Core Viewpoint - Tongyuan Kang Pharmaceutical-B (02410) experienced a significant stock price increase, attributed to the acceptance of its innovative drug, TY-9591, for a key II phase registration clinical trial report at the 2025 World Lung Cancer Conference (WCLC) [1] Group 1: Company Developments - The company announced that its self-developed innovative drug, TY-9591, targets EGFR mutation-type non-small cell lung cancer (NSCLC) and has shown promising results in clinical trials [1] - TY-9591 is a highly selective small molecule inhibitor aimed at addressing unmet clinical needs for NSCLC patients with brain metastases under current treatment standards [1] Group 2: Clinical Trial Results - Research indicates that TY-9591, as a new generation EGFR-TKI, demonstrates superior efficacy in controlling brain metastases and alleviating symptoms, potentially offering a new and more effective first-line treatment option for EGFR mutation NSCLC patients with brain metastases [1]

Core Viewpoint - Tongyuan Kang Pharmaceutical-B (02410) experienced a significant stock price increase, attributed to the acceptance of its innovative drug, TY-9591, for a key Phase II clinical trial report at the 2025 World Lung Cancer Conference (WCLC) [1] Company Summary - The company reported a stock price increase of over 10% in early trading, with a current price of 18.2 HKD and a trading volume of 32.21 million HKD [1] - TY-9591 is a highly selective small molecule inhibitor targeting classic EGFR mutations, aimed at addressing unmet clinical needs in non-small cell lung cancer (NSCLC) with brain metastases [1] - The research indicates that TY-9591 shows superior efficacy in controlling brain metastases and alleviating symptoms, potentially providing a new and more effective first-line treatment option for EGFR-mutant NSCLC patients with brain metastases [1] Industry Summary - The acceptance of TY-9591's clinical trial results at an international conference highlights the ongoing advancements in targeted therapies for NSCLC, particularly for patients with brain metastases [1] - The focus on EGFR mutations in NSCLC reflects a broader trend in oncology towards personalized medicine and the development of innovative treatments to meet specific patient needs [1]

Core Viewpoint - China Antibody-B (03681) has entered into a comprehensive strategic cooperation agreement with Sun Yat-sen University Hong Kong Advanced Institute of Science (SYSU-IAS) to enhance joint research and development in the biomedical field over a three-year period [1] Group 1: Strategic Cooperation - The cooperation agreement aims to leverage the strengths of both parties to accelerate the development of innovative drugs and facilitate the translation of research results into clinical applications globally [1] - The collaboration will adopt a project-driven model focusing on resource sharing and efficient communication [1] Group 2: Resource Utilization - The partnership allows the company to directly utilize SYSU-IAS's comprehensive laboratory facilities, experimental animal supply resources (especially non-primate animals), and valuable data assets [1] - These elements are considered key factors in promoting innovative drug research and ensuring the sustainable development of the company's R&D efforts [1]

自願公告 全面戰略合作協議 本公告乃中國抗體製藥有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事 （「董事」）會（「董事會」）自願作出，以知會本公司股東（「股東」）及潛在投資者有關 本集團之最新業務進展。 全面戰略合作協議 董事會欣然宣佈，於二零二五年八月十二日，本公司與中山大學香港高等研究院 有 限 公 司（「 中 山 大 學 香 港 高 等 研 究 院 」或「 SYSU -IAS 」）（ 連 同 本 公 司 統 稱「 訂 約 方」）訂立全面戰略合作協議（「合作協議」），據此，訂約方同意開展為期三年的合 作，以於生物醫學領域進行聯合研發。合作協議的主要條款概要載列如下： 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，並明確表示概不就因本公告全部或 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。 SinoMab BioScience Limited 中 國 抗 體 製 藥 有 限 公 司 （於香港註冊成立的有限公司） （股份代號：3681） 日期 二零二五 ...

