Group 1: Federal Reserve and Economic Outlook - President Trump has named Kevin Hassett as a potential candidate for the next Federal Reserve Chair, with an announcement expected in early 2026 [1] - The probability of a 25 basis point rate cut by the Federal Reserve in December is 89.2%, while the probability of maintaining the current rate is 10.8% [1] - The OECD predicts that developed economies will end their current rate-cutting cycle by the end of 2026, indicating limited policy easing space for major central banks despite potential economic slowdowns [1][3] Group 2: Stock Market Performance - U.S. stock markets saw gains, with the Dow Jones Industrial Average rising by 185.13 points to 47,474.46, a 0.39% increase [2] - Apple Inc. continues to reach new historical highs, marking its seventh consecutive day of gains, while Intel and Nvidia also saw significant increases [2] Group 3: Economic Growth Projections - The OECD has raised its 2025 economic growth forecast for China to 5%, up from a previous estimate of 4.9% [3] Group 4: Semiconductor Market Insights - Morgan Stanley forecasts that the humanoid robot semiconductor market will reach $305 billion by 2045, with a demand growth of approximately 15% from 2025 to 2030, followed by a 40% increase thereafter [4] Group 5: Strategic Partnerships and Innovations - EVE Energy has entered into a comprehensive strategic cooperation agreement with China Gas, focusing on energy storage technology innovation and the large-scale application of clean energy [8] - XPeng Motors and Huawei have jointly launched the next-generation DriveONE range extender generator, achieving a power density of 1.88 kW/kg and an efficiency of over 92% [5][8] Group 6: Corporate Developments - JD.com has acquired approximately 59.8% of Ceconomy’s equity and voting rights, with total holdings expected to reach 85.2% after the transaction [10] - Black Sesame Intelligence plans to invest approximately RMB 400 million to RMB 550 million to acquire a majority stake in Zhuhai Yizhi Electronic Technology [14]

智通财经APP讯，友芝友生物-B(02496)公布，公司自主研发的上皮细胞黏附分子(Ep CAM)和分化簇 3(CD3)双靶向的在研双特异性抗体(Bs Ab)药物M701在中国开展的治疗晚期上皮肿瘤引发的恶性腹水的 开发与临床试验结果已于国际知名医学期刊《实验血液学与肿瘤学》上发表。此举标志着创新疗法的临 床价值获得国际医学界的认可。 II期研究旨在评估M701腹腔内输注疗法对出现中至大量恶性腹水的晚期上皮性肿瘤患者的疗效与安全 性。本研究共纳入84名患者，其中43名患者被分配至M701组，接受腹腔穿刺及腹腔内M701输注。 M701组的无穿刺生存时间中位数为75天，对照组则为25天，两组存在显著差异(p=0.0065)。亚组分析显 示，不同类型的癌症(包括胃癌、结直肠癌及卵巢癌)均能从M701输注中获益。基线相对淋巴细胞计数 较高(≥13%)的患者获得较佳疗效。与对照组患者相比，M701组患者的总生存时间获得延长。两组患者 的6个月存活率分别为33.3%与12.1%。在M701组别中未观察到任何其他严重不良反应事件。 ...

友芝友生物-B(02496)公布，公司自主研发的上皮细胞黏附分子(Ep CAM)和分化簇3(CD3)双靶向的在研 双特异性抗体(Bs Ab)药物M701在中国开展的治疗晚期上皮肿瘤引发的恶性腹水的开发与临床试验结果 已于国际知名医学期刊《实验血液学与肿瘤学》上发表。此举标志着创新疗法的临床价值获得国际医学 （000516）界的认可。 II期研究旨在评估M701腹腔内输注疗法对出现中至大量恶性腹水的晚期上皮性肿瘤患者的疗效与安全 性。本研究共纳入84名患者，其中43名患者被分配至M701组，接受腹腔穿刺及腹腔内M701输注。 M701组的无穿刺生存时间中位数为75天，对照组则为25天，两组存在显著差异(p=0.0065)。亚组分析显 示，不同类型的癌症(包括胃癌、结直肠癌及卵巢癌)均能从M701输注中获益。基线相对淋巴细胞计数 较高(≥13%)的患者获得较佳疗效。与对照组患者相比，M701组患者的总生存时间获得延长。两组患者 的6个月存活率分别为33.3%与12.1%。在M701组别中未观察到任何其他严重不良反应事件。 ...

