Core Viewpoint - The company successfully held a special shareholders' meeting on February 24, where all proposed resolutions were approved, including a commercialization service agreement with Haisen Biopharmaceutical Co., Ltd. [1] Group 1: Shareholder Meeting Outcomes - The special shareholders' meeting confirmed the commercialization service agreement signed with Haisen Biopharmaceutical, which supports the company's future commercialization operations and business advancement [1] - The meeting also approved a reward scheme for the management team and adopted the 2026 share plan along with related authorization limits [1] Group 2: Strategic Partnerships - The company's wholly-owned subsidiary, Genting New Year Pharmaceutical Technology Co., Ltd., signed two strategic cooperation agreements with Haisen Biopharmaceutical, including a commercialization service agreement and a licensing agreement [1] - Under the commercialization service agreement, Genting New Year Pharmaceutical Technology will provide commercialization services for six mature products under Haisen Biopharmaceutical, leveraging its existing sales and marketing system [2] - The licensing agreement grants Genting New Year Pharmaceutical Technology exclusive rights to conduct further clinical development, registration, and commercialization of Lerodalcibep in the Greater China region [1]

Core Insights - CloudTop New Horizon Limited has signed two strategic cooperation agreements with Haisen Biopharmaceutical Co., Ltd, which will enhance operational efficiency and accelerate commercialization capabilities in the cardiovascular disease sector [2][3] Group 1: Strategic Agreements - The commercial service agreement allows CloudTop New Horizon to provide commercialization services for six mature products from Haisen Biopharmaceutical, with service fees ranging from 20% to 55% of quarterly net sales [3] - The annual transaction cap for Haisen Biopharmaceutical is set at CNY 560 million for 2026, CNY 616 million for 2027, and CNY 677 million for 2028 [3] Group 2: Licensing Agreement - The licensing agreement grants CloudTop New Horizon exclusive rights for the clinical development, registration, and commercialization of Lerodalcibep in Greater China, with an initial payment of approximately CNY 205 million [4] - Potential milestone payments could reach up to CNY 2.12 billion for development and regulatory milestones, and CNY 19.77 billion for sales milestones, along with royalties based on net sales [4] Group 3: Product Development and Market Position - CloudTop New Horizon has established a commercial platform focused on high-potential markets, with its flagship product, Naisukang, achieving sales exceeding CNY 1 billion by Q3 2025, prompting an upward revision of revenue expectations [5] - The next major product, Aiqumote, is expected to be approved for market launch in the first half of 2026, contributing to the company's profitability [5] - Recent strategic moves include increasing stakes in XinQiao Biotech and introducing VIS-101, indicating a focus on expanding into new therapeutic areas [5]