格隆汇1月23日丨石药集团(01093.HK)宣布，于2026年1月23日，公司根据该计划向集团727名获选雇员 (「获授人」)无偿授出合共46,462,500份受限制股份(「奖励股份」)，惟须待获授人接纳及达成若干归属 条件与表现目标后，方可作实。 ...

智通财经APP讯，石药集团(01093)发布公告，于2026年1月23日，公司根据公司限制性股份奖励计划向 集团727名获选雇员(获授人)无偿授出合共4646.25万份受限制股份(奖励股份)，惟须待获授人接纳及达 成若干归属条件与表现目标后，方可作实。 ...

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 （股份代號：1093） （於香港註冊成立之有限公司） 自願公告 根據本公司股份獎勵計劃授出獎勵股份 謹此 提述 石藥 集團 有限 公司（「本 公司」）於 2018 年8 月 20 日 刊發 有關 採納 本公 司限 制性 股份 獎勵計劃（「該計劃」）之公告（「該公告」）。誠如本公司日期為2024年5月21日之自願公告所披 露，該計劃之條款其後已作出修訂。除本公告另有界定外，本公告所用詞彙與該公告所界 定者具有相同涵義。 根據該計劃授出獎勵股份 董事會宣佈，於2026年1月23日，本公司根據該計劃向本集團727名獲選僱員（「獲授人」）無 償授出合共46,462,500份受限制股份（「獎勵股份」），惟須待獲授人接納及達成若干歸屬條件 與表現目標後，方可作實。 有關授出獎勵股份之詳情載列如下： 授出日期： 202 ...

Core Viewpoint - The article discusses the recruitment of participants for a Phase III clinical trial evaluating the efficacy and safety of CM326, a recombinant humanized monoclonal antibody injection, in moderate to severe asthma patients [1][3]. Group 1: Background Information - The clinical trial is approved by the National Medical Products Administration (Approval No: 2021LP00315) and has been reviewed by the hospital clinical trial ethics committee [1][3]. - Participants will receive the study drug, examination costs, and a certain amount of compensation for their participation [1][3]. Group 2: Inclusion Criteria - Participants must be aged between 18 and 80 years and weigh at least 40 kg [4]. - Lung function tests must show that the forced expiratory volume in one second (FEV1) is ≤80% of the predicted value [4]. - Participants must have a positive bronchodilator test within 24 months prior to signing informed consent [5]. - They should have been on a stable treatment regimen of medium to high doses of inhaled corticosteroids combined with at least one control medication for at least 3 months prior to screening [5]. - Participants must have experienced at least one severe asthma exacerbation in the 12 months prior to signing informed consent, but none in the 30 days before signing [5]. Group 3: Research Centers - The trial will be conducted across multiple hospitals, including Shanghai Jiao Tong University Affiliated Ruijin Hospital, Shanghai Tongji Hospital, and Jilin University First Hospital, among others [2][6]. - A total of 44 research centers are listed, indicating a broad geographical reach for participant recruitment [6][7].

