Core Insights - The report from CMB International indicates a leading rating for the mainland pharmaceutical industry, following the National Healthcare Security Administration's announcement of the results from the 2025 Innovative Drug High-Quality Development Conference [1] Group 1: Industry Developments - The recent negotiations for the medical insurance and commercial insurance innovative drug catalog have resulted in many innovative pharmaceutical companies covered by CMB International having products newly included or successfully renewed in the insurance coverage [1] - Companies such as Heng Rui Medicine (600276), Innovent Biologics (01801), CanSino Biologics (09926), and China National Pharmaceutical Group (01177) have more than five products that received new coverage or new indications [1] Group 2: Market Outlook - The inclusion of more new drugs in the catalog is expected to enhance clinical medication levels and improve the overall R&D return rates in the innovative drug industry [1] - The introduction of commercial insurance funds is anticipated to provide significant incremental funding for innovative drug payments, paving the way for a diversified payment system alongside basic medical insurance [1] Group 3: Future Growth Potential - CMB International is optimistic about the sales growth potential of newly included products/indications in 2026, particularly for potential blockbuster products from companies like CanSino Biologics [1] - The report emphasizes the importance of monitoring the actual execution and payment situations of the first batch of commercial insurance catalog, as well as the dynamic adjustments in the list and pricing, and the long-term development opportunities arising from real-world data accumulation [1]

"B轮融资完成是公司发展历程中的重要里程碑。"圣因生物创始人、CEO王为民博士表示，获得多家全 球顶尖投资机构的支持，不仅是对公司研发实力与企业愿景的信任与认可，也为公司的长远发展注入了 关键资源。圣因生物始终致力于通过持续创新来拓宽RNAi技术的应用边界，从而解决全球未满足的临 床需求。未来，公司将全力推进在研药物的全球后期临床开发，同时依托LEAD平台推动更多变革性候 选药物进入临床阶段。 就在上个月，圣因生物宣布与礼来制药公司达成一项全球研发合作与许可协议，双方将基于圣因生物专 有的LEAD平台共同推动针对代谢性疾病的RNAi候选药物的开发。根据协议条款，圣因生物将获得包 括首付款和股权投资的近期付款。此外，圣因生物还有权收取后续高达12亿美元的开发、监管和销售里 程碑付款，以及商业销售的分级特许权使用费。 近日，圣因生物宣布已完成超1.1亿美元B轮融资，本轮融资由一家知名产业机构领投，一家国际主权基 金、中国生物制药集团、君联资本、维梧资本、Invus、SymBiosis、苏创投、真脉投资、清池资本跟 投，并获礼来制药公司战略投资。同时，现有股东高瓴创投、启明创投、险峰淇云、泰福资本、元禾控 股、北极 ...

近日，圣因生物宣布已完成超1.1亿美元B轮融资，本轮融资由一家知名产业机构领投，一家国际主权基 金、中国生物制药集团、君联资本、维梧资本、Invus、SymBiosis、苏创投、真脉投资、清池资本跟 投，并获礼来制药公司战略投资。同时，现有股东高瓴创投、启明创投、险峰淇云、泰福资本、元禾控 股、北极光创投等继续支持。 自2021年成立以来，圣因生物凭借其专有的RNAi药物研发平台，致力于开发出靶向肝脏及肝外组织的 同类首创/同类最佳RNAi疗法。基于该平台，公司已构建了涵盖自身免疫疾病、心血管疾病、代谢性疾 病及肥胖等不同治疗领域的多元化产品管线，其中多款已进入临床阶段。此次B轮融资的顺利完成，将 有力推动公司在研及规划中管线的临床开发及全球化布局，并助力公司在RNAi领域持续实现新突破。 "B轮融资完成是公司发展历程中的重要里程碑。"圣因生物创始人、CEO王为民博士表示，获得多家全 球顶尖投资机构的支持，不仅是对公司研发实力与企业愿景的信任与认可，也为公司的长远发展注入了 关键资源。圣因生物始终致力于通过持续创新来拓宽RNAi技术的应用边界，从而解决全球未满足的临 床需求。未来，公司将全力推进在研药物的全球 ...

