Core Insights - The approval pace of new drugs in China has significantly accelerated, with online platforms becoming crucial for patients to purchase new medications, reducing time and effort in finding drugs [1][4] - JD Health has strategically positioned itself as a leading platform for the online launch of new specialty drugs, resulting in substantial performance gains [1][3] Group 1: Financial Performance - JD Health reported total revenue of 35.3 billion RMB for the first half of 2025, marking a year-on-year growth of 24.5% [1] - The number of annual active users on JD Health's platform exceeded 200 million as of June 30, 2025 [1] Group 2: New Drug Launches - Over 30 new drugs were launched on JD Health's platform in the first half of this year, enhancing the integration of online and offline services [2] - The exclusive online launch of the new insomnia drug from Eisai China on JD Health exemplifies the platform's capability to reach core patient groups effectively [3][7] Group 3: Strategic Collaborations - JD Health signed a strategic cooperation agreement with Eisai China to enhance the ecosystem for sleep disorders, leveraging both parties' strengths in drug development and digital health services [3][4] - The collaboration with Novo Nordisk aims to create a comprehensive diagnostic and treatment service model for obesity and diabetes [6] Group 4: Market Trends - The trend of launching new drugs online is driven by the need to shorten market education costs and improve drug accessibility, especially in underserved areas [4] - The demand for weight management drugs has surged, with JD Health serving as a key sales channel for innovative local drugs [5][8] Group 5: Consumer Health Experience - JD Health is responding to the growing demand for personalized health solutions, launching various medical devices and nutritional supplements on its platform [8][9] - The market for nutritional health products is becoming increasingly segmented, with a focus on ready-to-eat products and specific health needs [9] Group 6: Digital Transformation - The online launch of new drugs is seen as a catalyst for activating a new digital healthcare ecosystem in China, accelerating the digital transformation of domestic and international pharmaceutical companies [9]

本报讯(记者袁传玺) 作为一款源头创新药物，爱谱沙具有独特的表观遗传调控机制，对肿瘤抑制性免疫微环境具有重新激活 作用，可单独或联合其他药物治疗恶性肿瘤。凭借显著疗效，爱谱沙在复发/难治性外周T细胞淋巴瘤领 域已连续八年获得中国临床肿瘤学会(CSCO)指南最高级别I级1A类证据推荐，弥漫大B细胞淋巴瘤适应 症亦获得2025年CSCO指南的最高级别推荐。 微芯生物是科创板首家过会企业及第一家上市的生物医药企业，是中国原创新药领域的先行者。此次爱 谱沙在京东健康全网独家首发，是双方深化合作、共同推动创新疗法高效可及的重要举措，将加速创新 药物的精准触达与普惠落地，为更多患者带来新的治疗希望和更优的生存获益。作为新药线上首发第一 站，京东健康将依托全渠道资源与医疗健康服务生态，为患者提供从药品咨询、在线问诊到精准用药指 导的一站式服务，助力爱谱沙快速覆盖终端市场。 日前，由深圳微芯生物科技股份有限公司自主研发的全球首创口服选择性组蛋白去乙酰化酶(HDAC)抑 制剂爱谱沙(西达本胺)在京东健康股份有限公司(以下简称"京东健康")全网独家首发。京东健康将充分 发挥全渠道优势和医疗健康服务能力，加速创新药物普惠可及，让广 ...

Company Overview - Microchip Biotech is a pioneer in original innovative drugs in China, focusing on providing clinically needed revolutionary mechanism drugs for patients [7][38] - The company has established a complete industrial chain layout from early exploratory discovery to commercialization, offering original innovative drugs globally [38] Financial Performance - For the fiscal year 2024, the company reported a net profit attributable to shareholders of -114.57 million yuan, with the parent company achieving a net profit of -88.42 million yuan [5] - The board decided not to distribute cash dividends or issue bonus shares for the fiscal year 2024, despite having positive undistributed profits [5] Product Pipeline - The company has developed two innovative drugs, with multiple indications approved for sale globally, including in the fields of malignant tumors, metabolic diseases, autoimmune diseases, central nervous system diseases, and antiviral treatments [7][39] - Key products include: - **Sida Benamide (西达本胺)**: A first-in-class HDAC inhibitor with multiple indications approved in China and Japan, including for peripheral T-cell lymphoma and breast cancer [8][9][39] - **Siglitazone (西格列他钠)**: A first-in-class PPAR agonist approved for type 2 diabetes and recently for combination therapy with metformin [12][13][40] Research and Development - The company employs a team of experienced scientists to drive drug development, focusing on understanding disease mechanisms and optimizing drug design [22] - The R&D pipeline includes several promising candidates targeting various cancers and metabolic diseases, with ongoing clinical trials demonstrating significant efficacy [17][21][40] Industry Context - The biopharmaceutical industry in China is rapidly evolving, with increasing participation in global biotech innovation and a focus on meeting domestic healthcare needs [26][30] - Despite a low-risk appetite in global financing, Chinese companies are becoming significant players in licensing transactions, with a notable increase in outbound licensing activities [29][41] - The market for innovative drugs in China is projected to grow significantly, with a forecasted market size of approximately $197 billion by 2025 [30]