II期研究旨在评估M701腹腔内(「腹腔内」)输注疗法对出现中至大量恶性腹水的晚期上皮性肿瘤患者的 疗效与安全性。研究共纳入84名患者，其中43名患者被分配至M701组，接受腹腔穿刺及腹腔内M701输 注。M701组的无穿刺生存时间中位数为75天，对照组则为25天，两组存在显着差异(p=0.0065)。亚组分 析显示，不同类型的癌症(包括胃癌、结直肠癌及卵巢癌)均能从M701输注中获益。基线相对淋巴细胞 计数较高(≥13%)的患者获得较佳疗效。与对照组患者相比，M701组患者的总生存时间获得延长。两组 患者的6个月存活率分别为33.3%与12.1%。在M701组别中未观察到任何其他严重不良反应事件。 格隆汇12月2日丨友芝友生物-B(02496.HK)宣布，公司自主研发的上皮细胞黏附分子(「EpCAM」)和分 化簇3(「CD3」)双靶向的在研双特异性抗体(「BsAb」)药物M701在中国开展的治疗晚期上皮肿瘤引发 的恶性腹水的开发与临床试验结果已于国际知名医学期刊《实验血液学与肿瘤学》上发表。此举标志着 创新疗法的临床价值获得国际医学界的认可。 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 WUHAN YZY BIOPHARMA CO., LTD. 武 漢 友 芝 友 生 物 製 藥 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2496） 自願公告 於《實驗血液學與腫瘤學》上發表M 701惡性腹水II期數據 香港聯合交易所有限公司證券上市規則第18A .05條規定的警示聲明：本公司無法 保證M 701最終將成功開發及上市。本公司股東及有意投資者於買賣本公司股份時 務請審慎行事。 承董事會命 本公告由武漢友芝友生物製藥股份有限公司（「本公司」）自願作出，以告知本公司 股東及潛在投資者本公司最新業務發展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司自主研發的上皮細胞黏附分 子（「 Ep CAM 」）和 分 化 簇 3（「 CD3 」）雙 靶 向 的 在 研 雙 特 異 性 抗 體（ ...

Core Viewpoint - The company has announced mid-term data from a Phase II clinical trial of its dual-targeting bispecific antibody M701 for treating malignant pleural effusion caused by advanced non-small cell lung cancer (NSCLC), showing significant efficacy compared to the control group receiving cisplatin [1][4]. Group 1: Clinical Trial Overview - The Phase II trial (code name: M70103) is a randomized, controlled, multi-center study involving 54 eligible patients with symptomatic malignant pleural effusion after at least one line of systemic therapy [2]. - Patients were randomly assigned in a 1:1 ratio to receive either M701 or cisplatin after thoracentesis [1][2]. - The primary endpoint is puncture-free survival time (Pu FS), while secondary endpoints include objective response rate (ORR), time to next puncture (TTNP), and related symptoms [1]. Group 2: Patient Demographics - The trial included 26 patients in the M701 group and 28 in the cisplatin group, with median ages of 66.5 and 61.5 years, respectively [2]. - Female proportions were 57.7% in the M701 group and 50.0% in the control group, with ECOG performance status scores of 0-1 being 92.3% and 96.4% [2]. - Baseline characteristics were generally balanced between the two groups, with similar proportions of patients having prior thoracentesis and chemotherapy [2]. Group 3: Efficacy Results - M701 demonstrated a longer median puncture-free survival time compared to cisplatin (130 days vs. 85 days, HR=0.80, p=0.542) [3]. - In patients without driver gene mutations, the median survival was not reached for M701 compared to 44.5 days for cisplatin (HR<0.01, p<0.001) [3]. - The objective response rate for malignant pleural effusion was 72.7% for M701 versus 41.7% for cisplatin [3]. Group 4: Safety Results - The incidence of treatment-related adverse events was 3.7% for M701 compared to 10% for cisplatin, with only one serious adverse event related to M701 [3]. - Flow cytometry analysis indicated a significant reduction of Ep CAM+CD45- tumor cells in the pleural effusion after M701 infusion, which was not observed in the cisplatin group [3]. Group 5: Conclusion and Future Plans - M701 shows significant efficacy and good tolerability in treating malignant pleural effusion, particularly in NSCLC patients without driver gene mutations or those with prior chemotherapy [4]. - The ongoing Phase II trial indicates potential for preventing recurrence of pleural effusion, with plans for a pivotal Phase III trial to start in 2026 to validate efficacy and safety in a larger Chinese population [4].

