Lasofoxifene Tartrate

对于本土Biotech来说，500亿市值是门槛，也是分水岭，考验的是，谁能把讲故事变成真业绩，把单品逻辑升级为平台逻辑，把阶段性亮点拉成长坡厚雪的增长曲线。 撰文| Erin 当艾力斯交出2025年上半年营收、净利润同增50%的答卷时，市场情绪瞬间被点燃。业绩公告次日，股价收盘涨17%，市值暴增百亿，一举跨过500亿元门槛。 以此为界，“500亿线”被照亮为分水岭，估值的锚从“讲故事”切换到“凭业绩”。E药经理人据此将这条线附近、正回答同样考题的六家中国Biotech——艾力斯、荣昌生物、复宏汉霖、诺诚健华、君实生物、新诺威——合称“Bio六杰”。 不过，“六杰”的划定，并非简单的市值罗列，而是一组具有代表性的样本：它们同时直面三道必答题：商业化现金流稳不稳、管线接不接得上、全球化与BD能否提供第二曲线。 艾力斯之所以跨线，固然有伏美替尼在EGFR拥挤赛道中的份额与销售能力，但也把共同命题推到台前：创新纵深如何抵御同质化？第二发动机是否足够清晰？全球注册与商业化能否按节拍转化为现金回流？ 500亿不是终点，而是对“潜力与确定性”的优先级重排。谁能在这条新坐标上站稳，谁才能真正开启下一段的增长曲线。 来源：公司财报 跨越“500亿”市值门槛 8月26日收盘后，艾力斯发布2025年上半年业绩：营业收入23.74亿元，同比增长50.57%；归母净利润10.51亿元，同比增长60.22%。业绩的同步大幅提升迅速点燃市场情绪，艾力斯市值一夜抬升，直接跨过500亿元关口。至8月27日下午收盘，艾力斯报111.31元/股，涨幅17%，总市值500.90亿元，市场对其“由故事转向兑现”的拐点预期正在形成。 “500亿”市值门槛，现在对恒瑞、百济神州这样的“一哥”或许连起跑线都谈不上，但对一众“待爆帝”而言，却是从“讲故事”跨越到“凭业绩”的关键门槛。 跨线与否，背后是估值逻辑的切换：在此之前，市值尚未触及500亿的公司，多由研发管线预期驱动，市场为“想象力”买单，波动难免；跨线之后，通常意味着至少有一款重磅单品进入稳定放量期，企业从能研发走向能兑现，生产、准入、渠道与学术推广的正向循环开始稳步运转，利润与现金流成为新的估值锚。 就拿艾力斯来说，其营收、净利双增的背后，是基本面的稳健：第三代EGFR-TKI伏美替尼自2021年3月获批以来持续放量；2025年上半年，即便在与基石药业合作的普拉替尼因价格调整出现同比大幅下滑、且国内已有多款三代EGFR-TKI获批NSCLC适应证的竞争环境中，艾力斯的收入与净利仍呈现双位数高速增长。这意味着其单品份额具备韧性，更意味着公司在肺癌赛道的龙头地位已被坐实。 把镜头拉远，“500亿线”已成为创新药企的重要分水岭。荣昌、复宏汉霖、诺诚健华、新诺威、君实等，皆在这一线附近，或稳住基本盘，或蓄力冲刺。 荣昌生物当前A股市值约465.54亿元，距离门槛一步之遥。其2025年上半年营收10.98亿元，同比增加48.02%；亏损4.46亿元，同比收窄43.88%。 长期压制定价的“增收难增利”局面已出现松动。来源是泰它西普、维迪西妥单抗两大核心产品的持续放量。更进一步的是，今年5月两款核心产品分别新增重症肌无力与肝转移乳腺癌适应证，下半年增量可期。 复宏汉霖的“临门一脚”则来自“第二曲线”的落地。目前，公司总市值约430.18亿港元，2025年上半年营收28.2亿元，净利润3.9亿元，皆实现同比提升。更值得一提是，海外产品利润同比激增逾200%，BD合同现金流入超10亿元，同比增幅达280%。当海外商业化放量与BD变现形成“现金+里程碑”，复宏汉霖距离“500亿”市值门槛也更近一步。 诺诚健华已经越线，A股市值约503.1亿元。两款上市新药、一个年销10亿元级单品、两个生产基地、10多款成梯队的在研管线、近80亿元现金储备，以及覆盖研发、生产、商业化及BD的千人团队，构成其“稳”的底座。最新半年报显示，得益于奥布替尼持续放量，公司上半年营收同比大涨74%至7.3亿元，亏损同比收窄87%，盈利路径愈发清晰。对已跨过门槛的公司而言，接下来更重要的是把业绩数字与管线接力的节奏做“顺”，让估值锚从“单品逻辑”转向“平台逻辑”。 君实生物则处于“重估窗口”。公司A股市值约445.38亿元，2025年上半年营业收入11.68亿元，同比增加48.64%。核心产品特瑞普利单抗国内销售收入达9.47亿元，同比增长42%，成为少数双位数高速增长的国产PD-1。市场对君实定价的关键在于：在优化费用结构、稳住现金流的同时，加速“第二发动机”的明确化与落地。 新诺威的路径不仅是背靠石药集团，还兼具BD驱动与产品放量。2025年上半年，除PD-1恩朗苏拜单抗注射液与注射用奥马珠单抗带来9351.02万元收入外，其716.34亿元的市值中也包含了市场对其BD里程碑的期待。 据悉，今年2月，巨石生物与美国Radiance Biopharma达成合作，授予后者SYS6005在北美、欧盟及日本等主要市场的独家开发及商业化权益，交易总金额最高可达12.4亿美元。 不难看出，“500亿”市值其实并不是终点线，而是“由潜力到可持续”的分水岭：它要求创新药企证明单品能“卖得好”、费用与现金流结构稳定、管线能接得上、海外BD能贡献新增长。相对应的是，真正的考题是如何把这条曲线拉长、拉稳，让市场在下一个估值锚点前，看到更确定的兑现。  推荐阅读  * 从“稳扎稳打”到“全速奔跑”：详解诺诚健华2.0阶段创新成长密码 * 百济盈利，再鼎环比翻倍，信达收入52亿，股价却齐跌？创新七君进入重估时刻 能否守住 当“500亿”市值成为分水岭，真正的考题不再是能不能跨过去，而是能不能站稳。 前人的经验已给出答案：要么把业绩数字做漂亮、把现金流做厚、把单品做深；要么用一个个有节奏的里程碑，把管线从时间表兑现为收入表。 例如头部Biopharma信达的来时路，回望过去几年，其“500亿市值”拐点就发生在2023年年中。彼时，信达生物的H1财报显示，总收入约27亿元、产品收入就达到24.6亿元，研发投入同比下降、亏损大幅收窄、现金储备充裕，同时两大重磅产品——GLP-1R/GCGR双激动剂玛仕度肽和PCSK9单抗托莱西单抗，都给出了明确预期，由此形成了公司“商业化基本盘＋新增长曲线”的双支点。 此后信达市值一路飙升，如今已经接近1600亿港元。这背后也是信达生物稳健的基本面：2025年上半年产品收入已超52亿元，玛仕度肽已获批，再添放量抓手。 如今市值超1400亿港元的康方，在2024年用PD-1/VEGF双抗依沃西单药“打败“K药在全球范围内重塑预期、缔造爆点；2025年上半年，在凭借商业化收入超14亿元，同比近五成增长，以及依沃西单抗联合化疗的III期研究达到总生存期（OS）终点将继续把“爆点”转化为兼顾底盘。 两条路径都指向同一件事：资本最终为可持续兑现的价值定价。 回到“Bio六杰”，能否守住“500亿”上下的市值，也要把“当期兑现力”和“中长期接力”同时做实。 艾力斯的当期兑现力毋庸置疑：伏美替尼的一、二线适应证已全部进医保，肺癌领域销售网络纵深覆盖，戈来雷塞与普拉替尼协同巩固，肺癌赛道形成多产品矩阵。 