Financial Data and Key Metrics Changes - The net loss attributable to common stockholders for the year ended December 31, 2025, was approximately $45.9 million, compared to approximately $42.1 million for 2024, indicating an increase in losses [22] - Research and development expenses totaled approximately $20.7 million for the year ended December 31, 2025, down from approximately $33.2 million for 2024, due to lower expenses related to the Alzheimer's trial [23] - General and administrative expenses were approximately $10.3 million for the year ended December 31, 2025, compared to approximately $9.5 million for 2024 [23] - The company recorded a full impairment of its intangible asset of $16.5 million in 2025 following the release of phase II results of the Alzheimer's trial, which did not meet the clinical endpoint [23] - As of December 31, 2025, the company had cash and cash equivalents of approximately $24.8 million, sufficient to fund operations through Q1 2027 [24] Business Line Data and Key Metrics Changes - CORDStrom is the most advanced program and a major value driver for the company, with recent patient data showing clinically meaningful wound healing and improvements in quality of life for RDEB patients [5][6] - The XPro program for Alzheimer's disease is in a strong position, having completed the MINDFuL trial and aligned with the FDA on the development path, preparing for a phase III trial [7][8] Market Data and Key Metrics Changes - The company is preparing regulatory submissions for CORDStrom in both the U.K. and the U.S., with plans to file the MAA in the U.K. by the end of summer 2026 [5][15] - The company aims to submit the BLA to the FDA towards the end of 2026, with expectations of feedback or approvals in 2027 [25] Company Strategy and Development Direction - The company is focused on executing against important regulatory, clinical, and strategic milestones across its portfolio, particularly for CORDStrom and XPro [5][9] - CORDStrom is not just a single asset opportunity but a platform with broader potential for development in additional inflammatory and degenerative conditions [6] - The strategy includes advancing multiple differentiated platforms in parallel to create meaningful opportunities for value creation [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress of CORDStrom and its potential to address unmet medical needs for RDEB patients, emphasizing the urgency to bring the therapy to market [6][7] - The company remains committed to capital efficiency and maximizing shareholder value while minimizing unnecessary burn [21] - Management highlighted the importance of building partnerships and financial support to advance their programs [25] Other Important Information - The company completed its phase II trial in metastatic castration-resistant prostate cancer ahead of schedule and under budget, meeting its primary endpoint and two of its three secondary endpoints [8] - The company is actively seeking business partnerships to develop broader indications for CORDStrom beyond RDEB [15] Q&A Session Summary Question: Anticipated differences between an MAA and an FDA submission - Management indicated that the FDA requires U.K. donor materials to be screened for infectious disease markers in U.S. labs, necessitating the creation of new master seed stock for U.S. submission [33][34] Question: Interest from potential pharma partners for XPro - Management confirmed ongoing discussions with groups and emphasized the attractiveness of the XPro program for mid-sized and large pharma companies due to its potential in a large market [47][48]

