Major Events - Shiyao Group's (01093) application for the listing of Semaglutide injection has been accepted by the National Medical Products Administration (NMPA) [1] - Gilead Sciences-B (01672) has completed the enrollment of overweight or obese subjects in the Phase IIa study of the small molecule oral GLP-1R agonist ASC30 in the United States [1] - China Biopharmaceutical (01177) has received NMPA approval for the clinical trial application of TQC3302 "ICS/LAMA/LABA soft mist inhalation preparation" [1] - Jiaogepeng Holdings (01450) plans to acquire 100% equity of Hangzhou Jiaogepeng Education Technology Co., Ltd. for 180 million yuan [1] Financial Data - China Tower (00788) reported a mid-term profit attributable to shareholders of 5.757 billion yuan, an increase of 8.0% year-on-year, with the revenue share from its two wings business exceeding 14% [1] - Techtronic Industries (00669) reported a mid-term profit attributable to shareholders of 628 million USD, an increase of 14.17% year-on-year, with a dividend of 1.25 HKD per share [1] - Yum China (09987) reported a second-quarter operating profit of 304 million USD, a year-on-year increase of 14% [1] - Zibuyu (02420) issued a profit warning, expecting mid-term revenue to increase by approximately 30%-40% to between 1.9 billion and 2.047 billion yuan [1] - Angelalign (06699) issued a profit warning, expecting net profit for the first half of the year to be approximately 13.4 million to 14.8 million USD, a year-on-year increase of approximately 538.1% to 604.8% [1] - Boya Interactive (00434) issued a profit warning, expecting mid-term profit attributable to shareholders to decrease by approximately 25% to 35% [1] - Zhenjiu Lidu (06979) issued a profit warning, expecting mid-term net profit attributable to shareholders to decline by 23% to 24% [1] - Fourth Paradigm (06682) expects a narrowed adjusted net loss for the mid-term, down 68% to 73% year-on-year [1]

智通财经APP讯，石药集团(01093)发布公告，公司附属公司石药集团百克(山东)生物制药股份有限公司 开发的司美格鲁肽注射液(该产品)的上市申请已获中国国家药品监督管理局受理。本次申报的适应症为 成人2型糖尿病患者的血糖控制。 基于在疗效、安全性、制剂等方面的优势，该产品具有显著的临床应用价值。集团也在积极推进该产品 针对肥胖╱超重适应症的Ⅲ期临床试验，以期使更多患者从中获益。 该产品是基于天然人胰高血糖素样肽-1(GLP-1)结构的胰高血糖素样肽-1受体激动剂，为化学合成法制 备的司美格鲁肽制剂，按照化药注册分类2.2类新药申报，属含有已知活性成份的新处方工艺且具有明 显临床优势的药品。GLP-1是由肠道L细胞分泌的肠源性激素，可通过与广泛分布于全身多种器官和组 织的GLP-1受体结合而发挥作用，并通过多重机制实现降糖、减重以及心血管和肾脏保护等方面的综合 获益。 本次申请基于一项关键性Ⅲ期临床试验。该临床试验结果表明，在经二甲双胍治疗血糖控制不佳的2型 糖尿病患者中，与诺和诺德开发的司美格鲁肽相比，该产品展现出高度一致的疗效，且其胃肠道反应发 生率略低。该产品遵循相关指导原则，通过药学、非临床、临床药代 ...

每经AI快讯，8月5日，石药集团公告，附属公司石药集团百克(山东)生物制药股份有限公司开发的司美 格鲁肽注射液的上市申请已获国家药品监督管理局受理。本次申报的适应症为成人2型糖尿病患者的血 糖控制。 ...