不过，艾力斯要守住甚至抬升市值，还需回答两大问题：其一，核心管线仍集中于已验证靶点，创新纵深与差异化何以建立？其二，伏美替尼外的其他管线能否形成真正的第二发动机？ 荣昌正在用“两张底牌”修复估值：泰它西普与维迪西妥带动收入增长、亏损收窄，新适应证增强了当期确定性；中程来看，VEGF双靶点眼科新药的海外授权交易增厚现金流，叠加RC88新ADC实体瘤临床试验拓展，以及PD-1双抗RC148获突破性治疗认定等连续节点支撑收入曲线。但荣昌的考验却不止于此，他还需要回答，面对自免与肿瘤双线商业化对费用的挑战，利润改善能否持续？ 诺诚健华的近岸清晰、远期雄心明确：奥布替尼精准卡位前三市场，适应证迅速进医保，商业化队伍升级后放量与现金流质量同步增强；中程是奥布替尼在自免领域新适应证即将迎来上市节点，另一端是新产品接力，ICP-723已递交上市申请、ICP-248获突破性疗法认定、两款差异化TYK2抑制剂持续突破；远期以“2.0战略”拉长节奏，力争至2028年实现5–6款新产品及适应证商业化、3–5款国际化，持续产出源头创新产品，平台化色彩更浓。 复宏汉霖的“近岸”主线，则凭借6款已获批产品，聚焦于持续盈利与海外放量；中程以新型内分泌疗法HLX78、新表位抗HER2单抗HLX22、HER2 ADC HLX87等把新增长曲线从预期推向价值兑现；远期借约50个分子与10余技术平台、全球化供应体系迭代，把“研产销一体化”能力在全球打开收入天花板。 君实的国际化布局同样如此，其近岸靠特瑞普利单抗的大适应证在国内扩围，国际化布局广，成为少数真正形成出海规模化的Biotech之一。但守住与再上台阶的瓶颈在于：除PD-1外，BTLA、IL-17与双抗管线何时给出能撬动业绩增长的“硬结果”？海外商业化的成果何时反哺业绩，其估值天花板也将取决于第二发动机的速度与质量。 新诺威的未来，则更偏“交易+平台”特性：新药收入起量、功能食品与原料提供现金流缓冲，BD大单为远期增加潜力。然而市场对其“产品价值兑现”的路径仍存疑：mRNA与ADC从临床到商业化的“窗口期”偏长，BD交易的里程碑能否按是市场预期节拍落地？只有把“交易的故事”落到实打实的收入上，第二曲线才会变得可计算。 总体来看，对于“Bio六杰”来说，守住“500亿”从来不是一次性的速度竞赛，而是一场节奏的比拼，当商业化底盘足够扎实、管线接力清晰可见、全球化里程碑不断加码，估值锚才会从短线爆点进化为可持续增长的曲线。 一审| 黄佳 二审| 李芳晨 三审| 李静芝 精彩推荐 大事件 | IPO | 融资&交易 | 财报季 | 新产品 | 研发日 | 里程碑 | 行业观察 | 政策解读 | 深度案例 | 大咖履新 | 集采&国谈 | 出海 | 高端访谈 | 技术&赛道 | E企谈 | 新药生命周期 | 市值 | 新药上市 | 商业价值 | 医疗器械 | IND | 周年庆 大药企 | 竞争力20强 | 恒瑞 | 石药 | 中生制药 | 齐鲁 | 复星 | 科伦 | 翰森 | 华润 | 国药 | 云南白药 | 天士力 | 华东 | 上药 创新药企 | 创新100强 | 百济 | 信达 | 君实 | 复宏汉霖 | 康方 | 和黄 | 荣昌 | 亚盛｜康宁杰瑞｜贝达｜微芯｜再鼎｜亚虹 跨国药企｜ＭＮＣ卓越｜辉瑞｜AZ｜诺华｜罗氏｜BMS｜默克｜赛诺菲｜GSK｜武田｜礼来｜诺和诺德｜拜耳 供应链｜赛默飞｜药明｜凯莱英｜泰格｜思拓凡｜康龙化成｜博腾｜晶泰｜龙沙｜三星 启思会 | 声音·责任 | 创百汇 | E药经理人理事会 | 微解药直播 | 大国新药 | 营销硬观点 | 投资人去哪儿 | 分析师看赛道 | 药事每周谈 | 中国医药手册

SHANGHAI, Aug. 25, 2025 /PRNewswire/ -- Henlius (2696.HK) announced its 2025 interim results. In the first half of 2025, Henlius' revenue reached about RMB2.8195 billion, representing an increase of 2.7% YoY. The gross profit of RMB2.1992 billion, up by 10.5% YoY, with a net profit reached RMB390.1 million. Operating cash flow reached RMB770.9 million, with an increase of 206.8% YoY, maintaining a steady positive inflow. Overseas products profits surged over 200%. Cash inflows from BD agreements exceeded RMB 1 billion, surging 280% YoY. As the overseas sales volume of commercialized products continues to rise, the company expects significant growth in overseas revenue and profits for the full year of 2025, with strong momentum likely to continue into 2026. The company remains committed to reinforcing its strategic focus on innovation and globalisation, actively advancing its end-to-end ecosystem to drive sustainable R&D growth with robust growth momentum. During the reporting period, the company invested RMB995.4 million in R&D, with an increase of 21.3% YoY in expensed R&D expenditures, prioritizing preclinical development of differentiated innovative molecules and construction of core innovation platforms. Up to date, Henlius has 6 products launched in China, 4 approved for marketing in overseas markets, benefiting over 850,000 patients and reaching about 60 markets in Asia, Europe, Latin America, North America and Oceania. Meanwhile, the company is