Core Viewpoint - BioNTech is scaling back its CAR-T therapy operations in response to underwhelming results from early cancer trials, leading to layoffs at its Maryland facility [1] Group 1 - BioNTech plans to reduce the production scale of its CAR-T therapy at its first U.S. facility due to disappointing trial outcomes [1] - The company will lay off 63 employees, primarily from the cell therapy technical operations team at its Gaithersburg, Maryland site [1] - The layoffs are expected to take place by the end of summer this year [1]

Core Insights - The Chinese biotechnology industry is expected to continue its recovery in the second half of 2025, driven by a resurgence in the Hong Kong IPO market and improved earnings outlook for biotech companies [3][15] - Key focus areas include the anticipated approval of new drugs, significant pipeline data releases, and increased merger and acquisition (M&A) activities, particularly related to the PD-1/VEGF pathways [3][15] Group 1: Market Trends - The Hong Kong IPO market is showing signs of recovery, with Hengrui's IPO raising HKD 9.8 billion, marking the largest IPO in the Hong Kong pharmaceutical sector in five years [15] - Investor interest in the biotechnology sector remains high, as evidenced by the successful listing of antibody-drug conjugate pioneer, InnoCare, which saw its share price double on the first trading day [15] - M&A activities are expected to surge in 2025, particularly for companies involved in the PD-1/VEGF pathway, following positive data reported at the ASCO conference [5][15] Group 2: Company Performance and Projections - Chinese biotech companies are reaching a pivotal point of profitability, with Innovent Biologics expected to turn profitable in 2024, supported by the launch of its obesity drug and positive data from IBI 363 at ASCO [6] - BeiGene achieved breakeven in Q1 and is positioned to become a major player in global oncology, although its sales growth from 2025 to 2028 is projected to be below peers [6] - Companies like Akeso and Zai Lab are also expected to achieve profitability by 2025, despite facing valuation pressures due to tariff uncertainties [6] Group 3: Pipeline Developments - Innovent's obesity drug, Mazdutide, is anticipated to launch in China in early 2025, which could attract significant investor interest [9] - BeiGene's Sonrotoclax is expected to file for approval in China for treating relapsed/refractory chronic lymphocytic leukemia and mantle cell lymphoma by mid-2026 [9] - Akeso is advancing multiple drugs through the pipeline, with filings for Cadonilimab and Ivonescimab expected in the second half of 2025 [10][13] Group 4: Valuation Metrics - The enterprise value/sales ratios for several Chinese biotech companies indicate varying growth expectations, with Sichuan Kelun-Biotech showing a high ratio of 35.5x and a projected sales CAGR of 54% from 2025 to 2028 [8] - The average enterprise value/sales ratio for Chinese peers stands at 13.0x, with a median of 11.8x, reflecting the competitive landscape within the industry [8]

Core Viewpoint - Anmai Biotech Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, focusing on developing T-cell engagers for cancer and autoimmune diseases, with significant global partnerships and a strong clinical pipeline [1][2][5]. Group 1: Company Overview - Anmai Biotech was established in 2015 and is a clinical-stage biotechnology company specializing in T-cell engagers for various cancers and autoimmune diseases [2]. - The company has received investments from notable institutions including CITIC Capital, Decheng Capital, and others [6]. Group 2: Clinical Pipeline - Anmai Biotech's oncology pipeline includes three clinical-stage candidates: EMB-01 for colorectal cancer, EMB-06 for multiple myeloma, and EMB-07 for lymphoma and solid tumors [3][4]. - EMB-01 is the world's first EGFR/cMET bispecific antibody to enter Phase II trials for colorectal cancer, with a focus on metastatic colorectal cancer [4]. Group 3: Market Position and Partnerships - As of the end of 2023, Anmai Biotech has established multiple global licensing collaborations with a total transaction value exceeding $2.1 billion, ranking second globally in the T-cell engager field [5]. - The company aims to use the net proceeds from the IPO to fund ongoing and planned clinical trials for its core product EMB-01 and other pipeline assets [7].