Investment Rating - The report indicates a significant acceleration in BD (Business Development) overseas for Chinese innovative drugs, suggesting a positive investment outlook for the industry [3]. Core Insights - The number of BD projects, upfront payments, and total amounts for Chinese pharmaceutical companies significantly increased in 2025, with 165 projects, over $7.03 billion in upfront payments (up 226.8% year-on-year), and a total amount of $136.68 billion (up 192.2% year-on-year) [2][7]. - The report highlights a focus on dual antibodies (双抗), antibody-drug conjugates (ADC), GLP-1 receptor agonists (GLP1RA), and small nucleic acids as key areas for BD overseas [2][3]. Summary by Sections BD Project Growth - In 2025, the quarterly breakdown of BD projects shows 41, 43, 30, and 51 projects in Q1, Q2, Q3, and Q4 respectively, with significant year-on-year increases [2][7]. - Upfront payments for each quarter were $0.9 billion, $2.0 billion, $1.86 billion, and $2.27 billion, reflecting substantial growth rates [2][7]. Outbound BD Models - The predominant model for BD remains license in/out, while the NewCo/Co-CoJV model is gaining attention, with limited successful cases of independent commercialization [2][12][13]. - In 2025, MNCs (Multinational Corporations) accounted for $4.71 billion in upfront payments, representing 67% of total BD upfront payments [12]. Key Drug Categories - Dual antibodies saw a remarkable increase, with $3.5 billion in upfront payments (up 414.7%) and a total amount of $21.85 billion (up 361.5%) in 2025 [2][18]. - ADCs emerged as a significant focus, with $1.63 billion in upfront payments (up 676.2%) and a total amount of $21.13 billion (up 390.6%) [2][26]. - GLP-1RA projects achieved $470 million in upfront payments, marking a 109.8% increase, with a total amount of $9.6 billion [2]. NewCo Model - The NewCo model has facilitated overseas BD, with a total of $350 million in upfront payments and $13.74 billion in potential total amounts from 2023 to 2025 [17]. - In 2025, NewCo projects secured $110 million in upfront payments and $4.76 billion in potential total amounts [17]. Clinical Development Stages - Approximately 62% of molecules were in early clinical stages (pre-clinical to before Phase II) at the time of BD, indicating a trend towards early-stage licensing [8][9].

Core Viewpoint - The launch of the Tacrolimus extended-release capsules by Shiyao Group on JD Health represents a significant advancement in immunosuppressive therapy for organ transplant patients, offering a more convenient and stable treatment option [1][3]. Group 1: Product Launch and Features - The Tacrolimus extended-release capsules are designed to prevent transplant rejection in kidney and liver transplant patients, providing a safer and more effective immunosuppressive treatment [1]. - This new formulation allows for once-daily dosing, a shift from the traditional twice-daily regimen, which helps to stabilize drug concentration levels in the body and reduce the risk of side effects [3]. Group 2: Patient Benefits and Support - The extended-release formulation is expected to improve medication adherence and reduce patient burden, ultimately enhancing long-term treatment safety and protecting transplant kidney function [3]. - JD Health's comprehensive supply chain and online pharmacy services ensure that this specialized medication reaches patients efficiently and safely, while also offering online follow-up consultations and medication guidance [3]. Group 3: Future Plans - JD Health aims to collaborate with leading global pharmaceutical companies to introduce more innovative treatment options and provide a full spectrum of healthcare services, enhancing the quality of life for patients [4].

Core Viewpoint - The leadership transition at CSPC Pharmaceutical Group (石药集团) to Cai Lei coincides with the significant restructuring of Jingfeng Pharmaceutical (景峰医药), which is seen as a critical test for the new management [1][2]. Group 1: Restructuring of Jingfeng Pharmaceutical - CSPC, as the lead investor, along with 18 other investors, will acquire a total of 879,774,351 shares of Jingfeng Pharmaceutical for approximately 2.061 billion yuan, a substantial increase from the previously planned 648 million yuan [1]. - The restructuring plan includes a focus on existing advantageous products, enhancing marketing capabilities, and innovating new products, particularly in cardiovascular, orthopedic pain, and oncology sectors [3]. - The restructuring will leverage the support from Changde City for the biopharmaceutical industry, aiming to cultivate biopharmaceuticals as a second growth curve for the company [3]. Group 2: Leadership Changes - Cai Lei, the son of the company's actual controller, has recently been appointed as CEO, marking a significant step in the management transition within the company [2]. - Cai Lei has a strong academic background and extensive experience within the company, having held various leadership roles prior to his current position [2]. - The previous CEO, Zhang Cuilong, who served for a short period, has stepped down but will remain as an executive director [2]. Group 3: Market Performance and Future Outlook - Since the beginning of 2025, CSPC's overall market value has surged to approximately 110 billion yuan, driven by a series of asset injections and business development transactions [3]. - Newnow (新诺威), as an innovative drug capital platform under CSPC, has also seen its market value rise to 55 billion yuan [3]. - Newnow has projected a significant loss for the 2025 fiscal year, indicating challenges in traditional business areas while the role of Jingfeng Pharmaceutical in CSPC's future remains to be seen [4].

