本报讯 （记者金婉霞）12月15日，港股创新药企云顶新耀有限公司（以下简称"云顶新耀"）发布2030 年发展战略。据该战略规划，未来，云顶新耀将以"BD合作+自主研发"双轮驱动为核心，明确2030年营 收突破150亿元、商业化产品超20款的目标，最终冲刺千亿市值，跻身全球领先综合性生物制药公司行 列。 规划显示，到2030年公司计划实现收入规模超过150亿元人民币，其中现有管线销售收入约90亿元，新 引进管线销售收入约60亿元，并探索潜在对外授权（License-out）收入。该公司表示，2025至2030年， 其年复合增长率预计超过50%，2030年后保持超15%的增速。在产品管线方面，该公司将聚焦肾科、自 身免疫、急重症、心血管及眼科等核心方向。通过引进创新资产与自主研发并行推进，到2030年形成高 价值产品组合，并拓展其他蓝海领域的大单品。到2030年，该公司计划将商业化产品数量提升至20款以 上，包括耐赋康、维适平、依嘉、头孢吡肟-他尼硼巴坦及乐瑞泊（莱达西贝普）等。 云顶新耀董事会主席吴以芳表示："2030战略标志着云顶新耀迈向全球生物制药前沿的重要里程碑。未 来五年，公司将聚焦'BD合作+自研'双 ...

12月15日，云顶新耀（01952.HK）正式发布2030年发展战略，系统规划了未来五年的发展路径。该战 略以"BD合作+自主研发"双轮驱动为核心，明确2030年营收突破150亿元、商业化产品超20款的目标， 最终冲刺千亿市值，跻身全球领先综合性生物制药公司行列。同日，云顶新耀还公告，公司核心管理层 及主要股东增持公司股份，以实际行动表达对公司长期发展的坚定信心。 云顶新耀2030战略以"BD合作+自研"双轮驱动为核心，明确通过引进创新资产与自主研发并行推进，实 现商业化创造确定性价值、自研创造成长性价值。规划显示，到2030年公司计划实现收入规模超过150 亿元人民币，其中现有管线销售收入约90亿元，新引进管线销售收入约60亿元，并探索潜在对外授权 （License-out）收入，预计2025至2030年年复合增长率超过50%。 此外，公司主要股东康桥资本已进一步承诺，在视市场状况和适用法律及监管的规限下，在未来三至六 个月内将其持股比例累计增加不多于1%。 "2030战略体现了公司在创新药研发、商业化和全球化布局上的清晰规划与前瞻性。"云顶新耀董事会荣 誉主席、康桥资本首席执行官傅唯表示，自2017年成立 ...

Core Viewpoint - CloudTop New Drug (1952.HK) reported a strong performance in its 2025 interim results, with a revenue increase of 48% year-on-year, driven by its core product, Nefukang, which is expected to achieve significant sales growth in the coming years [1][2][4]. Financial Performance - The company achieved a revenue of 446 million RMB, with a gross margin of 76.4% after excluding non-cash items [1]. - Operating expenses as a percentage of revenue decreased by 40.1 percentage points, and the total loss under non-IFRS standards narrowed by 31% [1]. - Cash reserves stood at 1.6 billion RMB, bolstered by a recent fundraising of approximately 1.553 billion HKD [1]. Product Performance - Nefukang, a treatment for IgA nephropathy, generated sales of 825 million RMB from January to August, with August sales alone reaching 520 million RMB [2][3]. - The company anticipates Nefukang's annual sales to reach between 1.2 billion and 1.4 billion RMB, with projections for 2026 sales between 2.4 billion and 2.6 billion RMB [2][3]. - The product is the only IgA nephropathy drug included in the medical insurance system across 29 provinces, significantly enhancing patient accessibility [3]. Market Potential - The market for IgA nephropathy treatment is substantial, with over 5 million patients in China and 1 million diagnosed cases [3]. - The company has expanded its nephrology sales team to 160 members to meet growing demand and has received approval for production capacity expansion [3]. R&D Progress - The company has made significant advancements in its self-developed pipeline, particularly in mRNA cancer therapeutic vaccines and CAR-T platforms [4]. - The personalized tumor therapeutic vaccine EVM16 has initiated its first human clinical trial in China, with positive preliminary data [4]. - The universal tumor therapeutic vaccine EVM14 has received FDA approval for clinical trials, with patient enrollment expected to begin by September 2025 [4]. Strategic Developments - The company successfully removed the "B" mark from its Hong Kong stock, reflecting market confidence in its R&D pipeline and commercialization capabilities [7]. - A recent fundraising effort raised approximately 1.5725 billion HKD, indicating strong interest from international long-term funds [7]. - The company has increased its stake in I-Mab to 16.1%, becoming its largest shareholder, which complements its mRNA vaccine and CAR-T pipeline [7]. Future Outlook - The company aims to leverage its dual-driven strategy focusing on Nefukang and VisiPing as key products, with projected peak sales exceeding 25 billion RMB [8]. - The integration of AI and mRNA technology platforms is expected to drive early-stage R&D and internationalization efforts [8].

Core Insights - The company reported a revenue of 446 million, representing a year-on-year growth of 47.96% [1] - Gross profit reached 299 million, an increase of 29.56% compared to the previous year [1] - The loss attributable to shareholders narrowed to 250 million, a reduction of 60.5% year-on-year [1] Revenue Growth Drivers - Revenue growth was primarily driven by the continued expansion of Naisikan and Yijia in commercialized markets [1] - In the Chinese market, Naisikan was included in the national medical insurance drug list, significantly boosting its revenue [1] - Yijia's market penetration continued to deepen, contributing to sustained revenue growth [1] International Market Expansion - Naisikan successfully launched in Taiwan, marking a significant milestone for the company [1] - The company successfully introduced Weishiping to the Singapore market in the first half of 2025, showcasing progress in international market expansion and improving drug accessibility [1]

Core Viewpoint - The company, Ginkgo Bioworks, is balancing operational sustainability with future growth through a dual strategy of "licensing in + independent research and development" to drive innovation and revenue generation [1][2]. Group 1: Business Strategy - Ginkgo Bioworks has achieved stable cash flow through the introduction of large commercial products while focusing on cutting-edge mRNA therapies, resulting in the development of key products such as EVM14, EVM16, and CAR-T [1][3]. - The company has established a comprehensive technology platform that includes antigen design, mRNA sequence optimization, lipid nanoparticle delivery technology, and industrial production capabilities, making it one of the few companies with end-to-end capabilities in the industry [3][6]. Group 2: Financial Performance - Financial data indicates that Ginkgo Bioworks expects to generate revenue of 707 million yuan in 2024, representing a year-on-year increase of 461%, driven by three commercialized products [3]. - The company aims to achieve sales of 10 billion yuan by 2030, leveraging its existing product portfolio [3]. Group 3: Competitive Advantage - Ginkgo Bioworks possesses a proprietary lipid library of over 500 types, which supports various projects including vaccines and CAR-T therapies [5][6]. - The company has developed an AI algorithm for efficient antigen sequence design, with its algorithm system now in its third generation, and has established a lipid nanoparticle delivery technology platform with patent protections [6]. Group 4: Market Position - Major pharmaceutical companies like AbbVie, Eli Lilly, Johnson & Johnson, and AstraZeneca are investing in mRNA therapies and CAR-T technologies, indicating a competitive landscape [4]. - Ginkgo Bioworks is one of the few domestic companies capable of full-process localized production of mRNA therapy drugs, enhancing its market position [6].