本报讯 （记者张敏）2月23日，港股生物医药上市企业MirxesHolding Company Limited（以下简称"觅 瑞"）发布自愿性公告，宣布其结直肠癌早筛前瞻性临床研究CADENCE CRC已完成全部入组。觅瑞表 示，完成入组标志着实现关键里程碑，研究将进入后期实验室分析与数据评估阶段。该公司预期在完成 数据分析及随访后于2026年内公布主要研究结果。 持续夯实早筛产品管线 miRNA技术构筑壁垒 全球早筛赛道竞争激烈，觅瑞凭借独有miRNA核心技术平台，突破传统检测局限，走出差异化路径， 不仅成为亚洲早筛标杆，更跻身全球少数实现该技术商业化的企业，技术壁垒显著。其自主研发的 mSMRT-qPCR技术，性价比优势较高通量测序尤为突出。 不同于海外企业聚焦欧美，觅瑞精准锚定东盟+中国核心市场，直击区域早筛需求空白。亚洲是全球癌 症负担最重的地区之一，但受检测可及性、人群接受度、医疗资源分布制约，早筛覆盖率长期偏低。觅 瑞深耕本土，通过本土化临床研究、贴合市场的商业化布局及与当地机构深度合作，构建起覆盖亚洲的 临床与商业化网络。 2023年启动的CADENCE CRC研究，是觅瑞肠癌早筛的核心布局，该 ...

2026年2月23日，Mirxes（觅瑞）宣布其CADENCE-CRC结直肠癌早筛研究迎来重大突破。据公告，这 项结直肠癌早筛注册临床试验，招募了6000多名受试者，是东南亚首个、且最大规模的基于血液筛查的 前瞻性研究，覆盖华裔、马来裔、印度裔等多个主要族群。 值得关注的是，就在这一消息发布前不久，美国多癌早筛公司GRAIL（NASDAQ：GRAL）公布了14万 人多癌临床研究的失败结果，引发2月20日股价腰斩，暴跌50%，市场对多癌筛查"概念故事"的信心遭 遇重挫。 相较于多癌筛查，觅瑞则一步一个脚印，优先攻克单癌早筛。通过扎实的临床推进，进一步凸显其在单 癌早筛领域的确证性路径和落地能力，或成为资金避险情绪升温下，赛道内确定性较强的一类资产。 公告显示，随着入组工作收官，觅瑞在消化道肿瘤早筛产品线上迈出关键一步。当前研究已进入数据后 期分析阶段，预计主要结果将于2026年内揭晓。按照规划，公司拟于今年中旬在新加坡及部分东南亚市 场先行推出LDT形式服务，并计划年底前提交IVD注册申请，推动产品正式落地。 （一）结直肠癌筛查的 "死结"：明明可以早发现，为什么那么多人放弃？ 结直肠癌发展周期长达 5-10 ...

Group 1: Core Insights - The recent events surrounding Exact Sciences (EXAS) highlight significant developments in the cancer early screening industry [1] Group 2: Stock Performance - On February 6, 2026, Exact Sciences recorded a trading volume of $490 million, an increase of 48.38% from the previous day, with a stock price of $103.18, reflecting a daily rise of 0.51% [2] - Over the past 52 weeks, the stock has seen a cumulative increase of 92.75%, with a year-to-date rise of 1.60%, indicating market volatility in sentiment towards the cancer early screening sector [2] Group 3: Financial Performance - For the first nine months of fiscal year 2025, Exact Sciences reported revenues of $2.369 billion, a year-on-year increase of 15.80%, while net losses narrowed to $122 million, a reduction of 25.74% [3] - The management has raised the full-year revenue guidance to between $3.22 billion and $3.235 billion, emphasizing a growth of 250,000 in the number of Cologuard screenings and the launch of the multi-cancer early detection test, Cancer Guard [3] Group 4: Institutional Perspectives - CITIC Securities raised the target price for Exact Sciences to $118 and maintained a "Buy" rating, projecting the company to achieve profitability in 2026 [4] - The report also mentioned the potential acquisition of Exact Sciences by Abbott, which could aid in international expansion, while noting that the long-term outlook for the cancer early screening industry is influenced by the commercialization of liquid biopsy technology, alongside competitive and regulatory considerations [4]

