Core Insights - The core product of CSPC Pharmaceutical Group, Nintedanib Soft Capsules (brand name: Erolin®), for treating fibrotic interstitial lung disease, has been launched on Alibaba Health, marking its first expansion into the outpatient e-commerce channel since its market introduction in 2022 [1][5] - Nintedanib has established itself as a significant player in domestic antifibrotic treatment due to its bioequivalence to the original drug and price advantages [1][5] Industry Overview - Interstitial lung disease is characterized by lung interstitial inflammation and fibrosis, leading to a gradual loss of gas exchange function, with over one million patients in China and an increasing incidence rate [4] - Idiopathic pulmonary fibrosis (IPF) has a poor prognosis, with an untreated median survival of only 3-5 years, shorter than some common cancers, highlighting the need for better patient management and medication accessibility [4] Product and Market Strategy - Erolin® is a key product in CSPC's respiratory disease portfolio, rapidly benefiting many patients since its launch [5] - The launch on e-commerce platforms represents a strategic move for CSPC to embrace the "Internet + Healthcare" model, enhancing patient services [5] - Alibaba Health aims to improve treatment adherence for long-term medication like Erolin® through a comprehensive chronic disease management system and convenient delivery network [5]

Core Insights - The core product of CSPC Pharmaceutical Group, Nintedanib Soft Capsules (brand name: Erolin®), for treating fibrotic interstitial lung disease, was launched on Alibaba Health on March 18, marking its first expansion into the outpatient e-commerce channel since its market introduction in 2022 [1][5]. Industry Overview - Interstitial lung disease is characterized by lung interstitial inflammation and fibrosis, with over one million patients in China and an increasing incidence rate [3]. - Idiopathic pulmonary fibrosis (IPF) has a poor prognosis, with an untreated median survival of only 3-5 years, shorter than some common cancers [4]. Product Details - Nintedanib is a small molecule tyrosine kinase inhibitor approved by the FDA in October 2014 for treating IPF, and later for systemic sclerosis-related interstitial lung disease and chronic fibrotic interstitial lung disease with a progressive phenotype [4]. - Erolin® has quickly benefited many patients since its launch and its debut on e-commerce platforms represents a significant step for CSPC in embracing the "Internet + Healthcare" model [5]. Patient Management and Accessibility - Alibaba Health aims to enhance patient adherence to long-term medication through a comprehensive chronic disease management system and convenient delivery networks for products like Erolin® [5].

Group 1 - The report highlights a shift in China's innovative drug development from "fast-following" to "innovation-leading," potentially reshaping the global new drug development landscape. Key emerging technology platforms include molecular glue, small nucleic acids, and in vivo CAR-T, with Chinese companies making significant investments in these areas [3][4]. - Molecular glue offers a new paradigm for targeting "undruggable" targets, with significant potential in the PAN-RAS space. Companies to watch include Heng Rui Medicine, Jinfang Medicine, Yuandong Biology, and Betta Pharmaceuticals [3]. - Small nucleic acids are expanding from rare diseases to chronic conditions, with numerous companies involved in hypertension, dyslipidemia, weight loss, MASH, and CNS diseases. Notable companies include Heng Rui Medicine, Shiyao Group, and Innovent Biologics [3]. - In vivo CAR-T technology is cost-effective and enhances accessibility, showing promise in oncology and autoimmune diseases. Key players include Yunding Xinyao and Kexi Pharmaceuticals [3]. - The integration of AI in healthcare and drug development is accelerating, with companies like Runda Medical and Kangzhong Medical leading the way [3]. Group 2 - The report reviews the performance of the pharmaceutical sector in 2025, noting a cumulative increase of 11.9% in the pharmaceutical index, while the broader market rose by 30.2%, indicating a relative underperformance of 18.3% [8][14]. - The valuation of the pharmaceutical sector has slightly improved, with the PE (TTM) ratio rising from 29.8x at the beginning of 2025 to 36.2x by year-end, while the broader market's PE increased from 28.6x to 39.5x [14]. - The pharmaceutical sector's revenue for the first three quarters of 2025 reached CNY 18,544 billion, with a year-on-year decline of 0.4%, and net profit attributable to shareholders was CNY 1,407 billion, down 0.8% year-on-year [17][22]. Group 3 - The report indicates that the number of IND (Investigational New Drug) applications for innovative drugs in 2025 reached 3,626, marking a year-on-year growth of 10.4%. The number of NDA (New Drug Application) submissions also increased, with 83 for chemical drugs and 271 for therapeutic biological products [31][29]. - The report emphasizes the growing trend of molecular glue technology, particularly in targeting RAS mutations, which are prevalent in approximately 30% of malignancies. The representative drug Daraxonrasib has shown significant clinical efficacy [53][50]. - The report notes an increase in collaboration and licensing activities in the molecular glue sector, with major pharmaceutical companies engaging in high-value transactions, indicating a robust interest in this innovative technology [54][56].

