Core Insights - Jingyin Pharmaceutical has submitted its listing application to the Hong Kong Stock Exchange, with Goldman Sachs, Haitong International, and HSBC acting as joint sponsors [1] Company Overview - Jingyin Pharmaceutical is a global clinical-stage biotechnology company focused on maximizing the clinical and commercial value of siRNA therapies. The company aims to develop innovative and best-in-class siRNA therapies to address significant unmet medical needs in chronic disease management [4][5] - The company is advancing three major product pipelines targeting coagulation disorders, cardiovascular metabolic diseases, and obesity, which are based on their substantial market potential and the ability to provide transformative siRNA solutions [5] Market Potential - According to a Frost & Sullivan report, the global siRNA therapy market is projected to reach USD 2.4 billion in 2024 and grow to USD 50.3 billion by 2040, with a compound annual growth rate (CAGR) of 20.9% [4] Product Pipeline - The core product, SRSD107, is a potential first-in-class siRNA drug targeting coagulation factor XI, currently undergoing Phase II multi-center clinical trials in Europe, with plans for additional trials in China and Australia/New Zealand [5] - SRSD216 is a potential best-in-class siRNA targeting Lp(a), currently in Phase IIa trials in China and the United States [5] - SRSD384 is an INHBE-targeted candidate for obesity, with promising preclinical data and active IND application progress [5] Technology Platform - The company has developed a proprietary PEPR platform that enhances the stability and target binding of siRNA, enabling more effective and durable therapies. Research is ongoing to expand the delivery range of siRNA beyond the liver to other tissues such as fat, skeletal muscle, heart, kidneys, and the central nervous system [6] Financial Performance - For the six months ending June 30, 2023, the company reported other income and revenue of approximately RMB 8.81 million, with a net loss of approximately RMB 309.41 million. The projected other income and revenue for the same period in 2024 is RMB 9.79 million, with an expected loss of RMB 341.96 million [6][7]

来源：观点地产网 观点网讯：9月28日，据港交所文件显示，Sirius Therapeutics-B（ 靖因药业）已向港交所提交上市申请 书，联席保荐人高盛、海通国际、HSBC。 招股书披露，该公司是一家全球临床阶段生物技术公司，致力于充分发挥siRNA疗法的临床及商业价 值。其以三大潜在重磅产品管线组合、专有siRNA技术平台及全球合作网络为战略基石，旨在通过开发 针对全球巨大未满足医疗需求的同类首创与同类最优siRNA疗法，革新慢性疾病的现行治疗标准。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

Core Insights - The company, established in 2009, is a biotechnology firm focused on the global development of precision cancer therapies based on synthetic lethality mechanisms, possessing a comprehensive and advanced product portfolio [1] Product Highlights - The core product, Senaparib, is a PARP1/2 inhibitor approved for first-line maintenance treatment of ovarian cancer in China as of January 2025, demonstrating the largest progression-free survival benefit among approved PARP inhibitors for this indication [2] - Senaparib's marketing authorization application has been accepted by the European Medicines Agency, with an expected approval in the second half of 2026 [2] - The company has signed a commercial agreement with a subsidiary of Huadong Medicine for the commercialization of Senaparib in China, aiming to establish the largest gynecological oncology platform in the country [2] Pipeline Overview - The company has a diverse pipeline including several clinical-stage and preclinical assets targeting PARP and other key synthetic lethality pathways [3] - IMP1734, a next-generation selective PARP1 inhibitor, is currently in global Phase I/II trials, with plans to initiate Phase II in the second half of 2025 [3] - IMP9064, a potential first-in-class selective ATR inhibitor in China, is also in global Phase I/II trials and has received approval for combination studies with Senaparib [4] - IMP1707, a selective PARP1 inhibitor capable of penetrating the central nervous system, is undergoing Phase I clinical evaluation [5] - Other assets include preclinical candidates targeting WEE1, PKMYT1/WEE1, DHX9, ATM, USP1, and CHK1/2, as well as next-generation ADCs and protein degraders [6] Financial Performance - The company reported losses of approximately RMB 199.9 million, RMB 255.5 million, and RMB 129 million for the years ending December 31, 2023, December 31, 2024, and the six months ending June 30, 2025, respectively, primarily due to ongoing R&D investments [7] - Revenue sources include licensing income and pharmaceutical product sales, with total revenues of RMB 235.2 million for 2023 and RMB 33.5 million for the first half of 2024 [8] - The funds raised from the IPO are intended for the clinical development, regulatory approval, and commercialization of Senaparib, as well as the clinical development of key products IMP1734 and IMP9064, and other pipeline assets [8]

