Group 1 - The core viewpoint of the article highlights the performance of the CSI Hong Kong Stock Connect Innovative Drug Index, which rose by 3.4% to 955.16 points, with a trading volume of 16.275 billion yuan [1] - The index has shown significant growth, increasing by 15.52% over the past month, 30.95% over the past three months, and 58.83% year-to-date [1] - The index comprises 50 listed companies involved in innovative drug research and development, reflecting the overall performance of innovative drug companies within the Hong Kong Stock Connect [1] Group 2 - The top ten weighted companies in the index include Innovent Biologics (10.14%), BeiGene (9.67%), WuXi Biologics (9.53%), and others, indicating a concentration in leading firms within the innovative drug sector [1] - The index is exclusively composed of companies listed on the Hong Kong Stock Exchange, with a 100% representation from this market [1] - The industry composition of the index shows that drug formulations account for 42.00%, other biopharmaceuticals for 38.03%, pharmaceutical and biotechnology services for 19.53%, and vaccines for 0.44% [2] Group 3 - The index undergoes adjustments every six months, specifically on the second Friday of June and December, with weight factors adjusted accordingly [2] - In special circumstances, the index may be adjusted temporarily, such as when a sample company is delisted or undergoes mergers or acquisitions [2] - Changes in the Hong Kong Stock Connect eligibility may also lead to adjustments in the index samples [2]

Group 1 - The Shanghai Composite Index opened lower but rose throughout the day, with the CSI 300 Pharmaceutical and Biotechnology Index reported at 7971.61 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has increased by 5.53% in the past month, 7.39% in the past three months, and 7.09% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten holdings of the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (25.29%), WuXi AppTec (16.43%), Pian Zai Huang (6.37%), Yunnan Baiyao (5.21%), Kelun Pharmaceutical (5.11%), East China Pharmaceutical (4.06%), Xinhecheng (3.51%), Changchun High-tech (3.48%), Fosun Pharma (3.34%), and Shanghai Raas (3.27%) [1] - The market segments of the CSI 300 Pharmaceutical and Biotechnology Index show that the Shanghai Stock Exchange accounts for 63.65% and the Shenzhen Stock Exchange accounts for 36.35% [2] - The industry composition of the CSI 300 Pharmaceutical and Biotechnology Index includes: chemical drugs (43.80%), pharmaceutical and biotechnology services (21.66%), traditional Chinese medicine (18.52%), and biological drugs (16.02%) [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted along with the periodic sample adjustments, which are generally fixed until the next scheduled adjustment [2] - Temporary adjustments occur when the CSI 300 Index samples are modified, and changes in industry classification due to special events will also lead to corresponding adjustments in the CSI 300 industry index samples [2]

Group 1 - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Pharmaceutical and Biotechnology Index reported at 7798.06 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has increased by 4.26% in the past month, 2.71% in the past three months, and 4.75% year-to-date [1] - The CSI 300 Index samples are categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (25.23%), WuXi AppTec (16.45%), Pian Zai Huang (6.51%), Yunnan Baiyao (5.3%), Kelun Pharmaceutical (5.04%), East China Pharmaceutical (3.91%), New Horizon (3.59%), Changchun High-tech (3.57%), Shanghai Raist (3.34%), and Fosun Pharmaceutical (3.18%) [1] - The market share of the CSI 300 Pharmaceutical and Biotechnology Index is 63.57% from the Shanghai Stock Exchange and 36.43% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes: Chemical drugs (43.24%), Pharmaceutical and Biotechnology services (21.56%), Traditional Chinese medicine (18.83%), and Biological drugs (16.37%) [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2] - Special events affecting sample companies may lead to changes in industry classification and subsequent adjustments to the CSI 300 industry index samples [2]

Group 1 - The Shanghai Composite Index opened high and the CSI 300 Pharmaceutical and Biotechnology Index reported 7624.71 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has increased by 4.46% in the past month, 3.56% in the past three months, and 2.43% year-to-date [1] - The index is designed to reflect the overall performance of different industry companies within the CSI 300 Index, categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten holdings of the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (25.5%), WuXi AppTec (15.98%), Pian Zai Huang (6.77%), Yunnan Baiyao (5.51%), Kelun Pharmaceutical (4.73%), New Horizon (3.69%), East China Pharmaceutical (3.68%), Shanghai Raist (3.39%), Changchun High-tech (3.33%), and Fosun Pharma (3.23%) [1] - The market segment of the CSI 300 Pharmaceutical and Biotechnology Index shows that the Shanghai Stock Exchange accounts for 63.75% and the Shenzhen Stock Exchange accounts for 36.25% [2] - In terms of industry composition, chemical drugs account for 43.27%, pharmaceutical and biotechnology services for 21.11%, traditional Chinese medicine for 19.35%, and biological drugs for 16.27% [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted along with the periodic sample adjustments, which are fixed until the next scheduled adjustment unless a temporary adjustment is required [2] - Special events affecting sample companies may lead to changes in industry classification, and companies that are delisted will be removed from the index [2]

