Core Viewpoint - MicuBio reported a significant improvement in its financial performance for the first half of 2025, with revenue growth exceeding 30% and a return to profitability, driven primarily by the sales increase of its innovative drugs [2][3]. Financial Performance - MicuBio achieved revenue of 407 million yuan, representing a year-on-year growth of 34.56% [2]. - The company recorded a net profit attributable to shareholders of 29.59 million yuan, marking a turnaround from previous losses [2]. Product Performance - The sales of the two innovative drugs, Westadbenamide and Siglitazone, saw substantial growth, with sales increasing by 125.70% and 15.14% respectively [3]. - Siglitazone is recognized as the world's first PPAR full agonist and has been included in the national medical insurance directory for two consecutive years [2][3]. Market Expansion - MicuBio has expanded its sales channels significantly, covering over 5,300 hospitals and 6,700 pharmacies nationwide for Siglitazone [3]. - The company is also accelerating its online channel presence through platforms like JD.com, Alibaba, and Meituan [3]. Research and Development - MicuBio is advancing multiple projects in clinical development and preclinical research across five major areas: malignant tumors, metabolic diseases, autoimmune diseases, central nervous system diseases, and antiviral treatments [3][5]. - The company is prioritizing the promotion of Siglitazone for Type 2 diabetes patients with MASH/MAFLD based on existing clinical trials and real-world evidence [5]. Future Prospects - Analysts expect continued revenue growth for MicuBio as new indications for Westadbenamide are launched, and Siglitazone sales increase [5]. - The company is actively pursuing international clinical and commercial collaborations for Westadbenamide and exploring licensing opportunities for other products [5]. Industry Context - The domestic innovative drug sector has seen a surge in overseas licensing deals, with 97 transactions completed by June, reflecting a 45% year-on-year increase [6]. - The total contract value for overseas licensing deals reached $44.2 billion, accounting for approximately 82% of the projected total for 2024 [6].

Group 1 - The company achieved operating revenue of 407 million yuan in the first half of 2025, a year-on-year increase of 34.56% compared to 302 million yuan in the same period last year, and turned a profit with a net profit attributable to shareholders of 29.59 million yuan, marking a turnaround from losses [1] - The core product, Seglitazone, saw a doubling in sales revenue, with sales continuing to grow after the approval of Sitarabin for the treatment of DE-DLBCL patients in April 2024, despite a 15% reduction in its medical insurance price at the end of 2024, resulting in a year-on-year sales revenue increase of 15.14% in the first half of 2025 [1] - Seglitazone's sales revenue experienced rapid growth after its approval in July 2024 for use in combination with Metformin for type 2 diabetes, with a year-on-year increase of 125.7% in the first half of 2025 [1] Group 2 - The clinical trial data for Xioroni in first-line treatment of pancreatic cancer is promising, with a 6-month progression-free survival (PFS) rate of approximately 80%, compared to 44%-56.4% for standard chemotherapy, indicating strong anti-tumor activity [2] - The company has developed a series of candidate drug molecules based on its AI-assisted design and chemical genomics integration platform, including CS08399 (potential BIC brain-penetrating PRMT5 molecule), CS1011 (fibrosis disease inhibitor), CDCS04 (FIC molecule targeting genetic risk factor ApoE4 for Alzheimer's), and CDCS28 (non-incretin weight loss small molecule) [2] - The company has raised its revenue forecasts for 2025-2027 to 880 million, 1.35 billion, and 1.787 billion yuan, with net profits of 57 million, 171 million, and 333 million yuan respectively, maintaining a "buy" rating with corresponding price-to-sales ratios of 17.4, 11.3, and 8.6 times [2]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 407 million yuan, a year-on-year increase of 34.6%, and a net profit of 29.59 million yuan, successfully turning around from losses [1] - The growth in performance is primarily driven by two core products, with significant expansion in indications [2] - The company is actively pursuing business development opportunities and has a strong pipeline of innovative drug candidates [4] Financial Performance - For Q2 2025, the company achieved revenue of 244 million yuan, a year-on-year increase of 42.4%, and a net profit of 48.75 million yuan [1] - The company forecasts revenues of 907 million, 1.402 billion, and 2.265 billion yuan for 2025-2027, with growth rates of 37.87%, 54.58%, and 61.54% respectively [4] Product Performance - Sales of the drug Xidabena increased by 15.14% during the reporting period, with its DLBCL indication included in medical insurance from January 1, 2025, leading to sustained sales growth [2] - Sales of the drug Siglitazone surged by 125.7%, with coverage extending to over 5,300 hospitals and 6,700 pharmacies nationwide [2] Clinical Development - The clinical progress of Xidabena in treating cold tumors is promising, with a 6-month PFS rate of approximately 80% in a Phase II trial for pancreatic cancer [3] - Ongoing clinical trials for Xidabena in combination with immunotherapy for colorectal cancer and melanoma are progressing well [3] Research and Development - The company is leveraging an AI-assisted design and chemical genomics integration platform to focus on oncology and metabolism, while also exploring opportunities in neurodegenerative and autoimmune diseases [4] - A series of drug candidates with first-in-class potential are in the pipeline, which could form the core value of the company in the future [4]

