院士领衔、行业翘楚齐聚 共启视网膜医学新篇章 11月22日上午8时许，在位于湖南长沙的爱尔眼科大厦国际会议中心内，现场座无虚席。 一场荟聚全球前沿视野，聚焦视网膜领域核心议题的学术盛宴——国际视网膜高峰论坛百人会 （IRS100）·2025正式拉开帷幕。思想的火花在碰撞中正书写着视网膜医学的崭新篇章。 来源：环球网 11月21日至23日，由爱尔眼科医院集团、湖南爱眼公益基金会联合主办，爱尔眼科长沙医学中心协办的 国际视网膜高峰论坛百人会（IRS100）·2025（以下简称IRS100·2025）在湖南长沙隆重举行。 本次大会以"聚焦临床・融合创新・共筑光明"为主题，设立了视网膜创新转化与投资论坛、主旨演讲 和"眼底外科""眼底内科""基础研究""未来眼科"四大平行论坛，内容涵盖基因治疗、人工智能、手术机 器人、干细胞研究等诸多前沿方向，展现了视网膜医学的最新进展与未来趋势。 国际视网膜高峰论坛（IRS）自创办以来，已走过22年不平凡历程，现已逐步发展成为全球视网膜领域 交流成果、凝聚共识的重要平台。 今年，IRS100·2025更是展现其"长年积淀+创新升级"的高规格、高水平——中国科学院院士、发展中国 家科 ...

Core Viewpoint - The "2025 International Genomics Conference on Ophthalmology (ICG EYE) and CGT Innovation and Industrial Transformation Summit" highlighted the integration of cell and gene therapy (CGT) in eye health and anti-aging applications, showcasing new ideas, trends, technologies, and results [1] Group 1: Event Overview - The conference featured a forum themed "CGT + Anti-Aging Mechanisms and Applications," where experts and industry leaders engaged in discussions on practical applications of CGT in eye health and anti-aging [1] - The event served as a platform for international exchange, fostering innovation in the integration of CGT technology with eye health and anti-aging fields [1] Group 2: Company Initiatives - Liaoning He’s Eye Hospital Group Co., Ltd. (301103) collaborated with various institutions to form a synergistic innovation matrix, focusing on precision medicine [1] - The company established the first eye gene bank and clinical application research center for ophthalmic stem cells in China, targeting eye health, anti-aging, and longevity technology [1] Group 3: Research Focus - The company is concentrating on three core areas: gene therapy, stem cell regenerative medicine, and intelligent ophthalmic equipment data applications [1] - The aim is to conduct cutting-edge technology research to address complex eye disease issues and promote the deep integration of technology with healthcare data [1] Group 4: Market Expansion - The company is actively expanding into overseas markets to promote the globalization and accessibility of regenerative medical technologies [1] - The successful forum is expected to inject innovative momentum into the high-quality development of eye health and longevity industries as related technologies accelerate and the ecosystem improves [1]

Group 1 - The "2025 International Genomics Conference on Ophthalmology (ICG EYE) and CGT Innovation and Industrial Transformation Summit" was held in Shenyang, focusing on the integration of cell and gene therapy (CGT) with eye health [1][2] - CGT is recognized as a cutting-edge biomedical approach for treating or preventing diseases, showing significant potential in cancer, genetic disorders, and anti-aging [1] - The conference aims to create a multidisciplinary platform for collaboration and innovation, promoting the deep integration of "industry, academia, research, application, and capital" in the field of precision medicine for ophthalmology [1] Group 2 - The conference featured four main thematic forums discussing advancements in CGT applications in ophthalmology, clinical translation, anti-aging mechanisms, and capital empowerment for the CGT industry [2] - Experts shared insights on various topics, including gene therapy for neurodegenerative diseases and the application of gene testing in preventing high myopia [2] - The organizing entities, including He Eye Hospital and Liaoning He Medical College, are focused on establishing a domestic eye gene bank and clinical research center for stem cell applications [3] Group 3 - The conference supports the development of CGT from laboratory research to clinical application, enhancing the entire research and development chain [1][2] - Liaoning He Medical College has joined the China-Japan-Korea Health and Wellness University Alliance, leveraging its advantages in the health and aging industry [3] - The integration of advanced technologies such as big data, artificial intelligence, and gene technology is aimed at promoting intelligent, precise, and inclusive healthcare solutions [3]