Core Viewpoint - The company is expected to achieve strong revenue and profit growth in 2025, with total revenue projected at 13.042 billion yuan, a year-on-year increase of 38.4%, and product revenue at 11.896 billion yuan, up 44.6% [1][2] - The company has established significant partnerships with Roche, Takeda, and Eli Lilly, highlighting its strong R&D capabilities and increasing international recognition [1] - The company is becoming a leading pharmaceutical enterprise in China, with a competitive global innovation pipeline, and aims to become a world-class biopharmaceutical company [1] Financial Performance - In 2025, the company reported total revenue of 13.042 billion yuan, a 38.4% increase year-on-year, with product revenue reaching 11.896 billion yuan, up 44.6% [1] - The company achieved a turnaround in IFRS net profit, reporting 814 million yuan in 2025, a significant improvement from a loss of 95 million yuan in 2024, driven by strong revenue growth and improved operational efficiency [1] - Non-IFRS net profit for 2025 was 1.723 billion yuan, a substantial increase from 332 million yuan in 2024, with EBITDA reaching 1.99 billion yuan, up from 412 million yuan in 2024 [1] Commercialization and Product Development - The company has built a leading oncology brand in China and is developing a rising chronic disease innovation brand, with a comprehensive product portfolio and a mature commercialization network [2] - The product portfolio has expanded to 18 products, with 12 included in the national medical insurance, covering oncology, metabolism, and autoimmune diseases [2] - The company’s product revenue of 11.896 billion yuan in 2025 marks its first breakthrough of 10 billion yuan, reflecting the foresight and efficient commercialization execution, with expectations to exceed 20 billion yuan in product revenue by 2027 [2]

香 港 聯 合 交 易 所 有 限 公 司 及 證 券 及 期 貨 事 務 監 察 委 員 會 對 本 申 請 版 本 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 明 概 不 就 因 本 申 請 版 本 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損失承擔任何責任。 Shaanxi Micot Pharmaceutical Technology Co., Ltd. 陝西麥科奧特醫藥科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 之申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊發， 僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知悉、 接納並向本公司、本公司的聯席保薦人、聯席整體協調人、顧問或包銷團成員表示同意： 倘 於 適 當 時 候 向 香 港 公 眾 人 士 提 出 要 約 或 邀 請，準 投 資 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 ImmuneOnco Biopharmaceuticals (Shanghai) Inc. 關於IMM0306 由本集團獨立研發的IMM0306是一種靶向分化簇47 (CD47)及分化簇20 (CD20)的 雙特異性分子，是全球首個進入臨床階段的CD47和CD20雙靶向雙特異性分子。 IMM0306透過抑制CD47-SIRPα相互作用來阻斷「別吃我」訊號，增強Fc-FcɣRIIa和 Fc-FcɣRIIIa相互作用來激活巨噬細胞和NK細胞，並優先結合CD20而非CD47，以 有效消除惡性B細胞，同時將毒性降至最低，從而可改善治療效果。 截至本公告日期，本集團擁有IMM0306的全球知識產權及商業化權利。 – 1 – 根據香港聯合交易所有限公司證券上市規則第18A.05條的警示聲明：本公司無 法保證能夠成功開發或最終上市銷售IMM0306。本公司股東及潛在投資者在買 賣本公司股份時應謹慎行事。 宜明昂科生物醫 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company is expected to experience steady growth in blood products, a gradual recovery in vaccine sales, and rapid growth in biopharmaceuticals, driven by new product launches and clinical advancements [1][5]. - The forecast for 2025 includes revenues of 4.6 billion RMB, with a net profit attributable to the parent company of 940 million RMB, reflecting a 5% increase in revenue but a 14% decrease in net profit year-over-year [1][11]. Revenue Performance - Blood products revenue for 2025 is projected at 3.39 billion RMB, a 4% increase year-over-year, with a gross margin of 50.2%, down 4.2 percentage points year-over-year [2]. - Vaccine revenue is expected to reach 1.2 billion RMB in 2025, marking a 7% year-over-year increase, with a net profit of 180 million RMB, despite an 11% decline in net profit year-over-year [3]. Product Development and Innovation - The company is advancing in various product lines: - Blood products include new processes for IVIG and ongoing clinical trials for FⅨ and SCIG [4]. - Vaccine developments include multiple candidates in different clinical phases, with a focus on flu vaccines and new adjuvants [4]. - Biopharmaceuticals are also progressing, with several products entering late-stage clinical trials [4]. Financial Projections - The company’s net profit forecasts for 2026, 2027, and 2028 are 1.02 billion RMB, 1.14 billion RMB, and 1.27 billion RMB, respectively, reflecting a significant downward adjustment of 40% and 44% for 2026 and 2027 compared to previous estimates [5][12]. - The target price is set at 17.28 RMB, based on a 31x PE ratio for 2026, which is a premium compared to the average PE of comparable companies [5][13].

