Core Viewpoint - Kangfang Biopharma (09926.HK) announced significant results from the HARMONi-6/AK112–306 study, which were presented by Professor Lu Shun at the ESMO 2025 and published in The Lancet, indicating a strong clinical benefit of Ivoris combined with chemotherapy over Tarelizumab combined with chemotherapy for advanced sq-NSCLC [1] Group 1: Study Overview - HARMONi-6/AK112–306 is a randomized, controlled, multi-center Phase III clinical trial assessing Ivoris combined with chemotherapy versus Tarelizumab combined with chemotherapy as first-line treatment for advanced sq-NSCLC [1] - The primary endpoint of the study is progression-free survival (PFS) evaluated by IRRC based on RECIST v1.1, with key secondary endpoints including overall survival (OS) [1] - A total of 532 subjects were enrolled in the HARMONi-6 study, with baseline characteristics balanced between the two groups, and 92.3% of subjects being classified as stage IV [1] Group 2: Study Results - The trial results demonstrated that Ivoris combined with chemotherapy achieved the primary endpoint of PFS, showing a decisive positive outcome with significant statistical and clinical benefits [1] - The Ivoris group significantly extended patient PFS compared to the control group, aligning with real-world patient distribution, where approximately 63% of cases were central squamous cell carcinoma [1]

Core Insights - The article highlights China's transformation of science fiction concepts into reality, showcasing advancements in technology and manufacturing that are attracting global attention [1][2][3]. Group 1: Technological Advancements - China is increasingly recognized for its technological innovations, with examples including exoskeletons and advanced robotics being utilized in various sectors such as tourism and manufacturing [1][3]. - The country has become a leader in electric vehicles, batteries, solar panels, wind turbines, drones, and advanced robotics, demonstrating significant progress in these fields [2][3]. Group 2: Manufacturing Innovations - The concept of "dark factories" is emerging in China, where high levels of automation allow robots to perform tasks independently, often without human presence [2][4]. - By 2024, it is projected that approximately 2 million industrial robots will be operational in Chinese factories, indicating a strong trend towards automation and efficiency in manufacturing [4]. Group 3: Talent and Workforce - China boasts a substantial pool of engineering talent, with the number of engineers growing from approximately 5.2 million in 2000 to about 17.7 million in 2020, contributing to advancements in biotechnology, humanoid robotics, and AI [5]. - The country leads the world in the number of graduates in science, technology, engineering, and mathematics (STEM), with over 3.5 million graduates in 2020, providing a solid foundation for ongoing innovation [5]. Group 4: Global Perception and Tourism - There is a growing interest among international tourists in China's technological landscape, with many eager to experience innovations such as mobile payments, drone deliveries, and autonomous vehicles [6][7]. - The rise in "China tours" is reflected in increased social media posts showcasing the country's futuristic aspects, contributing to a positive global perception of China's technological capabilities [7][8].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 OptiTROP-Lung04 共 有376名患者被隨機(1:1)分配接受蘆康沙妥珠單抗(sac-TMT)治療或化 療。於 數 據 截 止 時 間（2025年7月6日），中 位 隨 訪 時 間 為18.9個 月。蘆康沙 妥珠單抗(sac-TMT)組的中位無進展生存期(PFS)為8.3個 月，化 療 組 為4.3個 月。蘆康沙妥珠單抗(sac-TMT)較化療顯著改善了PFS，疾 病 進 展 或 死 亡 風 險降低51%（風 險 比(HR) 0.49；95%置信區間(CI): 0.39-0.62；P<0.0001）。在 預 Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. 四川科倫博泰生物醫藥股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 ...

10月18日，中国证监会公布《境外发行上市备案补充材料要求(2025年10月12日—2025年10月17日)》。 其中，证监会要求天辰生物补充说明全额行使超额配售权后的预计募集资金量、公司股东OFC博晖基金 及OFC交子基金向上穿透后的情况等事项。据悉，天辰生物已于2025年8月21日向港交所主板提交上市 申请，国金证券(香港)为独家保荐人。 证监会请天辰生物补充说明以下事项，请律师核查并出具明确的法律意见： 三、请说明常熟东南、山证创新投资国有股东标识办理进展。 四、关于本次发行上市及"全流通"：(1)请说明全额行使超额配售权后的预计募集资金量；(2)请说明本 次拟参与"全流通"股东所持股份是否存在被质押、冻结或其他权利瑕疵的情形。 据招股书，天辰生物医药是一家致力于创新药开发的临床阶段生物制药公司，主要专注于针对过敏性及 自身免疫性疾病的生物药物的自主发现与开发。天辰生物医药已构建针对鼻科、皮肤科、呼吸科、血液 科、肾脏科及其他自身免疫性疾病的综合性生物制剂产品管线。 基于全球及中国自身免疫性疾病和过敏性疾病市场的预期增长，天辰生物医药已经并将继续依托(i)在开 发创新药方面的专业知识;(ii)两个自主研 ...

