Innate Pharma (NasdaqGS:IPHA) Update / Briefing October 28, 2025 08:00 AM ET Speaker0We're very excited to be here this morning. We have, from an eight pharma perspective, our lacutamab KOL event, where we will be reviewing the clinical perspectives and the commercial outlook for lacutamab. I'm very excited that we have over 100 people joining us this morning online and here in the room in New York City. So we will be making some forward looking statements.So we have our standard disclosure statement here. ...

Core Insights - The company reported a revenue of 2.063 billion yuan for the first three quarters of 2025, a year-on-year increase of 2.24%, while the net profit attributable to shareholders was 49.1577 million yuan, a significant decline of 86.0% due to changes in product sales structure and corresponding cost increases [1] - The company is actively pursuing an internationalization strategy, achieving overseas revenue of 41.9 million yuan, a remarkable growth of 324.27% year-on-year, with multiple product approvals in various countries [2] - The company maintains a high level of R&D investment, with R&D expenses reaching 420 million yuan, a year-on-year increase of 34.74%, indicating a strong pipeline of multi-valent vaccines in advanced clinical stages [3] - The company is expected to see net profits of 122 million yuan, 421 million yuan, and 510 million yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 151, 44, and 36 times, maintaining a "recommended" rating [4] Financial Performance - For the first three quarters of 2025, the company's main revenue was 2.063 billion yuan, with a net profit of 49.1577 million yuan, reflecting an 86.0% decline [1] - The net cash flow from operating activities was 362 million yuan, a year-on-year increase of 53.45%, attributed to increased sales collections [1] - In Q3 2025, the company reported a single-quarter revenue of 671 million yuan, a year-on-year decrease of 17.74%, and a net profit of 11.6249 million yuan, down 93.74% [1] International Expansion - The company has made significant strides in international markets, with overseas revenue reaching 41.9 million yuan, a growth of 324.27% year-on-year [2] - Key product approvals include the 13-valent pneumococcal polysaccharide conjugate vaccine in Turkey, Indonesia, Nicaragua, and Pakistan, marking successful entries into various international markets [2] - The company's international footprint now spans over 20 countries, with ongoing collaborations in densely populated regions under initiatives like the "Belt and Road" [2] Research and Development - R&D expenses for the first three quarters of 2025 were 420 million yuan, representing a 34.74% increase, with an R&D expense ratio of 20.36% [3] - Several products are in critical clinical stages, including the Sabin strain inactivated polio vaccine and the oral pentavalent reconstituted rotavirus vaccine, among others [3] - The company is also proactively developing innovative vaccines targeting challenging pathogens, such as Klebsiella pneumoniae, which is known for its antibiotic resistance [3]

Group 1 - The core viewpoint of the news is that Huaxi Biological has reported a significant decline in its financial performance for the third quarter of 2025, with revenue and net profit both decreasing year-on-year [1] Group 2 - For the first three quarters of 2025, Huaxi Biological's revenue was approximately 3.163 billion yuan, representing a year-on-year decrease of 18.36% [1] - The net profit attributable to shareholders of the listed company was about 252 million yuan, down 30.29% year-on-year [1] - The basic earnings per share were 0.52 yuan, reflecting a decrease of 30.67% compared to the previous year [1] - As of the report date, Huaxi Biological's market capitalization stood at 25.4 billion yuan [2]

Core Insights - Huaxi Biological announced a third-quarter revenue of 903 million yuan, a year-on-year decrease of 15.16% [1] - The net profit for the third quarter was 31.53 million yuan, a year-on-year increase of 55.63% [1] - For the first three quarters, the total revenue was 3.163 billion yuan, a year-on-year decrease of 18.36% [1] - The net profit for the first three quarters was 252 million yuan, a year-on-year decrease of 30.29% [1] Financial Performance - Third-quarter revenue: 903 million yuan, down 15.16% year-on-year [1] - Third-quarter net profit: 31.53 million yuan, up 55.63% year-on-year [1] - Year-to-date revenue (first three quarters): 3.163 billion yuan, down 18.36% year-on-year [1] - Year-to-date net profit (first three quarters): 252 million yuan, down 30.29% year-on-year [1]