Core Viewpoint - The company, Renfu Pharmaceutical, is strengthening its market position through innovative research and strategic adjustments amid increasing competition in the pharmaceutical industry. The approval of its self-developed drug HW241045 for clinical trials marks a significant advancement in its drug development efforts targeting the idiopathic pulmonary fibrosis (IPF) market valued at 1.87 billion yuan in China [1][2]. Group 1: Drug Development and Market Potential - Renfu Pharmaceutical's HW241045 has received approval for clinical trials, aimed at treating IPF, a rare disease with limited treatment options. Currently, only two drugs, Nintedanib and Pirfenidone, are approved for this condition, with combined sales projected to reach 1.87 billion yuan in 2024 [2]. - The company has invested approximately 23 million yuan in the development of HW241045 and plans to expedite clinical trials. If successful, this drug could become a significant product alongside its existing anesthetics and neurological medications [2][3]. - The company has over 500 projects in development, including more than 60 new drugs, and holds 449 patent applications, indicating a strong commitment to innovation and product development [3]. Group 2: Strategic Changes and Financial Performance - The recent change in control to China Merchants Group is expected to inject new momentum into Renfu Pharmaceutical's future development. This transition follows the bankruptcy restructuring of the previous controlling entity, which allows for enhanced resources and expertise from the new parent company [4]. - In the first quarter of 2025, Renfu Pharmaceutical reported revenues of 6.137 billion yuan and a net profit of 540 million yuan, reflecting an 11.09% year-on-year increase, showcasing the company's growth potential [5]. - The company aims to achieve over 27 billion yuan in revenue and a gross margin of 45% in 2025, focusing on core product categories and improving operational quality through asset divestitures [5][6].

Core Viewpoint - BeiGene reported a strong Q2 performance with total revenue of $1.3 billion, a 42% year-over-year increase, and a positive operating profit, indicating a successful turnaround and growth trajectory for the company [2][3][5]. Financial Performance - Q2 total revenue reached $1.3 billion, up 42% from the previous year, with core product BeiYueZe contributing $950 million, a 49% increase [3][5]. - GAAP operating profit was $87.9 million, compared to a loss of $107.2 million in the same period last year, marking a significant turnaround [4]. - Net profit for Q2 was $94.3 million, a substantial improvement from a loss of $120.4 million year-over-year [4]. - The company reported a gross margin increase to 87.4%, up from 85% in the previous year [3]. Product Performance - BeiYueZe's global revenue reached $950 million, with a notable 49% year-over-year growth, driven by strong performance in both the U.S. and European markets [8]. - The U.S. market contributed $684 million, a 43% increase, while the European market saw explosive growth of 85%, generating $150 million [8]. - The company maintains a leading market share in new patient acquisitions for BTK inhibitors [8]. Future Outlook - The company raised its full-year revenue guidance to $5-5.3 billion while maintaining expectations for positive operating profit [10]. - Over the next 18 months, the company anticipates more than 20 research and development milestones, indicating a robust pipeline [9]. - Recent regulatory advancements include priority review for Sotoclisib in China and PRIME designation for BGB-16673 in Europe, highlighting the innovative potential of its pipeline [9].

Core Viewpoint - Hunan Maijizhi Biotechnology Co., Ltd. is making significant strides in its IPO journey on the Hong Kong Stock Exchange, despite having a unique and concerning customer situation that raises questions about its future prospects [1] Company Overview - Founded in 2016, Maijizhi focuses on the discovery, development, and commercialization of innovative drugs for allergic and autoimmune diseases [1] - The company has a robust pipeline with eight candidate products, including its core product MG-K10 [1] Customer Situation - For the entire year of 2024, the company reported having only one customer, which is the founder's alma mater, a university in Fujian Province, generating a mere revenue of 24,000 RMB (approximately 3,000 USD) [1] - In the first quarter of 2025, the company had no customer orders, resulting in a "zero revenue" status [2] Financial Performance - The company has been consistently incurring losses, with reported losses of 253 million RMB, 178 million RMB, and 42 million RMB for the years 2023, 2024, and the first quarter of 2025, respectively, totaling over 470 million RMB [4] - Revenue figures for 2023 were 8.722 million RMB, with a gross profit of 1.550 million RMB [5] Research and Development - Despite the challenging customer situation, the company is heavily investing in R&D, supported by a team of industry experts [4] - The R&D expenses for 2023 were 166.361 million RMB, indicating a strong commitment to innovation [5] Future Outlook - The company remains determined to pursue its IPO ambitions and plans to increase R&D investments while seeking collaborations with more potential customers [4]

