Core Viewpoint - InxMed Limited is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds primarily for the development and commercialization of its core product, ifebemtinib [1] Company Overview - InxMed Limited, established in 2017, is an innovative drug development company focused on therapies targeting the fundamental survival mechanisms of tumors, including FAK inhibitors, RAS inhibitors, and ADC drugs [2] - The company is currently in the late clinical stage of its core product, ifebemtinib, which is a highly selective FAK inhibitor [3] Financial Performance - In the first quarter of 2024 and 2025, InxMed reported revenues of 2.472 million and 1.603 million respectively, primarily from government grants and foreign exchange gains [3] - The company incurred net losses of 209 million, 185 million, and 3 million for the years 2023, 2024, and the first quarter of 2025, with a cumulative net loss of 804 million since its inception [3] - The company has not generated any revenue from its main business operations, relying on external financing to sustain its operations [3] Funding and Valuation - From December 2018 to January 2025, InxMed completed five rounds of financing, raising nearly 130 million USD and achieving a valuation exceeding 300 million USD [4] - Notable investors include companies owned by Liu Yonghao and Guo Guangchang, holding 1.63% and 8.97% of shares respectively [4] - As of the first quarter of 2025, the company had cash and cash equivalents of 134 million USD, but faces operational expenses exceeding 30 million USD per quarter, raising concerns about its cash flow sustainability until the IPO [4]

Core Viewpoint - Tongyuan Kang Pharmaceutical-B (02410) experienced a significant stock price increase of over 40%, attributed to the positive results of its innovative drug, Aditinib (TY-9591), in a key Phase II clinical trial for EGFR mutation advanced non-small cell lung cancer (NSCLC) [1][2] Group 1 - The stock price rose by 37.9% to HKD 21.36, with a trading volume of HKD 1.664 billion [1] - Aditinib's Phase II clinical trial results were selected for a Mini Oral presentation at the WCLC 2025 conference, highlighting its potential in treating NSCLC patients with EGFR mutations and brain metastases [1][2] - The trial involved 257 patients with EGFR mutation NSCLC and brain metastases, with a mid-term analysis showing an intracranial objective response rate (iORR) of 92.8% for Aditinib compared to 76.1% for Osimertinib, indicating significant efficacy [2]

Core Viewpoint - Tongyuan Kang Pharmaceutical-B (02410) experienced a significant stock price increase of over 40%, currently trading at 21.36 HKD, driven by the positive results of its innovative drug, Aiduotini (TY-9591), in a key Phase II clinical trial for EGFR mutation advanced non-small cell lung cancer (NSCLC) [1][2] Group 1: Clinical Trial Results - The key registration Phase II clinical trial (NCT05948813) for Aiduotini has been selected for a Mini Oral presentation at the WCLC 2025 conference, highlighting its importance in the medical community [1] - The trial is an open-label, multi-center, randomized controlled study focusing on NSCLC patients with EGFR mutations (L858R or 19Del) and brain metastases, comparing the efficacy and safety of Aiduotini (160mg once daily) against Osimertinib (80mg once daily) [1][2] - A total of 257 patients with EGFR mutation NSCLC and brain metastases were enrolled, with a mid-term analysis based on 224 patients showing an intracranial objective response rate (iORR) of 92.8% for the Aiduotini group compared to 76.1% for the Osimertinib group, with a statistically significant P-value of 0.0006 [2]

