Group 1 - The core message is that Baiaosaitu (02315.HK) has made significant progress with its cancer treatment drug IDE034, which is being developed in collaboration with IDEAYA Biosciences, and plans to submit a clinical trial application to U.S. regulators in Q4 2024 [1][2] - IDE034 is an antibody-drug conjugate (ADC) designed to target two tumor markers, B7H3 and PTK7, and is based on Baiaosaitu's BLD1102 technology [1] - The potential transaction value for the licensing agreement with IDEAYA is close to 3 billion RMB, and if successful, IDE034 could become the first ADC product in the dual-target field to enter clinical stages [1] Group 2 - In terms of international collaboration, Baiaosaitu has partnered with companies such as SOTIO, ABL Bio, Radiance, and ADC Therapeutics in the dual-target ADC field [2] - Financial data shows that Baiaosaitu achieved a revenue of 621 million RMB in the first half of 2025, representing a year-on-year growth of 51.3%, with nearly 70% of revenue coming from overseas collaborations [2] - The company has filed 496 patent applications and signed 80 new licensing agreements, marking a 60% increase year-on-year [2]