investment decisions and strategic planning for stakeholders [23]

Core Insights - Chronic respiratory diseases (CRDs) have become the fourth leading cause of death globally, highlighting the increasing severity of respiratory issues among modern populations [3] - Changfeng Pharmaceutical, set to list on the Hong Kong Stock Exchange, has successfully transitioned from losses to profitability by focusing on inhalation formulations for respiratory diseases [3][4] - The company employs a two-step strategy: leveraging its established inhalation drug business while pursuing innovative global projects to ensure future growth [4][5] Group 1: Business Model and Financial Performance - Changfeng Pharmaceutical's first strategic step focuses on the Chinese market, targeting globally popular inhalation formulations to achieve domestic substitution through technological breakthroughs [4] - The company's total revenue is projected to increase from RMB 349 million in 2022 to RMB 608 million in 2024, representing a compound annual growth rate (CAGR) of 31.9% [5] - The core product CF017 has captured approximately 16% of the Chinese budesonide inhalation drug market by 2024, driving significant revenue growth [5][6] Group 2: Technological and Competitive Advantages - Changfeng Pharmaceutical has established five key technology platforms that span the entire inhalation drug development process, providing a competitive edge in the complex inhalation formulation market [5][6] - The company is the only developer currently conducting clinical trials for CF006/CF043, which targets a market with sales of RMB 1.8 billion, ensuring a unique position in the competitive landscape [6][8] Group 3: Innovation Pipeline and Future Growth - The company is advancing into innovative drug development for severe diseases such as idiopathic pulmonary fibrosis (IPF) and pulmonary arterial hypertension (PAH), which have poor prognoses and limited treatment options [8][9] - Changfeng Pharmaceutical is also exploring the CNS market with innovative delivery methods, such as nasal sprays for migraine and cluster seizures, aiming to enhance patient experience and treatment efficacy [9][10] - The company is developing groundbreaking inhaled siRNA therapies, which could revolutionize the treatment of chronic respiratory diseases by targeting disease pathways at the genetic level [10][11] Group 4: Investment Proposition - Changfeng Pharmaceutical presents a dual value proposition: a stable revenue stream from its established inhalation drug business and significant growth potential from its innovative pipeline [11] - The upcoming IPO funds will support both the commercialization of existing products and the clinical research of innovative projects, reinforcing the company's business model and growth trajectory [11]

（一家於中華人民共和國註冊成立的股份有限公司） 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應徵詢獨立專業意見。 Xuanzhu Biopharmaceutical Co., Ltd. 軒竹生物科技股份有限公司 全球發售 獨家保薦人及保薦人兼整體協調人 聯席整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示概不就因本招股章程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。 本招股章程，連同本招股章程「附錄七－送呈公司註冊處處長及展示文件」所述的文件，已按照香港法例第32章公司（清盤及雜項條文）條例第342C條的規定由 香港公司註冊處處長登記。香港證券及期貨事務監察委員會及香港公司註冊處處長對本招股章程或上述任何其他文件的內容概不負責。 發售價將為11.60港元。香港發售股份申請人於申請時須支付發售價每股香港發售股份11.60港元，連同1.0%經紀佣金、0.0027%證監會交易徵費、0.00015%會 財局交易徵費及0 ...

Core Points - The company has received acceptance for its clinical trial application for GB10 injection, marking a significant step in its innovative drug development process [1][2][3] - GB10 injection is a high-concentration ophthalmic injection developed by the company, targeting age-related macular degeneration and diabetic macular edema [2] - Successful development and potential market launch of GB10 injection could enhance the company's product portfolio and market competitiveness [3] Summary by Sections Application Registration Details - Product Name: GB10 Injection [2] - Application Type: Domestic production drug registration clinical trial [2] - Acceptance Number: CXSL2500841 [2] - Indications: Treatment for neovascular diseases such as age-related macular degeneration (nAMD) and diabetic macular edema (DME) [2] - Dosage Form: Injection [2] - Product Overview: GB10 injection is a dual-target antibody with global intellectual property rights, showing efficacy in preclinical studies comparable to international competitors [2] Impact on the Company - The acceptance of the clinical trial application is a crucial milestone in the company's dual-antibody research strategy, indicating progress in its innovative drug development [3] - If successful, the drug could meet market demands with a more diverse product offering, thereby enhancing the company's competitive position [3]