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12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: 中國生物製藥有限公司 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 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) | 01177 | 說明 | - | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 30,000,000,000 | | HKD | | 0.025 HKD | | 750,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.025 HKD | | 750, ...

Major Events - Black Sesame Intelligence (02533) plans to acquire and increase its stake to 60% in Zhuhai Yizhi Electronic Technology, aiming to establish a full-scenario ecosystem for AI chips [1] - China Biopharmaceutical (01177) has completed the enrollment of the first patient in the Phase III clinical trial of its self-developed TDI01 "ROCK2 inhibitor" for the treatment of idiopathic pulmonary fibrosis [1] - Cao Cao Travel (02643) sees a positive outlook and its controlling shareholder voluntarily extends the lock-up commitment [1] - Laike Pharmaceutical-B (02105) has completed the first dosing of the Phase I single-dose escalation study for LAE103 [1] - VALA (02051) has launched its new model, Vala Home, and is collaborating with Ruichi Automobile to enhance production capacity and delivery systems [1] Operating Performance - BYD Company (01211) expects to achieve approximately 4.6024 million units in new energy vehicle sales for 2025, representing a year-on-year increase of 7.73% [1] - Geely Automobile (00175) reported total vehicle sales of 236,800 units in December, a year-on-year increase of approximately 13% [1] - NIO Inc. (09866) delivered 48,100 vehicles in December, setting a new monthly record with a year-on-year increase of 54.6% [1] - Great Wall Motors (02333) anticipates sales of approximately 1.3237 million units for 2025, reflecting a year-on-year growth of 7.33% [1] - Xpeng Motors (09868) achieved a total delivery of 429,400 vehicles for the entire year of 2025, marking a year-on-year increase of 126% [1] - China Power (02380) reported a total consolidated electricity sales volume of 10.0997 million megawatt-hours in November, an increase of 15.38% year-on-year [1] - Li Auto (02015) delivered 44,200 new vehicles in December, a year-on-year decrease of 24.44% [1]

Company News - Meitu Inc. (01357.HK) has fulfilled all conditions for a $250 million convertible bond agreement with Alibaba, expected to complete by December 31, 2025, with net proceeds intended for general business purposes [1] - CITIC Resources (01205.HK) anticipates an unaudited consolidated net profit of approximately HKD 170 million to HKD 230 million for the year ending December 31, 2025, representing a decrease of about 60% to 70% year-on-year [1] - China Power (02380.HK) reported a total consolidated electricity sales volume of 10.0997 million megawatt-hours in November, an increase of 15.38% year-on-year [1] - Huilong Holdings (08021.HK) announced interim results for the period ending October 31, 2025, with revenue of HKD 39.537 million, a decrease of 15.51% year-on-year, while net profit rose by 149.19% to HKD 75.967 million [1] - Xunzhong Communication (02597.HK) has established a holding subsidiary, Anhui Yuhua Shitong Intelligent Technology Co., Ltd., in Ma'anshan City, Anhui Province, for strategic planning and business development [1] - China Biologic Products (01177.HK) has completed the first patient enrollment in a phase clinical trial for its self-developed TDI01 "ROCK2 inhibitor" for the treatment of idiopathic pulmonary fibrosis (IPF), marking it as the first ROCK2 selective inhibitor to enter IPF phase clinical trials globally [1] Collaboration Opportunities - China Digital Technology (01796.HK) has preliminarily agreed with San Zhu Grain Group to explore cooperation opportunities in agricultural digitalization, health food R&D, supply chain digitalization, and market expansion [2] Government Subsidies - Shandong Molong (00568.HK) has recently received a government subsidy of RMB 20 million in cash, which is related to its revenue [3] Buyback Activities - Tencent Holdings (00700.HK) repurchased 1.061 million shares at a cost of HKD 635 million, with buyback prices ranging from HKD 596 to HKD 602 [3] - Xiaomi Group-W (01810.HK) repurchased 3.8 million shares for HKD 149 million, with buyback prices between HKD 39.14 and HKD 39.30 [3] - Yunji (02670.HK) plans to repurchase H-shares in the open market, with a maximum amount not exceeding HKD 100 million [4]

