Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Insights - The company is entering a harvest period as its R&D pipeline accelerates, with revenue forecasts for 2024-2026 raised to 28.96 billion, 45.25 billion, and 63.86 billion RMB, respectively [3]. - The drug Ivoris has shown positive results in head-to-head trials against Keytruda (K drug) for PD-L1 positive patients, marking a significant advancement in treatment options [3]. - Ivoris has recently received approval from NMPA for its first indication, and multiple core indications are progressing [3]. - The company is actively developing its pipeline with several monoclonal antibodies and ADCs in various stages of clinical trials [3]. Summary by Sections Investment Rating - The company is rated "Accumulate" based on its strong market performance expectations [1][3]. Revenue Forecast - Revenue projections for 2024, 2025, and 2026 have been adjusted to 28.96 billion, 45.25 billion, and 63.86 billion RMB, respectively, indicating a positive growth outlook [3]. Clinical Development - Ivoris has outperformed K drug in a Phase III trial, achieving significant improvements in overall response rate (ORR) and progression-free survival (PFS) [3]. - The company has initiated several Phase III clinical trials for Ivoris in various lung cancer indications, with expected completion of enrollment in the second half of 2024 [3]. Pipeline and Long-term Growth - The company is advancing multiple monoclonal antibodies and ADCs, with several candidates in NDA and Phase III stages, ensuring a robust pipeline for future growth [3].

感谢大家参加本次会议会议即将开始,稍后 大家好欢迎参加康方生物业务更新会目前所有产物较均处于静音状态下面开始播报面条声明声明播报完毕后主持人可直接开始发言谢谢 本次会议为中信建筑证券股份有限公司中信建筑协助上市公司组织的白名单会议仅限受邀嘉宾参会本次会议内容在任何情形下都不构成对会议参加者的投资建议敬请会议参加者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险 未经中信箭头和演讲嘉宾许可任何机构和个人不得以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等如有上述违法行为中信箭头保留追究相关方法律责任的权利康方生物的各位领导各位投资人大家早上好非常感谢大家来参加公司的电话会议我是中信箭头的医药分析师贺菊颖 那么首先要非常恭喜公司那么根据公司的公告我们也看到AK12这个一线投对投K1的三期临床取得了非常好的成绩无论是PFS还是Hazard Visual都有一个非常好的表现同时我们也要非常感谢公司我想昨天晚上公司的管理层和很多同事可能都是没有休息的但是还是在今天早上第一时间 来召开了这个针对全市场投资人的这样一个公开的电话会议那么今天跟我一起主持的还有我们团队制药和生物科技的首席袁钦 ...

股 票 研 究 [Table_industryInfo] 医药 [ Table_Main[ 康 TIna 方fbole] 生 _T 物itle （] 9926） [评Tab级le_：Inv est] 增持 当前价格（港元）： 35.40 依沃西获批上市，ASCO 展现显著 PFS 获益 2024.05.28 海 ——康方生物公司跟踪点评 [ 交Ta易bl数e_据M arket] 外 丁丹(分析师) 甘坛焕(分析师) 姜铸轩(研究助理) 52周内股价区间（港元） 31.25-51.95 当前股本（百万股） 866 公 0755-23976735 021-38675855 021-38674878 当前市值（百万港元） 30,651 司 dingdan@gtjas.com gantanhuan028803@gtjas.com jiangzhuxuan029022@gtjas.com 证书编号 S0880514030001 S0880523080007 S0880123100004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 依沃西获批上市，ASCO数据展现显著PFS获益趋势， ...

【康方生物】交流纪要(2024-05-24)： 一、EGFR TKI耐药ASOO数据：PFS、OS双阳性结果 1、OS趋势线两条完全分开非常漂亮的曲线，我们是唯一做出阳性的。我们给药 监局看到了OS的曲线，才会这么快获批。 2、对脑转移控制非常好(入组的脑转移患者更加贴近真实世界情况)。 3、80%入组患者是三代EGFR TKI耐药。所有亚组分析是很优秀的。 4、HR值是目前最好的0.46,这才是三期对照试验的关键数据。信达orient-31 HR 是0.51(三代EGFR TKI而药患者是38%)OS曲线是重合的，没有分开； checkmate(没有加贝伐珠单抗)是0.75(三代EGFR TKI耐药患者23%)。用了一代 再用三代的患者身体状态是很差的，是远差于只用一代、二代的患者的。 二、后续临床布局双抗ADC,以及单药头对头K药数据快读出 1、单药头对头K药数据快要出结果了，可以更好的看出跟K药的优势。三代 EGFR TKI耐药只是小试牛刀，后续的适应症试验会持续跟进，后续开发不会 止于此。 2、ADC自己做了平台，三季度进入IND,双抗NECTIN-4ADC、TROP2 ADC明年 进入IND,双抗+ ...

