Core Viewpoint - Clover Biopharmaceuticals-B (02197) announced positive preliminary data from two ongoing clinical trials utilizing its proprietary and fully validated Trimer-Tag vaccine development platform for evaluating its PreF respiratory combination vaccine candidates (RSV+hMPV±PIV3) [1] Group 1: Clinical Trials - The first Phase I clinical trial is being conducted in Australia to evaluate the combination vaccine candidates SCB-1022 (RSV+hMPV) and SCB-1033 (RSV+hMPV+PIV3) against SCB-1019 (Clover's RSV candidate vaccine) in a head-to-head comparison, targeting elderly individuals who have not previously received any RSV vaccine [1] - The second Phase I clinical trial is taking place in the United States, assessing SCB-1019 (Clover's RSV candidate vaccine) against AREXVY (GSK's RSV vaccine) in a head-to-head evaluation, focusing on elderly individuals who have received at least two seasonal doses of AREXVY prior to enrollment [1]

Core Viewpoint - The company is addressing concerns regarding the patent expiration of its flagship product, Xinhuosu, which is set to expire in 2031, and the potential impact of generic drugs entering the market [2] Group 1: Patent and Market Protection - The invention patent for Xinhuosu covers the formulation and preparation method, with a protection period from 2011 to 2031 [2] - The five-year new drug monitoring protection period has already expired, allowing other companies to develop and market related products [2] Group 2: Competitive Landscape - Suzhou Landing Biological has received approval for its recombinant human brain natriuretic peptide injection, indicating increased competition in the market [2] Group 3: Strategic Response - The company plans to enhance collaboration with commercial partners to expand the number of medical institutions covered by Xinhuosu, which currently includes nearly 7,000 institutions [2] - An investment of several million yuan is planned for exploratory research in evidence-based medicine for Xinhuosu, alongside ongoing academic promotion and production assurance efforts [2]

Core Viewpoint - Clover Biopharmaceuticals-B (02197) announced positive preliminary data from two ongoing clinical trials utilizing its proprietary and fully validated Trimer-Tag vaccine development platform for evaluating its PreF respiratory combination vaccine candidates (RSV+hMPV±PIV3) [1] Group 1: Clinical Trials - The first Phase I clinical trial is being conducted in Australia to assess the combination vaccine candidates SCB-1022 (RSV+hMPV) and SCB-1033 (RSV+hMPV+PIV3) against SCB-1019 (Clover's RSV candidate vaccine) in a head-to-head comparison among elderly participants who have not received any RSV vaccine previously [1] - The second Phase I clinical trial is taking place in the United States, evaluating SCB-1019 (Clover's RSV candidate vaccine) against AREXVY (GSK's RSV vaccine) in a head-to-head assessment among elderly participants who have received at least one dose of AREXVY in the two preceding flu seasons [1]

Core Viewpoint - Wuhan's innovative pharmaceutical companies are gaining attention in the capital market, with Wuhan Heyuan Bio (688765.SH) starting its subscription on October 14, and another company, Binhui Bio, seeking a listing on the Hong Kong Stock Exchange [1][2]. Company Overview - Binhui Bio, established in November 2010 and headquartered in Wuhan, focuses on oncolytic virus therapy and aims to discover, develop, and commercialize innovative cancer immunotherapies [2][4]. - The company has undergone seven rounds of investment, totaling approximately 1.04 billion RMB, with a post-investment valuation of about 3.22 billion RMB as of December 2023 [5]. Leadership and Experience - The largest shareholder group, led by Dr. Liu Binlei, holds 26.32% of the company's total shares. Dr. Liu has around 40 years of experience in drug research and development [4][6]. Product Pipeline - Binhui Bio has established a differentiated pipeline focusing on three strategic series: oncolytic viruses, nucleic acid therapies, and protein biologics, with oncolytic viruses as the core [8]. - The core product, BS001, is an oncolytic virus candidate based on HSV-2, currently in Phase III clinical trials, showing a 34.48% objective response rate in advanced melanoma patients [16][17]. Market Potential - The global oncolytic virus market is projected to reach approximately $7.5 billion by 2030, with the Chinese market expected to reach 9.2 billion RMB, driven by increasing clinical applications and investments [12]. Financial Performance - Binhui Bio has not yet commercialized any products, reporting revenues of 0.981 million RMB in 2023 and a cumulative loss of 267 million RMB over two and a half years [25][27]. - The company's R&D expenses are the primary source of losses, with 1.07 billion RMB in 2023 and 1.03 billion RMB in 2024 [27]. Challenges and Opportunities - The oncolytic virus field faces challenges, particularly regarding safety and delivery technologies, but offers potential new treatment options for patients with advanced diseases lacking effective standard therapies [29].

