香港聯合交易所有限公司與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 性亦不發表任何意見，並明確表示概不就因本申請版本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。 Longbio Pharma (Suzhou) Co., Ltd. 天辰生物醫藥（蘇州）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） 的申請版本 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、其保薦人、整體協調人、顧問或包銷團成員表示同意： 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長 登記的本公司招股章程作出投資決定。招股章程的文本將於發售期內向公眾人士發佈。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根 據本文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補 ...

Group 1: Real Estate and Construction - The real estate market continues to show signs of bottoming out, with a weak performance in new home sales during the Spring Festival period, reflecting poor supply and demand dynamics [3][9][12] - The land market has seen a significant decline in both supply and demand, with total land area launched in January 2026 down 16% year-on-year, and total land transaction value down 39% [11][12] - Policy measures such as the reduction of the value-added tax on second-hand housing and the lowering of minimum down payments for commercial properties indicate a generally accommodative policy environment [3][12] Group 2: Agriculture, Forestry, Animal Husbandry, and Fishery - The pig price is under pressure post-holiday due to the end of stocking and limited weight reduction, with the average price of pigs at 11.66 yuan/kg as of February 13, 2026, down 0.40 yuan/kg week-on-week [4][13] - The supply side shows a slight decrease in the average weight of pigs being marketed, indicating ongoing pressure from large pigs and structural pricing risks [13][14] - The overall market sentiment remains weak, with expectations of a seasonal decline in demand in the weeks following the holiday [14] Group 3: Retail and Consumer Services - The retail sector is experiencing a steady recovery in consumption, with payment transactions on the eve of the Spring Festival increasing by 21.64% compared to the previous year [5][19] - Key retail and catering enterprises reported an average daily sales increase of 8.6% during the first four days of the holiday compared to the same period in 2025 [19][25] - Investment recommendations focus on high-quality companies in the consumer sector, particularly those in gold and jewelry, offline retail, cosmetics, and medical aesthetics [26] Group 4: Pharmaceuticals - The company has entered into an exclusive licensing agreement with GSK for two siRNA pipeline products, with potential total transaction value reaching up to $1 billion [6][28] - Revenue forecasts for the company are maintained at 143 million, 169 million, and 201 million yuan for 2025, 2026, and 2027, respectively, with a downward adjustment in net profit estimates [6][28] - The collaboration with GSK highlights the company's growing recognition in the small nucleic acid drug development field, paving the way for future global partnerships [28][29]

Core Viewpoint - Vir Biotechnology's stock surged over 38%, reaching a new high of $10.29, driven by strong quarterly earnings and positive clinical trial results for its treatment candidate VIR-5500 [1] Financial Performance - The company reported fourth-quarter revenue of $64.07 million, a significant increase of 417% year-over-year, surpassing market expectations of $44.16 million [1] - The earnings per share (EPS) loss was $0.31, an improvement from a loss of $0.76 per share in the same quarter last year [1] Clinical Development - Vir Biotechnology announced positive results from the Phase 1 clinical trial of VIR-5500, which is being developed for the treatment of advanced metastatic castration-resistant prostate cancer [1]

Financial Data and Key Metrics Changes - In Q4 2025, Harmony Biosciences reported net product revenue of $243.8 million, a 21% increase from $201.3 million in Q4 2024, marking the highest quarterly revenues to date [3][22] - For the full year 2025, WAKIX generated $868.5 million in net product revenue, continuing six consecutive years of revenue growth and profitability [4] - Non-GAAP adjusted net income for Q4 2025 was $33.4 million, or $0.57 per diluted share, compared to $64.2 million, or $1.10 per diluted share in the prior quarter [23] Business Line Data and Key Metrics Changes - WAKIX achieved approximately 400-plus average patient adds for three consecutive quarters, reaching about 8,500 average patients on the drug [3][4] - The company anticipates WAKIX net revenue to reach blockbuster status of $1 billion-$1.04 billion in 2026, driven by strong demand and market opportunity [4][10] Market Data and Key Metrics Changes - There are approximately 80,000 diagnosed patients with narcolepsy, indicating a significant market opportunity for continued growth of WAKIX [4] - The recent FDA approval of WAKIX for treating cataplexy in pediatric patients aged 6 years and older is expected to enhance market penetration [10][95] Company Strategy and Development Direction - Harmony is focused on extending the WAKIX franchise with the upcoming NDA submission for Pitolisant GR in Q2 2026 and a target PDUFA date in Q1 2027 [5][26] - The company is also exploring broader CNS indications with a new formulation of pitolisant, supported by newly licensed IP with patent protection until 2042 [6][17] - A robust late-stage pipeline with five ongoing Phase 3 registrational trials across distinct CNS indications is in place, setting the stage for multiple catalysts [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving blockbuster status for WAKIX in 2026, citing strong execution and market demand [4][26] - The company is well-positioned with a strong balance sheet, approximately $882.5 million in cash equivalents, to fund growth and pipeline advancements [22][24] Other Important Information - The company has settled with six of the seven ANDA filers regarding WAKIX, with generic entry not expected before March 2030 if pediatric exclusivity is granted [5][50] - Significant increases in R&D investments are anticipated as the company advances its pipeline, with five registrational studies ongoing and a sixth planned [25][63] Q&A Session Summary Question: Can you comment on the baseline seizure rates and the emerging benefit-risk profile for EPX-100? - Management noted that patients in the Dravet syndrome study had treatment-resistant seizures, with a median reduction in seizures of approximately 50% and a favorable safety profile compared to other medications [30][32] Question: What is the PK, PD, and safety bar for the orexin 2 receptor agonist? - Management indicated that they expect to see clinical PK data by mid-2026 and are making progress towards advancing the program to the next stage of development [39][41] Question: Can you clarify the increase in SG&A expenses in Q4? - The increase was primarily driven by R&D investments for Phase 3 studies and litigation expenses related to ANDA settlements [62][63] Question: What is the timeline for decisions regarding ongoing litigation? - Management stated that the timeline for a ruling is uncertain, but they remain confident in their IP strength and the settlements achieved with generic filers [78][79]