Core Viewpoint - The release of the 2025 version of the basic medical insurance directory and the first commercial insurance directory is expected to support innovation in the CXO industry, leading to a potential performance recovery in the second half of the year [1] Summary by Categories Industry Outlook - The report indicates that several companies' core innovative products have been included in the medical insurance directory [1] - Despite ongoing pressures on medical insurance revenue due to macroeconomic conditions and aging populations, attention is drawn to the renewal of national centralized procurement [1] Commercial Insurance - The initial commercial insurance directory is expected to have limited short-term impact on product sales due to the small scale of commercial insurance [1] - However, the significance of the commercial insurance directory is highlighted as it may pave the way for the expansion of commercial medical insurance in China, marking the beginning of a diversified payment system development [1] Company Recommendations - The report recommends buying shares in the following companies: - Sanofi (01530) - Genscript Biotech (02273) - WuXi AppTec (02268) - Genor Biopharma (02367) - Innovent Biologics (01801) - China Biologic Products (01177) [1]

Group 1 - The core announcement is that China Biologic Products (01177) has received clinical trial approval from both the National Medical Products Administration (NMPA) in China and the U.S. Food and Drug Administration (FDA) for its innovative drug TQF3250 capsules, which are intended for weight loss [1] - TQF3250 is an oral small molecule GLP-1 receptor agonist that selectively activates the cAMP-biased GLP-1 receptor signaling pathway, promoting insulin secretion while reducing β-arrestin recruitment and receptor internalization, thus extending the duration of action [1] - Compared to traditional injectable GLP-1 drugs, TQF3250's oral administration method significantly enhances patient convenience and long-term treatment adherence [1] Group 2 - Obesity and overweight have become one of the most severe public health challenges of the 21st century, with the global prevalence expected to rise from 36% in 2000 to 50% by 2030, affecting nearly 3 billion people [2] - In China, the trend is particularly pronounced, with an estimated 41% of adults projected to have a high BMI (≥25 kg/m²) by 2025, and 9% classified as obese (BMI ≥30 kg/m²) [2] - The clinical trial application for TQF3250 to treat type 2 diabetes has also been approved by NMPA, indicating that metabolic diseases are a core focus area for the company, which aims to provide a diverse product pipeline for patients [2]

Company News - Xinyi International (00732.HK) reported an unaudited consolidated revenue of approximately HKD 1.278 billion for November, a year-on-year decrease of about 14.9%. The cumulative revenue for the first 11 months was approximately HKD 15.259 billion, down 6.2% year-on-year [2] - Jieli Trading (08017) announced an increase of 10 institutional clients by November 2025, up by 4 clients year-on-year. The registered user count reached approximately 883,100, a year-on-year increase of 6.2%, while the number of users for IPO subscriptions was about 113,100, reflecting an 8.2% year-on-year growth [2] - China Overseas Development (00688.HK) reported a cumulative contract property sales amount of approximately RMB 211.399 billion for the first 11 months, a year-on-year decline of 21.8% [2] - Gemdale Commercial (00535.HK) recorded a cumulative contract sales total of approximately RMB 9.874 billion for the first 11 months, down 43.5% year-on-year [2] - China Overseas Hongyang Group (00081) reported a cumulative contract sales amount of RMB 29.615 billion for the first 11 months, a year-on-year decrease of 16.6% [2] - Sunac China (01918.HK) achieved a cumulative contract sales amount of approximately RMB 33.89 billion for the first 11 months, a year-on-year decrease of 25.34% [2] - Hongyang Real Estate (01996.HK) reported a cumulative contract sales amount of RMB 4.181 billion for the first 11 months, down 47.87% year-on-year [3] - Country Garden (02007.HK) achieved a contract sales amount of approximately RMB 2.35 billion in November [4] - China Biopharmaceutical (01177.HK) received NMPA and FDA approval for the clinical trial application of "TQF3250," an oral GLP-1 receptor agonist [4] Buyback Activities - Yueda Group (00772.HK) plans to repurchase up to 102.2 million shares with a maximum total expenditure of HKD 1.2 billion [5] - Tencent Holdings (00700.HK) repurchased approximately 1.044 million shares for about HKD 636 million, with repurchase prices ranging from HKD 605 to HKD 613 [5] - Xiaomi Group-W (01810.HK) repurchased 2.4 million shares for approximately HKD 101 million, with a repurchase price of HKD 41.88 [5] - COSCO Shipping Holdings (01919.HK) repurchased 3 million shares for approximately HKD 41.8218 million, with repurchase prices between HKD 13.89 and HKD 13.99 [5] - Kuaishou-W (01024.HK) repurchased 445,000 shares for approximately HKD 29.923 million, with repurchase prices ranging from HKD 67.00 to HKD 67.55 [6] - China Feihe (06186.HK) repurchased 6.281 million shares for approximately HKD 25.7521 million, with a repurchase price of HKD 4.1 [7] - Green Tea Group (06831.HK) plans to repurchase shares with a total price not exceeding HKD 130 million [7]

