Core Viewpoint - The significant drop in the stock price of Borui Pharmaceutical is linked to Pfizer's acquisition of Metsera, which has raised concerns about the competitive landscape in the GLP-1 drug market [1][2][4]. Group 1: Stock Performance and Market Reaction - Borui Pharmaceutical's stock price has fallen by 70% over 30 consecutive trading days, with a 30% drop occurring within just two days following the announcement of Pfizer's acquisition [1]. - The latest rolling price-to-earnings ratio for Borui Pharmaceutical stands at 313.01, significantly higher than the industry average of 31.43 [1]. - The external factors, particularly the Pfizer acquisition, are identified as the primary cause of the stock price decline, as Borui's operational status remains normal [1]. Group 2: Pfizer's Acquisition of Metsera - Pfizer announced the acquisition of Metsera for up to $7.3 billion, focusing on developing next-generation treatments for obesity and metabolic diseases [2][4]. - Metsera's lead drug, MET-097i, is a GLP-1 receptor agonist showing promising results in clinical trials, with participants experiencing an average weight loss of 11.3% [2][3]. - The acquisition reflects Pfizer's strategic move to strengthen its position in the GLP-1 market, especially after facing setbacks with its own GLP-1 drug developments [3][4]. Group 3: Borui Pharmaceutical's Potential - Borui Pharmaceutical is recognized as a potential player in the GLP-1 space, with its core product BGM0504 showing significant efficacy in clinical trials for type 2 diabetes and weight loss [6][8]. - BGM0504 has demonstrated superior results in reducing HbA1c levels compared to placebo and has shown promising weight loss effects in overweight participants [7][8]. - Despite its strong R&D capabilities, Borui faces uncertainty regarding its inclusion in multinational corporations' acquisition lists amid the ongoing "buying spree" in the innovative drug sector [8].

Core Viewpoint - The company, 加科思-B (01167), has received notification from its concerted action members expressing strong confidence in the company's future development prospects, leading to significant share purchases and a share buyback program [1] Group 1: Share Purchases - From July 16, 2025, to the date of the announcement, concerted action members have collectively purchased 11,058,650 shares at a total cost of approximately HKD 96.34 million [1] - As of the announcement date, these members hold a total of 200 million shares, representing about 25.28% of the company's total issued shares [1] Group 2: Share Buyback - Since July 15, 2025, the company has repurchased a total of 326,400 shares, with a cumulative payment of HKD 2.67 million [1] - The company plans to continue monitoring market conditions and may exercise shareholder authorization for further share repurchases based on market circumstances [1] Group 3: Business Outlook - The company reports that its current business operations are performing well, with encouraging progress in the research and development of its core product pipeline, including the Pan-KRAS inhibitor [1] - The management's substantial share purchases and the company's share buyback actions reflect a strong confidence in the company's fundamentals and long-term growth prospects [1]

Core Viewpoint - The company has received strong confidence from its concerted action members regarding its future development prospects, leading to significant share purchases and a share buyback program [1] Group 1: Share Purchases - From July 16, 2025, to the date of the announcement, concerted action members have collectively purchased 11,058,650 shares at a total cost of approximately HKD 96.34 million [1] - As of the announcement date, concerted action members hold a total of 200 million shares, representing about 25.28% of the company's total issued shares [1] Group 2: Management Confidence - The concerted action members expressed strong confidence in the company's overall development prospects, growth potential, and long-term investment value of its shares [1] - The company does not rule out the possibility of further share purchases by concerted action members, subject to applicable laws and regulations [1] Group 3: Share Buyback Program - Since July 15, 2025, the company has repurchased a total of 326,400 shares, with a cumulative payment of HKD 2.67 million [1] - The company will continue to monitor market conditions and may exercise its shareholder authorization to repurchase shares based on market circumstances [1] Group 4: Business Operations - The company's current business operations are reported to be in good condition, with encouraging progress in the research and development of its core product pipeline, including the Pan-KRAS inhibitor [1] - The management's substantial share purchases and the company's share buyback actions reflect a strong confidence in the company's fundamentals and long-term growth prospects [1]