港股癌症早筛龙头Mirxes再度抛出重磅公告，联合创始人及基石投资者宣布启动新一轮自愿锁股计划， 力度较此前进一步升级。 2月11日，Mirxes (02629) 早盘股价一路走高，一度来到28港元，涨幅18.04%，截至收盘，股价报24港 元，收涨1.18%跑赢大市，消息面上，一则再度锁仓的公告引发热议，这并非简单的例行公告，而是在 前期基石投资者已将6个月禁售期延长至9个月（至2026年2月23日届满）的基础上，再次释放"长期陪 跑"的强烈信号。 在资本市场对限售股解禁抛压的普遍担忧下，这场由公司核心群体发起的"主动锁仓加码"，究竟承载着 怎样的价值逻辑？又将如何重塑市场对Mirxes未来增长的信心？ 不妨从锁仓本质、成本逻辑、资本布局三个维度，拆解这一事件背后的深层意义。 1．锁仓加码非维稳，而是核心群体的价值共信 过往，多数上市公司的锁仓公告常被解读为"被动维稳"，但Mirxes此次的再锁仓，恰恰跳出了这一常规 框架，本质是联合创始人与基石投资者对公司价值、赛道前景的主动背书。 根据公告核心内容，自2026年2月23日起至2027年月23日12个月内，双重承诺正式落地：其一，每位联 合创始人自愿承诺， ...

Core Insights - Mirxes, a biotechnology company listed on the Hong Kong Stock Exchange, successfully completed a share placement raising approximately HKD 711 million, with a share price of HKD 32.5, representing a nearly 40% premium over its IPO price of HKD 23.30 [1] - This successful placement reflects a renewed assessment by global professional investors towards high-quality biotech firms, emphasizing the importance of technological barriers, commercialization progress, and sustainable growth capabilities [2] Company Highlights - Mirxes is the only publicly listed early cancer screening company in Asia, headquartered in Singapore, focusing on developing and commercializing non-invasive blood-based miRNA tests for early cancer detection [5] - The company has established a strong competitive moat through scarce regulatory qualifications, having received regulatory approval for its core product, GASTROClear, which is the first blood-based molecular diagnostic product for gastric cancer [5][7] - Mirxes has a diversified product pipeline, with ongoing development of early screening products for lung, colorectal, and breast cancers, ensuring sustained growth [5] Industry Context - The global early cancer screening market is experiencing significant growth potential, with major healthcare companies making strategic investments and acquisitions, such as Abbott's USD 21 billion acquisition of Exact Sciences [3] - Policies in the U.S. and China are increasingly supportive of early screening technologies, enhancing market demand and facilitating industry growth [3] Technological Advantages - Mirxes employs a differentiated technology route based on miRNA detection, supported by extensive clinical research that has identified key biomarkers for gastric cancer [7][8] - The company’s proprietary mSMRT-qPCR technology allows for rapid sample testing, significantly improving screening efficiency and offering higher sensitivity and specificity compared to traditional methods [8] - A robust patent portfolio protects Mirxes' innovations, establishing high entry barriers for potential market entrants [8] Financial Performance - Mirxes has demonstrated a strong commitment to research and development, with R&D expenditures constituting over 90% of total revenue from 2022 to 2024, reflecting its focus on technological innovation [8] Market Positioning - The successful premium placement by Mirxes serves as a clear signal to the market that companies with core technologies and clear commercialization paths can still attract investor interest, even in a challenging market environment [9]

