This year, Hong Kong's innovative pharmaceutical sector has witnessed a continuous "comeback rally." Wind data shows that southbound capital has net flowed over 120 billion yuan into the pharmaceutical and biotech industry year-to-date, with funds rapidly seeking and flowing toward high-certainty quality targets. EVEREST MED (01952) stands as one of the core beneficiaries of this trend—achieving a maximum year-to-date gain of 113.64%, with market capitalization strongly returning above the 20 billion Hong Kong dollar threshold. The signal behind this is clear: major capital is voting with consensus, recognizing the certainty of its "dual-wheel drive + commercialization" capabilities.

Through the 2025 interim results, we can observe the clear evolution trajectory of an innovative pharmaceutical company: holding two products with 50 billion yuan peak potential, full-speed advancement of proprietary pipeline, dual-wheel drive of licensing-in and independent R&D, continuous deepening of AI+mRNA platforms, and integrated R&D-production-sales synergy—EVEREST MED's global innovation value realization path is increasingly being recognized by the market.

**Dual "5 Billion Blockbuster" Commercialization Value Continuously Validated by Performance**

Commercialization capability represents the "last mile" for innovative pharmaceutical companies to realize value. The core signal from EVEREST MED's 2025 interim report is that, relying on independent commercialization, the company's blockbuster products' sales potential is accelerating its release.

Financial results show that total revenue for the first half of 2025 surged 48% year-over-year to 446 million yuan, demonstrating strong growth momentum. Non-IFRS total loss significantly narrowed by 31% during the period, with gross margin reaching 76.4% after excluding non-cash items, showing significantly improved operational efficiency. Meanwhile, the company holds 1.6 billion yuan in cash, plus the 1.553 billion Hong Kong dollars raised through placement completed on August 1st, providing a solid foundation for future expansion with ample cash reserves.

These key financial metrics essentially represent the concentrated manifestation of phased results from its "dual-wheel drive" strategy. The core vehicle is the continuously commercialization-validated "blockbuster product"—Nephure®, the world's first targeted therapy for IgA nephropathy.

Since its domestic commercialization in May 2024, Nephure® achieved 353 million yuan in sales revenue that year and was quickly included in national health insurance through negotiations, entering a rapid volume growth phase. During the reporting period, Nephure® achieved sales revenue of 303 million yuan, up 81% year-over-year.

Notably, as market demand surged dramatically, Nephure® once experienced supply shortages. The company quickly submitted expansion applications and received formal approval in August this year, with supply now normalized. Data shows that supply shortage + expansion approval combined directly drove continued volume growth in the second half.

According to company disclosure, Nephure®'s cumulative sales from January to August reached 825 million yuan, with August alone achieving 520 million yuan in sales after supply recovery, positioning for annual breakthrough of 1.2-1.4 billion yuan.

From an industry horizontal comparison perspective, only 11 domestic innovative drugs achieved over 1 billion yuan in annual sales in 2024, and products reaching 1 billion yuan in their first year of health insurance coverage have been extremely rare over the past 20 years, mostly concentrated in oncology with virtually no chronic disease drugs. Previous first-year health insurance volume cases included Igaramod at approximately 600 million yuan and Orelabrutinib at 570 million yuan, both already remarkable. Nephure® is poised to break through 1 billion yuan in its first health insurance year, becoming the only chronic disease drug to achieve this, highlighting its exceptional value.

Simultaneously, expansion approval means production capacity bottlenecks are resolved, not only fully satisfying the Chinese market but also radiating throughout the Asian market, providing long-term support for the enormous unmet needs in the IgA nephropathy field. The company projects Nephure® sales could reach 2.4-2.6 billion yuan in 2026, rapidly approaching the 5 billion yuan peak target.

Another core product, Elores® (eravacycline), as the world's first fluorocycline antibiotic, achieved revenue of 143 million yuan in the first half of this year. By focusing on target core hospitals, hospital-end pure sales grew 37% year-over-year during the reporting period, with market penetration steadily improving.

Beyond the rapidly materializing Nephure® and Elores®, the next 5 billion yuan blockbuster—Vedolizumab® (etrasimod)—equally represents important high-certainty support for EVEREST MED.