expanding its innovation pipeline in disease areas like oncology and autoimmune, advancing a differentiated portfolio of potential best-in-class (BIC) and first-in-class (FIC) candidates. Dr. Jason Zhu, Executive Director and Chief Executive Officer of Henlius, said "2025 is a pivotal year for Henlius. It is the year we shift into Globalisation 2.0 and step up the pace of innovation. We're strengthening our end-to-end ecosystem and driving overseas revenue growth with global value at scale. Meanwhile, our core innovative products have achieved significant milestones, with the next-generation of high-potential molecules underway. Looking ahead, Henlius will adhere to patient-centricity and accelerate the delivery of superior innovative treatment solutions." Globalisation 2.0: actively advancing the end-to-end ecosystem In the first half of 2025, Henlius' global growth engine was in full swing, with global product revenue exceeding RMB2.5568 billion, representing an increase of 3.1% YoY. Several products are accelerating their expansion into international markets, further improving patient access to essential therapies. The company's core innovative product serplulimab (trade name: HANSIZHUANG in China, Hetronifly® in Europe), the world's first anti-PD-1 monoclonal antibody (mAb) approved for first-line treatment of small cell lung cancer (SCLC), has recorded a global sales revenue of RMB597.7million during the reporting period. The overseas market expansion of serplulimab has been accelerated in the first half of 2025. It has received approvals in the Europe, Singapore, Malaysia, the United Kingdom and India for first-line treatment of extensive-stage small cell lung cancer (ES-SCLC). Additionally, it has been approved in Indonesia and Thailand for the treatment of squamous non-small cell lung cancer (sqNSCLC). To date, serplulimab has been successfully approved in nearly 40 countries and regions, covering nearly half of the world's population. A head-to-head bridging trial of serplulimab versus first-line standard of care atezolizumab for ES-SCLC in the U.S will also complete patient enrolment soon. The company plans to submit the Biologics License Application (BLA) to the FDA in the first half of 2026. Henlius' core breast cancer product HANQUYOU (trastuzumab, trade name: HERCESSI™ in the U.S., Zercepac® in Europe), the "China-developed" mAb biosimilar approved in China, the EU, and the U.S., has recorded a global sales revenue of RMB1.4442 billion in the first half of 2025. During the reporting period, HANQUYOU (trastuzumab) was newly approved in countries including Mexico, bringing its cumulative approvals to over 50 countries and regions worldwide. In the HER2-positive breast cancer segment, Henlius has sequentially combined HANQUYOU (trastuzumab) with HANNAIJIA (neratinib) for extended adjuvant therapy to reduce recurrence risk in early-stage patients. Meanwhile, Henlius' independently developed pertuzumab biosimilar, HLX11, has been accepted for marketing