Core Viewpoint - The company, Beijing Innotech Biotechnology Co., Ltd., has announced a differentiated cash dividend distribution plan, approved at the 2024 annual shareholders' meeting, with a cash dividend of 0.56 yuan per share (including tax) [1][2]. Dividend Distribution Plan - The total share capital of the company is 136,458,196 shares, with 2,112,740 shares held in the company's repurchase account, resulting in 134,345,456 shares eligible for profit distribution [2]. - The total cash dividend to be distributed amounts to 75,233,455.36 yuan (including tax) [2]. - The cash dividend distribution will be based on the total share capital minus the shares in the repurchase account, with no stock dividends or capital reserve transfers [1][2]. Relevant Dates - The key dates for the dividend distribution are the record date, ex-dividend date, and cash dividend payment date [3]. Implementation of Distribution - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [3]. - Shares held in the company's repurchase account will not participate in this dividend distribution [3]. Taxation on Dividends - For individual shareholders holding unrestricted shares for over one year, the cash dividend is exempt from personal income tax, resulting in a net distribution of 0.56 yuan per share [4][5]. - For shares held for less than one year, the company will not withhold personal income tax at the time of distribution, but tax will be calculated upon the sale of the shares [4][5]. - Qualified Foreign Institutional Investors (QFII) will have a 10% corporate income tax withheld, leading to a net cash dividend of 0.504 yuan per share [6]. - Hong Kong investors will also have a 10% tax withheld, resulting in a net cash dividend of 0.504 yuan per share [6]. Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the company's securities department at the provided phone number [7].

中青报·中青网记者 王海涵 王磊 眼下，正逢夏收时节，安徽农业大学农学院2025届应届毕业生杨森林已经奔波在农忙的道路上。在合肥 市肥东县一处试验田，眼前一片金黄的麦田收割完毕，杨森林忙碌起来，别人眼中普通的麦粒对他来说 却是一个个"宝贝"，"这些都是不同的种质资源，我们从中分析鉴定出优异基因，进行遗传改良，就可 能成为一个优质品种的原材料。" 今年一开年，杨森林就和安徽荃银高科种业公司签约就业协议。一边忙着毕业事宜，一边忙着农业业务 上的事。对杨森林来说，见证和助力麦田丰收，就是最好的毕业论文和求职简历。几个月下来，他褪去 了大学生的青涩，俨然成了公司的"老员工"。 安徽农业 大学农学院学生在麦田里实践。安徽农业大学供图 和杨森林一样，当时和这家公司签约的还有农学院十几名毕业生。之所以一次性签约多名毕业生，用公 司负责人的话来说："基础扎实，动手能力强，踏实肯干，一个词：放心。" 近三年来，安徽农业大学共有本硕毕业生26103人，其中68.6%的毕业生扎根基层一线就业，74.37%毕 业生留在安徽就业，475名毕业生扎根西部，202名毕业生应征入伍。 从学生到员工"无缝对接" 这种"在校如在企、入企即上岗" ...

Core Viewpoint - The article highlights the growing recognition and success of Chinese biotech companies in the global market, particularly through the development of proprietary technologies and platforms, exemplified by the recent patent authorization of the RenMab® platform by BaiOsaite [1][2][4]. Group 1: Technological Advancements - BaiOsaite's RenMab® platform received a patent from the Japan Patent Office, marking a significant achievement in China's biotech innovation [1]. - The platform utilizes a proprietary technology called SUPCE® to humanize mouse antibody variable region genes, addressing key challenges in antibody drug development [2]. - The platform has gained international attention, with collaborations established with major companies like Merck and Johnson & Johnson, resulting in a large-scale antibody discovery project targeting over 1,000 potential drug targets [4]. Group 2: Market Trends and Collaborations - In 2024, over 94 license-out transactions for Chinese innovative drugs were recorded, with 41 occurring in the first quarter of 2025, totaling over $36.9 billion in transaction value [6]. - Notable deals include IBI3009's global licensing agreement with Roche, which includes an upfront payment of $80 million and potential milestone payments up to $1 billion [5]. - The focus on PD-1/VEGF bispecific antibodies has attracted significant international interest, with major agreements involving Pfizer and Merck [6]. Group 3: Intellectual Property and Global Strategy - Chinese biotech companies are shifting their focus from merely exporting products to also exporting platforms and intellectual property, recognizing the higher commercial potential in original technologies [7][8]. - Companies like BaiOsaite and Innovent Biologics are demonstrating systematic capabilities in intellectual property layout, enhancing their negotiating power in international collaborations [8]. - The future of competition in biomedicine will hinge on establishing ecosystems and standards, with a focus on building technological barriers and deep collaborations with upstream and downstream partners [9][10].

