康希诺（688185.SH）联合创始人、董事长兼CEO宇学峰日前做客《沪市汇·硬科硬客》第二季第7期节 目"科创成长层'成长记'"时表示，2025年第三季度，康希诺已实现盈利，成功穿越生物医药创新研发中 最艰难的"死亡之谷"。"未来康希诺将持续加大投入，坚定前行，为投资者带来更多长期收益。"。（中 经记者 罗辑 北京报道） 0:00 ...

Core Insights - Sichuan Baili Tianheng Pharmaceutical Co., Ltd. has submitted its prospectus on September 29 and passed the hearing at the Hong Kong Stock Exchange on October 21 [2] - The company focuses on the global frontier of biomedicine, aiming to address unmet clinical needs, particularly in the field of tumor macromolecule therapy, and possesses leading innovative R&D capabilities [2] - The company plans to establish comprehensive global commercialization capabilities by 2029 [2] Financial Performance - The net profit for the fiscal year 2023 is projected to be -780 million yuan, representing a year-on-year change of -176.40% [2] - For the fiscal year 2024, the net profit is expected to reach 3.708 billion yuan, with a significant year-on-year increase of 575.02% [2] - The net profit for the first half of 2025, as of June 30, is forecasted to be -1.118 billion yuan, reflecting a year-on-year change of -123.96% [2]

Core Viewpoint - The company Baillie Tianheng (688506.SH) has submitted an IPO application to the Hong Kong Stock Exchange after two previous applications expired, indicating a strong need for capital despite significant revenue growth in 2024 [1][10]. Company Overview - Baillie Tianheng was founded in 1996 and is led by Chairman and CEO Zhu Yi, who holds 72.22% of the shares. The company focuses on innovative biopharmaceuticals, particularly in the field of tumor macromolecule therapy [4]. - The company aims to establish global commercialization capabilities by 2029 and has developed a strong research and development platform for innovative ADC (antibody-drug conjugates) [4]. Business Operations - Baillie Tianheng operates two main business segments: innovative biopharmaceuticals and generic drugs [5]. - The company has established R&D centers in both the U.S. and China, focusing on early development and subsequent clinical research [5]. Financial Performance - In 2024, Baillie Tianheng achieved a revenue of 5.82 billion, marking a growth of over 900% year-on-year, with a significant portion of this revenue (91.6%) coming from licensing agreements with Bristol-Myers Squibb (BMS) [8][9]. - The company reported a net profit of 3.71 billion in 2024, indicating a turnaround from previous losses [8]. Funding and Capital Needs - Baillie Tianheng has raised 3.764 billion through a private placement to accelerate the development of its innovative drug pipeline [9]. - The company has identified a funding gap of 4.819 billion over the next three years to support its R&D and operational activities [11].

Core Viewpoint - China Antibody-B (03681) has seen a significant stock price increase, rising over 11% during trading, with a current price of 3.52 HKD and a trading volume of 106 million HKD, following the announcement of a strategic cooperation agreement with Sun Yat-sen University Hong Kong Advanced Institute [1] Group 1: Strategic Cooperation - The company announced a three-year comprehensive strategic cooperation agreement with Sun Yat-sen University Hong Kong Advanced Institute, aimed at joint research and development in the biomedical field [1] - The board believes that the cooperation agreement provides valuable opportunities for both parties to leverage their resources and expertise, achieving mutual benefits and synergies [1] - The cooperation is designed to accelerate the development of innovative drugs and promote the translation of research results into clinical applications globally [1] Group 2: Project-Driven Model - The collaboration will adopt a project-driven model, focusing on resource sharing and efficient communication as its core framework [1] - This model allows the company to directly utilize the advanced laboratory facilities, experimental animal supply resources (especially non-primate animals), and valuable data assets of Sun Yat-sen University Hong Kong Advanced Institute, which are critical for driving innovation in drug research and sustainable development [1] - The board views this strategic cooperation as a framework for mutual benefit, contributing to growth and ensuring long-term sustainability, aligning with the company's strategy to advance its pipeline of innovative drugs [1]

Group 1 - The company Huahong Hanhlin (02696) announced the appointment of its fourth board of directors, with Dr. Zhu Jun continuing as an executive director and three non-executive directors joining, including prominent figures from Fosun Pharma and former GE Healthcare executives, which will enhance the company's global strategy and innovation pipeline [1] - Huahong Hanhlin has shown strong growth, with six products approved in China and four launched overseas, benefiting over 800,000 patients across more than 50 countries [1] - The company's stock price has increased by over 200% since 2025 and was included in the MSCI Global Small Cap Index in May, indicating rising market recognition [1] Group 2 - The company has made significant progress in its core product pipeline, with the PD-L1 ADC HLX43 for advanced NSCLC receiving approval for international multi-center Phase II clinical trials in multiple countries, and initial dosing completed [2] - The I phase clinical data for HLX43 was presented at the 2025 ASCO annual meeting, showing promising efficacy and safety, with a competitive edge in development [2] - The innovative dual-pathway anti-HER2 monoclonal antibody HLX22 is advancing in international Phase III studies for HER2-positive advanced gastric cancer, and a Phase II trial for HER2 low-expressing HR-positive breast cancer has also commenced [2]