Core Viewpoint - AnaptysBio is undergoing a significant transformation, planning to separate into two distinct businesses by the second quarter of 2025, referred to as Biopharma Co and Royalty Management Co [1] Group 1: Business Structure - The separation will create two entities: Biopharma Co, which will focus on clinical assets, and Royalty Management Co [1] - Biopharma Co will be anchored by three clinical assets, with ANB033 being a key driver for the operating business [2] Group 2: Clinical Development - ANB033 is currently enrolling patients in a Phase Ib trial for celiac disease and initiating a second Phase Ib trial for eosinophilic esophagitis (EoE) [2] - Rosnilimab, another asset, has shown positive Phase IIb results in an arthritis trial, with plans to explore Phase III development and secure necessary capital [2] - An end of Phase II meeting with the FDA is scheduled for the next quarter to discuss the progression of Rosnilimab [2]

Company Overview - Zeling Bio is a late-stage clinical biotechnology company focused on integrating structural biology, artificial intelligence, and clinically relevant disease models to develop highly differentiated small molecule therapies with first-in-class or best-in-class potential [2] - The company aims to address significant unmet medical needs in the fields of hematologic diseases, oncology, central nervous system, and immune/inflammatory diseases [2] - As of January 5, 2026, Zeling Bio's pipeline includes two core products (Fluorotidine Maleate and Puyisitan Injection), two clinical-stage candidates (ZL-82 and ZL-85), and four preclinical candidates (ZL-65, ZL-69, ZL-59, and ZL-89) [2] Product Pipeline - Fluorotidine Maleate (FM) is a novel triple-target inhibitor for treating myeloproliferative neoplasms, including myelofibrosis and polycythemia vera, with a focus on JAK2V617F mutations [3] - Puyisitan Maleate (PM) is a next-generation selective HDAC I/IIb inhibitor designed to meet unmet medical needs, featuring a unique non-linear triangular cap structure that enhances binding affinity and exhibits superior inhibitory activity compared to approved HDAC inhibitors [3] Financial Information - Zeling Bio currently has no products approved for commercial sale and has not generated any revenue from product sales [4] - For the fiscal year ending December 31, 2024, and the nine months ending September 30, 2025, the company reported other income and gains of RMB 19.661 million and RMB 7.126 million, respectively [4] - The company incurred operating losses of RMB 91.656 million for the fiscal year ending December 31, 2024, and RMB 119.043 million for the nine months ending September 30, 2025, primarily due to research and development expenses and changes in the carrying amount of redeemable debt [5][7] Industry Overview - Globally, cancer remains a leading cause of morbidity and mortality, with the oncology therapeutics market projected to grow from USD 167 billion in 2020 to USD 262.1 billion by 2024, at a compound annual growth rate (CAGR) of 11.9%, and expected to reach USD 724.9 billion by 2035 [8] - In China, the oncology therapeutics market is expected to grow from USD 25.8 billion in 2020 to USD 37.2 billion by 2024, with a CAGR of 13.1%, reaching USD 143.7 billion by 2035 [8] - The global myelofibrosis drug market is projected to grow from USD 1.6 billion in 2020 to USD 3 billion by 2024, with a CAGR of 15.9%, and expected to reach USD 6.4 billion by 2030 and USD 11.1 billion by 2035 [14][15]

| | 28/07/2025 整體協調人公告 - 委任（經修訂） 『四 | | --- | --- | | 14/07/2025 | 湖南麥濟生物技術股份有限公司-B 14/07/2025 申請版本（第一次呈交） 全文檔案 □□ 多檔案） | 湖南麦济生物技术股份有限公司-B(简称：麦济生物)于2025年7月14日所递交的港股招股书满6个月，于2026年1月14日失效，递表时中金为其独家保荐人。 招股书显示，麦济生物是一家处于注册临床阶段的生物制药公司，专注于发现、开发及商业化创新生物制剂，以解决有关过敏性及自身免疫疾病以及其他炎 症与免疫性疾病方面尚未满足的医疗需求。自2016年成立以来，公司已自主研发并建立一条由八款创新候选产品组成的强大管线，包括核心产品MG-K10、 关键产品MG-014及MG-013，以及五款其他候选产品。所有该等产品均为通过公司自有技术平台发现及开发的新一代长效抗体。 ...

Group 1 - The core viewpoint of the news is that Hunan Maijizhi Biotechnology Co., Ltd. (referred to as Maijizhi) submitted its Hong Kong IPO prospectus on July 14, 2025, which will expire on January 14, 2026, with CICC as its sole sponsor [1] - Maijizhi is a biopharmaceutical company in the clinical registration stage, focusing on the discovery, development, and commercialization of innovative biopharmaceuticals to address unmet medical needs related to allergic and autoimmune diseases, as well as other inflammatory and immune diseases [2] - Since its establishment in 2016, the company has developed a strong pipeline consisting of eight innovative candidate products, including core product MG-K10, key products MG-014 and MG-013, along with five other candidate products, all of which are next-generation long-acting antibodies discovered and developed through the company's proprietary technology platform [2]

为反映去年公司于研发及生产阶段的快速发展，并考虑到其CMO业务具高增长能见度，该行将2025至 2027年收入预测分别上调1%、5%及8%，目标价由35港元上调至41.8港元，重申"中性"评级，因考虑到 公司业务发展符合预期且领先地位巩固，但同时受《生物安全法案》潜在地缘政治风险所抵消。 美银证券发表研究报告指，药明生物去年新增209个综合项目，按年增加38%，当中三分之二属复合模 式(双特异性及多特异性抗体以及抗体药物偶联物)，约半数来自美国客户。截至2025财年，公司持有 945个项目，包括临床前阶段463个、一期临床289个、二期临床94个、三期临床74个及商业化阶段25个 项目。 ...