此会议为中信剑投证券股份有限公司中信剑投协助上市公司组织的白名单会议仅限受邀嘉宾参会本次会议内容在任何情形下都不构成对会议参加者的投资建议敬请会议参加者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险 未经中信箭头和演讲嘉宾许可任何机构和个人不得以任何形式将会议内容和相关信息对外公布、转发、转载、传播、复制、编辑、修改等如有上述违法行为中信箭头保留追究相关方法律责任的权利各位好 各位好 我是那个康康生物的夏博士 我想看看你们是不是都能听得到我说话因为我也是在一个就是会议上就是上来拿着手机在打电话我怕你们听不到都能听到吧夏伯春您好我是建筑研究会非常清楚好呀那太好了那我们这个会议就开始了上线了的各位投资人也应该都是关心我们双方生物的 我们的这个支持者我也不知道我该说什么好今天的这个场景是的的确确把我也吓了一跳因为本来是觉得一切都是好消息我是指望着说是走另外一个方向的的确也是看到了咱们的股市的变化多端结果走的是另外一个方向就是蛮有趣的 但是首先想给大家来说一下一个很好的消息就是我们今天早上在CDE就是在咱们中国药监局的官方网站上已经发出了我们的112借着我们的第一个试验证你们也知道我们后面还有很多 ...

各位好我是那个康康生物的夏博士我想看看你们是不是都能听得到我说话因为我也是在一个就是会议上就是上来拿着手机在打电话我怕你们听不到都能听到吧夏博士您好我是健体研究会的第二级的博士好呀那太好了那我们这个会议就开始吧 上线了的各位投资人应该都是关心我们庞庞生物的我们的支持者我也不知道该说什么好今天的场景的的确把我吓了一跳 本来是觉得一切都是好消息我是指望着说是走另外一个方向的的确也是看到了咱们的股市的变化多端结果走的是另外一个方向就是蛮有意思蛮有趣的但是首先想给大家来说一下一个很好的消息就是我们今天早上在CDE就是在咱们中国药监局的官方网站上 已经发出了就是我们的112借着这个我们的第一个试验证啊你们也知道我们后面还有很多的临床都在做这也只是我们开发的第一个试验证就我们这第一个试验证呢在药监局的这个很非常非常支持的一个一个这个审批厚度评评下我们是去年8月份提交的嘛那今天已经在 官方的网站上正式的宣布公布了我们刚才呢也以第一的时间呢在我们的这个港交所的网站上也做了自愿性公告对吧我们自愿性公告也发出去了对所以首先就是觉得这个视频是我们也蛮吃惊的不知道待会也想听听各位投资人的问题是为什么会有一个这样相反的一个理解待会呢我 ...

大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后我们跟大总已经在线了还有一个李博应该马上也播录了待会介绍的时候就是大总李博好吗 大家好欢迎参加康方生物进化交流电话会议下面开始布报名字声声明布报完毕后主持人可直接开始发言本次会议为中信剑投证券股份有限公司中信剑投协助上市公司组织的白名单会议仅限受邀嘉宾参会本次会议内容在任何情形下都不构成对会议参加者的投资建议敬请会议参加者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险 未经中性箭头和演讲嘉宾许可任何机构和个人不得以任何形式将会议内容和相关信息对外公布、转发、转载、传播、复制、编辑、修改等如有上述违法行为中性箭头保留追究相关方法律责任的权利各位好 各位好 我是那个康康生物的夏博士 我想看看你们是不是都能听得到我说话因为我也是在一个就是会议上就是上来拿着手机在打电话我怕你们听不到都能听到吧夏伯春您好我是建筑研究会非常清楚好呀那太 ...

