Preface

In March, the industry grand event BIOCHINA 2026 kicked off in Suzhou. Mr. Zhu Pai, CEO of Efung Capital, was invited to attend and engaged in in-depth dialogue with industry peers on March 13 at the roundtable forum "LP-GP Ecosystem Encirclement: Synergizing Policy, Capital, and Innovation." Meanwhile, Efung Capital's portfolio companies also shone brightly at the conference, with companies such as IASO Bio making significant appearances, collectively showcasing the cutting-edge power of Chinese innovative drug companies.

Beyond the conference, many of Efung Capital's portfolio companies are advancing steadily in their respective niche tracks, achieving key breakthroughs one after another and demonstrating vigorous development momentum.

01 Portfolio Company IPO and Financing Progress

Huamei Haolian

· AI Agent Reconstructing the Health Management Service Ecosystem

Recently, Huamei Haolian, a leading domestic AI-driven digital health service technology group, officially announced the completion of its Series D financing round of several hundred million RMB. This round was co-led by Efung Capital, Yahuilong, Ventech China, and Beech Capital.

02 Portfolio Company Clinical and Commercialization Updates

Heyuan Biotechnology

· First Patient Dosed in Phase IV Clinical Trial of Oufumin®

Recently, the first patient was enrolled and received the initial dose in the Phase IV clinical study of Oufumin®, Heyuan Biotechnology's recombinant human albumin (from rice), for "safety and efficacy in patients with hypoalbuminemia and/or hypovolemia requiring emergency treatment," marking the entry of the Phase IV trial into the substantive clinical research stage.

Century Kangtai

· Multiple Hospitals Complete Wanshi'an Implantations

Recently, Taiyuan Aier Eye Hospital in Shanxi Province completed the first Wanshi'an® Ultra-EDoF extended depth-of-focus intraocular lens implantation surgery for cataract patients nationwide and the first in Shanxi Province. Beijing Huaxia Minzhong Eye Hospital completed one of the first nationwide Wanshi'an® Ultra-EDoF IOL implantations. Zhengzhou Jianfeng Eye Hospital implanted its first diffractive EDoF IOL (Wanshi'an® Ultra-EDoF), among others.

Yingmeida

· "Gemini" Lands at Macau Union Hospital, Powering Precision Medicine in the Greater Bay Area

Yingmeida's "Gemini" miniature probe ultrasound endoscope has officially been introduced at the Peking Union Medical College Hospital Macau Medical Centre, injecting innovative momentum into the high-quality development of healthcare in Macau and the Guangdong-Hong Kong-Macao Greater Bay Area.

· Three Ministries Launch National Electronic Gastroscope Promotion Project

On March 28, the "2025 High-end Medical Equipment Promotion and Application Project – Electronic Gastroscope Promotion and Application Project," jointly promoted by the Ministry of Industry and Information Technology, the National Health Commission, and the National Medical Products Administration, was officially launched. The project is led by West China Hospital of Sichuan University as the lead hospital and Yingmeida as the lead enterprise, with 13 participating hospitals and 12 collaborating hospitals working in coordination.

Kaiser Biotech

· Appearance at 2026 CACLP

From March 21 to 23, the 25th China International Clinical Laboratory Medicine and Transfusion Instrumentation Expo was held in Xiamen. Kaiser Biotech, a leading domestic CDMO service provider, made a significant appearance, showcasing several core achievements.

Haipuluosi (Hepalus)

· Exclusive Strategic Partnership with Weiyi Biotech

Recently, the exclusive strategic partnership signing ceremony between Hepalus and Weiyi Biotech was successfully held. The partnership launched a groundbreaking "closed-system, zero-contamination medium-to-high throughput sequencing full-process solution."

Tainuomaibo (Tenomabo)

· New Drug for Infant RSV Prevention – Riteweibai Monoclonal Antibody Accelerates Path to Market

On March 2, Riteweibai Monoclonal Antibody Injection, a recombinant long-acting fully human monoclonal antibody targeting respiratory syncytial virus developed by Zhuhai Tenomabo, was officially included in the priority review and approval process of the Center for Drug Evaluation of the National Medical Products Administration.

03 Portfolio Company New Drug and Device Approvals

MingMed

· China's First and World's First Recombinant Type A Botulinum Toxin Approved

On March 25, the National Medical Products Administration officially announced the approval of Recombinant Type A Botulinum Toxin for Injection (National Drug Approval No. S20260019), developed by Chongqing Yuyan Pharmaceutical Co., Ltd. (a subsidiary of MingMed). This is China's first and the world's first recombinant technology-produced Type A botulinum toxin.

