EV0301：长效融合蛋白，由IL-18结合蛋白与抗血清白蛋白Fab相关结构域组成，用于治疗特应性皮炎 (AD)和溃疡性结肠炎(UC)。公司计划在2026年启动针对中重度溃疡性结肠炎(UC)患者的二期临床试 验。 由于美国政府持续停摆，Evommune未依赖美国证券交易委员会(SEC)宣布其注册声明生效。根据《证 券法》第8(a)条规定，该公司的注册声明将在提交后20天自动生效。 Evommune成立于2020年。在截至2025年6月30日的12个月内，公司实现营收300万美元。公司计划在纽 约证券交易所(NYSE)上市，股票代码为"EVMN"。摩根士丹利、Leerink Partners、Evercore ISI和康托. 菲茨杰拉德担任此次IPO的联席账簿管理人。公司预计于2025年11月3日当周确定最终发行价。 专注研发慢性炎症性疾病疗法的二期临床阶段生物科技公司Evommune(EVMN.US)于上周五公布了其首 次公开募股(IPO)的发行条款。公司计划通过发行940万股股票筹集1.5亿美元，发行价区间设定为15至 17美元。若按发行价区间中值(16美元)计算，Evommune的市值将达到5.43亿美元 ...

Core Viewpoint - He Yuan Bio (688765.SH) has launched its IPO on the Sci-Tech Innovation Board with an issue price of 29.06 yuan per share, focusing on the production of recombinant human serum albumin using rice as a production platform, which is expected to alleviate the supply shortage of blood products in China [1][2][3]. Company Overview - He Yuan Bio specializes in biopharmaceuticals, specifically in the production of recombinant human serum albumin by implanting human serum albumin genes into rice, allowing for large-scale synthesis and purification from rice [1][2]. - The company has developed a third-generation technology platform that achieves an expression level of 20-30g/kg of human serum albumin in brown rice, addressing the historical supply issues of this critical blood product [1][6]. Market Potential - Human serum albumin is the most widely used blood product in clinical settings in China, with no equivalent alternatives available, indicating a strong market demand [2][3]. - The approval of He Yuan Bio's recombinant human serum albumin is expected to mirror the market penetration path of early recombinant insulin companies, potentially leading to rapid sales growth and strong cash flow for the company [2][3]. Funding and Investment - The company aims to raise 2.4 billion yuan through its IPO, with plans to invest 1.658 billion yuan in the construction of an industrialization base for recombinant human serum albumin, 642 million yuan in new drug research and development, and 100 million yuan to supplement working capital [2][7][8]. Research and Development - He Yuan Bio has invested significantly in R&D, with expenditures of 110 million yuan, 159 million yuan, and 117 million yuan from 2022 to 2024, totaling 386 million yuan over three years [5]. - The company holds 21 domestic and 62 international invention patents, with 17 patents applicable to its main business and capable of industrialization [5]. Production Capabilities - The company has established a rice endosperm cell bioreactor technology system, which includes a high-efficiency recombinant protein expression platform and a purification technology platform, facilitating large-scale and cost-effective production [6]. - He Yuan Bio has built a commercial-scale production line capable of producing 10 tons of OsrHSA raw liquid annually and is expanding to a new production line with a capacity of 120 tons [8]. Commercialization Strategy - Following the approval of its product, He Yuan Bio has initiated sales through its own team and partnerships with major distributors, establishing a sales network across over 30 provinces [7][8]. - The company has multiple drugs in development, with several at various stages of clinical trials, laying the groundwork for future commercialization [8][9].

Core Viewpoint - Anke Biological's stock price has shown a slight decline but is expected to recover due to performance improvements and market expansion of core products, leading to a positive long-term trend [1] Group 1: Financial Performance - In the first half of 2025, Anke Biological's parent company achieved a revenue of 910 million yuan, representing a year-on-year growth of 5.13%, with the bioproducts segment growing by 7.49%, laying a solid foundation for growth in the second half [2] Group 2: Product Sales Growth - The sales of Trastuzumab (brand name: Ansaiting) are expected to see significant year-on-year growth in 2025, with sales revenue projected to exceed 100 million yuan in 2024. The product has been in a rapid market introduction phase, and its sales volume has consistently increased [3] - Anke Biological received approval for a new specification of Trastuzumab (60mg/vial), which is anticipated to enhance sales growth due to product diversification. The sales revenue for Trastuzumab in the first half of 2025 increased by 298% year-on-year [3] Group 3: Traditional Product Recovery - The sales of Yuliangqing, a traditional Chinese medicine product, are expected to see significant year-on-year growth in the second half of 2025, following a recovery after a production suspension in 2024 [4] Group 4: Hormone Product Outlook - The sales of growth hormone water injections are projected to increase year-on-year in the second half of 2025, supported by a rise in new patient enrollments and a growing proportion of water injection revenue, which now exceeds 40% of the total growth hormone product revenue [5]

