Core Insights - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 0.23% on November 27, with a trading volume of 1.149 billion yuan [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of November 26, 2024, the fund's shares totaled 9.88 billion, with a total size of 8.495 billion yuan, reflecting a significant increase in both shares and size compared to the previous year [1] Fund Performance - The fund's share count increased by 2398.89% and its size increased by 2148.37% from 3.95 million shares and 378 million yuan on December 31, 2024 [1] - Over the last 20 trading days, the cumulative trading amount reached 31.987 billion yuan, with an average daily trading amount of 1.599 billion yuan [1] - Since the beginning of the year, the cumulative trading amount has been 263.006 billion yuan, with an average daily trading amount of 1.201 billion yuan over 219 trading days [1] Fund Management - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 68.86% during the management period [2] - The top holdings of the fund include companies such as BeiGene, CanSino Biologics, Innovent Biologics, and China National Pharmaceutical Group, with significant percentages of the portfolio allocated to these stocks [2] - The largest holding is BeiGene, accounting for 10.62% of the portfolio, followed closely by CanSino Biologics at 10.55% and Innovent Biologics at 10.21% [2]

Core Viewpoint - The approval of JMT206, a monoclonal antibody drug developed by the company, marks a significant advancement in clinical trials for obesity management in China [1] Group 1: Product Development - The drug JMT206 has received approval from the National Medical Products Administration to conduct clinical trials in China [1] - JMT206 specifically binds to activin receptors IIA and IIB, blocking the interaction of activin A, myostatin, and growth differentiation factor 11 with the type II activin receptor [1] - The mechanism of action aims to inhibit downstream signaling pathways, reducing muscle loss and promoting skeletal muscle maintenance and growth, thereby achieving muscle gain and fat loss [1] Group 2: Clinical Application - The approved clinical indication for JMT206 is weight management in individuals who are obese or overweight and have at least one weight-related comorbidity [1] - The product may also assist GLP-1 receptor agonists in achieving higher quality weight loss outcomes [1]

Group 1 - The Hang Seng Index has risen by 1.15%, with the Hang Seng Tech sector leading the gains, followed by healthcare, internet, and consumer sectors, while banks are relatively weak [1] - The consumer sector opened high and has maintained a strong position, currently up by 1.88%. Notable stocks include Xiaomi Group up by 5.33%, Baidu Group up by 3.94%, and Kuaishou up by 3.5%, with several others like Alibaba, SMIC, and BYD also showing gains around 2% [3] - The healthcare sector has also seen significant gains, currently up by 1.95%. Key performers include Kangfang Biotech up by 4.98%, CSPC Pharmaceutical up by 4.37%, and China Biologic Products up by 3.79% [3] Group 2 - The banking sector experienced a sharp decline at the open but has since rebounded slightly, currently up by 0.42%. Notable increases include Citic Bank up by 2.34%, with nearly ten other banks like Qingdao Bank and Agricultural Bank also rising over 1% [3] - Some banks, such as Zhengzhou Bank and Everbright Bank, are experiencing slight declines despite the overall sector rebound [3]

Group 1: Market Overview - In the US and five European countries, innovative drugs account for 70%-80% of the local market, while in China, the market share of innovative drugs is only 8.6% [1][10] - The Chinese innovative drug market is experiencing a "structural turning point," which is expected to reverse the downward trend in the pharmaceutical industry [1] - The domestic pharmaceutical terminal sales are projected to show negative growth starting in 2024, with over 30% of regulated pharmaceutical companies reporting losses in the first half of this year [1][3] Group 2: Industry Challenges - The pharmaceutical industry is facing a survival crisis due to external growth factors diminishing, and the capital market's enthusiasm for business development (BD) transactions cooling down [3] - The low concentration in several sub-sectors, particularly in the generic drug industry, has led to price competition, which is a key constraint on the development of the Chinese pharmaceutical industry [3][4] - The average price level of generic drugs has been further reduced due to policies on price governance and drug price comparison [4] Group 3: Innovative Drug Growth - Despite the overall revenue decline in the pharmaceutical industry, innovative drug companies have maintained good growth and profitability, with some achieving record high revenues [1][7] - The market size of innovative drugs (including biosimilars) reached 120 billion yuan in 2023, with a growth rate of 27% [7] - The revenue growth rate for biological products was 2.2%, with profit growth at 10.6%, indicating a strong performance in the innovative drug sector [8][7] Group 4: Regulatory and Policy Developments - The National Healthcare Security Administration has announced reforms to improve the immediate settlement of medical insurance funds, which is expected to alleviate the financial pressure on hospitals and improve drug payment timelines [5][6] - The implementation of policies to expand the scope of drug procurement and price control is expected to further impact the market dynamics [4][10] Group 5: Future Opportunities - The commercial potential of innovative drugs is anticipated to become the core driver of industry growth during the downturn [7] - The increasing number of innovative drug approvals and the shift in hospital medication structure are expected to enhance the market share of innovative products [7] - The industry is encouraged to build international innovation platforms to capture a larger share of the global market [2][18]

