香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本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。 Genuine Biotech Limited 真實生物科技有限公司 （「本公司」） （於開曼群島註冊成立的有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、本公司的獨家保薦人、保薦人兼整體協調人、整體協調人、顧問 或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長註冊 的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據本 文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充、修訂或 ...

Core Viewpoint - The company, Baicheng Pharmaceutical, has received clinical trial approval from the National Medical Products Administration (NMPA) for its innovative drug BIOS-0625 tablets, aimed at treating ulcerative colitis, a chronic and recurrent inflammatory bowel disease [1] Group 1: Drug Development - BIOS-0625 tablets are a new drug developed by the company targeting ulcerative colitis, which currently has no other drugs with the same indication on the market [1] - The drug is classified as a Class 1 chemical drug and is categorized as an innovative drug that has not been marketed domestically or internationally [1] Group 2: Market Challenges - Ulcerative colitis presents persistent treatment challenges due to its chronic and recurrent nature, characterized by "non-curability and recurrence" [1] - Traditional medications can only provide short-term symptom relief and are limited by three major bottlenecks: low efficacy ceiling, significant adverse reactions, and poor patient tolerance [1] Group 3: Importance of New Therapies - New molecules and therapies are essential for improving patients' quality of life and serve as a critical bridge connecting translational medicine with long-term patient benefits [1]

Core Viewpoint - The company, Baicheng Pharmaceutical, has received clinical trial approval from the National Medical Products Administration for its innovative drug BIOS-0625 tablets, aimed at treating ulcerative colitis, marking a significant step in its drug development pipeline [1] Group 1: Drug Development - BIOS-0625 tablets are a novel drug developed by the company, targeting a new mechanism for the treatment of ulcerative colitis, with no similar indication drugs currently available on the market [1] - The drug is classified as a Class 1 chemical drug, indicating it is an innovative drug that has not been marketed domestically or internationally [1] Group 2: Regulatory Approval - The approval notification for clinical trials signifies a critical milestone in the drug's development process, although it comes with inherent uncertainties regarding the progress and outcomes of the clinical trials [1] - The company faces risks related to the clinical trial timeline and the potential for the product to receive market approval [1]

Core Viewpoint - The company has received clinical trial approval from the National Medical Products Administration (NMPA) for its innovative drug BIOS-0625, aimed at treating ulcerative colitis [1] Group 1 - The drug BIOS-0625 is classified as a Class 1 medication [1] - The clinical trial application for BIOS-0625 was accepted by NMPA on August 28, 2025 [1] - The clinical trials will focus on the treatment of ulcerative colitis [1]

Core Viewpoint - Bid Pharma is attempting to issue H-shares and list on the Hong Kong Stock Exchange for the third time in four years, driven by increasing financial pressure and declining performance [1] Financial Performance - For the third quarter of 2025, Bid Pharma reported revenue of 2.717 billion yuan, a year-on-year increase of 15.9%, but net profit attributable to shareholders fell by 23.86% to 317 million yuan [1] - As of September 2025, the company had current assets of 1.484 billion yuan and current liabilities of 1.927 billion yuan, resulting in a current ratio of 0.77 and a quick ratio of 0.59, both significantly below industry standards [1] Debt Issues - The company is facing a 180 million yuan debt dispute with its partner, Yifang Bio, which has remained unresolved for over two years [1] - Yifang Bio has reported that despite multiple communications and formal reminders, the debt has not been recovered, leading to a provision for bad debts of 18 million yuan [1] Product Pipeline Challenges - Bid Pharma's revenue is heavily reliant on its long-standing product, Kaimena, which has accounted for over 96% of revenue from 2016 to 2019 [1] - The newly launched third-generation EGFR-TKI, Beifutini (brand name: Saimeina), has underperformed in the market despite receiving approval and inclusion in the national medical insurance directory [1] R&D and Investment Activities - The company has been expanding its business through investments, including a stake in Rui Pu Chen Chuang for diabetes cell therapy and a 7.47% share in He Yuan Bio [2] - However, many of these projects are still in early stages and unlikely to provide immediate financial support [2] - R&D expenditures have decreased, with a 21.59% drop to 717 million yuan in 2024 and a further 2.88% decline in the first three quarters of 2025 [2] Workforce Reduction - The R&D team has been significantly reduced, with personnel numbers dropping from 647 in 2022 to 327 by the end of 2024, indicating a nearly 50% cut [2] - In contrast, sales and management expenses have been rising, with management costs increasing by 26.45% to 372 million yuan in the first three quarters of 2025 [2] Strategic Outlook - The company has proposed a "four-horsepower" strategy focusing on market sales, new drug development, strategic cooperation, and innovation ecosystems, but results have yet to show significant improvement [1][2]

