目标公司(即Evergreen Crest Holdings Ltd.)为于2023年11月8日根据英属处女群岛法律注册成立的有限公 司，由卖方及少数股东分别直接拥有90%及10%。目标公司直接持有附属公司1(即PT Langit Indonesia Berjangka)已发行股份的95%及附属公司2(即PT Multikripto Exchange Indonesia)已发行股份的99%。目标 公司正在(透过该等附属公司)建立数字资产交易所的营运。附属公司1持有有关印尼期货经纪商牌照。 附属公司2持有有关印尼加密货币交易商牌照。 格隆汇6月2日丨OSL集团(00863.HK)发布公告，2025年5月30日，买方(OSL Midaspay Limited，为公司 全资附属公司)与卖方(即Lau Shu Ming女士)订立购股协议，据此，卖方有条件同意向买方出售，而买方 有条件同意自卖方购买出售股份(目标公司的4.5万股股份，占目标公司已发行股份总数的90%)，代价合 共为1500万美元(相当于约1.17亿港元)，透过配发并发行代价股份支付。 代价股份约占于本公告日期公司已发行股份总数的1.48%；及经配发及发 ...

Core Insights - Innovent Biologics has presented promising clinical data for IBI363, a first-in-class PD-1/IL-2α-bias bispecific antibody fusion protein, at the 2025 ASCO Annual Meeting, demonstrating its potential to convert "cold tumors" into "hot tumors" in advanced colorectal cancer [1][2][10] Clinical Data Summary - IBI363 monotherapy showed a median overall survival (OS) of 16.1 months in patients with advanced colorectal cancer, significantly better than standard treatments which range from 6.4 to 9.3 months [6][10] - In Phase 1 studies, IBI363 combined with bevacizumab resulted in a confirmed objective response rate (cORR) of 15.1% and a disease control rate (DCR) of 61.6% among 73 participants [9] - The combination therapy showed a median progression-free survival (PFS) of 4.7 months, with a notable increase in efficacy for patients without liver metastases, achieving a cORR of 31.3% and a DCR of 81.3% [9] Mechanism of Action - IBI363 operates by blocking the PD-1/PD-L1 pathway while activating the IL-2 pathway, specifically targeting tumor-specific T cells, which enhances its therapeutic efficacy in treating colorectal cancer [11][12] - Tumor immune cell infiltration analysis indicated that higher levels of CD8+ T cells were associated with improved clinical responses to IBI363, supporting its mechanism of action [8] Future Development - Innovent is conducting further clinical studies in multiple countries to explore IBI363's efficacy across various tumor indications, including immune-resistant and cold tumors [12] - The company has initiated a pivotal trial for IBI363 targeting unresectable locally advanced or metastatic mucosal or acral melanoma [12][13] Company Overview - Innovent Biologics, founded in 2011, focuses on developing high-quality biopharmaceuticals for various diseases, including cancer, and has launched 15 products to date [14][15] - The company has received fast track and breakthrough designations from regulatory authorities for IBI363, indicating its potential in treating specific cancer types [13]

Group 1 - The Ministry of Defense of China strongly opposes negative remarks made by the U.S. Secretary of Defense regarding China, asserting that such actions will ultimately backfire on the U.S. [5] Group 2 - The sales revenue from the consumer goods trade-in program in China has surpassed 1 trillion yuan this year, indicating a strong recovery in consumer spending. [6] - The program has led to approximately 1.1 trillion yuan in sales across five major categories, with 175 million subsidies issued to consumers. [6] - Specific figures include 4.12 million applications for automobile trade-ins, 49.86 million consumers purchasing 12 categories of home appliances totaling 77.62 million units, and 5.35 million consumers buying 5.66 million digital products. [6] Group 3 - The film box office for the 2025 Dragon Boat Festival period has exceeded 300 million yuan, significantly surpassing last year's figures. [8] Group 4 - NIO confirmed that there has been no change in the shareholding of its president, Qin Lihong, countering false information circulating on various platforms. [17] Group 5 - JD.com plans to expand its full-time delivery rider workforce to 150,000, having already surpassed 100,000 riders ahead of schedule. [19] Group 6 - BYD led the electric vehicle market in May with sales of 382,500 units, a year-on-year increase from 331,800 units. [20] - Other notable performances include Geely's sales of 235,200 units, a 46% increase year-on-year, and significant growth from new entrants like Leap Motor and Xpeng Motors. [20] Group 7 - Hongxin Securities has officially changed its name to Tianfu Securities, signaling a strategic repositioning following the acquisition by Shudao Group. [21]