Core Viewpoint - China Antibody-B (03681) has received approval from the National Medical Products Administration (NMPA) for the clinical trial application (IND) of its first-in-class (FIC) therapeutic product SM17 for treating inflammatory bowel disease (IBD) patients, marking a significant milestone in expanding its treatment scope from atopic dermatitis (AD) to IBD, which includes Crohn's disease (CD) and ulcerative colitis (UC) [1][2] Group 1 - SM17 is a novel, FIC humanized IgG4-k monoclonal antibody designed to target the type II immune core "alarmin" molecule interleukin-25 (IL-25) receptor, regulating type II inflammatory responses [2] - The mechanism of SM17 involves binding to the IL-25 receptor on the surface of type II innate lymphoid cells (ILC2s) and Th2 cells, inhibiting IL-25 mediated signaling, and downregulating downstream inflammatory cytokines such as interleukin-4, interleukin-5, and interleukin-13 [2] - SM17's multi-mechanism characteristics differentiate it from existing single-pathway therapies, providing a new treatment option for refractory or complex phenotype patients [2][3] Group 2 - The company has completed follow-up for the Phase I bridging study of the subcutaneous formulation of SM17 in healthy volunteers, with data supporting the advancement of IBD indications into Phase II clinical development [1] - The company expects to complete the bridging study from intravenous to subcutaneous administration by the first quarter of this year and plans to initiate Phase II clinical trials for AD by the second quarter [2] - The expansion of SM17's indications from AD to IBD is viewed as a significant opportunity to address unmet medical needs in a clinically and commercially valuable area [2][3]

Core Viewpoint - China Antibody-B (03681) has received approval from the National Medical Products Administration (NMPA) for the clinical trial application (IND) of its first-in-class (FIC) therapeutic product SM17 for treating inflammatory bowel disease (IBD) patients, marking a significant milestone in expanding the treatment scope from atopic dermatitis (AD) to IBD, which includes Crohn's disease (CD) and ulcerative colitis (UC) [1][2] Group 1 - SM17 is a novel humanized IgG4-k monoclonal antibody that targets the IL-25 receptor to modulate type II inflammatory responses, potentially making it a promising treatment candidate for UC [2] - The mechanism of SM17 involves inhibiting IL-25 mediated signaling and downregulating downstream inflammatory cytokines, which distinguishes it from existing single-pathway therapies and offers new treatment options for refractory or complex phenotype patients [2][3] - The company is completing a bridging study to transition SM17 from intravenous to subcutaneous administration, expected to be completed in the first quarter of this year, with plans to initiate a Phase II clinical trial for AD in the second quarter [2] Group 2 - The company views the expansion of SM17's indications from AD to IBD as a significant opportunity to address unmet medical needs in a clinically and commercially valuable area [2][3] - Targeting upstream regulatory factors in the type II inflammatory pathway, such as the IL-25 receptor, supports SM17 as a differentiated, safer, and more effective treatment option for both AD and IBD [3]

