Core Viewpoint - China Antibody-B (03681) has entered into a comprehensive strategic cooperation agreement with Sun Yat-sen University Hong Kong Advanced Institute of Science (SYSU-IAS) to conduct joint research and development in the biomedical field over a three-year period [1] Group 1: Strategic Cooperation - The cooperation aims to leverage the strengths of both parties to accelerate the development of innovative drugs and promote the translation of research results into clinical applications globally [1] - The collaboration will adopt a project-driven model, focusing on resource sharing and efficient communication [1] - This partnership allows the company to utilize SYSU-IAS's advanced laboratory facilities, animal supply resources (especially non-primate animals), and valuable data assets, which are crucial for driving innovation in drug research and sustainable development [1] Group 2: Long-term Growth and Sustainability - The board of directors believes that this strategic cooperation establishes a mutually beneficial framework that will help drive growth and ensure long-term sustainability [1] - The collaboration aligns with the company's strategy to advance its pipeline of innovative drug candidates [1]

本合作协议旨在借助公司与中山大学香港高等研究院的联合优势，加速创新药物的发展，并推动全球范 围内科研成果向临床应用的转化。该合作将以项目驱动模式开展，以资源共享及高效沟通为核心框架。 该模式将使集团可直接利用中山大学香港高等研究院完备的实验室设施、实验动物供应资源(尤其非灵 长类动物)和宝贵的数据资产，此乃推动创新药研以及公司研发可持续发展的关键要素。董事会认为此 项战略合作构建了一个互利共赢的框架，有助于推动增长并确保长期可持续性。此次合作与公司推进其 在研创新药组合的发展战略相符。 董事会认为，合作协议为双方提供了宝贵的机会，使其能够充分发挥各自的资源和专业知识，实现互利 共赢并产生协同效应。因此，董事会认为订立合作协议属公平合理，并符合公司及其股东的整体利益。 联合研究工作：订约方将利用彼此的专业知识联合开展科学研究，包括发现研究、靶点阐释及严重疾病 动物模型开发；中山大学香港高等研究院应负责为该等联合研究提供实验场地和动物。 设施共用：中山大学香港高等研究院应允许本公司使用其位于中国内地深圳市深圳福田国际生物医药产 业园的实验室，以进行联合科学研究。实验室应被正式指定为"中山大学香港高等研究院—中国抗 ...

Market Overview - The Hong Kong stock market showed mixed results with the Hang Seng Technology Index rising by 0.25%, briefly surpassing the 25,000-point mark, while the Hang Seng Index increased by 0.32% and the Hang Seng Technology Index fell by 0.38% [1] Sector Performance - Large technology stocks exhibited divergent trends, with Xiaomi up by 1.77%, NetEase rising by 1%, and JD.com and Meituan also in the green, while Kuaishou plummeted over 9%, Alibaba dropped by 1.6%, and Baidu fell by 1.34% [1] - The semiconductor sector was boosted by rumors, leading to a surge in shares of Cambricon Technology, which hit the 20% daily limit, driving up Hong Kong semiconductor stocks collectively, with Hongguang Semiconductor rising by 11.5% and SMIC and Hua Hong Semiconductor increasing by over 5% [1] - Insurance stocks performed well as a result of a scheduled interest rate cut and an increase in the proportion of dividend insurance, with China Pacific Insurance leading the gains, rising over 6% [1] - Other active sectors included coal, dairy products, Apple concept stocks, Chinese brokerage firms, domestic property stocks, oil, brain-computer interface concepts, and shipping stocks [1] Declining Sectors - The rare earth concept stocks and paper industry stocks experienced significant declines, while the biopharmaceutical sector showed a high open but low close, with BGI Genomics and Livzon Pharmaceutical leading the losses among innovative drug stocks [1] - Logistics, vocational education, and military industry stocks also saw declines [1]