海 外 研 证券研究报告 究 ＃industryId＃ 医药生物 ＃09926 .HK ＃康dy方Com生pa物ny＃ 港股通（沪） dyStockco ＃investSuggestion＃ ＃ 增持 ( in首 ve次 stS） d e＃ ＃title＃ 依沃西单抗上市申请获受理，卡度尼利单抗快速放量 uggesti onChan ＃createTime1＃ ge＃ 2024年 5月 15日 公 投资要点 ＃市场ma数rk据et Data＃ 司 ＃summary＃ 日期 2024/5/14 ⚫ 产品销售收入高速增长，许可费收入助力公司首次财务盈利：2023年，康方 点 收盘价（港元） 49.20 生物实现上市以来的首次年度财务盈利。报告期内总收入达 45.26 亿元人民 评 总股本（百万股） 865.86 币，同比增长440%；净利润高达19.42亿元人民币，实现首次年度盈利。1） 报 流通股本（百万股） 865.86 2023年公司全年商业化业绩再创新高，全年实现产品销售额16.31亿元人民 告 净资产（百万港元） 5,178 币，同比增长达48%。其中，全球首个获批上市的肿瘤免疫双抗开坦尼®（卡 总资产 ...

Pipeline and Clinical Development - Akeso has over 50 innovative projects in the pipeline, covering oncology, autoimmune, and metabolic diseases, with 19 in clinical trials, including 6 potential global first-in-class or best-in-class bispecific antibodies[15] - The company has 3 drugs in the commercialization phase and 8 registration clinical studies reaching primary endpoints in 2023, including the global first-in-class bispecific antibody PD-1/VEGF (Ivonescimab) and PD-1/CTLA-4 (Cadonilimab)[21] - There are 12 ongoing registrational Phase III clinical studies for the two core bispecific antibodies, Ivonescimab and Cadonilimab[22] - Ivonescimab's NDA for advanced lung cancer was submitted and granted priority review, with potential approval expected in 2024[23] - Cadonilimab's NDA for first-line treatment of advanced gastric cancer was accepted in January 2024, showing superior clinical efficacy regardless of PD-L1 expression status[23] - The company has 4 first-in-class/best-in-class bispecific antibodies in clinical development and over 80 combination therapy studies ongoing[23] - AK112 (PD-1/VEGF) reached primary endpoints in Phase III trials for NSCLC, with NDA submitted and accepted for priority review by NMPA in 2023[31] - Global Phase III trials for AK112 in NSCLC, including HARMONi and HARMONi-3, have commenced patient enrollment, accelerating global clinical development[32] - The company has 3 self-developed innovative products commercialized and 3 additional products under NDA review by NMPA[29] - Annike® (penpulimab, PD-1) received NMPA approval in January 2023 for first-line treatment of locally advanced or metastatic squamous NSCLC, and the company submitted an sNDA in December 2023 for first-line treatment of recurrent or metastatic nasopharyngeal carcinoma (NPC)[33] - The company submitted NDAs for Inusirumab (AK102, PCSK9) in June 2023 for primary hypercholesterolemia and mixed hyperlipidemia, and for Eruxizumab (AK101, IL-12/IL-23) in August 2023 for moderate-to-severe plaque psoriasis[33] - As of December 31, 2023, the company had over 50 innovative projects in its pipeline, with 19 in clinical trials, including 6 potential first-in-class or best-in-class bispecific antibodies[34] - The company is conducting clinical trials for multiple products, including Kadunili (PD-1/CTLA-4), Ewuxi (AK112, PD-1/VEGF), and Annike® (penpulimab, PD-1), covering a wide range of indications in solid tumors and hematologic malignancies[35] - The company submitted NDAs for Inusirumab (AK102, PCSK9) in June 2023 and Eruxizumab (AK101, IL-12/IL-23) in August 2023, and is actively preparing for their commercialization[36] - The company is advancing clinical research and exploration for other products, including Gumoximab (AK111, IL-17) and Mandoximab (AK120, IL-4Rα)[36] - The company's clinical development plan includes global experiments, market approvals, registration clinical trials, and breakthrough therapies, with significant progress in tumor immunotherapy and other therapeutic areas[37] - AK105 (PD-1) combined with AK112 and AK104 is being developed for advanced solid tumors[38] - AK104-302 Phase III trial for G/GEJ adenocarcinoma met the primary endpoint of overall survival (OS) in interim analysis[42] - AK104-303 Phase III trial for cervical cancer met the primary endpoint of progression-free survival (PFS) in interim analysis[42] - AK102 (PCSK9) NDA submitted in June 2023 for familial hypercholesterolemia[40] - AK101 (IL-12/IL-23) NDA submitted in August 2023 for moderate to severe plaque psoriasis[40] - AK120 (IL-4Rα) is in Phase II trials for