Core Viewpoint - CSPC Innovation Pharmaceutical Co., Ltd. (formerly known as CSPC New Drug Co., Ltd.) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage its strong market position in the biopharmaceutical and health supplement sectors [2][18]. Company Overview - Established in 2006, CSPC Innovation focuses on research, development, and manufacturing of biopharmaceuticals, functional raw materials, and health supplements, positioning itself as a leader in the health sector [3][19]. - The company is the world's largest producer of synthetic caffeine, supplying major beverage companies like Coca-Cola, PepsiCo, and Red Bull, with products distributed in over 65 countries [3][19]. Business Expansion - In 2016, CSPC Innovation expanded into the health supplement market, offering a diverse range of products aimed at enhancing immunity, improving bone density, and providing antioxidant support [4][20]. - The acquisition of 100% of CSPC Saint Snow in 2022 allowed the company to diversify its product offerings to include other functional raw materials, such as acarbose and anhydrous glucose [4][20]. Biopharmaceutical Development - In 2024, CSPC Innovation gained control of Giant Bio, marking its entry into the biopharmaceutical sector with a focus on innovative therapies targeting unmet clinical needs in oncology, autoimmune diseases, and infectious diseases [5][21]. - The company has commercialized two antibody drugs and developed mRNA vaccines, including the first domestically developed COVID-19 mRNA vaccine in China [5][21]. Research and Development Pipeline - CSPC Innovation has 15 drugs in clinical or late-stage development, including 9 antibody-drug conjugates (ADCs) and 1 mRNA vaccine, targeting high-incidence cancers and other significant unmet medical needs [6][22]. - The ADC pipeline focuses on indications such as lung cancer, breast cancer, gastric cancer, colorectal cancer, and esophageal squamous cell carcinoma, with key targets including EGFR and HER2 [6][22]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first seven months of 2025 were approximately RMB 2.84 billion, RMB 2.54 billion, RMB 1.98 billion, and RMB 1.24 billion, respectively, with net profits showing a decline in 2024 and 2025 [12][13]. - The revenue breakdown indicates that functional raw materials and health supplements accounted for the majority of sales, while biopharmaceutical products contributed a smaller portion [12][13]. Shareholder Structure - Prior to the IPO, CSPC Innovation's major shareholders include CSPC Group, which holds approximately 75.30% of the shares, with the remaining 24.70% held by other A-share shareholders [9][25]. Management Team - The board of directors consists of 10 members, including 3 executive directors and 5 independent non-executive directors, ensuring a diverse governance structure [10][27].

智通财经APP讯，石药集团(01093)发布公告，于2025年12月10日，石药创新向联交所提交上市申请，以 申请H股建议上市。预期H股建议上市完成后，石药创新将仍为本公司之间接附属公司。 H股建议上市的完成尚须待(其中包括)完成中国证监会、联交所及证监会等相关政府及监管机构备案和 ╱或批准。本公司将于适当时候进一步更新H股建议上市之进展。 ...

H股建议上市的完成尚须待(其中包括)完成中国证监会、联交所及证监会等相关政府及监管机构备案和 ╱或批准。本公司将于适当时候进一步更新H股建议上市之进展。 石药集团(01093)发布公告，于2025年12月10日，石药创新向联交所提交上市申请，以申请H股建议上 市。预期H股建议上市完成后，石药创新将仍为本公司之间接附属公司。 ...

