Company Overview - Kangnuo Biopharmaceuticals is a biopharmaceutical company focused on the research, development, production, and commercialization of mitochondrial medicine and health products [2] - The company aims to address diseases caused by mitochondrial dysfunction, particularly in cardiovascular diseases, neurodegenerative diseases, reproductive health, and aging [2] - Kangnuo Biopharmaceuticals employs an integrated approach of "testing - intervention - assessment - re-intervention" to provide scientific solutions for extending healthy lifespan [2] Product Portfolio - The company has marketed and sold 20 drugs, generating revenue from these sales [2] - Its flagship drug, Enai Di (NAD+ injection), is the only NAD+ therapeutic drug approved both nationally and globally, establishing the company's leadership in the mitochondrial drug industry [2] - Other major commercialized drugs include Qianrongmei (Hyaluronidase injection), Tianshu (Kallikrein injection), and Sodium Nitroprusside injection, along with 16 generic drugs covering various therapeutic areas [3] Financial Performance - The company reported revenues of approximately 303 million RMB for the fiscal year 2023, 240 million RMB for 2024, and 238 million RMB for the nine months ending September 30, 2025 [4] - Profit and total comprehensive income for the same periods were approximately 79.5 million RMB, 33.9 million RMB, and 53.4 million RMB respectively [6] - The gross profit margins for 2023, 2024, and the nine months ending September 30, 2025, were approximately 87.4%, 83.4%, and 87.4% [8] Industry Overview - Mitochondrial dysfunction is increasingly recognized as a common pathological mechanism for aging-related diseases, including cardiovascular diseases, neurodegenerative diseases, metabolic diseases, and immune aging [10] - The market size for mitochondrial medicine products in China is projected to grow from 9.5 billion RMB in 2020 to 17.9 billion RMB in 2024, with a compound annual growth rate (CAGR) of 17.1% [10] - By 2035, the market size is expected to reach 308.1 billion RMB, with a CAGR of 29.5% from 2024 to 2035 [10]

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 不發表任何聲明，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依賴該等內容而引致的任何損 失承擔任何責任。 Knature Biopharmaceutical Co., Ltd. 康 諾 生 物 製 藥 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） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊 發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知 悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問及包銷團成員表示同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長登記前，不會向 香港公眾人士提出要約或邀請。 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據向香港公司註冊處處長登記的本公司招 股章程作出投資決定。該文件的文本將於發售期內向公眾人士派發。 ...

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 不發表任何聲明，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依賴該等內容而引致的任何損 失承擔任何責任。 Knature Biopharmaceutical Co., Ltd. 康 諾 生 物 製 藥 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） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊 發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知 悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問及包銷團成員表示同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長登記前，不會向 香港公眾人士提出要約或邀請。 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據向香港公司註冊處處長登記的本公司招 股章程作出投資決定。該文件的文本將於發售期內向公眾人士派發。 ...

Core Viewpoint - Niagen Bioscience, Inc. has partnered with Truemed to allow qualified customers to purchase its leading NAD+ supplement, Tru Niagen, using Health Savings Account (HSA) and Flexible Spending Account (FSA) funds, enhancing accessibility for consumers seeking nutritional support for cellular health [1][2][3] Group 1: Partnership and Accessibility - The partnership with Truemed enables a streamlined checkout experience for customers using HSA/FSA funds to purchase Tru Niagen [2][4] - Eligible customers can obtain a Letter of Medical Necessity (LMN) from a licensed provider to support their HSA/FSA eligibility [4][7] Group 2: Product Information - Tru Niagen is recognized as the number one NAD+ supplement in the United States, featuring Niagen, a patented form of nicotinamide riboside (NR), which is a highly efficient NAD+ booster [3][11] - The product is supported by over 40 peer-reviewed human clinical studies and more than 500 published scientific papers, highlighting its rigorous quality and scientific standards [3][11] Group 3: Company Background - Niagen Bioscience is a leader in NAD+ science and healthy-aging research, dedicated to advancing healthspan through innovative NAD+-boosting solutions [8][9] - The company collaborates with renowned scientists and research institutions globally to explore the potential of NAD+, which is crucial for cellular health and declines with age [9][10]

