Core Viewpoint - The company has provided insights into its business performance and future plans during a recent investor conference, highlighting stable caffeine demand, growth in biopharmaceutical sales, and ongoing clinical developments in its product pipeline. Group 1: Caffeine Business - Global caffeine demand is expected to remain stable, with a decrease in caffeine prices in 2025, yet the company managed to maintain high revenue through increased sales [1][4] - Caffeine prices have stabilized since 2026, and the company will continue to monitor price trends [4] Group 2: Biopharmaceutical Business - 2025 marks the first full sales year for the products Enshuxing and Enyitan, with significant revenue growth anticipated [11] - The company expects that gross margin fluctuations in 2025 will not be indicative of future performance, as sales enter a normal phase [12] - The company is optimistic about the development of its biopharmaceutical business, supported by an expanding sales team and increased marketing efforts in 2026 [11] Group 3: Research and Development - The company plans to invest 1.036 billion yuan in R&D in 2025, with substantial investment continuing into 2026 [2][7] - Key products, including SYS6010, SYS6043, and SYS6002, are scheduled for data readouts at major academic conferences in the first half of 2026 [2][5] Group 4: Clinical Pipeline Updates - SYS6010 has entered Phase 3 clinical trials with multiple indications under accelerated development, including EGFR wild-type lung cancer [3][9] - SYS6002 is currently in Phase 3 clinical trials for cervical cancer, while SYS6043 and SYS6040 are in Phase 1 trials exploring multiple indications [3][9] - SYS6090 is focusing on late-stage solid tumors, with ongoing domestic trials and plans for international Phase 1 trials [10] Group 5: Market Position and Future Plans - The company submitted its main board listing application to the Hong Kong Stock Exchange in December 2025, and the process is ongoing [8] - Collaboration with AstraZeneca involves innovative peptide molecules currently in preclinical research, aimed at providing long-term treatment solutions for obesity and related issues [8]

Group 1: Company Performance and Market Trends - In 2025, the global caffeine market demand remained stable, and despite a decrease in caffeine prices, the company maintained high revenue levels through increased sales [3] - The company anticipates stable caffeine prices in 2026 and will continue to monitor price trends [3] - The company achieved a research and development expenditure of CNY 1.036 billion in 2025, with plans to maintain significant R&D investment in 2026 to ensure efficiency and results [5] Group 2: Clinical Trials and Product Development - SYS6010 (EGFR ADC) is currently in Phase 3 clinical trials, with ongoing developments for multiple indications [5] - SYS6043 (B7H3 ADC) is in Phase 1 clinical trials, with data readouts planned for 2026 [5] - The company is actively pursuing clinical trials for various cancers, including esophageal squamous cell carcinoma and breast cancer [4] Group 3: Future Business Expectations - The company expects significant growth in its biopharmaceutical business revenue in 2026, driven by an expanding sales team and increased market promotion efforts [6] - The gross margin for the biopharmaceutical business in 2025 was subject to fluctuations due to it being the first complete sales year for certain products, with expectations of stabilization in 2026 [6] Group 4: Strategic Collaborations - The collaboration with AstraZeneca involves innovative peptide molecules and related technologies, currently in preclinical research aimed at providing long-lasting treatment options for obesity and weight-related issues [5] - The company submitted its main board listing application to the Hong Kong Stock Exchange in December 2025, with ongoing progress on the listing project [5]

的申請版本 香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本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。 Shanghai Ark Biopharmaceutical Co., Ltd. 上海愛科百發生物醫藥技術股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本 文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充、修訂或更換附頁，並不引起本公司、本公司的任何聯席 保薦人、整體協調人、顧問或包銷團成員在香港或任何其他司法權區必須進行發售活動的責 任。本公司最終會否進行發售仍屬未知之數； (c) 本文件或其補充、修訂或更換附頁的內容可能會亦可能不會在最後正式的上市文件內全部或 部分轉載； (d) 本文件並非最終的上市文件，本公司可能不時根據《香港聯合交易所有限公司證券上市規則》 作出更新或修訂； (e) 本文件並不構成向任何司法權區的公眾提呈出售任何證券的招股章程 ...

