Historic moment! The first successful implementation of BNCT treatment in Hainan CH Biotech Co., Ltd. (08037) is revalued and industry breakthroughs.

On March 19th, the first official clinical application of Boron Neutron Capture Therapy (BNCT) was successfully implemented at Pengbo (Hainan) Boron Neutron Hospital in the Hainan BoAo Lecheng International Medical Tourism Pioneer Zone. Following the successful treatment of the first patient with advanced recurrent tongue cancer on the same day, the second patient with gum cancer received the same treatment the next day, with the entire treatment process requiring only one session of approximately 30 minutes of irradiation. Both patients have since recovered and returned to normal eating habits, with good physical condition and no serious adverse reactions. The treatment, from admission to completion, took less than two days, without the need for surgery, anesthesia, or pain throughout the process. The two patients were discharged successfully on March 22nd and 23rd, respectively. The successful treatment of these two patients marks the transition of this technique, known as "the pearl in the crown of radiotherapy," from clinical trials to clinical reception in China. BNCT is a targeted radiation therapy carried out at the cellular level: first, the patient is injected with a boron-containing drug that specifically accumulates in the tumor cells; then, neutron beam irradiation is used, causing a nuclear reaction between the boron atoms and neutrons to achieve "cellular precision blasting" within the cancer cells while causing almost no damage to surrounding healthy tissues, and the treatment process is painless. Patients typically require only one treatment and can be discharged after five to six days of hospitalization. This technology has been included in medical insurance abroad and is suitable for treating locally advanced or recurrent head and neck tumors that are difficult to treat with traditional methods. Pengbo Hospital is currently the only medical institution in mainland China approved to carry out clinical BNCT treatment. As its major shareholder, CH BIOTECH SER (08037) is one of the few companies globally strategically positioned in both the BNCT (boron neutron capture therapy) and CAR-T cell therapy, forming an integrated diagnosis and treatment platform from solid tumors to blood tumors, from local to systemic. BNCT is specialized in precisely eliminating solid tumors, while CAR-T plays an irreplaceable role in blood tumors and some solid tumors, with the two complementing each other. Pengbo Hospital's exclusive position is built upon the dual barriers of "policy + technology." The company holds the sole commercial rights of BNCT technology in Greater China, and with the support of BoAo Lecheng's "first try first experiment" policy, the project took six years to come to fruition from negotiations to construction. Just two days before the treatment, the company's overseas partners submitted an application for the marketing authorization of BNCT drugs for recurrent meningiomas to regulatory authorities. Clinical trial data shows that the progression-free survival period in the treatment group reached 14.4 months, over 10 times longer than the control group's 1.4 months, with a 2-year survival rate of 90.9%. Leveraging the Lecheng policy, Pengbo Hospital is expected to introduce this treatment shortly after obtaining overseas approval. Currently, Pengbo Hospital has approximately 40 beds in its initial phase, with an annual maximum reception capacity of 1500-2500 people, focusing on the core indication of unresectable local advanced or recurrent head and neck cancers. Several commercial insurance companies are deeply collaborating with the hospital to explore the inclusion of BNCT in their coverage. Referring to international pricing and Lecheng positioning, the highest revenue contribution is expected to reach 500 million RMB next year; as more indications such as meningiomas, angiosarcomas, and pancreatic cancers gradually expand, the annual revenue ceiling could reach 700 million to 1.2 billion RMB. In 2024, the listed company introduced 30 million RMB in financing from Huada Songhe, followed by Mr. Gong Hongjia's 35 million USD convertible bond in 2025. As an early investor in Hangzhou Hikvision Digital Technology and a senior strategist in the life sciences field, Gong Hongjia's continued increase in holdings sends a strong signal. As of March 22nd, the company's market value is approximately 7.42 billion HKD, with significant potential for valuation recovery compared to its monopolistic position and the potential billion-level market.