12月11日，云顶新耀(HKEX1952.HK)宣布，其全资附属公司云顶新耀医药科技与海森生物签署两项战 略合作协议：商业化服务协议以及授权许可协议。两项协议将在财务与战略上形成显著协同效应，提升 现有商业化平台的运营效率，加快云顶新耀产品全生命周期、全渠道覆盖的商业化能力建设，同时为公 司在心血管疾病领域打造具有吸引力的业务版图。 对于两项协议的价值，云顶新耀表示，将在财务与战略上形成显著协同效应，提升现有商业化平台的运 营效率，加快产品全生命周期、全渠道覆盖的商业化能力建设。通过此次合作，公司将巩固在中国的商 业化基础，提升市场份额，为心血管业务的长期增长注入核心动力。 根据商业化服务协议，云顶新耀医药科技将依托现有销售与市场体系，为海森生物旗下六款成熟产品提 供商业化服务，覆盖急重症、心血管和代谢三大治疗领域。云顶新耀医药科技将按相关产品季度净销售 总额的20%-55%收取服务费，预计2026-2028年海森生物拟支付的年度交易金额上限分别为5.6亿元、 6.16亿元和6.77亿元。 在业内人士看来，云顶新耀此次合作既体现出其商业化能力的应用延伸，既为海森生物的成熟产品提供 市场支持，也能借助自身渠道将 ...

Core Viewpoint - *ST Jianyi reported a decline in revenue due to market conditions and a decrease in orders, while actively restructuring its client base to focus on quality clients [1][2] Group 1: Financial Performance - In the first three quarters of 2025, *ST Jianyi achieved a revenue of 2.666 billion yuan [1] - The company has signed uncompleted contracts worth 2.2 billion yuan for the first half of 2025, including projects in Hong Kong and the renewable energy sector [1] Group 2: Strategic Adjustments - Since 2022, *ST Jianyi has been restructuring its operations to navigate challenges in the construction decoration market, shifting towards a diversified strategy and aiming to become a comprehensive urban construction service provider [2] - The company has initiated an asset revitalization plan to optimize asset allocation and enhance risk resistance, supported by its controlling shareholder [2] Group 3: Shareholder Changes - On September 26, *ST Jianyi announced the transfer of its controlling shareholder's equity to Guangdong Xiangshan Holding Group, which is expected to provide more opportunities for the company without changing its controlling shareholder or actual controller [2]

Core Insights - *ST Jianyi reported a revenue of 1.958 billion yuan for the first half of 2025, with the construction engineering business contributing 1.355 billion yuan, accounting for 69.23% of total revenue, and the decoration engineering business contributing 435 million yuan, accounting for 22.24% of total revenue [1][2] Group 1 - The company is leveraging its brand advantage to steadily grow its decoration business while utilizing its top-tier construction qualifications to expand its general contracting business [1] - The company aims to develop two core businesses, covering the entire construction industry chain, including investment, technology research, design, supply chain, construction, and smart management [1] - The company’s subsidiary, Jianxing Construction Group, received several awards for its projects, indicating strong performance in construction quality [1] Group 2 - Recently, the company secured over 350 million yuan in new orders, including projects in the Hong Kong market and related to renewable energy [2] - As of the report date, the company had signed contracts worth 2.2 billion yuan that are yet to be completed [2] - The company is transitioning from a single decoration business to a diversified strategy, focusing on large engineering platforms and expanding into five major regional markets across China [2]