Group 1: Revenue Growth Drivers - The key revenue growth drivers for 2026 include Trastuzumab "Ansaiting," which is expected to exceed ¥100 million in sales in 2024 and continue significant growth in 2025. If not included in national procurement, the company will actively promote market layout for this product [1][2] - The long-acting follicle-stimulating hormone, exclusively represented by the company, has a potential national market size of over ¥4 billion. With only two competitors in the long-acting category, the product is expected to become a core offering, supported by national policies favoring fertility-related industries [2] Group 2: R&D Progress and Strategy - The company adopts an "independent innovation + external introduction" R&D model, collaborating with renowned scholars and experts to enhance its research capabilities. Ongoing clinical trials include "HuA21 injection," which has shown promising safety and efficacy in early studies and is moving towards Phase III trials [3][4] - The "AK2024 injection," targeting HER2, is currently in Phase I clinical trials, demonstrating superior synergistic effects compared to other treatments. The "HK010 injection," a dual antibody drug, has completed Phase II trials [3][4] Group 3: Strategic Collaborations and Market Positioning - The company is collaborating with Weisheng Pharmaceutical on the long-acting growth hormone "Lungpei," which has been approved for market entry. The product is positioned as a high-quality import, with plans for local production by 2028 [5] - The company’s subsidiary, Boshengji, is advancing its PA3-17 injection, which is in critical clinical trials and may become the first product in its field to market by the end of 2026 [6] Group 4: Innovations in Biotechnology - Boshengji is developing a dual-specific NK cell connector and a leading UCAR-Vδ1T product, which are expected to effectively target tumor heterogeneity [6] - Afana, another subsidiary, is focusing on mRNA vaccines for RSV and HPV, with its RSV mRNA vaccine being the first in China to complete Phase II clinical enrollment, showing excellent safety and efficacy [6]

Core Viewpoint - Tianchen Biopharmaceuticals is a clinical-stage biopharmaceutical company focused on the discovery and development of biologics for allergic and autoimmune diseases, with key products LP-003 and LP-005 in its pipeline [2][3]. Company Overview - Tianchen Biopharmaceuticals was established in 2020 and is located in Shanghai and Changshu, Suzhou, China [2]. - The company specializes in developing biologics targeting allergic diseases, including seasonal allergic rhinitis (AR), chronic spontaneous urticaria (CSU), and allergic asthma [2]. Product Pipeline - The core product LP-003 is an anti-IgE antibody designed to block free IgE in blood and tissues, aimed at treating various allergic conditions [2]. - The main product LP-005 is a dual-function antibody fusion protein targeting C5 and C3b complement [3]. - Additional products under development include LP-00A, LP-00C, and LP-00D, which target various autoimmune diseases and specific indications [3]. Financial Status - As of December 31, 2023, and December 31, 2024, Tianchen Biopharmaceuticals reported net liabilities of RMB 193.7 million and RMB 330.3 million, respectively [4]. - By September 30, 2025, the company is projected to have a net asset value of RMB 175.8 million [4]. - The increase in net liabilities from 2023 to 2024 was primarily due to recorded losses totaling RMB 137.3 million and the recognition of redeemable equity liabilities of RMB 60.0 million [4]. Cash Flow Analysis - Cash flow from operating activities showed a negative flow of RMB 60.865 million in 2023, increasing to RMB 104.122 million in 2024 [5]. - Financing activities generated net cash flow of RMB 123.143 million in 2023, which decreased to RMB 99.113 million in 2024 [5]. - The cash and cash equivalents at the end of 2023 were RMB 117.226 million, decreasing to RMB 66.624 million by the end of 2024 [6]. Use of Proceeds - The funds raised will be allocated for the research and commercialization of core products LP-003 and LP-005, including ongoing and planned clinical trials [14][15]. - Additional allocations include operational expenses, packaging design, inventory reserves, and market research activities [14][15].

Core Viewpoint - Tianchen Biopharmaceuticals (Suzhou) Co., Ltd. has re-submitted its prospectus after a previous lapse, with Guojin Securities (Hong Kong) as its sole sponsor. The company focuses on developing biopharmaceuticals for allergic and autoimmune diseases but has reported continuous losses since its establishment in 2020 [1][2]. Financial Performance - Tianchen Biopharmaceuticals reported losses of RMB 95.78 million, RMB 137.32 million, and RMB 137.57 million for the years ending December 31, 2023, and 2024, and for the nine months ending September 30, 2025, respectively, totaling approximately RMB 370 million in cumulative losses over two years and nine months [2][4]. - The company’s revenue for 2023 was RMB 2.33 million, with research and development costs amounting to RMB 73.91 million, leading to a pre-tax loss of RMB 95.78 million [3][4]. Cash Flow and Financing - The net cash flow used in operating activities was RMB 60.87 million for 2023, RMB 104.12 million for 2024, and RMB 90.79 million for the nine months ending September 30, 2025, indicating a trend of negative cash flow [5]. - The company may require additional financing to support its growth plans due to negative operating cash flow, which could lead to increased costs and potential liquidity issues if sufficient external funding is not secured [6]. Supply Chain Risks - The company faces risks related to supplier concentration, with the top five suppliers accounting for 48.58%, 51.65%, and 43.21% of total purchases in 2023, 2024, and the nine months ending September 30, 2025, respectively. This reliance may expose the company to price increases or supply shortages [6].