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 （股份代號：1093） （於香港註冊成立之有限公司） 石 藥 創 新 製 藥 股 份 有 限 公 司 截 至2025年12月31日 止 年 度 之 財 務 資 料 按 深 圳 證 券 交 易 所 之 相 關 規 定，石 藥 集 團 有 限 公 司（「本 公 司」）附 屬 公 司 石 藥 創 新 製 藥 股 份 有 限 公 司（「石 藥 創 新」，其 股 份 於 深 圳 證 券 交 易 所 創 業 板 市 場 上 市（股 票 代 碼： 300765）），已 於2026年3月16日 發 佈 其 截 至2025年12月31日 止 年 度 之 年 ...

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 該 產 品 是 本 集 團 一 款 全 新 的 、 具 有 完 全 自 主 知 識 產 權 的 高 活 性 與 高 選 擇 性 磷 酸 二 酯 酶 4B (PDE4B)抑制劑。本次獲得臨床試驗批准的劑型為吸入粉霧劑。臨床前研究顯示，該產 品可明顯提高藥物肺部濃度，降低系統暴露，從而降低胃腸道副作用，在疾病動物模型上 的藥效明顯優於現有藥物，且具有良好的藥代動力學特徵和較高的安全窗口。 本次獲批的臨床適應症為間質性肺疾病。目前市場上用於治療該類疾病的藥物為數不多， 且 患 者 治 療 獲 益 有 限 ， 該 產 品 有 望 成 為 該 類 疾 病 的 有 效 治 療 藥 物 ， 具 有 較 大 臨 床 開 發 價 值。該產品獲得臨床試驗批准，是本集團高端創新吸入技術平台的重要成果，為管線內後 續創新吸入製劑的開發奠定了良好基礎。 承董事會 ...

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry as of March 16, 2026 [1] Core Insights - The report emphasizes the importance of products with price leadership amid rising costs in the supply chain due to geopolitical tensions and policy changes affecting raw material prices [2] - The report highlights the significant price increases in pharmaceutical raw materials, particularly vitamins and amino acids, which have seen price increases of 40.54% and 84.66% respectively since the beginning of the year [2] - The report notes the approval of China's first invasive brain-machine interface, marking a significant milestone in the medical device sector [5] - The report indicates a strong trend in China's innovative pharmaceuticals going global, with a notable increase in licensing-out transactions [6] Summary by Sections 1. Supply Chain Dynamics - The report discusses the impact of rising prices in upstream chemical products on pharmaceutical raw materials, stressing that the ability to pass on these costs is crucial for maintaining profitability [2] - It mentions that 90% of monitored products have seen price increases, with the chemical product price index rising by 28.52% since the beginning of the year [2] 2. Market Trends in Disposable Gloves - The report details the price increases in disposable nitrile gloves and PVC gloves due to rising costs of raw materials like butadiene and acrylonitrile, which have increased by 84.43% and 47.30% respectively [3] - It notes that the domestic utilization rate for nitrile gloves has improved, and export prices have been rising since late 2025 [3] 3. Regulatory Environment - The report highlights the impact of dual-use item management on the pricing of key materials, creating significant price disparities between domestic and international markets [4] - It suggests that stricter controls on resources like rare earths could enhance the competitive advantage of domestic medical products [4] 4. Innovations in Medical Devices - The report discusses the approval of the brain-machine interface by the National Medical Products Administration, which is expected to open new market opportunities [5] - It outlines the potential for significant market growth in this area, given the high number of spinal cord injury patients in China [5] 5. International Expansion of Chinese Pharmaceuticals - The report notes that there have been 39 licensing-out transactions in the innovative drug sector, with upfront payments totaling approximately $2.953 billion [6] - It emphasizes that the trend of Chinese pharmaceuticals going global continues to strengthen, with a focus on small nucleic acid drugs and dual antibodies [7] 6. Stock Recommendations - The report recommends focusing on raw material suppliers with price leadership, such as Zhejiang Medicine and Chuan Ning Biological, and highlights companies like Inco Medical and Blue Sail Medical in the disposable glove sector [8] - It also suggests monitoring companies involved in the invasive brain-machine interface and small nucleic acid drugs, indicating potential for growth in these areas [8]

石藥集團有限公司（「本公司」）宣布，本公司董事會（「董事會」）會議將於2026年3月25日（ 星 期三 ）舉行，藉以（ 其中包括 ）批准本公司及其附屬公司截至2025年12 月31日止年度之全年 業績及考慮派發末期股息（ 如有 ）。 代表董事會 石藥集團有限公司 主席 蔡東晨 香港，2026年3月13日 （於香港註冊成立之有限公司） （股份代號：1093） 董事會召開日期 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 於本公告日期，董事會包括執行董事蔡東晨先生、蔡磊博士、魏青杰先生、張翠龍先生、 王振國先生、王懷玉先生、李春雷博士、姚兵博士、蔡鑫先生、陳衛平先生、屈志勇先生 及張翊 維先生；及 獨立非執行 董事王波先 生、CHEN Chuan先生、王宏 廣教授、歐 振國先 生、羅卓堅先生及李泉女士。 ...