Core Insights - The year 2025 marks a significant milestone for China's innovative pharmaceutical industry, characterized by intense interactions between capital and industry, with BD transaction totals exceeding $130 billion, setting a historical record and surpassing 50% of the global market share [1][5] - The market has experienced a rollercoaster ride, with a resurgence in the first half of the year followed by a collective pullback in the third quarter, highlighting the importance of distinguishing between companies driven by solid fundamentals versus those reliant on market sentiment [3][10] - The industry is transitioning from "scale expansion" to "value realization," indicating a shift towards more sustainable growth and resilience in the face of external uncertainties [1][12] BD Transactions - In 2025, China saw explosive growth in license-out transactions, with over 100 deals totaling more than $110 billion, including 15 transactions with upfront payments exceeding $100 million [5][6] - Notable milestone BD transactions include a $12.5 billion deal between 3SBio and Pfizer, and a $114 billion strategic partnership between Innovent Biologics and Takeda, marking a shift in traditional licensing models [5][6] - The total value of license-out transactions reached $130 billion, a year-on-year increase of over 150%, underscoring China's emergence as a key player in global pharmaceutical innovation [5][6] Market Dynamics - The traditional pharmaceutical companies are adapting and showing resilience, with firms like Hengrui Medicine and 3SBio successfully navigating the transition from generics to innovative drugs [4][10] - The industry is expected to continue its upward trajectory, supported by increased R&D investments, a growing number of clinical trials, and a dual payment system that enhances patient access to innovative therapies [10][11] - The anticipated "data validation year" in 2026 will see more Chinese innovative pipelines entering global clinical development, influencing market expectations for Chinese innovation [10][11] Future Outlook - The innovative pharmaceutical sector is poised for a more solid and resilient future, with a focus on delivering effective treatment solutions for patients and contributing to the global pharmaceutical landscape [12][13] - The ongoing demand for innovative assets from multinational corporations (MNCs) is expected to rise, driven by patent expirations and declining R&D efficiency, leading to a strategic focus on "in China for global" initiatives [6][7] - The industry is entering a new era characterized by value-driven growth, where the emphasis will be on the contribution of products to revenue rather than mere availability [7][9]

Core Insights - The Hong Kong stock market closed 2025 with the Hang Seng Index rising by 27.77%, marking its best annual performance since 2017 [1] - Among the constituents of the Hang Seng Index, China Hongqiao surged by 203.72%, leading the gains, followed by Zijin Mining at 162.29%, and SMIC at 124.69% [1][2] Group 1: Performance Highlights - China Hongqiao's stock price reached 32.620 with a year-to-date increase of 203.72% [2] - Zijin Mining's stock price was 35.660, reflecting a year-to-date rise of 162.29% [2] - SMIC's stock price stood at 71.450, with a year-to-date increase of 124.69% [2] - Hansoh Pharmaceutical increased by 113.33% year-to-date, with a stock price of 36.080 [2] - Pop Mart's stock price was 37.700, showing a year-to-date rise of 111.46% [2] - Innovent Biologics saw a year-to-date increase of 108.33%, with a stock price of 76.250 [2] - Chow Tai Fook's stock price was 12.390, reflecting a year-to-date increase of 100.16% [2] - China Biologic Products had a stock price of 6.180, with a year-to-date rise of 98.71% [2] - JD Health's stock price was 55.500, showing a year-to-date increase of 97.51% [2] - China Life's stock price stood at 27.380, with a year-to-date increase of 96.60% [2] Group 2: Sector Analysis - The performance of the top stocks reflects four main themes: cyclical resources, hard technology, innovative pharmaceuticals, and niche consumption [1] - Stocks like China Hongqiao and Zijin Mining benefited from global inflation and industrial demand [1] - SMIC represents the core of domestic substitution and technological self-reliance [1] - Companies like Hansoh and Innovent are being valued for genuine innovation and international pricing [1] - Niche consumption sectors, represented by Pop Mart, Chow Tai Fook, and JD Health, demonstrate strong vitality even in a weak recovery environment [1]

Core Viewpoint - China Biologic Products (01177.HK) has announced that its self-developed TDI01, a ROCK2 inhibitor for the treatment of idiopathic pulmonary fibrosis (IPF), has completed the enrollment of its first patient in a Phase III clinical trial, marking it as the world's first high-selectivity ROCK2 inhibitor to enter Phase III for IPF [1] Group 1: Product Development - TDI01 is a highly selective ROCK2 kinase inhibitor achieved through structural innovation, targeting the vascular secretion system, which is crucial for regulating vascular leakage, fibrosis, inflammation, and immune disorders [1] - The high selectivity of TDI01 for ROCK2 is expected to optimize the drug's safety profile and potentially provide clinical benefits superior to existing standard therapies [1] Group 2: Clinical Trial Results - Phase II clinical trial data showed that after 24 weeks of treatment, patients in the TDI01 400mg group experienced an improvement of 89mL in forced vital capacity (FVC) compared to the placebo group, significantly reducing the risk of all-cause mortality [1] - TDI01 also effectively reduced the risk of acute exacerbation and progression of IPF, with a lower incidence of serious adverse events and drug discontinuation due to adverse events compared to standard treatment options, demonstrating good safety and tolerability [1]

