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]

Group 1 - The Hang Seng Index rose by 1.29%, gaining 301 points to close at 23,634 points, while the Hang Seng Technology Index increased by 1.32% and the Hang Seng Biotechnology Index surged by 4.26% [1] - Ningde Times (03750) saw a significant increase of over 16% on its first day of trading on the Hong Kong Stock Exchange [1] - 3SBio (01530) experienced a dramatic rise of 35%, nearing its historical high, following an authorization agreement with Pfizer for a PD-1/VEGF dual antibody, with Pfizer making an upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion [1] Group 2 - Yiming Anke-B (01541) rose over 10% after receiving a $5 million payment from Axion Bio, indicating a promising outlook in the self-immune field for IMM0306 [2] - Basilea Pharmaceuticals-B (02616) increased by over 18% after presenting five new research results at the 2025 AACR conference [2] - Rongchang Bio (09995) rose over 14% due to the addition of new indications for Vidi Xi monoclonal antibody, with Q1 performance slightly exceeding expectations [2] Group 3 - Xiaomi Group-W (01810) increased by nearly 4% ahead of the release of multiple new products, with its self-developed SoC "Xuanjie" expected to launch soon [5] - Alibaba Pictures (01060) surged over 17%, reporting an adjusted EBITDA profit of 809 million yuan for the year, a 61% year-on-year increase [6] - Alibaba Health (00241) fell over 4% post-earnings despite a more than 62% year-on-year increase in net profit, as it did not declare a final dividend [6]

Group 1 - The stock of I-Mab (01541) increased by over 10%, reaching HKD 7.66 with a trading volume of HKD 40.02 million [1] - I-Mab announced the approval of its clinical trial application for Tazlestobart (IMM27M) in combination with Osimertinib for EGFR-mutant locally advanced or metastatic non-squamous non-small cell lung cancer by the National Medical Products Administration (NMPA) [1] - The company received a second payment of USD 5 million from Axion Bio, bringing the total amount received for the collaboration on IMM2510 and IMM27M to USD 20 million [1] Group 2 - Guoyuan International highlighted I-Mab as a research-driven biotechnology company capable of systematically utilizing both innate and adaptive immunity [2] - I-Mab is developing two CD47×CD20 bispecific antibodies/fusion proteins, with IMM0306 being the first to enter clinical trials, showing an overall response rate (ORR) of 90.9% and a complete response (CR) of 27.3% in an Ib trial with 11 patients [2] - Clinical trials for autoimmune diseases are currently in the Ib phase, with the SLE trial enrolling six patients in the second dose group, showing promising response rates, and data is expected to be released mid-year [2]

Investment Rating - The report provides a positive investment rating for the MCE therapy in the treatment of B cell autoimmune diseases, particularly systemic lupus erythematosus (SLE) [8][10]. Core Insights - The report highlights the urgent need for effective treatments for SLE, which currently lacks a root-cause therapy, and emphasizes the potential of B cell-targeted therapies like MCE to address this unmet clinical need [10][22]. - It discusses the advantages of MCE therapy over existing treatments such as CAR-T and TCE, particularly in terms of safety and efficacy in depleting pathogenic B cells [10][42]. - The report identifies key companies to watch in the clinical progress of MCE therapies, including 宜明昂科, 赛诺菲, Dren Bio, and LTZ Therapeutics [11][12]. Summary by Sections 1. B Cell Autoimmune Diseases: Diverse Types and Large Population - Autoimmune diseases involve the immune system mistakenly attacking the body's own tissues, with significant prevalence among conditions like rheumatoid arthritis (RA), systemic lupus erythematosus (SLE), multiple sclerosis (MS), and others [14][15]. 2. SLE: Large Population and Heavy Disease Burden - SLE affects approximately 7.8 million people globally, with a significant patient population in China, estimated at around 1 million [18][19]. - The disease presents severe symptoms and complications, leading to a high demand for effective treatments [19]. 3. SLE Treatment: Significant Unmet Clinical Needs, B Cell Therapy as a Mainstream Development - Current treatments for SLE are inadequate, with a low long-term remission rate and high recurrence risk [20][21]. - Innovative therapies that can achieve long-term remission or potential cures are urgently needed in the SLE treatment landscape [22]. 4. T Cell Killing: CAR-T and TCE - CAR-T and TCE therapies are explored for their potential to target and deplete pathogenic B cells, with CAR-T showing promising long-term efficacy in SLE patients [25][26]. - However, challenges such as high costs and safety concerns remain significant barriers to widespread adoption [32][33]. 5. Myeloid Cell Killing: MCE - MCE therapy utilizes myeloid cells to target and eliminate pathogenic B cells, showing potential for improved safety profiles compared to CAR-T and TCE therapies [47][50]. - The report emphasizes the innovative mechanisms of MCE and its potential to address the limitations of existing therapies [52].

Investment Rating - The report maintains a "Buy" recommendation for the industry [3] Core Insights - The report highlights the urgent need for innovative therapies in the treatment of systemic lupus erythematosus (SLE), a condition with a significant patient burden and no current curative treatment options [7][19][21] - B cell-targeted therapies, particularly myeloid cell engagers (MCE), are emerging as promising solutions for SLE, with the potential to achieve deep and lasting depletion of pathogenic B cells [9][10][19] - The report emphasizes the clinical progress of companies like Yiming Oncology, Sanofi, Dren Bio, and LTZ Therapeutics, which are leading in the development of MCE therapies [10][19] Summary by Sections B Cell Autoimmune Diseases - Autoimmune diseases are characterized by the immune system mistakenly attacking the body's own tissues, with a wide variety of B cell autoimmune diseases affecting millions globally, including rheumatoid arthritis (39.8 million), systemic lupus erythematosus (7.8 million), and multiple sclerosis (2.8 million) [13][14] SLE: Patient Population and Disease Burden - SLE is a complex autoimmune disease affecting multiple systems and organs, with a significant prevalence in women aged 20-40, leading to severe health impacts and a strong desire for effective treatments [17][18] SLE Treatment: Unmet Clinical Needs - Current treatments for SLE are inadequate, with a low long-term remission rate and high recurrence risk, highlighting the need for innovative therapies that can provide sustained relief and potentially cure the disease [19][20][21] T Cell-Based Therapies: CAR-T and TCE - CAR-T and T cell engagers (TCE) are being explored for their ability to target and deplete pathogenic B cells, with CAR-T showing promising long-term efficacy in SLE patients [24][37] - However, CAR-T therapies are expensive and complex, while TCEs offer a more standardized and potentially safer alternative, though they may not achieve the same depth of B cell depletion [41][43] Myeloid Cell Engagers (MCE) - MCE therapies represent a novel approach by utilizing myeloid cells to target and eliminate pathogenic B cells, with initial clinical data suggesting promising safety and efficacy profiles [9][10][46] - Companies like Yiming Oncology are at the forefront of this innovation, with upcoming clinical data expected to provide further insights into the effectiveness of MCE therapies for SLE [10][19]