Core Viewpoint - The company reported its Q1 2025 financial results, showing a decline in revenue and net profit compared to the previous quarter, but maintaining a healthy gross margin in its automotive business [1][2]. Revenue Summary - Q1 2025 total revenue reached 25.93 billion yuan, with year-on-year growth of 1.1% but a quarter-on-quarter decline of 41.4% [1]. - Automotive business revenue was approximately 24.68 billion yuan, reflecting a year-on-year increase of 1.8% but a quarter-on-quarter decrease of 42.1% [1]. - The average selling price (ASP) decreased from 269,000 yuan in Q4 2024 to 266,000 yuan in Q1 2025 [1]. Sales Volume - The company delivered approximately 93,000 vehicles in Q1 2025, representing a year-on-year increase of 15.5% but a quarter-on-quarter decline of 41.5% [1]. - The sales distribution for key models in Q1 2025 included L9 (13.1%), L8 (13.9%), L7 (22.6%), L6 (47.8%), and Mega (2.6%) [1]. Profitability - Q1 2025 automotive gross profit was 4.88 billion yuan, with a gross margin of 19.8%, showing a year-on-year increase of 0.4 percentage points [2]. - The company's net profit attributable to shareholders was 650 million yuan, with a year-on-year decrease of 81.5% [1][2]. - Non-GAAP net profit for Q1 2025 was 1.02 billion yuan, reflecting a year-on-year decline of 20.3% [2]. Cost and Expenses - R&D expenses for Q1 2025 were 2.51 billion yuan, down 17.5% year-on-year [2]. - Selling and administrative expenses were 2.53 billion yuan, with a year-on-year decrease of 15.0% [3]. Cash Flow and Financial Health - The net cash generated from operating activities in Q1 2025 was 1.7 billion yuan, with free cash flow of 2.5 billion yuan [3]. Future Outlook - The company expects Q2 2025 vehicle deliveries to be between 123,000 and 128,000 units, with corresponding revenue estimated at 32.5 billion to 33.8 billion yuan [3]. - The upcoming launch of the new electric vehicle model, i8, is anticipated to enhance the company's competitive position in the electric vehicle market [3].

Core Viewpoint - The article discusses the ongoing controversy surrounding the cosmetic brand "可复美" (Kefumei) and its alleged failure to include recombinant collagen in its products, as raised by a social media influencer known as "大嘴博士" (Dr. Big Mouth) [1][10]. Group 1: Company Responses - 华熙生物 (Hua Xi Biological) expressed strong support for Dr. 郝宇 (Hao Yu) and his company, 上海柳页医创医疗科技服务有限公司, emphasizing the importance of consumer rights and product integrity [3]. - The company has conducted thorough evaluations and tests on the materials provided by Dr. 郝宇 and has received third-party testing results, indicating a commitment to transparency and accountability in the industry [3]. - 华熙生物 called for industry participants and social entities to engage in cross-verification of testing results and urged testing institutions to fulfill their professional responsibilities [3]. Group 2: Controversy and Clarifications - 巨子生物 (Giant Biological) issued a statement acknowledging an apology from the testing institution used by Dr. 郝宇, which clarified that the report was not authorized for public use and was intended solely for research and internal quality control [6][8]. - The testing institution emphasized that the results of the report are not legally binding and are subject to various factors, including sample authenticity and testing conditions, thus limiting their reliability [8]. - 巨子生物 firmly denied allegations of product falsification and asserted that all products comply with regulatory standards, ensuring quality and safety through rigorous verification processes [15].