Core Viewpoint - China Biopharmaceutical (01177) has announced that its self-developed TDI01 "ROCK2 inhibitor" for the treatment of idiopathic pulmonary fibrosis (IPF) has completed the enrollment of its first patient in a Phase III clinical trial, marking it as the world's first high-selectivity ROCK2 inhibitor to enter Phase III clinical trials for IPF [1] Group 1 - TDI01 is a highly selective ROCK2 kinase inhibitor achieved through structural innovation, targeting the vascular secretion system, which is crucial for regulating vascular leakage, fibrosis, inflammation, and immune disorders, thereby intervening in the complex pathogenesis of IPF from multiple dimensions [1] - The high selectivity of TDI01 for ROCK2 is expected to optimize the drug's safety window and potentially provide clinical benefits superior to existing standard therapies [1] Group 2 - Phase II clinical trial data shows that after 24 weeks of treatment, patients in the TDI01 400mg group experienced an improvement of 89mL in forced vital capacity (FVC) compared to the placebo group, significantly reducing the risk of all-cause mortality and effectively lowering the risk of acute exacerbation and progression of IPF [1] - In terms of safety, the incidence of serious adverse events and the rate of discontinuation due to adverse events in the TDI01 treatment group were lower than those of similar standard treatment drugs, demonstrating TDI01's good safety and tolerability profile [1]

Core Viewpoint - China Biopharmaceutical (01177) has announced that its self-developed TDI01 "ROCK2 inhibitor" for the treatment of idiopathic pulmonary fibrosis (IPF) has completed the enrollment of its first patient in a Phase III clinical trial, marking it as the world's first ROCK2 high-selectivity inhibitor to enter Phase III clinical trials for IPF [1] Group 1: Product Development - TDI01 is a highly selective ROCK2 kinase inhibitor achieved through structural innovation, targeting the vascular secretion system, which is crucial for regulating vascular leakage, fibrosis, inflammation, and immune disorders [1] - The high selectivity of TDI01 for ROCK2 is expected to optimize the drug's safety window and potentially provide clinical benefits superior to existing standard therapies [1] Group 2: Clinical Trial Results - Phase II clinical trial data indicates that after 24 weeks of treatment, patients in the TDI01 400mg group experienced an improvement of 89mL in forced vital capacity (FVC) compared to the placebo group, significantly reducing the risk of all-cause mortality [1] - TDI01 also effectively reduces the risk of acute exacerbation and progression of IPF, with the incidence of serious adverse events and discontinuation rates due to adverse events in the TDI01 treatment group being lower than those of standard treatment drugs, demonstrating good safety and tolerability [1]

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。 1 IPF是一種病因和發病機制尚不明確、進行性的慢性纖維化間質性肺病，隨著病情進展，患者的肺功 能逐步喪失，最後可能因肺部組織疤痕密佈而死於呼吸衰竭，影響著全球約300萬人[1]。IPF的發病率 和患病率呈逐年增加趨勢，發病人群以老年人為主，患者中位生存期僅為2-3年[2]。然而，現有藥物 無法控制或逆轉已受損的肺功能，且存在光敏反應、肝損傷及腹瀉等明顯不良反應，臨床亟需能夠 綜合干預疾病複雜機制且安全性更優的新型療法。 （於開曼群島註冊成立之有限公司） 網站：www.sinobiopharm.com （股份編號：1177） 自願公告 TDI01「ROCK2抑制劑」特發性肺纖維化Ⅲ期 臨床試驗完成首例患者入組 中國生物製藥有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）宣佈，本集團自 主研發的TDI01「ROCK2抑制劑」用於治療特發性肺纖維化(IPF)的Ⅲ期臨床試驗，已完成首例 ...

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report emphasizes the potential of brain-computer interface (BCI) technology and AI medical applications, predicting significant developments in 2026. It suggests focusing on innovative drug stocks and medical technology themes, particularly in the context of an aging population and the recovery of consumer spending in healthcare [3][5][42]. Summary by Sections 1. Policy Catalysts and BCI Application Potential - The brain-computer interface (BCI) technology is highlighted as a key area of growth, with the market expected to reach approximately $2.62 billion by 2024 and grow to $12.4 billion by 2034, reflecting a compound annual growth rate (CAGR) of 17.4% from 2025 to 2034 [12][18]. - The medical sector is projected to account for about 46% of the BCI application market in 2024, focusing on areas such as neurological rehabilitation and sensory diagnostics [13][18]. 2. Industry Perspective: Innovation and Global Expansion - The pharmaceutical index has shown a decline of 0.18% from December 22 to December 26, 2025, with a year-to-date increase of 14.29%. The report notes a significant number of stocks experiencing both gains and losses during this period [25][30]. - The report identifies key stocks to watch, including innovative drug companies and those involved in the BCI and AI medical sectors, suggesting a focus on companies like Heng Rui Medicine, Zai Lab, and others [42][45]. 3. Investment Opportunities - The report suggests that the pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs leading the way. It highlights the increasing global competitiveness of Chinese pharmaceutical companies and their growing capabilities in international markets [41][42]. - Specific recommendations include focusing on innovative drugs, medical devices, and companies involved in the BCI sector, with a particular emphasis on those with strong fundamentals and potential for recovery in 2026 [42][44].