据介绍，本次大会上，荣昌生物的多项重磅研究成果将集中亮相。其中，维迪西妥单抗联合治疗一线尿 路上皮癌的RC48-C016Ⅲ期临床研究入选"最新突破摘要(Late-Breaking Abstracts，LBA)"，展现了该研 究的重要学术价值。此外，公司还将展示10项多个瘤种及相关治疗策略的最新数据，呈现形式包括2项 简短口头报告和8项壁报展示，覆盖尿路上皮癌、胃癌、妇科肿瘤等领域，全面体现荣昌生物在ADC药 物联合治疗中的领先实力。 消息面上，据荣昌生物官微消息，2025年欧洲肿瘤内科学会(ESMO)年会将于当地时间10月17日至21日 在德国柏林召开，荣昌生物11项原创研究成果成功入选，其中多项临床研究数据为首次在国际公布。 荣昌生物(09995)早盘涨超5%，截至发稿，涨5.54%，报108.6港元，成交额1.1亿港元。 ...

智通财经APP获悉，荣昌生物(09995)早盘涨超5%，截至发稿，涨5.54%，报108.6港元，成交额1.1亿港 元。 据介绍，本次大会上，荣昌生物的多项重磅研究成果将集中亮相。其中，维迪西妥单抗联合治疗一线尿 路上皮癌的RC48-C016Ⅲ期临床研究入选"最新突破摘要(Late-Breaking Abstracts，LBA)"，展现了该研 究的重要学术价值。此外，公司还将展示10项多个瘤种及相关治疗策略的最新数据，呈现形式包括2项 简短口头报告和8项壁报展示，覆盖尿路上皮癌、胃癌、妇科肿瘤等领域，全面体现荣昌生物在ADC药 物联合治疗中的领先实力。 消息面上，据荣昌生物官微消息，2025年欧洲肿瘤内科学会(ESMO)年会将于当地时间10月17日至21日 在德国柏林召开，荣昌生物11项原创研究成果成功入选，其中多项临床研究数据为首次在国际公布。 ...

Core Insights - On September 24, Zhifei Biological experienced a 0.61% increase in stock price with a trading volume of 446 million yuan [1] - The company reported a net financing purchase of 3.29 million yuan on the same day, with a total financing and securities balance of 1.59 billion yuan [1] Financing Summary - On September 24, Zhifei Biological had a financing purchase of 66.16 million yuan, with a current financing balance of 1.58 billion yuan, representing 3.11% of its market capitalization [1] - The financing balance is above the 60th percentile of the past year, indicating a high level of financing activity [1] Securities Lending Summary - On September 24, Zhifei Biological repaid 3,500 shares in securities lending and sold 4,400 shares, amounting to a selling value of 93,700 yuan [1] - The remaining securities lending balance was 167,000 shares, with a total value of 3.56 million yuan, exceeding the 70th percentile of the past year [1] Company Overview - Zhifei Biological, established on July 20, 1995, and listed on September 28, 2010, is based in Chongqing and specializes in the research, production, and sales of vaccines and biological products [1] - The company's revenue composition includes 88.84% from agency products, 10.15% from self-developed products, and 1.00% from other sources [1] Shareholder and Financial Performance - As of August 20, the number of shareholders for Zhifei Biological was 139,500, a decrease of 0.28%, while the average circulating shares per person increased by 0.28% to 10,139 shares [2] - For the first half of 2025, the company reported a revenue of 4.919 billion yuan, a year-on-year decrease of 73.06%, and a net profit of -597 million yuan, a decrease of 126.72% [2] - Cumulatively, the company has distributed 7.318 billion yuan in dividends since its A-share listing, with 3.194 billion yuan in the last three years [2] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder with 36.35 million shares, a decrease of 10.59 million shares from the previous period [2] - E Fund's ChiNext ETF and Huatai-PB's CSI 300 ETF were among the top shareholders, with varying changes in their holdings [2]

Core Insights - Watson Bio's stock increased by 0.51% on September 24, with a trading volume of 229 million yuan [1] - The company experienced a net financing outflow of 5.95 million yuan on the same day, indicating a decrease in investor confidence [1] Financing Summary - On September 24, Watson Bio had a financing buy-in of 31.58 million yuan, while the financing repayment was 37.53 million yuan, resulting in a net financing buy-in of -5.95 million yuan [1] - The total financing and securities balance as of September 24 was 1.928 billion yuan, with the financing balance at 1.920 billion yuan, accounting for 10.23% of the circulating market value [1] - The financing balance is currently below the 30th percentile level over the past year, indicating a low position [1] Securities Lending Summary - On September 24, Watson Bio repaid 6,600 shares in securities lending and sold 6,100 shares, with a selling amount of 71,600 yuan based on the closing price [1] - The remaining securities lending volume was 722,000 shares, with a securities lending balance of 8.4685 million yuan, which is above the 90th percentile level over the past year, indicating a high position [1] Company Overview - Yunnan Watson Bio Technology Co., Ltd. was established on January 16, 2001, and listed on November 12, 2010 [1] - The company's main business involves the research, production, and sales of vaccine products, with 94.82% of its revenue coming from self-developed vaccines [1] Financial Performance - As of June 30, 2025, Watson Bio reported a revenue of 1.154 billion yuan, a year-on-year decrease of 19.47%, and a net profit attributable to shareholders of 43.16 million yuan, down 74.69% year-on-year [2] - The company has distributed a total of 403 million yuan in dividends since its A-share listing, with 47.98 million yuan distributed in the last three years [2] Shareholder Structure - As of June 30, 2025, Watson Bio had 117,300 shareholders, an increase of 3.73% from the previous period, with an average of 13,268 circulating shares per person, a decrease of 3.88% [2] - The largest circulating shareholder is E Fund's ChiNext ETF, holding 40.27 million shares, a decrease of 1.0618 million shares from the previous period [2]