Core Viewpoint - Exosomes, small vesicles released by living cells, are recognized as a promising area in biomedicine, with applications in disease diagnosis, cell therapy, drug delivery, and regenerative medicine. The regulatory inclusion of extracellular vesicles (EVs) as advanced therapy medicinal products (ATMPs) marks a significant step towards their industrial application, although challenges remain in technology, standards, and interdisciplinary collaboration [2]. Group 1: Exosome Overview - Exosomes are tiny vesicles with a diameter of 30-150 nm, serving as messengers for intercellular communication and signal transmission. They contain various bioactive substances, including proteins, functional DNA fragments, mRNAs, and miRNAs [2]. - The National Medical Products Administration (NMPA) in China has recognized EVs as part of the ATMP category, indicating a move towards regulatory standardization in the development of exosome-related products [2]. Group 2: Challenges in the Industry - The exosome industry faces three main challenges: the need for breakthroughs in key technologies, the establishment of industry standards, and the enhancement of interdisciplinary collaborative innovation [2]. Group 3: Upcoming Event - An online seminar titled "First Exosome Innovation Technology and Application Progress" will be held on August 12, 2025, organized by Instrument Information Network, focusing on advancements in exosome extraction, characterization, and applications in disease diagnosis and treatment [3][5]. - The seminar will feature various sessions, including topics on standardization, single-molecule characterization, clinical applications, and innovative detection methods related to exosomes [6].

Core Points - The company, Shanghai Medicilon Inc., was established as a joint-stock company based on the net asset value of Shanghai Medicilon Biomedicine Co., Ltd. and registered in Shanghai [1][2] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on November 5, 2019, after issuing 15.5 million shares [1][3] - The registered capital of the company is RMB 134.352184 million [2] Chapter Summaries Chapter 1: General Provisions - The purpose of the articles is to protect the legal rights of the company, shareholders, and creditors, and to regulate the company's organization and behavior [1] - The company is a permanent joint-stock company and all assets are divided into equal shares, with shareholders liable only to the extent of their subscribed shares [2] Chapter 2: Business Objectives and Scope - The company's business objective is to integrate and optimize resources to provide high-quality products and services, ensuring sustainable development and maximizing shareholder returns [3] - The business scope includes research and development of drugs for AIDS, cancer sensitizers, gene engineering vaccines, and biopharmaceutical intermediates [4] Chapter 3: Share Issuance - The company's shares are issued in the form of stocks, adhering to principles of openness, fairness, and justice [4] - The total number of shares issued by the company is 134.352184 million, all of which are ordinary shares [5] Chapter 4: Shareholders and Shareholders' Meeting - Shareholders have rights to dividends, participate in meetings, supervise the company, and request information [12] - The company must hold an annual shareholders' meeting within six months after the end of the previous fiscal year [44] - The company can only issue shares or reduce capital under specific legal procedures and with shareholder approval [22][23] Chapter 5: Shareholder Rights and Obligations - Shareholders must comply with laws and the articles of association, and they cannot withdraw their shares except in legally specified circumstances [38] - Shareholders holding more than 5% of voting shares must report any pledges of their shares [39] Chapter 6: Shareholders' Meeting Procedures - The shareholders' meeting is the company's authority, deciding on business policies, electing directors, and approving financial budgets [41] - The meeting must be convened with proper notice, and shareholders can participate in person or by proxy [60][61] Chapter 7: Voting and Resolutions - Resolutions can be ordinary or special, with ordinary resolutions requiring more than half of the voting rights and special resolutions requiring two-thirds [77][78] - The company must disclose voting results, especially for matters affecting minority investors [80]

Core Viewpoint - The company is actively advancing the research and development of a probiotic new drug project in collaboration with Shenzhen Unknown Jun Biotechnology Co., Ltd [2] Group 1 - The company is currently engaged in a partnership with Shenzhen Unknown Jun Biotechnology Co., Ltd [2] - The research and development of the probiotic new drug project is progressing in an orderly manner [2] - The company will provide timely information disclosure based on the progress of the project [2]

