君实生物10月28日公告，2025年第三季度实现营业收入6.37亿元，同比增长31.40%；归属于上市公司股 东的净亏损1.83亿元；基本每股收益-0.18元。前三季度实现营业收入18.06亿元，同比增长42.06%；归 属于上市公司股东的净亏损5.96亿元；基本每股收益-0.6元。 ...

Core Viewpoint - The clinical trial results of QX002N (Lusacitinib) for treating ankylosing spondylitis (AS) show significant efficacy, indicating a potential new treatment option for AS patients [1][2] Group 1: Clinical Trial Overview - The Phase III clinical trial was led by Professor Zeng Xiaofeng from Peking Union Medical College Hospital and involved 641 patients across 58 centers in China [1] - The study design was a multi-center, randomized, double-blind, placebo-controlled trial with a treatment period of 48 weeks and a safety follow-up of 4 weeks [1] Group 2: Efficacy Results - At week 16, the ASAS40 response rate for the Lusacitinib group was 40.4%, significantly higher than the placebo group's 18.9% (P<0.0001) [1] - The ASAS20 response rate for the Lusacitinib group was 65.2%, also significantly higher than the placebo group (P<0.0001) [1] Group 3: Imaging and Inflammation Assessment - MRI assessments showed that the spinal score for the Lusacitinib group changed by -8.1, while the sacroiliac joint score changed by -6.2, both significantly better than the placebo group's -1.4 and -2.3 [2] - These results provide objective imaging evidence that Lusacitinib effectively alleviates edema and inflammation in the spine and sacroiliac joints [2] Group 4: Safety Profile - The incidence of treatment-emergent adverse events (TEAEs) and serious adverse events (SAEs) in the Lusacitinib group was similar to that of the placebo group, with most TEAEs being mild to moderate [2] - The overall safety profile of Lusacitinib is considered good, supporting its potential as a new treatment option for AS patients [2] Group 5: Future Prospects - The company plans to accelerate the registration application process for Lusacitinib to seek early approval for market launch [2]

Core Viewpoint - Fosun Pharma (02196) announced the board's decision to propose a spin-off listing of its subsidiary, Fosun Antigen (Chengdu) Biopharmaceutical Co., Ltd., on the Hong Kong Stock Exchange by October 28, 2025 [1] Company Overview - Fosun Antigen was established in July 2012 and is primarily focused on the research, development, production, and sales of human vaccines [1] - As of the announcement date, Shanghai Fosun Pharma Industrial Development Co., Ltd. holds a 70.08% stake in Fosun Antigen, while 17 other shareholders own the remaining 29.92% [1] Product Development - Fosun Antigen has developed a technical platform for both bacterial and viral vaccines [1] - The company has received approval for several self-developed human vaccines in mainland China, including: - Rabies vaccine (Vero cells) - Freeze-dried rabies vaccine (Vero cells) - Trivalent influenza virus split vaccine - Quadrivalent influenza virus split vaccine [1] - The 13-valent pneumococcal conjugate vaccine is currently in Phase III clinical trials [1] - The freeze-dried human rabies vaccine (human diploid cells) and 24-valent pneumococcal polysaccharide vaccine are in Phase I clinical trials [1] - The 23-valent pneumococcal polysaccharide vaccine has received clinical trial approval [1]

Core Viewpoint - Company announced a global exclusive collaboration and licensing agreement with F. Hoffmann-La Roche Ltd for the development, production, and commercialization of QX031N, a long-acting bispecific antibody targeting TSLP and IL-33, which are involved in respiratory diseases like COPD and asthma [1] Financial Summary - Company will receive a one-time, non-refundable, and non-deductible upfront payment of $75 million [1] - Company is eligible for up to $995 million in milestone payments related to product development, regulatory approval, and commercialization [1] - Potential future sales will generate tiered royalties for the company [1] Product Overview - QX031N is a research-stage long-acting bispecific antibody targeting TSLP and IL-33 [1] - TSLP and IL-33 are proteins released in response to allergens, viruses, pollution, and mechanical stimuli, playing a significant role in the development of chronic obstructive pulmonary disease (COPD) and asthma [1] - QX031N has the potential to be developed as a treatment option for COPD and asthma, with prospects of being a "First-in-class" and "Best-in-disease" therapy [1]

