Policy Trends - The National Health Commission recommends annual flu vaccinations for all individuals over 6 months old without contraindications, due to frequent virus mutations and the declining efficacy of the vaccine over time [1] Medical Device Procurement - The sixth batch of national organized high-value medical consumables procurement commenced in Tianjin, including 12 types of medical consumables for drug-coated balloons and urological interventions [2] Drug Approval and Clinical Trials - Pianzaihuang announced the completion of the first subject enrollment for its Phase II clinical trial of "Wenfei Dingchuan Granules" for chronic obstructive pulmonary disease, with a total R&D investment of approximately 19 million yuan [2] - Shanghai Pharmaceuticals received approval for the production of Sulfate Isavuconazole, an antifungal drug [3] Financial Forecasts - Kingmed Diagnostics expects a net loss attributable to shareholders in 2025 due to extended accounts receivable collection periods [4] - Hendi Pharmaceutical anticipates a year-on-year decline in net profit of 66.14%-57.40% for 2025, primarily due to increased market competition and reduced interest income [5] - Zhifei Biological forecasts a significant net loss of 10.698 billion to 13.726 billion yuan for 2025, compared to a profit of 2.018 billion yuan in the previous year [6] - Wohua Pharmaceutical expects a net profit increase of 119.76%-215.90% for 2025, projecting profits between 80 million and 115 million yuan [7] Industry Developments - OpenAI has agreed to acquire the AI healthcare startup Torch for approximately $100 million, which provides personalized medical advice based on user data [8] - China National Pharmaceutical Group announced a full acquisition of the domestic siRNA innovative drug company Hegia Biotech for 1.2 billion yuan, enhancing its pipeline in the chronic disease sector [8] Regulatory Issues - The National Medical Insurance Administration reported a commercial bribery case involving Chongqing Kangrong Medical Equipment Co., with an amount of 8 million yuan [9]

Core Viewpoint - China Biopharmaceutical (01177.HK) announced a strategic acquisition of Hegia for a total price of 1.2 billion yuan, aiming to enhance its innovation layout and clinical advancement in the chronic disease sector, particularly in the field of small interfering RNA (siRNA) therapies [1][2]. Group 1: Acquisition Details - The acquisition price of Hegia is set at 1.2 billion yuan, which is subject to adjustment [1]. - Hegia specializes in the development of siRNA innovative drugs and has established an integrated drug development system from target discovery to proof of concept (POC) [1][2]. Group 2: Hegia's Capabilities - Hegia has developed six liver-targeted and extrahepatic delivery platforms, including MVIP, which is the world's first clinically validated platform allowing for "once-a-year" long-acting administration [2]. - The company has four innovative drugs currently in clinical stages, including Kylo-11, which is the first siRNA for treating hyperlipoproteinemia (a) with a once-a-year dosing schedule, currently in Phase II clinical trials [3]. Group 3: Strategic Importance - The acquisition is expected to leverage Hegia's strengths in sequence design, delivery systems, and chemical modifications, complementing China Biopharmaceutical's experience in molecular forms, patent layout, and clinical translation [2]. - The small nucleic acid sector has become one of the most promising areas in the biopharmaceutical industry, with a total disclosed transaction value of approximately 35 billion USD since 2025, reflecting a year-on-year growth of over 40% [3].

Core Viewpoint - China National Pharmaceutical Group Co., Ltd. (China Biopharmaceutical) announced a total acquisition of Hangzhou Hejiya Biopharmaceutical Co., Ltd. for RMB 1.2 billion, aiming to enhance its capabilities in the small interfering RNA (siRNA) drug development sector [1][2]. Group 1: Acquisition Details - The acquisition price for Hejiya Biopharmaceutical is set at RMB 1.2 billion [1]. - Hejiya Biopharmaceutical specializes in the research and development of innovative siRNA drugs, focusing on significant clinical value in the treatment of metabolic diseases, cardiovascular diseases, and neurological disorders [1]. Group 2: Strategic Importance - The acquisition is expected to strengthen China Biopharmaceutical's core competitiveness in the siRNA field and expand its presence in the global market for chronic disease treatment, which is valued in the trillions [2]. - The merger will leverage the existing clinical development and commercial expansion experience of China Biopharmaceutical, providing strong momentum for sustainable growth and long-term value creation for shareholders [2]. Group 3: Innovation and Future Prospects - Hejiya has successfully overcome delivery technology bottlenecks for siRNA drugs across multiple tissues, achieving long-lasting gene silencing effects with a single administration [1]. - The collaboration is anticipated to accelerate drug development processes and expand the application of siRNA technology to address unmet medical needs in various disease areas [2].

