On December 26, the National Venture Capital Guidance Fund was officially launched in Beijing. The three regional funds—the Beijing-Tianjin-Hebei Venture Capital Guidance Fund, the Yangtze River Delta Venture Capital Guidance Fund, and the Greater Bay Area Venture Capital Guidance Fund—formally signed agreements with the first batch of 49 sub-funds and 27 project representatives. As one of the first batch of signatories, Efung Capital signed the agreement in Beijing, safeguarding the life and health industry.

In the same month, Efung's portfolio companies demonstrated vibrant momentum, achieving consecutive key milestones in clinical advancement, product approvals, and international collaborations, charting a clear trajectory of sustained industry progress.

01 Portfolio Company Listing and Financing Progress

Beixin Life

• Beixin Life Approved to Advance to STAR Market Fifth-Rule Listing
  On December 18, Beixin Life's registration application for its initial public offering was approved.

Hannuo Medical

• Hannuo Medical IPO Application Accepted
  On December 23, Hannuo Medical's STAR Market IPO application was accepted, making it the second innovative medical device company to be accepted since the resumption of the STAR Market's fifth-set listing standards.

HighLight Pharma

• Filed for Hong Kong IPO with Post-Round Valuation of RMB 2.46 Billion
  On December 4, HighLight Pharma's Hong Kong IPO application was accepted, and its prospectus was officially made public.

Andao Pharma

• Completed Series C Financing of Over RMB 400 Million
  Recently, Andao Pharma announced the completion of a Series C financing round exceeding RMB 400 million.

Senmai Medical

• Senmai Medical Completed Tens of Millions in Series A+ Financing
  Recently, Senmai Medical completed a Series A+ financing round in the tens of millions of RMB, led by professional investors with deep industry insight and precise strategic judgment.

02 Portfolio Company Clinical and Commercialization Updates

Genuine Biotech

• Azvudine Combined with PD-1 Efficacy Further Validated
  Recently, Genuine Biotech, in collaboration with the First Affiliated Hospital of Zhengzhou University and the Institute of Medicinal Biotechnology at the Chinese Academy of Medical Sciences, published a research paper in Frontiers of Medicine titled "Azvudine remodels the local immunosuppressive microenvironment and exhibits sustained anti-tumor effects in combination with anti-PD-1 therapies," systematically exploring the anti-tumor effects and mechanisms of Azvudine (FNC) combined with anti-PD-1 therapy.

Huahao Zhongtian

• First Patient Dosed in U.S. Pivotal Clinical Study of Utidelone for Breast Cancer Brain Metastases
  On December 15, Biostar Pharma, Inc., a wholly-owned U.S. subsidiary of Huahao Zhongtian, announced the first patient dosing in its U.S. pivotal registrational clinical study (NCT06764940) evaluating Utidelone injection (UTD1) combined with capecitabine for HER2-negative breast cancer brain metastases (BCBM).

• Utidelone + Bevacizumab Achieves 54% CNS-ORR in HER2+ Breast Cancer Brain Metastases
  Recently, at the 2025 SABCS Annual Meeting, data from Huahao Zhongtian's Utidelone HER2-positive cohort study (U-BOMB-HER) were presented as a poster (Abstract No. 1908).

Jingwei Shida

• National Respiratory Experts Visited Jingwei Shida for Inspection
  On December 6, a delegation of leading respiratory experts visited Jingwei Shida. Accompanied by Jingwei Shida CEO Feng Yu and others, the delegation gained an in-depth understanding of the R&D trajectory, product capabilities, and clinical practice of domestic respiratory confocal technology.

Xuanyu Medical

• Multiple Hospitals Successfully Use Xuanyu Medical's RhythPulse® PFA System
  Recently, the Fuwai Hospital Shenzhen Hospital, Langxi County People's Hospital Cardiology Department, and Fuwai Hospital Shenzhen Hospital successfully applied Xuanyu Medical's RhythPulse® pulsed field ablation system. Henan Provincial Chest Hospital successfully completed the first batch of Xuanyu RhythPulse®-PFA procedures in China. Dazhou First People's Hospital Cardiology Department adopted the RhythPulse® system. Fuyang People's Hospital Cardiology Department, Tianjin Beichen Hospital Cardiology Department, and Huaiyuan County Traditional Chinese Medicine Hospital Cardiology Department successfully applied Xuanyu Medical's RhythPulse® pulsed field ablation catheter.

