Core Insights - The event "Coffee and Tea Time" (CTT) held in London aimed to promote cross-cultural communication and business cooperation between Eastern and Western commercial civilizations through sharing cutting-edge global business cases [2] Group 1: Event Overview - The CTT event was organized by Yicai Global and featured over 40 participants from various sectors including finance, consumption, technology, law, and performing arts [1] - Notable British participants included Stage Coach, Bubble Ci-Tea, and Harrods, along with startups like BioReCode that have strong potential demand in the Chinese market [1][2] Group 2: Objectives and Outcomes - The goal of the CTT event is to enhance mutual trust and facilitate business collaboration, thereby advancing global commercial civilization [2] - MIE Consulting and Yicai Global signed a cooperation intention letter to leverage MIE's brand consulting expertise in Europe, helping Chinese companies integrate into local markets [2] Group 3: Cultural Insights - MIE Consulting's CEO emphasized the importance of respecting cultural differences and deep communication to find collaboration opportunities, highlighting the potential of the Chinese market and the innovation of Chinese enterprises [3]

格隆汇9月22日丨复锐医疗科技(01696.HK)公告，于2025年9月22日，公司的全资附属公司复锐(天津)与 复星万邦(江苏)订立商业配送合作协议，据此，复锐(天津)同意负责该产品于区域的(其中包括)商业化、 市场推广、医学教育及商业计划服务("服务")，而复星万邦(江苏)则同意负责(其中包括)该产品于区域的 进口、采购、清关、法检、仓储运输、商业渠道配送及一般分销。 订立商业配送合作协议符合集团的业务模式。商业配送合作协议项下复锐(天津)就该产品提供服务属本 集团的日常及一般业务过程。由于公司获再授权关于该产品使用、进口、销售及其他商业化(不包括制 造)的权利许可，集团就该产品提供服务最具优势。集团将能够从商业配送合作协议项下拟进行的交易 中获得额外收益，从而巩固其市场地位。 该产品(注射用A型肉毒毒素(DaxibotulinumtoxinA-lanm)，中国内地商标为达希斐，英文商标为 DAXXIFY，项目编号RT002)为一款由复星产业再授权的产品，用于暂时性改善成人因皱眉肌及╱或降 眉间肌活动引起的中度至重度皱眉纹。 ...

【环球网报道】据路透社报道，巴西总统卢拉当地时间15日在中国汽车制造商长城汽车位于圣保罗州的 一家工厂开幕式上表示，巴西始终对商业合作持开放态度，欢迎来巴西开展业务。 卢拉在仪式上说，"信赖巴西政府。想离开的人请自便。愿意来的人，我们张开双臂欢迎。"卢拉提到， 过去福特和梅赛德斯等汽车制造商曾决定缩减在巴西的业务，但他对新企业的到来表示欢迎。 在讲话中，卢拉还批评美国对巴西商品征收50%关税的措施，并表示巴西正面临"不必要的动荡"。 路透社援引一份新闻稿介绍称，长城汽车巴西分公司年产目标可达5万辆，未来向拉丁美洲出口汽车 后，预计将创造2000多个就业岗位。 ...

Core Insights - The second Xiangjiang Science Event, themed "Global R&D, Xiangjiang Innovation," opened on July 23, attracting young scholars and entrepreneurs from top global research institutions to explore opportunities for cross-disciplinary technology exchange and business collaboration [1][2] Group 1: Economic Impact - Xiangjiang New Area, occupying only 0.5% of the province's land, generates 9.2% of the province's GDP, showcasing its significant economic contribution [1] - The area hosts three "Double First-Class" universities, 22 higher education institutions, 36 academicians, and over 400,000 enrolled students, indicating a strong educational and research foundation [1] Group 2: Infrastructure Development - The Xiangjiang Science City (Changsha area) has completed the main structure of its five major construction projects, with expectations to be operational by next year [1] Group 3: Investment Promotion - The opening ceremony promoted the investment environment of Xiangjiang New Area, highlighting Xiangjiang Science City and Xiangjiang Group for potential investment opportunities [2] - Various activities, including academic salons, thematic discussions, and innovation sharing sessions, are planned to facilitate technology exchange and accelerate project establishment in fields like artificial intelligence, biomedicine, and intelligent manufacturing [2]

Group 1 - The United States and the UAE have reached over $200 billion in trade agreements, including a $14.5 billion procurement commitment between Emirates Airline, Boeing, and General Electric Aviation [1] - Boeing has received a procurement intention from Etihad Airways to purchase 28 Boeing 787 and 777X aircraft, valued at $14.5 billion, which will be equipped with General Electric engines [1] - The investment deepens the long-standing commercial aviation partnership between the UAE and the US, promoting US manufacturing and exports [1] Group 2 - Emirates Global Aluminium is investing $4 billion to develop a new aluminum smelting plant in Oklahoma, marking the first new aluminum smelting plant in the US in 45 years, expected to create jobs and strengthen the critical mineral supply chain [1] - ExxonMobil, Occidental Petroleum, and EOG Resources are collaborating with the Abu Dhabi National Oil Company to expand oil and gas production, valued at $60 billion [1] Group 3 - Raytheon Technologies is collaborating with Emirates Global Aluminium and the Tawazun Council on a gallium project to ensure and stabilize the US critical mineral supply chain [2] - Amazon Web Services (AWS), e&, and the UAE Cybersecurity Council have launched a sovereign cloud startup platform to accelerate the adoption of public cloud services in the UAE [2] - Qualcomm is expanding its global innovation footprint through partnerships with the Abu Dhabi Investment Office and e& [2]