A股方面，百济神州、复星医药、科伦药业跌逾1%，重仓A股创新药的药ETF（562050）盘中失守20日 均线。 9月16日早盘，AH创新药板块高开后震荡走低。 港股方面，大权重多数飘绿，中国生物制药、百济神州、石药集团等多股跌逾1%，100%聚焦创新药研 发的港股通创新药ETF（520880）跌近1%，截至发稿成交超1.5亿元。 值得关注的是，港股通创新药ETF（520880）场内延续溢价交易，走低区间溢价率持续抬升，显示买盘 资金强势。截至昨日，520880已连续10日吸金，金额合计超6.1亿元。 消息面，政策利好密集袭来！9月12日，国家药监局发布《关于优化创新药临床试验审评审批有关事项 的公告》，明确提出对符合要求的创新药临床试验申请设立"30日审评审批通道"，进一步推动创新药研 发提速，助力我国医药产业高质量发展。 据国家卫健委日前介绍，我国在研新药数量占全球数量的比例超过20%，跃居全球新药研发第二位。 同日，国常会审议通过《生物医学新技术临床研究和临床转化应用管理条例（草案）》。会议指出，要 推动我国生物医学技术创新发展，加快技术研发和成果转化应用，促进生物医药产业提质升级，着力塑 造发展新优势。 ...

Core Viewpoint - The company has received approval from the National Medical Products Administration for its innovative drug, Anruikefen Injection (HSK21542), which is indicated for treating moderate to severe pruritus in adult patients undergoing maintenance hemodialysis [1][2]. Group 1: Drug and Application Information - Drug Name: Anruikefen Injection - Acceptance Number: CXHS2400097 - Certificate Number: 2025S02878 - Approval Number: National Drug Standard H20250014 - Application: Drug registration (domestic production) - Registration Category: Class 1 chemical drug - Dosage Form: Injection - Specification: 1ml: 0.1mg - Indication: For moderate to severe pruritus in adult patients with chronic kidney disease undergoing maintenance hemodialysis [1]. Group 2: R&D Project Overview - HSK21542 is a highly selective peripheral kappa opioid receptor agonist developed by the company - Clinical research indicates that HSK21542 Injection significantly alleviates pruritus, with primary and secondary efficacy indicators showing significant improvement over the placebo group - The safety profile of HSK21542 Injection is reported to be good and controllable - The newly approved indication was included in the priority review and approval process in July 2024 and is now approved for market release, providing better options for patients suffering from pruritus - Anruikefen Injection was first approved in May 2025 for treating mild to moderate pain after abdominal surgery, and a Phase III clinical study for its use in postoperative pain relief in orthopedic surgery is ongoing [2].

Core Viewpoint - Beida Pharmaceutical is making its third attempt to list on the Hong Kong Stock Exchange (HKEX) after two previous unsuccessful attempts in 2021, indicating a strategic move to enhance its capital base and support ongoing operations and R&D efforts [1][3]. Group 1: Company Background - Beida Pharmaceutical has been focused on innovative oncology drugs for over 20 years and was listed on the Shenzhen Stock Exchange in 2016 [2]. - The company has developed eight marketed drugs, including its first small molecule targeted anti-cancer drug, Erlotinib (brand name: Kaimena), and other products targeting various cancers [2]. Group 2: Previous IPO Attempts - The company submitted its first prospectus to HKEX in February 2021, followed by a second attempt in December 2021, both of which did not lead to a successful listing [3]. Group 3: Financial Performance - For the first half of 2025, Beida Pharmaceutical reported revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but net profit decreased by 37.53% to 140 million yuan due to rising depreciation and amortization costs [3]. - From 2021 to 2024, the company's revenue showed consistent growth, reaching 2.892 billion yuan in 2024, while net profit fluctuated significantly during the same period [3][4]. Group 4: Funding Pressure - The company is facing financial pressure, with current assets totaling approximately 1.359 billion yuan and current liabilities of 1.757 billion yuan as of mid-2025, indicating a significant short-term debt burden [5][6]. - As of mid-2025, Beida Pharmaceutical had cash reserves of 527 million yuan, down from previous years, highlighting a trend of decreasing liquidity [6]. Group 5: R&D Investment - Beida Pharmaceutical's R&D expenditures from 2021 to 2024 were substantial, amounting to 861 million yuan, 977 million yuan, 1.002 billion yuan, and 717 million yuan, representing a significant percentage of total revenue [7]. - In the first half of 2025, R&D investment reached 299 million yuan, focusing on several key projects [8]. Group 6: Industry Context - Beida Pharmaceutical's pursuit of a Hong Kong listing reflects a broader trend among innovative pharmaceutical companies in A-shares seeking to access additional capital markets for funding R&D and operational needs [9].

