– In a Phase 3 clinical study evaluating the efficacy and safety of sparsentan in Japanese patients with IgA nephropathy (N=35), the percent change from baseline in the 24-hour urine protein-to-creatinine ratio at Week 36, which was the study’s primary endpoint, was -58.54%. Sparsentan was well-tolerated with a profile consistent with other global trials and no new safety risks specific to Japanese patients were observed.

– Based on the results of this study, Renalys Pharma plans to submit a New Drug Application for sparsentan in Japan in 2026.

TOKYO, Nov. 26, 2025 /PRNewswire/ — Renalys Pharma, Inc. (Headquarters: Chuo-ku, Tokyo; “Renalys”) today announced positive topline results from its Phase III clinical study of sparsentan (development code: RE-021), an orally administered dual endothelin and angiotensin II receptor antagonist (DEARA), in Japanese patients with IgA nephropathy (IgAN). Based on these results, the company plans to submit a New Drug Application in Japan in 2026.

The primary endpoint of the study assessed the percent change from baseline in the 24-hour urine protein-to-creatinine ratio (UPCR) after 36 weeks of oral administration of sparsentan in Japanese IgAN patients (N=35). The least-squares geometric mean percent change (95% CI) was –58.54% (–68.75%, –45.00%), confirming the efficacy of sparsentan in this patient population. Sparsentan was well-tolerated in the study with a safety profile consistent with other global trials and no new safety risks specific to Japanese patients were observed.

BT Slingsby, Chairman, CEO, and Co-Founder of Renalys, commented:

“In Japan, treatment options for IgAN remain limited, and unmet medical needs are extremely high. Sparsentan has already been approved in the United States and Europe, and from the perspective of addressing the drug lag, it is imperative that we deliver this therapy to Japanese patients who need it as soon as possible.”

Ryutaro Shimazaki, Chief Development Officer of Renalys, commented:

“This Phase III study in Japan was able to be conducted as a small-scale bridging study following extensive discussions with the PMDA, enabling the use of data from large-scale overseas clinical trials. The study included both adult and pediatric patients aged 10 years and older, and strong reductions in proteinuria consistent with international trial results were observed across all age groups. We extend our deepest gratitude to the patients, investigators, and all those involved in conducting this study.”

Naoki Kashihara, MD, PhD, President of Japan Kidney Association, commented:

“For rare kidney diseases such as IgAN, progress in developing effective therapies had long been limited. It is encouraging to see accelerated drug development in this field. Sparsentan has demonstrated strong proteinuria-lowering effects and a favorable safety profile, as shown in both large global clinical trials and this clinical study in Japanese patients. Furthermore, sparsentan is expected to have potential not only for rare kidney diseases such as FSGS and Alport syndrome but also more broadly for chronic kidney disease (CKD), which is one of the unique advantages of this therapy. Prior to this clinical study in Japanese patients, the Japanese Society of Nephrology used its large patient database to clarify the relationship between proteinuria and renal outcomes in Japanese patients with IgAN. ¹ We will continue working with related academic societies and contribute to evaluating appropriate clinical endpoints, including in international initiatives.”

About sparsentan

Sparsentan is an oral dual endothelin and angiotensin II receptor antagonist (DEARA) developed by Travere Therapeutics, Inc. (“Travere”).  Renalys has an exclusive license for development and commercialization of sparsentan in Japan and several Asian territories.  In 2024, Travere received full FDA approval in the U.S. for sparsentan (U.S. brand name: FILSPARI®) to slow kidney function decline in adults with primary IgA nephropathy (IgAN) who are at risk of disease progression*.  Full approval is based on positive long-term confirmatory results from the PROTECT Study demonstrating that FILSPARI® significantly slowed kidney function decline over two years compared to irbesartan.  In the PROTECT Study, the only head-to-head study in IgA nephropathy versus an active comparator, FILSPARI® demonstrated a significant reduction in proteinuria, preservation of kidney function and a well-tolerated safety profile compared with active control irbesartan.  In Europe, FILSPARI® received standard EU approval for the IgA nephropathy indication in 2025.  In 2025, the FDA accepted for review Travere’s supplemental new drug application (sNDA) for FILSPARI® for the treatment of focal segmental glomerulosclerosis (FSGS).

*FILSPARI® (sparsentan) U.S. Indication:

FILSPARI is an endothelin and angiotensin II receptor antagonist indicated to slow kidney function decline in adults with primary IgA nephropathy (IgAN) who are at risk of disease progression.

