Summary of Key Points Core Viewpoint - The Hong Kong biotechnology sector experienced a significant decline, with most stocks falling sharply, indicating a bearish trend in the market [1]. Company Performance - **Gilead Sciences (歌礼制药-B)**: Decreased by 15.06%, latest price at 15.510, market cap at 14.946 billion [2]. - **Yunkang Group (云康集团)**: Fell by 14.18%, latest price at 2.300, market cap at 1.429 billion [2]. - **PAG Pharmaceuticals (派格生物医药-B)**: Dropped by 9.15%, latest price at 31.760, market cap at 12.258 billion [2]. - **Tengsheng Boao (腾盛博药-B)**: Declined by 8.30%, latest price at 2.210, market cap at 1.590 billion [2]. - **China Antibody (中国抗体-B)**: Decreased by 7.49%, latest price at 3.210, market cap at 4.371 billion [2]. - **Jiahua Biotech (嘉和生物-B)**: Fell by 7.08%, latest price at 4.460, market cap at 2.347 billion [2]. - **Sillod Pharmaceuticals (思路迪医药股份)**: Dropped by 6.06%, latest price at 7.910, market cap at 2.042 billion [2]. - **Tiger Med (泰格医药)**: Decreased by 5.73%, latest price at 54.250, market cap at 46.711 billion [2]. - **Kangji Medical (加科思-B)**: Fell by 5.69%, latest price at 8.120, market cap at 6.404 billion [2]. - **WuXi AppTec (药明巨诺-B)**: Dropped by 5.14%, latest price at 5.720, market cap at 2.382 billion [2]. - **Three Leaf Clover Biotech (三叶草生物-B)**: Decreased by 5.13%, latest price at 0.740, market cap at 0.960 billion [2]. - **Yiming Oncology (宜明昂科-B)**: Fell by 4.76%, latest price at 12.810, market cap at 5.218 billion [2]. - **Junshi Biosciences (君实生物)**: Decreased by 4.69%, latest price at 34.540, market cap at 35.462 billion [2]. - **Zhonghui Biotech (中慧生物-B)**: Fell by 4.39%, latest price at 51.150, market cap at 20.125 billion [2]. - **Zhaoyan New Drug (昭衍新药)**: Decreased by 4.38%, latest price at 23.140, market cap at 17.343 billion [2].

天眼查App显示，近日，合肥晨晖生物科技有限公司成立，法定代表人为吴承路，注册资本100万人民 币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；仪器仪 表制造；电子元器件制造；实验分析仪器销售；办公用品销售；教学用模型及教具销售；教学专用仪器 销售；仪器仪表销售；专用化学产品制造（不含危险化学品）；专用化学产品销售（不含危险化学 品）；化工产品销售（不含许可类化工产品）；医学研究和试验发展；消毒剂销售（不含危险化学 品）；电子产品销售；五金产品批发；五金产品零售；塑料制品销售；橡胶制品销售；技术玻璃制品销 售；第一类医疗器械销售；第二类医疗器械销售；模具销售；建筑材料销售；电线、电缆经营；机械电 气设备销售；金属材料销售；日用百货销售；劳动保护用品销售；互联网销售（除销售需要许可的商 品）；软件开发；信息咨询服务（不含许可类信息咨询服务）；企业管理咨询；市场营销策划；市场调 查（不含涉外调查）；会议及展览服务；技术进出口；国内贸易代理（除许可业务外，可自主依法经营 法律法规非禁止或限制的项目）许可项目：检验检测服务（依法须经批准的项目，经相关部门批准后方 可开展经营活动，具 ...

研究还发现了一个引人注目的现象：当培养温度从常规的37℃降至34℃（接近睾丸生理温度）时， 无论是源自男性还是女性iPSC的细胞，进入减数分裂的效率均显著提高。这一结果挑战了低温仅有利 于精子生成的传统认知，为未来构建人工卵巢微环境提供了重要线索。 此次团队另辟蹊径，完全绕过PGC阶段，直接激活减数分裂程序。他们通过基因工程改造干细胞， 使其一旦启动减数分裂便发出荧光信号，便于实时监测。随后，他们又系统筛选了多种基因组合，并结 合两种小分子化合物，显著提升了减数分裂的诱导效率。 经过对超过64万个细胞的高通量测试，团队鉴定出3个关键调控基因：BOLL、MEIOC和HOXB5。 令人意外的是，HOXB5此前并未被明确关联到减数分裂过程里，而此次发现揭示了其潜在的重要作 用。 实验结果显示，在优化条件下，细胞可在约12天内完成减数分裂的前两个阶段——细线期和偶线 期。到第15天，部分细胞进入粗线期，实现遗传物质交换。这是人类细胞在体外首次被明确诱导进入这 一核心生殖过程。 科技日报北京8月18日电 （记者张梦然）一项由美国哈佛大学Wyss研究所与哈佛医学院联合开展的 突破性研究，首次在体外引导人类诱导多能干细胞（ ...