Core Points - The company has signed a supplementary agreement to the shareholder agreement regarding its subsidiary, Yantai Lanacheng Biotechnology Co., Ltd, in relation to its C-round financing [2][5][9] Group 1: C-Round Financing and Agreements - On February 14, 2025, the company approved a proposal for C-round financing for its subsidiary, Yantai Lanacheng Biotechnology Co., Ltd [2] - Various stakeholders, including the founding shareholders and investment funds, signed the C-round investment agreement and shareholder agreement on February 25, 2025 [2] - The company agreed to repurchase all shares held by Shenzhen Jinglin Jingying Equity Investment Fund Partnership (Limited Partnership) on April 29, 2025, which corresponds to a registered capital of 1.466086 million [3] Group 2: Subsequent Investments and Agreements - On July 18, 2025, the company approved additional investments from several parties, including Yantai Blue Pharmaceutical Valley Construction Development Co., Ltd, to join the C-round investment agreement [4] - The company plans to spin off its subsidiary Lanacheng for a listing on the Hong Kong Stock Exchange, with board meetings held on August 28 and September 15, 2025, to approve related proposals [5] Group 3: Supplementary Agreement Details - The supplementary agreement states that certain rights and obligations under the C-round shareholder agreement will terminate upon the successful IPO of the target company [6] - If specific conditions regarding the IPO application are not met, the original terms of the C-round shareholder agreement will be reinstated [7] - The agreement clarifies that all parties have fulfilled their obligations under the C-round agreements and that there are no ongoing disputes or alternative arrangements [8]

Group 1: Chery Automobile's IPO - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, 2023, marking the largest IPO for a car company in Hong Kong this year [1] - The IPO price was set at HKD 30.75 per share, raising approximately HKD 9.145 billion [1] - Revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with a compound annual growth rate (CAGR) of 70.7%, while net profit is expected to rise from CNY 5.806 billion to CNY 14.334 billion, with a CAGR of 57.1% [1] Group 2: Shandong Gold International's Listing - Shandong Gold International submitted its prospectus to the Hong Kong Stock Exchange, aiming for a main board listing [2] - The company is recognized as one of China's leading gold producers, focusing on the exploration and mining of gold, silver, lead, and zinc [2] - It is noted for having the strongest profitability and cost-effectiveness among listed gold companies in China, with a projected net profit growth of 48.43% year-on-year for the first half of 2025 [2] Group 3: Shuanglin Technology's IPO - Shuanglin Technology has filed for an IPO on the Hong Kong Stock Exchange, with CITIC Securities and GF Securities as joint sponsors [3] - The company specializes in manufacturing intelligent components for automotive drive systems and is the second-largest global supplier of horizontal drive mechanisms (HDM) for automotive seats, holding a 15.1% market share [3] - The funds raised from the IPO are expected to support overseas capacity expansion and technological research and development [3] Group 4: Baiaosaitu's A-Share Issuance Approval - Baiaosaitu received approval from the Shanghai Stock Exchange for its A-share issuance and listing on the Sci-Tech Innovation Board [4] - The company plans to issue up to 99.8496 million A-shares, with proceeds aimed at enhancing early drug research services, antibody drug development, and clinical research projects [4] - Baiaosaitu has shown significant revenue growth and has turned profitable, leveraging its proprietary antibody platform [4]

