Group 1: Revenue Growth Drivers - The key revenue growth drivers for 2026 include Trastuzumab "Ansaiting," which is expected to exceed ¥100 million in sales in 2024 and continue significant growth in 2025. If not included in national procurement, the company will actively promote market layout for this product [1][2] - The long-acting follicle-stimulating hormone, exclusively represented by the company, has a potential national market size of over ¥4 billion. With only two competitors in the long-acting category, the product is expected to become a core offering, supported by national policies favoring fertility-related industries [2] Group 2: R&D Progress and Strategy - The company adopts an "independent innovation + external introduction" R&D model, collaborating with renowned scholars and experts to enhance its research capabilities. Ongoing clinical trials include "HuA21 injection," which has shown promising safety and efficacy in early studies and is moving towards Phase III trials [3][4] - The "AK2024 injection," targeting HER2, is currently in Phase I clinical trials, demonstrating superior synergistic effects compared to other treatments. The "HK010 injection," a dual antibody drug, has completed Phase II trials [3][4] Group 3: Strategic Collaborations and Market Positioning - The company is collaborating with Weisheng Pharmaceutical on the long-acting growth hormone "Lungpei," which has been approved for market entry. The product is positioned as a high-quality import, with plans for local production by 2028 [5] - The company’s subsidiary, Boshengji, is advancing its PA3-17 injection, which is in critical clinical trials and may become the first product in its field to market by the end of 2026 [6] Group 4: Innovations in Biotechnology - Boshengji is developing a dual-specific NK cell connector and a leading UCAR-Vδ1T product, which are expected to effectively target tumor heterogeneity [6] - Afana, another subsidiary, is focusing on mRNA vaccines for RSV and HPV, with its RSV mRNA vaccine being the first in China to complete Phase II clinical enrollment, showing excellent safety and efficacy [6]

Financial Performance - In Q3 2025, the company achieved a revenue of CNY 670 million, a year-on-year increase of 7.70%, and a net profit of CNY 185 million, up by 6.56% [3] - For the first nine months of 2025, the company reported a revenue of CNY 1.963 billion, a year-on-year growth of 2.15%, while net profit decreased by 6.48% to CNY 551 million [3] - The growth in Q3 revenue and net profit was primarily driven by increased sales of growth hormones and antibody drugs [3] Product Development and Clinical Trials - The PA3-17 injection from the company's affiliate, Boshengji, is in Phase II clinical trials and aims for conditional market approval [3] - The "AK2017 injection" (recombinant human growth hormone-Fc fusion protein) has completed Phase II clinical trial enrollment and is expected to start Phase III trials in early 2026 [4] - The "HuA21 injection," targeting HER2, showed an objective response rate (ORR) of 80.8% in the 30 mg/kg group during exploratory studies [5] - The "HK010 injection" (PD-L1*4-1BB) is in Phase I clinical trials, showing good efficacy and safety in various cancers [9] Market Strategy and Future Outlook - The company plans to enhance operational efficiency and solidify the growth of its core business while accelerating the development of other business areas [3] - The collaboration with Weisheng Pharmaceutical on the long-acting growth hormone aims to penetrate the high-end market, enhancing product visibility and sales [4] - The company anticipates a market size exceeding CNY 4 billion for follicle-stimulating hormone in 2025, with plans to capture significant market share [10] - Sales and R&D expenses are expected to increase slightly over the next two years due to the rise in innovative drug trials and new product launches [11] Strategic Initiatives - The company has established an innovation research institution in Shanghai to support the development of self-researched and commercially cooperative products [12] - Plans for expanding production capacity include new production lines in northern and eastern regions, expected to contribute to economic growth [12]

Group 1: Company Overview and Investor Relations - The investor relations activity involved a telephone conference with over 130 participants from various financial institutions [2][3]. - Key personnel included the Chairman and Senior Vice President of the company, who addressed investor inquiries [3]. Group 2: Product Development and Clinical Trials - The "AK1012 project" for treating respiratory syncytial virus infections has completed Phase I clinical trials [3]. - "AK2017 injection" has successfully completed Phase II clinical trial enrollment, with discussions for Phase III trials underway [3]. - "HuA21 injection," targeting HER2, has completed Phase Ib/II clinical trials and is preparing for Phase III based on interim analysis [3][10]. - "AK2024 injection," another HER2-targeted drug, has received clinical approval and shows promising preclinical results [3]. - "HK010 injection," a dual-target PD-L1*4-1BB antibody, is progressing well in Phase I trials [3]. Group 3: Collaborations and Innovations - Collaboration with Afana Company on "AFN0328 injection" for HPV precancerous lesions is in Phase I trials, with plans for further mRNA drug development [4]. - The company’s affiliate, Boshengji, has developed the first CAR-T cell therapy targeting CD7, which has been included in a list of breakthrough therapies by the CDE [4][9]. - The "recombinant L-IFN adenovirus injection" developed by Yuansong Bio has received clinical trial approvals from both CDE and FDA for advanced solid tumors [4]. Group 4: Market Potential and Strategic Partnerships - The long-acting growth hormone "Transcon" is expected to outperform existing products, with a significant market opportunity projected at over 4 billion CNY in 2025 for follicle-stimulating hormone [8]. - The partnership with Baoyi Pharmaceutical for "SJ02," a long-acting follicle-stimulating hormone, aims to enhance treatment options in assisted reproductive technology [8]. - The PA3-17 injection has shown an objective response rate (ORR) of 84.6% and a complete remission rate of 95% in clinical trials [9]. Group 5: Future Plans and Regulatory Compliance - The company is actively building production lines compliant with FDA and EU standards, aiming for international market commercialization [11]. - Future clinical plans include launching Phase II trials for PA3-17 and exploring international registration based on Chinese clinical data [9].

Sales Performance - The sales of growth hormone have maintained steady growth in Q1 2025, with ongoing academic promotion efforts aimed at achieving recovery growth [1] - The sales revenue of Trastuzumab exceeded 100 million CNY in 2024, with a continuous upward trend since its launch, and significant growth expected in 2025 [1] Clinical Development - The HuA21 injection, targeting HER2, has completed the enrollment of subjects for Phase Ib/II clinical studies and plans to initiate Phase III trials based on mid-term analysis results [2] - The company is actively constructing production lines compliant with FDA and EU certifications, with ongoing validation and data organization for international market commercialization [2] mRNA Drug Development - The company is collaborating with Hefei Afana to develop mRNA drugs, specifically the AFN0328 injection for treating HPV-related cancers, currently in Phase I clinical trials [2] Oncolytic Virus Therapy - The company’s partner, Yuansong Biotech, has received clinical trial approval for the recombinant L-IFN adenovirus injection (YSCH-01), which is currently undergoing Phase I-IIa trials for advanced solid tumors [4]