长城证券股份有限公司关于 浙江泰林生物技术股份有限公司 长城证券股份有限公司（以下简称"长城证券"或"保荐机构"）作为浙江泰林 生物技术股份有限公司（以下简称"泰林生物"或"公司"）首次公开发行股票并上 市持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易 所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创 业板上市公司规范运作（2025 年修订）》等有关规定，对公司 2025 年半年度募 集资金存放与使用情况进行了核查，具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于核准浙江泰林生物技术股份有限公司首次 公开发行股票的批复》（证监许可〔2019〕2962 号）核准，并经深圳证券交易 所同意，本公司由主承销商安信证券股份有限公司采用余额包销方式，向社会公 众公开发行人民币普通股（A 股）股票 1,300.00 万股，发行价为每股人民币 18.35 元，共计募集资金 23,855.00 万元，坐扣承销和保荐费用 2,545.00 万元后的募集 资金为 21,310.00 万元，已由主承销商安信证券股份有限公司于 ...

Core Insights - The company reported a revenue of 276 million yuan and a net profit attributable to shareholders of 125 million yuan for the first half of 2025, benefiting from the ongoing development of the national hierarchical medical system and various clinical practice guidelines related to respiratory diseases [1] - Despite facing a temporary decline in performance due to changes in disease trends, patient consultation habits, and tax policies compared to the same period last year, the company's performance has significantly improved compared to the first half of 2022 and the initial public offering period in 2023 [1] - The company remains committed to its operational plans set at the beginning of the year, increasing R&D investment and accelerating the transformation of technological achievements [1] Product Development - During the reporting period, the company obtained registration certificates for PCR fluorescent probe method test kits for influenza A virus, influenza B virus, and respiratory syncytial virus, becoming one of the few companies with antigen, antibody, and nucleic acid testing products [1] - The company expanded its product matrix in the Southeast Asian market and made further breakthroughs in the European and American markets during the reporting period [1] Strategic Initiatives - The company strategically entered the field of neurological disease testing, including Alzheimer's disease, in response to the aging population in China [2] - A strategic partnership was established with Quanterix, a digital biomarker analysis company, to utilize their Simoa technology for early disease diagnosis, treatment monitoring, and drug development [2] - To enhance employee motivation and retain talent, the company announced a restricted stock incentive plan on the same day as the half-year report, with a total of 2.1127 million shares to be granted at a price of 16.55 yuan per share [2]

Group 1 - The core viewpoint of the article highlights the financial performance of Sanofi Pharmaceutical, reporting a revenue of RMB 4.356 billion and a net profit attributable to shareholders of RMB 1.358 billion, reflecting a year-on-year increase of 24.6% [1] - The company is recognized as a leading biotechnology firm in China, with a strong focus on the research, development, production, and marketing of biopharmaceutical products [1] - Key commercialized products include various biopharmaceuticals such as Tevaz, rhEPO products, and small molecule drugs like Mandi, with Tevaz holding a 63.0% market share in the platelet reduction treatment market in mainland China as of the first half of 2025 [1] Group 2 - As of June 30, 2025, the company is actively developing 30 key products, with 27 of them being innovative drugs in mainland China, including 18 antibody drugs and 6 other biopharmaceuticals [2] - The company has 14 products in research for hematology/oncology, 10 targeting autoimmune diseases, 3 for nephrology, 2 for dermatology, and 1 for metabolic diseases [2]

下步，区发展和改革局将持续加强各类创新平台的培育与监管，进一步推动科技成果转化为新质生产 力，助力全区现代化建设迈向新台阶。(烟台市牟平区发展和改革局王祯) 中国发展网讯近日，山东省烟台市发展和改革委员会发布了《关于公布2025年新认定烟台市工程研究中 心名单的通知》，经烟台市牟平区发展和改革局积极谋划、全力争取，山东佰鸿干细胞生物技术有限公 司的"干细胞新药研制与转化应用工程研究中心"项目成功入选。 烟台市牟平区发展和改革局始终高度重视创新平台培育工作，积极指导企业规范申报、精准对接，全力 服务项目入围。此次入选体现了该区在生物医药方面的科研转化能力不断增强，对推动产业技术进步、 提升核心竞争力具有重要意义。 ...

