(Stock Code: 1177.HK) (RMB bn) 2025 2025 Interim Results Announcement 2025.8.18 Hong Kong CONTENTS Financial Highlights Pipeline Highlights 2 Financial Highlights Both revenue and profit achieved double-digit growth 1.54 3.09 2024 H1 Continuing Operations 2025 H1 Continuing Operations Revenue 15.87 17.57 2024 H1 Continuing Operations 2025 H1 Continuing Operations Profit attributable to owners of the parent (as reported) 1.41 3.39 2024 H1 Continuing Operations 2025 H1 Continuing Operations Profit attributabl ...

Core Viewpoint - The company has demonstrated strong commercial performance and growth in its product portfolio, particularly with its leading BTK inhibitor, Baiyueze, which has achieved significant market share and revenue growth in various regions [3][6][9]. Group 1: Financial Performance - In Q2 2025, the company reported total revenue of $1.3 billion, a year-over-year increase of 42% [3][6]. - Baiyueze's global revenue reached $950 million, reflecting a 49% increase year-over-year, solidifying its position as the leading BTK inhibitor in the U.S. market [6][9]. - The gross margin improved from approximately 85% to 87.4%, driven by a favorable product mix and production cost efficiencies [6][9]. Group 2: Product Development and Pipeline - The company has submitted the first NDA for Sotokura for the treatment of relapsed/refractory CLL patients and plans to submit a global application for MCL indications later this year [4][5]. - The company is advancing over 20 Phase 3 trials and expects to achieve more than 10 concept validation data readouts by the end of 2026 [3][4]. - The company is focusing on expanding its product pipeline in various disease areas, including breast cancer and solid tumors, with a strategic emphasis on rapid clinical concept validation [5][12]. Group 3: Market Expansion and Regulatory Approvals - Baiyueze has been approved in 75 markets globally, with recent expansions in reimbursement coverage in five new markets [8][9]. - Baiyuean has been approved in 47 markets, with 20 new markets added for reimbursement, including Japan, Europe, and Australia [8][9]. - The company anticipates continued growth in revenue from diverse geographic markets, with the U.S. and China being the largest contributors [9][10]. Group 4: Future Guidance - The company updated its 2025 revenue guidance to a range of $5 billion to $5.3 billion, reflecting strong growth expectations for Baiyueze and ongoing market expansion [6][9]. - The company aims to achieve positive GAAP operating profit and expects to generate positive free cash flow for the year [6][9].

Group 1 - Eli Lilly's stock has seen a remarkable increase of 9.40% over four consecutive days, driven by both favorable market conditions and strategic initiatives [1] - The company has announced a significant price increase for its weight loss drug Mounjaro in the UK, addressing international drug price disparities while seeking partnerships with private healthcare providers [1] - Mounjaro is projected to become the top-selling drug of the year, with its sales growth competing closely with Novo Nordisk's semaglutide, highlighting its effectiveness in treating diabetes and obesity [1] Group 2 - Eli Lilly has entered into a $1.3 billion agreement with Superluminal Medicines to advance the development of drugs for cardiovascular metabolic diseases and obesity [2] - This collaboration reinforces Eli Lilly's leading position in innovative drug development and showcases its commitment to bringing transformative therapies to market [2] - Viking Global, a prominent hedge fund, has recently established a position in Eli Lilly stocks, reflecting strong market confidence and positive expectations for the company's future performance [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is undergoing an innovative transformation, actively seeking new business growth points in the face of intensified competition in traditional generic drug CROs. It is focusing on both innovative drug and generic drug R&D, with numerous projects in key medical fields such as oncology, autoimmune diseases, neuropsychiatric disorders, and respiratory diseases [7] - The company is expected to achieve operating revenues of 703 million, 751 million, and 823 million RMB for the years 2025, 2026, and 2027 respectively, with a projected net profit of 18 million, 55 million, and 61 million RMB for the same years [7] Financial Performance Summary - For the fiscal year 2023, the company reported an operating revenue of 1,017 million RMB, with a growth rate of 67.5%. However, a significant decline is expected in 2024 with a revenue forecast of 802 million RMB, representing a decrease of 21.2% [6][8] - The net profit for 2023 was 272 million RMB, with a growth rate of 40.1%. A loss of 53 million RMB is anticipated for 2024, followed by a recovery to 18 million RMB in 2025 [6][8] - The earnings per share (EPS) for 2023 was 2.51 RMB, but it is projected to drop to -0.49 RMB in 2024 before rebounding to 0.16 RMB in 2025 [6][8] Business Development and Innovation - The company is actively pursuing innovative drug development, with several small molecule projects underway, including BIOS-0629, BIOS-0623, BIOS-0632, and BIOS-0635. Additionally, a large molecule innovative drug targeting CD24 antibodies is in the IND pre-stage [7] - The company has made significant progress in its key innovative product targeting the H3 receptor, which addresses daytime sleepiness in patients with obstructive sleep apnea (OSA). The global prevalence of OSA is substantial, with approximately 936 million individuals affected [7] Market Position and Strategy - The company has established a broad portfolio in organoid business, covering human tumor organoids, IPSC-derived normal organoids, and toxicity prediction organoids. This has become an auxiliary tool in the drug development process [7] - The investment recommendation reflects the company's ongoing innovative transformation and its potential for future growth in the pharmaceutical sector [7]

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].