智通财经记者 | 陈杨 智通财经编辑 | 许悦 日前，印度东部西孟加拉邦出现的尼帕病毒病疫情引发广泛关注。 据新华社1月26日援引外媒消息，当地有5例确诊病例，其中包括医护人员。近100人已被要求居家隔 离，感染者正在该邦首府加尔各答及周边医院接受治疗，其中一名患者病情危重。 另据央视新闻记者1月27日从国家疾控局了解到，此次印度尼帕病毒病疫情对中国产生的影响相对较 小。目前，中国尚未发现尼帕病毒病病例。但也存在一定境外输入风险，需加强防范。 实际上，尼帕病毒并非当下新发现的病毒。据中国疾控中心2021年发布的《尼帕病毒病预防控制技术指 南》（下称《技术指南》），1998年，马来西亚首次发生尼帕病毒病暴发疫情。1999年3月，马来西亚 病毒学家从来自尼帕村的患者样本中分离出该种病毒，命名为尼帕病毒。 正是因为尼帕病毒传播性不高，相应药物商业价值有限，当下尚无针对尼帕病毒的抗病毒药物和疫苗研 发出来、获批上市。《技术指南》仅提及，利巴韦林对治疗尼帕病毒脑炎可能有效。该药是一种临床上 常见的广谱抗病毒药物。 目前，全球尼帕病毒病疫情主要发生在南亚和东南亚国家。其自然宿主为果蝠，主要分布在南亚、东南 亚和澳大利亚。 ...

Core Insights - The Nipah virus is not a new threat but an evolving adversary with a high mortality rate of up to 75%, posing annual challenges in countries like India and Bangladesh [1][8] - Recent outbreaks in West Bengal, India, are considered to be localized and not indicative of a larger pandemic potential, although the situation is being closely monitored [1][3] Group 1: Current Situation and Spread - India has reported a small-scale outbreak of the Nipah virus with confirmed cases rising to 5, including one critical patient [3][4] - The virus may have transmitted between patients and healthcare workers in hospitals, indicating potential human-to-human transmission [4][8] - The outbreak is characterized by high mortality rates and localized clusters, with concerns about cross-regional spread and hospital-acquired infections [8][10] Group 2: Transmission and Variants - The Nipah virus has evolved from a "bat-pig-human" transmission model to a more direct "bat-human" model, with potential for human-to-human transmission [4][5] - Different strains of the Nipah virus exhibit varying human-to-human transmission potentials, with the Bangladesh strain showing higher transmissibility compared to the Malaysian strain [5][6] - Studies indicate that 29% of cases in Bangladesh and over 50% in India are due to human-to-human transmission, contrasting sharply with earlier outbreaks in Malaysia and Singapore [6][7] Group 3: Research and Development Challenges - Despite the high mortality rate and the virus being on the WHO's priority pathogen list, there are currently no approved antiviral treatments or vaccines for Nipah virus [8][10] - Existing treatments rely on supportive care, and the efficacy of repurposed drugs like ribavirin remains uncertain [9][10] - Research efforts are ongoing, with some candidates entering clinical trials, but funding and resource limitations pose significant challenges to advancing these initiatives [9][11] Group 4: Future Considerations - The need for sustained investment in research for vaccines and antiviral drugs targeting the Nipah virus is critical, especially given its proximity to China and the potential for outbreaks [2][11] - The development of vaccines is underway, with candidates like the adenovirus vector vaccine and mRNA vaccine showing promise, but progress is slow [10][11] - Regulatory challenges and funding gaps hinder the development of effective vaccines and treatments for sporadic but severe infectious diseases like Nipah virus [11]

Core Viewpoint - Shanghai Aike Baifa Biopharmaceutical Technology Co., Ltd. (referred to as "Aike Baifa") has submitted its prospectus to the Hong Kong Stock Exchange for the fourth time since 2021, facing challenges in its capital market journey due to reliance on licensed-in R&D models, questionable commercialization potential, and ongoing cash flow pressures [1][2]. Group 1: Capital Market Attempts - Aike Baifa's journey to capital markets has been fraught with difficulties, having first submitted its listing application to the Hong Kong Stock Exchange in June 2021, only to terminate the process in October of the same year [2]. - The company then shifted focus to the domestic market, applying for a listing on the Sci-Tech Innovation Board in April 2023, but withdrew its application in January 2024 after multiple inquiries [2]. - The changing capital market environment, regulatory policies, and investor preferences have led to missed financing opportunities, while R&D expenditures continue to accumulate, exacerbating financial pressures [2]. Group 2: Financial Performance - Aike Baifa is currently in a state of deep losses, with revenues of 6.7 million yuan in 2023 and a cumulative net loss of 571 million yuan during the same period [2]. - The company's cash flow is under significant pressure, with net cash flow from operating activities for 2023, 2024, and the first half of 2025 reported as -232.8 million yuan, -188.7 million yuan, and -71.7 million yuan, respectively [3]. - As of June 30, 2025, the company had only 96.74 million yuan in cash and cash equivalents, having exhausted most of its financing from angel to B-round and approximately 80.29% of C to D-round funds [3]. Group 3: R&D and Product Pipeline - Aike Baifa focuses on innovative therapies for respiratory and pediatric diseases, with a product pipeline consisting of six candidate drugs, primarily developed through a License-in model [4][6]. - The core product, Qiruisuo Wei (AK0529), was developed during the founder's tenure at Roche and is marketed as the first RSV-specific antiviral drug to show positive results in critical Phase III trials, although its non-original research background raises market concerns [6]. - The reliance on external technologies for product development has led to regulatory scrutiny regarding the company's core competitiveness, especially as most products are licensed-in [6][7]. Group 4: Market Challenges - Despite having a first-mover advantage, Qiruisuo Wei faces significant challenges, particularly in the treatment market where existing preventive monoclonal antibody drugs have already gained approval [7]. - The licensing agreements for Qiruisuo Wei include substantial upfront and milestone payments, which could limit the company's long-term profitability even if the product is successfully commercialized [7].

Core Viewpoint - The company, Tuoxin Pharmaceutical, focuses on the research, production, and sales of nucleoside (acid) raw materials and pharmaceutical intermediates, with a commitment to expanding its product offerings in the antiviral and antitumor sectors [1] Group 1: Company Focus and Products - The company and its subsidiaries specialize in nucleoside (acid) raw materials and pharmaceutical intermediates [1] - Main products include cytidine sodium, ribavirin, cytarabine hydrochloride, and cytosine, which are used in antiviral, antitumor, and neurological medications [1] Group 2: Future Development Plans - The company plans to continue deepening its core areas, increasing research and development efforts in nucleoside (acid) products for antitumor and antiviral applications [1] - There is an active strategy to expand into the broader health sector while striving for a full industry chain breakthrough from intermediates to raw materials and formulations [1]

Core Viewpoint - The company focuses on the research, production, and sales of nucleoside (acid) pharmaceutical intermediates and active pharmaceutical ingredients, primarily in the fields of antiviral, antitumor, and neurological medications [1] Company Overview - The main products of the company include: - Cytidine sodium - Cytidine - Acyclidine - Cytarabine hydrochloride - Adefovir dipivoxil - Ribavirin - Inosine - Acyclovir - Cytosine - 5-Fluorouracil - Cytidine - Uridine [1] Market Focus - The company is currently not involved in the development of vaccines or treatments related to the epidemic of Chikungunya virus [1]