Core Viewpoint - The company Yuzhiyou Biotech (02496) has announced mid-term data from its Phase II clinical trial of the bispecific antibody M701 for treating malignant pleural effusion caused by advanced non-small cell lung cancer (NSCLC), which was presented at the 2025 European Society for Medical Oncology (ESMO) conference [1] Group 1: Clinical Trial Overview - The study is a randomized, controlled, multicenter, open-label Phase II trial (code name: M70103) focusing on malignant pleural effusion in advanced NSCLC [2] - Participants were randomly assigned in a 1:1 ratio to either the treatment group receiving M701 or the control group receiving cisplatin after thoracentesis [2] - The primary endpoint is puncture-free survival (Pu FS), while secondary endpoints include objective response rate (ORR), time to next puncture (TTNP), and related symptoms [2] Group 2: Patient Demographics - As of March 7, 2025, 54 eligible patients with symptomatic malignant pleural effusion were enrolled, with 26 in the treatment group and 28 in the control group [3] - The median age was 66.5 years for the treatment group and 61.5 years for the control group, with a balanced baseline condition between the two groups [3] Group 3: Efficacy Results - The treatment group showed a longer median puncture-free survival of 130 days compared to 85 days in the control group, with a hazard ratio (HR) of 0.80 [4] - Notably, patients without driver gene mutations benefited significantly, with a median survival not reached compared to 44.5 days in the control group [4] - The objective response rate for malignant pleural effusion was 72.7% in the treatment group versus 41.7% in the control group [4] Group 4: Safety Results - The incidence of treatment-related adverse events was 3.7% for M701 compared to 10% for cisplatin, with only one serious adverse event linked to M701 [4] Group 5: Conclusion and Future Plans - M701 demonstrated significant efficacy and good tolerability compared to cisplatin, supporting further clinical development, especially for NSCLC patients without driver gene mutations [5] - A pivotal Phase III trial is planned to start in 2026 to validate the efficacy and safety of M701 in a larger Chinese population [5]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 – 1 – WUHAN YZY BIOPHARMA CO., LTD. 武 漢 友 芝 友 生 物 製 藥 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2496） 自願公告 M 701惡性胸水II期研究中期數據在2025年ESMO會議上公佈 本公告由武漢友芝友生物製藥股份有限公司（「本公司」）自願作出，以告知本公司 股東及潛在投資者本公司最新業務發展。 本 公 司 董 事 會（「 董 事 會 」）欣 然 宣 佈 ， 本 公 司 自 主 研 發 的 上 皮 細 胞 黏 附 分 子 （「Ep CAM」）和分化簇3（「CD3」）雙靶向的在研雙特異性抗體（「Bs Ab」）藥物M 701 在中國開展的治療晚期非小細胞肺癌(NSCLC)引發的惡性胸水的II期臨床研究（「本 研 究 」）的 研 究 中 期 數 據 已 ...