格隆汇8月26日丨宜明昂科-B(01541.HK)公布中期业绩，截至2025年6月30日止六个月，收入为人民币 3800万元，较截至2024年6月30日止六个月的人民币10万元增加人民币3790万元，主要归因于根据公司 与Axion Bio, Inc.达成的授权及合作协议收取近期付款。 研发开支由截至2024年6月30日止六个月的人民币1.191亿元增加41.0%至截至2025年6月30日止六个月的 人民币1.68亿元，主要归因于(i)临床前及CMC开支增加人民币4340万元(主要由于临床试验使用的 IMM01、IMM2510及IMM0306的生产及CDMO开支增加)；(ii)临床试验开支增加人民币830万元(主要由 于IMM01及IMM2510的持续临床开发)；及(iii)薪金及相关福利费用因公司的临床团队不断扩大而增加 人民币490万元，与公司持续推进及扩大药物管线的研发工作相符合；部分被以股份为基础的付款减少 人民币670万元(由于截至2025年6月30日止六个月已归属的受限制股份数目减少)所抵销。 ...

公告称，收入增加主要归因于集团根据公司与Axion Bio,Inc.达成的授权及合作协议收取近期付款。 宜明昂科-B(01541)发布截至2025年6月30日止六个月中期业绩，收入3802.7万元(人民币，下同)，同比 增加49285.71%;研发开支1.68亿元，同比增加41.05%。 研发开支增加主要归因于(i)临床前及CMC开支增加4340万元(主要由于临床试验使用的IMM01、 IMM2510及IMM0306的生产及CDMO开支增加);(ii)临床试验开支增加830万元(主要由于IMM01及 IMM2510的持续临床开发);及(iii)薪金及相关福利费用因集团的临床团队不断扩大而增加490万元，与集 团持续推进及扩大药物管线的研发工作相符合;部分被以股份为基础的付款减少670万元(由于截至2025 年6月30日止六个月已归属的受限制股份数目减少)所抵销。 ...

研发开支增加主要归因于(i)临床前及CMC开支增加4340万元(主要由于临床试验使用的IMM01、 IMM2510及IMM0306的生产及CDMO开支增加);(ii)临床试验开支增加830万元(主要由于IMM01及 IMM2510的持续临床开发);及(iii)薪金及相关福利费用因集团的临床团队不断扩大而增加490万元，与集 团持续推进及扩大药物管线的研发工作相符合;部分被以股份为基础的付款减少670万元(由于截至2025 年6月30日止六个月已归属的受限制股份数目减少)所抵销。 智通财经APP讯，宜明昂科-B(01541)发布截至2025年6月30日止六个月中期业绩，收入3802.7万元(人民 币，下同)，同比增加49285.71%;研发开支1.68亿元，同比增加41.05%。 公告称，收入增加主要归因于集团根据公司与Axion Bio, Inc.达成的授权及合作协议收取近期付款。 ...

Company Overview - Yiming Biopharmaceutical Technology (01541.HK) was established in 2015 and listed on the Hong Kong main board in September 2023, focusing on "immune system activation" to develop innovative drugs that help the body's immune cells attack cancer cells [2] - Key products include IMM01 (activates the immune system to engulf cancer cells) and IMM2510 (a globally pioneering bispecific antibody drug that simultaneously inhibits tumor angiogenesis and activates immunity) [2] Product Pipeline - Currently, there are 6 products in Phase III clinical trials [3] Management and Shareholders - The founder and Chief Scientific Officer, Dr. Tian Wenzhi, holds approximately 17% of the shares and has over 30 years of experience in the biopharmaceutical industry, overseeing the company's overall strategy and clinical progression [5] - Major shareholders include Shanghai Zhangke Leading Investment (approximately 9%) and LAV Asset Management (approximately 6.8%), both of which have a strong focus on early-stage biopharmaceutical investments [6] Financial Performance - The company reported revenues of RMB 538,000 in 2022, with a net loss of RMB 402.894 million, and in 2023, revenues decreased to RMB 386,000 with a net loss of RMB 379.459 million [8][9] - In 2024, revenues are projected to increase significantly to RMB 74.149 million, driven by a licensing agreement with Axion Bio, which contributed approximately RMB 71.342 million [11] - The company has maintained high R&D investment, with expenditures of RMB 320 million in 2024, which is 4.4 times its revenue [11] Product Advantages - IMM2510 employs a dual-pathway immune strategy, combining innate and adaptive immunity, and has completed Phase I dose exploration with promising early data [16] - IMM0306, a CD47×CD20 bispecific fusion protein, has a high effective relief rate of 91%, outperforming competitors [17] Industry Trends - The global immuno-oncology market is expected to grow from approximately USD 126.5 billion in 2024 to about USD 271.1 billion by 2033, with a CAGR of 8.6% to 10.65% [18] - The market is driven by rising cancer incidence rates, with an estimated 20 million new cases in 2022, projected to increase to 35 million by 2050 [18] Competitive Landscape - The company avoids the highly competitive single-pathway PD-1 market and focuses on combination therapies targeting CD47 and CD20, which may qualify for orphan drug status and expedited approval [21] Valuation and Market Performance - The company's stock price has increased by 178.6% year-to-date, driven by significant R&D progress and market interest in the biopharmaceutical sector [24] - Revenue projections for 2025-2027 are estimated at RMB 201 million, RMB 122 million, and RMB 312 million, respectively, with a target market value of HKD 8.915 billion [24]