Core Viewpoint - The announcement of the latest research results for the CLDN18.2 antibody-drug conjugate ATG-022 at the ESMO 2025 conference has positively impacted the stock price of DQ Pharma-B, reflecting investor confidence in the drug's potential [1][2]. Group 1: Clinical Research Results - ATG-022 demonstrated good safety and significant anti-tumor activity in patients with varying levels of CLDN18.2 expression in gastric cancer (GC) and gastroesophageal junction cancer (GEJC) [1]. - Preliminary efficacy was also observed in other non-gastrointestinal tumors, with further data expected to be presented at upcoming academic conferences [1]. Group 2: Dosage and Safety Data - The safety data for the 2.4 mg/kg dosage group was favorable, while the 1.8 mg/kg dosage group showed even better safety and tolerability [2]. - This data supports the potential for ATG-022 to be combined with immune checkpoint inhibitors and chemotherapy in frontline treatment, which could significantly expand its clinical applications and commercialization potential [2]. Group 3: Ongoing Development - The I phase dose expansion study of ATG-022 is progressing smoothly in mainland China and Australia [2]. - The company is actively preparing for clinical research on combination therapies involving ATG-022 to further advance its clinical development [2].

Core Viewpoint - Mitochondrial medicine is emerging as a key force in reshaping future health landscapes, driven by the global aging trend and the increasing burden of chronic diseases, focusing on enhancing "health span" rather than just "life span" [4][16]. Group 1: Definition and Importance of Mitochondrial Medicine - Mitochondria are defined as the "powerhouses" of cells, responsible for producing approximately 95% of cellular energy and involved in various critical biological processes [5]. - Mitochondrial medicine is an interdisciplinary field that aims to provide new strategies for the diagnosis, prevention, and treatment of diseases by understanding mitochondrial functions and their role in disease progression [6]. Group 2: Global Aging Trends and Market Demand - The global population aged 65 and older is projected to reach 820 million by 2024 and 990 million by 2030, with China's elderly population expected to grow from 220 million in 2024 to 270 million by 2030 [11]. - The shift in health perspectives from merely prolonging life to maintaining quality of life is driving the demand for mitochondrial medicine, which targets early assessment and precise interventions for healthy aging [16][19]. Group 3: Technological Advances in Mitochondrial Medicine - Key technological breakthroughs in mitochondrial medicine include mitochondrial separation and purification, genetic testing, multi-omics technologies, biomarker detection, gene therapy, and cell therapy [9][10]. - The development of various methods for mitochondrial separation and purification supports research into mitochondrial function and disease diagnosis [10]. Group 4: Disease Burden and Mitochondrial Dysfunction - Mitochondrial dysfunction is associated with multiple diseases, including cardiovascular diseases, neurodegenerative diseases, metabolic disorders, and reproductive system diseases [20]. - The role of NAD⁺ in regulating metabolism and maintaining mitochondrial function highlights its potential in treating cardiovascular diseases and other conditions [22]. Group 5: Policy Support and Industry Development - The Chinese government emphasizes addressing population aging as a national strategy, with policies supporting the development of the silver economy and encouraging the application of genetic technology and regenerative medicine in anti-aging [18]. - Research funding for mitochondrial studies has seen significant growth, indicating its central role in life sciences and medical research [19][21]. Group 6: Market Potential and Future Trends - The mitochondrial medicine market is expected to exceed 100 billion RMB in the serious medical field by 2035, driven by the increasing prevalence of mitochondrial-related diseases [66]. - The health consumption market for mitochondrial medicine is projected to surpass 200 billion RMB by 2035, reflecting the growing consumer demand for health and anti-aging solutions [67]. Group 7: Industry Ecosystem and Key Players - The mitochondrial medicine industry ecosystem encompasses a closed loop of "testing - intervention/treatment - re-testing," facilitating precise diagnosis and personalized treatment [35]. - Key players in the mitochondrial medicine field include companies like Jinfiniti, Niagen Bioscience, and Stealth Biotherapeutics, which focus on innovative therapies and products targeting mitochondrial health [49][50][51].

