的申請版本 香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分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。 Shanghai Ark Biopharmaceutical Co., Ltd. 上海愛科百發生物醫藥技術股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本 文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充、修訂或更換附頁，並不引起本公司、本公司的任何聯席 保薦人、整體協調人、顧問或包銷團成員在香港或任何其他司法權區必須進行發售活動的責 任。本公司最終會否進行發售仍屬未知之數； (c) 本文件或其補充、修訂或更換附頁的內容可能會亦可能不會在最後正式的上市文件內全部或 部分轉載； (d) 本文件並非最終的上市文件，本公司可能不時根據《香港聯合交易所有限公司證券上市規則》 作出更新或修訂； (e) 本文件並不構成向任何司法權區的公眾提呈出售任何證券的招股章程 ...

Core Viewpoint - China Biologic Products Holdings (01177.HK) announced that it will hold a board meeting on March 26, 2026, to approve the annual results for the year ending December 31, 2025, and to consider the proposal for the final dividend distribution, if any [1] Group 1 - The board meeting is scheduled for March 26, 2026 [1] - The meeting will focus on approving the annual performance results for the year ending December 31, 2025 [1] - The company will also consider the proposal for the final dividend distribution during this meeting [1]

Group 1 - The 315 Gala focused on consumer rights protection, highlighting issues in food safety, public safety, financial security, and advertising markets, with the theme "Safe Consumption, Quality Life" [4][6][7] - A company was exposed for using over 5,000 barrels of hydrogen peroxide to bleach chicken feet, violating food safety regulations [11][12] - The gala revealed that some companies are marketing "universal miracle drugs" like exosomes without any clinical approval or efficacy data, leading to significant profits despite being unregulated [15][19] Group 2 - The gala exposed fraudulent height-increasing services that mislead parents into believing their children can grow taller through unproven methods, with companies like "安立身" and "德脊瑞" making false claims [24][27] - The private marketing sector was criticized for exploiting elderly consumers, with actors posing as medical experts to promote dubious health products [30][39] - The rental electric bicycle industry was called out for violating national safety standards, with companies like 哈啰 and 电驴哥 allowing bikes to exceed the legal speed limit [45][49] Group 3 - The report highlighted the emergence of a "GEO" service that manipulates AI models to promote products, raising concerns about misinformation and unethical marketing practices [54][57] - A new investment scam involving "stock recommendation sharing" was uncovered, where companies promise profits but often disappear when losses occur, with one such company established only six months prior [65][72]

最 新 市 场 消 息 称 ， 由 百 度 支 持 、 李 彦 宏 牵 头 创 立 的 生 命 科 学 人 工 智 能 大 模 型 公 司 百 图 生 科 （BioMap）已经秘密向香港联交所递交了上市申请，有望借此筹集数亿美元资金。今日第一财经记 者就此询问百度方面，截至发稿未有回应。 这家公司的上市计划酝酿已久。去年6月时，百图生科的CEO刘维曾表示，公司计划在未来一年半左 右的时间内，积极谋求在香港地区实现公开上市。更早之前，该公司曾获香港投资管理公司投资，双 方的战略合作重点之一，包括百图生科将优先考虑香港作为IPO地点。 本文字数：1313，阅读时长大约2分钟 作者 | 第一财经 刘佳 距离百度昆仑芯秘密提交赴港上市申请不到3个月时间，百度支持的又一公司被曝准备赴港上市。 2026.03. 16 这家公司承载着互联网巨头的跨界野心和李彦宏的生命科学梦。上世纪90年代，李彦宏在美国求学 工作期间，曾获得跨国药企默克的工作机会，但最终因当时鲜有人相信计算机能对生命科学产生重大 影响而放弃，随后回国创立了百度。 线索爆料 ：bianjibu@yicai.com 然而，"AI+生物制药"赛道历来面临着研发周 ...