Group 1 - The article highlights the continuous attention on enterprises affiliated with Shanghai Jiao Tong University, driven by their "technical strength and alumni network collaboration" [1] - In July 2025, several alumni enterprises reported successful financing rounds, showcasing the innovative resilience of the Jiao Tong gene [1] - Notable alumni enterprises that completed financing include Xingnuoqi, Ouyun, and Weilizhibo [1] Group 2 - Xingnuoqi completed a Pre-IPO financing round led by Dingqing Fund, with participation from Caitong Capital and Deqing Industrial Investment, to support its smart production base in Deqing, Zhejiang [2] - Xingnuoqi is a leading domestic precision injection mold and component manufacturer, recognized as a national "specialized, refined, distinctive, and innovative" enterprise [2] - Major clients of Xingnuoqi include top international and domestic companies such as Bertly, Edex, Hitachi Astemo, BYD, Siemens, and Huaqing [2] Group 3 - Ouyun received C+ round financing from Haibang Investment in July 2025 [4] - Ouyun is a top provider of new retail, new circulation, and omnichannel digital solutions, established in 2015 and recognized as a "Shanghai Software Enterprise" and "Shanghai High-tech Enterprise" [4] - The chairman of Ouyun, Yi Jiawu, is an alumnus of Jiao Tong University and a co-founder of Yihaodian [4] Group 4 - Weilizhibo officially listed on the Hong Kong Stock Exchange on July 25, 2025, with a final IPO price of HKD 35 per share, raising a net amount of HKD 1.1793 billion [6] - On its first trading day, Weilizhibo's closing price was HKD 67.1, giving it a market capitalization of HKD 12.975 billion [6] - Weilizhibo focuses on discovering, developing, and commercializing new therapies for cancer, autoimmune diseases, and other major diseases, with 14 candidate drugs developed, 6 of which are in clinical stages [6] Group 5 - In July 2025, an additional 17 enterprises affiliated with Jiao Tong University secured financing, with amounts ranging from tens of millions to billions [12] - These enterprises span various fields, including biomedicine, artificial intelligence, advanced manufacturing, and new energy, reflecting both technological achievements and high recognition of their commercial potential [12] - Among these, 7 enterprises are part of the Jiao Tong University mother fund portfolio [12]

Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 0.68% to 24,902.53 points, the Hang Seng Tech Index up by 0.73%, and the State-Owned Enterprises Index rising by 0.65% [2] Biopharmaceutical Sector - The biopharmaceutical sector showed strong performance, with Junshi Biosciences rising over 33% following a report from CCTV on July 31, stating that the National Healthcare Security Administration supports the clinical application and pricing of new technologies like brain-computer interfaces [4] - Junshi Biosciences' stock price reached 32.180, reflecting a 33.75% increase [5] Steel Industry - The steel sector saw significant gains, with Maanshan Iron & Steel Co. rising over 15%. Despite challenges such as supply-demand imbalances, the industry is expected to maintain stable demand due to supportive policies and ongoing infrastructure investments [4] - Maanshan Iron & Steel Co.'s stock price was reported at 2.530, marking a 15.53% increase [6] Apple-Related Stocks - Apple-related stocks experienced an uptick, with BYD Electronics rising over 7%. Apple's third-quarter revenue growth was reported at 9.6%, reaching $94 billion, which is the fastest growth in nearly three years, exceeding Wall Street expectations [6] - BYD Electronics' stock price was noted at 35.420, with a 7.73% increase [7] Automotive Sector - The automotive sector faced a pullback, with NIO's stock declining over 6%. Recent sales data revealed that Leap Motor achieved over 50,000 monthly sales, while NIO delivered only 21,000 vehicles, placing it near the bottom of the sales rankings [8] - NIO's stock price was recorded at 35.700, reflecting a decrease of 6.54% [8]

