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 全部或任何部份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。 Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. 四川科倫博泰生物醫藥股份有限公司 （於中華人民共和國註冊成立的股份有限公司） – 1 – （股份代號：6990） 自願公告 A400/EP0031新藥上市申請獲國家藥品監督管理局受理 四 川 科 倫 博 泰 生 物 醫 藥 股 份 有 限 公 司（「本公司」）董 事（「董 事」）董 事 會（「董 事 會」）欣 然 宣 佈，本 公 司 轉 染 過 程 中 重 排(RET)小分子激酶抑制劑項目A400（亦 稱 EP0031）的 一 項 新 藥 上 市 申 請(NDA)已獲中國國家藥品監督管理局(NMPA)藥 品 審評中心(CDE)受 理，用 於 治 療RET融合陽性局部晚期或轉移性非小細胞肺癌 (NSCLC)成 人 患 者。本 次 受 理 是 基 於KL ...

Core Viewpoint - Alzheimer's disease remains a significant global health challenge, with no definitive cure, and the focus is on symptom management and disease progression delay [5][6][10]. Group 1: Disease Overview - Alzheimer's disease is a common form of dementia, accounting for 60% to 70% of cases, with approximately 57 million people affected globally as of 2021 [3][6]. - The disease is the fifth leading cause of death worldwide, with nearly 10 million new cases each year [3][6]. - In China, around 16.99 million elderly individuals are affected, representing about one-quarter of global cases [3]. Group 2: Research and Development Challenges - The exact mechanisms behind Alzheimer's disease remain unclear, leading to a high failure rate in drug development, with a 99% failure rate reported in this field [6][7]. - From 2000 to 2017, over $600 billion was invested in Alzheimer's drug research, but most projects were halted due to ineffective clinical trials or safety concerns [6][7]. - Despite challenges, at least 10 drugs have been approved since 1996, which can delay early disease progression but do not stop neurodegeneration [7]. Group 3: Treatment Approaches - Treatment has evolved from supportive care to symptom improvement and now includes interventions aimed at disease mechanisms [7][10]. - New therapies such as immunotherapy and gene intervention require long-term clinical validation for safety [7][10]. - Current treatment options are limited, with some approved drugs not covered by insurance in China, leading to high out-of-pocket costs for patients [10]. Group 4: Prevention and Early Detection - Experts emphasize the importance of healthy living and early diagnosis as key strategies to reduce risk and delay disease progression [11][12]. - Recognizing early symptoms, such as memory loss and changes in behavior, can significantly improve treatment outcomes [12][15]. - Lifestyle recommendations include a diet rich in fruits, vegetables, whole grains, and omega-3 fatty acids, regular aerobic exercise, and ensuring quality sleep [13][14].

Core Viewpoint - The company held an investor meeting to discuss new drug development, dividend plans, and profit enhancement strategies, highlighting its commitment to innovation and shareholder returns [1]. New Drug Development Progress - Investors showed significant interest in the company's new drug development, particularly the Phase III clinical trial for CKBA targeting vitiligo, which is expected to start by the end of 2025 [2]. - The IIT study for vitiligo in children aged 2-12 is progressing steadily, with data expected to be released in Q4 of this year [2]. - The company plans to initiate clinical trials for CKBA in treating rosacea as soon as it receives the II/III seamless adaptive trial approval [2]. - CKBA is positioned as a first-in-class innovative small molecule drug with substantial potential in autoimmune diseases, with plans to expand research into multiple indications [2]. - The company will keep stakeholders updated on drug approval progress and will consider orphan drug application requirements for CKBA if it proves effective and safe for children [2]. Dividend and Profit Planning - The company confirmed a stable cash dividend policy, announcing a plan to distribute 2 yuan per 10 shares for the 2024 fiscal year, with future plans to adjust based on actual conditions [3]. - Due to increased market competition, the company reported a decline in revenue and gross margin, leading to short-term performance pressure [3]. - To drive profit growth, the company aims to advance CKBA's clinical trials, launch specialty generic drugs like compound sodium sulfate tablets, and accelerate the domestic production of gastrointestinal medications [3]. Employee Stock Ownership Plan Disclosure - The company is in the stock purchase phase of its employee stock ownership plan, which will be disclosed monthly for six months following shareholder meeting approval [4].