Group 1 - The core point of the article is that China Biologic Products (01177.HK) has received approval from the NMPA and FDA for its innovative oral GLP-1 receptor agonist TQF3250, aimed at weight loss [1] - TQF3250 is a small molecule oral GLP-1 receptor agonist that selectively activates the cAMP pathway, promoting insulin secretion while reducing gastrointestinal side effects compared to traditional GLP-1 drugs [1] - The oral administration of TQF3250 enhances patient convenience and long-term treatment adherence compared to injectable GLP-1 medications [1] Group 2 - Obesity and overweight are significant public health challenges, with global adult obesity rates expected to rise from 36% in 2000 to 50% by 2030, affecting nearly 3 billion people [2] - In China, the trend is particularly pronounced, with an estimated 41% of adults projected to have a high BMI (≥25 kg/m²) by 2025, and 9% classified as obese (BMI ≥30 kg/m²) [2] - TQF3250 has also received NMPA approval for clinical trials targeting type 2 diabetes, aligning with the company's focus on metabolic diseases and diverse product pipeline [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。 （於開曼群島註冊成立之有限公司） 網站：www.sinobiopharm.com （股份編號：1177） 1 除減重適應症外，TQF3250用於治療2型糖尿病的臨床試驗申請已獲NMPA批准。代謝性疾病是本集 團聚焦的核心治療領域之一，本集團將通過多元化的產品管線，為患者提供更豐富的治療選擇。 參考文獻： 自願公告 TQF3250「口服偏向型GLP-1受體激動劑」臨床試驗申請獲NMPA、FDA批准 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 主研發的創新藥TQF3250膠囊「口服偏向型GLP-1受體激動劑」的臨床試驗申請已獲得中國國家藥品監 督管理局(NMPA)和美國食品藥品監督管理局(FDA)的批准，擬用於減重。 TQF3250是一款口服小分子偏向型GLP-1受體激動劑。與傳統GLP-1藥物相比，TQF3250通過選擇性 激活cAMP偏向的GLP- ...

中国生物制药(01177)发布公告，集团开发的"罗替高汀贴片"(商标名：罗菲定)已获得中国国家药品监督 管理局的上市批准，用于早期特发性帕金森病症状及体征的单药治疗，或与左旋多巴联合用于病程中的 各个阶段。 帕金森病是中老年常见的神经退行性疾病，《中国帕金森病报告2025》显示，国内现存帕金森病患病人 数超过500万例。除动作迟缓、肌强直、静止性震颤、姿势平衡障碍等运动症状外，疾病表现常伴有嗅 觉障碍、睡眠行为异常、抑郁焦虑、便秘等多种非运动症。 帕金森病的发病根源是脑内黑质区域制造多巴胺的神经细胞逐渐凋亡，目前无法治愈。随着病情进展， 患者需完全依赖药物补充多巴胺，当药物浓度出现波动时，便会出现"开关效应"："开期"指药物起效 时，患者的运动功能得到改善，身体活动相对自如。"关期"指药效减弱或消失时，患者迅速出现肢体僵 直、行动困难，如同断电一般。 罗替高汀贴片是一种非麦角类多巴胺受体激动剂，采用透皮给药方式，不仅避免了肝脏首过效应，更具 备长效缓释的特性，能够维持24小时稳定的血药浓度。对于存在"开关现象"的帕金森病患者，该药物可 显着减少"关期"发作、延长"开期"时间，同时降低脉衝式刺激多巴胺受体引发的 ...

智通财经APP讯，中国生物制药(01177)发布公告，集团开发的"罗替高汀贴片"(商标名：罗菲定®)已获 得中国国家药品监督管理局的上市批准，用于早期特发性帕金森病症状及体征的单药治疗，或与左旋多 巴联合用于病程中的各个阶段。 帕金森病是中老年常见的神经退行性疾病，《中国帕金森病报告2025》显示，国内现存帕金森病患病人 数超过500万例。除动作迟缓、肌强直、静止性震颤、姿势平衡障碍等运动症状外，疾病表现常伴有嗅 觉障碍、睡眠行为异常、抑郁焦虑、便秘等多种非运动症。 帕金森病的发病根源是脑内黑质区域制造多巴胺的神经细胞逐渐凋亡，目前无法治愈。随着病情进展， 患者需完全依赖药物补充多巴胺，当药物浓度出现波动时，便会出现"开关效应"："开期"指药物起效 时，患者的运动功能得到改善，身体活动相对自如。"关期"指药效减弱或消失时，患者迅速出现肢体僵 直、行动困难，如同断电一般。 罗替高汀贴片是一种非麦角类多巴胺受体激动剂，采用透皮给药方式，不仅避免了肝脏首过效应，更具 备长效缓释的特性，能够维持24小时稳定的血药浓度。对于存在"开关现象"的帕金森病患者，该药物可 显着减少"关期"发作、延长"开期"时间，同时降低脉衝式 ...