Group 1 - The core viewpoint highlights a historic shift in income structure in Dubai, with emerging professions like digital asset traders and AI trainers accounting for 41% of income, a 300% increase since 2020, while traditional energy sector income has dropped to a record low of 5.2% [1] Group 2 - The three pillars of the new economy in Dubai include the construction of a metaverse economic zone, which has attracted 73% of global Web3 companies and generated over $8 billion in virtual real estate transactions, with average salaries in this sector being 3.2 times higher than traditional industries [2] - The rise of the biotechnology corridor is supported by the Dubai Biotechnology Free Zone, with annual R&D investment in gene therapy and longevity medicine increasing by 45%, and salaries for biomedical researchers leading the industry for 18 consecutive months [2] - The green finance hub is taking shape, with the carbon trading market expanding to 120 billion dirhams, and ESG analysts being the most sought-after talent, with annual income growth in this field reaching 28%, significantly above the average in finance [2] Group 3 - Concerns include the risk of technological unemployment, with an expected AI replacement rate of 22% by 2030, potential asset bubble risks indicated by a virtual asset price volatility coefficient of 0.87, and a talent structure imbalance with a shortage of over 12,000 high-end technical talents [3] - The Dubai government has initiated the Future Skills 2026 plan, aiming to invest 5 billion dirhams to build a lifelong learning system, with a forecast that by 2027, the contribution of non-oil industries will exceed 85% if transformation strategies are effectively implemented [3] Group 4 - An expert perspective indicates that Dubai is reconstructing global wealth distribution rules, transitioning from a physical hub to a digital node, which may reshape the economic geography of the Middle East, while cautioning against the need for technological advancement to be inclusive [3]

Core Viewpoint - The introduction of the "Regulations on the Management of Clinical Research and Clinical Application of Biomedical New Technologies (Draft)" marks a new era of legal regulation for China's biomedical industry, providing systematic institutional support for high-quality development [1][2]. Summary by Relevant Sections Regulatory Framework - The draft regulations aim to standardize clinical research and application of biomedical technologies, addressing challenges such as privacy breaches, biological safety risks, and ethical controversies [1][2]. - The regulations categorize biomedical new technologies as those that have completed preclinical research and are intended for disease diagnosis, prevention, treatment, and health improvement [2]. Approval Process - The draft specifies a two-tier management system based on risk levels, with provincial authorities required to complete reviews for medium and low-risk technologies within 60 days, significantly enhancing approval efficiency [3]. - High-risk projects will undergo national-level approval, ensuring a clear path for cutting-edge technologies like cell and gene therapy [3][4]. Innovation and Collaboration - The regulations are expected to foster cross-disciplinary collaboration, promoting integration between medicine and engineering, and enhancing the pace of technological innovation and results transfer [4]. - By aligning with international standards, the regulatory framework aims to improve the global competitiveness of China's biomedical industry [4]. Ethical and Safety Considerations - The draft emphasizes the importance of ethical reviews and requires that clinical applications pass academic and ethical assessments, ensuring safety and compliance with informed consent protocols [4][5]. - Transparency in the approval process is mandated, enhancing public trust and regulatory credibility [4]. Implementation Challenges - Potential challenges include uneven regulatory resources across regions, difficulties in establishing unified standards, and the need for clear qualifications for clinical research personnel [5][6]. - To ensure effective implementation, the industry must focus on internal quality control, external oversight, and robust technical support systems [6][7].