moderate to severe atopic dermatitis[40] - AK104 combined with chemotherapy completed enrollment for Phase III trial in G/GEJ adenocarcinoma in March[41] - AK104 combined with SPH4336 (CDK4/6 inhibitor) is being developed for WDLS/DDLS tumors[41] - AK104 combined with AK117 received NMPA approval for Phase II trial in G/GEJ adenocarcinoma in April[41] - AK104 combined with chemotherapy received NMPA approval for Phase II trial in pancreatic cancer in May[41] - Kadunilizumab's new indication for first-line treatment of G/GEJ adenocarcinoma was accepted by NMPA in January 2024[45] - Ivonescimab (AK112) combined with LM-302 for advanced gastrointestinal tumors entered clinical studies in March 2023[46] - Ivonescimab's Phase III HARMONi trial for EGFR-mutated NSCLC achieved first patient dosing in the US in May 2023[46] - Ivonescimab's Phase III trial for squamous NSCLC completed patient enrollment in August 2023[46] - AK117's Phase II trial for high-risk MDS was approved by FDA in September 2023[49] - AK117's Phase II trial for AML was approved by NMPA in January 2024[51] - AK102's NDA for hypercholesterolemia was accepted by NMPA in June 2023[58] - AK101's Phase III trial for plaque psoriasis met primary endpoints in February 2023[61] - AK111's Phase III trial for plaque psoriasis achieved all efficacy endpoints in December 2023[63] - The company is conducting over 20 clinical trials for its core bispecific antibody product cadonilimab, covering 16 indications including gastric cancer, liver cancer, and lung cancer[70] - AK120 (IL-4Rα) completed Phase II clinical trial enrollment for moderate-to-severe atopic dermatitis in March 2023[65] - The company has four self-developed bispecific antibody products (AK129, AK130, AK131, AK132) in clinical stages, targeting various solid tumors[70] - Production and commercialization preparations are underway for AK102 (PCSK9) and AK101 (IL-12/IL-23) in the non-oncology sector[71] Financial Performance - Total revenue for 2023 reached RMB 4,526.3 million, a 440% increase compared to RMB 837.7 million in 2022[25][28] - Product sales for 2023 amounted to RMB 1,631.1 million, with Kadunili (PD-1/CTLA-4) sales reaching RMB 1,357.8 million, a 149% increase from RMB 546.3 million in 2022[25][28][29] - Technology licensing and collaboration income for 2023 was RMB 2,922.8 million, largely due to the upfront payment from Summit Therapeutics for AK112 (PD-1/VEGF) licensing[25][28] - Gross profit for 2023 was RMB 4,393.0 million, a 491% increase from RMB 743.5 million in 2022, driven by significant growth in technology licensing and collaboration income[26] - The company recorded a net profit of RMB 1,942.4 million in 2023, compared to a net loss of RMB 1,422.2 million in 2022[27][28] - Total product market sales for the year ended December 31, 2023, reached RMB 1,631.1 million, a 48% increase compared to RMB 1,104.4 million in 2022, driven by strong sales of Cadonilimab (PD-1/CTLA-4) and other products[73] - Cadonilimab (PD-1/CTLA-4) sales for 2023 were RMB 1,357.8 million, a 149% increase from RMB 546.3 million in 2022, contributing significantly to the overall growth[74] - Technology licensing and collaboration income surged to RMB 2,922.8 million in 2023, up from RMB 3.9 million in 2022, primarily due to upfront payments from the Summit collaboration for AK112 (PD-1/VEGF)[76] - Gross profit for 2023 was RMB 4,393.0 million, a 491% increase from RMB 743.5 million in 2022, largely driven by the significant rise in technology licensing income[78] - Other income and net gains for 2023 were RMB 454.2 million, a 186% increase from RMB 158.6 million in 2022, mainly due to foreign exchange gains and interest income[80] - R&D expenses for 2023 decreased by 5% to RMB 1,254.0 million from RMB 1,323.1 million in 2022, as the company internalized some clinical services[81] - Sales and marketing expenses increased by 61% to RMB 890.4 million in 2023, up from RMB 552.7 million in 2022, driven by marketing activities for Cadonilimab[83] - The company reported a net profit of RMB 1,942.4 million for 2023, compared to a net loss of RMB 1,422.2 million in 