Group 1 - The company held an investor reception day and mid-year performance briefing on September 19, 2023, with key management present [1] - Investors raised questions regarding new drug development, market expansion, and production capacity, to which the management provided detailed responses [2] - The company has established a commercial partnership with Sinovac Biotech for the overseas expansion of its drug, Anglatavir, in Macau and is actively pursuing international clinical applications and registrations [2] Group 2 - The company is the only domestic entity with innovative drugs for both COVID-19 and influenza, focusing on the commercialization of its products, Le Ruiling® and An Ruivei® [2] - The company is enhancing its marketing strategies through academic ecosystem development, data service upgrades, and key project practices to increase market share [2] - Ongoing clinical trials include RAY1225 for obesity, ZSP1601 for metabolic dysfunction-related fatty liver disease, and the commercialization of cyclosporine eye drops [2][3] Group 3 - Investors inquired about the company's overseas market development plans, traditional Chinese medicine growth, innovative drug insurance negotiations, stock performance, share buybacks, and executive shareholding [3] - The management assured compliance with relevant laws and regulations and emphasized timely information disclosure [3]

Group 1 - Foreign capital has shown increasing interest in the Chinese market, with a net inflow of 1.1 billion yuan from actively managed foreign investments for four consecutive weeks, marking the highest duration of net inflow since 2024 [3][4] - In August, foreign investors allocated approximately 39 billion USD to Chinese stocks and bonds, with 28.3 billion USD flowing into Chinese bonds and 10.8 billion USD into Chinese stocks, contributing to a total net inflow of around 39 billion USD [4] - International investment banks, such as Morgan Stanley and UBS, have noted a significant rise in overseas investors' interest in Chinese assets, with over 90% of U.S. investors expressing willingness to increase their allocation to the Chinese market, the highest level since early 2021 [4][5] Group 2 - The investment interest is extending towards the A-share market, with U.S. investors beginning to focus on A-shares rather than just American Depositary Receipts (ADRs) and internet sectors [6] - Factors driving this investment interest include China's leading position in sectors like humanoid robotics and biotechnology, ongoing policy support for economic stability, improved market liquidity, and a growing need for portfolio diversification away from the U.S. market [6][7] - Despite the heightened interest, the inflow of U.S. funds into the Chinese market is still in its early stages, with many investors needing time to familiarize themselves with specific stocks, particularly in sectors lacking U.S. counterparts [7]

Group 1 - Yibai Pharmaceutical received a notice from the Guizhou Provincial Drug Administration on September 16, 2025, lifting the suspension of production and sales of its children's cough syrup due to resolved safety concerns [1] - The company had previously suspended the production and sales of the children's cough syrup in August 2025, following a notification from the same authority [1] - Revenue from the children's cough syrup for the years 2021, 2022, 2023, and 2024 was 3.42 million, 4.32 million, 8.38 million, and 1.51 million respectively, accounting for 0.10%, 0.16%, 0.30%, and 0.07% of the company's total revenue during those years, indicating a relatively small impact on overall performance [1] Group 2 - In the first half of the year, the company reported a revenue of 993 million, a year-on-year decrease of 14.99%, and a net loss attributable to shareholders of 19.90 million [2] - The primary reason for the loss was a decrease in sales of major products, while costs remained higher than revenue; however, improved cost control measures led to a reduction in losses compared to the previous year [2] - The company is actively expanding into chemical drugs, traditional Chinese medicine, and biological drugs, focusing on building a robust R&D system and integrating advantageous resources for innovative drug development [2] Group 3 - The company is exploring existing products with unique or similar exclusivity and conducting research on ancient classic formula compound preparations [3] - Research efforts include safety re-evaluation studies for Ginkgo Biloba injection and quality studies for Aidi injection, with preliminary completion of quality standard enhancement for Ginkgo Biloba injection [3] - As of June 30, 2025, the company completed the registration of 412 new products, including 248 national standard products and 164 provincial standard products [3]

Group 1 - The core viewpoint of the article emphasizes the critical role of non-human primates, particularly monkeys, in the drug development process, highlighting their necessity in preclinical trials and the increasing demand for them due to the surge in pharmaceutical research [4][10][24] - The cost of developing a new drug is substantial, with estimates indicating that it can reach up to $25.58 billion when accounting for capital time and opportunity costs [1] - The demand for experimental monkeys surged during the COVID-19 pandemic, leading to a dramatic increase in their prices, with some reaching as high as 230,000 yuan (approximately $35,000) per monkey in 2020 [12][14][20] Group 2 - The supply of experimental monkeys is constrained by their slow reproduction rates and the high standards required for them to be used in research, which has led to a significant supply-demand imbalance [18][28] - China is the largest producer and exporter of experimental monkeys, with a significant portion of the global supply coming from this region, particularly before the export ban implemented during the pandemic [26][28] - The classification of the crab-eating macaque as an endangered species by the IUCN has raised concerns about the future availability of these primates for research, as international trade regulations will become stricter [24][28]

