Shanghai RAAS Releases Its 2026 Semi-Annual Report: Shifting from "Stabilizing Performance" to "Cultivating New Growth Drivers"

The introduction of cutting-edge technologies—including AI—has energized the iterative enhancement of the company’s platform capabilities: leveraging AI-powered molecular simulation, Shanghai RAAS has elevated the resolution of antibody-antigen interaction analysis to the angstrom level, successfully identifying high-affinity antibodies. On the R&D front, AI optimizes the entire new drug development process—shortening timelines, accelerating clinical translation of core technologies, and concurrently advancing multiple innovative R&D pipelines. These platform capabilities have already been validated in clinical practice, with SR604 standing out as the most representative achievement: a first-in-class targeted therapy for hemophilia. In April 2026, Shanghai RAAS unveiled pivotal Phase I/II clinical data for SR604 at the World Federation of Hemophilia (WFH) Global Summit; in July, SR604’s latest Phase IIb results were selected among the six breakthrough presentations at the International Society on Thrombosis and Haemostasis (ISTH) 2026 Congress. The study showed that, over a 24-week treatment period, patients with hemophilia A or B receiving the core dose of 0.4 mg/kg experienced over a 90% reduction in annualized bleeding rate; the product is administered subcutaneously, with dosing intervals extending up to eight weeks. SR604’s clinical development continues to advance across hemophilia A and B, while also expanding into additional indications—including congenital factor VII deficiency and von Willebrand disease. A Phase II clinical trial evaluating SR604 for prophylactic treatment of bleeding episodes in von Willebrand disease patients has already commenced, with over 70% of planned participants enrolled. The rapid progress of SR604 signifies not only a milestone for an individual innovative drug program but also validates the gradual maturation of Shanghai RAAS’s innovative drug R&D platform. As platform capabilities continue to accumulate, this platform-based R&D model is expected to be replicated across other pipeline assets—further enhancing R&D efficiency and the speed of clinical-to-commercial translation, thereby becoming a vital new growth driver for the company’s long-term development. Clinical value expansion and R&D for plasma-derived products are likewise accelerating. Building upon core products—including albumin, intravenous immunoglobulin (IVIG), and human fibrinogen—the company is steadily exploring clinical applications across diverse disease settings. Notably, the ARISE study—initiated by China’s top-tier clinical institutions with Shanghai RAAS serving as a research support partner—has yielded promising results, assessing albumin’s neuroprotective effect following thrombectomy in acute ischemic stroke patients. The follow-up ARISE-2 study has officially launched, enrolling over 50 hospitals to further investigate albumin’s clinical value in neuroprotection for stroke. Additionally, the company’s R&D efforts in rare disease therapies have achieved interim progress: the clinical trial application for Protein C was accepted by China’s National Medical Products Administration (NMPA) in August, intended for treating congenital protein C deficiency…

Greg Abel’s First In-Depth Discussion on Berkshire Hathaway’s Investments Since Succeeding Buffett: $10 Billion增持 in Alphabet, 96-Year-Old Buffett Still Involved in Decision-Making, Five Japanese Trading Houses to Be Held for Decades

The Five Japanese Trading Houses: Berkshire Hathaway Plans to Hold Them for Decades—Investment Relationship Evolving Toward Long-Term Business Collaboration One of Greg Abel’s key agendas during his recent visit to Japan was meeting individually with each of Japan’s five major trading houses (sogo shosha). When Berkshire first disclosed these investments six years ago, its stake in each firm stood just above 5%; by 2023, holdings had risen to over 7%, and—with permission from all five companies—Berkshire subsequently increased stakes further, bringing current ownership in each well above 10%. Abel emphasized that Berkshire intends to hold these five investments for several decades. The strong operational performance and capital allocation discipline demonstrated by these trading houses constitute a primary rationale for Berkshire’s long-term commitment. Simultaneously, the relationship is evolving beyond passive shareholding toward deeper, long-term commercial collaboration—and both sides are actively seeking new opportunities in Japan and overseas markets. During this trip, Abel also visited Tungaloy Corporation in Fukushima Prefecture—a company acquired by Berkshire in 2008. Today, Tungaloy employs approximately 1,500 people in Japan, generating roughly $240 million in domestic sales and about $400 million internationally. This year, Berkshire and Tokio Marine announced a strategic partnership. Abel explained that Berkshire participates in quota-share reinsurance for certain Tokio Marine insurance business, assuming approximately 2.5% of the risk, while also holding around 2.5% of Tokio Marine’s equity. He noted that the scope of the strategic collaboration is broad: both parties may propose investment opportunities and potential transactions to one another—but neither bears any obligation to participate in any specific deal. Should an opportunity align with both parties’ interests, however, Berkshire stands ready to engage. Japanese Interest Rates Rise to 3%: Yen-Denominated Debt Costs Increase, Yet Berkshire Still Enjoys a Positive Interest Spread Japan’s 10-year government bond yield has climbed to approximately 3%, drawing significant market attention. Nevertheless, Abel stated that none of the five trading houses raised rising interest rates as a fundamental challenge to their current operations during discussions. For Berkshire, its yen-denominated debt—exceeding $15 billion—largely matches the cost basis of its Japanese investments, with a remaining maturity slightly over five years. Although higher Japanese interest rates increase financing costs, dividend payouts from the five trading houses still substantially exceed related debt interest expenses—leaving Berkshire with a sizable positive interest spread. Abel indicated that Berkshire remains open to issuing additional yen-denominated bonds in the future, provided conditions are favorable. Meanwhile, the five trading houses still possess room to grow earnings, dividends, and share buybacks—potentially further enhancing the capital return on this investment. AI Data Centers: The Real Bottleneck Isn’t Power Generation—It’s Energy Infrastructure As AI accelerates data center construction, Abel believes energy infrastructure—not electricity generation—is emerging as the industry’s true constraint…

Can Albemarle's Strong Cash Drive Bigger Shareholder Returns Ahead?

May 28, 2026

Albemarle Corporation anticipates higher shareholder returns fueled by strong cash flows and rising lithium prices in Q1 2026. Analysts project substantial earnings growth despite current high valuation, maintaining its 30-year dividend streak.