Summary of Conference Call Industry or Company Involved - The discussion primarily revolves around the U.S. stock market and its response to geopolitical tensions, particularly in the Middle East, and macroeconomic factors affecting various sectors. Core Points and Arguments 1. **Geopolitical Tensions Impacting U.S. Stocks** - The geopolitical situation in the Middle East is analyzed with three potential scenarios: rapid easing, normalization within 1-2 months, and a prolonged effective blockade of the Strait of Hormuz for over four weeks. Each scenario has different implications for U.S. stock performance [4][5]. 2. **Market Expectations and Stock Performance** - In a rapid easing scenario, cyclical sectors like financials, industrials, and consumer discretionary are expected to lead the market, with small-cap stocks performing best. Concerns over rising energy prices could negatively impact consumer spending, but a reversal in these dynamics could lead to a rebound in consumer discretionary stocks [4][5]. 3. **Current Market Dynamics** - The S&P index is projected to remain within the range of 6700 to 7000 points under current conditions, with quality growth stocks leading the way. The market is influenced by both optimistic and pessimistic factors, including potential government actions to stabilize oil prices and fears of a blockade in the Strait of Hormuz [6][7]. 4. **Investment Recommendations** - The healthcare sector is highlighted as a preferred defensive hedge, with strong earnings revisions, particularly in pharmaceuticals and biotech. The sector is seen as a substitute for consumer staples, which are more sensitive to rising oil prices [9][10]. 5. **Market Sentiment and Earnings Growth** - The team maintains a 17% earnings growth forecast for the year, citing that recent market adjustments are more rotational than indicative of a downturn. Historical data suggests that oil prices would need to rise significantly to impact the earnings cycle negatively [11][12]. 6. **Interest Rates and Inflation Concerns** - There are concerns about inflation potentially accelerating if oil prices remain high, which could affect interest rate expectations. However, the discussion suggests that as long as the Federal Reserve does not significantly worsen growth conditions, earnings growth will continue to be healthy [13][16]. 7. **Valuation and Market Positioning** - The valuation of many sectors, including the 'MAG 7' (the seven largest tech companies), is at historically low levels, providing a favorable risk-reward ratio for investors. The current market environment is seen as rational, with a shift towards quality growth stocks [10][12]. Other Important but Possibly Overlooked Content - The discussion emphasizes the importance of monitoring the yield curve, particularly the 10-year Treasury yield, which is approaching 4.20%. A significant change in this yield could negatively impact stock returns, highlighting a risk factor that investors should be aware of [16].

Core Viewpoint - The article highlights the rapid response of regulatory authorities to various illegal activities exposed during the "3·15" gala, including issues related to "bleached chicken feet," "universal medicine," and "height marketing," with immediate investigations and enforcement actions initiated across multiple cities [2][5][20]. Group 1: Regulatory Actions - The State Administration for Market Regulation launched emergency measures to address the illegal activities revealed during the "3·15" gala, with ongoing investigations to be reported to the public [2]. - A joint investigation team was established in Tianjin, comprising various regulatory bodies, to address issues related to "universal medicine" [5]. - In Shenyang, investigations were initiated against companies involved in deceptive marketing practices targeting the elderly [6][8]. Group 2: Specific Cases - In Chongqing, an investigation was opened against Zengqiao Food Co., Ltd. for using hydrogen peroxide in the production of chicken feet [9][11]. - Chengdu authorities ordered the suspension of operations for three companies involved in the "bleached chicken feet" and "universal medicine" scandals [12][14]. - In Wenzhou and Hangzhou, multiple companies were investigated for fraudulent "height increase" schemes, with enforcement actions taken against the involved entities [15][17]. Group 3: Broader Implications - The article indicates a coordinated effort across various cities, including Shanghai and Zunyi, to address illegal practices in sectors such as electric bike rentals and stock investment consulting [18][21]. - The regulatory response aims to uphold market order and protect consumer rights, with ongoing investigations expected to lead to serious consequences for the involved companies [20][23].

Financial Performance and Key Metrics - In 2025, the company achieved total revenue of $959.5 million, representing a 61.4% year-over-year increase, with gross profit more than doubling [33][34] - Adjusted net profit reached nearly $230 million, reflecting a 285% year-over-year growth from $59.8 million in FY 2024 [37] - The adjusted gross profit margin was stable at 51.2%, with adjusted gross profit growing 12.5% year-over-year to $267.3 million [39] Business Segment Performance - The GenScript Life Science Group generated revenue of $522.1 million, growing 14.8% year-over-year, and was identified as the growth engine and profit center [33][38] - ProBio reported total revenue of $388.7 million, with 21% organic growth excluding the LaNova deal, driven by strong customer demand for protein and antibody services [40][41] - Bestzyme's revenue grew by 7.9% year-over-year to $58 million, outperforming the industry average of 5% [33] Market Performance - The North American and European markets contributed 38% of total revenue, indicating a notable increase in the company's international footprint [41] - The Asia Pacific region, particularly Greater China, showed increased activity, contributing to the overall growth [10] Company Strategy and Industry Competition - The company aims to achieve high-quality growth while gradually improving profitability, focusing on platform leadership, ecosystem expansion, and automation-driven scale [44] - The strategy includes strengthening global partnerships, enhancing customer reach, and integrating new modalities into existing platforms [44] - The company is committed to maintaining its competitive edge through strategic investments in R&D and operational efficiency improvements [54] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the long-term growth trajectory of the CRO and CDMO sectors, citing a rebound in global biopharmaceutical investment and financing [59] - The company anticipates revenue growth for the GenScript Life Science Group to be between 15% and 18% in 2026, with an adjusted gross margin expected to reach 52% [44] Other Important Information - The company achieved significant progress in sustainability, receiving an upgraded ESG rating to AA from MSCI and being included in the FTSE4Good index series [6] - The company reported a share loss of $310.4 million related to its investment in Legend Biotech, which is expected to improve as Legend's financial position strengthens [34][37] Q&A Session Summary Question: Revenue recognition from LaNova deal - Management confirmed that the second milestone payment from the LaNova deal was recognized in the second half of 2025, contributing to strong organic growth [48][50] Question: Profitability and gross profit margin decline - Management acknowledged slight fluctuations in gross profit margins due to investments in global expansion and emphasized a focus on cost optimization and operational efficiency to improve profitability [53][54] Question: Outlook for Life Sciences business amid geopolitical uncertainties - Management expressed a highly optimistic outlook for the CRO and CDMO sectors, noting a rebound in global biopharmaceutical investment and improved capacity utilization in China [59][62] Question: Future strategy for Legend Biotech - Management highlighted Legend Biotech's significant progress and profitability, stating that they are not planning to establish new biotech companies but will leverage existing platforms to accelerate drug discovery [64][66] Question: Mitigating customer concerns regarding regulatory scrutiny - Management clarified that the company provides raw materials to gene therapy companies and is enhancing transparency and compliance to address regulatory concerns [72]