applications by regulatory agencies in China, the U.S., and Europe, and is anticipated to receive approval in th U.S. during the second half of 2025. Focusing on the breast cancer field, Henlius continues to build a comprehensive innovative product portfolio — candidates including Henlius' HLX78 (lasofoxifene), an investigational novel endocrine therapy, the company's novel epitope anti-HER2 mAb HLX22, the next-gen innovative HER2 ADC HLX87, the KAT6A/B inhibitor HLX97 with BIC potential, and the LIV-1 ADC HLX41 are accelerating their research progress. In more disease fields, HLX04-O, a recombinant anti-VEGF humanised mAb injection jointly developed by the company and Essex, for the treatment of wet age-related macular degeneration (wAMD) has been accepted for the New Drug Application (NDA) in China in August 2025. This is the company's first ophthalmic product submitted for marketing approval. The marketing applications for the denosumab biosimilar HLX14, intended for the treatment of osteoporosis and other indications, have been accepted in the U.S., EU, and Canada, with expected approvals in the second half of 2025. In the first half of the 2025, Henlius accelerated the expansion of its core products into major global markets through strategic collaboration, further enhancing the company's international influence and commercial capabilities. The company has entered into agreement with Abbott, granting it exclusive or semi-exclusive licenses for the development and commercialization of four self-developed biosimilars and one innovative biologic in 69 emerging markets including Asia and Latin America. The company has granted Dr. Reddy's exclusive rights to HLX15, an anti-CD38 mAb, covering a total of 43 countries and regions across the U.S. and Europe. Besides, the company has also entered into an exclusive commercialization and semi-exclusive development collaboration with Lotus for the anti-PD-1 antibody serplulimab in multiple indications in South Korea. Additionally, the company has signed a licensing agreement with Sandoz, granting exclusive commercialization rights for HLX13, an CTLA-4 inhibitor, in the U.S., EU, Japan, Canada, and Australia. In the first half of 2025, leveraging the advanced technologies and extensive resources, the company continued to reinforce its integrated biopharmaceutical platform including R&D, clinical trials, manufacturing, quality management, regulatory affairs, and commercialization. Up to date, the company has submitted over 800 drug registrations, and received more than 600 approvals, covering multiple countries and regions including China, the U.S., the EU, Canada, Indonesia and Japan. It has also conducted MRCTs in the U.S., the EU, Southeast Asia, Japan and other countries and regions, accelerating the globalisation process of its products. During the reporting period, Henlius continues to optimize its production operations and quality management system. The Songjiang Site has once again received the EU GMP Certificate, issued