Core Viewpoint - China Biologic Products (01177) has received acceptance from the National Medical Products Administration (NMPA) for the clinical trial application of its innovative drug TQB3122, a PARP1 inhibitor intended for the treatment of advanced malignant tumors [1] Group 1: Product Details - TQB3122 is a highly selective PARP1 inhibitor with the ability to penetrate the blood-brain barrier, demonstrating anti-tumor effects through a dual mechanism [1] - The drug competitively inhibits the catalytic activity of the PARP1 enzyme, blocking DNA single-strand break repair, and stabilizes the DNA-PARP complex to hinder replication fork progression [1] - Based on the principle of "synthetic lethality," TQB3122 selectively targets tumor cells with BRCA mutations or homologous recombination deficiencies [1] Group 2: Clinical Potential - Research indicates that TQB3122 shows significant efficacy across multiple tumor models and has outstanding distribution capabilities in brain tissue, making it a potential new option for treating intracranial tumors [1] - Currently, there are no approved drugs targeting the same mechanism globally, positioning TQB3122 as a novel therapeutic choice for patients with advanced solid tumors [1]

Core Viewpoint - China Biopharmaceutical's innovative drug TQB3122, a PARP1 inhibitor, has received acceptance for clinical trial application from the National Medical Products Administration (NMPA) in China, aimed at treating advanced malignant tumors [1] Group 1: Drug Development - TQB3122 is characterized by high selectivity and the ability to penetrate the blood-brain barrier, providing a dual mechanism for anti-tumor action [1] - The drug works by competitively inhibiting the catalytic activity of the PARP1 enzyme, blocking DNA single-strand break repair, and stabilizing the DNA-PARP complex to hinder replication fork progression [1] - TQB3122 selectively targets and kills tumor cells with BRCA mutations or homologous recombination deficiencies based on the principle of "synthetic lethality" [1] Group 2: Clinical Potential - Research indicates that TQB3122 shows significant efficacy across multiple tumor models and has outstanding distribution capabilities in brain tissue, making it a potential new option for treating intracranial tumors [1] - Currently, there are no approved drugs targeting the same pathway globally, positioning TQB3122 as a unique therapeutic candidate [1] - The company aims to explore the safety and efficacy of TQB3122 in advanced solid tumors, potentially providing new treatment options for patients worldwide [1]

Core Viewpoint - China Biopharmaceutical (01177) has received acceptance for the clinical trial application (IND) of its innovative drug TQB3122, a PARP1 inhibitor, from the National Medical Products Administration (NMPA) in China, aimed at treating advanced malignant tumors [1] Group 1: Drug Development - TQB3122 is a highly selective PARP1 inhibitor with the ability to penetrate the blood-brain barrier, utilizing a dual mechanism to exert anti-tumor effects [1] - The drug competitively inhibits the catalytic activity of the PARP1 enzyme, blocking DNA single-strand break repair, and stabilizes the DNA-PARP complex to hinder replication fork progression [1] - TQB3122 selectively targets and kills tumor cells with BRCA mutations or homologous recombination deficiencies based on the principle of "synthetic lethality" [1] Group 2: Clinical Potential - Research indicates that TQB3122 shows significant efficacy across multiple tumor models and has outstanding distribution capabilities in brain tissue, making it a potential new option for treating intracranial tumors [1] - Currently, there are no approved drugs targeting the same pathway globally, positioning TQB3122 as a novel therapeutic choice for patients with advanced solid tumors [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。 目前，全球尚無同靶點藥物獲批上市。本集團將探索TQB3122在晚期實體瘤中的安全性與療效，有 望為全球患者提供新的治療選擇。 承董事會命 中國生物製藥有限公司 主席 謝其潤 香港，二零二五年八月十一日 1 （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 TQB3122「PARP1抑制劑」臨床試驗申請獲NMPA受理 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TQB3122「PARP1抑制劑」的新藥臨床試驗申請(IND)已獲得中國國家藥品監督管理局 (NMPA)受理，擬用於治療晚期惡性腫瘤。 TQB3122是一款具有高選擇性和血腦屏障穿透能力的PARP1抑制劑，通過雙重機制發揮抗腫瘤作 用：一方面，競爭性抑制PARP1酶的催化活性，阻斷DNA單鏈斷裂修復；另一方面，通過 ...

