Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 95, representing a potential upside of 17% from the current price of HKD 81.1 [2][9][10] Core Insights - The report highlights positive data updates for IBI363 (PD-1/IL-2) in lung squamous cell carcinoma (sq-NSCLC), with median progression-free survival (mPFS) extended to 9.3 months, enhancing confidence in its development [1][7] - IBI343 (CLDN18.2 ADC) also showed promising data in pancreatic cancer, with mPFS consistent with previous reports [1][7] - The company is expected to initiate Phase 3 clinical trials for IBI363 in third-line sq-NSCLC, with the 3mg/kg dose likely to be used [7] Financial Projections - Revenue projections for the company are as follows: - 2023: RMB 6,206 million - 2024: RMB 9,422 million - 2025E: RMB 11,691 million - 2026E: RMB 13,159 million - 2027E: RMB 15,805 million - The projected growth rates are 36.2% for 2023, 51.8% for 2024, and 24.1% for 2025 [9][10] - The adjusted net profit is expected to turn positive by 2025, reaching RMB 433 million, and further increasing to RMB 1,893 million by 2027 [9][10] Market Expectations - The report indicates that IBI363 has the potential to achieve peak sales of approximately RMB 2.5 billion in China, while IBI343 could reach around RMB 1.5 billion [9][10] - The report emphasizes the importance of IBI363 as a potential solution for PD-1 resistance, which could significantly impact its market performance [9][10]

【环球时报特约记者 甄翔】为推行"制造业回流"政策，美国政府祭出关税手段以鼓励企业将生产线迁 回本土。但美银证券近日发布的一份报告指出，跨国企业在重新布局全球供应链时，主要考量的已不再 是成本最低，而是如何规避地缘风险。新加坡《联合早报》9日援引该报告称，在美国关税政策前景不 明的背景下，企业回流美国制造的意愿有限，而更倾向于将产能转移至友好国家或邻近市场。其中，越 南、印度、泰国等亚太新兴经济体及墨西哥等拉美国家，因区位与政治优势，成为这一趋势下的主要受 益者。 据报告，近半数分析师认为，高关税政策不会对企业决策产生实质影响。这一方面与回流成本高昂有 关，另一方面则是因为企业更看重供应链的灵活性与风险分散，因而更愿意选择成本更低、地缘政治关 系稳定的国家作为替代基地。其中，越南、泰国和印度是最受青睐的三个替代基地。此外，墨西哥与美 国地理接近、劳动力成本低廉及受惠于美墨加协议，也被视为稳定的中长期外包基地。 跟踪企业回流趋势的非营利组织"回流倡议"出具的2025年产业回流美国调查报告也显示，地缘政治风险 成为企业布局全球供应链时考虑的三大因素之一。 美国科尔尼管理咨询公司4月发布了一份名为《2025回流指数 ...

