Core Viewpoint - ST Xiangxue expects a net profit loss of 635 million to 934 million yuan for the year 2025, primarily due to intensified market competition, liquidity crisis, high financial costs, and asset impairment [1] Group 1: Financial Performance - The company anticipates a significant loss in net profit for 2025, ranging from 635 million to 934 million yuan [1] - Factors affecting performance include increased market competition, liquidity issues, high financial expenses, and asset impairment [1] Group 2: Business Operations - Despite short-term operational challenges, the overall business situation remains normal, and the company aims to enhance profitability for sustainable operations [1] - The company has made significant progress in innovative drug research and development [1] Group 3: R&D Achievements - The company's subsidiary, Xiangxue Life Science Technology, has received clinical approval for the TCR-T cell therapy product "XLS-103 Injection" for treating advanced non-small cell lung cancer and advanced pancreatic cancer with specific genetic mutations [1] - This approval marks the sixth and seventh clinical trial permits obtained by Xiangxue Life Science based on its core TCR-T cell therapy technology and R&D platform [1] - The company has established a comprehensive platform covering antigen peptide discovery, TCR affinity optimization, and full-process development, with three TCR-T products targeting various solid tumors [1]

Core Viewpoint - ST Xiangxue's subsidiary, Xiangxue Life Science, has received clinical trial approval for its new drug XLS-103 injection from the National Medical Products Administration, marking a significant milestone in its TCR T-cell therapy development [1] Group 1 - Xiangxue Life Science has obtained two clinical trial approval notices for XLS-103 injection, with notification numbers 2025LP03514 and 2025LP03515 [1] - The approval of XLS-103 injection is the sixth and seventh clinical trial notices related to TCR-T products developed by Xiangxue Life Science [1]

Core Viewpoint - ST Xiangxue announced that its subsidiary, Xiangxue Life Sciences, received clinical trial approval for the new drug XLS-103 injection, aimed at treating advanced non-small cell lung cancer and advanced pancreatic cancer with specific genetic mutations [1] Group 1 - The new drug is intended for patients with the HLA-A*11:01 genotype and KRAS G12V mutation [1] - This marks the sixth and seventh clinical trial notifications for TCR-T products obtained by Xiangxue Life Sciences based on its existing TCR-T cell therapy technology and R&D platform [1] Group 2 - The R&D of new drugs is characterized by long cycles, significant investment, high risks, and high added value [1] - The process involves many unpredictable factors, including technical and process challenges, leading to uncertainties in clinical trial progress and results [1]

Group 1 - The company reported a net loss of 234 million yuan in the first half of 2025, with total revenue of 818 million yuan, impacted by underperformance in traditional Chinese medicine sales, high financial costs, heavy asset burdens, and impairment provisions [1] - The company is focusing on R&D as a breakthrough point, particularly in the development of TCR-T products, which may help transition from traditional Chinese medicine to innovative pharmaceuticals, establishing a new competitive advantage in R&D [1] - TCR-T therapy, which modifies patients' T cells to target and kill tumor cells, shows better potential in efficacy and safety compared to the more familiar CAR-T therapy [1] Group 2 - The company’s subsidiary, Xiangxue Life Sciences, has received five clinical trial notifications for TCR-T products, with TAEST16001 injection approved for three indications: advanced soft tissue sarcoma, advanced esophageal cancer, and advanced non-small cell lung cancer [2] - The company has established a leading-edge biopharmaceutical R&D base and a complete TCR-T technology platform and process [2] - Traditional Chinese medicine products still hold significant brand and product advantages, with Xiangxue antiviral oral liquid being the first in the country to complete randomized double-blind placebo-controlled clinical research for cold symptoms [2] Group 3 - The company is currently progressing steadily in its pre-restructuring process, with auditing and evaluation work proceeding smoothly [3] - Entering the pre-restructuring program facilitates early communication with creditors and potential investors, allowing the company to gather feedback and develop a feasible restructuring plan [3] - The company will continue to manage daily operations actively, regardless of whether it enters the restructuring process [3]