"2025年第四季度营收达到8677.10万美元，环比增长约30%，毛利率大幅改善至50%，进军肺癌蓝 海。"2月24日，全球 TIL 疗法龙头股 Iovance 2025年Q4财报如同一声发令枪，叩响 TIL 赛道从"技术验 证"向"大规模商业化"转折的冲刺。 而在大洋彼岸的中国，以君赛生物为代表的本土企业正在干一件事：用自研创新的平台技术，把TIL疗 法从ICU请出来，大幅降低治疗成本，让个性化的疗法更具普适性。宛如奇兵出击的中国研发和临床速 度，使得TIL疗法在多个适应症均展现积极的临床疗效。 这意味着什么？商业化成本系数的改写、商业业绩预期的提升，TIL赛道的领跑者们已迎来市场对其的 价值重塑。 TIL赛道的真正野心 华尔街的反应总是比分析师的报告更诚实。 Q4财报发布当天（2月24日）收盘，Iovance股价报3.78美元，涨幅30.8%，创下两年来的单日最大涨 幅。盘后交易时段，股价继续攀升至3.877美元，再涨2.56%。成交量放出天量——接近7000万股，换手 率超过20%，这是真金白银在投票。 在财报层面，营收8677万美元，不仅超过分析师预期值，环比还增长约30%。真正让机构兴奋的，是毛 ...

培养操作。北京市虹天济神经科学研究院供图 黄红云教 中新网北京2月25日电(记者 刘远)给鼻子里面打针，就能帮助修复大脑神经，改善卒中后遗症和帕金森 病的症状，这样的技术近日在中国获批转化临床应用。 授随访治疗患者。应急管理部北戴河康复院供图 近日，经国家级生命健康产业示范区——北戴河区细胞及相关衍生产品新技术管理委员会正式批准，应 急管理部北戴河康复院展开嗅鞘细胞治疗技术的临床转化应用。该技术主要用于治疗卒中后遗症和帕金 森病，标志着全球首个针对这两类神经退行性疾病的细胞治疗技术正式由科研阶段进入临床应用阶段， 也意味着中国在神经系统疾病细胞治疗领域已走在世界前沿。 回顾发展历程，2001年，黄红云教授团队在国际上率先将嗅鞘细胞技术应用于完全性晚期脊髓损伤患者 的治疗。部分患者在支具或助行器辅助下，实现了重新站立和行走，取得了中枢神经损伤后功能修复的 重要突破，打破了"成人中枢神经损伤不可修复"的传统观念。 嗅鞘细胞 此次获批的嗅鞘细胞治疗技术，基于两项多中心、随机、双盲、安慰剂对照的二期临床试验，针对晚期 缺血性卒中和帕金森病患者，采用嗅粘膜下注射方式，验证了其安全性和有效性。试验结果显示，患者 神经功能 ...

Core Viewpoint - The company has signed a strategic cooperation agreement to invest up to RMB 370 million in building an advanced CAR-T cell therapy product commercialization production base in Shanghai, aligning with its commercialization process for multiple CAR-T products [1] Group 1: Investment and Development - The total investment for the new production base is capped at RMB 370 million, which will support the commercialization of existing and upcoming CAR-T cell therapy products [1] - The production base will facilitate the commercialization of the already launched product, Sai Kaize, and the new drug application stage product, Shu Ru Ji Ao Lun Sai injection (tentative name: Kai Li Mei TM) [1] - The investment strategy allows the company to avoid significant capital expenditures early on, preserving cash flow for core R&D and market expansion [1] Group 2: Strategic Importance - The collaboration is seen as a core initiative to enhance CAR-T cell therapy production capacity that meets international standards, crucial for the commercialization of multiple products and strengthening global competitiveness [1] - The agreement reflects the company's robust financial planning and deep engagement in the CAR-T cell therapy industry ecosystem, aligning with national and local biopharmaceutical industry policies [1] - This strategic partnership is expected to solidify the company's leading position in the global CAR-T cell therapy field and create long-term value for shareholders [1]

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。 Shenzhen Immunofoco Biotechnology Co., Ltd. 深圳易慕峰生物科技股份有限公司 （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、接納並向深圳易慕峰生物科技股份有限公司（「本公司」）、本公司的獨家保 薦人、保薦人兼整體協調人、顧問及包銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記 前，本公司不會向香港公眾人士提出要約或邀請。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註冊的本公司招股章程作出投資決定，招股 章程 ...

