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 乙磺酸尼達尼布吸入粉霧劑 在中國獲臨床試驗批准 石藥集團有限公司 主席 蔡東晨 香港，2026年1月2日 – 1 – 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 及 屈 志 勇 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。 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，本集團開發的乙磺酸尼達尼布吸入粉霧劑（ ...

智通财经APP获悉，截止12月24日，未平仓空单比位列前三位为万科企业（02202）、东方电气 （01072）、中远海控（01919），空仓比分别为18.64%、17.51%、16.68%。 未平仓空单比（绝对值）较上一次增加最多为东方电气（01072）、加科思-B（01167）、石药集团 （01093），分别增加2.20%、0.77%、0.56%。 未平仓空单比（绝对值）较上一次减少最多为三花智控（02050）、天齐锂业（09696）、越疆 （02432），分别减少-1.42%、-0.82%、-0.71%。 前10大未平仓空仓比 | 股票名称 | 前次空仓数 | 本次空仓数 | 最新空仓比↓ | | --- | --- | --- | --- | | 万科企业(02202) | 4.08 亿股 | 4.11 亿股 | 18.64% | | 东方电气(01072) | 6245.60 万股 | 7144.61 万股 | 17.51% | | 中远海控(01919) | 4.83 亿股 | 4.80 亿股 | 16.68% | | 恒瑞医药(01276) | 4011.67 万股 | 4011.45 万股 | ...

Core Viewpoint - The article highlights the unprecedented surge in business development (BD) activities in China's biotech sector, with the total amount of domestic innovative drug licensing exceeding $100 billion by November 18, 2025, marking a doubling compared to 2024. This trend reflects the increasing global competitiveness and value of Chinese pharmaceutical assets, while also prompting a deeper examination of transaction quality and product value realization post-agreement [1][2]. Summary by Sections BD Market Dynamics - The BD market in China is experiencing a significant boom, with a projected compound annual growth rate (CAGR) for external BD activities expected to remain in double digits over the next five years, despite a forecasted decline in growth rate [2]. - Key characteristics of future transactions include an increase in late-stage pipeline contributions and a shift from pure technology transfer to models involving "licensing + co-development + commercialization" [2]. Major Transactions - Notable transactions in 2025 include: - Hengrui Medicine's collaboration with GSK, involving a total potential amount of approximately $120 billion, with an upfront payment of $500 million [3]. - Innovent Biologics' agreement with Takeda, with a potential total of $114 billion and an upfront payment of $1.2 billion [3]. - A record-setting deal between 3SBio and Pfizer, with an upfront payment of $12.5 billion and potential milestone payments reaching $48 billion [5][6]. Global Interest in Chinese Biotech - Chinese innovative drugs are gaining significant traction in global markets, with multinational corporations increasingly sourcing early-stage innovation pipelines from China due to cost-effectiveness and potential efficacy [7][8]. - The trend indicates a shift where Chinese biotech firms are evolving from technology providers to value co-creators in the global pharmaceutical landscape [7]. Transaction Models - The dominant transaction model remains "License-out," which accounted for 91% of upfront payments and 99% of total amounts in related transactions in the first half of the year [10]. - NewCo models are gaining popularity, allowing companies to inject parts of their product pipelines into newly formed entities with foreign capital, reflecting a flexible asset operation strategy [10][11]. Future Outlook - The BD market is expected to continue thriving, driven by the need for multinational companies to replenish their pipelines as many blockbuster drugs face patent expirations, creating a significant market opportunity [15]. - Emerging technologies, particularly in ADCs and bispecific antibodies, are anticipated to dominate future BD transactions, with a notable interest in metabolic and autoimmune products [16][17]. Challenges and Considerations - Despite the growth, challenges remain in ensuring compliance with international standards and protecting intellectual property during global collaborations [13]. - The market is expected to stabilize, with a rational return to expectations regarding BD transactions, as the industry matures and the focus shifts from explosive growth to sustainable value creation [17].

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 国家知识产权局信息显示，石药集团中奇制药技术（石家庄）有限公司取得一项名为"一种阿瑞匹坦注 射液的体外释放方法"的专利，授权公告号CN117250269B，申请日期为2023年8月。 天眼查资料显示，石药集团中奇制药技术（石家庄）有限公司，成立于2003年，位于石家庄市，是一家 以从事研究和试验发展为主的企业。企业注册资本3975.47万人民币。通过天眼查大数据分析，石药集 团中奇制药技术（石家庄）有限公司共对外投资了6家企业，参与招投标项目13次，专利信息446条，此 外企业还拥有行政许可34个。 作者：情报员 ...