Financial Data and Key Metrics Changes - The net loss for the year ended December 31, 2025, was approximately $34.5 million or $0.74 per share, compared to a net loss of $37.6 million or $1.03 per share for the year ended December 31, 2024, indicating an improvement in financial performance [15] - Research and development expenses decreased to $19 million in 2025 from $22.6 million in 2024, primarily due to reductions in manufacturing and personnel costs [15] - General and administrative expenses also decreased to $12.5 million in 2025 from $13.8 million in 2024, reflecting a reduction in personnel costs [16] Business Line Data and Key Metrics Changes - The company reported encouraging early results from the PDS-01ADC trial, showing a median progression-free survival (PFS) of 9.6 months and a 40% decline in prostate-specific antigen (PSA) levels in patients with metastatic castration-resistant prostate cancer [5][6] - The VERSATILE-002 trial demonstrated a median overall survival of 39.3 months for patients with HPV-16 positive head and neck cancer, marking a significant clinical achievement [9] Market Data and Key Metrics Changes - The company highlighted the growing unmet need for treatments in HPV-16 positive head and neck cancer, which is rapidly increasing in the U.S. and EU due to low vaccination rates [12] - The amendment to the VERSATILE-003 trial protocol aims to accelerate the regulatory submission process, addressing the urgent need for effective therapies in this patient population [11] Company Strategy and Development Direction - The company is focused on advancing PDS0101 as a promising treatment option for HPV-16 positive head and neck cancer, with a strategic amendment to the VERSATILE-003 trial to include PFS as a primary endpoint [4][10] - The company has strengthened its intellectual property portfolio, extending market protection for PDS0101 into the 2040s, which is expected to enhance its competitive position [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of PDS0101 to provide a well-tolerated treatment option without chemotherapy for the growing population of HPV-16 positive patients [14] - The company anticipates meaningful opportunities ahead as it continues to execute its priorities in 2026, with a focus on clinical development and regulatory progress [38] Other Important Information - The company has received new patents in the U.S. and Japan for PDS0101, enhancing its market exclusivity and competitive edge [6] - The cash balance as of December 31, 2025, was reported at $26.7 million, providing a financial cushion for ongoing operations [16] Q&A Session Summary Question: What will the revised enrollment target look like for the amended protocol? - The trial duration has been shortened to about a year for final results, with the interim analysis for PFS expected in approximately a year and a half [20] Question: How should R&D expenses be expected for 2026 with the smaller trial design? - While specific financial guidance was not provided, R&D costs are expected to increase as the trial is reinitiated and sites are opened [23] Question: How will patients already enrolled prior to the VERSATILE-003 pause be handled? - Patients will continue their treatment as indicated by the protocol and will be included in a special subset for safety analysis [27] Question: What is the expected enrollment pace based on last year's execution? - The enrollment pace is expected to be robust due to positive responses from sites and reduced competition in the market [28] Question: Can you share the powering assumptions for the interim PFS and the new sample size for the phase III? - The sample size has not been made public yet, but the PFS analysis is powered to detect statistically significant changes [34]