Core Viewpoint - China National Pharmaceutical Group's subsidiary, Chengdu Tianqing, has received approval for its biosimilar Adalimumab (Taibowei) in Algeria, providing affordable treatment options for patients with autoimmune diseases in Belt and Road Initiative countries [1][2] Group 1: Product Approval and Market Impact - The approval of Taibowei marks a significant step in meeting the growing demand for high-quality biosimilars in Algeria, a key market in North Africa [2] - Adalimumab is a critical drug for treating various autoimmune diseases, including rheumatoid arthritis and psoriasis [1] - The successful approval reflects the company's commitment to innovation and internationalization, aligning with the Belt and Road Initiative [2] Group 2: Regulatory and Quality Management - The development of biosimilars requires demonstrating high similarity in quality, safety, and efficacy to the reference drug, with China's regulatory framework evolving since 2015 [1] - As of 2024, over 20 biosimilars have been approved in China, with Taibowei being a successful example of this process [1] - The company has established large R&D and production bases in Jiangsu, with multiple production lines certified by EU cGMP and US FDA, emphasizing the importance of quality management [1] Group 3: Future Strategy and Collaboration - The company plans to deepen collaboration with local partners in Algeria to accelerate the commercialization of its products [2] - The firm aims to leverage its established technology platform and existing biosimilars to support further international expansion [2] - Future efforts will focus on innovation and meeting clinical needs in Belt and Road countries, contributing to the "Health Silk Road" initiative [2]

Core Viewpoint - China National Pharmaceutical Group (01177) experienced a decline of 4.48% in stock price, trading at 7.03 CNY per share with a transaction volume of 303 million CNY as of 10:10 AM on August 11 [1] Group 1: Company Overview - China National Pharmaceutical Group is an innovative research and development-driven pharmaceutical company, focusing on drug research, intelligent manufacturing, and sales [1] - The company specializes in various biological and chemical drugs, particularly excelling in four therapeutic areas: oncology, liver diseases, respiratory systems, and surgical/pain management [1] - Since its listing in 2000, the company has been included in multiple indices such as the MSCI Global Standard Index and the Hang Seng Index, and has been recognized in the "Top 50 Global Pharmaceutical Companies" by Pharmaceutical Manager for six consecutive years [1] Group 2: Financial Performance - As of the 2024 annual report, China National Pharmaceutical Group reported total revenue of 28.866 billion CNY and a net profit of 3.5 billion CNY [1] - The revenue contribution from the company's products has been increasing year by year [1] Group 3: Upcoming Events - The company is set to disclose its mid-year report for the fiscal year 2025 on August 18 [1]

Core Viewpoint - The Chinese innovative pharmaceutical industry is transitioning from imitation-based innovation to original innovation, and there is a strong emphasis on expanding into emerging overseas markets to achieve high-quality development [1][2]. Group 1: Industry Insights - Since the reform of the drug review and approval system in 2015, China's innovative drugs have entered a rapid development phase [1]. - Experts at the "Future Path of Chinese New Drugs (T20+)" conference suggested that collaboration among various stakeholders is essential to accelerate the internationalization of innovative drugs [1]. - The potential market in developing countries is significant due to their large populations, and China's innovative drugs are seen as high-quality and affordable alternatives [1]. Group 2: Company Initiatives - Companies like BeiGene, China Biologic Products, and CanSino Biologics are taking proactive steps to promote their innovative drugs in developing countries, contributing to global health challenges such as infectious diseases and chronic illnesses [1]. - A new alliance called the "Emerging Market New Drug Product Export Alliance" was established to facilitate experience sharing and collaborative efforts in promoting products to more countries [2].

