1 Forward-Looking Statements 2 • This presentation, including any oral presentation accompanying it, contains "forward-looking statements," including statements about Lexicon's strategy and operating performance and events or developments that we expect or anticipate will occur in the future, such as projections of our future results of operations or of our financial condition, the potential therapeutic and commercial potential of pilavapadin (LX9211), LX9851, sotagliflozin and our other drug programs, the ...

China Equity Strategy | Asia Pacific A-Share Sentiment Drops as Tariff Critical Dates Approaching July 3, 2025 09:00 PM GMT Sentiment dropped on the absence of policy changes and approaching tariff critical dates. We caution against a potential volatility surge in the next month or two. We expect fund flow momentum to steadily pick up on a six- to 12-month basis. A-share investor sentiment fell vs. previous cycle: Weighted MSASI and simple MSASI dropped by 16ppt and 17ppt, to 71% and 57%, respectively, vs. ...

当资本开始为亏损买单：一场重构科技估值体系的深度博弈 一、政策破壁：亏损IPO背后的制度嬗变 2025年6月30日，科创板单日受理5家企业IPO，募资总额150亿元。这场看似寻常的资本动作，实则暗藏中国科技产业估值逻辑的重构密码： 亏损企业占比40%：摩尔线程（三年亏50亿）、沐曦股份（年亏14亿）闯关成功 研发投入成新"硬通货"： → 摩尔线程研发费率309%（2024年） → 沐曦股份营收3年暴增4074%（芯片流片驱动） 上市标准颠覆性变革：两家企业选择"市值+营收"新规（放弃盈利要求），印证证监会**"科创板八条"** 落地 政策深意：上海证券交易所内部人士透露，此次批量受理标志着 "技术变现周期容忍度" 正式纳入上市审核体系，为国产替代攻坚战打开资本输血通道。 摩尔线程： 二、硬科技突围的三重军备竞赛 1、技术攻坚：GPU国产化的"双雄路径" 维度 摩尔线程 沐曦股份 技术锚点 全功能GPU架构 7nm高性能计算GPU 破局场景 AI数字孪生（车企订单超5亿） 超算中心（签约国家实验室） 致命短板 制造依赖台积电 软件生态薄弱 沐曦MXN系列GPU实测算力达英伟达A100的82% 2、资本输血：研发 ...

泰国未来食品贸易协会主席表示，新内阁需要时间来证明自己，年轻的部 长们有望提出新的想法。他预计新任商务部长将在今年下半年加快努力增加出 口。 餐馆商业俱乐部的负责人说，虽然餐馆老板面临原材料成本上涨，但农场 的农业产量却下降了。他敦促商业部长利用市场机制，解决供应链上不寻常的 价格错配。此外，他呼吁财政部长建立一个专门的工作小组来解决低迷的经 济，强调了这样一个团队的缺乏。 据泰国出版商和书商协会(Pubat)称，低迷的经济也影响了创意产业的经营者。 Pubat执行委员会成员表示，政府必须改善国家经济，以更好地支持创意产 业，特别是图书业，因为消费者购买力下降，图书业正在苦苦挣扎。虽然政府 已经通过其软实力政策开始支持创意产业，但他表示，强大的经济对支持创意 产业的发展至关重要。 （原标题：困境中的内阁问题堆积如山） 据曼谷邮报7月2日报道，私营部门敦促新内阁紧急应对经济和农业挑战。 泰国商会和泰国贸易委员会主席表示，新内阁必须解决与经济、社会和安全有 关的紧迫问题。内阁必须致力于解决经济挑战和出口问题，特别是考虑到与美 国关税谈判结果的不确定性。他预计泰国和柬埔寨之间的冲突最终会得到解 决，从而使贸易关系正 ...

Other large players in the oncology space are AstraZeneca (AZN) , Merck (MRK) and Bristol-Myers (BMY) For AstraZeneca, oncology sales now comprise around 41% of total revenues. Sales in its oncology segment rose 13% in the first quarter of 2025. AstraZeneca's strong oncology performance was driven by medicines such as Tagrisso, Lynparza, Imfinzi, Calquence and Enhertu (in partnership with Daiichi Sankyo). Key Takeaways Pfizer (PFE) has committed significant resources for the development of treatments in the ...