据招股书，天辰生物医药是一家致力于创新药开发的临床阶段生物制药公司，主要专注于针对过敏性及 自身免疫性疾病的生物药物的自主发现与开发。天辰生物医药已构建针对鼻科、皮肤科、呼吸科、血液 科、肾脏科及其他自身免疫性疾病的综合性生物制剂产品管线。 基于全球及中国自身免疫性疾病和过敏性疾病市场的预期增长，天辰生物医药已经并将继续依托(i)在开 发创新药方面的专业知识;(ii)两个自主研发的技术平台(即高亲和力抗体发现平台和双功能抗体开发平 台);及(iii)强大的研发能力，自主研发针对过敏性疾病及自身免疫性疾病的创新药。 二、请说明公司及下属公司经营范围包含"医学研究和试验发展、细胞技术研发和应用"的具体情况，是 否实际开展相关业务及具体运营情况，是否取得必要的资质许可，是否涉及"人体干细胞、基因诊断与 治疗技术开发和应用"或其他外商投资准入限制或禁止领域及相关判断依据，本次发行上市及"全流 通"前后是否持续符合外商投资准入政策要求。 三、请说明常熟东南、山证创新投资国有股东标识办理进展。 四、关于本次发行上市及"全流通"：（1）请说明全额行使超额配售权后的预计募集资金量；（2）请说 明本次拟参与"全流通"股东所持股 ...

Core Viewpoint - The company, Beijing Sunshine Nuohuo Pharmaceutical Research Co., Ltd., plans to invest 15 million yuan in Shanghai Yuanma Zhiyao Biotechnology Co., Ltd., acquiring an 8.20% stake, which aligns with its strategic focus on CAR-T cell therapy and nucleic acid drugs [2][4]. Investment Overview - The investment amount is 15 million yuan, with the company subscribing to an increase in registered capital of 110,556 yuan in Yuanma Zhiyao [2][4]. - The investment does not require board or shareholder approval as it has been approved by the company's general manager office [5]. Investment Characteristics - This investment is not classified as a related party transaction or a major asset restructuring according to relevant regulations [3][6]. Target Company Overview - Yuanma Zhiyao focuses on innovative research and development of circular mRNA-based CAR-T nucleic acid drugs, aiming to address unmet clinical needs in autoimmune diseases and tumors [8]. - The company has established a leading circular mRNA drug development platform with significant technological breakthroughs in various high-barrier processes [8][9]. Competitive Advantages - Yuanma Zhiyao possesses a globally leading full-chain technology platform, including three core technology platforms: byterna.AI for intelligent design, cmCAR for efficient expression, and CellectLNP for targeted delivery [9]. - The company has a differentiated pipeline layout with multiple CAR-T lines, enhancing treatment efficacy for autoimmune diseases and tumors [10]. Team Strength - The founding team consists of industry experts and returnee PhDs with notable achievements in both academia and industry, providing a strong foundation for drug development [11]. Impact of Investment - This investment aligns with the company's strategic layout in the CAR-T field and is expected to enhance collaboration in technology and resources, promoting global business development [12]. - The investment will not pressure the company's cash flow or affect its existing operations, ensuring no significant impact on financial status [12].

Core Viewpoint - The article highlights China's rapid advancements in technology and manufacturing, showcasing how once fictional concepts from science fiction are becoming reality, particularly in robotics and automation [2][4][10]. Group 1: Technological Advancements - China is increasingly recognized for its technological innovations, with examples such as humanoid robots and exoskeletons becoming practical applications in various sectors [2][4]. - The country is leading in fields like electric vehicles, batteries, photovoltaic panels, wind turbines, drones, and advanced robotics [4][10]. - Chinese researchers have developed "super-material" clothing that can bend microwaves and visible light, showcasing significant progress in material science [5]. Group 2: Manufacturing Automation - The concept of "dark factories," where robots operate independently without human presence, is becoming common in China, demonstrating high levels of automation [4][6]. - By 2024, it is projected that approximately 2 million industrial robots will be operational in Chinese factories, indicating a strong trend towards automation [6]. - The integration of artificial intelligence in manufacturing is enhancing production efficiency and competitiveness in the global market [6]. Group 3: Talent and Workforce - China has a significant pool of engineering talent, with the number of engineers growing from about 5.2 million in 2000 to approximately 17.7 million in 2020 [7]. - The country produces over 3.5 million graduates in science, technology, engineering, and mathematics (STEM) annually, leading the world in this area [7]. Group 4: International Perception and Tourism - There is a growing interest among international tourists in China's technological landscape, with many eager to experience its modern advancements firsthand [9]. - Social media is filled with posts from foreign visitors highlighting China's futuristic elements, such as mobile payments and autonomous delivery services [8][9]. - China's global soft power ranking has improved significantly, reflecting its increasing influence and appeal as a hub of innovation [10].