Core Insights - Yingbairui (Hangzhou) Biopharmaceutical Co., Ltd. successfully completed a nearly 200 million yuan Series B financing, led by Beijing Deep Intelligence Technology Co., Ltd. and supported by notable investors [1][2] - The financing reflects strong market recognition of Yingbairui's core technological capabilities and future development potential, providing robust support for its continued focus on innovative cell therapy [1][2] Financing Details - The Series B financing raised nearly 200 million yuan, which will facilitate Yingbairui's clinical research advancement, large-scale production capacity construction, and commercialization efforts [2] - Deep Intelligence, as the strategic lead investor, aims to leverage its AI-driven drug development advantages to enhance Yingbairui's new drug research decision-making and execution efficiency [2] Company Overview - Yingbairui is a leading company in the global NK cell therapy sector, focusing on cutting-edge tumor immunotherapy and innovative drug development for immune-related diseases, chronic diseases, and CNS diseases [2] - The company has developed a competitive product pipeline based on core technologies such as non-viral vectors and non-gene-modified ACC-NK and tiNK, with several core products already entering clinical stages [2] Future Outlook - The successful financing is expected to accelerate Yingbairui's commercialization process and address unmet clinical treatment needs by providing more safe and effective solutions [2] - With the effective utilization of the newly raised funds, Yingbairui will continue to deepen its focus on innovative cell therapy and core technological breakthroughs [2]

Core Insights - Health Road Co., Ltd. has entered the cell therapy field through a strategic partnership with He Yuan Biotechnology (Shanghai) Co., Ltd., marking a significant step in building a comprehensive health service ecosystem [1] - The collaboration with He Yuan Biotechnology, a company listed on the STAR Market, enhances Health Road's capabilities in the cell and gene therapy sector, leveraging He Yuan's integrated platform for research, production, and application [1] - Health Road's existing digital health service platform, with 211.8 million registered users and 905,000 registered doctors, aligns well with the new focus on cell storage, preparation, and exosome preparation [1] Business Model and Strategy - On the B2B side, Health Road has established a network covering over 11,000 medical institutions, enhancing customer loyalty and service value through cell technology support [2] - For the C2C segment, the company plans to introduce innovative product combinations such as "cell storage + health assessment" and "exosome anti-aging + medical health services" to maximize user lifecycle value [2] - The enterprise service segment aims to design innovative products like "insurance + cell therapy" for partners in insurance and banking, further extending the service chain [2] Competitive Advantage - The synergistic effect of this strategy allows Health Road to leverage existing resources for rapid expansion without the need to build clinical channels and user trust from scratch [2] - The strategic positioning in the cell biotechnology sector is seen as forward-looking, utilizing a light asset and strong synergy model to avoid heavy R&D investment risks while maximizing existing ecosystem advantages [2] - As the business model is validated and implemented, Health Road is expected to carve out a unique path in the cell therapy field, creating sustainable growth value for investors [2]

目前，莱芒生物已布局代谢增强型IL-10CAR-T、TCR-T、TILs及IL-10-Fc融合蛋白等多条管线。其中IL-10-Fc融合蛋白在临床前研究中可将多种实体瘤模型 治愈率从0%提升至90%。未来，公司将持续推进实体瘤临床研究，完善生产工艺，力争将CAR-T生产总成本进一步降低，让更多患者受益。 CAR-T细胞疗法为复发难治性血液肿瘤患者带来希望，但传统疗法存在剂量高、成本昂贵(单例治疗费用超120万元)、实体瘤疗效不佳及副作用风险高等问 题，限制了临床可及性。深圳莱芒生物基于全球首创的免疫代谢重编程技术，开发出极低剂量代谢增强型CAR-T细胞疗法，在血液瘤、自身免疫病及实体瘤 治疗领域取得突破，重新定义了细胞治疗的行业标准。 莱芒生物由瑞士EPFL唐力教授、郭雨刚博士联合晶泰科技共同创立，是一家处于临床阶段的免疫代谢创新药物研发公司。其核心技术Meta10免疫代谢重编 程技术，通过IL-10介导直接调控终末耗竭T细胞，显著增强T细胞的抗耗竭能力与干性样免疫记忆细胞形成，从根源上攻克了T细胞耗竭难题。相关成果已 发表于Nature、Nature Biotechnology等国际顶级期刊，并布局多项全球P ...