Group 1 - The U.S. President Trump announced a $200 billion agreement in the UAE [1] - ExxonMobil, Occidental Petroleum, and EOG are forming partnerships with the UAE's Adnoc [1] - The expanded oil and gas production is valued at $60 billion [1] Group 2 - Qualcomm is partnering with Adio [1] - Holtec International and IHC are entering a partnership with a committed value of $10 billion to build the SMR-300 small modular reactor in Michigan, USA [1]

Group 1 - Canadian Prime Minister Carney and UK Prime Minister Starmer agreed to strengthen trade, business, and defense relations [1]

Core Viewpoint - The company has signed a Partnership and Distribution Agreement with Chr.Hansen A/S, targeting a total sales goal of €73.0577 million (approximately ¥601 million) for the years 2025-2029, which is expected to positively impact the company's financial status and operational performance [1] Group 1: Agreement Details - The sales target for 2025 accounts for approximately 42.18% of the company's audited revenue for 2024 [1] - The agreement allows Chr.Hansen exclusive rights to sell, distribute, and promote the company's products in designated regions [1] - The contract will be effective from June 16, 2025, and will last for five years [1] Group 2: Product Focus - The main products involved in the agreement include antibiotic residue screening tests for milk, aflatoxin M1 screening and quantitative tests, melamine, and whey adulteration tests [1] Group 3: Strategic Impact - The partnership is expected to enhance the company's core competitiveness and market influence [1]

Financial Data and Key Metrics Changes - In 2024, the company achieved drug sales growth of 49.7%, primarily driven by core product Aureloproteinib, which reached RMB1 billion in sales, reflecting a 49.1% increase compared to 2023 [11][12] - The net loss for the year decreased by 29.9%, from RMB646 million in 2023 to RMB453 million in 2024, indicating improved operational efficiency [11][12] - Gross margin ratio increased from 82.6% in 2023 to 86.3% in 2024, demonstrating enhanced manufacturing efficiency and revenue growth [12] Business Line Data and Key Metrics Changes - The commercialization of Aureloproteinib was a significant driver, achieving over RMB1 billion in sales, marking a milestone for the company [10][14] - The launch of the AMZAL indication for Aureloproteinib contributed to its rapid growth, establishing the company as the first mover in this market [13][14] Market Data and Key Metrics Changes - The company is focusing on expanding its market reach in China, particularly in low-tier cities, to enhance hospital coverage and sales for its hematology products [77] - The company anticipates that the MZL contribution to sales will grow to around 50% by the end of 2025, indicating strong market potential [76] Company Strategy and Development Direction - The company aims to accelerate its pipeline development, with expectations of three to four large asset approvals in the next three years [16] - Strategic collaborations, such as the partnership with Voluum for the development of CD2063 antibody, are key to expanding the company's global reach [15] - The company is prioritizing business development and aims to secure first-line approvals for its products in both China and globally [64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a growth rate of at least 30% in 2025, driven by the continued success of MZL and expansion into new markets [76][78] - The company is optimistic about the approval timelines for its key products, including tafacitumab, which is expected to receive approval in the second quarter of 2025 [80] Other Important Information - The company has made significant advancements in its innovative pipeline, with 50 drugs in various stages of development, including pre-IND, Phase I, II, and III trials [16] - The ADC platform is a new focus area for the company, with the first candidate B7 ADC expected to enter clinical trials soon, showcasing the company's commitment to expanding its therapeutic offerings [45][50] Q&A Session Summary Question: Can you elaborate on the ADC platform and its differentiation? - Management highlighted the strengths of the ADC platform, emphasizing the innovative linker and payload design that enhances efficacy and safety compared to existing therapies [45][50] Question: What is the strategy for ICP-248 and its positioning in the market? - Management acknowledged the competitive landscape but expressed confidence in securing first-line approval for their BCL2 inhibitor in China, while also pursuing global opportunities [64][66] Question: What is the timeline for the Phase III trial of orilabrutinib in SLE? - Management indicated that the Phase IIb data would be available in the fourth quarter, with a high possibility of initiating the Phase III trial within the same year [72] Question: What are the expectations for tafacitumab's approval timeline? - Management anticipates approval for tafacitumab around the second quarter of 2025, with preparations for commercial launch already underway [80] Question: How does the company view competition in the hematology space? - Management acknowledged the competitive data presented by peers but remains focused on improving their own efficacy and securing market share through strategic positioning [60][84]