Core Viewpoint - The A-share pharmaceutical sector in 2025 exhibits structural differentiation, with innovative drugs and CXO sectors thriving due to overseas demand and business development, while traditional Chinese medicine, medical devices, and pharmaceutical commerce face performance pressures [3][20]. Summary by Category Overall Market Performance - The A-share pharmaceutical and biotechnology sector saw an overall increase of 25.64% from January 1 to December 30, 2025, despite a slight decline in revenue and a stabilization in profits, with total revenue of 18,544.52 billion yuan, down 1.42% year-on-year, and net profit of 1,407.32 billion yuan, down 1.65% year-on-year [4][21]. Innovative Drug Sector - The innovative drug sector was a standout performer in 2025, with the chemical pharmaceutical segment rising by 32.58% and the medical services segment by 32.91% [4][21]. - Companies like BeiGene (百济神州) reported significant growth, achieving revenue of 27.595 billion yuan, a 44.2% increase year-on-year, surpassing the total revenue of 27.21 billion yuan for 2024 [4][22]. Business Development (BD) Trends - The business development landscape for innovative drug companies is evolving, with significant partnerships such as the 11.4 billion USD deal between Innovent Biologics and Takeda, and a 12.5 billion USD collaboration between Hengrui Medicine and GlaxoSmithKline [5][22][24]. - The total value of business development transactions reached approximately 94.158 billion USD in the first three quarters of 2025, significantly exceeding the total for 2024 [25]. CXO Sector Performance - The CXO sector, driven by the demand for innovative drug research, achieved a 32.91% increase in 2025, with total revenue of 1,365.72 billion yuan, up 3.63% year-on-year, and net profit of 209.12 billion yuan, up 36.47% year-on-year [10][27]. - Leading companies like WuXi AppTec (药明康德) and Kanglong Chemical (康龙化成) returned to growth, with WuXi AppTec reporting a revenue increase of 18.61% and net profit growth of 84.84% [28][31]. Traditional Chinese Medicine and Medical Devices - The traditional Chinese medicine sector experienced a modest increase of 6.75% in 2025, with total revenue of 2,590.69 billion yuan, down 4.33% year-on-year, and net profit of 294.99 billion yuan, down 1.53% year-on-year [36]. - The medical device sector reported a revenue of 1,792.10 billion yuan, down 2.24% year-on-year, with notable performance differences among sub-sectors, where companies like Mindray Medical (迈瑞医疗) showed strong overseas revenue growth [33][34].

在全球医药行业竞争日益聚焦原创新药与前沿技术的今天，石药集团的选择清晰而坚定：将"创新"作为 最核心的战略引擎与生存方式。 最新公布的2025年全球制药企业研发管线规模榜单上，一家中国企业的名字位列第19位——石药集团， 正以跨越地理边界的创新网络，重新定义中国制药在全球版图中的角色。 在财经网主办的2025年度新消费·新经济评选中，石药控股集团有限公司荣获"年度科技创新标杆企 业"称号。 这不仅是对一家药企科研实力的认可，更是对其以系统性创新融入全球健康治理、以本土研 发惠及世界患者的战略路径的高度肯定。 它深刻呼应了"新潮涌动，价值共生"的时代主题：在生物医药这一尖端领域，"新潮"是对mRNA、 ADC、细胞治疗等前沿技术平台的全面布局与敏锐卡位；"共生"则是企业创新链与全球患者需求、中国 健康事业与国际医药格局的深度互联与共同演进。 战略定力：以"创新"为唯一发展阶梯 面对全球医药行业高投入、高风险、长周期的固有规律，石药集团的选择始终清晰而坚定：将"创新"刻 入企业基因，视其为"企业发展和改善人类健康的唯一阶梯"。 这一战略定力，直接体现为真金白银的持续投入——年研发投入约57亿元，以及面向未来的管线 ...

Core Viewpoint - The oral weight loss drug sector is entering a critical commercialization phase, with significant regulatory approvals and partnerships indicating strong market potential and demand for innovative treatments [4][5][6]. Group 1: Recent Developments in Oral Weight Loss Drugs - On December 23, 2025, the FDA approved Novo Nordisk's oral semaglutide for chronic weight management, marking a significant milestone for oral GLP-1 peptides [4]. - Eli Lilly's management anticipates that the oral small molecule weight loss drug orforglipron will likely receive approval by March 2026, potentially becoming the second approved oral weight loss medication [4]. - Recent data releases include Structure's report on aleniglipron, which showed a 11.3% weight loss in the 120mg dose group and 15.3% in the 240mg dose group after 36 weeks [4]. Group 2: Industry Partnerships and Strategic Moves - On December 9, 2025, Pfizer announced an exclusive collaboration with YaoPharma for the oral small molecule GLP-1R agonist YP05002, involving a $150 million upfront payment and up to $1.935 billion in milestones, indicating strong interest from multinational pharmaceutical companies in oral weight loss products [5]. - Shijiazhuang Pharmaceutical Innovation announced the establishment of a joint venture focused on innovative metabolic drug development, highlighting the recognition of the significant value in GLP-1 related metabolic disease medications [6]. Group 3: Market Trends and Valuation Recovery - The pharmaceutical and biotechnology sector has seen a recovery in valuation, with the PE ratio stabilizing and increasing since Q1 2025, driven by macroeconomic conditions and supportive policies for innovative drugs [7]. - The global trend of returning to a rate-cutting environment, alongside increasing healthcare spending due to aging populations, is expected to expand the global demand for pharmaceuticals, particularly benefiting China's pharmaceutical industry [8]. Group 4: Investment Themes in Innovation - The investment focus is categorized into three phases: "0→1" for breakthrough technologies in innovative drugs, "1→10" for clinical validation of high-quality domestic innovative drugs, and "10→100" for leveraging China's efficiency in the pharmaceutical supply chain [9]. - The acceleration of business development (BD) for innovative drugs and the rise of high-end medical devices and consumables are seen as promising investment opportunities [9].