Hannuo Medical

• Supported Extracorporeal Life Support Technology Training in Kashgar Region
  Recently, the "Third Kashgar Region Extracorporeal Life Support Technology Training" concluded in Xinjiang. Hannuo Medical, as a supporting unit, participated in the training with its Lifemotion® extracorporeal membrane oxygenation system and full emergency solutions.

• Lifemotion® ECMO System Successfully Used Again at University Hospital Frankfurt
  Recently, Hannuo Medical's self-developed Lifemotion® ECMO system was successfully applied again at University Hospital Frankfurt (Universitätsmedizin Frankfurt) in Germany.

Century Kangtai

• "Innovative Functional Intraocular Lens Academic Exchange Conference" Successfully Held in Tianjin
  On December 6, the "Innovative Functional Intraocular Lens Academic Exchange Conference" was held in Tianjin. The conference also featured the launch ceremony of Century Kangtai's Wanshian® Ultra-EDoF intraocular lens.

KaiTuo Biotech

• Supported Baidi Boyuan's Global First Non-LNP, Non-Viral Inhaled mRNA Lyophilized Formulation BMD003 in Achieving Positive Clinical Progress
  Recently, KaiTuo Biotech supported Baidi Boyuan's global first non-LNP, non-viral inhaled mRNA lyophilized formulation BMD003 in achieving positive clinical progress.

Baiyinnuo

• Baiyinnuo × MPR Development Group Join Forces for Overseas Expansion
  On December 8, MPR Group President Max M Rashed, along with Middle East regional partner Berk Ozdemir, visited Baiyinnuo's Suzhou headquarters.

Zhongsheng Ruichuang

• Enrollment Completed for Two Pivotal Phase III Clinical Studies of Ang Labiwei
  Recently, enrollment was completed for both the Phase III registrational clinical studies of Zhongsheng Ruichuang's two formulations: Ang Labiwei tablets (adolescent indication) and Ang Labiwei granules (pediatric indication).

Beimei Pharma

• Core Patent for New Dermatology Product TWYNEO® Granted, Extending Patent Protection to 2038
  Recently, Beimei Pharma's "Methods and Compositions for Treating Acne" successfully received a notice of invention patent grant from the China National Intellectual Property Administration.

Haipuluosi

• Deep Participation in Shenzhen International Medical Device Exhibition
  On December 18, the 2025 Shenzhen International High-Performance Medical Device Exhibition & Innovative Medicine Exhibition opened in Shenzhen. Haipuluosi was honored to participate as a key member of the Nanshan District Pavilion.

• Intelligent Breakthrough in Precision Medicine
  Recently, Haipuluosi formally signed a strategic cooperation agreement with Mega Robotics, embarking on deep collaboration around automation, intelligence, and standardized infrastructure in the precision medicine field.

Norling Medical

• Flagship Products Deepen European Clinical Presence
  Recently, Norling Medical made a significant debut at Hall 10, which hosts internationally renowned medical brands, officially showcasing its full product line.

Xunlu Bio

• Presented Latest Data on Equecabtagene Autoleucel for High-Risk Newly Diagnosed Multiple Myeloma
  On December 6, Xunlu Bio presented, in an oral report at the 2025 American Society of Hematology (ASH) Annual Meeting, the latest clinical data on its fully human BCMA-targeted CAR-T cell therapy product, Equecabtagene Autoleucel, for the treatment of high-risk newly diagnosed multiple myeloma patients ineligible for transplantation.

Beixin Life

• InsightPFA Clinical Results Published in JACC
  Recently, Beixin Life's InsightPFA clinical results were published in JACC, bringing new insights to the diagnosis and treatment of cardiovascular diseases.

Sidiyi Pharma

• Envida® Granted Orphan Drug Designation for Gastric and Gastroesophageal Junction Cancer
  On December 18, Sidiyi Pharma announced that its commercialized product Envida® had officially received Orphan Drug Designation for gastric and gastroesophageal junction cancer indications.

Chipscreen

• Chidamide Combination Regimen Establishes New Treatment Paradigm for AML
  On December 6, at the 67th ASH Annual Meeting in Orlando, Florida, Chidamide was featured in multiple important research presentations.