Core Viewpoint - The company reported strong financial performance for H1 2025, with total revenue of 7.434 billion RMB, a year-on-year increase of 14.3%, and a net profit attributable to shareholders of 3.135 billion RMB, up 15.02% [1] Financial Performance - Total revenue for H1 2025 reached 74.34 billion RMB, reflecting a 14.3% year-on-year growth [1] - Net profit attributable to shareholders was 31.35 billion RMB, marking a 15.02% increase compared to the previous year [1] - Revenue from innovative drug products amounted to 61.45 billion RMB, up 22.1%, accounting for 82.7% of total revenue [1] Product Revenue Breakdown - Revenue from the oncology product portfolio, including drugs like Amatinib and Flumatinib, was 45.31 billion RMB, remaining stable year-on-year [1] - Revenue from the anti-infection product portfolio, including Adefovir and Metronidazole, reached 7.35 billion RMB, a 4.9% increase [1] - Revenue from the central nervous system disease product portfolio, including Inalizumab, was 7.68 billion RMB, up 4.8% [1] - Revenue from the metabolic and other diseases product portfolio surged to approximately 14.00 billion RMB, a significant increase of 134.5% [1] Strategic Developments - The company received an upfront payment of 112 million USD from MSD for the agreement related to HS-10535 (an oral small molecule GLP-1RA) [1] - The sales data from sample hospitals indicated a growth from 18.41 million RMB in 2020 to 1.784 billion RMB in 2024, with a compound annual growth rate of 214% [2] - Amatinib has expanded its indications related to NSCLC, with four approved indications and additional ones under review [2] Clinical Development - The company has over 40 candidate innovative drugs undergoing more than 70 clinical trials as of H1 2025 [3] - Eight new innovative drugs entered clinical trials in H1 2025, including HS-20122 (EGFR/c-Met ADC) and HS-10510 (PCSK9) [3] - Three new drugs entered Phase III clinical trials, including HS-20137 (IL-23p19) for psoriasis and two ADCs for bone and soft tissue sarcoma and ovarian cancer, with overseas rights granted to GSK [3] Revenue and Profit Forecast - The company's revenue forecast for 2025 has been revised upward from 13.741 billion RMB to 14.668 billion RMB, with expected revenues of 15.835 billion RMB and 17.779 billion RMB for 2026 and 2027, respectively [3] - The net profit forecast for 2025 has been adjusted from 4.746 billion RMB to 5.167 billion RMB, with expected net profits of 5.325 billion RMB and 6.133 billion RMB for 2026 and 2027, respectively [3]

Summary of the Conference Call for Angli Kang Company Overview - **Company**: Angli Kang - **Industry**: Pharmaceutical and Biotechnology Key Points and Arguments Innovation and Drug Development - Angli Kang is addressing its lack of experience in innovative drugs through collaborative models, focusing on core new drugs such as Affinity 1,618 (a first-in-class drug expected to have phase I data by mid-2026) and a CD47-targeting antibody drug expected to file IND in Australia and domestically within the year [2][4] - The company has adopted a tiered transition strategy in its innovation transformation, where existing generic drugs provide short-term performance support, modified new drugs build a mid-term moat, and innovative drugs open long-term growth opportunities [3] Core New Drugs Progress - Affinity 1,618 is currently in phase I clinical trials, with data expected in mid-2026. The second core new drug, a tumor microenvironment-activated IGG1 subtype targeting CD47, is expected to file IND in Australia and domestically within the year [4][5] Market Potential - Once commercialized, Affinity 1,618 is projected to achieve sales exceeding 3 billion yuan, indicating significant market potential and substantial valuation elasticity based on a 3x price-to-sales (PS) estimate [6] Business Segments and Risks - The company has cleared existing risks in its formulation business, with multiple specialty generic drugs launched and successfully winning bids in centralized procurement, which is expected to drive medium to long-term growth [7] - The raw materials and specialty intermediates business, primarily focused on cephalosporins, is currently affected by weak domestic antibiotic demand but is expected to stabilize and recover starting in 2026 [7] Financial Performance and Growth Expectations - Angli Kang's main business profits are approximately 120 million yuan, with an expected annual growth rate of 30-50%. The combination of innovative drug potential and continuous introduction of new pipelines suggests strong future performance growth [8] Additional Important Insights - The high-purity plant-derived cholesterol and its derivatives provide stable and substantial cash flow, enhancing the company's financial stability [7]