2022[86] - As of December 31, 2023, the company's cash and cash equivalents, fixed deposits, and financial products totaled RMB 4,894.4 million, a significant increase from RMB 2,288.4 million in 2022[87] - Total employee count increased to 2,778 in 2023, up from 2,341 in 2022, with significant growth in clinical (679 vs. 532) and sales & marketing (788 vs. 652) functions[96] - Total employee compensation costs rose to RMB 847.1 million in 2023, up from RMB 624.1 million in 2022, driven by increased headcount[96] - Capital commitments decreased to RMB 770.0 million in 2023 from RMB 981.1 million in 2022, primarily due to progress in production and R&D facilities in Zhongshan and Guangzhou[97] - The company's quick ratio improved significantly to 4.39 in 2023 from 2.0 in 2022, indicating stronger liquidity position[89] - Total assets pledged as collateral amounted to RMB 793.3 million as of December 31, 2023, securing loans and bank credit facilities[89] - The 2021 placement proceeds of HKD 1,171.3 million (RMB 978.1 million) were fully utilized by December 31, 2023, with 40% allocated to commercialization team establishment and talent retention[99] - R&D employee count increased to 320 in preclinical and 679 in clinical functions in 2023, up from 275 and 532 respectively in 2022[96] - Production, quality assurance, and quality control staff grew to 687 in 2023 from 605 in 2022, reflecting capacity expansion efforts[96] - The company maintains no significant foreign exchange risk, with most transactions settled in RMB and partial cash holdings in HKD and USD[95] - No significant contingent liabilities or major investments were reported as of December 31, 2023[91][93] - The net proceeds from the 2022 placement amounted to approximately $73.46 million (HK$576.66 million), with 40% allocated to the marketing and commercialization of Cadonilimab (AK104, PD-1/CTLA-4), totaling HK$230.6 million[101] - 20% of the 2022 placement proceeds (HK$115.3 million) were allocated to accelerate the Phase III clinical trials of Ivonescimab (AK112, PD-1/VEGF), including head-to-head trials with Keytruda for 1L PD-L1(+) NSCLC[101] - 20% of the 2022 placement proceeds (HK$115.3 million) were used to accelerate Phase III clinical trials of Cadonilimab (AK104) for indications such as 1L gastric adenocarcinoma and 1L cervical cancer[101] - 10% of the 2022 placement proceeds (HK$57.7 million) were allocated to accelerate Phase III trials and NDA applications for Inclisiran (AK102, PCSK9) and Ebdarokimab (AK101, IL-12/IL-23), with HK$41 million utilized and HK$16.7 million remaining unused[101] - The remaining unused net proceeds of approximately HK$16.7 million from the 2022 placement are expected to be fully utilized by June 30, 2024, due to recent progress in Phase III trials and NDA applications for Inclisiran and Ebdarokimab[102] - The 2024 placement raised approximately $149.53 million (HK$1,180.5 million) through the issuance of 24.8 million shares at HK$47.68 per share, representing a 6.02% discount to the last closing price before the placement agreement[103] - 65% of the 2024 placement proceeds will be allocated to R&D, including IND-stage preclinical projects, ADC platform development, and global clinical trials for Cadonilimab (AK104) and Leflunomide (AK117, CD47)[103] - 25% of the 2024 placement proceeds will be used for the commercialization of Cadonilimab and Ivonescimab, while 10% will be allocated for general corporate purposes[103] - The company expects to utilize the 2024 placement proceeds by December 31, 2025, based on current market conditions and operational needs[104] - Total revenue for the year ended December 31, 2023, was RMB 4,526.3 million, including total sales from products and license income of RMB 4,553.9 million, minus distribution costs of RMB 27.6 million[148] - Sales from the top five customers accounted for approximately 75.4% of the company's total revenue in 2023, compared to 29.7% in 2022[148] - The largest customer, SUMMIT, accounted for approximately 64.8% of the company's total revenue in 2023, up from 14.1% in 2022[148] - Purchases from the top five