医药生物 2025 年 06月 09 日 从供需看,中国创新药能从海外分成多少钱? 投资要点: 行情回顾:本周(2025年6月3日-2025年6月6日)中信医药指数 A 上涨 1.2%,跑赢沪深 300指数 0.3 pct,在中信一级行业分类中排名第 16 位;2025年初至今中信医药生物板块指数上涨 8.3%,跑赢沪深 300 指数 9.9pct,在中信行业分类中排名第5位。本周涨幅前五的个股为:易明医药 (+33.09%)、万邦德(+32.59%)、昂利康(+30.28%)、新诺威(+21.36%)、 海辰药业(+20.93%)。 周专题:跨国药企专利悬崖释放超 2400 亿美元市场空间,中国凭借技 A 术平台与研发效率优势成为全球创新药供给的核心力量。截至 2037年,全 球市场 27款 2024年销售额超 40亿美元的重磅药物面临专利失效,MNC 均有迫切寻找重磅创新药的需求。我们认为目前已经进入下一个创新药周 期的投入阶段,中国创新药在细胞疗法、ADC、双抗等技术领域在研管线 数量全球第一,在 716个赛道研发进度第一,有望依托 License-out 模式实 现技术价值全球化兑现,加速填补 MNC ...

Group 1: Industry Overview - The Chinese innovative drug industry is experiencing a significant recovery in 2025, with record high external BD totals and an increase in the number of drug approvals [1][2] - Despite the positive trends, there are concerns about the sustainability of the market, high valuations of some companies, and the potential for structural differentiation in the industry [2][3] Group 2: IPO Market - The IPO market for innovative drug companies has seen a resurgence, with many firms successfully listing on the Hong Kong stock exchange and exceeding fundraising expectations [3][4] - However, the market experienced a downturn in December, with initial public offerings facing challenges such as market sentiment cooling and stricter regulatory scrutiny [4] Group 3: Commercial Insurance and Drug Pricing - The introduction of a commercial insurance directory for innovative drugs aims to address the payment challenges associated with high-priced therapies, with 24 drugs participating in price negotiations [4][5] - The negotiated price reductions for these drugs range from 15% to 50%, but the effectiveness of this new payment model in promoting clinical use remains to be seen [5] Group 4: BD Opportunities and Challenges - The trend of significant BD transactions continues, with companies like 3SBio and Innovent Biologics leading the way, prompting speculation about the next major BD opportunities [6][7] - There is a growing concern about the legal risks associated with BD transactions, as the industry may face an increase in litigation related to these deals [8] Group 5: Future Prospects and Uncertainties - Key questions remain regarding the future of companies like Summit, including potential acquisitions and the performance of their clinical trials [9][10] - The domestic vaccine sector is struggling, with significant declines in stock prices and ongoing challenges related to product differentiation and commercialization [11] - Geopolitical factors continue to pose risks to the innovative drug sector, with ongoing uncertainties regarding regulatory policies and market access [12] Group 6: Unexpected Developments - Some biotech companies have made surprising decisions, such as the acquisition of Lixte Biotechnology by China National Pharmaceutical Group, which deviated from expectations of an independent IPO [13][14] - The sudden dissolution of Run Biotech highlights the high-risk nature of the industry and the challenges of balancing short-term financial returns with long-term innovation [15]

鉴于醛固酮合成酶抑制剂的临床需求广阔，该产品具有较高的临床开发价值，有望为未控制高血压和原 发性醛固酮增多症患者提供新的治疗选择。 格隆汇12月29日丨石药集团(01093.HK)宣布，集团开发的化药1类新药强效醛固酮合成酶抑制剂 (SYH2072片)已获得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。 该产品是一种高选择性强效醛固酮合成酶抑制剂(ASI)，可有效降低血浆醛固酮水平，且不影响皮质醇 水平。本次获批的临床适应症为未控制高血压和原发性醛固酮增多症。临床前研究显示，该产品可选择 性抑制醛固酮合成酶活性，在动物疾病模型中显着降低血浆醛固酮水平，并剂量依赖性地降低高血压模 型的血压，同时不影响皮质醇水平。该产品具有良好的药代动力学(PK)特性和安全性，使其具备成为一 款同类最优(best-in-class)药物的潜力。目前，集团已在国内外提交了该产品的多项专利申请。 ...