Group 1 - The core point of the article is that Sely Medical (603716) is making a strategic investment in Wuhan Huajiyuan to develop a therapeutic antihypertensive vaccine, HJY-ATRQβ-001, which has received clinical trial approval and is preparing for Phase I trials [1][3] - On October 17, Sely Medical's stock closed at 25.73 yuan, down 0.58%, with a turnover rate of 8.28% and a trading volume of 174,000 shares, amounting to a total transaction value of 452 million yuan [1] - The main capital flow on October 17 showed a net inflow of 3.28 million yuan from institutional investors, accounting for 0.72% of the total transaction value, while retail investors had a net inflow of 1.30 million yuan, representing 2.88% of the total [1] Group 2 - Sely Medical plans to invest 42.74 million yuan in Wuhan Huajiyuan, acquiring a 41% stake, with the investment aimed at expanding into chronic disease management [1][3] - The net assets of Wuhan Huajiyuan are reported at -43.81 million yuan, with an assessed value of 274 million yuan, primarily attributed to intangible assets [1] - The company emphasizes that the project follows the regularities of new drug development and possesses technical feasibility, although it acknowledges risks related to long development cycles and significant funding requirements [1]

武汉禾元生物科技股份有限公司（以下简称"禾元生物"、"发行人"或"公司"）首次公开发行股票并在科 创板上市的申请已经上海证券交易所（以下简称"上交所"）上市审核委员会审议通过，并已经中国证券 监督管理委员会（以下简称"中国证监会"）证监许可〔２０２５〕１４６８号文同意注册。《武汉禾元 生物科技股份有限公司首次公开发行股票并在科创板上市招股说明书》在上海证券交易所网站（ｈｔｔ ｐ：／／ｗｗｗ．ｓｓｅ．ｃｏｍ．ｃｎ／）和符合中国证监会规定条件网站（中证网，网址ｗｗｗ． ｃｓ．ｃｏｍ．ｃｎ；中国证券网，网址ｗｗｗ．ｃｎｓｔｏｃｋ．ｃｏｍ；证券时报网，网址ｗｗ ｗ．ｓｔｃｎ．ｃｏｍ；证券日报网，网址ｗｗｗ．ｚｑｒｂ．ｃｎ）披露，并置备于发行人、本次发 行保荐人（联席主承销商）国泰海通证券股份有限公司和联席主承销商中信建投证券股份有限公司的住 所，供公众查阅。 保荐人（联席主承销商）：国泰海通证券股份有限公司 联席主承销商：中信建投证券股份有限公司 ２０２５年１０月２０日 ■ 发行人：武汉禾元生物科技股份有限公司 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the pharmaceutical and biotechnology sector, including WuXi AppTec, WuXi Biologics, and Changchun High-tech [5][28]. Core Insights - The report expresses a strong outlook on the innovation theme and emphasizes the importance of capturing Q3 performance. The pharmaceutical sector has shown a decline, with the Shanghai Composite Index down 2.73% and the pharmaceutical sector down 3.65% [12][16]. - The report highlights the active participation of Chinese biopharmaceutical companies in global business development (BD) transactions, which have reached 38% of the global total since 2025. This trend is expected to boost investment sentiment in the sector [12][16]. - The report suggests focusing on companies with improving performance metrics, particularly in the CRO/CDMO and upstream segments, as well as in medical devices and traditional Chinese medicine [12][16]. Summary by Sections Industry Overview - The pharmaceutical industry comprises 515 listed companies with a total market capitalization of approximately 731.59 billion yuan and a circulating market value of about 666.30 billion yuan [2]. Market Dynamics - The pharmaceutical sector has experienced a year-to-date return of 18.85%, outperforming the Shanghai Composite Index by 4.13 percentage points. However, recent weeks have seen a decline in various sub-sectors, with traditional Chinese medicine being the only one to show an increase [16][18]. Valuation Metrics - The current valuation of the pharmaceutical sector is approximately 26.2 times PE based on 2025 earnings forecasts, which is a premium of 17.3% compared to the overall A-share market (excluding financials). The TTM valuation stands at 30.1 times PE, below the historical average of 34.9 times PE [18][20]. Key Company Performance - The report lists several companies with strong performance metrics, including WuXi AppTec, WuXi Biologics, and Changchun High-tech, all rated as "Buy." The average decline for recommended stocks in the month was 10.08%, with a weekly decline of 7.43% [28][29]. Business Development Activity - The report notes that several pharmaceutical companies have engaged in overseas licensing agreements, indicating a growing recognition of Chinese companies' capabilities in the global market [12][16]. Regulatory Updates - Recent regulatory announcements from the National Medical Insurance Administration and the National Medical Products Administration are aimed at improving drug pricing transparency and enhancing the approval process for innovative drugs [12][29]. Price Trends - The report tracks the price movements of various vitamins, noting slight decreases in some and stability in others, which may impact the cost structure for companies in the sector [31][32].