Financial Data and Key Metrics Changes - Revenues associated with the BARDA contract were $1,600,000 in Q1 2025 compared to zero in Q1 2024, as the contract began in June 2024 [17] - The overall net loss for Q1 2025 was approximately $5,400,000 or $0.45 per share, compared to a net loss of $5,900,000 or $2.47 per share in Q1 2024 [19] - Cash balances at March 31, 2025, were $7,400,000, up from $5,500,000 at December 31, 2024 [20] Business Line Data and Key Metrics Changes - Research and development expenses increased to $5,400,000 in Q1 2025 from $4,400,000 in Q1 2024, representing a 21% increase [18] - General and administrative expenses rose to $1,700,000 in Q1 2025 from $1,500,000 in Q1 2024, a 16% increase [19] Market Data and Key Metrics Changes - The company estimates that over 40 million adults in the United States and over 400 million worldwide have medical conditions rendering them inadequately responsive to first-generation vaccines [10] Company Strategy and Development Direction - The company aims to advance its product candidates, including GEO CM04S1 and GEO MVA, to address unmet healthcare needs and expedite registration paths [6][13] - There is a focus on establishing US-based manufacturing for MVA vaccines to reduce dependence on non-US suppliers [14][51] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the BARDA Project NextGen stop work order but remains committed to the development of the CM04S1 vaccine [8][9] - The company anticipates multiple presentations of clinical results for CM04S1 throughout 2025, which may serve as catalysts for strategic partnerships [11] Other Important Information - The company is actively exploring various funding strategies, including strategic partnerships and non-dilutive funding, to support its development programs [21] - The advanced MVA manufacturing process is expected to provide a competitive advantage in the production of MVA-based vaccines and therapies [7] Q&A Session Summary Question: Comparison with Vaxart's program and implications of the stop work order - Management highlighted distinct differences between their program and Vaxart's, noting that Vaxart had already dosed patients before the halt [24][25] Question: Impact of recent comments by HHS on vaccine trials - Management confirmed ongoing phase two trials and expressed confidence in the value of multi-antigen vaccines [31][34] Question: Next steps for trials based on healthy volunteers' results - The focus remains on immunocompromised populations, with plans for expanded trials if results are encouraging [40][43] Question: Safety and efficacy of the MPOXX vaccine - Management confirmed no adverse safety issues have been observed with the MVA vaccine, emphasizing its historical safety profile [48][49] Question: Support for US-based manufacturing - Management indicated ongoing discussions with government representatives regarding US-based manufacturing and expressed optimism for future funding [51][53]

Group 1 - The core viewpoint of the article highlights the significant inflow of southbound funds into the Hong Kong stock market, driven primarily by ETF investments, with over 600 billion HKD accumulated this year [1][6] - In March, the net inflow of funds into mainland investable Hong Kong stock ETFs reached a record 23.4 billion HKD, followed by nearly 35 billion HKD in April, indicating strong investor interest [2][6] - The overall scale of Hong Kong stock ETFs reached 178.99 billion HKD by the end of Q1 2025, reflecting a 45% increase from the previous quarter [7] Group 2 - Active equity funds have increased their allocation to Hong Kong stocks, with the allocation ratio exceeding 30%, the highest in nearly five years [10] - The top stocks favored by active equity funds include Tencent Holdings, Alibaba-W, and Pop Mart, with significant increases in their holdings [11] - The inflow of southbound funds is expected to continue, with estimates suggesting an additional 200 to 300 billion HKD for the year, driven by both active equity funds and insurance capital [14][15] Group 3 - The article discusses the performance of Hong Kong stock ETFs during market fluctuations, noting that despite a decline in indices, ETF investments have remained robust [4][5] - The analysis indicates that the current valuation of Hong Kong stocks is attractive compared to A-shares and US stocks, which is a key factor in attracting investment [5][6] - The outlook for the technology sector in Hong Kong remains positive, with expectations of continued growth driven by AI and other technological advancements [15][16]