Financial Data and Key Metrics Changes - Revenue from cell therapy products increased to $17.2 million, up 191% from the prior year, driven by the successful launch of Ryoncil [12][15] - Net operating cash spend for the year was $50 million, consistent with the prior year, despite investments in commercial team build-out and product launch activities [13][15] - Cash on hand as of June 30 was $162 million [13] Business Line Data and Key Metrics Changes - Ryoncil generated $13.2 million in gross sales and $11.3 million in net sales after a 14.6% gross to net adjustment [12] - Cost of revenues related to product sales was $1.2 million, representing 10% of net product sales, resulting in a gross margin of 90% [15] - Selling, general, and administrative expenses rose to $39.3 million, an increase of $14.3 million from FY 2024, primarily due to the commercial team build-out [15] Market Data and Key Metrics Changes - The addressable market for Ryoncil in pediatric acute graft versus host disease (GVHD) is significant, with potential label extensions in adult populations and other inflammatory diseases [9][10] - The addressable market for heart failure with reduced ejection fraction and chronic low back pain is estimated to exceed $10 billion each [9] Company Strategy and Development Direction - The company aims to expand Ryoncil's label to include adult patients with GVHD and other inflammatory conditions, leveraging existing pediatric treatment centers [24][25] - Plans to initiate pivotal studies for Ryoncil in inflammatory bowel disease and chronic low back pain are underway, targeting significant unmet medical needs [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the commercial launch of Ryoncil and its potential to transform the company from an R&D-focused entity to a commercial biotech organization [87] - The company is focused on building a robust commercial infrastructure to support ongoing sales growth and market access [76][82] Other Important Information - Ryoncil became commercially available on March 28, 2025, shortly after receiving FDA approval in December 2024 [10] - The company has onboarded 32 transplant centers in the U.S. and aims to reach 45 centers that account for 80% of pediatric bone marrow transplants [10][11] Q&A Session Summary Question: Timeline for adult GVHD label extension - Management expects to commence an adult acute GVHD trial this quarter, working with the NIH-funded Bone Marrow Transplant Clinical Trials Network [46][48] Question: Progress on Phase III chronic lower back pain trial - Enrollment is ongoing with nearly 40 sites, and management is optimistic about achieving similar outcomes as in previous trials [50][51] Question: Monthly treatment kits administered and inventory dynamics - Treatment kits are stocked based on weight bands, with replenishment occurring as children are treated [56][57] Question: Gross to net dynamics and adult GVHD trial design - Management expects gross to net adjustments to remain flat and plans to include patients on Jakafi in the adult trial to maximize market potential [59][60] Question: Details on adult study and trial design - The FDA is aligned with the company on trial design, focusing on early intervention in severe adult populations [64][66] Question: Timeline for inflammatory bowel disease trials - A KOL group is designing the trial, with plans to use both local and intravenous delivery methods [68] Question: Market access progress - The company has engaged with over 97 payers, achieving coverage for over 250 million lives, with Medicaid coverage in place across all states [82][83]

