Core Viewpoint - The acquisition of Hegia Biotech by China National Pharmaceutical Group for 1.2 billion RMB is seen as a strategic move to strengthen its position in the rapidly growing small RNA drug sector, which is becoming a new frontier in innovative pharmaceuticals [1][2]. Company Summary - China National Pharmaceutical Group has expanded its portfolio by acquiring Hegia Biotech, a company specializing in siRNA innovation, which has developed six delivery platforms and has four drugs in clinical stages [1][2]. - Hegia Biotech, founded in 2018, has a strong R&D team with over 20 years of experience and has secured more than 50 core patents, establishing a comprehensive drug development system from target discovery to clinical proof of concept [2][3]. - The acquisition is expected to enhance China National Pharmaceutical Group's capabilities in the large chronic disease market, providing a complete closed loop from technology development to clinical transformation [3][10]. Industry Summary - The small RNA drug sector is emerging as a significant area of innovation, following PD-1 and ADC, with global pharmaceutical companies actively investing in this space [2][4]. - The global small RNA drug market is projected to grow from $5.7 billion in 2024 to $20.6 billion by 2029, with a compound annual growth rate (CAGR) of 29.4% [7]. - In China, the RNAi therapy market is expected to expand from approximately $4 million in 2022 to over $30 million by 2030, indicating a CAGR exceeding 300% [7]. - The successful listing of Suzhou Rebio Biotech on the Hong Kong Stock Exchange signifies growing recognition of China's independent R&D capabilities in the small RNA drug field [6][5]. - The industry is witnessing significant advancements, including the successful overcoming of delivery patent barriers and the establishment of a mature industrial chain ecosystem [5][6]. Competitive Landscape - The competition in the small RNA drug market will focus on three dimensions: technological platform advantages, depth and differentiation of pipelines, and globalization capabilities [10]. - Companies are expected to pursue mergers and acquisitions to quickly acquire technology and teams, as the high technical barriers in the small RNA sector may hinder independent research and development [10].

Core Insights - Ruizhi Pharmaceutical Technology Co., Ltd. has developed two automated integrated micro-flow synthesis systems based on its "Super Limit Intelligent Manufacturing" platform, which are currently applied internally to enhance R&D in ADC and small nucleic acid drug fields [1][2] Group 1: Technology and Innovation - The internal application of the Super Limit Intelligent Manufacturing platform focuses on two main areas: enhancing the coupling process for antibody-drug conjugates (ADCs) and synthesizing nucleoside monomers for oligonucleotide drugs, significantly improving development efficiency and overall yield [1] - The ADC drug process development time can be reduced by 70%, while the cost of synthesizing nucleoside monomers can be lowered by over 40% [2] Group 2: Strategic Partnerships and Market Positioning - The drug manufacturing system was jointly released by Ruizhi Pharmaceutical and East China Normal University, emphasizing the establishment of a joint laboratory to improve the transition from laboratory R&D to industrial production [2] - The company is positioning its business around "new modalities (including small nucleic acids)" and "ecological investment," aiming to create more opportunities in the small nucleic acid sector through strategic partnerships with multiple companies [2]

Core Viewpoint - The listing of Rebio Biotech (6938.HK) on the Hong Kong Stock Exchange marks a significant milestone for China's small nucleic acid drug development, transitioning from "technical accumulation" to "value realization" [1] Group 1: Market Reaction and Financial Performance - The market reacted positively, with Rebio's stock price rising over 29% in pre-listing trading and closing at 82.1 HKD per share on its first day, reflecting strong investor confidence in Chinese innovative pharmaceuticals [1] - Rebio's financial performance shows a strong revenue growth of 56.57% year-on-year, reaching 1.04 million RMB in the first half of 2025, while losses narrowed by 30.94% during the same period [4][5] - The revenue growth is primarily driven by licensing and collaboration agreements with major players like Boehringer Ingelheim and Qilu Pharmaceutical, indicating recognition of its underlying platform technology [4] Group 2: Strategic Development and R&D - Rebio's platform-based R&D approach is transforming the traditional investment model in biotechnology, moving from betting on single molecules to a modular and scalable development strategy [6] - The company aims to advance 2-4 assets to clinical trials annually, leveraging its platform's efficiency and confidence in its development capabilities [6] - Rebio has established a strong competitive barrier through its intellectual property, holding 255 granted patents and 218 pending applications, alongside a GMP-compliant production facility in Jiangsu [7] Group 3: Ecosystem and Global Strategy - Rebio's strategy combines internal development with external collaboration, targeting global diseases with significant patient populations, such as cardiovascular conditions [9] - The company has formed strategic partnerships, such as with Boehringer Ingelheim, to enhance its technology platform's recognition and optimize commercialization efficiency [11] - Establishing a clinical team in Sweden allows Rebio to conduct high-quality clinical trials independently, enhancing global development efficiency and regulatory communication [12] Group 4: Industry Implications - Rebio's listing signifies a shift in the Chinese biotechnology sector from "following innovation" to "source innovation," showcasing its platform-based R&D capabilities and global operational vision [13] - The company is positioned to accelerate its transition from clinical to commercial stages, with the potential for its platform value and pipeline to resonate in the emerging nucleic acid drug era [13]