Core Viewpoint - Mirxes Holding Company Limited has successfully completed a new share placement, raising approximately HKD 711 million, reflecting strong investor confidence in its technology and business prospects, marking a significant step towards market expansion in cancer early screening [1][6]. Group 1: Fundraising and Strategic Focus - The recent share placement was priced at HKD 32.5 per share, a 40% premium over its IPO price of HKD 23.30 [1]. - Approximately 30% of the raised funds will be allocated for investment and acquisition activities, 25% for research and development, 20% for expanding into emerging markets like India, and 25% for general operational expenses [2]. Group 2: Product Pipeline and Development - As of June 30, 2025, the company has one core product (GASTROClear), two commercialized products (LUNGClear and Fortitude), and six candidates in preclinical stages [3]. - GASTROClear, a blood-based miRNA test for gastric cancer screening, has received regulatory approval in both Singapore and China, marking significant milestones in its commercialization [3]. Group 3: Collaborations and Market Strategy - Mirxes has signed a memorandum of understanding with Crystal Technology to develop an AI-enabled integrated diagnosis and treatment platform, enhancing its capabilities in early detection and intervention [4]. - The company is implementing a dual strategy of "professional medical + innovative channels" to increase market penetration and public awareness, collaborating with top hospitals and health institutions in China [5]. Group 4: Industry Context and Competitive Position - The cancer early screening sector is gaining traction, highlighted by Abbott's USD 21 billion acquisition of Exact Sciences, indicating the strategic value recognized by major medical companies [6]. - Mirxes, as one of the earliest companies focused on miRNA cancer screening in Asia, has established a comprehensive capability from biomarker discovery to commercialization, positioning itself as a leader in the rapidly growing industry [6].

Group 1: Company Overview - Mirxes, a Singapore-based RNA biotechnology company, is the only listed early screening enterprise in Asia, focusing on the development and commercialization of non-invasive blood miRNA tests for early cancer detection [3] - The company has a rich product pipeline, including products for gastric, lung, colorectal, and breast cancer screening, with the colorectal cancer screening product expected to launch soon [3] - Mirxes has received regulatory approval for its core product, the miRNA-based gastric cancer screening test, marking a significant milestone in its commercialization journey [3] Group 2: Recent Developments - On January 29, Mirxes announced the completion of a new share placement, issuing 21.88 million shares, which represents approximately 7.34% of the expanded share capital, raising about HKD 711 million at a price of HKD 32.5 per share, a nearly 40% premium over its IPO price [1] - The funds raised will focus on core strategic development areas, including investment and acquisition activities, continuous R&D upgrades, accelerated global commercialization, and optimization of the technology innovation platform [1] - Mirxes signed a strategic cooperation memorandum with Jingtai Technology to create an AI-enabled integrated diagnosis and treatment platform, leveraging its advantages in cancer data and early detection [4] Group 3: Industry Context - The global cancer early screening sector is entering a phase of deep integration between capital and industry, with significant growth potential, as evidenced by major investments and acquisitions from international healthcare giants [2] - Policies and payment systems worldwide are increasingly favoring early screening, with the U.S. pushing for multi-cancer early detection products to be included in federal insurance reimbursements, and China incorporating various tumor screenings into its healthcare insurance [2] - The commercialization potential of global cancer early screening products is entering a concentrated release phase, supported by both clinical and market recognition [2] Group 4: Competitive Position - Mirxes has established a strong competitive edge in the Hong Kong biopharmaceutical sector, characterized by its unique regulatory approval for molecular gastric cancer screening and a clear technological barrier [4] - The company is well-positioned in the rapidly growing cancer early screening and precision medicine market, supported by its solid technical foundation, diverse product pipeline, and strategic industry collaborations [4]

Group 1 - The healthcare industry in 2025 has faced significant challenges, including financial fraud leading to delistings and a decline in consumer trust [2][10] - Companies like Nohui Health, once celebrated as leaders in cancer screening, have faced severe repercussions for financial misconduct, resulting in their delisting [2][10] - The regulatory environment has tightened, with a clear stance on accountability for fraudulent practices, indicating a shift towards a more transparent market [2][10] Group 2 - The market for semaglutide, once viewed as a revolutionary weight-loss solution, has seen a drastic price drop due to impending patent expirations and the emergence of generic alternatives [4][10] - The rapid expansion of chain pharmacies post-pandemic has led to a significant number of closures, highlighting the unsustainable nature of overexpansion in the industry [5][10] - Traditional brands like Tongrentang have faced scrutiny for misleading marketing practices, demonstrating that even established names are not immune to consumer skepticism [7][8][10] Group 3 - The healthcare sector in 2025 is characterized by a series of dramatic events, including the collapse of once-prominent companies, aggressive market corrections, and a loss of consumer confidence [10][12] - The industry is urged to focus on genuine value and transparency rather than relying on historical reputation or marketing gimmicks [8][10]