Core Viewpoint - Chengdu Zeling Biopharmaceutical Technology Co., Ltd. has successfully completed nearly 400 million RMB financing to advance multiple innovative drugs into critical Phase III clinical trials and expand its R&D pipeline [1][3]. Group 1: Company Overview - Founded in 2019, Zeling Biopharmaceutical focuses on unmet medical needs, particularly in oncology, autoimmune diseases, inflammation, and neurological disorders, aiming to discover and commercialize First-in-Class (FIC) and Best-in-Class (BIC) innovative drugs [3][4]. - The company has established a comprehensive innovation platform covering the entire lifecycle of drug development, including AI molecular design, structural biology, high-throughput screening based on organoids, PDX model construction, CMC research, clinical strategy formulation, and new drug registration [3][4]. Group 2: Product Pipeline - Zeling Biopharmaceutical has developed 7 innovative products with international competitiveness, with one indication entering critical Phase III and five indications in Phase II clinical trials [4][5]. - The core product, Purinostat Mesylate (PM), is the world's first single-agent high-selectivity HDAC inhibitor for relapsed/refractory lymphoma, achieving an objective response rate (ORR) of 69.0% in Phase IIa studies, comparable to existing combination therapies [4][6]. - Another significant product, Flonoltinib Maleate (FM), shows promising efficacy as a FIC potential JAK2/FLT3/CDK6 inhibitor in myelofibrosis, with over 80% of patients achieving a ≥35% reduction in spleen volume [5][6]. Group 3: Technological Advancements - Zeling Biopharmaceutical has obtained 34 invention patents, including 17 international patents, with an additional 45 patents pending [6]. - The integration of structural biology, AI drug design, and organoid-PDX dual-track validation has created a unique end-to-end innovation engine for drug development, facilitating the rapid transition of novel drugs into clinical development [6][7]. Group 4: Future Outlook - The company aims to accelerate its international expansion, with 2025 projected as a pivotal year for global growth, as it seeks to enter overseas markets and establish a presence on the global stage for innovative drugs [7]. - Investors have shown strong confidence in the company's development strategy and research outcomes, highlighting the potential for Zeling Biopharmaceutical to emerge as a significant player in the global innovative drug market [7].

Core Viewpoint - Baiaosaitu-B (02315) reported a significant increase in revenue and profitability for the first half of 2025, driven by innovation, market expansion, and optimized management strategies [1] Financial Performance - The company expects revenue for the first half of 2025 to reach between RMB 616 million and RMB 626 million, representing a year-on-year growth of approximately 50.1% to 52.5% [1] - Research and development expenses are projected to be between RMB 206.1 million and RMB 216.1 million, reflecting a year-on-year increase of about 27.5% to 33.6% [1] - The anticipated net profit is between RMB 42.7 million and RMB 52.7 million, indicating a turnaround from losses to profitability [1] Strategic Initiatives - The company has maintained a high level of R&D investment and dynamically adjusted its R&D focus based on business development needs [1] - Baiaosaitu has strengthened its overseas market presence by expanding its sales team and improving its sales system, leading to rapid growth in international business [1] - The release of R&D demand from domestic biopharmaceutical companies has created opportunities for Baiaosaitu, particularly in preclinical products and services [1] Market Performance - The stock price of Baiaosaitu has surged nearly 300% from a low of HKD 5.6 in late November last year to HKD 21.45 as of July 28, significantly outperforming the Hang Seng Index and Hang Seng Tech Index [2] Core Technology and Business Growth - Baiaosaitu has established a strong technological barrier with its unique gene editing technology and animal model platform, focusing on over 20 key disease areas [3] - The company has developed thousands of high-value target models, serving nearly 900 pharmaceutical and research institutions globally, completing over 5,300 drug evaluation projects [3] Revenue Diversification - The antibody licensing and development business is supported by the RenMice® platform, which has created a resource library of over one million fully human antibody molecules [4] - By the end of 2024, Baiaosaitu has established around 200 cooperation agreements with various domestic and international pharmaceutical companies, with over 50 licensed projects [4] - The ongoing expansion of clinical pre-service scale and growth in antibody licensing business is expected to enhance the company's value in the innovative drug industry chain [4]