Group 1 - Suzhou Rebio Technology Co., Ltd. successfully listed on the Hong Kong Stock Exchange on January 9, becoming the first listed company in Jiangsu province this year [1] - The company issued 31.61 million shares at a price of HKD 57.97 per share, raising over HKD 1.8 billion in total [1] - Rebio, founded in 2007 and headquartered in Suzhou, focuses on the research and development of small nucleic acid drugs, utilizing RNA interference (RNAi) technology to develop innovative therapies for major diseases [1] Group 2 - Rebio's research pipeline covers various diseases, particularly chronic diseases, with seven self-developed drugs currently in clinical trials, four of which are in Phase II [1] - The core product, RBD4059, is the world's first clinical-stage small nucleic acid drug for treating thrombotic diseases, offering significant advantages over traditional treatments, such as extended efficacy and lower bleeding risks [1] - With Rebio's listing, the number of companies listed from Suzhou on the Hong Kong Stock Exchange has increased to 42, further expanding the biopharmaceutical sector in the region [2]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the advancements in the small nucleic acid drug sector, particularly focusing on companies like Wave Life Sciences and Arrowhead Pharmaceuticals, which have shown promising data in weight loss and fat reduction therapies [1][4][5]. Core Insights and Arguments - **Advantages of Small Nucleic Acid Drugs**: These drugs demonstrate long-lasting effects, improved safety by reducing the dosage of GLP-1 drugs, and the ability to achieve high-quality weight loss by specifically targeting visceral fat while preserving lean body mass [1][5]. - **Clinical Developments**: Key catalysts for 2026 include advancements in major indications such as severe hypertriglyceridemia (SHTG), cardiovascular outcomes related to LPA, and IgA nephropathy. Arrowhead's OX7 data is expected to show significant clinical changes in humans [1][8]. - **Market Position of Chinese Companies**: Chinese firms are leveraging engineering advantages to enhance specificity and delivery efficiency, positioning themselves to develop best-in-class molecules, particularly in non-liver diseases [1][9]. - **Emerging Targets in Hyperlipidemia**: New targets like LP(a) are gaining attention, with major Chinese pharmaceutical companies like Hengrui and Shiyao licensing oral small molecule LP(a) inhibitors to multinational corporations for approximately $2 billion each [3][20]. Additional Important Content - **Recent Progress in Small Nucleic Acid Research**: Recent data from Wave Life Sciences and Arrowhead Pharmaceuticals confirm the efficacy of small nucleic acid drugs in weight loss and fat reduction, with significant results observed in clinical trials [4][24]. - **Commercialization and Development Trends**: The small nucleic acid drug sector has seen a resurgence since 2016, with successful commercialization efforts leading to substantial market valuations, such as Alnylam's peak market cap of $60 billion [17][18]. - **Challenges in Delivery Systems**: While advancements have been made in delivery systems, many remain in early stages, indicating a need for further innovation to enhance efficacy and safety in non-liver delivery systems [16][24]. - **Trends in MNC Transactions**: There is a notable trend of large pharmaceutical companies showing interest in early-stage small nucleic acid drugs, with significant transaction values even at the preclinical stage, indicating strong market confidence [19]. This summary encapsulates the critical developments and insights from the conference call, highlighting the potential and challenges within the small nucleic acid drug industry.

Consumer Insights - During the New Year holiday, 142 million domestic trips were made, representing a year-on-year increase of 5.19% compared to 2024, with total spending reaching 84.789 billion yuan, up 6.35%[16] - Hainan's duty-free shopping saw a significant boost, with the number of shoppers increasing by 27.09% and total spending rising by 49.89% compared to the same period in 2024[18] - In major cities, Shanghai's daily average consumption during the holiday was 12.2 billion yuan, a 2.5% increase year-on-year, while Beijing's monitored sales reached 4.04 billion yuan, up 16.3%[17] High-end Manufacturing - The "Justice Mission-2025" military exercise highlights the strategic importance of the military-industrial sector amid geopolitical tensions, emphasizing its role in national sovereignty and external risk management[20][26] - The military exercise's focus on Taiwan reflects a more precise and targeted approach compared to previous drills, enhancing control over critical maritime routes and deterring external interference[22] Hard Technology - Major domestic wafer manufacturers are actively engaging in capital operations, with SMIC's registered capital increasing from $6.5 billion to $10.0773 billion, and a planned acquisition of 49% of SMIC North for 40.601 billion yuan[27][33] - Longxin Technology's IPO aims to raise 29.5 billion yuan, potentially becoming the second-largest fundraising in the Sci-Tech Innovation Board's history, supporting its expansion in memory chip production[27][31] Health Sector - Domestic small nucleic acid drug companies, such as Rebio and Bowang Pharmaceutical, are demonstrating strong R&D capabilities, with multiple products entering clinical phases and significant business development collaborations underway[35][36]