Group 1 - The core point of the article highlights the remarkable market performance of Yaojie Ankang (02617.HK), which achieved a market capitalization exceeding HKD 100 billion shortly after its IPO, surpassing several established biotech companies [1][3] - As of September 15, 2025, Yaojie Ankang's stock price surged by 115.58%, reaching a market cap of HKD 164.71 billion, with significant price increases over the preceding trading days [1][3] - The company’s IPO price was HKD 13.15 per share, and by September 15, the closing price had risen to HKD 415, marking an approximate cumulative increase of 30.6 times [1][3] Group 2 - Yaojie Ankang is focused on developing innovative therapies for oncology, inflammation, and cardiovascular metabolic diseases, with its lead product, Tiengengtinib, targeting multiple key pathways [3][4] - Tiengengtinib is currently undergoing nine clinical trials globally, with the fastest progress in cholangiocarcinoma, expected to complete its Phase II registration trial in China by the second half of 2025 [3][4] - The global cholangiocarcinoma drug market is projected to reach USD 2 billion in 2024, with a compound annual growth rate (CAGR) of 16.2% from 2019 to 2024, and the Chinese market is expected to grow to CNY 3.2 billion [4] Group 3 - In the first half of 2025, Yaojie Ankang reported zero revenue and a loss attributable to shareholders of CNY 123 million, contrasting sharply with other biotech firms like Innovent Biologics and Kangfang Biotech, which have achieved profitability [5][6] - Innovent Biologics reported a net profit of CNY 834 million in the first half of 2025, with 16 products on the market, while Kangfang Biotech had seven approved products, indicating a significant difference in business fundamentals [5][6] - Some investors expressed confusion regarding the stock price surge of Yaojie Ankang, questioning the underlying reasons for such a dramatic increase in valuation [6][7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported significant improvements in both revenue and profit for Q2 2025, with H1 revenue at 380 million yuan, a year-on-year increase of 0.18%, and a net profit attributable to shareholders of 61 million yuan, up 4.45% year-on-year [2][6]. - The company has optimized its expense structure, with sales expenses decreasing by 13.39% year-on-year and management expenses down by 26.56% in H1 2025 [11]. - The SMO business has shown significant growth, although clinical trial operation services and data management services faced slight pressure [11]. - The company is positioned to benefit from a new cycle of investment in innovative drug research and development in China, as it provides comprehensive services in the clinical CRO segment [11]. - Revenue projections for 2025-2027 are 775 million, 858 million, and 976 million yuan, respectively, with corresponding net profits of 121 million, 144 million, and 182 million yuan [11]. Financial Summary - For H1 2025, the company reported a revenue of 380 million yuan and a net profit of 61 million yuan, with a non-recurring net profit of 51 million yuan [2][6]. - In Q2 2025, revenue reached 207 million yuan, a year-on-year increase of 2.56% and a quarter-on-quarter increase of 19.66% [11]. - The company expects a revenue growth of 4.1%, 10.8%, and 13.8% for the years 2025, 2026, and 2027, respectively [11].