Group 1 - Major industry ETFs in the US stock market mostly rose, with Energy ETFs and Biotechnology Index ETFs increasing over 1%, and Healthcare ETFs rising nearly 1% [1] Group 2 - Energy ETF (XLE) current price is $84.77, up by $1.20 (+1.44%), with a trading volume of 1.824 million shares and a total market value of $21.228 billion, showing a year-to-date change of -0.27% [2] - Biotechnology Index ETF (IBB) current price is $128.88, up by $1.29 (+1.01%), with a trading volume of 122,100 shares and a total market value of $10.233 billion, reflecting a year-to-date change of -2.43% [2] - Healthcare ETF (XLV) current price is $135.14, up by $0.99 (+0.74%), with a trading volume of 304,000 shares and a total market value of $25.860 billion, indicating a year-to-date change of -1.39% [2] - Semiconductor ETF (SMH) current price is $258.06, up by $1.10 (+0.43%), with a trading volume of 166,700 shares and a total market value of $3.051 billion, showing a year-to-date change of +6.56% [2] - Global Technology ETF (IXN) current price is $87.20, up by $0.23 (+0.26%), with a trading volume of 4,806 shares and a total market value of $1.221 billion, reflecting a year-to-date change of +2.89% [2] - Utilities ETF (XLU) current price is $80.86, up by $0.19 (+0.24%), with a trading volume of 531,700 shares and a total market value of $11.739 billion, indicating a year-to-date change of +7.59% [2] - Consumer Staples ETF (XLP) current price is $81.77, up by $0.19 (+0.23%), with a trading volume of 352,400 shares and a total market value of $13.837 billion, reflecting a year-to-date change of +4.57% [2] - Internet Index ETF (FDN) current price is $260.81, up by $0.39 (+0.15%), with a trading volume of 3,871 shares and a total market value of $17.318 billion, indicating a year-to-date change of +7.25% [2] - Consumer Discretionary ETF (XLY) current price is $213.94, down by $0.07 (+0.03%), with a trading volume of 77,139 shares and a total market value of $26.872 billion, showing a year-to-date change of -4.38% [2] - Technology Sector ETF (XLK) current price is $239.56, up by $0.03 (+0.01%), with a trading volume of 161,100 shares and a total market value of $76.193 billion, reflecting a year-to-date change of +3.21% [2] - Banking ETF (KBE) current price is $54.36, unchanged (0.00%), with a trading volume of 28,542 shares and a total market value of $4.208 billion, indicating a year-to-date change of -1.30% [2] - Regional Banking ETF (KRE) current price is $58.30, down by $0.01 (-0.01%), with a trading volume of 295,200 shares and a total market value of $4.866 billion, reflecting a year-to-date change of -2.75% [2] - Financials ETF (XLF) current price is $50.90, down by $0.10 (-0.19%), with a trading volume of 817,600 shares and a total market value of $56.655 billion, indicating a year-to-date change of +5.70% [2] - Global Airlines ETF (JETS) current price is $23.24, down by $0.08 (-0.34%), with a trading volume of 16,867 shares and a total market value of $73.206 million, reflecting a year-to-date change of -8.32% [2]

Group 1 - The event "Quality Life 'Cell' Escort" was successfully held at the Jitao Medical Activity Center on June 10 [1] - Jitao Medical's General Manager Liu Kainian welcomed guests and introduced the company's development history and advantages in cell technology [3] - The event featured three main modules: exploration of cutting-edge technology, sharing of health knowledge, and personalized consultations, establishing a new paradigm for health management [4] Group 2 - Liu Tianjin, founder of Jitao Health and a PhD from the Shanghai Institute of Biochemistry and Cell Biology, shared insights on "Cell Technology and Life Health Management," highlighting breakthroughs in cell therapy for anti-aging, chronic disease intervention, and cancer prevention [5] - Club Chairman Wang Dawei emphasized the importance of health, happiness, and ambition as core elements of quality life, and expressed the club's commitment to providing customized health solutions in collaboration with Jitao Medical [7] - The event injected new momentum into the club's quality life sector, with plans to continuously integrate quality resources and innovate service models to enhance health and competitiveness in Weifang [9] Group 3 - Jitao Medical Technology Co., Ltd. is a technology-based enterprise founded by a postdoctoral researcher from the Chinese Academy of Sciences and the government-owned Hengjian Group, focusing on the development of immune cell and stem cell therapies, as well as early cancer diagnosis and intervention technologies [13] - The company has developed a tumor early diagnosis platform based on ctDNA methylation detection and has established a cell storage and preparation platform for precision treatment, recognized as one of the first provincial-level new research and development institutions in Shandong [13] - The regional cell tissue bank and preparation center in Weifang has a total investment of over 20 million yuan, featuring a public life science popularization museum and a 1,200 square meter cell storage and preparation center, adhering to international standards for clinical-grade and pharmaceutical-grade cell banks [14]

