SINO BIOPHARM (01177) surged more than 4%, and as of the time of writing, it was up 3.5% to HK$7.09, with a turnover of HK$431 million. A UBS research report noted that SINO BIOPHARM's management indicated that the guidance for this year's business development (BD) out-licensing activities requires more time to finalize. Data results expected to be announced this year include Phase I clinical data for TQB3702 in blood cancer, Phase II clinical data for TQA3334, and Phase III clinical data for lanifibranor targeting metabolic dysfunction-associated steatohepatitis (MASH).

Regarding the upcoming 2025 National Reimbursement Drug List (NRDL) negotiation outcomes, management expressed optimism about the prospects for VIIa's inclusion, citing that only three companies were selected for inclusion. Additionally, penpulimab successfully entered the NRDL for the first time; anlotinib was approved for expanded use in first-line treatment of soft tissue sarcoma without any price reduction, while Yilishu benefited from an expanded reimbursement scope.

Public information shows that SINO BIOPHARM's VIIa product is the recombinant human coagulation factor VIIa for injection N01 (brand name: An Qi Xin), developed by its subsidiary Zhengda Tianqing, which received approval from the National Medical Products Administration (NMPA) for market launch on July 3, 2025. As the first domestically produced recombinant human coagulation factor VIIa biological product in China, it breaks the long-standing monopoly of imported products, enhances medication accessibility for hemophilia patients with inhibitors, and reduces treatment costs for patients.