Kyverna Therapeutics (KYTX) Conference Call Summary Company Overview - **Company**: Kyverna Therapeutics - **Focus**: Development of CAR T therapies for autoimmune diseases, specifically targeting Stiff Person Syndrome (SPS) and Myasthenia Gravis (MG) [3][4] Key Points and Arguments 1. Clinical Trials and Progress - Kyverna is conducting two late-stage pivotal registrational trials for SPS and MG, with KYV-101 showing promising early clinical data [3][4] - The company has treated its hundredth patient with KYV-101, indicating confidence in its efficacy and safety profile [9] - The Phase III trial design for KYV-101 in MG has been aligned with the FDA, allowing for rapid execution [4][17] 2. Market Opportunity - There is a significant unmet need in the SPS market, which is larger than previously estimated, and Kyverna aims to establish a first-mover advantage [4][11] - The company plans to expand its reach into other autoimmune diseases, including multiple sclerosis and rheumatoid arthritis, based on early data [12][13] 3. Unique Therapeutic Approach - KYV-101 is a CD19 CAR T therapy with a CD28 co-stimulatory domain, designed for improved efficacy and safety in autoimmune conditions [8][10] - The therapy aims for deep B cell depletion, which is believed to reset the autoimmune response, leading to long-term drug-free remissions [10][28] 4. Patient Impact and Case Studies - Initial patients treated with KYV-101 have shown significant clinical improvements, including one patient with SPS who regained mobility after years of decline [18][36] - The first MG patient treated with KYV-101 experienced a remarkable recovery, walking unaided after being wheelchair-bound [57][66] 5. Regulatory and Commercialization Strategy - Kyverna anticipates filing a Biologics License Application (BLA) in 2026 for both indications, with strong engagement from the SPS community [46][47] - The company is focused on establishing a new standard of care for SPS and MG, aiming to disrupt the current treatment landscape [47][68] Additional Important Content - The conference highlighted the collaborative efforts of leading experts in CAR T therapy and autoimmune diseases, emphasizing the scientific rationale behind targeting B cells [21][48] - The discussion included insights into the mechanisms of action of CAR T therapies and their potential to provide durable remissions in autoimmune diseases [34][35] - The challenges faced by patients with SPS and MG, including the inadequacy of current therapies, were underscored, reinforcing the need for innovative treatments like KYV-101 [14][41][60] This summary encapsulates the critical insights from the Kyverna Therapeutics conference call, focusing on the company's advancements in CAR T therapies for autoimmune diseases and the potential impact on patient care and market dynamics.

Core Viewpoint - The company plans to utilize part of its temporarily idle raised funds for cash management, not exceeding RMB 330 million, to enhance fund efficiency while ensuring project funding needs are met [1][3]. Fundraising Situation - The company issued 35,244,904 shares at a price of RMB 19.06 per share, raising a total of RMB 671.7679 million, with a net amount of RMB 609.6449 million after deducting issuance costs [2]. Cash Management Details - The purpose of cash management is to improve the efficiency of fund usage while ensuring the safety of the raised funds and not affecting project construction [3]. - Investment products will include high-security, liquid deposit products, and the funds can be rolled over and returned to the special account upon maturity [3]. - The decision is valid for 12 months starting from October 14, 2025, with the management team authorized to make investment decisions [3]. Impact on the Company - The use of idle funds for cash management will not affect the company's normal cash flow or the operation of fundraising projects, and it aims to enhance fund efficiency and returns for shareholders [4]. Review Procedures and Opinions - The cash management plan has been approved by the board and supervisory committee, and does not require shareholder meeting approval [6]. - The supervisory committee and the sponsor believe the plan complies with regulations and will not harm the interests of the company or minority shareholders [6].

