On August 27, RIBOLIFE-B (06938) released its 2026 interim results. The recent explosive growth in the global oligonucleotide therapeutics market and the continuous breakthroughs in industry collaborations have both been reflected in this leading company's performance: during the reporting period, the company generated revenue of RMB 420 million, representing a year-on-year increase of 304%. The net profit for the period stood at RMB 23 million, achieving a turnaround from a loss in the prior year. Cash and cash equivalents at the end of the period totaled RMB 2.24 billion. The improvement in performance was primarily driven by the recognition of license revenue from global collaboration projects and the ongoing progress of collaboration milestones. Concurrently, the company maintained its R&D investment in core clinical pipelines and its innovative delivery platform. With southbound capital via Stock Connect and global foreign investors accelerating their allocation into the Hong Kong-listed pharmaceutical sector, the soon-to-be-included RIBOLIFE-B is poised to further unlock its intrinsic value through the continued realization of its "accelerated innovation - global monetization - performance validation" growth logic.

Innovation Platform Value Validated by Performance

In the first half of 2026, the capability of RIBOLIFE-B's proprietary innovation platform received high recognition from leading global multinational pharmaceutical companies, achieving consecutive R&D milestones and once again validating the platform's strength in consistently producing globally valuable innovative assets. A key direct driver behind the company's notable revenue and net profit performance during the reporting period was the global exclusive licensing agreement signed in February with Madrigal, a global leader in the MASH field, covering multiple single-target and dual-target preclinical siRNA assets for MASH. Under the agreement, RIBOLIFE-B received an upfront payment of USD 60 million and is eligible for cumulative payments of up to USD 4.4 billion, including the upfront payment, upon achieving relevant clinical development, regulatory approval, and commercialization milestones. Additionally, the company is entitled to tiered royalties based on global net sales of the licensed products. Following the agreement, the joint development program has progressed efficiently, with the selection of the first candidate drug molecule completed in July and the initiation of IND-enabling studies, laying a solid foundation for subsequent clinical development.

In fact, the above only represents a glimpse of the value realization of RIBOLIFE-B's innovation platform. During the reporting period, leveraging its proprietary innovation platform capabilities and high execution efficiency, RIBOLIFE-B has been accelerating the empowerment of domestic and international partners. The collaborations previously established with Boehringer Ingelheim and Qilu Pharmaceutical have also continued to advance actively, achieving new collaboration milestones during the reporting period.

Clinical Pipelines Progress Steadily, Extrahepatic Delivery Technology Leads the Next-Generation Blue Ocean

As a first-in-class, clinically advanced siRNA drug targeting FXI, the Phase 2a data disclosed by vortosiran during the period also excited the market. In patients who completed the high-dose regimen with a maintenance dose of 400mg, the average maximum reduction in FXI activity reached 92%, sustained for several months post-dosing, providing the world's first clinical proof-of-concept for an FXI siRNA in patients with coronary artery disease (CAD). The Phase 2b clinical trial application for the SPAF (secondary prevention of atrial fibrillation) indication has received EMA approval, and an application for the VTE (venous thromboembolism) indication has also been submitted to the EMA. With the druggability of the FXI target further confirmed by several positive clinical results, RIBOLIFE-B is expected to enhance its differentiated competitiveness and commercial value in the global siRNA antithrombotic field.

Meanwhile, patient recruitment for the Phase 2 clinical trial in China of RBD5044, the world's second ApoC3-targeting siRNA drug to enter clinical development, was fully completed in the first half of the year, progressing in parallel with the European MRCT. Its long-acting lipid-lowering potential and differentiated clinical value await further validation in subsequent studies. Furthermore, RBD7022/QLC7401, an siRNA drug targeting PCSK9 developed in collaboration with Qilu Pharmaceutical, has entered Phase 3 clinical development in China, marking another siRNA pipeline's advancement towards registration and commercialization goals.

As the application of siRNA drugs gradually expands from liver-targeting to extrahepatic tissues, delivery capability is emerging as a key technical competition frontier for the next phase of the industry. RIBOLIFE-B has established multiple extrahepatic delivery technology directions targeting the kidney, myocardium, adipose tissue, and central nervous system, with the first kidney-targeting project already entering the IND-enabling stage.

Sector Momentum Evident, 'Davis Double Play' on the Horizon

According to Guosen Securities statistics, net inflows over the past month have exceeded HKD 10 billion, with cumulative net inflows of approximately HKD 380 billion so far this year, highlighting a clear trend of sustained southbound capital flowing into Hong Kong stocks. Additionally, foreign investors maintain an overall bullish stance on the Hong Kong market: as of July this year, cumulative net inflows from active and passive foreign capital into Hong Kong stocks totaled over USD 18 billion. On August 21, the results of the Hang Seng Index Series quarterly review were announced, officially including RIBOLIFE-B as a constituent of the Hang Seng Composite Index. This will subsequently qualify it for inclusion as a Stock Connect eligible stock under both the Shanghai-Hong Kong and Shenzhen-Hong Kong schemes, effective from September 7. As a scarce target in the Hong Kong-listed siRNA sector, the company's inclusion in Hong Kong's core value system and the improvement of mainland capital trading channels are expected to attract continued southbound capital inflows in the future.

In the secondary market, as of August 27, the company's share price has risen approximately 35.50% month-to-date, reflecting increased market attention on its improved performance, collaboration progress, and expectations of Hang Seng Composite Index inclusion. Considering RIBOLIFE-B's sustained competitive advantages in differentiated innovation and global commercialization realization, the company's long-term value trajectory clearly aligns with the current tone of Hong Kong-listed pharmaceutical investment. Therefore, with the confirmation of a sector trend reversal, the company's stock price is poised for a "Davis Double Play," demonstrating considerable upside elasticity to market investors.