1月14日，士泽生物宣布连续完成B/B+轮及C1轮四亿元市场化融资。其中，B/B+轮融资由三生制药领 投，泰珑/泰鲲资本及凯莱英医药集团联合领投，建发新兴投资、苏州天使母基金、七晟资本、信熹资 本、天汇资本等联合投资，峰瑞资本、启明创投、礼来亚洲基金、红杉中国等老股东持续追加投资； C1轮融资由国新基金领投，余姚工投跟投。 ...

Core Viewpoint - Morgan Stanley reports that Rongchang Biopharma has entered into an exclusive licensing agreement with AbbVie for RC148, which includes an upfront payment of $650 million, potential milestone payments of up to $4.95 billion for development, regulatory, and commercialization, and double-digit tiered royalties on net sales outside Greater China [1] Group 1 - The collaboration is seen as a surprise and may boost market confidence in the Chinese biotech and pharmaceutical sectors, as Morgan Stanley previously assessed the likelihood of this event as low and did not factor it into their models [1] - The deal reflects the competitive advantage of RC148, with key data for its use in first-line treatment of non-small cell lung cancer (NSCLC) expected to be announced at the ASCO conference at the end of May [1] - Morgan Stanley has raised the target price for Rongchang Biopharma from HKD 77 to HKD 116 and upgraded its rating from "Neutral" to "Overweight" [1]

Core Viewpoint - The company BaiO Saite-B (02315) has seen a significant stock increase of over 12%, with a cumulative rise of approximately 30% over the past three days, indicating strong market interest and confidence in its recent developments [1] Group 1: AI-Driven Antibody Drug Development - The company has completed the localization deployment of its AI-driven antibody drug development platform, which is expected to enhance collaboration with its core business, the "Thousand Mice and Ten Thousand Antibodies" initiative [1] - The integration of AI into the antibody drug development process aims to provide global pharmaceutical companies with more efficient research tools and a richer antibody molecule library, thereby improving the efficiency of preclinical PCC molecule development [1] Group 2: Strategic Partnerships - The company has entered into a licensing agreement with Yushibo to systematically evaluate the BsADC (bispecific antibody-drug conjugate) project through a structured assessment mechanism, which is intended to accelerate the development of BsAD2C (bispecific antibody dual-drug conjugate) [1]

Core Viewpoint - The stock of Baiaosaitu-B (02315) has increased over 12% and approximately 30% in the last three days, indicating strong market interest and positive sentiment towards the company's developments [1] Group 1: Company Developments - Baiaosaitu has completed the localization deployment of its AI-driven antibody drug research platform, which is now fully integrated with its core business, the "Thousand Mice and Ten Thousand Antibodies" program [1] - The company is building an AI intelligence system for antibody drug development, which aims to provide global pharmaceutical companies with more efficient research tools and a richer library of antibody molecules [1] - The ongoing integration of the "Thousand Mice and Ten Thousand Antibodies" program with the AI system is expected to enhance the efficiency of preclinical PCC molecule development for pharmaceutical partners, marking a new phase in antibody discovery business [1] Group 2: Strategic Partnerships - Baiaosaitu has entered into an option and licensing agreement with Yushibo to systematically evaluate the BsADC (bispecific antibody-drug conjugate) project through a structured assessment mechanism [1] - This partnership aims to accelerate the development process of BsAD2C (bispecific antibody dual drug conjugate) [1]

Core Viewpoint - The company, 百奥赛图-B (02315), has seen a significant stock price increase of over 12% in a single day and approximately 30% over the past three days, indicating strong market interest and confidence in its recent developments [1] Group 1: AI-Driven Antibody Drug Development - The company has completed the localization deployment of its AI-driven antibody drug development platform, which is expected to enhance collaboration with its core 千鼠万抗 plan [1] - The integration of AI systems with the 千鼠万抗 plan aims to provide global pharmaceutical companies with more efficient research tools and a richer antibody molecule library, thereby improving the efficiency of preclinical PCC molecule development [1] - This advancement is anticipated to propel the antibody discovery business into a new phase of development [1] Group 2: Collaboration with育世博 - The company has entered into an option and licensing agreement with 育世博 to systematically evaluate the BsADC project through a structured assessment mechanism [1] - This collaboration aims to accelerate the development process of the BsAD2C, a dual-target antibody drug conjugate [1]