About IgA Nephropathy

The management of patients with chronic kidney disease (CKD) and end-stage renal disease (ESRD) has become a social issue that places a heavy burden on the Japanese healthcare system.  IgA nephropathy is widely known as one of the main causes of kidney failure and is considered to develop when abnormal IgA proteins are deposited in kidney tissue, inhibiting kidney function and causing inflammation.  IgA nephropathy is a rare intractable disease (designated as an intractable disease 66) with many unresolved mechanisms of onset and severity.  Currently, there is significant unmet need for approved treatment for IgA nephropathy in Japan.

About Renalys Pharma, Inc.

Renalys Pharma, a privately held late-stage clinical biopharmaceutical company based in Japan, is committed to the development of innovative therapeutics targeting unmet needs in the management of renal disease for Japanese and Asian patients.  Founded by Catalys Pacific and SR One, the company aims to address the growing “drug loss” in the region by catalyzing access to new treatments for kidney disease patients.

Company Name: Renalys Pharma, Inc.
Address: 3-11, Nihonbashi-honcho 2-chome, Chuo-ku, Tokyo, Japan
Representative: BT Slingsby, MD, PhD, MPH
URL: https://renalys.com/

[Disclaimer]

Information concerning pharmaceutical products (compound under development) contained herein is not intended as advertising or as medical advice, but intended for disclosure of management information.

Renalys Pharma is scheduled to become a wholly owned subsidiary of Chugai Pharmaceutical Co., Ltd. on November 27, 2025.

For details, please refer to the following press release:
“Notice Regarding the Absorption-type Merger of Renalys Pharma, Inc. as a Wholly Owned Subsidiary”
https://www.chugai-pharm.co.jp/news/detail/20251118173000_1531.html 

Reference

1. Proteinuria reduction as a surrogate endpoint for clinical study of IgA nephropathy in Japanese patients: data from the J-CKD-DB-Ex.
   Naoki Kashihara. Clin Exp Nephrol. 2025 Nov 18. doi: 10.1007/s10157-025-02788-4.

HIMEJI, Japan, Nov. 26, 2025 /PRNewswire/ — The Himeji Convention & Visitors Bureau will launch an immersive art event at Himeji Castle, a World Cultural Heritage site designated by the Japanese government as a national treasure, starting November 22. It will also introduce three other events taking place in Himeji City during the winter season.

Himeji City, located in the southwest of Hyogo Prefecture, western Japan, is a city of history and culture that has developed around Himeji Castle, a World Heritage site and national treasure. Also known as “White Egret Castle,” its beautiful appearance has made it one of Japan’s most famous tourist attractions, drawing many visitors from both within Japan and abroad. While retaining the atmosphere of a castle town, the city also has modern urban functions, offering a wide range of attractions to visitors.

With its diverse tourist resources, Himeji is a popular city for a wide range of people, from history buffs to family travelers and couples on dates. With a fusion of history, culture, nature and modern charm, Himeji is loved by many as one of the leading tourist destinations in the Kansai region.

1. Himeji Castle Light-up Event “DANDELION Himeji Castle x NAKED, INC.”
This year’s theme will be “Peace,” featuring light art installations. Naked INC. is planning and directing the event, offering visitors an “art experience that connects hearts wishing for peace” that transcends generations and borders. This year, admission is free for those under 18, allowing as many people as possible to experience the event.

Image1: https://cdn.kyodonewsprwire.jp/prwfile/release/M108908/202511209530/_prw_PI6fl_8IuZoa2X.png 

Event period: Saturday, November 22, to Thursday, December 11, 2025
*Open every day during the event (will be held in case of rain, but may be canceled in case of severe weather)
*In the unlikely event of cancellation, the organizer will announce it on the official website.
*The content may be changed without notice due to circumstances.
Event hours: 17:45-21:15 (entry until 21:00)
Admission fee
-Regular ticket: 18 years and up: 1,000 yen (advance tickets and set tickets are also available)
-High school students and younger, and those with a disability certificate (including one caregiver): Free
Organizer: Himeji Convention & Visitors Bureau (co-organized by Himeji City)
Official website (for contact): http://himeji-castle-dandelion.art 

2. Himeji Otemae Street Illumination
Under the supervision of Mikiko Ishii, the illuminations will be themed around “Atara Yo” (a night so beautiful that it’s a shame to see it end), and will feature approximately 250,000 full-color LEDs, with colors and movements changing with the hour. The illuminations will also be coordinated with the colorful cloud illuminations of Himeji Castle, creating a unified effect. Special color displays will be available during Christmas, New Year, and other periods.

In addition to setting up the popular “photo spot in front of the station inspired by a white heron,” there will also be a photogenic spot set up using the shutters and walls of Otemae Street as a canvas, creating an atmosphere that can be enjoyed by a wide range of people, including couples, women and families.