南都讯 记者卢婉珊为持续激发企业创新动能，国家近年来不断优化企业所得税税前研发费用加计扣除政 策，自2021年、2022年相继将制造业、科技型中小企业加计扣除标准从75%提升至100%，2023年再次加大 力度，将企业研发费用加计扣除比例统一提高至100%，其中集成电路和工业母机企业研发费用加计扣除比 例进一步提高至120%，为企业科技创新注入强大动力。 记者从广东省财政厅获悉，广东省享受研发加计扣除政策的企业数量和金额呈逐年增长态势，享受户数和 金额稳居全国首位。经统计，2024年全省共有9.1万家企业享受到该项政策优惠，享受研发费用税前加计扣 除金额超6800亿元，约占全国五分之一。研发费用加计扣除政策已成为我省支持企业科技创新的重要税收 政策工具。 研发费用加计扣除政策直接降低了企业研发投入负担，大幅度缓解企业资金压力。按照企业所得税税率估 算，减免企业税额超过1000亿元，显著降低了其研发活动的实际成本和整体税负，充分发挥了政策导向作 用，直接转化为企业持续加大研发投入的内生动力。相关企业表示，该政策对"轻装上阵"、专注研发创新 起到了推动引领的作用。 全省高新技术企业普遍享受到研发费用加计扣除优惠政 ...

Corporate Presentation April 29th, 2025 Forward Looking Statements and Disclaimer The presentation contains forward-looking statements. Statements made or presented may include statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "believe," "anticipate," "plan," "expect," "intend," "will," "may," "goal," "potential," "should," " ...

[Music] the uh center of the action of our research of development organization which is the lifeblood of a company like Johnson and Johnson. So here we have about 2500 scientists and researchers that are connected with the rest of our R&D organization. Duatau is chairman and CEO of Johnson and Johnson, one of the largest drug makers in the world.We met with him at his firm's research center to learn how a major pharmaceutical company develops cuttingedge drugs. It started with a smaller campus and graduall ...

Cross Asset Research 10 June 2025 European Pharmaceuticals & Life Sciences On the Road in China: Accelerating Biopharma Innovation and Business Development Opportunities China's biopharma sector is regaining momentum, driven by rising innovation & renewed deal activity with MNC partners. We report key takeaways from our field trip, highlighting both near-term BD opportunities and long-term strategic relevance of the region; we see OW-rated AZN and SAN as LT winners. Listen Our recent two-week visit to China ...

Core Viewpoint - Innovent Biologics is set to present multiple clinical study results of mazdutide at the American Diabetes Association's 85th Scientific Sessions, highlighting its potential as a next-generation treatment for Type 2 Diabetes (T2D) and other metabolic diseases [1] Group 1: Clinical Studies and Presentations - The first Phase 3 study of mazdutide in Chinese adults with T2D (DREAMS-1) will be presented orally [1] - Multiple exploratory mechanism of action (MoA) analyses of mazdutide and a preclinical study of IBI3030 will be showcased in poster presentations [1] - The presentations include various studies on mazdutide's effects on liver fat accumulation, hyperuricemia, and cardiovascular risk markers [1][1][1] Group 2: Product Development and Regulatory Status - Mazdutide is currently under review with two New Drug Applications (NDAs) accepted by the National Medical Products Administration (NMPA) [4] - The drug is being evaluated in six Phase 3 clinical studies, with GLORY-1, DREAMS-1, and DREAMS-2 having met their primary endpoints [4] - Innovent has plans for several new clinical studies involving mazdutide, targeting conditions such as metabolic dysfunction-associated steatohepatitis (MASH) and heart failure with preserved ejection fraction (HFpEF) [7] Group 3: Company Overview and Partnerships - Innovent Biologics, founded in 2011, focuses on developing high-quality biopharmaceuticals for various diseases, including oncology and metabolic disorders [4] - The company has launched 15 products and has 3 new drug applications under regulatory review, with 4 assets in Phase III trials and 15 molecules in early clinical stages [4] - Innovent collaborates with over 30 global healthcare companies, including Eli Lilly, to enhance its product offerings and market reach [4]