Core Viewpoint - Health Road (02587.HK) has entered the cell therapy sector through a strategic partnership with He Yuan Bio (688238.SH), marking a significant step in building a comprehensive health service ecosystem and demonstrating its intent to rapidly position itself in the industry using a light-asset model [1][2]. Group 1: Differentiated Strategy - The industry is witnessing significant investments, such as ByteDance's 6 billion yuan commitment to a medical complex, highlighting the value of the cell therapy sector [2]. - Health Road adopts a pragmatic approach by leveraging regional agents and ecosystem collaboration, contrasting with the heavy asset investment strategies of industry giants [2]. - He Yuan Bio, a listed company on the Sci-Tech Innovation Board, has established an integrated platform for research, production, and application in cell and gene therapy, showcasing strong industrial capabilities and technical reserves [2]. Group 2: Business Model and Financial Performance - Health Road's proactive business structure optimization has led to an increase in gross margin to 31.2%, indicating improved profitability [3]. - The cell storage and preparation business typically features high gross margins and prepayment characteristics, which will further enhance the company's revenue structure and provide stable cash flow [3]. - With the cell therapy market growing at an annual rate exceeding 50%, this strategic positioning opens new growth avenues for the company [3]. Group 3: Ecosystem Synergy - The new cell therapy business can quickly integrate with Health Road's existing network of over 11,000 medical institutions, enhancing customer loyalty and service value [4]. - The company can leverage its 211.8 million registered users to introduce innovative product combinations, such as "cell storage + health assessment" and "exosome anti-aging + medical health services," maximizing user lifecycle value [4]. - By designing innovative products like "insurance + cell therapy" for partners in insurance and banking, the company can further extend its service chain [4]. Group 4: Strategic Positioning - Health Road's entry into the cell biotechnology sector represents a forward-looking strategic positioning, utilizing a light-asset and strong synergy model to tap into a high-growth market [4]. - This approach minimizes the risks associated with heavy R&D investments while maximizing the use of existing ecosystem advantages [4]. - As the business gradually takes shape and the model is validated, Health Road is expected to carve out a unique path in the cell therapy field, creating sustainable growth value for investors [4].

Core Insights - The cell therapy market is experiencing rapid growth, with an average annual growth rate exceeding 50%, and is expected to reach a market size of 58.4 billion yuan by 2030 [1] - The implementation of the new regulations for biomedical technology clinical research and application, effective from May 1, 2026, is seen as a foundational law for the industry, promoting a shift towards a comprehensive health management approach [1] Group 1: Company Strategy - Health Road has entered the cell therapy sector through a strategic partnership with He Yuan Bio, indicating its intent to build a comprehensive health service ecosystem [1][2] - The company adopts a light-asset model, focusing on regional agency as a practical approach to accelerate its growth in the cell therapy market [2] - Health Road's collaboration with He Yuan Bio, a company with a robust integrated platform in cell and gene therapy, enhances its industrial capabilities and technological reserves [2] Group 2: Market Positioning - Health Road has established a vast network with 211.8 million registered users and 905,000 registered doctors, allowing it to leverage its existing resources for rapid business expansion [2][4] - The company is focusing on three core areas: cell storage, cell preparation, and exosome preparation, aligning with its comprehensive health service system [2] - The cell storage and preparation business typically has high gross margins and prepayment characteristics, which will further optimize the company's revenue structure and provide stable cash flow [3] Group 3: Competitive Advantage - Health Road's ecosystem enables it to quickly form multi-dimensional synergies, enhancing customer loyalty and service value through its network of over 11,000 medical institutions [4] - The company can introduce innovative product combinations to its vast user base, maximizing user lifecycle value [4] - By leveraging existing resources, Health Road can achieve rapid expansion without the need to build clinical channels and user trust from scratch [4]

Core Viewpoint - The article discusses the advancements and challenges in the cell and gene therapy (CGT) industry, highlighting the innovative approach of Huakan Bio in developing 3D cell culture technology to reduce costs and improve scalability in cell therapy production [3][4][6]. Industry Overview - CGT is seen as a promising direction for curing major diseases like cancer and rare diseases, but the high cost of treatments, often exceeding $1.5 million (approximately 10.8 million RMB) per course, poses a significant barrier for patients [3]. - The industry faces a fundamental challenge in scaling up the production of precious cells from laboratory settings to meet patient needs efficiently and cost-effectively [3]. Company Profile - Huakan Bio, founded in August 2018 by Tsinghua University professor Du Yanan and his two doctoral students, focuses on 3D microcarrier technology to enhance cell growth and automate production processes, significantly improving efficiency and reducing costs [4][6]. - The company has successfully launched China's first stem cell drug, "Aimi Maitosai Injection," priced at 19,800 RMB per course, which is about 1/70th the price of similar products in the U.S. [6]. Technology and Innovation - Huakan Bio's core technology, the 3D microcarrier, provides a three-dimensional growth environment for cells, enhancing their natural function and scalability compared to traditional 2D culture methods [13]. - The 3D microcarrier technology allows for a cell yield increase of one to two orders of magnitude, with a recovery rate exceeding 98%, supporting the cultivation of billions of cells in a single batch [13][14]. Market Position and Growth - The company has completed multiple funding rounds, with significant investments from various institutions, and has established itself as a leading player in the domestic 3D cell manufacturing sector [15][17]. - Huakan Bio's international business has expanded rapidly, covering over 20 countries, with a growth rate exceeding 200% in 2025 [21]. Future Outlook - The global CGT market is expected to grow rapidly, with China identified as a core market. Huakan Bio aims to leverage its unique technology to meet the increasing demand for scalable and automated cell culture solutions [21].