Core Insights - The report highlights a strong recovery in the core business of King’s Ray Bio, with a significant increase in revenue and adjusted net profit for 1H25, leading to an upward revision of guidance for the life sciences segment [1][2] - The closing price of King’s Ray Bio is HKD 18.17, with a target price set at HKD 28.75, indicating a potential upside of 58.2% [1] Financial Performance - For 1H25, the company reported a revenue increase of 82% year-on-year to USD 519 million, and an adjusted net profit growth of 510% to USD 178 million [1] - The life sciences segment saw an 11% revenue growth with an adjusted gross margin of 51.0%, and the full-year revenue growth guidance for this segment has been raised to 13-15% [1] - The custom services revenue in the booming bio segment returned to double-digit growth, with 20 new antibody protein drug projects and 30 CGT projects acquired in 1H25 [1] Business Segments - The report details the performance of various business segments: - **Life Sciences**: Revenue growth of 11%, with a full-year growth guidance of 13-15% and a stable gross margin expected [1] - **Booming Bio**: Custom services revenue growth guidance maintained at 15-20%, with expectations for the first non-COVID BLA project in 2H25 [1] - **Baisjie**: Revenue growth of 8% with an adjusted gross margin of 40.4%, focusing on team building and early strain screening [1] Valuation and Ratings - The report maintains a "Buy" rating for King’s Ray Bio, with a slight upward adjustment of revenue forecasts for 2025-2027 by 1-5%, while lowering the net profit forecast for 2025 due to significant net losses [2] - The SOTP (Sum of the Parts) valuation model has been rolled over to 2026, with target valuation multiples for each business segment remaining unchanged [2]

Company Overview - Shanghai Yingduobao Biotechnology Co., Ltd. has been recently established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Chen Fengbo [1] Business Scope - The company operates in various sectors including technology services, development, consulting, and transfer [1] - It is involved in the processing of soil and fertilizers, sales of fertilizers, and research and development of biological organic fertilizers and compound microbial fertilizers [1] - Additional services include agricultural horticulture, pest control for crops, and forestry pest control [1] - The company also engages in smart agricultural management, agricultural scientific research, and testing development [1] - It provides ordinary goods warehousing services, chemical product sales, and specialized chemical product sales [1] - The company is authorized to produce fertilizers, subject to approval from relevant authorities [1]

证券代码：688575 证券简称：亚辉龙 公告编号：2025-045 深圳市亚辉龙生物科技股份有限公司 控股股东、实际控制人兼董事长及部分高管兼核心 技术人员减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： ? 股东持股的基本情况 截至本公告披露日，深圳市亚辉龙生物科技股份有限公司（以下简称"亚辉 龙"或"公司"）控股股东、实际控制人兼董事长胡鹍辉先生持有公司股份 发行股票前持有的股份及因权益分派转增的股份，均已上市流通；公司副总经理 兼核心技术人员肖育劲先生持有公司股份 2,480,000 股，占公司股份总数的比例 为 0.4348%，上述股份为公司首次公开发行股票前持有的股份、因权益分派转增 的股份及第二类限制性股票激励归属获得的股份，均已上市流通。 ? 减持计划的主要内容 因个人资金需求，胡鹍辉先生计划通过集中竞价、大宗交易方式减持其持有 的公司股份，合计数量不超过 17,112,804 股，占公司股份比例不超过 3%。减持 期间为自本公告披露之日起 15 个交易日后的 3 ...

