On June 15, TriApex Laboratories Co., Ltd., which owns around 20,000 laboratory monkeys, submitted a new application for main board listing on the Hong Kong Stock Exchange. According to Frost & Sullivan statistics based on 2025 revenue, TriApex Laboratories ranks first in China's non-clinical research segment for cardiovascular and metabolic diseases and third among domestic CROs specializing in pharmaceutical efficacy studies. The company was co-founded in 2008 by Jiangsu Institute of Materia Medica and Chen Mailin, a Nanjing real estate developer. Dr. Zhang Xuefeng, a pharmacology specialist, joined the firm in 2010. In 2011, Chen Mailin and his wife held 100% equity, kicking off the integration of capital and technical capabilities. TriApex Laboratories was listed on the National Equities Exchange and Quotations (NEEQ) in 2016, and delisted in 2021.

Nanochap Electronics Co., Ltd. has unveiled interim GCP trial results for its high-resolution visual brain-computer interface, setting a global record: a patient blind for nearly two decades recognized complex letters one day after implant activation. The breakthrough outpaces conventional artificial retinal devices, which typically require 3–6 months of intensive training to deliver functional vision, marking a key leap from lab research to clinical application. The milestone was delivered by its retinal-pathway E-BCI product, part of the company’s dual-track visual restoration pipeline that also includes a cortical V-BCI offering.

Peripheral Drug-Coated Balloons (Peripheral DCBs) are core consumables for peripheral arterial interventional therapy, suitable for various scenarios such as lower extremity vascular stenosis, in-stent restenosis, and arteriovenous fistula lesions. Compared with traditional stents, peripheral DCBs offer advantages including no foreign body residue post-procedure, lower risk of inflammation, and better long-term prognosis.

In addition to the nephrology field, MIL62 was approved in February 2026 for the treatment of neuromyelitis optica spectrum disorders (NMOSD), becoming the first CD20 antibody drug approved globally for this indication. The company is currently continuing to advance the development of indications for autoimmune diseases such as systemic lupus erythematosus.

In October 2023, Neuracle's brain-computer interface (BCI) product, NEO, completed its first implantation at Xuanwu Hospital of Capital Medical University. A patient who had been quadriplegic for over a decade was able to use "mind control" to grasp a water bottle and independently drink from it following the surgery. This case is also recognized as the world's first wireless minimally invasive BCI implantation.

"Without the support of foundational models, every time a medical AI company enters a new department, targets a new disease type, or adopts a new workflow, it is akin to starting apprenticeship from scratch: reorganizing teams, redeveloping algorithms, refining products anew, and redeploying them. While this approach can yield high-quality point solutions, it makes it difficult to scale to hundreds of products, and even harder to sustain a complex healthcare ecosystem with a team of around 100 people."

The core characteristic of this group is high technological originality; rather than competing for shares in an existing market, they aim to create new therapeutic paradigms. The risk lies in the fact that their technological pathways have not yet been commercially validated, but successful ventures often enjoy the longest period of market exclusivity and the greatest pricing power.

LongBio's pipeline and talent have underpinned the valuation trajectory across its seven rounds of financing. Investors including Oriental Fortune Capital, Highlight Capital, CSPC Pharmaceutical Group, and Qiming Venture Partners consistently participated in follow-on investments. Among the cornerstone investors for the IPO, ten institutions, including OrbiMed Funds, collectively subscribed to approximately USD 87 million, accounting for 49.96% of the shares offered, with a six-month lock-up period, signaling relatively optimistic market sentiment.

Addressing the industry pain point of the "disconnection between R&D and manufacturing," Intellective Bio has pioneered a full-lifecycle business model centered on the concept of "One Molecule, End-to-End Partnership." Its services span the entire value chain, from pre-IND process development and clinical trial manufacturing across all phases to BLA submission and commercial-scale production post-approval, thereby deeply aligning with customers' needs throughout the entire project lifecycle.

During the reporting period, TrueHealth reported revenues of RMB 2.301 million in 2023 and RMB 1.791 million in 2024, primarily derived from sales of its core products, TH-S1 and TH-S, along with associated consumables. In the first half of 2025, revenue amounted to only RMB 173,000, entirely generated from the sale of disposable specialized consumables, with zero contribution from core product sales during the same period. Net losses for each of these years approached the hundred-million-RMB level, and operating cash flow continued to show net outflows.