"B轮融资完成是公司发展历程中的重要里程碑。"圣因生物创始人、CEO王为民博士表示，获得多家全 球顶尖投资机构的支持，不仅是对公司研发实力与企业愿景的信任与认可，也为公司的长远发展注入了 关键资源。圣因生物始终致力于通过持续创新来拓宽RNAi技术的应用边界，从而解决全球未满足的临 床需求。未来，公司将全力推进在研药物的全球后期临床开发，同时依托LEAD平台推动更多变革性候 选药物进入临床阶段。 就在上个月，圣因生物宣布与礼来制药公司达成一项全球研发合作与许可协议，双方将基于圣因生物专 有的LEAD平台共同推动针对代谢性疾病的RNAi候选药物的开发。根据协议条款，圣因生物将获得包 括首付款和股权投资的近期付款。此外，圣因生物还有权收取后续高达12亿美元的开发、监管和销售里 程碑付款，以及商业销售的分级特许权使用费。 近日，圣因生物宣布已完成超1.1亿美元B轮融资，本轮融资由一家知名产业机构领投，一家国际主权基 金、中国生物制药集团、君联资本、维梧资本、Invus、SymBiosis、苏创投、真脉投资、清池资本跟 投，并获礼来制药公司战略投资。同时，现有股东高瓴创投、启明创投、险峰淇云、泰福资本、元禾控 股、北极 ...

Core Viewpoint - Huaxi Biological reported a decline in revenue and net profit for the first three quarters of 2025, indicating challenges in its core business despite a slight recovery in the third quarter [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 3.163 billion yuan, a year-on-year decrease of 18.36% [1][2]. - The net profit attributable to shareholders was 252.38 million yuan, down 30.29% year-on-year [1][2]. - In Q3 2025, revenue was 903 million yuan, a decline of 15.16% compared to the same period last year, while net profit increased by 55.63% to 31.53 million yuan [2][3]. Cost Management - The increase in Q3 net profit was attributed to a reduction in promotional expenses and an optimized brand communication model, with the sales expense ratio dropping to 34.26%, the lowest in five years [3]. - The company recognized credit impairment losses of 17.54 million yuan and inventory impairment losses of 5.71 million yuan in Q3 2025, impacting total profit by 23.25 million yuan [3][4]. Strategic Investments - Huaxi Biological invested 138 million HKD in Saintno Pharmaceutical, acquiring a 9.44% stake, aiming for business synergy in the innovative drug and medical aesthetics sector [7]. - The investment is expected to leverage Huaxi's expertise in hyaluronic acid to enhance RNAi therapy development, particularly in targeted delivery technologies [7]. Market Position and Challenges - Saintno Pharmaceutical is currently in a "zero revenue, continuous loss" phase, with significant losses reported and no products on the market [8]. - Despite the potential in the weight loss drug market, competition is intense, and the success of integrating innovative drugs with medical aesthetics remains uncertain [7][8].

Core Insights - The RNAi therapy market is projected to reach a global market size of $25 billion by 2030, with a significant share in common diseases and tumors, accounting for 54% of the total market size [3] - The Chinese RNAi therapy market is expected to grow from approximately $4 million in 2022 to over $300 million by 2025, with a CAGR exceeding 300%, and is projected to reach around $3 billion by 2030 [3][1] Group 1: Market Trends - The global RNAi therapy market has seen a substantial increase from $12 million in 2018 to $362 million in 2020, with a CAGR of 449.2% [3] - The recent surge in small nucleic acid drugs has led to a wave of business development (BD) activities, with major pharmaceutical companies like Novartis, AZ, and others investing heavily in this field [4] Group 2: Technological Advancements - Recent breakthroughs in small nucleic acid drug design have addressed challenges such as vascular degradation, immune activation, and delivery mechanisms, enhancing the potential for effective treatments [2] - Successful approvals of multiple small nucleic acid drugs, such as Nusinersen with $1.6 billion in sales, Vutrisiran with $970 million (yoy +73%), and Inclisiran with $750 million (yoy +112%), demonstrate their efficacy and safety [2] Group 3: Investment Opportunities - The current landscape shows a limited number of approved small nucleic acid drugs, with 22 drugs expected to be approved by mid-2025, indicating a potential for market expansion [5] - Companies with innovative pipelines and technology platforms, such as Yuyuan Pharmaceutical and Chengdu XianDao, are highlighted as potential investment targets [6]