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Views - The report emphasizes the potential opportunities in the autoimmune dual-antibody sector amidst the ongoing trend of international expansion. It highlights the increasing interest from multinational corporations (MNCs) in Chinese innovative drugs, particularly in the context of patent cliffs faced by leading MNCs [3][8] - The report suggests that the pharmaceutical sector is poised for growth in 2025, driven by several factors including the successful transition from traditional to innovative growth drivers, the increasing capabilities of Chinese companies in international markets, and the rising demand due to an aging population [4][47] Summary by Sections Market Performance - From August 4 to August 8, the pharmaceutical index declined by 0.84%, underperforming the CSI 300 index by 2.07%. Notable gainers included Nanmo Biology (+42.48%), Haichen Pharmaceutical (+41.29%), and Sino Medical (+39.52%). Conversely, Nanxin Pharmaceutical (-18.5%) and Qizheng Tibetan Medicine (-16.11%) were among the largest decliners [5][24] BD Opportunities - The report notes a surge in BD (business development) transactions, particularly in the autoimmune sector, with a total of over 100 license-out transactions in China from January 1 to August 7, 2025, amounting to $840.5 billion. The focus of these transactions has been primarily on oncology and metabolic fields, with a notable lack of activity in the autoimmune sector [9][8] Investment Recommendations - The report recommends focusing on innovative drugs and medical devices, particularly those with low valuations and potential for marginal improvement. Key companies to watch include Heng Rui Pharmaceutical, Keren Pharmaceutical, and Innovent Biologics [4][49] - It also highlights the importance of the aging population and the increasing demand for chronic disease treatments, suggesting that companies like Kunming Pharmaceutical and Yuyue Medical could benefit from this trend [48][47] Valuation Insights - As of August 8, 2025, the overall PE valuation for the pharmaceutical sector stands at 38.77X, indicating that the sector is still at a relatively low historical valuation compared to other sectors [36][47] Future Outlook - The report anticipates a rebound in the pharmaceutical sector in 2025, driven by innovative drugs and the ongoing internationalization of Chinese pharmaceutical companies. It emphasizes the need to focus on sectors with structural growth potential, such as innovative drugs, medical devices, and the aging population market [47][48]

Core Viewpoint - The article discusses the increasing trend of multinational pharmaceutical companies acquiring innovative drug assets from Chinese companies, highlighting the financial implications and strategic motivations behind these transactions [4][6][14]. Group 1: Acquisition Trends - On July 28, Heng Rui Medicine announced a licensing agreement with GlaxoSmithKline (GSK) for the global exclusive rights to the HRS-9821 project, excluding certain regions, with an upfront payment of $500 million and potential milestone payments totaling up to $12 billion [4]. - The first half of the year saw multinational pharmaceutical companies invest 464.3 billion yuan in Chinese innovative drugs, indicating a surge in acquisition activity [6][13]. - Notable transactions include Pfizer's acquisition of a PD-1/VEGF bispecific antibody from 3SBio for a total of $4.8 billion, marking a significant trend in the "buy-buy-buy" strategy among global pharma [8][9]. Group 2: Business Development (BD) Strategy - The article explains that the BD strategy in the pharmaceutical industry involves acquiring or licensing innovative drugs to enhance product pipelines and market reach, as developing new drugs internally is often costly and risky [14][17]. - The average cost and time to develop a new drug can reach $2-3 billion and take 10-15 years, with a success rate of less than 10% in clinical trials [14][17]. - The increasing number of BD transactions reflects a shift towards external sourcing for drug development, with the number of global pharmaceutical transactions rising from 358 in 2015 to 743 in 2024 [19]. Group 3: Chinese Innovation Drug Market - Multinational companies are increasingly recognizing the value of Chinese innovative drugs, which are often of high quality and lower cost compared to similar products in developed markets [22][25]. - As of August 2024, China has 910 new drugs approved, with 40 new Class 1 drugs launched in 2024 alone, and over 5,380 drugs in the pipeline, representing more than one-third of the global total [25][28]. - The cost of developing innovative drugs in China is significantly lower, estimated at 20-30% of the costs in the U.S., making Chinese assets attractive for acquisition [25][28]. Group 4: Strategic Licensing - Chinese pharmaceutical companies often choose to license their drugs to multinational firms rather than outright selling them, allowing for upfront payments, milestone payments, and ongoing royalties [28]. - This strategy enables Chinese firms to quickly recoup investments and fund further research while retaining domestic rights to their products [28]. - The article emphasizes the potential for Chinese companies to not only "borrow" resources but also to eventually "build" their own capabilities in the global market [28].

Core Viewpoint - Citigroup's research report indicates that recent measures released by Shanghai's financial and healthcare regulatory bodies aim to promote the high-quality development of commercial health insurance, which is expected to gradually expand nationwide [1] Group 1: Industry Impact - Commercial insurance is seen as a new financial resource for the healthcare system, which should help increase the usage of drugs, medical devices, diagnostics, and other medical procedures [1] - Innovative products are anticipated to benefit significantly from these developments [1] Group 2: Key Beneficiaries - Major beneficiaries identified within Citigroup's research include: - Heng Rui Medicine - China National Pharmaceutical Group - Innovent Biologics - Mindray Medical - Ping An Good Doctor [1]