by the Federal Agency for Medicines and Health Products in Belgium, in July 2025. The completion of the Phase 1 of Songjiang Site II in August 2025 has further enhanced the company's production capabilities. Up to now, the company has delivered over 1,150 batches of commercial GMP production, ensuring stable supply to countries and regions including China, Southeast Asia, Europe and Latin America. The company has successfully passed nearly 100 on-site inspections and audits conducted by global regulatory authorities and business partners, and has obtained GMP certifications from China, the EU, the U.S. and multiple PIC/S member countries, including Indonesia and Brazil. Innovation breaks through the growth ceiling In the first half of 2025, the company continued to advance its innovation-driven strategy, accelerating breakthroughs in cutting-edge technology platforms and driving robust growth in its innovative pipeline. Core products such as HLX43, HLX22, and serplulimab have each achieved significant global milestones. HLX43 is a broad-spectrum anti-tumor ADC candidate targeting PD-L1 with BIC potential. The results of the phase 1 clinical trial of HLX43 have been first released at the 2025 ASCO Annual Meeting, demonstrating manageable safety profile and encouraging efficacy in various solid tumors especially in patients with NSCLC and thymic squamous cell carcinoma (TSCC). It shows encouraging efficacy in squamous and non-squamous NSCLC patients (sqNSCLC and nsqNSCLC), patients with or without EGFR mutation, patients with or without brain/liver metastasis, and PD-L1 positive or negative NSCLC patients, indicating its biomarker-independent antitumor potential. Previously, HLX43 has already been approved to conduct phase 2 MRCT in patients with non-small cell lung cancer (NSCLC) in China, the U.S., Japan and Australia, with first patients successfully dosed in both China and the U.S. Simultaneously, as the world's first PD-L1 ADC indicated for thymic carcinoma (TC), HLX43 has received clinical trial approvals for the indication in the U.S. and other regions. A MRCT is planned to be initiated, aiming to fill the therapeutic gap in ADC treatment for this aggressive cancer type. In addition, the company is also accelerating the phase 2 clinical development of HLX43 in various solid tumors, including cervical cancer (CC), hepatocellular carcinoma (HCC), esophageal squamous cell carcinoma (ESCC), head and neck squamous cell carcinoma (HNSCC), nasopharyngeal cancer (NPC), colorectal cancer (CRC) and gastric/gastroesophageal junction cancer (GC/GEJC). Both monotherapy and combination therapies of HLX43 with other products are ongoing simultaneously to further exploit the synergistic effects of ADC-mediated cytotoxicity and immunotherapy-induced immune activation. A phase 3 head-to-head clinical trial of Henlius' novel enpitope anti-HER2 mAb HLX22 in combination with trastuzumab and chemotherapy comparing to current first-line standard of care therapy (trastuzumab + chemotherapy ± pembrolizumab) is steadily progressing. The first patient dosing has been completed in China, the U.S., Japan, Australia, and Korea, regardless of PD-L1 expression, with the aim of overcoming current limitations in first-line treatment of HER2-positive metastatic gastric cancer. Meanwhile, HLX22 has received Orphan Drug Designations from both the U.S Food and Drug Administration (FDA) and the European Commission (EC) in the first half the year for the treatment of gastric cancer, suggesting its significant therapeutic potential. Moreover, the updated data with over two years of follow-up from the phase 2 clinical study (HLX22-GC-201) evaluating HLX22 in combination with trastuzumab and chemotherapy as a first-line treatment for HER2-positive advanced gastric cancer were presented at the 2025 ASCO Annual Meeting. The study data demonstrated that the efficacy benefit of HLX22 in HER2-positive gastric cancer remained stable with extended follow-up, outperforming previous data and providing solid data foundation for the subsequent phase 3 study. Focusing on lung and gastrointestinal cancer, Henlius is continuously advancing the global clinical development of its self-developed innovative anti-PD-1 mAb serplulimab. In the field of lung cancers, the U.S. and Japanese bridging trial of serplulimab for SCLC, and a phase 3 MRCT of serplulimab combined with chemotherapy and radiotherapy for limited-stage SCLC (LS-SCLC) are currently underway in parallel to establish a solid foundation for future overseas regulatory registration, among which the phase 3 MRCT in LS-SCLC has completed the subject enrollment. In the field of gastrointestinal cancers, a phase 3 clinical trial of serplulimab plus chemotherapy as neoadjuvant/adjuvant therapy for gastric cancer, as well as the phase 3 MRCT (ASTRUM-015) of serplulimab in combination with bevacizumab and chemotherapy in first-line treatment of metastatic colorectal cancer (mCRC) have also completed subject enrollment. During the reporting period, a total of over 20 pivotal studies, investigator-initiated trials (IITs), and real-world studies (RWS) on serplulimab in the fields of lung cancer and gastrointestinal cancer were presented at major international academic conferences such as ASCO GI, ELCC, IGCC, ASCO, and WCLC, and were published in scientific journals including Cancer Immunology, Immunotherapy and Cancer Communications. Among them, the end-of-study analysis of the phase 3 clinical trial (ASTRUM-005) of serplulimab as the first line treatment for ES-SCLC has been first released at the 2025 ASCO Annual Meeting, featuring a four-year OS data of 21.9% and thus validating its long-term survival benefit. While fully leveraging the value of its flagship molecules, the company is actively addressing unmet clinical needs and building an early-stage pipeline of high-potential candidates, creating strong momentum for sustainable, high-quality growth over the medium to long term. During the period, the company continued