Core Insights - Company is a clinical-stage biotechnology firm focused on developing T-cell engagers for cancer and autoimmune diseases, with a pipeline that includes three clinical candidates and several preclinical candidates [3][4] Pipeline Overview - Oncology pipeline includes three clinical-stage candidates: EMB-01 targeting EGFR/cMET for colorectal cancer, EMB-06 targeting BCMA/CD3 for multiple myeloma, and EMB-07 targeting ROR1/CD3 for lymphoma and solid tumors [3] - Immunology pipeline features EMB-06 as a key clinical candidate, along with two preclinical candidates [3] Technology Platforms - Company has developed three proprietary technology platforms: FIT-Ig, MAT-Fab, and T-FIT, aimed at overcoming limitations in traditional bispecific antibody development [4] Strategic Collaborations - Company has established multiple global licensing collaborations with a total transaction value exceeding $2.1 billion, ranking second globally in the T-cell engager field [4] - Collaboration with Almirall for the development of bispecific antibodies using the FIT-Ig platform, with Almirall exercising options on some FIT-Ig molecules [4] - Partnership with Vignette Bio, now acquired by Candid, to advance EMB-06 development outside of China, with a potential total transaction value of $635 million [5] Financial Performance - Company reported revenue of approximately RMB 459 million for the fiscal year 2024, with losses of RMB 595 million and RMB 48 million for the fiscal years 2023 and 2024, respectively [7][8] - Key financial metrics include a gross profit of RMB 456 million and significant R&D expenditures [8]

6月16日，一家在美上市的中概股脑再生科技（RGC.US）引发市场高度关注。其股价单日涨幅达到283.12%，盘中出现多次熔断。截至当日收盘，脑再生科 技股价报每股60美元，市值飙升至296.69亿美元，创历史新高。 脑再生科技股价异动始于今年4月30日。当天，其开盘价仅为0.832美元，一度大涨逾98%。此后，其股价持续上扬，直至6月16日的惊人涨幅。按年初0.13美 元/股的股价计算，今年以来，脑再生科技股价累计涨幅达到46000%。 消息面上，6月16日，脑再生科技此前公布的38对1的股票拆分正式开始交易，拆分以股票红利形式进行（记录日登记在册的股东每持有1股可获发37股额外 股份）。6月17日，脑再生科技也在官网发布了该信息。 每经记者｜黄婉银 每经编辑｜张海妮 区一佳是投行出身，涉足房地产、科技和生物技术等领域的投资。区一佳的父亲是香港一名中医师，脑再生科技称其在行医期间治疗了许多患有ADHD和 ASD的儿童。而在开始中医临床实践之前，区一佳的父亲还在美国加利福尼亚州创立了一家房地产公司。 2018年，脑再生科技与区一佳的父亲签订了战略合作协议，其治疗ADHD和ASD的方法主要来自一个基本中药配方， ...

本人李梦涓，已充分了解并同意由提名人北京热景生物技术股份 有限公司董事会提名为北京热景生物技术股份有限公司第四届董事 会独立董事候选人。本人公开声明，本人具备独立董事任职资格，保 证不存在任何影响本人担任北京热景生物技术股份有限公司独立董 事独立性的关系，具体声明并承诺如下： 北京热景生物技术股份有限公司 独立董事候选人声明与承诺 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法 规、部门规章及其他规范性文件，具有五年以上法律、经济会计、财 务、管理等履行独立董事职责所必需的工作经验。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司 规章的要求： （一）《中华人民共和国公司法》等关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定 （如适用）； （三）中国证监会《上市公司独立董事管理办法》和上海证券交 易所自律监管规则有关独立董事任职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去 公职或者退（离）休后担任上市公司、基金管理公司独立董事、独立 监事的通知》的规定（如适用）； （五）中共中央组织部《关于进一步规范党政领导干部在企业兼 ...

Core Viewpoint - The Chinese biotechnology sector is experiencing significant revaluation, driven by a surge in licensing deals between Chinese biotech companies and global pharmaceutical giants, particularly in the PD-1/VEGF bispecific antibody field [1][2]. Group 1: Biotechnology Sector - The Chinese biotechnology sector has risen by 72% year-to-date, significantly outperforming the MXCN index, which has increased by 17% [1]. - Key licensing deals include collaborations between companies such as CanSino Biologics and Summit, 3S Bio and Pfizer, and Boteng Co. with BioNTech/BMS [2]. - Goldman Sachs anticipates that the momentum in licensing deals will continue, with more transactions expected to be announced [3]. Group 2: CDMO/CRO Opportunities - The CDMO/CRO sector has seen a 25% increase year-to-date, with companies like Tigermed gaining attention due to a 20% year-on-year growth in new orders in Q1 [3]. - Discussions around Samsung Biologics' potential spin-off of Bioepis are highlighted as a strategic move to optimize profitability and maintain competitiveness in the core CDMO business [3]. Group 3: Medical Devices Sector - The medical device sector has declined by 4% year-to-date, while the medical services sector has dropped by 7%, raising questions about their potential for revaluation following the biotech sector [4]. - Equipment procurement has shown signs of recovery, with a 91% year-on-year increase in May, despite a 13% month-on-month decline [4]. - Companies like United Imaging and Mindray are expected to see market growth in China, with projections for total revenue and profit growth of 24% and 42% respectively by 2025 [4]. Group 4: Global Pharmaceutical Trends - Global pharmaceutical and biotech companies are recognizing the value of Chinese assets, with business development transactions remaining a priority [5]. - Recent activities in the PD-1/L1xVEGF bispecific antibody space illustrate this trend, with companies leveraging data from China to support development plans [5].

