国金证券发布研报称，腾盛博药专注于感染性疾病和中枢神经系统疾病领域，推进着涵盖多种独特候选 药物的产品管线。该行指出，近期围绕Elebsiran，腾盛博药将达成多项里程碑：25年上半年，ENSURE 研究第4队列：48周治疗结束数据已在EASL2025上公布；ENSURE研究第1-3队列：24周随访数据已在 EASL2025上公布；ENSURE研究第4队列：24周随访数据；ENRICH研究：治疗结束数据。 智通财经APP获悉，腾盛博药-B(02137)再涨超8%，截至发稿，涨5.56%，报2.28港元，成交额2433.19万 港元。 ...

国金证券发布研报称，腾盛博药专注于感染性疾病和中枢神经系统疾病领域，推进着涵盖多种独特候选 药物的产品管线。该行指出，近期围绕Elebsiran，腾盛博药将达成多项里程碑：25年上半年，ENSURE 研究第4队列：48周治疗结束数据已在EASL2025上公布；ENSURE研究第1-3队列：24周随访数据已在 EASL2025上公布；ENSURE研究第4队列：24周随访数据；ENRICH研究：治疗结束数据。 腾盛博药-B(02137)再涨超8%，截至发稿，涨5.56%，报2.28港元，成交额2433.19万港元。 ...

Core Viewpoint - The company reported a net loss of 508 million yuan with no operating revenue, marking a year-on-year increase of 190.66% after the cessation of its COVID-19 neutralizing antibody drug production. The market capitalization has plummeted from over 36 billion HKD to less than 1.8 billion HKD [1]. Financial Performance - The company did not achieve operating revenue in 2024, only generating other income of 141 million yuan. This was impacted by a decrease in bank interest income by 20.8 million yuan due to lower deposit rates and a 13.6% reduction in government subsidy income [2]. - As of the end of 2024, the company's cash and cash equivalents decreased by 9.3% to 2.413 billion yuan due to operational and R&D expenditures [2]. - Administrative expenses were reduced by 22% to 153 million yuan, primarily due to pipeline focus and organizational optimization, resulting in a decrease in employee costs by 39.7 million yuan. The number of employees dropped from 146 in 2022 to 98 in 2024, marking the first time the workforce fell below 100 [2]. R&D Pipeline - R&D expenditures decreased by 38% to 250 million yuan, mainly due to prioritizing the hepatitis B virus (HBV) functional cure project and strategic organizational optimization, which led to a reduction in third-party contract costs by 80 million yuan and employee costs by 68 million yuan [3]. - The company initially established a pipeline of 10 innovative candidate products in 2022 but only reported progress on 7 major candidates in the 2024 annual report. Key products include BRII-179, Elebsiran, and Tobevibart, all currently in Phase II clinical trials [3]. Strategic Focus - The primary focus remains on infectious diseases, particularly the three core candidates in the hepatitis B pipeline. The company aims to enhance the functional cure rate for hepatitis B through combination therapies [4][5]. - The company has strategically acquired rights to BRII-179 to ensure a stable supply for future clinical development after the bankruptcy of VBI Vaccines, which previously held rights to the product [5]. - The company is seeking partners to advance other promising projects, such as long-acting HIV therapies and treatments for multi-drug resistant infections, while emphasizing that commercialization discussions are premature [6].