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依 賴該等內容而引致的任何損失承擔任何責任。 公司主導項目入選2025年江蘇省科技重大專項「創新生物藥」項目 本公告乃由長風藥業股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）自 願作出，以知會股東及潛在投資者有關本集團之最新研發進展。 CF PharmTech, Inc. 長風藥業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2652） 自願公告 戰略意義 本公司董事（「董事」）會（「董事會」）欣然宣佈，由本公司主導之新型吸入式核酸 藥物開發項目（「項目」）近期獲選為2025年江蘇省科技重大專項「創新生物藥」項 目。 項目詳情與發展 本項目聚焦於小核酸（「siRNA」）藥物在肺部遞送中的關鍵挑戰，致力於推動吸入 式核酸候選藥物的轉化研究與臨床前開發。 本項目計劃支持針對呼吸系統重大疾病（包括哮喘、慢性阻塞性肺病及肺纖維化） 的吸入式核酸候選藥物研發工作。工作範圍涵蓋遞送體系優化、藥劑學與工藝開 發、臨床前研究，以及 ...

Core Viewpoint - Rebio Biotech is undergoing a listing hearing on the Hong Kong Stock Exchange, with CICC and Citibank serving as joint sponsors. The company is a key player in the global small nucleic acid drug development field, particularly in siRNA therapies, and possesses one of the largest siRNA drug pipelines globally [1] Group 1: Market Potential - The small nucleic acid drug market is considered the "third wave" following small molecules and antibody drugs, with significant market potential. It is projected that the global market valuation will reach $18.6 billion by 2029, with a compound annual growth rate (CAGR) of 29.5% from 2024 to 2029 [1] Group 2: Technological Advancements - Rebio Biotech has overcome the core technical barrier of small nucleic acid drug delivery, possessing proprietary and clinically validated GalNAc delivery technology. The liver-targeting RiboGalSTAR delivery technology is foundational to many of its pipeline assets. The company has also made significant progress in extrahepatic delivery technologies, such as RiboPepSTAR and RiboOncoSTAR [1] Group 3: Product Pipeline - The company is deeply focused on the small nucleic acid sector, with seven self-developed drugs in clinical trials targeting eight indications related to cardiovascular, metabolic, renal, and liver diseases. Four of these drugs are in Phase 2 clinical trials. The core product RBD4059 is the world's first and fastest siRNA drug for treating thrombotic diseases. RBD5044 and RBD7022 are the second siRNA drugs globally to enter clinical development targeting APOC3 and PCSK9, respectively. Additionally, the company has over 20 preclinical projects [1]

Core Viewpoint - The company plans to sign a technology cooperation development contract with Nanjing University to jointly develop an anti-thrombotic small nucleic acid drug, with a total contract amount of 15 million RMB (including tax) [1] Company Summary - The company will pay the cooperation fees to Nanjing University in installments according to the project development plan outlined in the contract [1] - Upon successful development and market launch of the target drug, the company will pay a percentage of the annual revenue from the drug to Nanjing University for a period of 10 years [1] - The collaboration aims to leverage Nanjing University's strong research capabilities in nucleic acid drugs and the company's industrialization and clinical development capabilities to advance the research and commercialization of innovative drugs [1] Industry Summary - The domestic small nucleic acid drug market is primarily dominated by imported drugs, indicating significant growth potential in the domestic market compared to the global market [1] - With increasing policy support and capital investment, the development of small nucleic acid drugs in China is progressing rapidly, suggesting an imminent surge in the domestic market [1] - The company's strategic focus on cardiovascular treatments aligns well with the development of the new drug, enhancing its core competitiveness in research and injecting new momentum into its innovative drug portfolio [1]

Core Viewpoint - The company plans to sign a technology cooperation development contract with Nanjing University to jointly develop anti-thrombotic small nucleic acid drugs, with a total contract amount of 15 million RMB (including tax) [1] Group 1: Company Strategy - The company will pay the cooperation fees to Nanjing University in installments according to the project development plan [1] - Upon successful development and market launch of the target drug, the company will pay a percentage of the annual revenue from the drug to Nanjing University for a period of 10 years [1] - The collaboration aims to leverage Nanjing University's strong research capabilities in nucleic acid drugs and the company's industrialization and clinical development capabilities to advance the research and commercialization of innovative drugs [1] Group 2: Market Opportunity - The domestic small nucleic acid drug market is primarily dominated by imported drugs, indicating significant growth potential in the domestic market compared to the global market [1] - With increasing policy support and capital investment, the development of domestic small nucleic acid drugs is progressing rapidly, and the market is expected to experience rapid growth [1] - The company aims to seize market opportunities by understanding local market demands and developing products tailored to domestic patients, aligning with its strategic planning in the cardiovascular treatment field [1]