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的內容概不負責，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份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 CSPC PHARMACEUTICAL GROUP LIMITED 石 藥 集 團 有 限 公 司 石藥集團有限公司（「本公司」）董事會（「董事會」）宣佈，自2025年11月4日起生效： (1) 潘衛東先生（「潘先生」）因需要更多時間處理其個人事務而辭任本公司執行董事及不再 根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則 第 3.05 條 擔 任 本 公 司 的 授 權 代 表（「授 權 代 表」）； (2) 本公司執行董事李春雷博士獲委任為授權代表。 潘先生已確認彼與董事會並無意見分歧，且除已公開披露的信息外，並不知悉任何與其辭 任有關而需本公司股東關注的事項。 （股份代號：1093） （於香港註冊成立之有限公司） 執行董事辭任 及更換授權代表 承董事會命 石藥集團有限公司 主席 蔡東晨 香港，2025年11月4日 於 本 公 告 日 期 ， 董 事 會 包 括 執 行 董 ...

Core Points - The China Securities Regulatory Commission (CSRC) imposed a fine of 5 million RMB on Pan Weidong, an executive director of CSPC Pharmaceutical Group, for insider trading [2] - Pan Weidong's insider trading involved purchasing shares of New Horizon (a subsidiary of CSPC) prior to a planned acquisition announcement [2] - The acquisition plan was announced on January 10, 2024, while the stock purchases occurred between December 8 and December 20, 2023, totaling nearly 100 million RMB [2] - The stock purchases did not yield profits, as the current stock price of New Horizon is below the purchase price [2] - CSPC stated that the incident is not expected to negatively impact its overall business operations [4] Regulatory Actions - Pan Weidong contested the allegations, claiming that his actions were part of his official duties and that he did not evade the investigation [3] - The CSRC's administrative penalty was publicly announced on October 16, 2025, with CSPC disclosing the matter shortly after [3] - Other individuals involved in the case, including former executives of New Horizon and CSPC, received penalties for their trading activities, with some gaining profits from their transactions [5] Market Reaction - Following the announcement of the penalties, both CSPC and New Horizon experienced declines in their stock prices, with CSPC dropping 4.42% to 7.35 HKD per share and New Horizon falling 5.29% to 33.32 CNY per share [5]

Core Viewpoint - The article discusses the termination of a significant asset restructuring and related party transaction by XinNuoWei, which was valued at 7.6 billion yuan, and the subsequent insider trading penalties imposed on its former chairman, Pan Weidong [1][8]. Group 1: Insider Trading and Penalties - Pan Weidong, the former chairman of XinNuoWei, was fined 5 million yuan for insider trading related to the company's planned acquisition of Shiyao Baike [3][7]. - The China Securities Regulatory Commission (CSRC) found that Pan purchased 2.7426 million shares of XinNuoWei for nearly 100 million yuan between December 8 and 20, 2023, after being aware of insider information [3][5]. - Other individuals, including Zhang Heming, Du Ying, and Zhen Hong, also received penalties for their involvement in insider trading, with fines and confiscation of illegal gains totaling 150,000 to 238.41 million yuan [5][6]. Group 2: Termination of Restructuring - XinNuoWei announced the termination of its 7.6 billion yuan acquisition of Shiyao Baike due to changes in the pharmaceutical industry and capital market conditions since the restructuring was first planned [12]. - The acquisition was intended to enhance XinNuoWei's biopharmaceutical portfolio, particularly in long-acting proteins and innovative drug pipelines [9][12]. - The restructuring was initially planned to involve a 90% share issuance and 10% cash payment for the acquisition of 100% equity in Shiyao Baike [8][9]. Group 3: Financial Performance - XinNuoWei's financial performance showed a decline, with revenues of 1.981 billion yuan in 2024 and 1.593 billion yuan in the first nine months of 2025, reflecting year-on-year decreases of 21.98% and an increase of 7.71%, respectively [13]. - The net profit for XinNuoWei was reported at -303 million yuan in 2024 and -310 million yuan in the first nine months of 2025, indicating significant losses [13].