Core Viewpoint - The company Shiyao Group's subsidiary, Shiyao Innovation Pharmaceutical, forecasts a significant net loss for 2025, with expected losses ranging from 170 million to 255 million yuan, marking a decline of 416% to 575% compared to the previous year [1][4]. Financial Performance Summary - The net profit attributable to shareholders is projected to be a loss of 170 million to 255 million yuan, compared to a profit of 53.73 million yuan in the same period last year, representing a decline of 416% to 575% [2][5]. - The net profit after deducting non-recurring gains and losses is expected to be a loss of 210 million to 315 million yuan, down from a profit of 42.34 million yuan in the previous year, indicating a decline of 596% to 844% [2][5]. Reasons for Performance Changes - The company has made significant progress with multiple research and development (R&D) products, leading to increased R&D expenses. The total R&D expenditure is expected to reach approximately 1 billion yuan, reflecting a substantial increase year-on-year [3][5]. - The acquisition of an additional 29% minority stake in the subsidiary, Jushi Bio, has increased its ownership to 80%. Jushi Bio is currently not profitable due to high R&D investments, and the increased stake has amplified its impact on the consolidated financial statements [6]. - The company's functional raw materials business has experienced a decline in profit due to reduced gross margins on caffeine products, despite efforts to increase sales [7].

Group 1 - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 1.05 billion, Tencent Holdings (00700) with 752 million, and Pop Mart (09992) with 678 million [1] - The top three companies with net outflows of southbound funds are SMIC (00981) with -836 million, China Mobile (00941) with -729 million, and Meituan-W (03690) with -378 million [1] - In terms of net inflow ratios, Jiangsu Ninghu Expressway (00177) leads with 53.75%, followed by Cheung Kong Infrastructure Group (01038) at 52.00%, and Mao Geping (01318) at 48.07% [1] Group 2 - The top ten companies by net inflow include Alibaba-W (09988) with 1.05 billion and a closing price of 159.90 (+3.63%), Tencent Holdings (00700) with 752 million and a closing price of 627.50 (+0.72%), and Pop Mart (09992) with 678 million and a closing price of 191.30 (-2.89%) [2] - The top ten companies by net outflow include SMIC (00981) with -836 million and a closing price of 74.45 (-1.13%), China Mobile (00941) with -729 million and a closing price of 80.95 (-0.25%), and Meituan-W (03690) with -378 million and a closing price of 104.90 (-0.10%) [2] - The top three companies by net inflow ratio also include Baiaosaitu-B (02315) at 46.69% and Wei Long Delicious (09985) at 45.51% [3] Group 3 - The top three companies by net outflow ratio include Southern Hong Kong Stock Connect (03432) at -100.00%, E Fund Hang Seng ESG (03039) at -93.75%, and Country Garden Services (06098) at -58.59% [3] - The data reflects the net inflow and outflow trends in the Hong Kong stock market, indicating investor sentiment towards specific companies [1][2][3]

Group 1 - The core viewpoint of the article indicates that Shiyao Group's subsidiary, Shiyao Innovation, is expected to report a net loss attributable to shareholders of 170 million to 255 million yuan for the fiscal year 2025, compared to a profit of 53.7263 million yuan in the previous year [1] - The expected net loss after deducting non-recurring gains and losses is projected to be between 210 million and 315 million yuan, with the previous year's profit being 42.3419 million yuan [1] - The increase in research and development (R&D) expenses to approximately 1 billion yuan, a significant year-on-year increase, is a major factor affecting the current period's profit [1] Group 2 - In early November 2025, Shiyao Innovation completed the acquisition of an additional 29% minority stake in its subsidiary, Jushi Biotech, raising its ownership to 80% [2] - Due to significant investments in the research pipeline, Jushi Biotech is currently not profitable, and the increased ownership will amplify its impact on the consolidated financial statements of the company [2] - The company is actively consolidating its advantage in the functional raw materials business, particularly in caffeine products, although the gross margin and profitability of these products have slightly declined compared to the same period last year due to market factors [2]