该交易对德国政府而言也意味着一种退出方式。在疫情期间，德国政府购入了 CureVac 公司的股份，目 前持有其 13.3%的股权。根据交易条款，德国政府将获得约 1.63 亿美元的 BioNTech 股票。据 BioNTech 称，德国政府对此次交易持积极态度。 智通财经APP获悉，BioNTech(BNTX.US)同意以约 12.5 亿美元的价格全股票收购前新冠疫苗竞争对手 CureVac(CVAC.US)，这将助力其不断发展的肿瘤学业务。该公司周四表示，CureVac 的投资者每持有 1 股 CureVac 股票，就能获得约 5.46 股 BioNTech 股票。这一价格较 CureVac 周三的收盘价高出 34%。交 易完成后，CureVac 的股东将持有 BioNTech 不少于 4%至 6%的股份。消息公布后，截至发稿，CureVac 股价盘前上涨31.20%。 该协议终结了这两家公司长达数十年的竞争关系，这种竞争在研发新冠疫苗的过程中达到了顶点。在新 冠疫苗的竞赛中，BioNTech通过与辉瑞(PFE.US)合作成功赢得了这场比赛，率先完成研发，从而转型 成为欧洲领先的生物技术公司之一。而Cure ...

Fulcrum Therapeutics Inc (FULC) FY Conference June 11, 2025 08:00 AM ET Speaker0 Good morning, everyone. Thanks for joining us here on day three of the Goldman Sachs Global Healthcare Conference. I'm thrilled to be joined this morning with the team from Fulcrum Therapeutics. Maybe I'll let you guys introduce yourself and then provide a brief overview of the company. Speaker1 Sure. Alex, thank you all for joining. I'm Alex Zapier. I'm the President and CEO of Fulcrum. I've been there for about two years and ...

Financial Data and Key Metrics Changes - The company reported an overall survival (OS) of 21 months for patients treated with Fisera, which is significantly higher than the 9 months seen with pembrolizumab monotherapy in HPV negative head and neck cancer [4][17][50] - The depth of response was notable, with 50% of responders achieving a median duration of response (DOR) beyond 21 months and an 80% depth of response rate [5][4] Business Line Data and Key Metrics Changes - The lead program, Fisera, is focused on solid tumors, particularly HPV negative head and neck cancers, where it aims to improve response rates and overall survival compared to existing therapies [3][4] - The company is conducting a Phase III/II study comparing Fisera plus pembrolizumab to pembrolizumab plus placebo, with an interim analysis planned for accelerated approval [10][56] Market Data and Key Metrics Changes - The company is targeting the HPV negative population, which has a higher unmet medical need and higher levels of EGFR and TGF beta, leading to a refined patient selection strategy [25][28] - The competitive landscape includes other therapies like cetuximab and pitocentamab, with the company positioning Fisera as having a best-in-disease profile in terms of durability and overall survival [32][34] Company Strategy and Development Direction - The company aims to leverage the unique mechanism of action of Fisera, combining EGFR targeting with TGF beta inhibition to remodel the tumor microenvironment and enhance immune response [14][22] - The strategic focus is on demonstrating deep and durable responses in difficult-to-treat populations, particularly in the HPV negative cohort [34][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the data presented at ASCO, highlighting the importance of long-term durability data as predictive of overall survival in pivotal studies [50][53] - The management acknowledged the challenges posed by short-term landmark analyses and emphasized the need for mature data to support their claims [49][50] Other Important Information - The company has seen encouraging early signs of activity in other subsets of head and neck cancers, including HPV positive smokers and CPS low recurrent metastatic settings [11][12] - The ongoing studies are designed to provide insights into the efficacy of Fisera across various patient populations, with plans to disclose additional data in the coming year [12][54] Q&A Session Summary Question: What is the significance of the 21 months OS reported? - The 21 months OS is unprecedented in the HPV negative head and neck cancer population, significantly higher than the 9 months seen with pembrolizumab monotherapy, indicating a potential breakthrough in treatment [4][50] Question: How does Fisera compare to existing therapies? - Fisera has shown a best-in-disease profile in terms of durability and overall survival, with deeper responses compared to cetuximab and other therapies [32][34] Question: What is the strategy for patient selection in upcoming trials? - The company is focusing on the HPV negative population due to higher levels of EGFR and TGF beta, which are expected to yield better outcomes [25][28] Question: How does management view the competitive landscape? - Management believes that the unique mechanism of action of Fisera positions it favorably against competitors, particularly in terms of durability and patient quality of life [34][50] Question: What are the next steps for the clinical trials? - The company plans to continue its Phase III/II study with interim analyses for accelerated approval, aiming to demonstrate the efficacy and safety of Fisera in a larger patient population [56][58]