building and optimizing its competitive R&D platforms, including its ADC platform Hanjugator™ with independent intellectual property, T cell Engager (TCE) platforms, the one-stop drug discovery platform HAI Club, and the independently developed computing platform HAI PBD to enhance R&D capabilities. Meanwhile, building on its core antibody expertise, the company is making ongoing breakthroughs across target coverage and molecular diversity, accelerating multiple candidates toward clinical development, including the potential FIC human sialidase enzyme therapeutic HLX79, HLX701, the novel anti-CD47 SIRPα-Fc fusion protein with good safety profile, anti-PD-L1/VEGF bispecific antibody (BsAb) HLX37, potential BIC KAT6A/B small molecule inhibitor HLX97, TCE platform-derived DLL3xCD3xCD28 TCE HLX3901 and STEAP1xCD3xCD28 TCE HLX3902, Hanjugator™-based EGFRxcMET ADC HLX48, and potential FIC B7H3-sialidase enzyme HLX316. Looking ahead, Henlius will remain committed to its patient-centric mission, accelerate global expansion, drive the efficient implementation of innovation outcomes, and continuously enhance its global product supply as well as quality systems, aiming to bring more high-quality, affordable innovative treatment options to patients worldwide. About Henlius Henlius (2696.HK) is a global biopharmaceutical company with the vision to offer high-quality, affordable and innovative biologic medicines for patients worldwide with a focus on oncology, autoimmune diseases and ophthalmic diseases. Up to date, 6 products have been launched in China, 4 have been approved for marketing in overseas markets, and 6 marketing applications have been accepted for review in China, the U.S. and the EU, respectively. Since its inception in 2010, Henlius has built an integrated biopharmaceutical platform with core capabilities of high-efficiency and innovation embedded throughout the whole product life cycle including R&D, manufacturing and commercialization. It has established global innovation centre and Shanghai-based commercial manufacturing facilities certificated by China, the EU and U.S. GMP. Henlius has pro-actively built a diversified and high-quality product pipeline covering about 50 molecules and has continued to explore immuno-oncology combination therapies with proprietary HANSIZHUANG (anti-PD-1 mAb) as the backbone. To date, the company's launched products include HANLIKANG (rituximab), the first China-developed biosimilar, HANQUYOU (trastuzumab, trade name: HERCESSI™ in the U.S., Zercepac® in Europe), a China-developed mAb biosimilar approved in China, Europe and U.S., HANDAYUAN (adalimumab), HANBEITAI (bevacizumab), HANSIZHUANG (serplulimab, trade name: Hetronifly® in Europe), the world's first anti-PD-1 mAb for the first-line treatment of SCLC, and HANNAIJIA (neratinib). What's more, Henlius has conducted over 30 clinical studies for 19 products, expanding its presence in major markets as well as emerging markets. 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