本公告由三葉草生物製藥有限公司（「本公司」或「三葉草生物」，連同其附屬公司統稱「本集團」）董事 （「董事」）會（「董事會」）自願作出，以知會本公司股東及潛在投資者本集團最新的業務發展狀況。 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，概不就因本公告全部或任何部份內容所產生或因依賴該等內容而引致的任何損 失承擔任何責任。 自願公告 三葉草生物公佈其呼吸道聯合疫苗(RSV-hMPV-PIV3) 及 RSV 疫苗重複接種在老年人群的 I 期臨床試驗均獲得積極數據 本公司欣然宣佈兩項正在進行的臨床試驗的積極初步數據，基於公司自研獨有已获全面驗證的 Trimer-Tag （ 白質三聚體化）疫苗研發平台 ，於於估公公司的 PreF 呼吸道聯合疫苗候選產品（RSV+hMPV±PIV3），包括： 呼吸道聯合疫苗候選產品 RSV+hMPV±PIV3 I 期臨床試驗(澳大利亞)：完整初步數據 在澳大利亞進行的一項 I 期臨床試驗中，老年人群受試者（60-85 歲）入組後被隨機分配接種 SCB-1022 （RSV+hMPV）、SCB-1033 （RSV+ ...

Core Viewpoint - Kingsray Biotechnology (01548.HK) announced a new payment of approximately RMB 479.7 million (about USD 67.5 million after tax deductions) related to a revised licensing agreement for an anti-PD-1 single-domain antibody, which is linked to the development of the dual-specific antibody LM-299 that has received clinical research approval [1] Group 1 - The payment represents the second installment of licensing revenue associated with the anti-PD-1 single-domain antibody [1] - Cumulatively, Kingsray has received approximately RMB 2 billion (about USD 283.6 million after tax deductions) under the revised licensing agreement as of October 14, 2025 [1] - The incoming funds will enhance Kingsray's cash reserves and support new molecular discovery and development [1] Group 2 - The licensed anti-PD-1 single-domain antibody demonstrates high efficiency and specificity in binding to human and cynomolgus monkey PD1, effectively blocking PD1/PD-L1 integration [1] - In rodent efficacy models, the antibody has shown tumor growth inhibition comparable to Merck's Keytruda, along with ideal CMC (Chemistry, Manufacturing, and Control) drug-like properties [1]

Group 1 - The company Jinhe Biological (002688.SZ) plans to raise a total of no more than 300 million yuan through a private placement [1] - The fundraising will not exceed 20% of the company's net assets at the end of the most recent fiscal year [1] - The proceeds will be used entirely for projects related to wastewater treatment expansion, water resource recycling upgrades, new product warehouse construction (grain storage), and to supplement working capital [1]

Core Viewpoint - The company plans to raise no more than 300 million yuan through a simplified procedure for a specific group of investors, with the funds allocated for wastewater treatment expansion, water resource recycling enhancement, new product warehouse construction, and working capital supplementation [1] Group 1 - The company intends to issue shares to specific investors to raise funds [1] - The total amount to be raised is capped at 300 million yuan [1] - The funds will be used for wastewater treatment expansion and water resource recycling projects [1] Group 2 - Additional funds will be allocated for the construction of a new product warehouse, specifically a grain storage facility [1] - The company also aims to use part of the raised funds to supplement its working capital [1]

Core Viewpoint - Fudan Zhangjiang (01349.HK) has entered into agreements with Bank of China to subscribe to structured deposit products totaling RMB 170 million using temporarily idle funds raised from its A-share public offering [1] Related Events - Fudan Zhangjiang (01349.HK) has subscribed to structured deposit products from Bank of China [1] - Fudan Zhangjiang (688505.SH) faced a setback as its drug application for Obecholic Acid Tablets for the treatment of primary biliary cholangitis was not approved [1]

Core Viewpoint - The company, Boya Bio (300294), is closely monitoring market conditions and policy changes while maintaining normal and orderly production and operations [1] Group 1 - The company is actively responding to investor inquiries regarding its operational status [1] - The company emphasizes its focus on the current market environment and policy shifts [1]