Overview - Shanghai Fosun Pharmaceutical (Group) Co., Ltd. has received acceptance from the National Medical Products Administration for the drug registration application of FKC889, a targeted CAR-T cell therapy product for treating relapsed or refractory precursor B-cell acute lymphoblastic leukemia (ALL) in adult patients [2][3]. Product Information and Research Status - FKC889 is a CAR-T cell therapy product targeting CD19, developed by Fosun Kerry based on technology transferred from Kite Pharma, Inc., a subsidiary of Gilead Sciences, Inc. Tecartus, the original product, was approved for marketing in the US and Europe in July and December 2020, respectively [3]. - As of September 24, 2025, FKC889 is in the bridging clinical trial phase for another indication, which is for adult patients with relapsed or refractory mantle cell lymphoma (r/r MCL) who have previously received second-line or higher treatment [3]. - The cumulative R&D investment for FKC889 by the group is approximately RMB 183 million (unaudited) as of August 2025 [3]. - Multiple CAR-T cell therapy products, including Fosun Kerry's Yikaida (Acilin injection), have been approved for marketing in mainland China, but the overall market situation is difficult to ascertain due to limitations in public database coverage [3].

Summary of Senti Biosciences Conference Call Company Overview - **Company**: Senti Biosciences (NasdaqCM:SNTI) - **Industry**: Biotechnology, specifically focused on cell therapy Core Points and Arguments 1. **Logic-Gated Cell Therapy**: Senti Biosciences specializes in logic-gated cell therapy, which allows engineered cells to perform multiple functions based on various inputs from the host cell [1][2] 2. **Lead Program - SENTI-202**: The lead program, SENTI-202, is a first-in-class therapy targeting acute myeloid leukemia (AML), particularly affecting individuals aged 65 and older [2][5] 3. **Orphan Drug Designation**: SENTI-202 has received orphan drug designation, indicating its potential to address a significant unmet medical need in AML [2] 4. **Clinical Trial Progress**: Positive preliminary efficacy data has been demonstrated in the ongoing phase 1 clinical trial, with additional data expected by the end of the year [2][5] 5. **AML Statistics**: Approximately 20,000 to 21,000 Americans are diagnosed with AML annually, with a median survival of 5.3 months for those who do not respond to first-line therapy [5][6] 6. **Challenges in AML Treatment**: The heterogeneity of AML and the presence of therapy-resistant leukemic stem cells (LSCs) pose significant challenges in developing effective therapies [7][8] 7. **Mechanism of Action**: SENTI-202 utilizes a unique logic gate mechanism to selectively kill AML cells while sparing healthy cells, addressing the issue of shared targets between LSCs and healthy hematopoietic stem cells [9][11] 8. **NK Cell Utilization**: The therapy employs natural killer (NK) cells, which can be used across different patients without the risk of graft-versus-host disease, and have shown a response rate of about 20% in non-engineered forms [10][15] 9. **Efficacy Data**: In the RP2D cohort, 67% of patients achieved complete remission (CR), with 100% being measurable residual disease (MRD) negative, indicating a strong response to treatment [18][19] 10. **Safety Profile**: The safety profile of SENTI-202 is favorable, with no grade 3 adverse events reported and manageable infusion-related reactions [18][21] Additional Important Content 1. **Gene Circuit Design**: The gene circuit in SENTI-202 includes an OR logic gate for targeting multiple antigens and a NOT logic gate to protect healthy cells from being killed [11][13] 2. **Manufacturing Process**: The manufacturing process for SENTI-202 is off-the-shelf, allowing for immediate shipment of cells upon patient approval, which enhances operational efficiency [14] 3. **Future Plans**: The company plans to confirm the recommended phase 2 dose (RP2D) and expand the patient cohort, with further data presentation anticipated by the end of the year [21][22] This summary encapsulates the key points discussed during the conference call, highlighting Senti Biosciences' innovative approach to treating AML through its SENTI-202 program and the promising data emerging from its clinical trials.