Core Viewpoint - The acquisition of Hegia Biotech by China National Pharmaceutical Group for 1.2 billion RMB is seen as a strategic move to strengthen its position in the rapidly growing small RNA drug sector, which is becoming a new frontier in innovative pharmaceuticals [1][2]. Company Summary - China National Pharmaceutical Group has expanded its portfolio by acquiring Hegia Biotech, a company specializing in siRNA innovation, which has developed six delivery platforms and has four drugs in clinical stages [1][2]. - Hegia Biotech, founded in 2018, has a strong R&D team with over 20 years of experience and has secured more than 50 core patents, establishing a comprehensive drug development system from target discovery to clinical proof of concept [2][3]. - The acquisition is expected to enhance China National Pharmaceutical Group's capabilities in the large chronic disease market, providing a complete closed loop from technology development to clinical transformation [3][10]. Industry Summary - The small RNA drug sector is emerging as a significant area of innovation, following PD-1 and ADC, with global pharmaceutical companies actively investing in this space [2][4]. - The global small RNA drug market is projected to grow from $5.7 billion in 2024 to $20.6 billion by 2029, with a compound annual growth rate (CAGR) of 29.4% [7]. - In China, the RNAi therapy market is expected to expand from approximately $4 million in 2022 to over $30 million by 2030, indicating a CAGR exceeding 300% [7]. - The successful listing of Suzhou Rebio Biotech on the Hong Kong Stock Exchange signifies growing recognition of China's independent R&D capabilities in the small RNA drug field [6][5]. - The industry is witnessing significant advancements, including the successful overcoming of delivery patent barriers and the establishment of a mature industrial chain ecosystem [5][6]. Competitive Landscape - The competition in the small RNA drug market will focus on three dimensions: technological platform advantages, depth and differentiation of pipelines, and globalization capabilities [10]. - Companies are expected to pursue mergers and acquisitions to quickly acquire technology and teams, as the high technical barriers in the small RNA sector may hinder independent research and development [10].

Core Insights - The siRNA sector has become one of the most promising areas in the biopharmaceutical industry, with a global transaction total of approximately $35 billion since 2025, reflecting a year-on-year growth of over 40% [1] - China National Pharmaceutical Group (China Biopharmaceutical) announced a full acquisition of domestic siRNA innovator Hejia Bio for a total price of 1.2 billion RMB, marking a significant move in the siRNA space following its investment in Saintin Bio [1] - The acquisition aims to enhance China Biopharmaceutical's core competitiveness in the siRNA sector and expand its footprint in the trillion-dollar chronic disease treatment market [1] Group 1 - Hejia Bio, established in 2018, focuses on providing long-acting, low-dose siRNA innovative products, with a core R&D team having over 20 years of experience in siRNA drug development [2] - Hejia has developed six delivery platforms and has four innovative drugs in clinical stages, with over 20 projects in preclinical stages, showcasing significant global first-in-class (FIC) and best-in-class (BIC) potential [2] - The MVIP liver delivery platform is the world's first clinically validated siRNA platform capable of "one injection per year," demonstrating superior delivery efficiency and efficacy compared to existing platforms [2] Group 2 - The dual-target coupling technology platform (DDP) allows for simultaneous delivery of dual-target siRNA, enabling breakthroughs in synergistic treatment for complex diseases [3] - The neural delivery platform (NSDP) is set to address unmet clinical needs in central and peripheral nervous system diseases, with products expected to enter clinical stages by 2026 [3] - Hejia's innovative technologies, including the long-acting liver delivery system and dual-target technology, are anticipated to drive multiple products into clinical stages between 2026 and 2027, with potential valuations exceeding $10 billion [3] Group 3 - The advantages of siRNA drugs in chronic diseases are becoming evident, particularly in improving patient adherence, which is crucial for effective disease management [4] - For cardiovascular diseases, approximately 3 billion people globally suffer from lipid abnormalities, with over 1.4 billion having elevated Lp(a) levels, which significantly increases the risk of serious health issues [4] - Current therapies only reduce Lp(a) levels by 20%-25%, while new siRNA therapies could achieve reductions of 80%-95%, with a market size estimated at $15 billion [4] Group 4 - Hejia's Kylo-11 is the first siRNA product to achieve a "one injection per year" treatment for elevated Lp(a), demonstrating a 95% reduction in levels with a single subcutaneous injection [5] - Kylo-11 has completed its first patient dosing in a multi-center Phase II clinical trial in October 2025, making it the fastest progressing siRNA product for treating elevated lipoprotein(a) in China [5] - Hejia has additional clinical projects, including ApoC3 siRNA and chronic HBV siRNA products, with over 20 preclinical pipelines covering high-value areas such as cardiovascular and metabolic diseases [6] Group 5 - The acquisition of Hejia by China Biopharmaceutical is seen as a strategic move to enhance its portfolio in chronic disease treatments, particularly in cardiovascular and metabolic areas [6] - This acquisition complements China Biopharmaceutical's existing capabilities in respiratory, liver diseases, and autoimmune conditions, significantly expanding its market presence [6] - The collaboration is expected to accelerate the commercialization of Hejia's siRNA drug pipeline, leveraging China Biopharmaceutical's extensive clinical and commercial capabilities [6] Group 6 - The average deal size for global siRNA business development transactions has exceeded $800 million, indicating a rising trend in transaction values [7] - The acquisition of Hejia represents a significant move by a large pharmaceutical company in the domestic siRNA sector, following its previous acquisition of Lixin Pharmaceutical [7] - Hejia's founder expressed optimism about the collaboration, highlighting the potential for advancing drug development and addressing unmet medical needs in chronic diseases [7]