Group 1 - The core viewpoint of the news highlights the recent downturn in the Asia-Pacific market, particularly in the Hong Kong pharmaceutical sector, with the Hong Kong Stock Connect Innovation Drug ETF (159570) experiencing a nearly 2% decline, despite a significant net subscription of 210 million yuan and a total scale exceeding 23.1 billion yuan [1][3] - The high-level meeting has officially categorized innovative drugs as an "emerging pillar industry," emphasizing the acceleration of commercial health insurance development and the promotion of high-quality development in innovative drugs [3] - The approval of Hansoh Pharmaceutical's application for the listing of Amivantamab tablets marks a significant milestone, as it is the first domestically developed third-generation EGFR-TKI in China, with five approved indications since its initial approval in March 2020 [3] Group 2 - In business development news, China Biologic Products announced an exclusive licensing agreement with Sanofi for Rovafatinib, a novel oral small molecule JAK/ROCK inhibitor, with potential payments totaling up to 1.53 billion USD, including an upfront payment of 135 million USD [4] - The Hong Kong Stock Connect Innovation Drug ETF (159570) saw most of its index's popular stocks decline, with notable drops including 5% for 3SBio and over 4% for CanSino Biologics, while Hansoh Pharmaceutical saw a slight increase due to new drug news [4] - The innovative drug sector is experiencing short-term volatility, but the long-term growth potential remains intact, with a focus on the globalization of Chinese pharmaceutical companies and the advancement of innovative technologies [6][9] Group 3 - The focus of the market has shifted from the ability to enter overseas markets to the progress of products in overseas clinical deployments, with key data readouts and milestone achievements becoming critical for future evaluations [7] - Chinese companies are making breakthroughs in frontier technologies such as small nucleic acids and cell therapies, positioning themselves as core assets in global transactions [8] - Leading innovative drug companies are entering a positive cycle of product commercialization and reinvestment in research and development, with expectations for significant performance improvements in the upcoming earnings period [9]

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） 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 香港，2026年3月6日 – 1 – 自願公告 於本公告日期，董事會包括執行董事蔡東晨先生、蔡磊博士、魏青杰先生、張翠龍先生、 王振國先生、王懷玉先生、李春雷博士、姚兵博士、蔡鑫先生、陳衛平先生、屈志勇先生 及張翊 維先生；及 獨立非執行 董事王波先 生、CHEN Chuan先生、王宏 廣教授、歐 振國先 生、羅卓堅先生及李泉女士。 高選擇性PDE4B抑制劑（SYH2059吸入粉霧劑） 在美國獲臨床試驗批准 – 2 – 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 佈，本集團開發的化藥1類新藥SYH2059吸入粉霧劑（「該產品」）已獲美國食品藥品監 ...

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical and biotechnology industry [5] Core Viewpoints - Short-term fluctuations do not change the long-term growth trajectory of the innovative drug sector. Despite recent market volatility, the underlying logic for medium to long-term growth remains intact, driven by globalization, technological breakthroughs, and industry upgrades [8][12] - The focus has shifted from "can we go global" to "what progress has been made after going global," emphasizing the importance of overseas clinical deployment and milestone achievements for innovative drugs [13][14] - Breakthroughs in frontier technologies, particularly in small nucleic acids and CAR-T therapies, position Chinese companies to become core global assets [18][20] - The commercialization of innovative drugs is expected to lead to a profitability inflection point, with key companies entering a positive cycle of product volume growth and reinvestment in R&D [22] Summary by Sections 1. Short-term Fluctuations, Long-term Growth - The innovative drug sector has experienced significant volatility due to concentrated expectations and emotions, but the long-term growth trend remains unchanged [8][12] - The valuation of leading companies has reached reasonable levels, suggesting potential investment opportunities as market sentiment stabilizes [12] 1.1 Focus on Globalization Progress - The emphasis has shifted to the progress of products in overseas clinical trials, with a focus on key data readouts and milestone achievements [13][14] - Domestic bispecific antibodies are accelerating their global clinical trials, becoming core trading assets in the context of expiring patents for PD-(L)1 products [13] 1.2 Breakthroughs in Frontier Technologies - Chinese companies are leading in small nucleic acids and CAR-T therapies, with significant advancements in delivery technologies expanding treatment options beyond rare diseases [18] - In vivo CAR-T therapies have shown preliminary clinical effectiveness, with a growing number of transactions indicating a shift towards mainstream adoption [20] 1.3 Commercialization Driving Profitability - Leading innovative drug companies are entering a cycle of product volume growth that supports R&D reinvestment, with expectations for exceeding market performance in 2023 [22] - The upcoming earnings period in March-April 2026 is seen as a critical validation point for the sector [22] 2. Global New Drugs: Highlights in Autoimmunity and Oncology - The report highlights the approval of the world's first PD-L1/TGF-β bispecific antibody, showcasing the R&D capabilities of domestic companies [26][27] - The successful launch of innovative drugs in critical therapeutic areas reflects the growing strength of domestic pharmaceutical companies in addressing unmet medical needs [26][27]