Summary of Conference Call for Yuan Dong Bio (苑东生物) Company Overview - **Company**: Yuan Dong Bio (苑东生物) - **Industry**: Pharmaceutical, focusing on drug development and research Key Points R&D Performance and Future Outlook - Yuan Dong invests 20% of its revenue annually in R&D, ranking among the top in the A-share market [3] - The company is transitioning from high-end generic drugs to more competitive controlled narcotics, achieving significant results [3] - Two Class II controlled narcotics, Nabuphine and Butorphanol, are expected to be approved in 2024, with sales projected to grow from 60 million RMB in 2025 to over 200 million RMB by 2026 [3][4] - The company faces challenges in the non-controlled antagonist product segment due to centralized procurement impacts, and its efficiency in developing new Class I drugs is lagging behind competitors [3][5] Strategic Developments - The Shanghai Chaoyang platform enhances the company's capabilities in developing Class I new drugs, particularly the IKZF13 molecular glue for multiple myeloma, which has a significant market potential [6][7] - HP001, a new drug in clinical trials, shows promising results with an objective response rate (ORR) of 83.3% in high-dose groups, outperforming some combination therapies [10] Competitive Landscape - The company is monitoring competition from BeiGene and Nurix in the BTK ProTech product space, with HP002 aiming to replicate BeiGene's success [11] - VAVONE molecular glue HP003 is being developed to target autoimmune oral therapies, showing better efficacy than existing products [12] Future R&D Directions - The company plans to extend its R&D focus to the Dac platform, utilizing molecular glue as a payload, with promising preliminary data [13] - Key developments expected by 2026 include significant data from VIV1 molecular glue, BDK protect IND, and IKZF13 molecules [13] Financial Projections - The overall valuation of the company is projected to reach 25.5 billion RMB by 2026, with the main business valued at approximately 8 billion RMB [14] - Anticipated profits for 2025 are estimated between 270 million to 280 million RMB, with a growth rate of over 20% expected to continue [14][15] Additional Insights - The company has faced challenges in the past few years, particularly in the Class I new drug sector, with only one drug entering Phase I clinical trials in the last decade [5] - The focus on improving R&D efficiency and quality is expected to positively influence future operational trends [15]

9月23日晚间，苑东生物3.SH，股价58.38元，市值103.06亿元）发布公告称，公司董事会审议通过相关 议案，同意由公司全资子公司苑东生物投资管理（上海）有限公司（以下简称"上海投资公司"）作为投 资主体，以自有资金8571万元对上海超阳药业有限公司（以下简称"上海超阳"）实施增资，增资价格为 2.27元/注册资本。 本次增资完成后，苑东生物间接持有上海超阳的股权比例将由30.68%增加至51.48%。上海超阳将变更 为苑东生物控股子公司，纳入公司合并报表范围。 《每日经济新闻》记者注意到，苑东生物对上海超阳的第一次投资发生在2023年，第二次投资完成于今 年8月。而从8月到最近这次投资，一个月时间，上海超阳的估值实现翻倍增长。不过，上海超阳的在研 项目、临床进展等基本面未发生重大变化。 对于这样一家在研管线还处于早期的创新药研发企业，苑东生物给予了较高估值。公告显示，此次增资 估值以2025年8月31日为基准日，对上海超阳股东全部权益在评估基准日的市场价值进行了评估，评估 结论为上海超阳股东全部权益在评估基准日市场价值为19867.57万元，评估增值17564.90万元，增值率 762.81%。 记者 ...