Core Viewpoint - Yifang Bio (688382.SH) reported a revenue of 19.16 million yuan for the first half of 2025, marking a year-on-year increase of 28.85%, while the net profit attributable to shareholders was a loss of 119.3 million yuan, an improvement from a loss of 214.0 million yuan in the same period last year [1][3]. Financial Performance - The company's revenue for the first half of 2025 was 19.16 million yuan, up from 14.87 million yuan in the previous year, reflecting a growth of 28.85% [3]. - The total profit for the period was a loss of 119.43 million yuan, compared to a loss of 214.22 million yuan in the same period last year [3]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was a loss of 129.02 million yuan, improving from a loss of 214.65 million yuan year-on-year [1][3]. - The net cash flow from operating activities was -107.25 million yuan, an improvement from -188.77 million yuan in the previous year [1][3]. Historical Context - Yifang Bio was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 25, 2022, issuing 115 million shares at a price of 18.12 yuan per share [4]. - The total funds raised during the IPO amounted to 208.38 million yuan, with a net amount of 198.22 million yuan after expenses, which was 42.72 million yuan less than originally planned [4]. - The company reported a net loss of 240.20 million yuan for the fiscal year 2024, with a net loss of 250.14 million yuan when excluding non-recurring items, indicating a reduction in losses compared to the previous year [1][4]. Ownership Structure - The actual controllers of the company are YAOLIN WANG, YUEHENG JIANG, and XING DAI, all of whom hold American nationality [5].

Group 1 - The core viewpoint of the news is the unveiling of the "New Generation Medical Data Center Model Point" by Jilin University First Hospital and Huawei, marking the start of practical implementation and promotion of the project [1] - The model point will serve as a technical template for regional promotion, aiding in the decentralization of medical resources and the standardization of services [2] - The collaboration aims to build a high-availability data center construction paradigm that supports the stable operation and security of core business systems like HIS and PACS [1][5] Group 2 - The project emphasizes the importance of digitalization and intelligence in enhancing service capabilities within the healthcare sector [2] - Huawei's confidence in the model point's promotional value is highlighted, with a focus on achieving 24/7 online core business operations through coordinated hardware and software solutions [5] - The initiative is part of a broader vision to establish a national regional medical center demonstration unit and create a medical hub in Northeast China [11] Group 3 - The construction of the model point is expected to facilitate the application of AI in medical imaging diagnosis, accelerate new drug development, and support the analysis of vast amounts of medical record data [10] - The core technologies supporting the new generation medical data center include five key features: solid foundation, security and reliability, ease of management, independent innovation, and sustainable evolution [10] - The collaboration between Jilin University First Hospital and Huawei aims to transform technological innovation into patient service capabilities, contributing to the broader goal of a healthier China [11]

Core Insights - The State Council has approved a pilot program for market-oriented allocation of factors in ten regions, aiming to enhance the efficiency of resource allocation and support the development of a high-level socialist market economy [1][2][3] Group 1: Pilot Program Details - The pilot program will be implemented for two years starting from September 11, 2023, with an expected completion by 2027 [2] - The selected regions include Beijing's urban sub-center, key cities in southern Jiangsu, Hangzhou-Ningbo-Wenzhou, Hefei metropolitan area, Fuzhou-Xiamen-Quanzhou, Zhengzhou, Changsha-Zhuzhou-Xiangtan, the Guangdong-Hong Kong-Macao Greater Bay Area, Chongqing, and Chengdu [1][4] - The program aims to address the lagging development of factor markets compared to goods and services markets, which have largely achieved market pricing and free flow [3] Group 2: Regional Focus and Strategies - The ten regions were chosen for their strong economic foundations and growth potential, with a focus on differentiated exploration based on local conditions [4] - Specific strategies include promoting internationalization and service industry openness in Beijing's sub-center, cross-river integration in southern Jiangsu, and high-level construction of a national technology transfer demonstration zone in Hefei [4] Group 3: Broader Economic Context - The pilot program is part of a broader initiative to enhance the market-oriented allocation of factors, which has been a focus since the issuance of guidelines in March 2020 [3] - The initiative reflects a commitment to breaking down barriers to the free flow and efficient allocation of resources, thereby supporting the development of new productive forces and a unified national market [1][3]