Core Viewpoint - Nanjing Inpai Pharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CICC as joint sponsors [1] Company Overview - Established in 2009, Inpai Pharmaceutical is a biotechnology company focused on the global development of precision cancer therapies based on synthetic lethality mechanisms [4] - It is one of only three companies globally that possess both commercial-stage PARP1/2 inhibitors and clinical-stage next-generation PARP1 selective inhibitors [4] Key Product - The core product, Senaparib, is a PARP1/2 inhibitor that has been approved and commercialized in China for first-line maintenance treatment of ovarian cancer as of January 2025 [5] - Senaparib demonstrated the greatest progression-free survival benefit among approved PARP inhibitors for this indication, with good tolerability [5] - The marketing authorization application for Senaparib has been accepted by the European Medicines Agency, with approval expected in the second half of 2026 [5] - The product has been recommended for inclusion in China's National Medical Insurance Drug List, with negotiations planned for the fourth quarter of 2025 [5] - A sales service agreement has been signed with a subsidiary of Huadong Medicine to commercialize Senaparib in China, aiming to create the largest gynecological oncology platform in the country [5] - As of August 20, 2025, Senaparib has entered over 200 DTP pharmacies and covers more than 600 medical institutions [5] Product Pipeline - The company has a rich and differentiated product pipeline, including several clinical-stage and preclinical assets targeting PARP and other key synthetic lethality pathways [6] - IMP1734 is a next-generation PARP1 selective inhibitor currently in global I/II trials, with plans to initiate Phase II in the second half of 2025 [6] - IMP9064 is a potential first-in-class ATR selective inhibitor in China, also in global I/II trials, approved for combination studies with Senaparib [6] - IMP1707 is a PARP1 selective inhibitor capable of penetrating the central nervous system, currently undergoing Phase I clinical evaluation [6] - Other assets include clinical candidates targeting WEE1, PKMYT1/WEE1, DHX9, ATM, USP1, and CHK1/2, as well as next-generation ADCs and protein degraders [6] Financial Performance and Fund Utilization - The company reported losses of approximately RMB 199.9 million, RMB 255.5 million, and RMB 129 million for the years ending December 31, 2023, December 31, 2024, and the six months ending June 30, 2025, respectively, primarily due to ongoing R&D investments [7] - Revenue sources include licensing income and pharmaceutical product sales, with total revenues of RMB 235.2 million for 2023 [9] - The funds raised from the listing are planned for clinical development, regulatory approval, and commercialization of Senaparib, as well as the clinical development of key products IMP1734 and IMP9064, and other pipeline assets [9]

Group 1 - The impact of pharma tariffs appears to be minimal for large-cap pharmaceutical stocks, while smaller companies without US manufacturing may face more significant challenges [1] - The response from the buy-side community indicates concerns about the negative effects on non-domestic companies that have not relocated manufacturing to the US [2] - Most biotech companies are primarily domestic, which mitigates the overall risk, as those with facilities and investments in the US are less affected by the tariff changes [2][3] Group 2 - The net impact of the current situation is viewed positively for the pharmaceutical sector, despite some uncertainty surrounding biotech companies [2] - The commentary suggests that companies with US-based operations are somewhat insulated from the adverse effects of the tariffs [2]

Core Viewpoint - The article discusses the innovative approach taken by the Tianjin Institute of Industrial Biotechnology to address the scarcity of sandalwood resources through synthetic biology techniques, specifically the development of a yeast cell factory for efficient production of sandalwood alcohol [1][2]. Group 1: Sandalwood Alcohol Production - Sandalwood alcohol, derived from sandalwood heartwood, is highly valued in various industries, but its natural resource is scarce and expensive, priced at approximately $2500 per kilogram [1]. - The research team successfully enhanced the total yield of sandalwood alcohol and sandalwood olefin by 5.1 times, achieving a concentration of 0.9 g/L in initial experiments [2]. - The conversion rate from sandalwood olefin to sandalwood alcohol was initially 31.0%, which improved to 60.6% through innovative engineering of the P450 enzyme [2]. Group 2: Technological Innovations - The team utilized a targeted signal peptide to localize key enzymes within peroxisomes, overcoming initial challenges related to enzyme integration [2]. - By truncating the transmembrane domain of the P450 enzyme and fusing it with a membrane anchoring unit, the team achieved precise localization on the peroxisome membrane, significantly improving conversion rates [2]. - The final production in a 5-liter fermentation tank reached a record yield of 10.4 g/L, marking a significant advancement in the sustainable production of sandalwood oil [2]. Group 3: Research Support and Future Directions - The research received funding from several national projects, including the National Key R&D Program and the National Natural Science Foundation [3]. - The results have been published in the Journal of Agricultural and Food Chemistry and multiple patents have been applied for [3]. - The Tianjin Port Free Trade Zone is actively supporting the development of the bio-manufacturing industry, aiming to transform innovative research outcomes into practical applications [3].