Ascentage Pharma

• Global First Release of Registrational Phase III Data for Olverembatinib in Newly Diagnosed Ph+ ALL
  Recently, Ascentage Pharma announced the first global release of positive data from its global registrational Phase III study of core product Olverembatinib combined with low-intensity chemotherapy for newly diagnosed Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL), presented as a poster at the 67th ASH Annual Meeting.

• 2025 ASH Annual Meeting
  Recently, Ascentage Pharma had over 10 clinical and preclinical advances from three core programs (Olverembatinib, Lisatoclax, APG-5918) selected for presentation at the ASH Annual Meeting, including one oral report.

Qyuns Therapeutics

• QX030N Receives Ethics Approval for Phase I Trial in Australia; Milestone Payment Received
  On December 8, Qyuns Therapeutics announced receipt of a $5 million milestone payment from partner Caldera, triggered by QX030N/CLD-423 (Caldera's R&D code) obtaining ethics approval for a Phase I clinical trial from the Human Research Ethics Committee.

• $700 Million! Qyuns Therapeutics Licenses Long-Acting Anti-TSLP/IL-13 Bispecific Antibody to Windward Bio
  On December 22, Qyuns Therapeutics announced it had signed a license and collaboration agreement with LE2025, a subsidiary of Windward Bio Group AG. Qyuns is eligible for total consideration of up to $700 million, including upfront payment, equity in Windward Bio, R&D and commercial milestone payments, and tiered royalties based on net sales of QX027N in the licensed territory.

Ying Minda

• "Neptune" Intelligent Dual-Frequency Miniprobe Endoscopic Ultrasound Again Placed in Top-Tier Domestic Tertiary Hospitals
  Recently, Ying Minda's "Neptune" intelligent dual-frequency miniprobe endoscopic ultrasound was again placed in top-tier domestic tertiary hospitals—Fuwai Hospital and Peking University People's Hospital—with installations completed.

HBM Holdings

• Global Strategic Collaboration and License Agreement with Bristol-Myers Squibb to Co-Develop Next-Generation Multispecific Antibody Therapies
  Recently, HBM Holdings announced a long-term global strategic collaboration and license agreement with Bristol-Myers Squibb to co-develop next-generation multispecific antibody therapies.

• $1.1 Billion Deal Reveals New Logic for Going Global
  Recently, HBM Holdings' strategic collaboration with Bristol-Myers Squibb, totaling over $1.1 billion, once again pushed "domestic innovative drug going global" into the industry spotlight.

• Announced Long-Term Strategic Collaboration with Lannacheng
  Recently, HBM Holdings announced a long-term strategic collaboration with Yantai Lannacheng Biologics to jointly advance the development of next-generation radionuclide drug conjugates.

Yahong Pharma

• APLD-2304 for Bladder Cancer: Medical Device Registration Application Submitted and Accepted by EU Notified Body
  Recently, Yahong Pharma announced that its independently developed portable blue light cystoscope, APLD-2304, had its medical device registration application submitted to and accepted by an EU Notified Body.

• Released APL-1401 Phase Ib Clinical Trial Data
  On December 4, Yahong Pharma announced clinical data from its Phase Ib trial of oral drug APL-1401 for moderate-to-severe active ulcerative colitis, presented as a poster.

03 Portfolio Company New Drug and Device Approvals

Core Medical

• First Domestic pVAD Approved by NMPA
  Recently, the NMPA announced approval of Core Medical's percutaneous left ventricular assist device and accessory catheter kit.

Xinyuan Element Pharma

• ABP-745 Approved by U.S. FDA
  On December 16, Xinyuan Element Pharma announced that its small molecule innovative drug ABP-745 for atherosclerosis had received U.S. FDA approval to proceed with a Phase II clinical trial.

Yinnuo Pharma

• World's First Drug to Reverse ASCVD Plaques
  Recently, Yinnuo Pharma's YN001 received formal FDA approval to conduct a Phase 2b pivotal registrational clinical trial, marking the first time the FDA has approved a cardiovascular drug based on the RLSE pathway.

Genuine Biotech

• Azvudine Receives Phase IIa Clinical Trial Approval for Hematologic Malignancies
  Recently, the CDE approved Genuine Biotech's GEN-725 tablets (Azvudine) for a Phase IIa clinical trial in hematologic malignancies.