Core Insights - The company reported a revenue of 92,610,785.08 yuan for the third quarter of 2025, representing a year-on-year increase of 4.72% [1] - The net profit attributable to shareholders of the listed company was 6,314,402.45 yuan, showing a year-on-year decrease of 17.87% [1] Financial Performance - Revenue for Q3 2025: 92.61 million yuan, up 4.72% year-on-year [1] - Net profit for Q3 2025: 6.31 million yuan, down 17.87% year-on-year [1]

本报讯(记者张敏) 水痘(Varicella)是一种由水痘-带状疱疹病毒引起的高传染性疾病，是全球常见的传染病之一，仍在多个 国家造成持续的公共卫生负担，疫苗接种被视为预防水痘最经济和有效的措施。 (ImmunogenicityandSafetyofaLiveAttenuatedVaricellaVaccineinHealthyChildrenAged12to15Months)研究论 文。该研究首次将北京科兴生物制品有限公司(以下简称"科兴")水痘减毒活疫苗与国际上另一款通过世 卫组织预认证的对照疫苗进行"头对头"比较，研究结果显示科兴水痘减毒活疫苗免疫原性达到非劣效性 标准，且安全性优于对照疫苗。 本次"头对头"研究进一步完善了科兴水痘减毒活疫苗在全球水痘防控体系中的循证证据体系，为其广泛 应用提供了科学数据支撑。截至目前，科兴水痘减毒活疫苗是国内首个且唯一通过世卫组织预认证的水 痘疫苗，已进入全球近20个国家和地区，累计供应数千万剂。 本次研究是一项在菲律宾圣胡安.德迪奥斯医院开展的随机、双盲、阳性对照、非劣效性Ⅲ期临床研 究，共纳入484名12月龄至15月龄健康儿童，随机接种1剂次科兴水痘减毒活疫苗(2 ...

Core Insights - Watson Bio reported a revenue of 565 million yuan for Q3 2025, representing a year-on-year decline of 20.25% [2] - The net profit attributable to shareholders for Q3 2025 was 120 million yuan, showing a year-on-year increase of 40.19% [2] - For the first three quarters of 2025, the company achieved a total revenue of 1.719 billion yuan, down 19.73% year-on-year [2] - The net profit attributable to shareholders for the first three quarters of 2025 was 163 million yuan, reflecting a year-on-year decrease of 36.24% [2]

Core Insights - Junshi Biosciences reported a revenue of 637 million yuan for Q3 2025, marking a year-on-year increase of 31.4% [2] - The net profit attributable to shareholders for Q3 2025 was a loss of 183 million yuan [2] - For the first three quarters of 2025, the company achieved a total revenue of 1.806 billion yuan, reflecting a year-on-year growth of 42.06% [2] - The net profit attributable to shareholders for the first three quarters was a loss of 596 million yuan [2]

Core Insights - The company reported third-quarter revenue of 226 million, representing a year-over-year increase of 37.50% [1] - Net profit for the third quarter was 48.62 million, showing a year-over-year growth of 81.46% [1] - For the first three quarters, total revenue reached 613 million, reflecting a year-over-year increase of 32.26% [1] - Net profit for the first three quarters amounted to 132 million, with a year-over-year growth of 58.61% [1]

Group 1 - The Hu Run Research Institute released the "2025 Hu Run Rich List," where the Cai Mingzhong family ranks 126th with a wealth of 44.5 billion RMB, showing a growth of 500 million RMB or 1% over the past year, but a drop of 38 places in ranking [1][2] - The Cai Mingzhong family is recognized as one of Taiwan's most representative business families, with wealth spanning three generations, often referred to as a model of "wealth across three generations" [2][3] - The family business, Fubon Group, was co-founded by Cai Mingzhong's father, Cai Wanchun, and has become a significant player in Taiwan's financial sector [2][3] Group 2 - Cai Mingzhong, as the eldest son of Cai Wanchun, co-manages Fubon Group with his brother, Cai Mingxing, and has a background in law from National Taiwan University [3] - In 2009, during a downturn in the global life insurance market, Cai Mingzhong demonstrated remarkable decisiveness by executing a deal to acquire ING AnTai Life Insurance for approximately 600 million USD, which significantly expanded Fubon's financial services footprint [3]