Core Insights - The article emphasizes the importance of molecular plant science in ensuring agricultural and ecological security amid global population growth and climate change [2] Group 1: Event Overview - The "Frontier Progress in Molecular Plant Science and Technology" series of webinars will be held from September 26 to November 21, 2025, focusing on key research areas such as plant gene mining, molecular breeding, and plant-biological interactions [2] - The series consists of three sessions: - September 26: "Plant Gene Mining and Functional Analysis" - October 24: "Molecular Breeding and Seed Industry Innovation" - November 21: "Plant-Biological Interactions and Biological Control" [2] Group 2: Conference Agenda - The conference will feature presentations from experts, including: - "Regulation of Arabidopsis Organelle Genome Variation and Evolution" by Zou Yi from the Chinese Academy of Agricultural Sciences [2] - "Optimization of qPCR Experimental Conditions in Plant Gene Function Research" by Guan Erxin from Bio-Rad Laboratories [2] - "Analysis of the Genetic Basis of Important Agronomic Traits in Crops Based on Multi-Omics QTL" by Zhao Ting from Zhejiang University [2]

1.请发行人代表结合全人源抗体小鼠平台的技术先进性，抗体开发业务的市场空间，研发投入产出 情况，从项目测试到转让/授权/合作开发的首付款、里程碑款、药物上市销售分成的商业模式及目前收 入实现情况等，说明抗体开发业务的商业模式稳定性和未来盈利能力。请保荐代表人发表明确意见。 2.请发行人代表说明若发行人本次A股发行上市、实控人减持H股股份，是否影响公司控制权的稳 定性。请保荐代表人发表明确意见。 需进一步落实事项 截至招股说明书签署日，沈月雷、倪健合计直接或间接控制公司27.0291%表决权，为百奥赛图共 同控股股东、实际控制人。沈月雷，中国公民，拥有美国永久居留权（正在办理延期）；倪健，中国公 民，拥有美国永久居留权。 百奥赛图拟在上交所科创板发行股份不超过99,849,605股（行使超额配售选择权之前），公开发行 股票的比例不低于本次发行后公司总股本的10%。公司拟募集资金118,504万元，用于药物早期研发服 务平台建设项目、抗体药物研发及评价项目、临床前研发项目、补充流动资金。 上市委会议现场问询的主要问题 中国经济网北京9月25日讯 上海证券交易所上市审核委员会2025年第38次审议会议于昨日召开，审 ...

而在此前不久，锦波生物控股股东、实际控制人杨霞已将其持有的575.33万股股票转让给杭州久视，占 公司总股本的5%，共计14.03亿元。据了解，养生堂与杭州久视的实控人均为钟睒睒。 21世纪经济报道记者韩利明 近期，北交所"重组胶原蛋白第一股"锦波生物公告显示，拟向养生堂发行不超过717.56万股股份，占发 行前公司总股本的6.24%，发行价格为278.72元/股，募资总额不超过20亿元，用于人源化胶原蛋白FAST 数据库与产品开发平台项目等。该申请已获北交所受理。 据《福布斯中国内地富豪榜》，2024年钟睒睒凭借508亿美元身家成功蝉联中国内地首富；进入2025 年，《福布斯全球亿万富豪榜》显示，其在内地富豪中的排名落于张一鸣之后。 值得关注的是，锦波生物是其继万泰生物（603392）后，再次重资投入的生物技术领域企业。在这背 后，万泰生物作为曾经风光无限的国产HPV疫苗头部企业，自2023年起业绩出现持续下滑，这也使得市 场对钟睒睒此次新入局的锦波生物及背后的医美赛道更为关注。 从行业大环境来看，近年来我国医美市场需求呈现旺盛且多元的发展态势，上游产品技术的迭代创新与 现有产品适应症的不断扩展，持续丰富着 ...

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is set to undergo its IPO review on September 24, 2025, after a two-year wait on the Sci-Tech Innovation Board, highlighting its progress in the biopharmaceutical sector and its innovative "Thousand Mice Ten Thousand Antibodies" program [1][4]. Group 1: Company Overview - Baiaosaitu was established in 2009 and operates as a preclinical CRO and biotechnology company, providing innovative animal models and drug development services based on its proprietary gene editing technology [1]. - The company has developed the RenMice platform, which allows for large-scale drug discovery targeting nearly a thousand potential drug targets [1]. Group 2: IPO Process and Financial Performance - The company was accepted for its Sci-Tech Innovation Board IPO on June 20, 2023, and has undergone two rounds of inquiries prior to the upcoming review [4]. - Financial data shows that Baiaosaitu's revenue increased from approximately 534 million yuan in 2022 to 980 million yuan in 2024, with a turnaround to a net profit of approximately 33.54 million yuan in 2024 after previous losses [5]. - In the first half of 2023, the company achieved a revenue of 621 million yuan, a 51.27% increase year-on-year, and reported a net profit of approximately 47.99 million yuan, indicating a successful recovery from losses [6]. Group 3: Research and Development Challenges - The company has experienced a significant reduction in its R&D personnel, with the number of dedicated R&D staff dropping from 58 in 2022 to just 5 in 2024, raising concerns about its innovation capacity [7]. - Governance issues are also present, as the major shareholders, who are a married couple, control over 27% of the voting rights, which may impact decision-making processes [7]. Group 4: Fundraising and Strategic Direction - Baiaosaitu has reduced its planned fundraising amount from 1.893 billion yuan to 1.185 billion yuan for its IPO, focusing on early drug development services, antibody drug research, and clinical projects [7][8]. - The company asserts that this reduction in fundraising will not alter its strategic direction, as the core projects will still revolve around its main business and technology platforms [8].