Market Overview - The Hong Kong stock market opened high but experienced fluctuations, with the Hang Seng Index up 0.09% at 25,563.05 points, while the Tech Index fell 0.65% to 5,544.57 points [1] - Major tech stocks showed mixed performance, with Alibaba down 0.78%, Tencent down 0.08%, and JD.com down 0.44%, while Xiaomi rose 0.81% and Meituan increased by 0.8% [1] - Lithium battery stocks performed well, with CATL rising over 2%, while chip stocks weakened, with ZTE down over 9% [1] Company News - Sunny Optical Technology (02382.HK) reported November mobile lens shipments of approximately 119 million units, a month-on-month decrease of 2.3% but a year-on-year increase of 7.5% [2] - Q Technology (01478.HK) saw November mobile camera module sales of 38.05 million units, down 13.6% month-on-month and down 5.6% year-on-year [2] - Yuanyuan Group (00551.HK) reported a net operating income of approximately $660 million in November, a year-on-year decrease of 3.1% [2] - Baoshan International (03813.HK) reported a net operating income of 1.172 billion yuan in November, down 5.1% year-on-year [3] - Morning News Technology (02000.HK) reported unaudited revenue of 44.3 million HKD in November, up 48.4% month-on-month and 19.73% year-on-year [4] - Ocean Group (03377.HK) reported a cumulative contract sales amount of approximately 23.79 billion yuan for the first 11 months [5] - Jianye Real Estate (00832.HK) reported a total property contract sales amount of 7.168 billion yuan for the first 11 months, a year-on-year decrease of 16.3% [6] - Yuzhou Group (01628.HK) reported a cumulative sales amount of 6.196 billion yuan for the first 11 months [7] - COFCO Joycome (01610.HK) reported a pig slaughtering volume of 559,000 heads in November, a month-on-month decrease of 4.44% [8] - CSPC Pharmaceutical Group (01093.HK) received clinical trial approval in the U.S. for its fully human anti-ACTRIIA/IIB monoclonal antibody (JMT206) [9] - China Digital Technology (01796.HK) entered into a strategic cooperation agreement with Xinhua Pharmaceutical [10] - China Hongqiao (01378.HK) announced that the acquisition of Hongtu Industrial by Hongchuang Holdings was approved by the Shenzhen Stock Exchange's M&A Review Committee [11] - CICC (03908.HK) plans to issue perpetual subordinated bonds of no more than 3 billion yuan [12] Institutional Insights - Everbright Securities noted that compared to previous bull markets, the current index has significant upside potential, but the duration of the bull market may be more important than the magnitude of the increase [13] - Guosen Securities indicated that the recent adjustments in the Hong Kong market could open up space for a market rise in 2026, with over 110 billion yuan of net inflow from southbound funds in November [13] - CITIC Securities predicted a second round of valuation recovery for the Hong Kong market in 2026, emphasizing the need to focus on "earnings certainty + valuation elasticity" in sectors like technology, pharmaceuticals, resources, and essential consumption [13]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 CSPC PHARMACEUTICAL GROUP LIMITED 石 藥 集 團 有 限 公 司 H股建議上市之完成尚須待（ 其中包括 ）完成中國證監會、聯交所及證監會等相關政府及監 管機構備案和╱或批准。本公司將於適當時候進一步更新H股建議上市之進展。 石 藥 創 新 向 聯 交 所 遞 交 之 上 市 文 件 申 請 版 本 之 經 編 纂 版 本（「 申 請 版 本 」）可 於 聯 交 所 網 站 https: / / www1.hkexnews.hk / app / appindex.html下載。申請版本載有（ 其中包括 ）有關石藥創新集 團之若干業務及財務資料。股東及本公司潛在投資者應留意，申請版本為草擬本，當中所 載資料並不完整，且可能會有重大變動。 – 1 – 股東及本公司潛在投資者務請注意，H股建議上市須視乎（ 其中包括）現行市況及向有關當 局（包括中國證監會、聯交所及證監會）備案和 ...

本文源自：财华网 【财华社讯】石药集团(01093.HK)公布，集团开发的重组全人源抗ActRIIA/IIB单克隆抗体(JMT206)已 获美国食品药品监督管理局(FDA)批准，可在美国开展临床试验。该产品亦已于2025年11月获得中国国 家药品监督管理局批准在中国开展临床试验。本次获批的临床适应症为肥胖或超重合并至少一种体重相 关合并症人群的体重管理。临床前研究显示，该产品表现出较高的生物利用度以及良好的有效性和安全 性，具有较高的临床开发价值。 ...