Financial Performance - Total company net sales reached $34 million in Q3 2025, a 33% increase year-over-year[10] - Tru Niagen® net sales were $26 million in Q3 2025, up 44% year-over-year[10] - Gross margin improved to 64.5% in Q3 2025, a 100 basis points increase year-over-year[10] - Net income was $4.6 million, or $0.06 earnings per share, an increase of $2.7 million and $0.04 year-over-year[10] - Adjusted EBITDA reached $6.4 million, up $3.5 million year-over-year[10] - Cash provided from operations year-to-date was $12.8 million, with $64.3 million in cash and no debt[10] Sales Mix and Growth - Tru Niagen® net sales accounted for 77% of total net sales in Q3 2025, compared to 71% in Q3 2024[28] - Niagen®-related net sales remained at 97% of total net sales in both Q3 2025 and Q3 2024[28] - Year-to-date net sales reached $99.6 million, a 36% increase year-over-year[34] Outlook - The company reaffirmed its increased full-year 2025 net sales growth outlook to between 25% and 30%, driven by strong momentum in Tru Niagen® and Niagen® ingredients[10]

Core Insights - The longevity sector is becoming increasingly attractive to global capital, with funding reaching $8.49 billion in the past year, doubling from the previous year [1] - Investors are shifting focus from unrealistic "immortality myths" to projects that can deliver clinical results within 12 to 24 months [1][5] Investment Trends - The 2024 Longevity Investment Report indicates a significant increase in funding for longevity-related projects, reflecting a more rational investment approach [1][5] - Notable investments include Altos Labs focusing on "cellular reprogramming" and Sam Altman investing in Retro Biosciences for "autophagy reboot" drugs [3][5] Scientific Insights - Aging is increasingly viewed as an intervenable process rather than an uncontrollable phenomenon, with NAD+ levels and oxidative stress identified as key factors [5][7] - Research highlights that NAD+ is crucial for energy metabolism and cellular repair, with levels declining significantly after the age of 30 [5][7] Product Development - CELFULL has developed a stable form of NADH, which can directly enhance NAD+ levels and combat oxidative stress, overcoming previous challenges in stability and absorption [10][12] - CELFULL NADH is reported to be four times more effective than traditional NMN supplements, providing a practical solution for aging intervention [12][13] Market Position - CELFULL NADH has gained significant market traction, with over 100,000 users reporting noticeable benefits, and it has maintained the top sales position in its category for over five years [16] - The product aims to make anti-aging solutions accessible to a broader audience, moving beyond high-cost research projects to practical applications for everyday consumers [18]

Financial Highlights - ChromaDex's total net sales reached $83.5 million in 2023, with Tru Niagen® sales contributing $69.5 million[14] - Tru Niagen® sales experienced a 52% Compound Annual Growth Rate (CAGR)[11] - E-commerce net sales reached $51.2 million in 2023, demonstrating an 85% CAGR[16] - Gross margin increased from 49.4% to 60.8% following a strategic shift towards Tru Niagen®[17] - ChromaDex reported a positive Adjusted EBITDA of $1.9 million in 2023[11, 12] Market and Product - ChromaDex identifies as the global authority on NAD+ with a Total Addressable Market (TAM) exceeding $500 billion across human and pet nutrition, cosmetics, and pharmaceuticals[11] - Tru Niagen® is identified as a proprietary NAD+ boosting supplement[11] - Approximately 60% of ChromaDex's business is attributed to e-commerce[15] - North America accounts for 75% of Tru Niagen® net sales, followed by APAC with 22%[56] Research and Development - ChromaDex has invested in over $100 million of third-party research supporting the benefits of its proprietary ingredient[11] - ChromaDex holds a strong intellectual property portfolio, including over 80 patents for Niagen® and other NAD+ precursors[11]

Company Overview - ChromaDex is a global authority on NAD+ with a strong intellectual property portfolio for Niagen® and other NAD precursors[8] - The company has strategic partnerships with blue chip companies and a strong financial position, with $4 million LTM Adjusted EBITDA and $28 million in cash as of June 30, 2024[8] - ChromaDex's LTM revenue ended June 2024 was $856 million, with a net loss of $14 million and non-GAAP Adjusted EBITDA of $4 million[25] Consumer Health (Tru Niagen®) - Tru Niagen® has proven to be a proprietary NAD+ boosting supplement with LTM sales of over $80 million[8] - E-commerce represents approximately 60% of the Tru Niagen® business[34] - Annual e-commerce net sales have grown at a CAGR of 85% from 2017 to 2023[35], reaching $512 million in 2023[35] - Gross margin increased from 494% to 608% since the strategic pivot to focus on the consumer product, Tru Niagen®[36] IV & Injectables (Niagen®+) - The company estimates the incumbent NAD+ IV retail market in North America is worth at least $100 million[49] - Niagen®+ IV offers competitive advantages over NAD+ IV, including 75% faster infusion time and minimal side effects[50] Pharmaceutical - ChromaDex is pioneering the development of Parkinson's Disease treatment, with a Phase III study underway involving 400 participants supplemented with NR for 12 months at a 1000mg daily dose, with results expected in 2025[59, 60] Financial Outlook - The company projects net sales growth between 10%-15% year-over-year for 2024[69]