Huanma Biotech

• HM2002 Receives Another Clinical Trial Approval
  On December 17, Huanma Biotech announced that its self-developed circular RNA drug HM2002 injection received its third clinical trial approval from the NMPA.

Weimai Medical

• World's First Industry Standard for Interventional Surgical Robots Released
  On December 5, the industry standard "Robotically Assisted Vascular Interventional Surgical Control Systems" (YY/T 1994—2025), published by the NMPA and co-drafted by Weimai Medical as a core drafting unit, was officially released.

Meizhong Shuanghe

• Xinke Medical Catheter Sheath Kits and Tearable Catheter Sheath Kits Approved by NMPA
  Recently, Xinke Medical, a subsidiary of Meizhong Shuanghe Group, received NMPA approval for its catheter sheath kits and tearable catheter sheath kits.

Yahong Pharma

• NMPA Approves APL-2401 Phase I Trial Application in FGFR2/3-Driven Advanced Solid Tumors
  On December 17, Yahong Pharma announced NMPA approval of its IND application for a Phase I trial of self-developed APL-2401 in patients with FGFR2/3-driven advanced solid tumors.

Ascentage Pharma

• Global Registrational Phase III Study of Olverembatinib in First-Line Ph+ ALL Approved by U.S. FDA and European EMA
  Recently, Ascentage Pharma announced that its global registrational Phase III study of Olverembatinib combined with chemotherapy for newly diagnosed Ph+ ALL has received approval to proceed from both the U.S. FDA and the European EMA.

Changtai Pharma

• Changtai Pharma's "Amisulpride Oral Solution" Approved
  Recently, Changtai Pharma's "Amisulpride Oral Solution" received NMPA approval for marketing.

04 Portfolio Company Honors

• Yahong Pharma: 2025 "Golden Wisdom Award" for Pharmaceutical Biotech Industry Excellence

• Orygen Biotech: "Recombinant Albumin Drug Development from Novel Biological Expression Systems" project selected for National Science and Technology Major Project funding

• Trinomab: China Biopharmaceutical Industry Chain Innovation Transformation Forum's "Innovation Wind List"

• Haipuluosi Medical Laboratory: Full score from National Health Commission Clinical Laboratory Center

• Qyuns Therapeutics: China Times "Golden Cane – 2025 Biotech Innovation Typical Case"; Zhitong Finance "Most Valuable Pharmaceutical Company"; Shanghai Securities News "Golden Eagle Quality – Sci-Tech Innovation New Enterprise"

• Xuanzhu Biopharma (Anjiuwei®): Successful renewal in 2025 National Reimbursement Drug List (NRDL)

• Chipscreen (Chidamide): Included in NRDL under Category B regular management

• Westlake Omics: Selected as one of 2025's Top 10 Major Events in Clinical Mass Spectrometry; National Innovation Center for High-Performance Medical Devices "2025 Top 100 Emerging Medical Device Companies"; Founder Prof. Guo Tiannan named "2025 Emerging Medical Device Entrepreneur"

• Trinomab: Investment's "2025 Most-Watched IPO Company"; Weimai Medical: "2025 Life and Health Industry Innovation Enterprise"

• Genuine Biotech: Gelonhui "Annual Outstanding Biopharmaceutical Enterprise"; Cailianshe "Most Investment Potential Award"

• Century Kangtai ("Multifocal IOL"): National Innovation Center for High-Performance Medical Devices "2025 Innovative Medical Device Product Rising Star"; Tingke Technology & Westlake Omics: "2025 Top 100 Emerging Medical Device Companies"

• Jingwei Shida (Beixi® Confocal Microendoscope): "Wuchuangyuan" Disruptive Technology Innovation Competition "Innovation Leadership Award"

• Yahong Pharma (Oral drug APL-1401): Selected for 19th European Colorectal Congress

• HBM Holdings: Zhitong Finance "Most Valuable Pharmaceutical Company," "Best IR Team," "Best IR"; China Pharmaceutical Innovation & Assessment Forum "Pharmaceutical Innovation Rising Star"; "Annual Influence Business Development" list; Gelonhui "Annual Outstanding Biopharmaceutical Enterprise"

• Jingwei Shida (Confocal Microendoscope): Selected for 2025 Hubei Province Innovative Product Application Demonstration Recommendation Catalog

