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It’s not a leak, just official notification from the Chinese state that the Technical Review has completed successfully and only the low risk, more BAU process remaining. The main risk is removed.

Another thing to keep an eye open for is what I think of as the vitiminization of FF. There are 2 approval tracks in China, Filing and Registration.

Filing (fast lane) is for vitamins and minerals. It does not allow health claims to be made, but does allow them to be sold in physical shops.

Registration / Big Blue Hat (slow lane) is a much more difficult process, costing lots of money and taking a long time, but at the end you can make a health claim and sell in physical shops and pharmacies etc.

BH customers will now be forced down the CEBC route, meaning they will not be able to sell into physical shops. Why? The science is proven already, so how's it any different than a vitamin or mineral. CBEC is a cutout for foreign companies and products to gain limited entry into the market. Not quite the right fit for FF.

To help the rollout, they may chose to add FF to the list of ingredients that can do a simple, cheap and quick registration process, allowing them to sell into shops and therefore addressing the HC2030 risk quicker. That would enable mass adoption at rapid rate. The SAMR has been expanding the "Filing" list to include things like Coenzyme Q10 and Ginseng.

It's just a thought, but makes sense.

**Fast-track process.

They are saying what we already know, that Fruitflow is essentially approved in China, leading the way as an industry first and proving the new framework and process works. The formal approval will likely be 2nd half of January and will garner much industry attention. By-Health will then begin rolling our their first 2 products nationally in .... March/April. What they will have is a state sanctioned monopoly on cardiovascular health. Since the start, BH said they want Fruitflow to address risks highlighted in the HC2030. Now they have done the work and created a regulatory moat, it's just the start. The interesting bit is what comes next. BH pushing out a few products does little to address the risk, so the Healthy China Nutrition Union / Alliance will be pushing for adoption of FF. It's what they do. The union involves BH, Nestle, Mengniu and Danone, along with professional bodies. Nestle, Mengniu and Danone will likely be leading the way. They may need to use CBEC path whilst they apply for their own products to have Blue Hat, but that's what they normally do. We already know from previous articles that 'a large number of multi-national food/drink and supplement companies have agreed to commercialise FF in China'.

What is very interesting and something of potentially immense value to FF BH/PXS is that in January 2026, there is a new Fastback process for approval of Botanical Drug Products in Hong Kong, where the aim is to get approval in 120 working days. Previously FF could not go for this because it has now been approved as a drug elsewhere (1+), but critically the process changes on Jan 01st. They will now take on Primary Evaluation too. This means that BH can submit their 8 studies, plus the 10 (was it?) that were for EFSA approval, so they can become a Botanical Drug in Hong Kong within 120 days. Indeed we have often wondered why 8 clinical trials, it's likely because BH are also part of the consultation group that create the rules for evaluating Botanical Drugs in Hong Kong, I kid you not. So if they do go down this route, it will be of huge ... huge value to BH/PXS. The drugs are sold at much higher premium over supplements. They would get access to 71 hospitals and medical hubs. HK doctors could prescribe FF. This would be of much interest to big Pharma.

So that's something to keep an eye on.

Https://markets.investorschronicle.co.uk/data/equities/tearsheet/forecasts?s=PXS:LSE#:~:text=Share%20price%20forecast,5.0.5%202.5%205.0%207.5

It’s all true. FF is essentially approved in China. Highly likely that formal approval will come in the next 6 weeks and we get the RNS.

NRoute is a small company. I think the main thing is that Fruitflow has now entered the Indian market. A positive development.

The dose is 220mg per day. 2 pills per day, containing 110mg each.

Heartisafe is now launched in India:

https://nroute.co.in/products/heartisafe?_pos=1&_sid=c83dccc7c&_ss=r

Spot on.

What holds us back it a lack of clarity and trust. We don't know whether part of the reason that they are forecasting 3 FF runs in the next year is because they simply can't afford bigger runs. They are still losing a lot of money each year. Every year we think 'this is the year', then nothing happens, we get no updates, and then revenue remains low. We know that we'll get an update at the New Year, but then may not hear a peep for 9 months. Last time it was 10 months. We can have little to no idea what the revenue potential is, what their forecast is, or what they have agreed with DSM and BH regarding profit sharing. Oh yeh, and we've all been adding shares for the last 16 years. If I invested that in index-linked funds, I would be very much better off now. If I kept it in a draw, I would also be better off now.

There are a number of options for growth drivers next year. PXS and DSM have been saying for many years that the FF for Platelets stream stands at significant multiples of current total sales, with some brands part of global businesses. So perhaps it's a bit of that. Then there is By-Health, which will result in huge volumes, likely lower margin, but we don't know. Then there is DSM, who have now spent nearly 3 years working with globals to create products that target specific health conditions by health from the gut. I think 3 to 5 years is typical development lifecycle for such products, so that could be any time over the next 12 months.

£538m, according to Gemini. £550m according to CoPilot.

I think the reason they are needing 3 FF production runs next year is simply that they don't have the money to buy larger orders. They need to wait for some money in the bank to buy again. Otherwise they would get better value with larger orders. However, given they are loss-making, they will have less and less money as time goes on. Any raising of funds will likely be a mixture of increased demands and expiring funds. That is unless we get a major brand that is part of a global, one or more global gut-health brands, or SAMR approval in China, then they will definitely need it to pay for a much larger production run.

There is nothing we can do, but Ian Ford definitely has an obligation to update us now based on his previous statement/RNS.

Https://www.frontiersin.org/journals/nutrition/articles/10.3389/fnut.2025.1699259/full

I assume that Oriri and NRoute will now be able to produce their long awaited products when the new batch of FF is received in October.

OK that sentence didn't make sense lol

It was worse that we thought last year and this year is not much better, if not worse.

H1 last year: £785k

H2 last year: £505k

Total £1.29m

H1 this year: £350k

H2 this year (forecast), over £300k

Forecast total: Over £650k, maybe more towards £950k by year end.

Well that's depressing!