微芯生物上半年总销售额同比增长 126%，主要受益于西格列他纳的强 劲增长和线上线下渠道的拓展。西达本胺销售额同比增长 15%，尽管年 初医保降价 15%，但预计未来仍有增长潜力。 西奥罗尼联合 AG 一线治疗胰腺癌的二期临床试验显示，6 个月 PFS 率 达 79.7%，显著高于标准疗法，且安全性良好，未出现因不良事件导致 的减量或终止病例。 微芯生物正积极推进西罗尼胰腺癌适应症的全球临床开发和商务合作， 并计划针对 ORL b 抑制剂 CS231,295 进行开发，该药物具有较强的透 脑性和显著提高的 ORL b 选择性，未来在原发或转移性脑肿瘤治疗中具 有优势。 西达本胺联合免疫治疗是微芯生物在 HDAC 通路上的重点布局方向，针 对结直肠癌和黑色素瘤的三期临床试验正在进行中，预计 2026 年一季 度有相关数据读出。 新型药物 NW001（PD-1/西达本胺类 ADC）和 CS23,546（口服 PD-1 小分子）正在开发中，临床前数据显示 CS23,546 在免疫敏感和耐受模 型上均优于 PD-1 抗体。 Q&A 微芯生物 20250826 摘要 微芯生物 2025 年半年度的经营情况如何？ 微芯生 ...

Core Viewpoint - Shenzhen Micron Biotech Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by strong sales of its new drugs and a robust pipeline of innovative therapies [1][2]. Financial Performance - Revenue for the first half of 2025 reached 407 million yuan, representing a year-on-year increase of 34.56% [1]. - The net profit attributable to shareholders was 29.59 million yuan, marking a turnaround from previous losses [1]. Product Performance - Sales of Sigleptin (Duloxetine) and Sidabenamine (Ipusab) saw substantial growth, with increases of 125.70% and 15.14% year-on-year, respectively [1]. - The clinical data for Xioroni, targeting pancreatic cancer, showed a promising 6-month progression-free survival (PFS) rate of approximately 80% [1]. Research and Development - The company has introduced a series of global first-in-class new molecular entities targeting major diseases, including next-generation cancer immunotherapy, Alzheimer's disease, high-quality weight loss, and fibrotic diseases [1]. - Micron Biotech has integrated AI-assisted design with chemical genomics to enhance early-stage research projects [2]. Strategic Focus - The company is focusing on differentiated innovation pipelines and sustainable business strategies as key drivers of long-term value [2]. - Future strategic priorities include expanding into oncology and metabolic disease sectors while addressing unmet clinical needs in neurodegenerative and autoimmune diseases [2]. Market Expansion - In the first half of 2025, Micron Biotech actively developed new retail channels to accelerate the commercialization of innovative drugs, creating a multi-channel marketing strategy that includes online, offline, hospital, and non-hospital sales [1].

Core Viewpoint - Microchip Biotech (688321) reported significant growth in revenue and profitability for the first half of 2025, indicating a strong performance in the innovative drug sector [1] Financial Performance - The company achieved a revenue of 407 million yuan, representing a year-on-year increase of 34.56% [1] - Net profit attributable to shareholders was 29.59 million yuan, marking a substantial turnaround from losses [1] - Net cash flow from operating activities reached 62.06 million yuan, an increase of 299.15% compared to the end of the previous year [1] Product Portfolio and Market Presence - Microchip Biotech has two innovative drugs with multiple indications globally marketed, focusing on oncology, metabolic diseases, autoimmune diseases, central nervous system diseases, and antiviral fields [1] - The sales revenue for the drug Sidabamine grew by 15.14%, while the drug Siglitazone saw a remarkable increase of 125.7% [2] - Sidabamine has been included in the national medical insurance catalog for eight consecutive years and has received approvals for various indications in China, Japan, and Taiwan [1] - Siglitazone is also included in the national medical insurance catalog and has shown efficacy and safety in treating type 2 diabetes and fatty liver disease [1][2] Production Capacity and Expansion - The company is actively expanding its production capacity to meet growing market demand, with its subsidiary Chengdu Microchip Pharmaceutical passing GMP compliance checks for the production line of Siglitazone [2] - The construction of the Pengzhou Microchip Innovative Drug Manufacturing Base is progressing as planned, with a new capacity of 1.2 billion tablets for Siglitazone expected [2] Future Growth Catalysts - Future revenue growth is anticipated from the continuous launch of new indications for Sidabamine, increased sales of Siglitazone, and the approval of the drug Xioloni for pancreatic cancer [3] - Key catalysts include the market expansion of Siglitazone, data from Xioloni for pancreatic cancer, and presentation of Sidabamine data at ESMO [3]