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling 0.79% to 25,952.4 points, and the Hang Seng Technology Index dropping 1.76% to 5,818.29 points, amid a total trading volume of HKD 239.99 billion [1] - Dongwu Securities indicated that the Hong Kong market is entering an adjustment phase towards the end of the year, although it remains in a medium to long-term upward trend [1] Blue-Chip Stocks Performance - Baidu Group (09888) rose 2.87% to HKD 121.9, contributing 6.83 points to the Hang Seng Index, with weekly orders for its service exceeding 250,000 [2] - Other notable blue-chip movements included Kang Shifu Holdings (00322) up 3.27%, and China Merchants Bank (03968) up 2.37%, while Zijin Mining (02899) fell 5.36% [2] Sector Performance - The technology sector saw most large-cap stocks decline, with Alibaba down 2.57% and Tencent slightly up by 0.16%, while Baidu gained nearly 3% [3] - The cryptocurrency sector faced significant pressure, with major declines in related stocks, and Bitcoin prices dropping below USD 105,000 [4] - Apple-related stocks generally fell, with notable declines in companies like Q Technology (01478) and BYD Electronics (00285) [4][5] Lithium Sector - Lithium stocks continued to decline, with Ganfeng Lithium (01772) down 5.85% and Tianqi Lithium (09696) down 4.68% [6] - The price of lithium carbonate futures fell over 4%, with market speculation surrounding the production timeline of CATL's projects [7] Notable Stock Movements - Aide New Energy (02623) surged 290% after announcing a major share sale [8] - Yum China (09987) rose 3.83% ahead of its upcoming financial results [8] - Sanhua Intelligent Controls (02050) fell 6.4% after a downgrade by Goldman Sachs, citing overly optimistic market expectations for its humanoid robot business [9]

Core Points - The executive director of CSPC Pharmaceutical Group, Pan Weidong, was fined 5 million RMB for insider trading related to a failed acquisition deal [1][2] - The insider trading incident involved the purchase of shares in CSPC Innovation Pharmaceutical Co., which was led by Pan Weidong prior to the public announcement of the acquisition [1][2] Summary by Sections Insider Trading Incident - Pan Weidong was found to have knowledge of insider information regarding a restructuring transaction before it was made public, specifically before December 5, 2023 [1][2] - He used the securities account of CSPC's subsidiary, Enbipu, to buy 2.74258 million shares of CSPC Innovation from December 8 to December 20, 2023, totaling approximately 99.99 million RMB [1] Regulatory Actions - The China Securities Regulatory Commission (CSRC) deemed Pan Weidong's actions as insider trading and imposed a fine of 5 million RMB [2] - Pan Weidong has the right to apply for administrative reconsideration or file an administrative lawsuit against the CSRC's decision [2] Impact on Company Operations - The restructuring transaction that Pan Weidong was involved in has been terminated and was not completed as of April 2025 [2] - CSPC Pharmaceutical Group stated that its business operations remain normal and that the penalty is not expected to negatively impact the overall business [2]

Policy Developments - The National Health Commission and five other departments launched a one-year special campaign against illegal ambulances, targeting both registered "ambulance" vehicles and unregistered "black ambulances" [2] - The campaign includes comprehensive inspections, management principles, and encourages social participation in medical transport services [2][3] Drug and Medical Device Approvals - Aied Bio received a medical device registration certificate for its gene mutation detection kit, which is now approved in China, Japan, and Europe, aiding non-small cell lung cancer patients [4] - Hainan Haiyao's subsidiary obtained a drug registration certificate for Fumaric Acid Vonoprazan Tablets, the first P-CAB for reflux esophagitis in China [5] Capital Market Activities - China National Pharmaceutical Modern signed a drug listing license transfer contract for Lactulose Oral Solution, with a total transfer fee of 5.86 million yuan, projected to generate 2.069 billion yuan in sales in 2024 [6] - Jiangsu Hengrui Medicine and Neurocrine Biosciences entered a collaboration for developing NLRP3 inhibitors, with a potential total value of $881.5 million [7][8] Industry Events - The 2025 medical insurance negotiation concluded, with results expected to be announced in early December [9] - The only approved stem cell drug in China, Aimi Maito Sai Injection, is included in the "Beijing Universal Health Insurance" with a maximum reimbursement of 65% [10] Regulatory Issues - The executive director of CSPC Pharmaceutical Group was fined 5 million yuan for insider trading related to a merger announcement [11]

Core Viewpoint - The executive director of CSPC Pharmaceutical Group, Pan Weidong, has been fined 5 million yuan for insider trading related to a subsidiary's restructuring transaction [1][3]. Group 1: Insider Trading Incident - The incident traces back to December 8, 2023, when CSPC's indirect subsidiary, CSPC Innovation, announced that its largest shareholder, Enbipu, planned to increase its stake in CSPC Innovation by up to 100 million yuan within six months [2]. - Pan Weidong, who was the chairman of CSPC Innovation at the time, was aware of insider information regarding a restructuring transaction before it was made public [2]. - Between December 8 and December 20, 2023, Pan utilized Enbipu's securities account to purchase 2.7426 million shares of CSPC Innovation, totaling approximately 99.9888 million yuan [2]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) determined that Pan's actions constituted insider trading and mandated him to handle the illegal securities holdings, imposing a fine of 5 million yuan [3]. - CSPC Pharmaceutical Group stated that the penalty is not expected to negatively impact the overall business operations of the company [4]. Group 3: Company Background and Financial Performance - CSPC Innovation, established in 2006 and previously known as CSPC New Drug Co., Ltd., went public on the Shenzhen Stock Exchange in 2019 [4]. - For the first three quarters of 2025, CSPC Innovation reported a revenue of 1.593 billion yuan, reflecting a year-on-year increase of 7.71%, while the net profit attributable to shareholders was a loss of 24.0489 million yuan, a decline of 117.26% year-on-year [5].