Core Viewpoint - The company has received acceptance for the listing application of its semaglutide injection, aimed at controlling blood sugar levels in adults with type 2 diabetes, from the National Medical Products Administration of China [1] Group 1: Product Development - The semaglutide injection is a GLP-1 receptor agonist developed based on the natural structure of human glucagon-like peptide-1, classified as a new drug under category 2.2, which contains known active ingredients and demonstrates significant clinical advantages [1] - The application is based on a pivotal phase III clinical trial, which showed that the product exhibited highly consistent efficacy compared to Novo Nordisk's semaglutide in patients with poorly controlled blood sugar after metformin treatment, with slightly lower gastrointestinal reaction rates [1] Group 2: Clinical Value and Future Prospects - The product has significant clinical application value due to its advantages in efficacy, safety, and formulation [2] - The company is actively advancing phase III clinical trials for the product targeting obesity/overweight indications, aiming to benefit more patients [2]

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，並明確表示概不就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。 獲國家藥品監督管理局受理 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，本公司附屬公司石藥集團百克（ 山東 ）生物製藥股份有限公司開發的司美格魯肽注射液 （「該產品」）的上市申請已獲中華人民共和國國家藥品監督管理局受理。本次申報的適應症 為成人2型糖尿病患者的血糖控制。 該產品是基於天然人胰高血糖素樣肽-1（「GLP -1」）結構的胰高血糖素樣肽-1受體激動劑， 為化學合成法製備的司美格魯肽製劑，按照化藥註冊分類2.2類新藥申報，屬含有已知活性 成份的新處方工藝且具有明顯臨床優勢的藥品。GLP -1是由腸道L細胞分泌的腸源性激素， 可通過與廣泛分布於全身多 種器官和組織的GLP -1受體結合而發揮 作用，並通過多重機制 實現降糖、減重以及心血管和腎臟保護等方面的綜合獲益。 本次申請基於一項關鍵性Ⅲ ...

金融界8月5日消息，上证指数高开高走，中证港股通生物科技主题指数 (港股通生物科技，932253)报 1886.25点。 数据统计显示，中证港股通生物科技主题指数近一个月上涨22.20%，近三个月上涨54.39%，年至今上 涨108.66%。 据了解，中证港股通生物科技主题指数从港股通范围内选取50只业务涉及生物药品、制药与生物科技服 务等领域的上市公司证券作为指数样本，以反映港股通范围内生物科技主题上市公司证券的整体表现。 该指数以2018年12月28日为基日，以1000.0点为基点。 从指数持仓来看，中证港股通生物科技主题指数十大权重分别为：百济神州（13.23%）、信达生物 （12.79%）、药明生物（9.82%）、康方生物（8.87%）、中国生物制药（6.39%）、石药集团 （6.11%）、三生制药（4.69%）、翰森制药（3.27%）、药明康德（3.03%）、科伦博泰生物-B （2.67%）。 本文源自：金融界 作者：行情君 从中证港股通生物科技主题指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证港股通生物科技主题指数持仓样本的行业来看，化学药占比40.03%、生物药品占比38.7 ...

Group 1 - The core viewpoint is that the liquidity and fundamentals of the Chinese healthcare industry continue to improve, maintaining a positive outlook for the healthcare sector [1] - The report indicates that the weak U.S. employment data may lead to heightened expectations for monetary easing in the second half of the year, suggesting an improved outlook for the industry [1] - The report highlights that the industry fundamentals are recovering, with a month-on-month increase in hospital prescription volumes in July, and significant profit growth expected in the third quarter due to the release of more innovative drugs [1] Group 2 - The company prefers leading large pharmaceutical firms and suggests avoiding companies overly reliant on biosimilars in the short term [2] - Selected stocks include: CSPC Pharmaceutical Group (01093), Sinopharm Group (01099), Hansoh Pharmaceutical (03692), and others [2] - The report emphasizes that the uncertainty in U.S. Treasury yields may prompt a reallocation of funds, further improving the liquidity of innovative drug assets [1]