Core Viewpoint - Shenzhen Micron Biotech Co., Ltd. reported a significant increase in revenue and profitability in the first half of 2025, driven by strong sales growth of key products and advancements in clinical research [1] Financial Performance - The company achieved a revenue of 407 million yuan, representing a year-on-year growth rate of 34.56% [1] - Net profit attributable to shareholders reached 29.59 million yuan, marking a turnaround from previous losses [1] Product Performance - Sales of Sigleptin (Dulaglutide) surged by 125.70% year-on-year, while sales of Sidabramine (Aipush) grew by 15.14% [1][3] - The company is expanding production capacity for Sigleptin to meet increasing market demand, with a planned capacity of 1.2 billion tablets [2] Clinical Research and Development - The clinical data for Xioroni, targeting pancreatic cancer, showed a 6-month progression-free survival (PFS) rate of approximately 80%, significantly higher than historical data [4] - The company is advancing its pipeline with AI-assisted design technologies, leading to the development of several first-in-class (FIC) and best-in-class (BIC) drug candidates [5][6] Strategic Initiatives - The company is actively building a multi-channel marketing strategy to enhance the commercialization of innovative drugs, focusing on patient-centered approaches [3] - Future strategic focus areas include oncology and metabolic diseases, with ongoing attention to neurodegenerative and autoimmune diseases [6]

Core Viewpoint - Microchip Biotech (688321.SH) reported strong performance in its 2025 semi-annual report, showcasing significant revenue growth and profitability improvements [1] Financial Performance - The company achieved operating revenue of 407 million yuan, representing a year-on-year increase of 34.56% [1] - Net profit attributable to shareholders reached 29.59 million yuan, marking a substantial turnaround from losses [1] - Net cash flow from operating activities was 62.06 million yuan, an increase of 299.15% compared to the end of the previous year [1] Product Highlights - The metabolic drug Siglitazone demonstrated its unique mechanism advantage in managing "fatty liver," with sales revenue doubling again in the first half of 2025, up 125.70% year-on-year [1] - The report also disclosed progress on the product Xioroni, which is challenging pancreatic cancer, showing a 6-month progression-free survival (PFS) rate of approximately 80% in first-line treatment, significantly better than the historical efficacy of standard chemotherapy (6-month PFS rate of 44%-56.4%) [1]

深圳微芯生物科技股份有限公司 上市保荐书 国投证券股份有限公司 关于深圳微芯生物科技股份有限公司 之 上市保荐书 保荐机构（主承销商） 二〇二五年八月 深圳微芯生物科技股份有限公司 上市保荐书 上海证券交易所： 国投证券股份有限公司（以下简称"国投证券"或"保荐机构"）接受深圳 微芯生物科技股份有限公司（以下简称"微芯生物"、"发行人"、"上市公司" 或"公司"）的委托，担任其 2024 年度向特定对象发行 A 股股票的保荐人。 本上市保荐书如无特别说明，相关用语与《深圳微芯生物科技股份有限公司 深圳微芯生物科技股份有限公 司 上市保荐书 目 录 （一）保荐机构承诺已按照法律法规和中国证监会及上海证券交易所的 相关规定，对发行人及其控股股东、实际控制人进行了尽职调查、审慎 核查，充分了解发行人经营状况及其面临的风险和问题，履行了相应的 （二）保荐机构同意推荐深圳微芯生物科技股份有限公司 2024 年度向特 深圳微芯生物科技股份有限公 荐书 司 上市保 定对象发行 A 股股票证券发行上市，相关结论具备相应的保荐工作底稿 （三）本保荐机构自愿按照《证券发行上市保荐业务管理办法》相关规 （四）本保荐机构自愿按照《证 ...

Core Viewpoint - Shenzhen Chipscreen Biosciences Co., Ltd. is preparing for a specific issuance of A-shares in 2024, with Guotou Securities acting as the sponsor, ensuring compliance with relevant laws and regulations [1][2]. Group 1: Issuance Details - Guotou Securities has been appointed as the sponsor for the issuance of A-shares for Shenzhen Chipscreen in 2024, with representatives Hu Jiabin and Song Qian responsible for the due diligence and ongoing supervision [2][3]. - The issuance will involve a maximum of 58,125,305 shares, not exceeding 30% of the total share capital prior to the issuance [23][24]. Group 2: Company Overview - Shenzhen Chipscreen was established on March 21, 2001, with a registered capital of 408.54 million yuan and is listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board [5]. - The company focuses on drug technology development, new drug research, and related services, with a commitment to innovation in the biopharmaceutical sector [5]. Group 3: Financial Performance - As of March 31, 2025, the total assets of the company amounted to 331,170.31 million yuan, with total liabilities of 174,984.07 million yuan [8]. - The company reported a total revenue of 16,226.37 million yuan for the first quarter of 2025, with a net loss attributable to shareholders of 1,915.47 million yuan [8]. Group 4: Shareholder Structure - As of March 31, 2025, the top ten shareholders collectively hold 41.48% of the company's shares, with significant stakes held by various investment partnerships [5][11]. - The actual controller, Xianping Lu, holds 5.45% of the shares directly and controls a total of 22.00% through various partnerships [11][12]. Group 5: Future Plans and Use of Proceeds - The funds raised from the issuance will be allocated to innovative drug research and development projects, including the establishment of a new drug manufacturing base [23][24]. - The company has not distributed profits from 2022 to 2024, focusing on reinvestment for growth and development [6].