Core Points - The company announced a cash dividend of 0.56 RMB per share (including tax) for the 2024 fiscal year [2][4] - The dividend distribution plan was approved at the annual shareholders' meeting on May 22, 2025 [2][4] - The total number of shares eligible for profit distribution is 134,345,456 shares, resulting in a total cash dividend payout of approximately 75.23 million RMB (including tax) [4] Dividend Distribution Details - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the day before the equity registration date [3] - The company will not issue new shares or increase capital reserves during this dividend distribution [4][7] - The reference price for ex-dividend trading will be adjusted based on the cash dividend and the number of shares [7] Tax Implications - Individual shareholders holding unrestricted shares for over one year will be exempt from personal income tax on the dividend [11] - For shares held for less than one year, the company will not withhold tax at the time of distribution, but tax will be calculated and deducted upon the sale of the shares [11][12] - The actual cash dividend received by shareholders may vary based on their holding period and applicable tax rates [12][13] Share Buyback Program - The company adjusted the maximum buyback price from 50.00 RMB per share to 49.45 RMB per share, effective June 24, 2025 [16][18] - The buyback program aims to repurchase shares for employee stock ownership plans or equity incentives, with a total buyback amount between 50 million RMB and 100 million RMB [17][21] - The adjusted buyback price will allow for the repurchase of approximately 1,011,122 to 2,022,244 shares, representing 0.7410% to 1.4820% of the total share capital [21]

证券代码：688253 证券简称：英诺特 公告编号：2025-027 北京英诺特生物技术股份有限公司 关于 2024 年年度权益分派实施后调整回购股份价格 上限的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 调整前回购股份价格上限：不超过人民币 50.00 元/股（含）。 ? 调整后回购股份价格上限：不超过人民币 49.45 元/股（含）。 ? 股份回购价格上限调整起始日期：2025 年 6 月 24 日。 一、回购股份的基本情况 于以集中竞价交易方式回购公司股份方案的议案》，同意公司以自有资金通过上 海证券交易所交易系统以集中竞价交易方式回购公司股份，在未来适宜时机拟用 于员工持股计划或股权激励。公司本次回购价格不超过人民币 50.00 元/股（含）， 回购股份金额不低于人民币 5,000 万元（含），不超过人民币 10,000 万元（含）， 回购股份的实施期限自董事会审议通过本次回购方案之日起 12 个月内。 具 体 内 容 详 见 公 司 于 2024 年 8 月 3 日 在 上 海 证 ...

华泰联合证券有限责任公司 关于北京英诺特生物技术股份有限公司 差异化分红事项的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"）作为 北京英诺特生物技术股份有限公司（以下简称"英诺特"或"公司"）首次公开发行 股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》、 《上 海证券交易所科创板股票上市规则》及《上海证券交易所科创板上市公司自律监 管指引第 1 号——规范运作》等相关规定，对英诺特差异化分红送转特殊除权除 息（以下简称"本次差异化分红"）的事项进行了审慎核查，具体情况如下： 一、本次差异化分红的原因 以集中竞价交易方式回购公司股份方案的议案》，同意公司以自有资金通过上海 证券交易所交易系统以集中竞价交易方式回购公司股份，在未来适宜时机拟用于 员工持股计划或股权激励。公司拟用于本次回购的资金总额不低于人民币 5,000 万元（含），不超过人民币 10,000 万元（含），回购价格为不超过人民币 50 元/股 （含），回购股份的实施期限自董事会审议通过本次回购方案之日起 12 个月内。 具体内容详见公司分别于 2024 年 8 月 3 日、2024 年 8 月 8 ...