Core Viewpoint - The surge of pharmaceutical companies listing on the Hong Kong Stock Exchange (HKEX) reflects a growing interest in the biotech sector, driven by innovative drug development and supportive regulatory frameworks [1][2][3]. Group 1: Market Activity - In 2023, 14 biopharmaceutical and medical device companies have listed on HKEX, raising a total of 182.25 billion HKD, with 36 more companies in the pipeline [2]. - The rapid development of innovative drugs is closely linked to the increase in listings, with 43 innovative drugs approved in the first half of the year, a 59% year-on-year increase [2]. - The Hang Seng Biotechnology Index has doubled in value this year, indicating strong market performance in the biotech sector [2]. Group 2: Regulatory and Capital Support - The introduction of the "Science and Technology Enterprises Special Line" and the 18A listing rule has facilitated early and customized listing guidance for innovative drug companies [3]. - Since the implementation of the 18A rule, 77 biotech companies have gone public, demonstrating the positive impact of regulatory reforms on the industry [3]. - Increased liquidity and capital inflow, particularly from foreign investments, have significantly improved the valuation and liquidity of the biotech sector [3]. Group 3: Company Performance and Evaluation Criteria - Companies with strong clinical data and rapid pipeline advancement, particularly in oncology, autoimmune diseases, and metabolic disorders, are attracting high valuations [6]. - The focus of investors is shifting from the quantity of drug pipelines to the quality and clinical value of the research outcomes [5][6]. - Successful recent listings, such as Zhonghui Biotech-B and Weilizhibo-B, highlight the market's preference for companies with innovative therapies and strong clinical trial results [6].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **innovative drug industry** in China, highlighting its growth and international recognition, particularly in the context of major academic conferences like ASR and ASCO [1][2][4]. Core Insights and Arguments - **Policy Support**: Since early 2024, favorable policies have been introduced to support the pharmaceutical industry, positively impacting the valuation of innovative drugs [2][3]. - **International Recognition**: The number of Chinese companies and new drugs showcased at the 2025 ASR and ASCO conferences reached record highs, indicating increased international recognition and collaboration opportunities [1][2][4]. - **Medicare Fund Health**: The Medicare fund is operating well, with a healthy surplus rate, which reduces future payment pressures. New innovative drugs entering negotiations from 2018 to 2024 accounted for only 2% of total fund expenditures, suggesting significant growth potential in the market [1][5]. - **Leading Fields**: China holds a leading position in areas such as ADC (Antibody-Drug Conjugates), monoclonal antibodies, bispecific antibodies, and gene therapy, contributing to the establishment of global competitiveness [1][6]. - **Significant Transactions**: Notable transactions in the innovative drug sector include the licensing of TCE bispecific antibodies from Tongren Pharmaceutical to Merck, with an upfront payment of $700 million, reflecting increased recognition from multinational companies [1][7]. Additional Important Content - **Emerging "留扣" Model**: This new transaction model allows Chinese companies to license products or establish small companies overseas to collaborate with foreign funds, alleviating cash flow pressures and potentially leading to profitable sales in the U.S. market [3][8][9]. - **Profitability Expectations**: Companies like Innovent Biologics and BeiGene are expected to achieve profitability by 2025, indicating that the innovative drug sector is entering a profitable cycle, which may attract more investors [3][10]. - **Impact of Business Development (BD)**: BD activities significantly contribute to company performance, as high-quality research outputs gain international recognition, leading to more licensing deals and collaborations with multinational corporations [11]. - **Valuation Methods**: The common methods for evaluating innovative drug companies include RNPV (Risk-Adjusted Net Present Value) and simplified peak sales multiples, which consider various factors such as discount rates and growth rates [12][17]. - **Factors Influencing PS Multiples**: Key factors affecting the PS multiples include profit margins, product launch speeds, success rates of R&D, and discount rates, all of which have shown positive trends in the innovative drug sector [15][16][18]. This summary encapsulates the essential insights and developments within the innovative drug industry as discussed in the conference call records, providing a comprehensive overview of the current landscape and future prospects.