At the Karo Yashiki Ruins Park, in addition to the full-color LEDs installed last year to light up the trees and the light effects that change in response to people’s movements, new lantern objects will be installed to create an even more attractive space.

Image2: https://cdn.kyodonewsprwire.jp/prwfile/release/M108908/202511209530/_prw_PI3fl_695y9FuX.png 

Event period: Saturday, November 22, 2025, to Sunday, February 22, 2026
Event hours: 17:00-22:00 (until midnight on public holidays)
Location: Otemae Street (from Himeji Station to Himeji Castle), Otemae Park and part of the former Karo Yashiki Park
Official website: https://www.himeji-kanko.jp/illumination/ 

3. Station Square Illumination
The illuminations will be used to create a spatial effect, centered around Himeji Station, and will brighten up the area in front of the station in winter. In the main venue, the grassy square in front of the station, a Christmas atmosphere will be created through sound effects and performances linked to the actions of participants.

Image3: https://cdn.kyodonewsprwire.jp/prwfile/release/M108908/202511209530/_prw_PI7fl_0SZepJZ0.png 

Event period: Saturday, November 22, to Sunday, December 28, 2025
Event hours: 17:00-22:00
Location: North of Himeji Station (north of Piole 1)

4. Christmas market
The organizer will be developing a market where visitors can enjoy delicious food and miscellaneous goods, reminiscent of authentic Christmas markets in Europe (such as Belgium), creating a bustling atmosphere filled with the feeling of the season. At the Otemae Park venue, a Christmas-themed market will be set up with a big arch measuring 3 meters in height and 5 meters in width, a Christmas tree, and more. Stores will also be decorated with garlands and will sell Christmas-themed foods and drinks (hot food, drinks, sweets, etc.) and miscellaneous goods, creating an extraordinary atmosphere that will make visitors feel like they’ve visited an authentic European Christmas market.

Image4: https://cdn.kyodonewsprwire.jp/prwfile/release/M108908/202511209530/_prw_PI5fl_2tmdi7e8.png 

Event period:
16:00-21:00, Friday, December 19, 2025
11:00-21:00, Saturday, December 20, and Sunday, December 21
Location: Otemae Park , North of Himeji Station (north of Piole 1)
Price: Free admission (payment required at each store)
Number of stores:
-Otemae Park: about 18 stores
-North of Himeji Station: about 8 stores
Official website: https://www.jrw-urban.co.jp/piole-himeji/lp/illumination2025/ 

Resilient Growth Across Dual Business Segments Drives the Group’s Steady Value Creation

Results Highlights

• Revenue amounted to RMB748 million, representing broadly flat year-over-year (YoY);
• Gross profit amounted to RMB511 million, representing a decrease of 1.0% YoY; Gross profit margin amounted to 68.3%, representing a slight decrease of 0.6 percentage points;
• Operating profit amounted to RMB207 million. Among this, operating profit of the China sporting goods segment was RMB26 million, and the operating profit of investment segment was RMB181 million;
• Net profit attributable to owners of the Company amounted to RMB204 million, representing an increase of 48.9% YoY;
• The Board has resolved to declare on distributing an interim and interim special dividend of RMB 2.08 cents per ordinary share for the six months ended 30 September 2025;
• Accumulative dividend and payout ratio since listing amounted to RMB8.13 billion and 87%, respectively.

HONG KONG, Nov. 26, 2025 /PRNewswire/ — China Dongxiang (Group) Co., Ltd. (“China Dongxiang” or “the Company”, together with its subsidiaries, “the Group”, HKEX stock code: 3818), the leading international sportswear brand enterprise in the PRC, announced its interim results for the 6 months ended 30 September 2025 (the “Reporting Period”).

Financial Results
During the Reporting Period, the global economic recovery remained fraught with challenges. Despite severe external pressures, China’s economy demonstrated structural resilience underpinned by robust government policy support. China Dongxiang capitalised on market opportunities by optimising omni-channel deployment and strengthening synergies across its business systems to enhance efficiency and operational performance. At the same time, the Group deepened product innovation, delivering new products with novel designs, advanced materials, and superior functionality across brand portfolios through parallel upgrades in detail and value repositioning, thereby further consolidating its market position.

During the Reporting Period, the Group recorded revenue of RMB748 million, representing broadly flat YoY. Gross profit amounted to RMB511 million, representing a 1.0% decrease YoY. The gross profit margin decreased by 0.6 percentage point to 68.3%. The Group’s operating profit amounted to RMB207 million. Operating profit of China apparel segment was RMB26 million; the operating profit of investment segment amounted to RMB181 million; Net profit attributable to owners of the Company amounted to RMB204 million, representing an increase of 48.9% YoY. The Board of Directors has designed to distribute an interim and interim special dividend of RMB2.08 cents per ordinary share for the 6 months ended 30 September 2025, accumulative dividend and payout ratio since listing amounted to RMB8.13 billion and 87%, respectively.