As a novel, highly selective S1P receptor modulator, etrasimod stands out with its rapid onset time and profound mucosal healing effects. Compared to biologics like vedolizumab, its oral administration is more convenient and remains effective for patients who have failed biological therapy. In China, ulcerative colitis (UC) patients are projected to reach 1 million by 2030, representing enormous market space. Etrasimod's inclusion in the 2025 ACG guidelines with strong recommendation further establishes its position in first-line treatment of active UC. The combination of "large market + strong efficacy" establishes high certainty for its future assault on 5 billion yuan blockbuster status.

**Independent Innovation Foundation: AI+mRNA Platform Accelerating Implementation**

Beyond core commercialized products, EVEREST MED is accelerating entry into "AI pharmaceuticals." Through AI+mRNA platform breakthroughs, it's driving valuation logic from commercialization toward independent R&D-driven growth.

Globally, this year has seen AstraZeneca spend $1 billion acquiring EsoBiotech, betting on ENaBL in vivo cell therapy; AbbVie's $2.4 billion acquisition of Capstan, entering in vivo CAR-T—all proving mRNA technology is becoming the core competitive direction for next-generation IO therapies.

Three years ago, when the industry was still concentrated on preventive vaccines, EVEREST MED had already proactively positioned in mRNA tumor therapeutic vaccines and autologous CAR-T fields. During the reporting period, personalized tumor therapeutic vaccine EVM16 initiated first-in-human trials domestically and completed first patient dosing; off-the-shelf tumor therapeutic vaccine EVM14 IND received FDA approval and NMPA acceptance, with US clinical entering Phase I; off-the-shelf immunomodulatory vaccine EVM15 completed preclinical validation and identified candidate molecules.

The autologous CAR-T project EVM18 has completed multiple non-human primate studies, expected to initiate clinical trials by end of 2025. Next-generation covalent reversible BTK inhibitor EVER001 (sebrukinib) achieved positive 1b/2a phase clinical data, with global development progressing steadily.

Additionally, EVEREST MED has successfully localized its clinically validated proprietary mRNA platform, building an end-to-end full industry chain platform covering antigen design, mRNA sequence optimization, LNP delivery technology to industrialized production, achieving efficiency leaps from target screening, sequence design to delivery optimization and production, constructing globally competitive development pipelines with multiple key projects entering substantial progress.

In AI, the company's proprietary algorithm "EVER-NEO-1" has been validated in human neoantigen immunogenicity data, further improving target screening and sequence design efficiency.

Simultaneously, capital-level actions support R&D acceleration: enriching funds through old-to-new placement, receiving Hong Kong Exchange approval to remove "B" designation in April, completing investment in I-Mab in August to become single largest shareholder, further advancing global IO positioning.

**From Single Product Breakthrough to System Synergy**

True commercialization capability never stops at selling one product, but lies in systematic irreplicability. EVEREST MED is considered to possess long-term investment certainty precisely because it has connected the entire R&D—production—channel—access chain.

On the production side, the Jiashan base satisfies full-process production for mRNA vaccines and autoimmune drugs, meeting global GMP standards; the etrasimod project invests 70 million yuan with annual capacity of 50 million tablets, fully guaranteeing subsequent volume expansion.

On the sales side, the company has built a complete sales system around Nephure®. By August this year, the nephrology sales team expanded to 190 people, target hospital coverage reached 1,000 hospitals nearly doubling from the same period last year, achieving full health insurance coverage, demonstrating the company's efficient operational efficiency. The sales team's professionalism and channel network have become key to the company's self-sustaining "blood generation."

**Conclusion**

Maximum year-to-date stock price gain of 113.64%, market capitalization returning to 20 billion Hong Kong dollars—this trend already represents the best annotation of Hong Kong's innovative pharmaceutical bull market. Although short-term volatility exists, overall, EVEREST MED's stock price and market value have not yet reached the peak of this round, with upward space remaining.

Different from the 2015-2021 innovative pharmaceutical bull market driven by policy (drug review acceleration + 18A new regulations), this round's core logic is: companies' own hardcore innovation, global materialization, and performance validation. EVEREST MED represents exactly this logic.