6月1日，巨子生物发布声明，表示接受"大嘴博士"（郝宇）所用检测机构道歉，但将追究造谣者法律责任。 声明介绍，有关"可复美"未添加重组胶原蛋白的争议，5月30日我司收到了来自"大嘴博士"（郝宇）所用检测机构的道 歉声明，该机构明确表示"我司对此做法不仅不予认同，更从未做出任何形式的授权"，并严令要求"大嘴博士"（郝 宇）"⽴即停⽌使⽤及转发该《测试报告》的⾏为，以避免对社会公众产⽣更严重的误导 "。 根据上海东谱检测技术服务有限公司的声明，近期，名为"大嘴博士"的网络博主在各大网络平台，针对"可复美"品牌 某款化妆品中"重组胶原蛋白"的成分含量提出质疑，并发布相关视频及博文，其中可能引用了我司出具的《测试报 告》作为依据，此举引发了广泛争议。针对该《测试报告》相关情况，我司特作如下澄清说明: 1.报告用途与授权说明:我司出具的该《测试报告》，其明确用途限定为科研、教学以及内部质量控制与研究的目的， 并不具备对社会公众进行证明的法律效力。在受托进行测试时，委托人并未向我司告知其真实用途是为利用该《测试 报告》向社会公众宣传并证明博主观点。我司对此做法不仅不予认同，更从未作出任何形式的授权。 2.测试结果的科学性 ...

Group 1 - Company Yum China (09987.HK) repurchased 14,000 shares at a cost of HKD 4.704 million on May 30 [1]

北京汽车：2025年5月销售11030台汽车，同比增长19%。 ...

Core Viewpoint - The company's same-store sales are under pressure in 2024 due to external factors such as subdued dining trends and consumer spending, as well as internal adjustments [1][2] Group 1: Same-Store Sales Performance - In 2024, same-store revenue for brands such as Jiumaojiu, Taier, and Songhuoguo is expected to decline by -13%, -19%, and -32% respectively [1] - Jiumaojiu is less affected by the economic downturn due to its lower average transaction value of 55 yuan compared to Taier at 71 yuan and Songhuoguo at 103 yuan [1] Group 2: Operational Adjustments - The company is actively making adjustments to improve operations, including optimizing store models and menu structures [1][2] - Store renovations aim to create a warmer and more stylish environment suitable for family gatherings [1] - The menu is being updated to replace non-core dishes and introduce fresh fish, on-site slaughter, and specialty snacks [1] Group 3: Profitability and Financial Outlook - The company has slowed its expansion strategy in 2024, focusing on store upgrades and closures, which may enhance profitability [2] - The net profit attributable to the parent company for 2024 is projected at 56 million yuan, with core operating profit at 252 million yuan [2] - Profit recovery is anticipated in 2025, with net profits expected to reach 135 million yuan, 164 million yuan, and 203 million yuan for 2025-2027, representing year-on-year growth rates of 142.37%, 20.97%, and 24.05% respectively [2] Group 4: Supply Chain Development - The company is implementing supply chain improvements, with a central kitchen in Nansha, Guangzhou expected to be operational in 2025 [2] - Additional supply chain developments are planned for Shanghai and Chongqing in 2026-2027, which will support accelerated expansion outside the province [2] Group 5: Investment Rating - The company is viewed as being at the bottom of its fundamental performance, with positive adjustments and a potential turning point on the horizon [2] - Earnings per share (EPS) forecasts for 2025-2027 are 0.10, 0.12, and 0.15 yuan, with corresponding price-to-earnings ratios of 23.39x, 19.33x, and 15.59x [2]

Core Viewpoint - Despite a slowdown in revenue growth, the company has achieved positive growth in core operating metrics through excellent cost control [1][2] Group 1: Financial Performance - For Q1 2025, the company reported revenue of 1.923 billion (+12.88%), GAAP net profit of 518 million (+111.53%), adjusted net profit of 764 million (+43.93%), and adjusted operating profit of 692 million (+76.18%) with a non-GAAP operating profit margin (OPM) of 36.0% [2] - Revenue growth has slowed down, with quarterly growth rates for 2024Q1 to 2025Q1 being +33.37%, +28.85%, +18.98%, +15.40%, and +12.88% respectively [2] - The company has effectively reduced sales expense ratio by 8.46 percentage points, with absolute sales expenses decreasing by 88.05 million year-on-year; R&D expense ratio decreased by 5.42 percentage points, and management expense ratio decreased by 2.07 percentage points [2] Group 2: Future Outlook - Revenue growth is expected to continue slowing in Q2 2025, with projected revenue between 2.05 billion and 2.08 billion, representing a year-on-year increase of 6.9% to 8.5% [3] - The company has a clear and rational plan for AI product development in the human resources service sector, with products for B2B, B2C, and management already planned and clear application scenarios identified [3] - The company anticipates that these AI products will begin gray testing in Q2 to Q3 of 2025, potentially contributing to future revenue [3]