RIBOLIFE-B (06938) Mid-term Performance for 2026: Global Collaboration Drives Revenue Growth, Ongoing Realization of Core Pipeline and Platform Value

On August 27, RIBOLIFE-B (06938) officially released its mid-term performance for 2026. In recent years, the explosive growth of global small nucleic acid drugs and ongoing breakthroughs in industry collaboration have both been reflected in the achievements of this leading company: during the reporting period, the company achieved revenue of RMB 420 million, a year-on-year increase of 304%; net profit for the period was RMB 23 million, showing a turnaround from loss compared to the previous year, with cash and cash equivalents at the end of the period totaling RMB 2.24 billion. The improvement in performance is mainly attributed to the recognition of licensing income related to global collaboration projects and the continued advancement of collaboration milestones. Meanwhile, the company continues to invest in the research and development of its core clinical pipeline and innovative delivery platform. As the current southbound funds from Hong Kong Stock Connect and global foreign investments accelerate their allocation to the Hong Kong pharmaceuticals sector, the impending inclusion of RIBOLIFE-B is expected to further unlock its intrinsic value amid the continued realization of its growth logic of "accelerating innovation global monetization performance validation." The value of the innovative platform has been verified by its performance. In the first half of 2026, RIBOLIFE-B's self-developed innovative platform capabilities were highly recognized by leading multinational pharmaceutical companies both domestically and internationally, achieving consecutive research milestones that once again validated the companys strength in consistently producing globally valuable innovative assets. During the reporting period, the significant revenue and net profit performance of RIBOLIFE-B was directly driven by its global exclusive licensing agreement with Madrigal, a leading company in the MASH field, reached in February this year for several of its single-target and dual-target preclinical siRNA assets in the MASH area. According to the agreement, RIBOLIFE-B received an upfront payment of USD 60 million and is eligible to receive up to a total of USD 4.4 billion, including the upfront payment, upon reaching relevant clinical development, regulatory approval, and commercialization milestones, in addition to royalties based on global net sales of the collaborative products. Following the agreement, the joint development project has been efficiently advanced, with the selection of the first candidate drug molecule completed in July, and IND-enabling research initiated, laying a solid foundation for subsequent clinical development. In fact, the aforementioned is just a glimpse of the realization of RIBOLIFE-B's innovative platform value. During the reporting period, leveraging its self-developed innovative platform capabilities and the company's efficient execution, RIBOLIFE-B is accelerating its empowerment of domestic and international partners. Previous collaborations with Boehringer Ingelheim and Qilu Pharmaceutical have also continued to progress actively, achieving new collaborative milestones during the reporting period. The clinical pipeline is advancing steadily, and extrahepatic technology is leading the next generation of blue ocean opportunities. As the worlds first and clinically advanced targeted FXI siRNA drug, vortosiran has excited the market with its disclosed Phase 2a data within the reporting period. In patients who completed high-dose therapy with a maintenance dose of 400mg, the average maximum reduction in FXI activity reached 92%, and this was sustained for several months post-administration, providing the first global clinical proof of concept for FXI siRNA in patients with CAD (coronary artery disease). The application for the Phase 2b clinical trial for its SPAF (secondary prevention of atrial fibrillation) indication has been approved by the EMA, and another indication, VTE (venous thromboembolism), has also submitted a Phase 2b clinical application to the EMA. As the druggability of the FXI target is further confirmed by several positive clinical results, RIBOLIFE-B is expected to enhance its differentiated competitiveness and commercial value in the global siRNA anti-thrombotic field. At the same time, the second targeted ApoC3 siRNA drug to enter clinical trials globally, RBD5044, has completed patient enrollment for its Phase 2 trial in China in the first half of the year, proceeding synchronously with the MRCT trial in Europe. Its long-acting lipid-lowering potential and differentiated clinical value await further validation in subsequent studies. The targeted PCSK9 siRNA drug RBD7022/QLC7401 being developed in collaboration with Qilu Pharmaceutical has entered the Phase 3 clinical development stage in China, marking another siRNA pipeline of the company progressing towards registration and commercialization goals. As the application of siRNA drugs gradually expands from liver-targeting to extrahepatic tissues, delivery capability is becoming an important competitive technology direction for the next stage in the industry. RIBOLIFE-B has established multiple extrahepatic delivery technology directions focused on the kidneys, myocardium, adipose tissues, and the central nervous system, with the first kidney-targeting project having entered the IND-enabling stage. The new efficiency effects in the pharmaceutical sector have become apparent, and the "Davis double play" is imminent. According to Guosen's statistics, over the past month, net inflows have exceeded HKD 10 billion, with a cumulative net inflow of about HKD 380 billion this year, indicating a clear trend of continuous net inflow of southbound funds into the Hong Kong stock market. Furthermore, foreign capital has maintained an overall bullish stance towards the Hong Kong stock market: as of July this year, the cumulative net inflow from both active and passive foreign investments into the Hong Kong stock market has exceeded USD 18 billion. On August 21, the results of the quarterly review of the Hang Seng Index Series were announced, officially incorporating RIBOLIFE-B into the Hang Seng Composite Index. This will allow the company to meet the inclusion criteria for Southbound Stock Connect, effective from September 7 this year. As a rare player in the small nucleic acid track on the Hong Kong stock market, with the company now included in the core value system of Hong Kong stocks, it is expected to continue attracting southbound capital inflows as domestic trading channels are further enhanced. In the secondary market, as of August 27, the company's stock price has increased by about 35.50% for the month, reflecting the market's heightened attention to the companys performance improvement, collaboration progress, and the expectations of inclusion in the Hang Seng Composite Index. Considering RIBOLIFE-Bs ongoing advantages in differentiated innovation and global commercialization realization, the long-term value trend of the company clearly aligns with the current investment tone in the Hong Kong pharmaceutical sector. Thus, with the current reversal of trends in the sector, the companys stock price is expected to experience a "Davis double play," showcasing considerable upward elasticity to market investors.