Core Viewpoint - The article discusses the advancements in gene therapy for congenital deafness, highlighting its superiority over traditional cochlear implants in restoring natural hearing and improving speech perception [2][12]. Group 1: Overview of Hearing Loss - Hearing loss is one of the most common sensory disabilities globally, affecting 20% of the population, with 5% experiencing disabling hearing loss [2]. - Approximately 2-3 out of every 1000 newborns are born with congenital hearing impairment, with 60% of cases linked to genetic factors [2]. Group 2: Traditional Treatments and Limitations - Cochlear implants have been the gold standard for severe hearing loss for nearly half a century, but they do not fully restore natural hearing and have low acceptance due to external device maintenance [2][12]. - There has been no clinical treatment available for congenital deafness until the emergence of gene therapy [2]. Group 3: Gene Therapy Advancements - A study led by Fudan University found that gene therapy significantly outperformed cochlear implants in restoring hearing function and speech perception in children with congenital deafness [3][6]. - The study included 11 children who received gene therapy and compared them with 61 children who received cochlear implants, assessing multiple dimensions of auditory perception over a year [6]. Group 4: Results of Gene Therapy - Among the 11 patients treated with gene therapy, 9 showed stable hearing recovery and improved speech abilities after one year [8]. - The gene therapy group scored significantly higher in various auditory perception tests compared to the cochlear implant group, indicating better auditory processing capabilities [9][10]. Group 5: Clinical Implications - The research provides evidence that gene therapy can lead to faster recovery and better quality of auditory perception compared to cochlear implants, marking a new era in precise auditory medicine [12][26]. - The findings suggest that even patients with prior cochlear implants can benefit from subsequent gene therapy, enhancing their auditory capabilities [10]. Group 6: Future Directions - The success of gene therapy for congenital deafness may pave the way for advancements in treating other rare genetic diseases, as the techniques developed can be applied to broader genetic conditions [24][25]. - A new laboratory focused on rare disease gene editing and cell therapy has been established to further research in this area, aiming to develop effective treatments for various genetic disorders [24][25].

Group 1 - The core viewpoint of the articles highlights the significant market movement of the Shanghai Composite Index reaching 3500 points, driven by a shift towards value investing and the performance of financial stocks, alongside the rise of hard technology sectors like biomedicine and artificial intelligence [1][2][3] - The value investment philosophy has become mainstream, with financial stocks leading the recovery in valuations, attracting long-term capital due to their stable performance and cash flow [1][3] - The rise of hard technology companies, particularly in biomedicine and artificial intelligence, reflects the increasing emphasis on technological innovation and the support from policy measures, indicating a structural transformation in the economy [2][3] Group 2 - The favorable merger and acquisition policies are enhancing market dynamics, allowing quality companies to optimize resources and improve competitiveness through consolidation, which contributes to the overall quality and stability of the market [2][3] - The current market environment signifies a milestone in the development of the A-share market, characterized by the prevalence of value investing, the emergence of hard technology stocks, and supportive policies for mergers and acquisitions [3]

Group 1 - Shanghai aims to enhance tracking services for innovative enterprises throughout their lifecycle, focusing on technology evolution and innovation models [1][2] - In 2024, Shanghai is set to recognize 7,237 new high-tech enterprises, averaging 20 new companies daily, with a total of 25,000 high-tech enterprises during their validity period [1] - The city emphasizes optimizing policy services and increasing support for startups, aiming to free entrepreneurs from non-essential tasks to focus on innovation and market expansion [2] Group 2 - Shanghai's innovation ecosystem has been continuously optimized since 2017, with initiatives aimed at enhancing service capabilities for innovation and entrepreneurship [2][3] - The establishment of specialized incubators is not merely about clustering similar startups but involves deep, continuous innovation technology incubation and industry cultivation [3] - As of May 2025, the 12 high-quality incubators in Shanghai cover over 120,000 square meters and host more than 300 enterprises, with significant revenue and R&D investment [4]