Core Viewpoint - 甘李药业 has signed a technology transfer and supply agreement with Brazil's Fiocruz and local biopharmaceutical company BIOMM, focusing on the production and development of insulin, which is expected to significantly impact the company's performance in 2025 and beyond [2][3]. Group 1: Partnership and Agreements - The agreements include a supply framework worth at least RMB 3 billion (including tax) and cover the transfer of technology related to insulin, raw materials, injection solutions, and syringes for a period of ten years [2]. - The PDP project aims to strengthen Brazil's public health system and ensure a stable supply of essential medicines through local production [2][4]. Group 2: Market Context and Demand - Brazil has faced insulin supply shortages, leading to an urgent tender for over a million insulin products in 2023, which 甘李药业 successfully supplied [3]. - The project is expected to generate a demand for at least 70 million units of insulin annually, with an initial focus on supplying insulin injection solutions to alleviate clinical shortages [3]. Group 3: Company Performance and Recovery - 甘李药业 has been recovering from the impact of national drug procurement policies, with a reported revenue of RMB 2.067 billion in the first half of 2025, a year-on-year increase of 57.18% [5][6]. - The company has successfully entered the national procurement process, with six products selected, and has achieved a market share of nearly 30% in the third-generation insulin market, ranking second in the industry [6]. Group 4: International Expansion - 甘李药业 is actively pursuing international markets, with a reported revenue of RMB 220 million from international sales in the first half of 2023, a 75.08% increase year-on-year [7]. - The company has established a local production facility in Brazil and is also seeking to penetrate the African market with successful local projects [7][8].

（来源：一度医药） 转自：一度医药 2025年9月25日，据外媒报道，海德堡制药（Heidelberg Pharma）近日宣布计划裁员75%。这一重大决 策的导火索，源于美国FDA对泰利克斯制药（Telix Pharmaceuticals）一款影像剂的驳回。 根据此前海德堡制药与Telix Pharmaceuticals签订的许可协议，如果TLX250-CDx获得市场批准，海德堡 制药有权获得里程碑付款和两位数的特许权使用费。为提前回笼资金，海德堡制药已将其未来特许权使 用费的一部分出售给HealthCare Royalty（HCRx），根据协议，公司将在TLX250-CDx获得FDA批准时 从HCRx获得7000万美元。 海德堡制药原本期待在2025年8月末，随着TLX250-CDX诊断试剂的获批，获得一笔7000万美元的付 款。然而，FDA的拒绝让这笔资金化为泡影，公司资金链陷入紧张。截至2025年年中，Heidelberg账上 仅有3300万欧元（约合3900万美元），原本的资金仅能维持到2026年第一季度。资金的短缺迫使公司不 得不采取紧急措施。 其中，HDP-101是一款新型的抗BCMA抗体药物偶联 ...

Core Insights - Hualing Pharmaceutical's drug Huatangning, the world's first glucose kinase activator (GKA) for diabetes, was approved in 2022, marking a significant milestone in China's biopharmaceutical industry [1][4] - Despite initial expectations, Huatangning's sales performance was underwhelming while partnered with Bayer, leading to a strategic shift to self-commercialization in 2025, resulting in a significant sales increase [1][8][15] - The drug's development faced challenges, with previous GKA candidates failing due to a lack of understanding of glucose kinase's role as a blood sugar sensor, which Hualing addressed by focusing on blood sugar variability rather than just lowering blood sugar levels [5][6][9] Company Performance - After taking back commercialization rights from Bayer, Hualing Pharmaceutical's sales team expanded significantly, achieving a 108% year-on-year increase in Huatangning's sales volume to 1.764 million boxes in the first half of 2025 [15] - The company reported a revenue of 2.174 billion yuan from Huatangning, with a net profit of 11.839 billion yuan, largely due to a one-time payment from terminating the agreement with Bayer [15][16] - Hualing's performance is part of a broader trend in the Chinese innovative drug sector, which saw a 7.26% revenue growth among 84 innovative drug companies in the first half of 2025 [15] Industry Trends - The Chinese innovative drug market is experiencing a surge, with domestic drugs accounting for 38% of global new drug approvals in 2024, expected to exceed 50% in 2025 [17] - The ongoing business development (BD) trend indicates a growing alignment between domestic biotech companies and international pharmaceutical firms, with a significant portion of FDA-approved drugs originating from biotech [17][18] - Future opportunities in the biotech sector are anticipated as new modalities like ADCs and bispecific antibodies emerge, suggesting that the market for innovative drugs will continue to expand [18]