Financial Performance - In FY2025, Innovent Biologics reported a revenue increase of 38.4% to CNY 13.042 billion, aligning with market expectations[5] - The net profit was CNY 814 million, a significant recovery from a net loss of CNY 95 million in FY2024, although it fell short of market forecasts due to higher-than-expected sales expenses[5] - Product revenue grew by 44.6%, driven by contributions from seven newly launched oncology drugs, particularly the GLP-1/GCGR dual agonist, which showed strong performance[5] Globalization and R&D Progress - Innovent is expected to become a benchmark for globalization among Chinese biopharmaceutical companies, supported by its R&D capabilities and cash flow from its Chinese operations[6] - Key data for the PD-1/IL-2 dual antibody IBI363 and CLDN18.2 ADC IBI343 is anticipated in 2026, with IBI363 also planning to release data for non-small cell lung cancer and colorectal cancer[6] - The management prioritizes the oral small molecule GLP-1 drug IBI3032, with Phase I data expected in 2026, and IBI3042 is set to enter clinical trials this year[6] Catalysts and Risks - Key catalysts for 2026 include updates on IBI363's new concept validation data in non-small cell lung cancer and the initiation of multiple global Phase III projects with Takeda[7] - Risks associated with drug development include potential delays in clinical trials, regulatory approval challenges, and market acceptance issues for candidate drugs[8][9]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company is expected to experience steady growth in blood products, a gradual recovery in vaccine sales, and rapid growth in biopharmaceuticals, driven by the launch of new products and clinical advancements [1][5]. - The forecast for 2025 includes revenues of 4.6 billion RMB, net profit of 940 million RMB, and a decrease in net profit by 14% year-on-year due to competitive pricing pressures in the blood products sector [1][5]. Summary by Relevant Sections Blood Products - Blood products revenue for 2025 is projected at 3.39 billion RMB, reflecting a 4% year-on-year increase, with a gross margin of 50.2%, down 4.2 percentage points year-on-year. The decline in gross margin and net profit is attributed to price reductions amid industry competition [2]. - The company’s plasma collection volume is expected to grow by 5% year-on-year to approximately 1,670 tons, with future growth projected at around 10% due to new plasma stations and regional planning initiatives [2]. Vaccine Sales - Vaccine revenue for 2025 is estimated at 1.2 billion RMB, a 7% year-on-year increase, with a net profit of 180 million RMB, down 11% year-on-year. The flu vaccine revenue is expected to be 1.12 billion RMB, benefiting from a flu outbreak at the end of 2025 [3]. - Long-term growth in vaccine sales is anticipated due to government support and increased public awareness of vaccination [3]. Biopharmaceuticals - The company’s subsidiary, Hualan Ankang, is projected to generate revenue of 240 million RMB in 2025, with a net loss of 16 million RMB. The sales of Bevacizumab are expected to contribute approximately 200 million RMB [3]. - The company is advancing its pipeline in biopharmaceuticals, with several products in various stages of clinical trials, including long-acting GLP-1 for diabetes and other innovative therapies [4]. Financial Projections - The company’s net profit forecasts for 2026, 2027, and 2028 are 1.02 billion RMB, 1.14 billion RMB, and 1.27 billion RMB, respectively, reflecting a significant downward adjustment of 40% and 44% for 2026 and 2027 compared to previous estimates [5][12]. - The target price is set at 17.28 RMB, based on a 31x PE ratio for 2026, which is a premium compared to the average PE of comparable companies [5][12].

Group 1 - The company, China Biologic Products Holdings, announced a share buyback of 10 million shares at a cost of HKD 58.424 million on March 30, 2026 [1]

Group 1: 康方生物 - Company maintains a "Buy" rating for 康方生物 with a target price of HKD 185.80, expecting product sales revenue to reach HKD 3 billion in 2025, a 52% year-on-year increase, driven by Cadonilimab and Ivonescimab entering the national medical insurance directory [1] - Ivonescimab has shown significant improvement in progression-free survival in head-to-head Phase III clinical trials, with key global data readout imminent [1] - The FDA review target date for EGFR-TKI resistant NSCLC indication is set for November 2026, potentially marking the company's first FDA-approved product [1] Group 2: 中国铁塔 - Company maintains a "Hold" rating for 中国铁塔 with a target price of HKD 12.10, projecting a 2.7% revenue growth to HKD 100.4 billion in 2025, and an 8.4% net profit increase to HKD 11.6 billion [1] - Revenue from the communication tower