Investment Rating - The report does not explicitly provide an investment rating for the multi-cancer early screening industry in China. Core Insights - The multi-cancer early screening industry in China is experiencing significant growth driven by advancements in technology, particularly AI and genetic testing methods. The market is expected to expand due to increasing healthcare demands from an aging population and rising chronic disease prevalence [5][11][13]. Summary by Sections Industry Overview - The report focuses on the multi-cancer early screening industry in China, analyzing market hotspots, segment conditions, and competitive landscape to understand the current development status and market size [3][5]. Demand Environment - China's healthcare system is evolving to address the needs of an aging population, with a notable increase in chronic disease management capabilities. The demand for in vitro diagnostics is rising, supported by enhanced medical resource availability and government-led healthcare initiatives [5][6][9]. Market Size - The market size of China's in vitro diagnostics industry grew from 118.5 billion CNY in 2019 to 241.7 billion CNY in 2023, with a compound annual growth rate (CAGR) of 19.5%. It is projected to reach 444.2 billion CNY by 2028, with a CAGR of 13.0% from 2023 to 2028 [11][13]. Cancer Screening Demand - The multi-cancer early screening industry has substantial demand potential due to the distribution characteristics of cancer types and a large high-risk population. The report highlights the urgent need for low-dose spiral CT screening for lung cancer, which has a significantly higher incidence rate in China compared to global averages [18][21]. Product Approval Landscape - The early screening product landscape is primarily focused on single cancer types, with colorectal cancer being the most prominent. The market faces challenges such as product homogeneity and competition among over 200 manufacturers in the initial screening space [21][29]. Significance of Digestive Tract Screening - Early screening for digestive tract cancers is crucial due to the "window period" from precancerous lesions to late-stage cancer, where early detection can lead to nearly 100% five-year survival rates. The report emphasizes the cost-effectiveness of early diagnosis compared to late-stage treatment [24][25]. Competitive Landscape - The competitive environment in the digestive tract cancer screening market is intense, with significant differences in product performance and technology among manufacturers. The report notes that many companies focus on colorectal cancer screening, leading to a saturated market with limited differentiation [27][29].

Core Insights - Colorectal cancer is a common malignant tumor in China, posing a significant threat to public health, with 517,100 new cases and 240,000 deaths reported in 2022, accounting for 10.7% and 9.3% of all cancer cases respectively [1][6][12] - The incidence and mortality rates of colorectal cancer are on the rise, with current rates at 36.63 per 100,000 and 17.00 per 100,000 respectively, despite improvements in the five-year survival rate for patients [1][6] - Early detection and treatment can significantly improve the five-year survival rate, which can reach 80%-90% for early-stage cancers [2][6] Colorectal Cancer Screening Methods - Recommended screening methods include colonoscopy, fecal occult blood testing, sigmoidoscopy, CT colonography, and multi-target stool DNA testing, with colonoscopy being the first-line method [4][8] - For individuals who cannot tolerate or comply with the first-line methods, alternative methods such as immunochemical or chemical fecal occult blood tests, sigmoidoscopy, CT colonography, and multi-target stool DNA testing are available [4][8] Market Overview - The colorectal cancer early screening market in China is expanding rapidly, projected to reach 1.2 billion yuan in 2024, representing a 33.3% year-on-year growth, and further increasing to 1.5 billion yuan in 2025 [1][12] - The market is characterized by a growing awareness of cancer prevention and treatment, leading to an acceleration in early screening practices and an optimization of supply-demand structures [1][12] Genetic Methylation Technology - Genetic methylation technology is increasingly recognized for its diagnostic value in colorectal cancer, with several products already approved in China [13][14] - The Septin9 and SDC2 genes are commonly used in early screening, with Septin9 showing a sensitivity of 76.63% and specificity of 95.93% for detecting colorectal cancer [14] Industry Development Trends - The colorectal cancer early screening industry is still in its early stages in China, with low penetration rates among target populations, but is expected to grow due to government support and increased public awareness [15][16] - Price competitiveness will be crucial for early screening products, with companies that can offer high value at reasonable prices likely to capture larger market shares [15][16] - The integration of multi-omics technologies and artificial intelligence is anticipated to enhance early screening solutions, leveraging complex data for improved decision-making [15][16]