Core Insights - Hualing Pharmaceutical's drug Huatangning, the world's first glucose kinase activator (GKA) for diabetes, was approved in 2022, marking a significant milestone in China's biopharmaceutical industry [2] - Despite initial expectations, Huatangning's sales performance was underwhelming while partnered with Bayer, leading to a strategic shift to self-commercialization in 2025, resulting in a sales volume increase of 108% in the first half of 2025 [2][14] - The company emphasizes the importance of glucose kinase's "glucose-dependence" in its drug development, aiming to stabilize blood sugar levels rather than merely lowering them [5][8] Company Development - Huatangning's development began in 1995, inspired by the discovery of glucose kinase, which regulates blood sugar levels [3][4] - The drug faced significant challenges, with over 20 candidates failing before Huatangning's success, attributed to a misunderstanding of glucose kinase's role [5] - The drug's clinical trials showed a low incidence of hypoglycemia, maintaining below 1% during trials and post-market surveillance [6] Commercial Strategy - Initially, Hualing partnered with Bayer for commercialization, which included a prepayment of 300 million yuan and potential milestone payments up to 4.18 billion yuan [7] - The partnership was seen as a model for collaboration between domestic biotech firms and multinational pharmaceutical companies, leveraging Bayer's market presence [7][12] - However, Bayer's internal restructuring and management inefficiencies hindered the drug's market performance, prompting Hualing to take over commercialization [12] Financial Performance - After taking back commercialization rights, Hualing's sales team expanded significantly, achieving a sales volume of 1.764 million boxes in the first half of 2025, with revenue reaching 217.4 million yuan [14] - The company reported a one-time income of 1.2435 billion yuan from terminating the agreement with Bayer, leading to a net profit of 1.1839 billion yuan, marking its first profitable quarter since going public [14] Industry Trends - The Chinese innovative drug market is experiencing rapid growth, with domestic drugs accounting for 38% of global new drug approvals in 2024, projected to exceed 50% [15][16] - The surge in interest in innovative drugs is linked to improved R&D efficiency and a growing trend of business development (BD) collaborations between biotech firms and multinational companies [15][16] - Future opportunities in the biotech sector are expected to arise from new modalities and technologies, indicating a continuous demand for innovative drug development [17]

Investment Rating - The report suggests a positive investment outlook for the small nucleic acid drug industry, highlighting its significant growth potential and advantages over traditional therapies [2]. Core Insights - The small nucleic acid drug technology is maturing, offering notable advantages such as shorter development cycles, a rich array of targets, lasting effects, and higher success rates in research and development [2]. - The global market for small nucleic acid drugs has grown from $2.7 billion in 2019 to $4.6 billion in 2023, with a compound annual growth rate (CAGR) of 14.3%. It is projected to reach $46.7 billion by 2033, growing at a CAGR of 26.1% from 2023 [2][41]. - Domestic companies are rapidly entering the market, focusing on chronic diseases rather than the traditional rare disease approach, with several products in clinical trials [2][63]. Summary by Sections 1. Introduction to Small Nucleic Acid Drugs - Small nucleic acid drugs include antisense oligonucleotides (ASO), small interfering RNA (siRNA), and aptamers, which are designed to target mRNA and regulate gene expression [8][12]. 2. Development and Commercialization of Small Nucleic Acid Drugs - The report outlines the historical development of small nucleic acid drugs, noting significant advancements post-2014 due to improved delivery systems [11][34]. - The market is currently dominated by ASO, which holds 62.5% of the market share, while siRNA has rapidly gained traction with a 36.7% share [18]. 3. Overview of Domestic and International Companies - Key domestic companies include Rebio, Shengnuo Pharmaceutical, and others, focusing on chronic diseases like cardiovascular issues and hepatitis B [2][63]. - International leaders such as Alnylam and Ionis are recognized for their pioneering work in the small nucleic acid drug space [2]. 4. Investment Analysis and Recommendations - The report recommends focusing on companies with proprietary technology platforms and advantageous pipelines, such as Rebio and Shengnuo Pharmaceutical [2].