Core Viewpoint - The Shanghai Cooperation Organization (SCO) has become a significant international entity contributing to global economic development through enhanced trade and cooperation among its member states since its establishment in 2001 [1][3]. Economic Cooperation Achievements - The Horgos International Border Cooperation Center between China and Kazakhstan has seen a daily average of over 30,000 people crossing, with a year-on-year increase of 58.9% in 2023 [2]. - In the first seven months of this year, China's total import and export volume with other SCO member countries reached 2.11 trillion yuan, marking a 3% increase year-on-year [3]. - The China-Belarus Industrial Park has reported an industrial production growth rate exceeding 40%, with expectations of over 140 resident enterprises by the end of 2025 [3]. Infrastructure and Trade Growth - The China-Europe Railway Express has surpassed 110,000 trips, facilitating trade worth over 2 billion yuan in a single shipment of smart home appliances to Moscow [4]. - By 2024, trade volume between China and SCO member states is projected to reach a record 890 billion USD, accounting for 14.4% of China's total foreign trade [4]. Innovation and Sustainable Development - China is promoting technological innovation and sustainable development through projects like smart agriculture in Pakistan and renewable energy initiatives in Uzbekistan [5][6]. - The SCO's focus on green energy projects, such as a 500 MW solar power station in Uzbekistan, aims to provide over 1 billion kWh of stable green electricity annually [5]. Digital Economy and E-commerce - The e-commerce market among SCO member states is expected to exceed 3.2 trillion USD in 2024, with a 34% year-on-year increase in cross-border e-commerce imports from these countries to China [6]. - Chinese companies are actively participating in building digital infrastructure, such as 5G networks in Kyrgyzstan, enhancing internet access from 43% to 70% [6]. Collaborative Events and Future Outlook - Recent SCO economic exchange activities, including investment trade fairs and forums, have attracted significant participation, indicating a commitment to deeper regional cooperation [7]. - The SCO continues to evolve, expanding from 6 to 10 member states, and is seen as a platform for promoting a more equitable regional governance vision [8][9]. - The organization is expected to enhance its economic cooperation's value and influence, contributing to global economic stability and prosperity [10].

Core Insights - The biopharmaceutical industry in Shenzhen is rapidly emerging as a significant hub, transitioning from a manufacturing base to a center for innovative drugs and high-end medical devices, with an industrial output value of 49.922 billion yuan in 2022 [1][4][6]. Industry Overview - As of 2024, Shenzhen has 2,780 biopharmaceutical companies, including 2,468 medical device firms, 133 health product companies, and 114 chemical drug manufacturers [1]. - Shenzhen is recognized not only as a "world factory" but also as an "innovation workshop," producing several self-developed innovative treatment products and housing global medical device giants like Mindray Medical and leading biotech firms like BGI [4][6]. Policy and Strategic Support - The "20+8" industrial cluster strategy has been pivotal in guiding the development of strategic emerging industries, including biopharmaceuticals, providing support in funding, talent, and land [7][8]. - Shenzhen's government has played a crucial role in fostering an innovative ecosystem, facilitating the growth of high-tech enterprises through coordinated support and resources [7]. Spatial Development - Shenzhen's biopharmaceutical industry has formed a new pattern of "one core and multiple centers," focusing on technological innovation, industrial transformation, and manufacturing [8][10]. - Key areas for research and production are concentrated in Pingshan, while other districts like Nanshan and Futian focus on research and design [10]. Healthcare System Integration - Shenzhen's unique community health service system, comprising 975 health service institutions, enhances the accessibility and affordability of medical services, supporting the biopharmaceutical industry's growth [11][13]. - The integration of AI in healthcare is advancing rapidly, with 13 medical AI application scenarios being implemented, optimizing patient care processes and providing opportunities for collaboration with biopharmaceutical companies [11][14]. Future Prospects - The biopharmaceutical industry in Shenzhen is poised for further growth, leveraging advancements in AI, big data, and personalized health management to explore new paradigms in smart healthcare [14].

Group 1 - The biotechnology sector in the Hong Kong stock market experienced a significant decline, with several companies reporting substantial drops in their stock prices [1] - Notable declines include Clover Biopharmaceuticals, which fell by 14.13%, and Beigene, which dropped by 8.33% [2] - Other companies such as Innovent Biologics and WuXi Biologics also saw declines exceeding 5%, indicating a broader trend of negative performance in the sector [1][2] Group 2 - The following companies reported specific percentage declines: Clover Biopharmaceuticals (-14.13%), Beigene (-8.33%), and Innovent Biologics (-6.50%) [2] - Additional companies with notable declines include Kintor Pharmaceutical (-6.38%), CanSino Biologics (-5.98%), and Zai Lab (-5.50%) [2] - The overall trend suggests a challenging environment for biotechnology stocks in the Hong Kong market [1]