Group 1 - The core announcement is that Baiotai Biopharmaceutical Co., Ltd. has received acceptance for the marketing authorization application of its drug BAT4406F from the National Medical Products Administration [1][3] - BAT4406F is a new generation fully human anti-CD20 antibody developed using the company's antibody Fc engineering platform, designed to treat adult patients with neuromyelitis optica spectrum disorder (NMOSD) who are positive for aquaporin-4 (AQP4) antibodies [4] - The drug is currently undergoing a Phase II/III registration clinical study targeting minimal change disease/focal segmental glomerulosclerosis (MCD/FSGS), which is the first registration study for this indication in China [4] Group 2 - The drug is classified as a Class 1 therapeutic biological product, with a specification of 100mg/5mL, and the acceptance number is CXSS2600022 [2] - The acceptance of the marketing authorization application does not have an immediate impact on the company's recent performance, as the timeline for the review and approval process is uncertain [1][2]

Core Viewpoint - The approval of the new drug Anmukita monoclonal antibody injection (trade name: Yisaituo) by the National Medical Products Administration marks a significant advancement for the company in treating moderate to severe plaque psoriasis in adult patients, enhancing its product pipeline and market competitiveness [1] Group 1: Drug Approval and Clinical Results - The company announced that its self-developed anti-IL-17A humanized monoclonal antibody Anmukita has received approval for market launch [1] - In the pivotal Phase III clinical study, all primary efficacy endpoints and key secondary efficacy endpoints were successfully met, particularly showing significant efficacy in achieving complete skin clearance with the PASI100 indicator [1] - The incidence of anti-drug antibodies (ADA) for Anmukita was only 0.7%, indicating good safety and tolerability [1] Group 2: Treatment Flexibility and Market Impact - Anmukita offers flexible dosing options every 4 or 8 weeks, which may reduce the frequency of medication for patients and lower the long-term treatment time costs and psychological burden [1] - The approval of Anmukita will enrich the company's autoimmune commercialization product pipeline and positively impact its operational development [1] - The announcement stated that this approval will not have a significant impact on the company's current financial status and operating results, but it is expected to have a positive effect on future performance [1]

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of December 31, 2025, with Valiant Bio-B (09887) being included in the Hang Seng Composite Index [1] - The changes will be implemented after the market closes on March 6, 2026, and will take effect on March 9, 2026, leading to adjustments in the eligible stocks for the Hong Kong Stock Connect [1] - According to a report by CICC, Valiant Bio-B is likely to be included in the Hong Kong Stock Connect due to meeting various criteria, including market capitalization, liquidity, and listing time [1] Group 2 - Valiant Bio-B announced that the first patient has successfully received treatment in the Phase Ib/II clinical study of its PD-L1/4-1BB bispecific antibody, Opalizumab (LBL-024), for recurrent or metastatic triple-negative breast cancer [1] - The open-label, multicenter Phase Ib/II clinical study is led by Professor Yin Yongmei from Jiangsu Provincial People's Hospital and is being conducted simultaneously at multiple hospitals across the country [1] - The trial aims to evaluate the efficacy and safety of Opalizumab as a monotherapy or in combination with albumin-bound paclitaxel for patients with recurrent or metastatic triple-negative breast cancer [1]

Core Viewpoint - Morgan Stanley reports that Innovent Biologics (01801) has entered into a strategic partnership with Eli Lilly (LLY.US) to jointly develop novel biologics focused on oncology and immunology globally [1] Group 1: Company Overview - Innovent Biologics is reaffirmed as a top pick among Chinese biotech companies covered by Morgan Stanley, with an "Overweight" rating and a target price of HKD 111 [1] - The collaboration is seen as a positive surprise and marks a significant milestone in Innovent's journey towards becoming a global biopharmaceutical company, highlighting the strength of its R&D platform [1] Group 2: Management and Strategy - During a conference call, Innovent's management reiterated its long-term vision, primarily supported by a dual-engine growth strategy in the areas of generic biologics and oncology drugs [1] - Morgan Stanley continues to be impressed by Innovent's execution capabilities in its commercial and R&D product lines, as well as its strong business development abilities [1]