Financial Data and Key Metrics Changes - The company has provided guidance of $560 million for the full year, indicating confidence in revenue growth driven by new patient starts and persistence of existing patients [8][10][11] - The management emphasized the importance of accurate guidance to avoid misguidance, indicating a focus on reliable financial forecasting [11][15] Business Line Data and Key Metrics Changes - Breumvy, the company's marketed drug, has shown consistent growth in new patient starts, although the growth rate is not linear and can fluctuate seasonally [20] - The persistence of patients on Breumvy is reportedly consistent with or slightly better than initial expectations based on published data from competitors [18] Market Data and Key Metrics Changes - The company has achieved near parity in formulary access compared to competitors, with most plans providing similar coverage for Breumvy and Ocrevus [21][25] - The cost share for CD20 therapies has increased from just below 50% at launch to approximately 50-55% today, indicating a growing acceptance of high-efficacy therapies [56] Company Strategy and Development Direction - The company plans to continue investing in marketing and enhancing the Breumvy experience, while also exploring potential expansions into other therapeutic areas such as myasthenia gravis [134][135] - The management is focused on maintaining and expanding their market share in the CD20 therapy space, aiming to be the number one in dynamic share for CD20s [142] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory of Breumvy, citing a steady increase in prescriptions and clinician engagement [67] - The company is also exploring new product opportunities that align with its strengths in multiple sclerosis and other neurological conditions [137][141] Other Important Information - The company has doubled its field force to enhance market penetration and has expanded its marketing efforts significantly after starting with a minimal budget [31][36] - The management is actively pursuing a buyback program to utilize cash flow effectively while continuing to invest in growth initiatives [135] Q&A Session Summary Question: How does the company view its guidance for the year? - The company is confident in its guidance of $560 million, driven primarily by new patient starts and persistence [8][10] Question: What are the key components driving patient growth? - The two main components are new patient starts and the persistence of existing patients, with management focusing on these metrics for future growth [10][11] Question: How does Breumvy compare to competitors in terms of formulary access? - The company has achieved near parity in coverage with competitors, with some plans preferring Breumvy over others [21][25] Question: What marketing strategies are being implemented? - The company has expanded its marketing budget and efforts significantly, focusing on online presence and testimonials to attract new patients [36][38] Question: What is the current state of the subcutaneous market? - The subcutaneous market is growing, and the company plans to enter this space with a product profile that competes with existing options [106][130] Question: What are the company's future product development plans? - The company is exploring enhancements to Breumvy and potential expansions into other therapeutic areas, while also considering new product opportunities [134][137]

Group 1 - The core viewpoint of the articles indicates that hedge funds are currently in a "panic buying" mode, reversing their previous strategies as they net bought U.S. stocks for the fifth consecutive week, with a buying ratio of approximately 3 to 1 over short selling [1][2] - The total leverage ratio of U.S. fundamental long-short strategy funds recently reached a historical high of 215%, although it has decreased by 2.5% to 210.6%, still remaining at a very high level [1] - The net long leverage ratio has increased for the fourth consecutive week, rising by 0.9% to 51.2%, indicating a strong bullish sentiment among hedge funds [1] Group 2 - The industrial sector has emerged as the biggest winner in this capital reallocation, with hedge funds achieving a net buying peak for U.S. industrial stocks not seen in seven months, with a buying ratio of 3.7 to 1 over short selling [3] - The healthcare sector is also experiencing a bullish trend, with hedge funds net buying U.S. healthcare stocks for the sixth consecutive week, driven entirely by long positions [3] - The biotechnology sector has seen a significant increase in the long-short ratio, reaching 3.83, indicating extreme optimism among investors [3] Group 3 - The VIX index has dropped below 17 for the first time since February, providing further evidence of the ongoing bullish trend in U.S. equities [4] - Institutional positions in VIX futures have decreased for five consecutive weeks, with a total reduction of $14.3 million in volatility exposure, primarily driven by new short positions [5] Group 4 - There is a divergence in fund flows, with pure long strategy funds net selling $3 billion, while hedge funds remained relatively stable, indicating stronger bullish sentiment among hedge funds [6] - Significant "misaligned trades" have been observed, with the Goldman Sachs hedge fund VIP basket underperforming the most shorted basket by 8% [6] - Despite the Nasdaq achieving a 30% increase from its lows and nearing historical highs, the best-performing stocks last week were from the most shorted basket, indicating a complex market sentiment [6]