Financial Data and Key Metrics Changes - The company reported $9.5 million in revenue for Q4 2025, a significant decrease from $59.2 million in Q4 2024, primarily due to a $40.3 million decline in revenue from the Novartis license agreement [19] - For the full year 2025, total revenue was $262.6 million, slightly down from $263.4 million in 2024 [19] - Cash equivalents and marketable securities at the end of Q4 2025 were just over $685 million, down from over $1 billion at the end of 2024 [18] Business Line Data and Key Metrics Changes - The company has four ongoing clinical trials across oncology and neurology, including the first-in-human trial of ARV-027, a polyQ-AR degrader [5] - ARV-102, a LRRK2 degrader, has shown over 50% reduction in LRRK2 in the CSF of healthy volunteers, indicating strong brain penetration [27] - ARV-806, targeting KRAS G12D, has demonstrated over 25-fold potency in reducing cancer cell proliferation compared to existing therapies [30] Market Data and Key Metrics Changes - The company is focusing on developing differentiated treatments in competitive areas, with a strong emphasis on clinical data to validate their approach [36] - The competitive landscape includes multiple programs targeting similar pathways, necessitating clear differentiation for success [36] Company Strategy and Development Direction - The company aims to maximize opportunities in core areas by focusing on differentiated treatments that provide significant patient benefits [10] - A strategic refocus on Phase I clinical programs has been implemented, with a commitment to only advance treatments that demonstrate clear differentiation [10] - The company plans to initiate a Phase 1B trial for ARV-102 in PSP and potentially a registrational trial by late 2026 [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong pipeline and financial position, anticipating multiple data readouts and clinical advancements in 2026 [4][23] - The company is committed to developing treatments that do not compromise on efficacy, safety, and tolerability, aiming for transformative impacts on patient care [10] Other Important Information - The company has suspended its stock repurchase program after buying back approximately 10 million shares for a total of $91.9 million [22] - Discussions with potential partners for the commercialization of vepdegestrant are ongoing, with expectations to finalize an agreement before the June 5th PDUFA date [9][72] Q&A Session Summary Question: What key data will determine if a program is differentiated? - Management indicated that differentiation will vary by program, with specific data points needed for each to establish superiority over competitors [34][36] Question: What should be expected from ARV-102 data at ADPD? - Management noted that the data will focus on safety and efficacy in Parkinson's patients, with expectations of demonstrating continued safety and biomarker engagement [49][50] Question: Will there be any dose modifications needed for ARV-393 in combination with glofitamab? - Management does not anticipate needing dose modifications but will proceed with caution and evaluate during the combination studies [63] Question: What are the early observations for ARV-393? - Early data show responses in patients with B and T cell lymphomas, with good degradation of BCL6, supporting continued development [85] Question: What is the strategy for the polyQ-AR degrader? - The company is exploring surrogate markers for SBMA and engaging with health authorities for potential future studies [89]

SinoMab BioScience Limited 中 國 抗 體 製 藥 有 限 公 司 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。 於推進IND的同時，SM17目前正完成由靜脈注射轉為皮下注射劑型的橋接研究， 預計最早於本年第一季度完成。本公司預計最早於本年第二季度啟動針對AD的II 期臨床試驗。 本 公 司 認 為 ， 將 SM17 的 適 應 症 從 AD 擴 展 到 IBD ， 是 解 決 這 一 具 有 重 大 臨 床 和 商 業價值領域未滿足醫療需求的重要機遇。 本公司進一步認為，靶向2型炎性通路上游調控因子（ 如IL -25受體 ）的治療策略可 支持SM17成為用於治療AD及IBD的具差異化、安全性更佳且有效的治療選擇。 （於香港註冊成立的有限公司） （股份代號：3681） 自願公告 SM17用於治療IBD的IND獲NMPA批准 茲提述中國抗體製藥有限公司（「本公司 ...

Core Viewpoint - The company, Shenlian Bio, plans to acquire a controlling stake in Yangzhou Shizhiyuan Biotechnology Co., Ltd. for 237 million yuan, aiming to enhance its innovative drug business and establish a dual-main business model of "human pharmaceuticals" and "animal health" [1] Group 1 - Shenlian Bio will use 237 million yuan of its own and self-raised funds, including bank acquisition loans, for the acquisition [1] - The acquisition will be executed through its wholly-owned subsidiary, Shanghai Bentianc Bio-pharmaceutical Co., Ltd. [1] - After the transaction, Bentianc and its concerted parties will hold a total of 51% equity in Shizhiyuan, allowing the company to control 51% of the voting rights [1]

Group 1 - The core point of the article is that Chengda Biological has received a drug registration certificate for its lyophilized human rabies vaccine from the National Medical Products Administration [2] Group 2 - Chengda Biological's wholly-owned subsidiary, Chengda Biological (Benxi) Co., Ltd., is the entity that received the registration certificate [2] - The approval of the rabies vaccine indicates a significant milestone for the company in expanding its product offerings in the biopharmaceutical sector [2] - This development may enhance the company's market position and potential revenue streams in the vaccine market [2]