里昂指出，行业基本面持续复苏，7月院内处方量环比提升，随着更多创新药放量，第三季行业盈利有 望实现显著增长，加上美债不确定性可能促使资金重新配置，进一步改善创新药资产流动性，相信行业 拐点已过，未来将迎来盈喜等正面催化剂。 该行偏好领先大型药厂，短期而言避开过度依赖生物仿制药的公司。该行选股包括石药集团(01093)、 新诺威(300765.SZ)、翰森制药(03692)、爱尔眼科(300015.SZ)、恒瑞医药(01276,600276.SH)、康方生物 (09926)、中生制药(01177)、国药控股(01099)、康哲药业(00867)、大参林(603233.SH)、华东医药 (000963.SZ)、泰格医药(03347)及药明康德(02359)。 智通财经APP获悉，里昂发布研报称，中国医疗健康行业流动性及基本面持续改善，维持对医疗健康板 块正面看法，指出美国就业数据疲软或市场对下半年货币宽松预期急升温，预示着行业下半年改善前 景，相信特朗普再提最惠国药品定价政策及安徽启动生物类似药集中采购，对行业影响则相对有限。 ...

Group 1 - The core viewpoint of the article highlights the performance and strategic focus of CSPC Pharmaceutical Group Limited, emphasizing its strong product portfolio in various therapeutic areas and its innovative drug development strategy [1][2][3] Group 2 - As of the first quarter of 2025, CSPC Pharmaceutical Group reported total revenue of 7.015 billion yuan and a net profit of 1.478 billion yuan [2] - The company’s stock price increased by 2.07% to 9.86 yuan per share, with a trading volume of 0.852 billion yuan as of 11:40 AM on August 5 [1]

Summary of CSPC Pharmaceutical Group Conference Call Company and Industry Overview - **Company**: CSPC Pharmaceutical Group (Ticker: 1093.HK) - **Industry**: China Healthcare Key Points and Arguments - **Licensing Agreement**: CSPC has signed a licensing agreement with Madrigal for exclusive development and commercial rights to SYH2086, an oral GLP-1 in preclinical stage. The deal includes an upfront fee of **US$120 million**, potential total milestones of up to **US$1.955 billion**, and a double-digit share of sales royalties [1][6] - **Madrigal's Asset**: Madrigal's lead asset, Rezdiffra (resmetirom), is a once-daily oral THR-beta agonist approved for F2-F3 MASH by the US FDA in March 2024 and is currently undergoing Phase 3 trials for F4c MASH [1] - **Financial Position of Madrigal**: As of March 2025, Madrigal holds **US$848 million** in cash and has a **US$500 million** secured credit facility [1] - **Out-licensing Deals**: This marks CSPC's sixth out-licensing deal in the last 10 months, indicating the company's strong drug discovery platforms and commitment to globalization. The deal is viewed as a positive surprise and is not part of the anticipated **~US$5 billion** in out-licensing deals expected to be completed in 2025 [6] - **Future Expectations**: CSPC is expected to announce two more major out-licensing deals, specifically for SYS6010 (EGFR ADC) and another technology platform [6] Financial Metrics and Valuation - **Stock Rating**: Overweight - **Price Target**: HK$9.60 - **Current Stock Price**: HK$10.10 (as of July 30, 2025) - **Market Capitalization**: HK$120,751 million - **Revenue Projections**: - 2025: **Rmb 29,036 million** - 2026: **Rmb 30,513 million** - 2027: **Rmb 30,978 million** [4] - **Earnings Per Share (EPS)**: - 2025: **Rmb 0.45** - 2026: **Rmb 0.46** - 2027: **Rmb 0.44** [4] - **Valuation Methodology**: Discounted cash flow methodology with a cost of equity of **10.1%** and a perpetual growth assumption of **4%** [7] Risks Identified - **Upside Risks**: - Stronger-than-expected sales ramp-up for innovative drugs - Better-than-expected margin improvement - Pipeline advancement - Increasing business development [9] - **Downside Risks**: - API price fluctuations - Pipeline failures or delays - Rising operating costs - Government price cuts or reimbursement controls [9] Additional Insights - **Analyst Certification**: Analysts involved have certified that their views are accurately expressed and have not received compensation for specific recommendations [14] - **Market Activity**: CSPC is actively involved in the market, with Morgan Stanley acting as a liquidity provider for its securities [57] This summary encapsulates the critical aspects of CSPC Pharmaceutical Group's recent developments, financial outlook, and market positioning, providing a comprehensive overview for potential investors and stakeholders.