Financial Data and Key Metrics Changes - Net sales increased by 10.1% at constant exchange rates in Q2, primarily driven by immunology, biopharma launches, and Befortus [16][26] - Business EPS was €1.59, up 8.3%, reflecting strong sales performance and improved gross margin [18][26] - Gross margin improved by 1.5 percentage points, largely due to an improved product mix and efficiencies [16][18] Business Line Data and Key Metrics Changes - New launches generated close to €1,000,000,000 in sales, representing 10% of total sales [7][10] - Dupixent sales reached €3,800,000,000, up 21% in Q2, driven by strong demand across geographies [10][11] - Vaccine business sales increased by 10.3%, benefiting from the late flu season in the Northern Hemisphere [11][12] Market Data and Key Metrics Changes - Dupixent sales in the U.S. reached €2,800,000,000, up 22.7%, leading in new to brand prescriptions [10] - Outside the U.S., sales exceeded $1,000,000,000, driven by volume growth in key markets [10] - Anticipated sales split for flu vaccines is about 75% in Q3 and 25% in Q4, with total sales expected to decrease by a mid-teens percentage due to competitive pressures [25][26] Company Strategy and Development Direction - The company refined its 2025 sales guidance to high single-digit percentage growth at constant exchange rates, reflecting confidence in growth drivers [6][26] - The completion of the Blueprint Medicines acquisition strengthens the company's position in rare immunology diseases [13][14] - The company is committed to sustainability, aiming for all new medicines and vaccines to incorporate eco-design principles by 2025 [15][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full-year business outlook, supported by strong performance from growth drivers [6][26] - The company is navigating uncertainties from potential U.S. tariffs and EU exports, with updates to be provided as more information becomes available [27][28] - Management remains optimistic about the pipeline and the potential for new product launches to drive future growth [41][45] Other Important Information - R&D expenses increased by 17.7% due to a lower base of comparison last year, with underlying R&D expenses up around 7% [17][18] - The company is executing a €5,000,000,000 share buyback program in 2025, with over 80% already completed [21][22] Q&A Session Summary Question: R&D transformation and pipeline progress - Management acknowledged the progress in R&D but noted that the share price is lagging, awaiting further pipeline developments [41][42] - Confidence remains in the Phase III trials and the potential for achieving €10 billion in sales by 2030 [42][43] Question: Development spend and margin outlook - R&D expenses are expected to be slightly up in H2, with SG&A increasing at half the rate of sales growth [50][52] - Management anticipates BOI margin growth alongside absolute growth in the coming years [54][56] Question: Dupixent performance in China - Dupixent has seen over 30% volume growth in China, despite pricing pressures [58][59] Question: Expectations for amlitilumab and tariffs - The company has not factored potential tariff impacts into its 2025 guidance, expecting limited effects due to existing inventory [63][64] - Amlitilumab is expected to provide comparable efficacy to existing treatments with a longer dosing interval [66][67]

Core Viewpoint - HengRui Pharma has entered into a collaboration agreement with GlaxoSmithKline (GSK) to co-develop up to 12 innovative drugs, which will enhance HengRui's globalization efforts and provide GSK with significant growth opportunities post-2031 [1] Group 1: Collaboration Details - The collaboration includes a total upfront payment of $500 million from GSK to HengRui [1][3] - HengRui will license its PDE3/4 inhibitor, HRS-9821, to GSK for global rights outside of Greater China, which is currently in clinical development for chronic obstructive pulmonary disease (COPD) [1][2] - The agreement also encompasses a groundbreaking collaborative plan to develop up to 11 additional projects, with HengRui leading the research and GSK having exclusive options for further development and commercialization [2][3] Group 2: Strategic Implications - The partnership is seen as a significant milestone in HengRui's internationalization process, leveraging GSK's strengths in drug development and global clinical networks to accelerate the entry of innovative therapies into overseas markets [2] - GSK's Chief Scientific Officer emphasized the strategic investment in validated target projects, which can significantly enhance the success rate of research and development [2] - The collaboration aims to integrate GSK's expertise in disease biology and clinical development with HengRui's capabilities in early-stage research and clinical evaluation, maximizing strategic synergies [2] Group 3: Financial Potential - If all projects are successfully developed and milestones are achieved, HengRui could qualify for potential milestone payments totaling approximately $12 billion [3] - HengRui will also be entitled to receive tiered sales royalties from GSK, excluding sales in Greater China [3]

Core Viewpoint - The National Protein Science Facility (Shanghai) has significantly contributed to the advancement of life sciences and biomedicine in China over the past ten years, supporting numerous research teams and projects [1] Group 1: Facility Operations and Impact - The facility has served 504 institutions nationwide, supporting over 2,500 research teams and more than 100,000 user visits [1] - It has facilitated the completion of over 13,400 research projects and the publication of more than 4,000 high-level research papers [1] - The facility has achieved major research outcomes in areas such as disease mechanism analysis, innovative drug development, and synthetic biology design [1] Group 2: Contributions to Innovation - The facility has played a crucial role in promoting original scientific achievements and their transformation into practical applications [1] - It has enhanced China's capacity for original innovation in life sciences and improved the self-sufficiency level in biomedicine [1]