Group 1 - The article highlights serious violations in food safety, particularly focusing on the production of "bleached chicken feet" in unsanitary conditions, which poses health risks to consumers [1][3][5] - The production facility for chicken feet was found to lack health certifications and proper sanitation, with workers admitting to using hydrogen peroxide for bleaching, which is prohibited and harmful [3][5] - The article also discusses the rise of unregulated "exosome" products in the medical beauty market, which are marketed as miracle cures without any clinical approval or proven efficacy [5][6] Group 2 - The investigation reveals fraudulent practices in height enhancement services, where companies make unscientific claims about physical growth and offer refunds that are unlikely to be honored [8][9][10] - The article exposes the deceptive marketing strategies used by these companies, including misleading promises about growth potential even after growth plates have closed [9][10] - It also mentions the proliferation of these businesses, with numerous locations opening across multiple provinces, indicating a growing trend in the market [10] Group 3 - The article uncovers unethical practices in private marketing, where low-cost health products are sold at inflated prices, often using misleading claims and fake endorsements from so-called experts [12][13] - It describes how these marketing strategies exploit vulnerable consumers, particularly the elderly, by promoting products with exaggerated benefits [12][13] Group 4 - The investigation into electric bike rentals reveals widespread violations of safety regulations, with some bikes capable of reaching speeds up to 80 km/h, far exceeding legal limits [15][16][17] - The article highlights how rental companies circumvent regulations by mislabeling electric motorcycles as electric bicycles, thus avoiding compliance with safety standards [16][17] Group 5 - The article discusses the emergence of a new industry focused on manipulating AI models for marketing purposes, where companies pay to have their products promoted within AI-generated recommendations [19][20] - This practice, referred to as "data poisoning," raises ethical concerns about the integrity of AI systems and the potential for misleading consumers [19][20] Group 6 - The article reveals fraudulent stock recommendation schemes where unqualified individuals pose as financial advisors, leading to significant losses for investors [22][23][24] - It details how these schemes operate by promising high returns while actually manipulating stock recommendations for personal gain, leaving investors vulnerable to losses [22][23][24]

Investment Rating - The report does not provide a specific investment rating for BioNTech [1]. Core Insights - BioNTech is transitioning its leadership from "scientist-entrepreneurs" to managers focused on late-stage development and commercialization, with the future CEO requiring oncology experience and the CMO needing a background in late-stage clinical development [5][7]. - The competitive landscape for PD-(L)1/VEGF bispecific antibodies (BsAb) emphasizes launch timing, combination opportunities, and global development capabilities, with BioNTech's collaboration with BMS around BNT327 highlighting three key differentiators [2][6]. - BioNTech has over 25 ongoing oncology clinical trials and is maintaining its strategic goals despite the planned departure of co-founders by the end of 2026 [7]. Summary by Sections Leadership Transition - The future CEO and CMO will focus on late-stage development and commercialization, with specific experience requirements in oncology and clinical development [5][7]. Competitive Landscape - BioNTech's collaboration with BMS on BNT327 is set apart by its unique combination strategies and the potential for multiple indications [2][6]. - BNT327 is positioned to be a first-to-market or fast follower in various indications, including non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC) [8]. Clinical Pipeline and Strategy - The company is advancing multiple key pipelines, including BNT327, Gotistobart, and BNT323, with significant data readouts expected this year [7][8]. - BioNTech's strategy includes combining BNT327 with chemotherapy for faster market entry and exploring additional combinations with ADCs to enhance efficacy [8].

Group 1 - Orizuru Therapeutics is developing a method to transplant pancreatic "islet cells" derived from iPS cells into patients with type 1 diabetes, aiming to reduce the frequency of insulin injections [1][5] - The company plans to initiate clinical trials in Japan and the United States by 2027, with the goal of practical application of this therapy [1][5] - The research is supported by major investors including Takeda Pharmaceutical, Kyoto University Innovation Capital, and Mitsubishi UFJ Bank, and the company was established in 2021 [3] Group 2 - iPS cells, which can differentiate into various cell types, are being increasingly applied in drug research, with other Japanese companies also developing treatments for diseases such as Parkinson's and heart disease [3] - A clinical trial led by doctors at Kyoto University is expected to clarify the safety and partial efficacy of the treatment by 2026, which will inform future international collaborative trials [5]