Huanma Bio (CircRNA Bio)

· HM2003 Injection Receives FDA Clinical Clearance and Orphan Drug Designation

On March 11, CircRNA Bio announced that HM2003 Injection, its second core circular RNA innovative drug independently developed, officially received clinical trial clearance from the U.S. Food and Drug Administration (FDA).

Hannuo Medical

· Domestic "Artificial Lung" Gains FDA Clearance

On March 16, Hannuo Medical's independently developed core product of the extracorporeal membrane oxygenation system, the "disposable membrane oxygenator," officially received 510(k) clearance from the U.S. Food and Drug Administration (FDA).

Xunlu Bio (IASO Bio)

· CAR-T Drug Equecabtagene Autoleucel for 2nd/3rd Line Multiple Myeloma Receives PMDA Clearance in Japan

On March 24, IASO Bio announced that its clinical trial application for Equecabtagene Autoleucel (Fucaso), a fully human BCMA-targeted CAR-T cell therapy product independently developed, has received clearance from the Japanese Pharmaceuticals and Medical Devices Agency (PMDA).

Lingshi Zhiyuan (Lingzhi Source)

· World's First RAS G12V Mutation-Targeting TCR×CD3 Bispecific Antibody Cleared for US Clinical Trials

On March 12, Lingshi Zhiyuan Bio's ES502 injection received FDA clearance for a Phase I clinical trial for the treatment of patients with advanced solid tumors harboring the RAS G12V mutation.

Chipcreen Bio

· Global First! Chipcreen's Combination Therapy for Type 2 Diabetes – Chiglitazar Sodium Metformin Extended-Release Tablets – Cleared for Clinical Trials

On March 16, Chipcreen Bio and its wholly-owned subsidiary Chengdu Chipcreen Pharmaceutical announced that the clinical trial application for Chiglitazar Sodium Metformin Extended-Release Tablets, a combination therapy for type 2 diabetes independently developed by the company, has been approved by the National Medical Products Administration (NMPA).

· Original Brain-Penetrant PRMT5-MTA Inhibitor CS08399 Cleared for Clinical Trials

On March 13, Chengdu Chipscreen Pharmaceutical, a wholly-owned subsidiary of Chipscreen Bio, announced that the Investigational New Drug (IND) application for CS08399 tablets, a Class 1 original innovative drug independently developed for the treatment of solid tumors and lymphomas deficient in methylthioadenosine phosphorylase (MTAP), has been approved by the NMPA.

04 Portfolio Company Honors

Selected for the 11th Batch of "Excellent Domestic Medical Equipment Product Catalog"

JWS Medical: BIOPSEE® Confocal Laser Endomicroscopy, BIOPSEE® Ultra-thin Probe-type

Selected by Zhejiang Provincial Department of Economy and Information Technology as 2026 Key Specialized and Sophisticated SMEs ("Provincial Key Specialized")

Hangzhou Huamai, Newlong Biotechnology

Recognized by National Center for ADR Monitoring as "Outstanding Drug, Device, and Cosmetic Enterprises in 2025 Drug, Device, and Cosmetic Adverse Reaction Monitoring and Evaluation"

True Bio

First Appearance at AACR 2026 with Poster Presentations of 2 Research Achievements

Tiangang Yinuo (Tian Gang Yi Nuo)

Won Bronze Award in the First Guangdong-Hong Kong-Macao Greater Bay Area Entrepreneurship Competition

Huayuan Regenerative Medicine

Selected as "Top 10 Research in Breast Cancer Field 2025"

Huahao Zhongtian (Beijing Biostar Technologies) – Utidelone for Breast Cancer Brain Metastasis

Named 2026 Forbes China Industry Development Leading Enterprise

Aomu Pharmaceutical (Aomo Medicine), True Bio

Featured in ICU Management & Practice, a Leading International Journal in Critical Care Medicine

Hannuo Medical – Lifemotion® ECMO System

05 Efung Capital Honors

▷ LeadDao

Efung Capital –

2025 Top 20 Most Active Investment Institutions in Healthcare

▷ First News

Efung Capital –

 2025 China Top 30 Most Active Venture Capital Institutions
2025 National Best Investment Institutions

Efung Capital CEO Zhu Pai –

 2025 China Top 30 Best Young Investors

06 Efung Capital Milestones

Efung Capital CEO Zhu Pai Attends BIOCHINA 2026

· In March, the 11th Bio Industry Convention (BIOCHINA 2026) was held grandly in Suzhou. Zhu Pai, CEO of Efung Capital, was invited to attend the core segment, the "Global Investment Forum," and engaged in in-depth dialogue with industry colleagues on the theme "LP-GP Ecosystem Encirclement: Synergizing Policy, Capital, and Innovation."