Core Viewpoint - The approval of the monoclonal antibody drug JMT206 by the National Medical Products Administration of China marks a significant advancement for the company in the clinical trial phase, targeting weight management in obese or overweight individuals with related comorbidities [1] Group 1: Product Development - The drug JMT206 is a fully humanized recombinant monoclonal antibody that specifically binds to Activin receptor type IIA (ActRIIA) and IIB (ActRIIB), blocking the interaction of Activin A, Myostatin (GDF 8), and Growth Differentiation Factor 11 (GDF11) with Act RII [1] - The mechanism of action aims to inhibit downstream signaling pathways, thereby reducing muscle loss and promoting skeletal muscle maintenance and growth, achieving a muscle gain and fat loss effect [1] Group 2: Clinical Research and Efficacy - Preclinical studies have demonstrated that JMT206 exhibits high bioavailability along with good efficacy and safety, indicating a high clinical development value [1] - The approved clinical indication focuses on weight management for obese or overweight individuals with at least one weight-related comorbidity [1]

Core Viewpoint - The announcement indicates that the drug JMT206, a fully humanized monoclonal antibody targeting Act RIIA/IIB, has received approval from the National Medical Products Administration of China to conduct clinical trials, highlighting its potential in obesity management and muscle preservation [1] Group 1: Product Details - JMT206 specifically binds to ActRIIA and ActRIIB, blocking the interaction of Activin A, GDF8, and GDF11 with Act RII, thereby inhibiting downstream signaling pathways [1] - The drug aims to reduce muscle loss and promote skeletal muscle maintenance and growth, achieving a dual effect of muscle gain and fat loss [1] - It also assists GLP-1 receptor agonists in achieving higher quality weight loss outcomes [1] Group 2: Clinical Application - The approved clinical indication for JMT206 is weight management in individuals who are obese or overweight with at least one weight-related comorbidity [1] - Preclinical studies have demonstrated high bioavailability, good efficacy, and safety, indicating significant clinical development value [1]

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(ActivinA)、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疗效。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。 格隆汇11月26日丨石药集团(01093.HK)宣布，集团开发的重组全人源抗ActRIIA/IIB单克隆抗体药物 (JMT206)(「该产品」)已获中华人民共和国国家药品监督管理局批准，可在中国开展临床试验。 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疗效和安全性，具有较高的临床开发价 值。 ...

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 臨床前研究顯示，該產品表現出較高的生物利用度以及良好的療效和安全性，具有較高的 臨床開發價值。 承董事會命 石藥集團有限公司 主席 蔡東晨 香港，2025年11月26日 – 1 – 重組全人源抗ACTRIIA / IIB單克隆抗體(JMT206) 在中國獲臨床試驗批准 石 藥 集 團 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團 」）董 事 會（「 董 事 會 」）欣 然 宣 布，本集團開發的重組全人源抗Act RIIA / IIB單克隆抗體藥物(JMT206)（「該產品」）已獲中華 人民共和國國家藥品監督管理局批准，可在中國開展臨床試驗。 該產品可同時特異性結合激活素受體IIA型(ActRIIA)與 ...

海通国际发布研报称，维持石药集团(01093)"优于大市"评级与目标价11.34港元，前三季度营收同比有 所下滑，但第三季度单季业绩已显现回暖迹象，成药收入环比增长10%，归母净利润同比增长27%，公 司通过加大研发投入并优化销售费用，积极推动创新药放量及资产出海(如SYS6010等)，管理层对2026 年成药业务恢复正增长及未来BD成果持乐观态度。 海通国际主要观点如下： 业绩表现 -神经系统收入19.1亿元(同比-4%，环比+4%) -抗肿瘤收入5.9亿元(同比-47%，环比+19%) -抗感染收入8.3亿元(同比-9%，环比+12%) 9M25石药集团实现收入199亿元(同比-12%)，其中成药收入155亿元(同比-17%)，原料药收入30亿元(同 比+10%)，功能食品及其他业务14亿元(同比+11%)。公司实现毛利率65.6%(同比下滑4.9ppts)；研发费用 42亿元(同比+8%)，研发费用率21.0%(同比提高3.9ppts)；销售费用率24.1%(同比减少5.1ppts)。前三季度 石药集团实现归母净利润35亿元(同比-7%)。管理层预计2026年成药销售有望恢复正增长，但同时也表 示仿制药 ...

智通财经APP获悉，海通国际发布研报称，维持石药集团(01093)"优于大市"评级与目标价11.34港元， 前三季度营收同比有所下滑，但第三季度单季业绩已显现回暖迹象，成药收入环比增长10%，归母净利 润同比增长27%，公司通过加大研发投入并优化销售费用，积极推动创新药放量及资产出海(如SYS6010 等)，管理层对2026年成药业务恢复正增长及未来BD成果持乐观态度。 海通国际主要观点如下： 业绩表现 -呼吸系统收入3.2亿元(同比+73%，环比+28%) -消化代谢收入2.5亿元(同比+14%，环比+8%) 9M25石药集团实现收入199亿元(同比-12%)，其中成药收入155亿元(同比-17%)，原料药收入30亿元(同 比+10%)，功能食品及其他业务14亿元(同比+11%)。公司实现毛利率65.6%(同比下滑4.9ppts)；研发费用 42亿元(同比+8%)，研发费用率21.0%(同比提高3.9ppts)；销售费用率24.1%(同比减少5.1ppts)。前三季度 石药集团实现归母净利润35亿元(同比-7%)。管理层预计2026年成药销售有望恢复正增长，但同时也表 示仿制药集采续约规则目前仍有不确定性。 ...