Core Viewpoint - Xianweida Biotechnology Co., Ltd. is targeting the rapidly growing weight management sector and has officially submitted its IPO application to the Hong Kong Stock Exchange, with Morgan Stanley and CICC as joint sponsors [1] Company Overview - Xianweida has completed approximately 2.2 billion yuan in financing, with investors including Tencent and Meituan [1] - The company is currently in a "burning cash" R&D phase, with no products commercialized yet, projecting zero revenue for 2023 and 2024, and expecting to generate 91 million yuan in revenue in the first half of 2025 [1][6] - Cumulative net losses have exceeded 1.2 billion yuan [1] Product Pipeline - The product pipeline focuses on GLP-1 receptor agonists, with the core product being the injectable Enoglutide (XW003), which is in the critical pre-market stage [2] - Enoglutide is a novel long-acting GLP-1 receptor agonist that enhances efficacy in glucose reduction and weight loss without triggering excessive receptor internalization [2] - The company has submitted applications for Enoglutide for overweight/obesity and type II diabetes indications in China, with expectations for commercialization by 2026 [2] Competitive Landscape - The global weight management drug market is projected to grow from $112.8 billion in 2024 to $165.9 billion by 2029, attracting significant investment [5] - Xianweida faces competition from established multinational pharmaceutical companies and local firms, with three GLP-1 drugs already approved for overweight/obesity indications and several others in late-stage clinical trials [5][6] Financial Situation - The company has incurred substantial R&D expenses, totaling over 800 million yuan from 2023 to the first half of 2025, while generating minimal revenue [6] - The net proceeds from the IPO are intended for the R&D and commercialization of Enoglutide, advancing other product pipelines, upgrading production capabilities, and working capital [6]

格隆汇9月24日｜中国生物制药及临床前研究服务公司百奥赛图(2315.HK)公布，公司建议A股发行及于 上交所科创板上市，今日已获上交所科创板上市委员会批准。公司在2023年3月曾披露，建议向中国相 关监管机构申请发行不多于9984.96万股A股，并在科创板上市。A股发行所得款项将用于药物早期研发 服务平台建设项目、抗体药物研发及评价项目、临床前及临床研发项目及补充流动资金。 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9]. Core Insights - The collaboration with ALK-Abelló A/S aims to expand the desensitization treatment market, potentially creating new growth points for the company [5]. - The launch of Fuxin Qibai monoclonal antibody addresses the acute treatment of gout, filling a gap in the long-acting targeted therapy market in China [6]. - The company is increasing its R&D investment, particularly in the oncology sector, with a focus on developing new drugs based on ADC technology [7][8]. - Revenue forecasts for 2025-2027 are projected at 133.25 billion, 136.94 billion, and 137.85 billion yuan respectively, with corresponding EPS of 5.66, 5.88, and 6.00 yuan [9][11]. Summary by Sections Market Performance - The current stock price is 120.5 yuan, with a total market capitalization of 49.2 billion yuan and a total share count of 408 million [1]. Investment Highlights - The partnership with ALK allows the company to exclusively distribute three products in mainland China, enhancing its market share in the desensitization treatment sector [5]. - The pediatric market for allergy treatments is significant, with a prevalence rate of 18.46% among children aged 0-18 in China, indicating a strong potential for growth [5]. - Fuxin Qibai has shown promising clinical results, with a 90% reduction in gout recurrence risk at 12 weeks, suggesting a sales potential exceeding 20 billion yuan [6]. R&D Investment - In the first half of 2025, the company invested 1.335 billion yuan in R&D, a 17.32% increase year-on-year, representing 20.21% of its revenue [7]. - The increase in R&D spending is aimed at attracting new talent and establishing a new drug development platform focused on oncology [8]. Financial Projections - The company anticipates a decline in revenue growth rates, with a forecasted decrease of 7.6% in 2024, followed by a slight recovery in subsequent years [11]. - The projected net profit for 2025 is 2.308 billion yuan, reflecting a 10.6% decrease from the previous year [11].

新京报贝壳财经讯(记者俞金旻)9月24日，贝壳财经记者从上海海关获悉，首单来自澳门患者的CAR-T 细胞治疗用原料在上海张江跨境科创监管服务中心通关便捷通道顺利完成查验放行，查验全程在冷库内 进行，确保细胞活性与有效性。上海海关所属上海科创中心海关实施"一站式"审单、查验与放行流程， 优化与东航物流（601156）及企业间的协作机制，实时跟踪物流动态，实现该批原料"即到即查、快速 验放"。此举标志着我国自主研发的CAR-T治疗药品将服务范围扩展至澳门地区。 据了解，本次通关的原料为患者自体白细胞单采物(APH)，属于特殊生物制品，对运输时效、温度控 制、通关效率要求极高。复星凯瑞(上海)生物科技有限公司作为本次通关的企业主体，曾于今年2月成 功完成上海首例自香港进境的患者自体血液单采物跨境运输的案例，积累了较好的跨境监管与物流经 验。 病毒载体是CAR-T细胞治疗药品的重要原料，进口依赖强、关税税率较高，上海海关聚焦行业痛点积极 开展税政调研，及时跟踪相关企业研发及上市进程，连续多年提出降低该产品关税税率的建议，获得国 务院关税税则委员会采纳。自2025年1月1日起，该产品进口关税税率由3%降至0%，有效降低 ...