Core Viewpoint - The innovation drug sector in China is experiencing significant growth due to favorable policy developments, with the introduction of new drug listings in the national medical insurance catalog and commercial insurance, providing a stable policy outlook for innovative drug companies [1][2]. Group 1: Industry Trends - The China Hong Kong Stock Connect Innovation Drug Index increased by 0.30% as of December 11, 2025, with notable gains from companies such as Zhaoyan New Drug (+4.15%) and Rongchang Bio (+2.85%) [1]. - The national medical insurance catalog for 2025 successfully added 114 new drugs, including 50 innovative drugs, achieving a historical high success rate of 88% [1]. - The introduction of dual catalogs for medical insurance and commercial insurance is expected to directly benefit innovative drug companies, indicating a positive industry outlook [1]. Group 2: Market Opportunities - The top ten weighted stocks in the China Hong Kong Stock Connect Innovation Drug Index account for 72.68% of the index, highlighting the concentration of investment in leading innovative drug companies [2]. - The Harvest Innovation Drug ETF (520970) closely tracks the index, providing investors with access to leading companies involved in drug research, development, and production [2]. - Investors without stock accounts can leverage the Hong Kong Stock Connect Innovation Drug ETF linked fund (024700) to capitalize on the growth opportunities in the innovative drug sector [2].

公告显示，JMT206可同时特异性结合激活素受体IIA型(ActRIIA)与IIB型(ActRIIB)，阻断激活素A、肌 抑素以及生长分化因子11与激活素受体II型(ActRII)的结合，从而抑制下游信号通路的激活，减少肌肉 流失，并促进骨骼肌维持与增长，以达到增肌减脂的效果。同时，该产品亦可协助GLP-1受体激动剂实 现更高质量的减重效果。本次获批的临床适应症为肥胖或超重合并至少一种体重相关合并症人群的体重 管理。 北京商报讯（记者 王寅浩 宋雨盈）12月10日，石药集团发布公告称，公司及附属公司开发的重组全人 源抗ActRIIA/IIB单克隆抗体(JMT206)已获美国食品药品监督管理局(FDA)批准，可在美国开展临床试 验。该产品亦已于2025年11月获得国家药品监督管理局批准在中国开展临床试验。 ...

石药集团(01093)发布公告，集团开发的重组全人源抗ActRIIA/IIB单克隆抗体(JMT206)(该产品)已获美国 食品药品监督管理局(FDA)批准，可在美国开展临床试验。该产品亦已于2025年11月获得中华人民共和 国国家药品监督管理局批准在中国开展临床试验。 该产品可同时特异性结合激活素受体IIA型(ActRIIA)与IIB型(ActRIIB)，阻断激活素A(Activin A)、肌抑 素(GDF8)以及生长分化因子11(GDF11)与激活素受体II型(ActRII)的结合，从而抑制下游信号通路的激 活，减少肌肉流失，并促进骨胳肌维持与增长，以达到增肌减脂的效果。同时，该产品亦可协助GLP-1 受体激动剂实现更高质量的减重效果。本次获批的临床适应症为肥胖或超重合并至少一种体重相关合并 症人群的体重管理。 临床前研究显示，该产品表现出较高的生物利用度以及良好的有效性和安全性，具有较高的临床开发价 值。 ...

临床前研究显示，该产品表现出较高的生物利用度以及良好的有效性和安全性，具有较高的临床开发价 值。 该产品可同时特异性结合激活素受体IIA型(ActRIIA)与IIB型(ActRIIB)，阻断激活素A(Activin A)、肌抑 素(GDF8)以及生长分化因子11(GDF11)与激活素受体II型(ActRII)的结合，从而抑制下游信号通路的激 活，减少肌肉流失，并促进骨胳肌维持与增长，以达到增肌减脂的效果。同时，该产品亦可协助GLP-1 受体激动剂实现更高质量的减重效果。本次获批的临床适应症为肥胖或超重合并至少一种体重相关合并 症人群的体重管理。 智通财经APP讯，石药集团(01093)发布公告，集团开发的重组全人源抗ActRIIA/IIB单克隆抗体 (JMT206)(该产品)已获美国食品药品监督管理局(FDA)批准，可在美国开展临床试验。该产品亦已于 2025年11月获得中华人民共和国国家药品监督管理局批准在中国开展临床试验。 ...