Core Viewpoint - The company, Jiabiyou Biotechnology (Wuhan) Co., Ltd., is undergoing a significant asset restructuring by acquiring a 63.2134% stake in Shanghai Ouyi Biomedical Technology Co., Ltd. through a combination of issuing shares and cash payment, with the total transaction value estimated at approximately 83,062.37 million RMB [1][2]. Group 1: Company Overview - Jiabiyou Biotechnology was established on September 22, 2004, with a registered capital of 120 million RMB, located in Wuhan, China [1]. - The company operates in the food manufacturing industry, focusing on the research, production, and sales of polyunsaturated fatty acids such as ARA and DHA, as well as natural β-carotene, primarily for infant formula, health foods, and dietary supplements [1][2]. Group 2: Major Asset Restructuring - The restructuring involves acquiring a 63.2134% equity stake in Shanghai Ouyi Biomedical Technology Co., Ltd., with an assessed value of 131,600 million RMB for the entire equity and 83,188.80 million RMB for the stake being acquired [1][2]. - The share issuance price is set at 19.29 RMB per share, which is not less than 80% of the average stock price over the previous 20 trading days [1][2]. Group 3: Financial Reporting Basis - The pro forma financial statements are prepared under the assumption that the restructuring was completed on January 1, 2023, and are based on the new equity structure post-restructuring [2][3]. - The financial statements do not include cash flow statements or changes in equity, focusing solely on pro forma consolidated financial information [4][5]. Group 4: Accounting Policies - The company follows the Chinese Accounting Standards, with a fiscal year from January 1 to December 31, and uses RMB as its functional currency [6][7]. - The company employs a weighted average method for inventory valuation and recognizes impairment losses for inventory when the net realizable value is lower than the cost [12][13]. Group 5: Financial Instruments - Financial assets are classified based on the business model and cash flow characteristics, with categories including those measured at amortized cost and those measured at fair value [14][15]. - The company assesses expected credit losses for financial assets measured at amortized cost, applying a three-stage model based on credit risk changes [19][20]. Group 6: Long-term Investments and Fixed Assets - Long-term equity investments are accounted for using the cost method for controlled entities and the equity method for joint ventures and associates [24]. - Fixed assets are depreciated using the straight-line method, with specific depreciation rates and useful lives defined for different asset categories [26][27].

在基因编辑研究领域， Cre-loxP 系统凭借其精准高效的特性，已成为众多实验室的"标配"。为帮助大家解 决Cre工具鼠应用中的实际问题，我们于数月前开设了两期 Cre系列课程 ，通过 系统讲解+在线答疑 的方 式，获得了众多科研工作者的积极反馈。 这段时间我们注意到，针对Cre-loxP结合AAV的应用问题持续受到大家关注： 为此，工具鼠系列课程将再次返场！ 6月12日（周四）晚7点 ，由 赛业生物高级产品经理刘凡瑞、赛业 生物AAV基因治疗项目经理熊泽浩 共同带来 「Cre-loxP系统结合AAV的应用」 主题课程。 本次课程围绕 粉丝朋友们提出的问题展开 ，深入探索Cre-loxP系统与AAV技术的 核心原理 ，解析技术 联用中的 关键优化策略 ，并通过典型应用案例揭示 高分文章背后的实验设计智慧 。扫码提交感兴趣的 问题，讲师将在直播中针对性解答，成功报名课程还可抽取 SKG颈部按摩仪（价值500元） 等好礼！ 以下文章来源于赛业生物订阅号 ，作者小赛 赛业生物订阅号 . 分享生命科学领域的前沿资讯、解读行业动态、讲解实用的学科知识、实验方法和技巧。 为什么有的文献选择通过AAV递送Cre酶，而非传 ...

Core Viewpoint - The GLP-1 drug revolution continues to thrive in the first half of 2025, with Novo Nordisk's Wegovy and Eli Lilly's Zepbound emerging as star products, driving significant capital interest in the industry [2] Group 1: Omada Health - Omada Health, established in 2011, went public on June 6, 2025, at a price of $19 per share, raising approximately $150 million [3] - The stock surged to a high of $28 on its first day, closing at $23, marking a 21% increase and elevating the company's valuation to about $1.28 billion [3] - In 2024, Omada reported revenues of $169.8 million, a 38% year-over-year increase, with a gross margin of 60.6% [3] - By Q1 2025, revenues soared to $55 million, a 57% increase, while net losses decreased from $19 million to $9.4 million [3] - Omada's business model focuses on charging enterprises, health plans, and insurance channels for ongoing remote management services, filling the gap in health management between in-person visits [4] Group 2: Metsera - Metsera, founded in 2022, completed its IPO in January 2025 at $18 per share, raising $275 million [5] - The stock closed at $26.50 on its first day, reflecting a 47% increase, with an early high of over $35 [5] - Metsera's market capitalization was previously under $2 billion, but it is viewed as a strong contender in the anti-obesity sector [6] Group 3: Pipeline and Clinical Highlights - Metsera's lead product, MET-097i, is a long-acting GLP-1 receptor agonist showing promising results in early clinical trials, with an average weight loss of 11.3% over 12 weeks [7] - The drug demonstrates potential for monthly dosing, with a longer duration of action compared to competitors like Zepbound and Ozempic [7] - MET-233i, another product from Metsera, shows advantages in weight loss and pharmacokinetics, supporting monthly dosing [8] - Metsera's cash reserves post-IPO are approximately $590 million, ensuring operational sustainability until 2027 [9] Group 4: Industry Landscape - Other companies are also pursuing opportunities in the GLP-1 space, including Aardvark Therapeutics and BioAge Labs, which are building IPO frameworks and advancing their core pipelines [11][12] - The GLP-1 ecosystem is characterized by diverse technological pathways, providing investors with various options [14] Group 5: Investment Enthusiasm - The GLP-1 market is projected to exceed $100 billion by 2030, attracting significant investor interest [15] - Companies like Metsera and Omada are seen as having competitive advantages, such as long-acting formulations and extensive digital platforms [15] - Clinical milestones, such as Phase 3 trial initiations, are expected to act as catalysts for stock price increases [15]