Core Viewpoint - The article discusses the insider trading penalty imposed on Pan Weidong, an executive director of CSPC Pharmaceutical Group, by the China Securities Regulatory Commission (CSRC), amounting to 5 million yuan due to his involvement in insider trading related to a failed acquisition deal [1][3]. Company Overview - CSPC Pharmaceutical Group is a comprehensive pharmaceutical enterprise established in 1997, focusing on research, production, and sales, with over 200 innovative drug projects under development [4]. - The company has research centers located in Shijiazhuang, Shanghai, Beijing, and the United States, concentrating on six major therapeutic areas: oncology, mental health, cardiovascular, immunology and respiratory, metabolism, and anti-infection [4]. Recent Developments - In December 2023, CSPC's subsidiary, CSPC Enbipu Pharmaceutical Co., Ltd., planned to increase its stake in CSPC Innovation Pharmaceutical Co., Ltd. (stock name "Xinnuo Wei") by up to 100 million yuan [3]. - The CSRC found that Pan Weidong was aware of insider information regarding a proposed acquisition of another subsidiary, CSPC Baike (Shandong) Biopharmaceutical Co., Ltd., before it was publicly announced [3]. - Pan Weidong utilized Enbipu's securities account to purchase 2.74258 million shares of CSPC Innovation between December 8 and December 20, 2023, totaling approximately 99.99 million yuan [3]. Financial Performance - CSPC Pharmaceutical Group reported a revenue of 29.009 billion yuan in 2024, a decline of 9.56% year-on-year, with a net profit of 4.328 billion yuan, down 25.90%, marking the first decline in both revenue and profit in ten years [5]. - In the first half of 2024, the downward trend continued, with revenue of 13.273 billion yuan, a decrease of 20.04%, and a net profit of 2.548 billion yuan, down 15.64% [5]. - CSPC Innovation has also faced revenue declines in recent years, but showed a recovery in the first three quarters of 2024 with a revenue increase of 7.71% year-on-year, reaching 1.593 billion yuan [5].

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - ASCVD (Atherosclerotic Cardiovascular Disease) is a leading cause of death globally, with significant mortality rates in both the US and China. In 2022, approximately 370,000 deaths from coronary heart disease and 160,000 from stroke were reported in the US, while China saw around 1.96 million deaths from ischemic heart disease and 2.3 million from stroke in 2021 [2][5][26] - The report highlights the increasing focus of multinational pharmaceutical companies (MNCs) on cardiovascular treatments, particularly targeting PCSK9 and Lp(a). The global market for PCSK9 is projected to reach between $11 billion and $19 billion, while the Lp(a) inhibitor market is expected to reach $3 billion to $7 billion [2][3] - Upcoming Phase 3 clinical trials for cardiovascular endpoints are anticipated to yield significant data in the coming years, with several studies scheduled for completion between 2025 and 2029 [2][3] Summary by Sections ASCVD Disease Burden - ASCVD encompasses a range of conditions including coronary artery disease, cerebrovascular disease, and peripheral artery disease. It is associated with significant mortality and morbidity, with controllable risk factors such as dyslipidemia, diabetes, hypertension, and smoking [5][6] LDL-C: Unmet Needs Post-Statin Therapy - Despite the widespread use of statins, a substantial proportion of patients do not achieve target LDL-C levels, indicating a significant unmet need in the market for additional therapies [26] Lp(a): An Independent Risk Factor - Lp(a) is identified as an emerging risk factor for ASCVD, independent of LDL-C levels. Its levels are primarily genetically determined and show a skewed distribution in the population, with a notable percentage of individuals having elevated levels that correlate with increased cardiovascular risk [35][40] Investment Recommendations - The report identifies key companies involved in the development of Lp(a) inhibitors, including Hengrui Medicine and CSPC Pharmaceutical Group, which have entered into licensing agreements with major pharmaceutical companies for their respective Lp(a) small molecule inhibitors [2][3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年10月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 石藥集團有限公司 | | | 呈交日期: | 2025年11月3日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01093 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 11,522,451,732 | | 0 | | 11,522,451,732 | | 增加 / 減少 (-) | | | 0 ...