• Xuanyu Medical: 2025 Pudong Innovation Conference "Annual Most Investment Potential Enterprise"; Zhangjiang Pharma Valley "Annual Emerging Enterprise 2025"

• Shengsi Biotech: "Haiju Yingcai" Global Innovation & Entrepreneurship Competition Bronze Award

• Weimai Medical (Interventional Surgical Robot): Selected as "Healthy China · Golden Wish" Outstanding Solution 2025

• Qyuns Therapeutics: China Times "2025 Biotech Innovation Typical Case"; Zhitong Finance "Most Valuable Pharmaceutical Company"; Shanghai Securities News "Golden Eagle Quality – Sci-Tech Innovation New Enterprise"

• Meichuang Medical: Selected as Deloitte China Pharma & Health Rising Star 2025

• Huiguan Biotech: Selected for Wuhan East Lake High-tech Zone 2025 Unicorn Enterprise List

• Huahao Zhongtian: "Innovative Drug Excellence Competitiveness Listed Company" Award

• Xunlu Bio, Trinomab, Sunho Biologics, HighLight Pharma, Genuine Biotech, Orygen Biotech, Aomo Pharma, Huahao Zhongtian: Selected among EPharma Manager's "Top 100 Chinese Pharmaceutical Innovation Enterprises"

• Xuanzhu Biopharma (Piroxilipian Tablets), Trinomab (Sitaitudan Monoclonal Antibody Injection), Xunlu Bio (Equecabtagene Autoleucel), Zhongsheng Ruichuang (Ang Labiwei Tablets), Changtai Pharma (Olanzapine Fluoxetine Capsules): Selected for both 2025 NRDL and Commercial Health Insurance Drug Catalogs

• Tianqin Biotech subsidiary Tianqin Xinsheng ("Toxicopathology Morphology Examination Capability"): Re-awarded "Excellent" in 2025 Toxicopathology Morphology Examination Proficiency Testing

• Heyuan Bio (Pan Oudong): Shanghai Securities News "Elite Entrepreneur Award"; Anke Bio (Li Kun): "Excellent Board Secretary Award"; Heyuan Bio (Xu Luyuan): "Elite Board Secretary Award"; Ascentage Pharma-B, Qyuns Therapeutics: "Sci-Tech Innovation New Enterprise Award"

• Beixin Life ("InsightPFA Clinical Results"): Published in JACC

• Sidiyi Pharma: Selected among 2025 Top 40 China Innovative Drug Going Global Leading Enterprises; 2025 "Top 100 Chinese Pharmaceutical Innovation Enterprises"

• Genuine Biotech (Azvudine Tablets): Re-included in NRDL

• Tianqin Biotech: Selected for Wuhan National Bio-Industry Base Construction Service Center's 2025 "Deloitte Optics Valley Life & Health Star" list

• Tianqin Biotech ("Behavioral Mapping Decoding Model"): Selected by Wuhan Municipal Bureau of Economy and Information Technology as a "2025 Wuhan Outstanding Vertical Model"

• MaiGene (75-gene tissue test & 161-gene tissue test): Received full scores from EMQN for breast tissue (AKT pathway) and NSCLC tissue (NSCLC) testing projects

05 Efung Capital Honors

• Zero2IPO: Efung Capital – Top 30 China Healthcare Investment Institutions

• FOF Weekly: Efung Capital – 2025 Top 50 VC Funds

• National Innovation Center for High-Performance Medical Devices: Efung Capital – 2025 Outstanding Medical Device Investment Institution

• China Private Equity Fund Yearbook: Efung Capital – 2025 Outstanding Private Fund Manager (Venture Capital)

• Jazzyear: Efung Capital – 2025 Top 50 Best Technology Venture Capital Institutions in China

06 Efung Capital Key Events

Efung Capital's Zhu Pai Invited to Zero2IPO's 25th China Equity Investment Annual Conference

• On December 2-5, the 25th China Equity Investment Annual Conference, hosted by Zero2IPO Holdings and Pedata, co-hosted by Huitong Financial and Nanshan Strategic Emerging Industry Investment, opened in Shenzhen. Efung Capital CEO Zhu Pai was invited to speak on December 4 at a roundtable forum titled [Dedication and Patience in Healthcare Investment].