Group 1 - The "Youth Startup Internship Program 2025" organized by Cyberport and the Hong Kong SAR Government's Home Affairs and Youth Affairs Bureau has successfully concluded, providing 100 internship positions and attracting over 4,300 applications [1] - Cyberport's CEO, Mr. Zheng Songyan, emphasized the organization's commitment to nurturing the next generation of technology talent to help Hong Kong achieve its vision of becoming an international innovation and technology hub [1] - Since its launch in 2021, the program has received over 20,300 applications and provided 400 internship positions, becoming a significant initiative for cultivating technology talent in Hong Kong [1] Group 2 - This year's program received applications from 168 Cyberport companies, with more than half participating for the first time [1] - The selected 100 internship positions cover a wide range of fields, including data analysis, fintech, biotechnology, AI applications, business development, marketing, and design [1] - During the internship period, 18 interns will visit leading companies in the Greater Bay Area, such as Baidu, Meituan, and EHang, to gain insights into the thriving development of tech enterprises in the region and interact with young entrepreneurs [1]

IPO Pipeline Overview - As of August 17, 2025, there are 296 companies in the IPO pipeline, with 28 on the Shanghai Main Board, 37 on the Sci-Tech Innovation Board, 25 on the Shenzhen Main Board, 29 on the Growth Enterprise Market, and 177 on the Beijing Stock Exchange [1] IPO Application Status - The total number of applications processed includes 6 accepted, 237 in inquiry, 14 approved, 23 suspended, and 16 registered [2] Newly Listed Companies - During the period from August 11 to August 17, 2025, two companies were newly listed: Guangdong Academy of Building Research Group Co., Ltd. closed at 34.01 CNY per share with a 418.45% increase and a trading volume of 19.048 billion CNY, while Zhigao Machinery Co., Ltd. closed at 57.66 CNY per share with a 231.19% increase and a trading volume of 1.083 billion CNY [3] New Counseling Records - Four companies received new counseling records: Zhejiang Ouno Machinery Technology Co., Ltd., Jiangsu Handian Biotechnology Co., Ltd., China Aerospace Technology Co., Ltd., and InnoCon Medical Technology (Suzhou) Co., Ltd. [4][5] Approval for Listing - Three companies successfully passed the review process: Zhejiang Kema Friction Materials Co., Ltd., Xi'an Yisiwei Material Technology Co., Ltd., and Harbin Itama Dapeng Industrial Co., Ltd. [6][7][8] Registration Approval - Three companies received registration approval: Zhejiang Jinhua New Materials Co., Ltd., Daoshengtianhe Material Technology (Shanghai) Co., Ltd., and Marco Polo Holdings Co., Ltd. [9] Termination of Review - Only Wuxi Sunshine Precision Machinery Co., Ltd. withdrew its IPO application during this period [10]

Core Viewpoint - UBS has added Kangfang Biotech (09926) to its list of major recommended stocks in the Asia-Pacific region, citing that the overseas potential of its main asset, Edafo, is not fully reflected in the stock price [1] Group 1: Company Analysis - UBS believes that reports of potential collaborations with multinational companies and the upcoming HARMONi study presentation at the 2025 World Lung Cancer Congress will serve as positive catalysts for the stock price [1] - The target price for Kangfang Biotech has been raised from HKD 197.5 to HKD 224.3, with a "Buy" rating assigned [1] - The valuation of Kangfang Biotech is approximately at the median of the biotech stocks covered by UBS, indicating potential for further outperformance [1] Group 2: Sales Forecasts - UBS has increased its peak sales estimate for Edafo from USD 14.6 billion to USD 16.3 billion [1] - The peak sales estimate for another key asset, Kantani, has been raised from USD 2.2 billion to USD 3.4 billion [1]

Market Overview - The Hang Seng Index closed at 25,270.07 points, down 0.98% for the day and up 25.97% year-to-date[5] - The Technology Index decreased by 0.59%, with a year-to-date increase of 24.06%[5] - The Financial Index fell by 1.25%, with a year-to-date increase of 10.29%[5] Corporate Earnings - Kingdee International's interim loss narrowed by 55.14% to approximately 97.74 million RMB, driven by a 22.1% year-on-year revenue growth in cloud subscription services[15] - Kingsray Biotech reported a loss of 25.46 million USD for the interim period, compared to a loss of 175 million USD in the same period last year[7] Investment Insights - Tencent Holdings (700.HK) has a target price of 550 HKD, with a suggested buy price of 480 HKD, currently trading at 554 HKD[11] - Kingdee International (268.HK) is recommended for purchase at 15.4 HKD, with a target price of 17 HKD, currently at 15.96 HKD[15] Economic Indicators - The Hong Kong Monetary Authority reported that 75% of banks are adopting AI, with 90% of positions requiring relevant skills[2] - The U.S. 10-year Treasury yield is at 4.3082%, reflecting a year-to-date decrease of 26.08 basis points[24] Market Trends - The report indicates a potential for further adjustments in the Hong Kong stock market due to ongoing deflationary pressures in mainland China and signs of inflation rebound in the U.S.[9] - The average trading volume in the Hong Kong market decreased by 15.8% to 312.687 billion HKD[7]