suppliers accounted for approximately 26.2% of the company's total purchases in 2023, down from 30.3% in 2022[149] - The largest supplier accounted for approximately 8.1% of the company's total purchases in 2023, down from 11.0% in 2022[149] - The company made charitable donations of approximately RMB 23.6 million in 2023, compared to RMB 11.8 million in 2022[160] - The company's distributable reserves as of December 31, 2023, were RMB 5,143,796,000, compared to RMB 5,169,255,000 in 2022[165] - The company did not declare a final dividend for the year ended December 31, 2023[163] - The company did not issue any debentures during the year ended December 31, 2023[161] - The company did not provide any financial assistance or guarantees to its affiliates during the year ended December 31, 2023[156] - The company's bank loans and other borrowings as of December 31, 2023, are detailed in the financial statements, with no significant seasonal borrowing requirements[166] Technology and Innovation - The company has developed the Tetrabody technology, which addresses three CMC challenges in bispecific antibody development: low expression levels, process development obstacles, and antibody stability and druggability[15] - The company's ACE platform integrates end-to-end drug discovery and development functions, including target validation, antibody discovery and development, CMC process development, and GMP-compliant manufacturing[15] - The company has expanded its R&D into ADC technology, mRNA technology, and cell therapy to maintain long-term global competitive advantage[24] - The company is proactively developing multiple proprietary technology platforms, including ADC, cell therapy, and mRNA, to efficiently advance more candidate molecules to the clinical stage[36] Commercialization and Sales - Akeso has 31 commercialized products and 42 externally licensed products, including AK107 (CTLA-4) licensed to Merck, AK105 (PD-1) licensed to Lepu Biotech, and AK112 (PD-1/VEGF) licensed to SUMMIT[15] - Akeso's key products include Cadonilimab (PD-1/CTLA-4), Penpulimab (PD-1), and Pucotenlimab (PD-1), which is licensed to Lepu Biotech[15] - Cadonilimab achieved sales of RMB 1.36 billion in 2023, with cumulative sales exceeding RMB 1.9 billion within 18 months of launch[21] - Annike® (penpulimab, PD-1) was included in multiple clinical authoritative recommendations and regional惠民保 catalogs in 2023, and the company expanded its indications to accelerate the transformation of clinical applications into commercial value[33] - In April 2023, the company signed a licensing agreement with Specialised Therapeutics Asia Pte Ltd (ST) for the exclusive sales rights of Annike® in Australia, New Zealand, Papua New Guinea, and 11 Southeast Asian countries[33] - The company's subsidiary, Tianqing Kangfang, entered into an exclusive sales agreement with Lianyungang Zhengda Tianqing for the sales of the monoclonal antibody product, with a fixed sales fee rate of no less than 35%[131][133] - The annual cap for sales and promotion services fees payable to Zhengda Tianqing by Tianqing Kangfang is RMB 2,500 million for 2023, with a cap of RMB 5,000 million for the sales of monoclonal antibody products[134] - The actual sales and promotion services fees paid by Tianqing Kangfang to Zhengda Tianqing during the reporting period were RMB 120,000, and the revenue from the sales of monoclonal antibody products was RMB 117.116 million, both within the 2023 annual cap[134] Organizational and Leadership - The company's organizational capabilities in strategic planning, R&D efficiency, and commercialization have been key to its rapid growth over 11 years[24] - The company's board consists of four executive directors, two non-executive directors, and three independent non-executive directors[105] - Dr. Xia Yu holds a Ph.D. in Molecular Biology and Microbiology from Newcastle University, UK, and has extensive experience in cancer immunotherapy research[108] - Dr. Li Baiyong, co-founder and Chief Scientific Officer, has over 24 years of experience in therapeutic biologics, including leadership roles at Pfizer Inc[