Summary of Avidity Biosciences Conference Call Company and Industry Overview - **Company**: Avidity Biosciences - **Industry**: RNA therapeutics, specifically targeting Facioscapulohumeral Muscular Dystrophy (FSHD) Key Points and Arguments 1. **FDA Confirmation**: Avidity has received confirmation from the FDA regarding the accelerated approval pathway for their DELBRAX program targeting FSHD, which is significant for the FSHD community [5][6][68] 2. **Clinical Study Updates**: The company is presenting twelve-month top-line data from the FORTITUDE study and has initiated a global confirmatory Phase III study named FORWARD [6][8][68] 3. **Primary Endpoint**: The primary endpoint for the FORTITUDE biomarker study is the reduction of circulating biomarkers, specifically CDAS [5][6][68] 4. **Patient Impact**: The presentation highlighted the profound impact of FSHD on patients' lives, emphasizing the urgency of developing effective treatments [4][70] 5. **Study Design**: The FORTITUDE study is a double-blind, placebo-controlled trial with a one-year duration, focusing on safety and pharmacokinetics, while the FORWARD study will last eighteen months [10][58][62] 6. **Safety Profile**: DELBRAX has shown a favorable long-term safety profile, with no serious adverse events related to the study drug reported [13][14] 7. **Biomarker Significance**: The circulating biomarker CDUX is significantly elevated in FSHD patients and is linked to disease progression. DELBRAX treatment led to rapid reductions in CDUX levels [42][43][55] 8. **Patient Reported Outcomes**: Improvements in strength, mobility, and quality of life were reported by patients treated with DELBRAX, indicating its potential effectiveness [38][39][55] 9. **Regulatory Pathway**: The FDA has provided written confirmation that an accelerated approval path is open, with CDUX as the primary endpoint for the FORTITUDE biomarker cohort [56][68] 10. **Commercial Strategy**: Avidity is building its commercial organization in preparation for three successive product launches in the same therapeutic area, which is expected to enhance operational efficiency [85][86] Additional Important Content - **Patient Testimonials**: Personal stories from patients highlighted the importance of preserving function and improving quality of life, showcasing the emotional and physical benefits of the treatment [39][70] - **Future Directions**: The company plans to leverage the insights gained from the ongoing studies to refine their approach and ensure robust data for regulatory submissions [60][66][92] - **Community Engagement**: Avidity emphasizes the importance of engaging with the FSHD community and addressing their needs through effective treatment options [70][94] This summary encapsulates the critical updates and insights shared during the conference call, focusing on the advancements in Avidity Biosciences' DELBRAX program and its implications for patients with FSHD.

2005年，丹麦外交部、工商界共同建立丹中商业协会，以加强两国企业界的交流与理解，促进丹麦和中 国的商贸合作。20年来，丹中商业协会持续组织高层商务互访和商业研讨活动，为两国商界提供政策简 报和市场分析。"我们为两国企业搭建可信赖的交流平台，就如何以最佳方式进入对方市场并确保相关 法规和条例得到遵守交换意见和经验。"蓬托皮丹介绍。 谈到中国不断扩大高水平对外开放，蓬托皮丹认为丹麦企业将从中受益："丹中两国都主张加强全球贸 易，丹麦对贸易的依赖程度很高。高水平对外开放的中国为我们带来更多发展机遇。" 20世纪80年代末，蓬托皮丹第一次前往北京。从1989年2月到1993年底，蓬托皮丹负责一家丹麦商业银 行在中国的业务，见证了中国经济的快速发展。"特别是在过去20年里，丹麦和中国之间的贸易量激 增。两国在这一时期的贸易量，占自1950年两国建交以来贸易总额的95%。仅从2020年到2024年，丹麦 在中国的净投资总额接近130亿丹麦克朗（约合143亿元人民币）。"蓬托皮丹说。 红色陶瓦斜屋顶、白色外墙、阁楼上精致的老虎窗，这栋典型的斯堪的纳维亚风格建筑，是丹麦中国商 业协会（以下简称"丹中商业协会"）在哥本哈根的 ...