Operational Highlights
Precision Marketing Strategies Drove KAPPA Brand Omnichannel Operations to Unlock Growth Potential 
During the Reporting Period, KAPPA brand commenced the reconstruction of its integrated marketing processes, transforming promotional activities to concentrate on result-oriented promotion and pursuing comprehensive cost-effectiveness. This ensured brand resources were more effectively converted into sales and improved performance. In addition, KAPPA brand continued to focus on fashion sport products for popular products promotion, and prioritised three core categories, namely trend running shoes, skate shoes and retro-running shoes, thereby implementing synergic promotion of both fashion trend and brand development directions.

During the Reporting Period, KAPPA brand centred its strategy on driving in-store efficiency while strengthening membership engagement. It integrated store-visit content across social platforms with offline events in key cities, creating a result-based traffic linkage models and achieving dual improvements in brand image and commercial objectives. KAPPA brand also leveraged offline cross-sector partnerships to achieve YoY growth in new membership and member spending, delivering significant sales growth and membership asset accumulation. As at 30 September 2025, the Group had a total of 975 KAPPA stores.

Leveraging High-performance Fashion Ski Brand, PHENIX Brand Strengthened Its China Focus to Establish Dominance in the Ski Equipment Market
The Group’s phenix brand has positioned itself as a “high-performance fashion ski brand”. Its product lines are divided into professional ski products and lifestyle products, meeting the diverse needs of customers. During the Reporting Period, phenix brand has co-created with BeiDou Satellite Navigation System the “PARS” (phenix Active Rescue System), a satellite-based active rescue system, which has obtained utility model patent certification. A product launch is planned for the 2025/26 ski season with limited market release, continuously enhancing the brand’s technological capabilities and influence.

Additionally, phenix brand has become the official sponsor of the ski teams at Tsinghua University and Peking University. In the first half of this year, sponsorship partnerships were established with over 20 universities, with exclusive phenix co-branded ski products created for each institution. In offline professional channel deployment, phenix brand achieved comprehensive entry into indoor ski venues nationwide, including Taicang Snow World, Chengdu Sunac, Guangzhou Sunac, Shenzhen Huafa, Shanghai Yaosnow, and other indoor ski channels, successfully overcoming the seasonal limitations traditionally associated with ski apparel sales. In the e-commerce segment, phenix brand ski apparel secured a top-three industry position, with Mid-to-high-priced adult and children’s ski apparel products continued to maintain the leading player.

Investment Segment Adopted Prudent Value Strategy Amid Persistent Global Economic Slowdown
In the current global market environment, the Group targeted returns under reasonable risk levels by continuously adjusting and positioning its investment categories and directions. For existing investments, the Group will continue to advance exit strategies for primary investments to accelerate capital recovery, while moderately increasing investments in fixed-income projects to secure solid returns and managing risks. Moving forward, the Group will persist in consolidating its performance foundation through prudent investment strategies. While safeguarding the security of its investment portfolio, it will steadily enhance profitability and cash dividend capacity, delivering stable and predictable long-term returns to shareholders.

Ms. Cherry Chen, Chief Executive Officer, President, Co-Chairman and Executive Director of China Dongxiang, said, “The global economy remains complex, volatile, and replete with uncertainties. Underpinned by robust government macroeconomic policy support, China’s sports goods industry will sustain steady growth. China Dongxiang Group maintains an actively optimistic outlook on the prospects of China’s sportswear and leisurewear industry and firmly believes in the substantial growth potential of the domestic sports industry. Looking ahead, The Group will proactively respond to market dynamics, capitalise on development opportunities in niche segments, continuously launch innovative products, optimise omni-channel deployment and business systems, and leverage precision content marketing, continuously launching a series of diversified and innovative marketing campaigns to enhance consumer experience, and further elevating brand awareness and consolidating core brand competitiveness. Meanwhile The Group has consistently embedded social responsibility at its core business development, deeply practicing the concept of sustainable development to build a mutually beneficial and symbiotic industrial ecosystem.”

-END-

About China Dongxiang (Group) Co., Ltd. (Stock code: 3818)
China Dongxiang (Group) Co., Ltd. is a leading international sportswear brand enterprise in China which has been listed on the Main Board of the Hong Kong Stock Exchange since 10 October 2007. The Group is primarily engaged in the design, development, marketing and wholesale of branded sportswear in China. Currently, China Dongxiang owns all rights to the internationally renowned Kappa brand in Mainland China and Macau. Since April 2008, the Group became the owner of the brand PHENIX. PHENIX is a well-known skiing brand in the international market.