Core Viewpoint - The stock of 加科思-B (01167) has seen a significant increase, rising over 7% during trading, attributed to a strategic equity transfer agreement with 海松资本 and an industry partner, aimed at optimizing capital allocation and focusing on key oncology pipeline products [1] Group 1: Stock Performance - 加科思-B's stock price increased by 6.12%, reaching 7.8 HKD, with a trading volume of 23.94 million HKD [1] Group 2: Strategic Agreement - 加科思 has signed an equity transfer agreement where 海松资本 will pay a total of 2 billion RMB (1.25 billion RMB upfront and 750 million RMB milestone payment) to acquire 80% of 加科瑞康 [1] - Following the completion of this transaction, 加科思's ownership in 加科瑞康 will decrease to 10% [1] Group 3: Strategic Focus - The transaction aligns with the company's strategy to focus on critical oncology pipeline products, including KRAS, MYC, P53, and tumor immunology [1] - The proceeds from the equity transfer will be used for the research, production, and commercialization of the Pan-KRAS inhibitor and other innovative oncology projects [1]

Core Viewpoint - The company, Innovent Biologics-B (09606), is planning to list on the STAR Market, pending market conditions and necessary approvals, following a successful IPO on the Hong Kong Stock Exchange that raised over HKD 1.5 billion [1] Group 1: Company Developments - Innovent Biologics' stock price increased by 5% in early trading and is currently up 3.41%, trading at HKD 345.6 with a transaction volume of HKD 599 million [1] - The company announced its intention to submit a listing application for DB-1303 (HER2ADC) for endometrial cancer in the U.S. and for breast cancer in China by 2025 [1] - The company is exploring the combination of DB-1305 (TROP2ADC) and bispecific antibodies, leading in global advancements in this area [1] Group 2: Market Insights - According to a report by CICC, the global ADC market is projected to grow from approximately USD 10.4 billion in 2023 to USD 115.1 billion by 2032 [1] - Innovent Biologics' stock price reached a peak of HKD 563.5 in September, marking a maximum increase of 495.67% from its IPO price of HKD 94.6 per share [1] - The company’s DB-1311 (B7-H3ADC) shows potential as a best-in-class treatment for prostate cancer, while DB-1310 (HER3ADC) is expected to follow suit [1]

消息面上，科济药业宣布，赛恺泽(泽沃基奥仑赛注射液，产品编号：CT053，一种靶向BCMA的自体 CAR-T细胞产品)在中国开展的针对胰腺癌(PC)辅助治疗的Ib期注册临床试验研究结果已于2025年欧洲 肿瘤内科学会(ESMO)年会进行壁报展示。该试验为全球首个探索CAR-T细胞疗法用于实体瘤辅助治疗 的概念验证研究。 科济药业-B(02171)早盘涨超9%，截至发稿，涨9.49%，报17.66港元，成交额1195.21万港元。 值得注意的是，9月20日，国家医保局公告宣布，首版商保创新药目录专家评审工作已完成，据悉，包 括科济药业赛恺泽在内的5款CAR-T药物全部通过专家评审，有望进入今年基本医保目录和商保创新药 目录范围。 ...

Core Viewpoint - Kintor Pharmaceutical Co., Ltd. (02171) experienced a significant stock increase of over 9%, reaching HKD 17.66 with a trading volume of HKD 11.95 million, following the announcement of positive clinical trial results for its CAR-T cell therapy targeting pancreatic cancer [1] Group 1: Clinical Trial Results - Kintor announced that the results of its Phase Ib registration clinical trial for the CAR-T cell product CT053 (Zevoracel) targeting BCMA in the treatment of pancreatic cancer have been presented at the 2025 European Society for Medical Oncology (ESMO) annual meeting [1] - This trial is noted as the first global study exploring CAR-T cell therapy for adjuvant treatment in solid tumors, marking a significant milestone in the field [1] Group 2: Insurance and Reimbursement Developments - On September 20, the National Healthcare Security Administration announced the completion of expert review work for the first version of the commercial insurance innovative drug catalog [1] - Kintor's Zevoracel, along with four other CAR-T drugs, successfully passed the expert review and is expected to be included in this year's basic medical insurance catalog and commercial insurance innovative drug catalog [1]

Core Viewpoint - Corning Jereh Pharmaceutical-B (09966) announced the research progress of JSKN003, which was presented at the 2025 ESMO conference from October 17 to October 21, 2025 [1] Group 1: Product Development - JSKN003 is a targeted HER2 bispecific ADC that connects a topoisomerase I inhibitor to the N-glycosylation site of the KN026 antibody using glycosylation point coupling technology [1] - The coupling reaction of the click reaction conjugate shows better serum stability compared to the maleimide-Michael reaction conjugate [1] - Targeting HER2 bispecificity allows JSKN003 to have stronger endocytic activity and bystander killing effect, demonstrating significant anti-tumor activity in HER2-expressing tumors [1] Group 2: Licensing and Clinical Trials - In September 2024, the company entered into a licensing agreement with Shanghai Jinmant Biotechnology Co., Ltd. to develop, sell, and commercialize JSKN003 in mainland China for tumor-related indications [1] - Currently, three Phase III clinical trials for JSKN003 are ongoing, targeting HER2+ breast cancer, HER2-low expressing breast cancer, and PROC [1]