Group 1 - The core viewpoint of the news is that the China Securities Medicine and Health Dividend Index has shown positive performance, with a 6.35% increase over the past month and a 5.98% increase over the past three months, while year-to-date it has risen by 1.32% [2] - The index is designed to reflect the overall performance of high dividend yield securities in various industries, using a dividend yield weighted calculation method [2] - The index's top ten holdings include Mingde Biological (4.22%), Huate Dain (3.3%), Lingrui Pharmaceutical (3.21%), and others, indicating a diverse portfolio within the healthcare sector [2] Group 2 - The index is composed of stocks with a cash dividend yield greater than 0.5% and ranks within the top 80% of average daily trading volume over the past year, with annual adjustments made to the sample [3] - The index's holdings are primarily in traditional Chinese medicine (36.05%), chemical drugs (22.28%), and medical services (17.54%), showcasing a focus on various segments of the healthcare industry [2] - The index is maintained with specific rules regarding sample adjustments, including a limit on the proportion of changes and conditions for excluding stocks that do not meet the criteria [3]

美股盘初，主要行业ETF涨跌不一，半导体ETF涨超2%，区域银行业ETF涨近1%，金融业ETF跌近 1%。 | 行业类 V | 当前价 ◆ | 涨跌幅 ÷ | 成交量 ÷ | | 总市值 = 年初至今 = | | | --- | --- | --- | --- | --- | --- | --- | | 半导体ETF --- | 258.50 | ↓ +5.77 (+2.28%) | 205.80万股 | 30.56亿 | +6.74% | = | | us SMH | | | | | | | | 区域银行ET ... | 58.56 | +0.55 (+0.94%) | 183.49万股 | 48.87 亿 | -2.31% | [] … | | us KRE | | | | | | | | 科技行业ET ... | 240.49 | ↓ +2.13 (+0.89%) | 119.49万股 | 764.89 亿 | +3.61% | [] *** | | us XLK | | | | | | | | 银行业ETF - ... | 54.56 | ↓ +0.45 (+0.83%) | 28.90万股 | 42 ...

M&A Dynamics - From June 3 to June 8, there were 63 merger and acquisition (M&A) events involving listed companies, with 16 classified as significant M&A events[9] - Out of the total M&A events, 9 were completed, including 1 significant M&A[9] Policy Updates - The People's Bank of China emphasized the need to optimize systems for listings, M&A, and equity incentives based on technological innovation characteristics[7] - The Shanghai Stock Exchange plans to encourage listed companies to increase dividend payouts and enhance market value management tools[7] Major M&A Events - Notable M&A transactions included Baota Industrial acquiring 100% of Electric Power Investment New Energy for CNY 80,927,000[13] - A total of 4 M&A events involved state-owned enterprises as acquirers during the reporting period[13] M&A Failures - There were 3 failed M&A attempts, including a significant transaction by Guangdong Hongyuan due to a lack of consensus on the final transaction plan[15][17] - The failed transactions involved a total value of CNY 19,800,000 for one of the deals[17] Control Changes - Three companies reported changes in actual control, including Jinzi Ham and Diou Home, with the changes occurring between May 30 and June 5, 2025[19] Market Performance - The restructuring index underperformed the Wind All A index by -0.12% during the reporting period[21] - Over a mid-term view, the restructuring index showed fluctuations within a positive range compared to the Wind All A index[21] Risk Factors - Economic recovery in China is slower than expected, which may increase market uncertainty[26] - Geopolitical risks and uncertainties regarding U.S. policies towards China could negatively impact A-share liquidity[26]