Core Viewpoint - Fosun Pharma (02196.HK) announced the board's resolution to plan for the spin-off listing of its subsidiary, Fosun Antigen (Chengdu) Biopharmaceutical Co., Ltd. on the Hong Kong Stock Exchange by October 28, 2025 [1] Group 1: Company Overview - Fosun Antigen was established in July 2012 and is primarily focused on the research, production, and sales of human vaccines [1] - As of the announcement date, Shanghai Fosun Pharma Industrial Development Co., Ltd. holds a 70.08% stake in Fosun Antigen, while 17 other shareholders own the remaining 29.92% [1] Group 2: Product Development - Fosun Antigen has developed a technical platform for both bacterial and viral vaccines [1] - The company has received approval for several self-developed human vaccines in mainland China, including rabies vaccines (Vero cell), lyophilized rabies vaccines (Vero cell), trivalent influenza virus split vaccine, and quadrivalent influenza virus split vaccine [1] - The 13-valent pneumococcal conjugate vaccine is currently in Phase III clinical trials, while the lyophilized rabies vaccine (human diploid cells) and 24-valent pneumococcal polysaccharide conjugate vaccine are in Phase I clinical trials [1] - The 23-valent pneumococcal polysaccharide vaccine has received approval for clinical trials [1]

君实生物公告，第三季度营收为6.37亿元，同比增长31.40%；净利润亏损1.83亿元。前三季度营收为 18.06亿元，同比增长42.06%；净利润亏损5.96亿元。 ...

Core Insights - The company announced the results of its Phase III clinical trial for QX002N (Lusacitinib) in treating ankylosing spondylitis (AS), which will be presented at the ACR Convergence 2025 in Chicago [1] Group 1: Clinical Trial Details - The Phase III trial was led by Professor Zeng Xiaofeng from the Peking Union Medical College Hospital and involved 641 patients across 58 centers in China [1] - The study was a multi-center, randomized, double-blind, placebo-controlled trial with a treatment period of 48 weeks, including a 16-week double-blind phase and a 32-week open-label phase [1] - Patients were randomly assigned in a 1:1 ratio to receive either 160mg Lusacitinib or a placebo, administered subcutaneously every four weeks [1] Group 2: Efficacy Results - At week 16, the ASAS40 response rate for the Lusacitinib group was 40.4%, significantly higher than the placebo group's 18.9% (P<0.0001) [1] - The ASAS20 response rate for the Lusacitinib group was 65.2%, also significantly higher than the placebo group (P<0.0001) [1] - The results indicate that Lusacitinib effectively alleviates symptoms and signs of AS from multiple dimensions, including pain and spinal function [1] Group 3: Imaging and Safety Assessment - MRI assessments showed that the Lusacitinib group had a change in spinal score of -8.1 and a change in sacroiliac joint score of -6.2, both significantly better than the placebo group's -1.4 and -2.3 [2] - The findings provide objective imaging evidence that Lusacitinib can effectively reduce edema and inflammation in the spine and sacroiliac joints [2] - The incidence of treatment-emergent adverse events (TEAEs) and serious adverse events (SAEs) in the Lusacitinib group was similar to that of the placebo group, with most TEAEs being mild to moderate, indicating good overall safety [2] Group 4: Future Prospects - The promising clinical efficacy and clear imaging evidence position Lusacitinib as a potential new treatment option for AS patients [2] - The company plans to expedite the registration application process to seek early approval for market launch [2]

Core Viewpoint - The company has announced plans for a spin-off listing of its subsidiary, Fosun Antigen (Chengdu) Biopharmaceutical Co., Ltd., on the Hong Kong Stock Exchange, indicating a strategic move to enhance its focus on vaccine development and commercialization [1] Group 1 - The board of directors approved the proposal for the spin-off listing on October 28, 2025 [1] - Fosun Antigen was established in July 2012 and specializes in the research, production, and sales of human vaccines [1] - The company has developed technical platforms for both bacterial and viral vaccines [1]

Group 1 - The core point of the article is that Shanghai Laishi has completed its share repurchase plan, buying back approximately 69.08 million shares, which is 1.04% of its total share capital, with a total expenditure of about 475 million yuan [1][1][1] - The share repurchase took place between April 2, 2025, and October 28, 2025, with the highest transaction price at 7.09 yuan per share and the lowest at 6.62 yuan per share [1][1][1] - As of the report, Shanghai Laishi's market capitalization stands at 44.3 billion yuan [1][1][1] Group 2 - For the first half of 2025, the revenue composition of Shanghai Laishi shows that blood product production and sales account for 99.21%, while testing equipment and reagents account for 0.76%, and other businesses account for 0.03% [1][1][1]

Core Viewpoint - Ruiang Gene (688217.SH) reported a significant decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters of 2025 was 139 million yuan, representing a year-on-year decrease of 26.64% [1] - The net profit attributable to shareholders of the parent company was -5.62 million yuan, compared to a net profit of 5.73 million yuan in the same period last year [1] - The basic earnings per share were -0.1 yuan [1]