business is expected to decline by 0.3% year-on-year due to continued capital expenditure reductions from the three major operators [1] - DAS and "two wings" businesses are anticipated to maintain double-digit growth, contributing to revenue diversification [1] Group 3: 信达生物 - Company maintains a "Buy" rating for 信达生物 with a target price of HKD 113.86, forecasting a first-time annual profit of HKD 834 million in 2025, with product sales revenue reaching HKD 11.9 billion, a 45% year-on-year increase [2] - Key growth drivers include newly launched products Mazdutide, PCSK9 monoclonal antibody, and IGF-1R antibody [2] - Collaboration with Takeda to advance IBI363 into global Phase III clinical trials, with multiple assets entering or nearing global multi-center Phase III [2] Group 4: TCL电子 - Company maintains a "Buy" rating for TCL电子, expecting 2025 revenue of HKD 114.6 billion, a 15.4% year-on-year increase, and a net profit of HKD 2.5 billion, a 41.8% increase [3] - Growth is primarily driven by a 15.7% increase in overseas television revenue, a doubling of Mini LED shipments, and a 63.6% surge in photovoltaic business revenue [3] - Joint venture with Sony is imminent, expected to enhance high-end channel access and improve profitability [3] Group 5: 小马智行-W - Company maintains a "Buy" rating for 小马智行-W with a target price of HKD 195, projecting a 129% year-on-year increase in Robotaxi revenue in 2025 [4] - Achieved positive unit economics in Guangzhou and Shenzhen, with peak daily revenue per vehicle reaching HKD 394 [4] - The BOM cost of the seventh-generation model has decreased by 20% compared to the previous generation, with plans to expand the fleet to 3,000 vehicles [4] Group 6: 优然牧业 - Company maintains a "Buy" rating for 优然牧业, forecasting a 13.2% increase in raw milk sales volume to 4.15 million tons in 2025, with per cow production rising to 12.8 tons/year [5] - Feed cost per kilogram of milk is expected to decrease by 10.5%, with cash EBITDA reaching HKD 5.59 billion, a 4.9% year-on-year growth [5] - Anticipation of a dual-cycle resonance point for milk and meat prices in 2026 due to ongoing industry capacity reduction and rising beef prices [5] Group 7: 移卡 - Company maintains an "Outperform" rating for 移卡 with a target price of HKD 8.90, projecting a domestic payment rate increase to 12.3 bps and a 3.2-fold increase in overseas GPV to HKD 4.7 billion in 2025 [6] - This growth is expected to drive an 8% increase in acquiring revenue [6] - Integration of AI throughout the operational process has led to a 13% reduction in sales and management expenses, with core EBITDA growing by 53% to HKD 350 million [6] Group 8: 中国民航信息网络 - Company maintains a "Buy" rating for 中国民航信息网络 with a target price of HKD 15.70, expecting a 4.9% growth in aviation information technology processing volume and an 18.8% increase in revenue from smart travel products and services in 2025 [7] - Revenue from airport digital services is projected to decline by 20.8% due to construction schedule impacts, but significant cost reductions in depreciation and amortization are expected to enhance operating profit margins by 3.6 percentage points to 30.9% [7] Group 9: 碧桂园服务 - Company maintains an "Accumulate" rating for 碧桂园服务 with a target price of HKD 7.24, forecasting a 10% revenue growth to HKD 48.35 billion in 2025, while core net profit is expected to decline by 17% to HKD 2.52 billion [8] - The decline is attributed to pressure on community value-added services and increased impairment of receivables [8] - Annualized revenue growth from market expansion is projected to reach 87% to HKD 2.03 billion, with a significant increase in shareholder returns, raising the dividend payout ratio to 60% [8] Group 10: 赤子城科技 - Company maintains an "Accumulate" rating for 赤子城科技, projecting a 32.9% year-on-year increase in social business revenue to HKD 6.14 billion in 2025 [9] - Revenue from SUGO and TopTop is expected to grow by over 80% and 70%, respectively, with rapid expansion in emerging markets such as Latin America and Japan [9] - Innovative business revenue is projected to grow by 59.3%, driven by the launch of AI self-developed models Boomiix and creative community Aippy, forming a second growth curve through "diversified matrix + global expansion" [9]