Core Viewpoint - After resuming trading on October 14, Asia-Pacific Pharmaceutical (002370.SZ) experienced a significant stock price increase of 52.38% by November 6, driven primarily by the change in its controlling shareholder to Qiu Zhongxun, chairman of the pharmaceutical internet platform Yaodou Technology, which opens new growth opportunities for the company [1] Group 1: Traditional Business and Cash Flow - Asia-Pacific Pharmaceutical's injection of cefazolin sodium is expected to generate sales revenue of 13.6965 million yuan in 2024, accounting for 3.38% of the company's total revenue [2] - The collaboration with Yaodou Technology is anticipated to enhance sales channels and market penetration, thereby increasing market share and brand influence [2] - The company holds 114 approved drug formulations, providing a solid foundation for maintaining traditional business stability while transitioning to innovation-driven operations [2] Group 2: Innovation Drug Transformation - The company plans to raise 700 million yuan through a private placement, which will be fully allocated to new drug research and development, focusing on oncolytic virus drug platforms and long-acting complex formulations [4] - A project research committee has been established to monitor cutting-edge medical technology trends and clinical value, enhancing the company's R&D capabilities and core competitiveness [4] - The new controlling shareholder has signed a research cooperation intention letter with relevant CRO companies, aiming to integrate industrial capabilities and research resources to promote the commercialization of innovative drugs [4] Group 3: Industry Environment and Future Outlook - The national "14th Five-Year Plan" suggests promoting innovative drug industries as a core component of future economic growth, benefiting from substantial capital support [5] - From 2015 to 2024, the cumulative financing scale in China's innovative drug sector has exceeded 1.23 trillion yuan, injecting strong capital support for growth [6] - The Chinese pharmaceutical market is undergoing a historic shift from generics to innovation, with Asia-Pacific Pharmaceutical leveraging a dual strategy of "capital and innovation" to navigate this transition [6]

Core Viewpoint - Heng Rui Medicine's subsidiary has received approval for clinical trials of SHR-4610 injection, an innovative anti-tumor drug developed by the company [1] Group 1: Company Developments - The subsidiary, Shanghai Shengdi Pharmaceutical Co., Ltd., received the clinical trial approval notice from the National Medical Products Administration for SHR-4610 injection [1] - SHR-4610 injection is intended for use in clinical trials for late-stage solid tumors [1] - The total research and development investment for the related project has reached approximately 7.36 million yuan [1] Group 2: Regulatory and Market Context - Following the approval notice, the drug must undergo clinical trials and receive further review and approval from the National Medical Products Administration before it can be manufactured and marketed [1]

Core Viewpoint - Heng Rui Medicine (600276.SH) has received approval from the National Medical Products Administration for clinical trials of its innovative anti-tumor drug SHR-4610 injection, which shows promising anti-tumor activity in preclinical animal models and is intended for the treatment of advanced solid tumors [1] Company Summary - The company’s subsidiary, Shanghai Shengdi Pharmaceutical Co., Ltd., is responsible for the clinical trial of SHR-4610 injection [1] - The total research and development investment for the SHR-4610 injection project has reached approximately 7.36 million yuan [1] Industry Summary - The approval of SHR-4610 injection for clinical trials indicates a positive development in the field of innovative anti-tumor therapies, potentially enhancing the company's position in the pharmaceutical industry [1]

Core Viewpoint - Heng Rui Medicine announced that its subsidiary, Shanghai Shengdi Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of SHR-4610 injection, an innovative anti-tumor drug developed by the company, aimed at treating advanced solid tumors [1] Summary by Categories - **Clinical Trial Approval** - The National Medical Products Administration has issued a clinical trial approval notice for SHR-4610 injection [1] - The clinical trials are set to commence in the near future [1] - **Product Development** - SHR-4610 injection is an innovative anti-tumor drug independently developed by the company [1] - The drug is intended for the treatment of advanced solid tumors [1] - **Research and Development Investment** - The cumulative R&D investment for the SHR-4610 injection project has reached approximately 7.36 million yuan [1]

Core Viewpoint - Beida Pharmaceutical is facing significant challenges, including declining performance, tight funding, and a lack of competitive products, as it attempts to relaunch its H-share IPO in Hong Kong for the third time in four years [1][2]. Financial Performance - For the first three quarters of 2025, Beida reported revenue of 2.717 billion yuan, a year-on-year increase of 15.9%, but the net profit attributable to shareholders fell by 23.86% to 317 million yuan [2]. - The company's operating cash flow for the same period was 668 million yuan, down 19.6% year-on-year, indicating weakening cash generation capabilities [2]. - As of September 2025, Beida's current assets were 1.484 billion yuan, while current liabilities reached 1.927 billion yuan, resulting in a current ratio of 0.77 and a quick ratio of 0.59, both significantly below industry standards [2]. Debt and Liquidity Issues - Beida is embroiled in a 180 million yuan debt dispute with its partner, Yifang Bio, stemming from a 2018 cooperation agreement related to the lung cancer drug BPI-D0316 [3]. - The company has delayed payments citing cash flow issues, which has negatively impacted its commercial reputation [3]. Product Pipeline Challenges - Beida's revenue heavily relies on its long-standing product, Kaimena, which has seen its market competitiveness decline due to the emergence of third-generation EGFR-TKI drugs [4]. - The newly launched third-generation EGFR-TKI, Beifu, has underperformed in the market, failing to achieve significant sales despite receiving regulatory approval and inclusion in the national medical insurance directory [4]. R&D and Strategic Initiatives - Beida's recent strategic initiatives, including investments in new therapies and collaborations, have not yet yielded significant results [7]. - The company has seen a reduction in R&D spending, with a 21.59% decrease in 2024 to 717 million yuan, and a further 2.88% decline in the first three quarters of 2025 [8]. - The R&D team has been cut by nearly 50%, from 647 employees in 2022 to 327 by the end of 2024, raising concerns about the continuity of its research efforts [8]. Cost Structure and Financial Management - In contrast to declining R&D expenditures, Beida's management, sales, and financial expenses have increased significantly, with management expenses rising by 26.45% and financial expenses by 78.26% in the first three quarters of 2025 [9]. - The lack of new blockbuster products and the pressure on the funding chain raise questions about Beida's ability to recover growth through its planned IPO [9].