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Pharmaceutical and Biotechnology Index reported 7459.13 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has decreased by 3.80% over the past month, increased by 3.37% over the past three months, and has risen by 0.20% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten holdings in the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (24.67%), WuXi AppTec (16.06%), Pian Zai Huang (6.84%), Yunnan Baiyao (5.71%), Kelun Pharmaceutical (4.69%), New Horizon (3.81%), East China Pharmaceutical (3.6%), Shanghai Raist (3.44%), Fosun Pharma (3.37%), and Changchun High-tech (3.18%) [1] - The market share of the CSI 300 Pharmaceutical and Biotechnology Index is 63.43% from the Shanghai Stock Exchange and 36.57% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes: chemical drugs (42.67%), pharmaceutical and biotechnology services (21.27%), traditional Chinese medicine (19.68%), and biological drugs (16.38%) [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted along with the sample adjustments, which are generally fixed until the next scheduled adjustment [2] - Temporary adjustments occur when the CSI 300 Index samples are modified, and changes in industry classification due to special events will also lead to corresponding adjustments in the CSI 300 industry index [2]

Core Points - The Shanghai Composite Index opened lower and the CSI 300 Pharmaceutical and Biotechnology Index reported 7479.61 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has decreased by 0.64% in the past month, increased by 3.66% over the last three months, and has risen by 0.48% year-to-date [1] Industry Composition - The CSI 300 Pharmaceutical and Biotechnology Index is composed of 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The index is based on the performance of all securities in the CSI 300 Index classified by industry, with a base date of December 31, 2004, and a base point of 1000.0 [1] Index Holdings - The top ten holdings in the CSI 300 Pharmaceutical and Biotechnology Index are: - Heng Rui Medicine (24.75%) - WuXi AppTec (15.82%) - Pian Zai Huang (6.85%) - Yunnan Baiyao (5.7%) - Kelun Pharmaceutical (4.68%) - New Horizon (3.79%) - East China Pharmaceutical (3.64%) - Shanghai Raist (3.44%) - Fosun Pharma (3.38%) - Changchun High-tech (3.17%) [1] Market Distribution - The market distribution of the CSI 300 Pharmaceutical and Biotechnology Index shows that the Shanghai Stock Exchange accounts for 63.33% and the Shenzhen Stock Exchange accounts for 36.67% [2] Sector Breakdown - The sector breakdown of the index holdings indicates that: - Chemical drugs account for 42.69% - Pharmaceutical and biotechnology services account for 21.06% - Traditional Chinese medicine accounts for 19.74% - Biological drugs account for 16.51% [2] Sample Adjustment - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with sample changes, and any special events affecting a sample company's industry classification will lead to corresponding adjustments in the index [2]

Financial Performance - In 2024, the company achieved operating revenue of 1.349 billion yuan, a year-on-year increase of 16.93% [1] - The net profit attributable to shareholders was 113 million yuan, up 11.54% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 118 million yuan, reflecting a growth of 19.33% [1] - In Q1 2025, the company experienced a slight increase in operating revenue, primarily due to a high base from the previous year, while profits declined due to foreign exchange losses and stock incentive expenses [1] Strategic Initiatives - The company is advancing a "product + service" dual-driven model, enhancing traditional pharmaceutical sales while establishing digital health management services to improve patient adherence and sales of key products [2] - The company is committed to a managed care service model, focusing on liver cancer screening standards and developing comprehensive management solutions from screening to treatment [2] - The company aims to increase liver disease detection and treatment rates while ensuring a win-win situation for insurance, doctors, and patients [2] Research and Development - A national major science and technology project focusing on the prevention and clinical evaluation of primary liver cancer has been launched, involving collaboration with 11 authoritative medical institutions [3] - The project aims to provide comprehensive health solutions for 447 million chronic liver disease patients in China [3] Product Development - The FibroScan liver elastography device has been recognized as the "best" by American guidelines, with over 5,200 clinical research publications supporting its efficacy [4] - By the end of 2024, the company had installed 651 units of FibroScan Go and box globally, with plans to expand its clinical application scenarios in 2025 [4] - The company has established itself as a leader in the fatty liver field, with significant research demonstrating the effectiveness of its products in reducing liver cancer incidence and mortality [4]

Group 1 - The Shanghai Composite Index opened high and the CSI 300 Pharmaceutical and Biotechnology Index reported 7370.94 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has decreased by 1.33% in the past month, increased by 5.20% in the past three months, and decreased by 0.98% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (24.17%), WuXi AppTec (14.58%), Pian Zai Huang (6.92%), Yunnan Baiyao (5.68%), Kelun Pharmaceutical (5.11%), East China Pharmaceutical (3.63%), New Hope Liuhe (3.58%), Shanghai Raas (3.57%), Changchun High-tech (3.53%), and Fosun Pharma (3.39%) [1] - The market share of the CSI 300 Pharmaceutical and Biotechnology Index is 61.98% from the Shanghai Stock Exchange and 38.02% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes: chemical drugs (42.08%), traditional Chinese medicine (20.00%), pharmaceutical and biotechnology services (19.84%), and biological drugs (18.08%) [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2] - Special events affecting sample companies may lead to adjustments in the industry classification of the CSI 300 Industry Index [2]