（来源：药研网） 1月13日，中国生物制药宣布全资收购赫吉亚，扩展布局siRNA赛道。 根据买卖协议，卖方有条件地同意出售，而买方有条件地同意收购赫吉亚100%的股权，最高基础代价为人民币12亿元（可下调）， 部分以现金支付，部分以代价股份支付。于交割时届时，赫吉亚将成为中国生物制药的间接全资附属公司。 赫吉亚是一家专注于小干扰核酸（siRNA）创新药研发的先锋生物医药企业，已构建从靶点发现到临床概念验证（POC）的一体化创 新药物开发体系，重点布局减重代谢、心脑血管、神经系统三大慢性病领域。 2025年siRNA领域全球披露交易总额将超350亿美元，同比增长率超过40%。作为siRNA创新药研发的先锋企业，赫吉亚成功攻克了多 个组织的递送突破技术瓶颈，实现对肝脏（单靶点/双靶点）、神经、肺部、肾脏、脂肪等多组织的精准靶向，达成单次给药即可实 现长效沉默靶基因的效果，其显著优异的疗效、长效性及安全性已在临床前研经过研究与临床试验的双重验证。通过此次收购，本集 团将构建下一代心血管治疗创新产品线，完善减重新布局代谢领域，拓展万亿级慢性病管理市场新版图。 | | 赫吉亞的股東 | 概約所有權 | 各名賣方應佔基 ...

Core Viewpoint - China Biopharmaceutical (01177) announced the acquisition of Hejiya, a pioneer in siRNA innovative drug development, for a maximum consideration of RMB 120 million, aiming to enhance its innovation in chronic disease management and clinical advancement [1][2]. Group 1: Acquisition Details - The acquisition involves a full purchase of Hejiya's 100% equity by China Biopharmaceutical's wholly-owned subsidiary, with part of the payment in cash and part in shares [1]. - Hejiya will become an indirect wholly-owned subsidiary of China Biopharmaceutical upon completion of the transaction [1]. Group 2: Hejiya's Technology and Market Potential - Hejiya specializes in siRNA technology, addressing limitations in existing chronic disease therapies, with a projected global transaction volume in the siRNA field exceeding USD 35 billion by 2025, reflecting a growth rate of over 40% [2]. - Hejiya has developed a differentiated delivery platform with proprietary technology, including the MVIP platform for long-acting liver-targeted delivery, which addresses patient compliance issues in chronic disease treatment [3]. Group 3: Clinical Assets and Pipeline - Hejiya possesses four clinical-stage assets and over ten preclinical assets, all with first-in-class or best-in-class potential [4]. - Kylo-11, a long-acting Lp(a) siRNA, is in Phase II clinical trials, showing promising efficacy and safety for treating elevated Lp(a) levels, which affect over 1.4 billion people globally [4]. - Kylo-12, an APOC3 siRNA, aims for a biannual dosing regimen and is set to begin Phase II trials in 2026, targeting high triglyceride levels and familial chylomicronemia syndrome [5]. Group 4: Future Development Plans - Hejiya plans to advance multiple innovative projects into clinical stages by 2026, including products targeting obesity and Alzheimer's disease [6].

智通财经APP讯，中国生物制药(01177)发布公告，自2026年1月13日起：1.陈凯年先生已辞任公司秘书 及不再担任根据香港联合交易所有限公司证券上市规则第3.05条所规定公司之授权代表;及2.赖娟女士已 获委任为公司秘书及授权代表以填补该等职务。 ...

Core Viewpoint - The acquisition of Hegia Biotech by China National Pharmaceutical Group for 1.2 billion RMB marks a significant strategic move in the siRNA sector, enhancing the company's capabilities in the chronic disease treatment market and expanding its innovative drug pipeline [1][10]. Group 1: Acquisition Details - China National Pharmaceutical Group announced a full acquisition of Hegia Biotech for a total price of 1.2 billion RMB, further expanding its presence in the siRNA innovation drug sector [1]. - This acquisition follows the investment in Saintin Biotech, indicating a strategic focus on the siRNA field [1]. - The deal is expected to enhance the company's core competitiveness in the siRNA sector and open up new opportunities in the global chronic disease treatment market [1][10]. Group 2: Hegia Biotech Overview - Hegia Biotech, established in 2018, specializes in siRNA innovative products with a focus on long-acting and low-dose advantages [4]. - The core R&D team at Hegia has over 20 years of experience in siRNA drug development and holds more than 50 core patents [4]. - Hegia has developed six delivery platforms and has four innovative drugs in clinical stages, with over 20 projects in preclinical stages [4]. Group 3: Technological Advancements - Hegia's MVIP liver delivery platform is the first clinically validated siRNA platform capable of "one injection per year" [5]. - The dual-target delivery platform (DDP) allows for simultaneous delivery of dual-target siRNA, offering significant therapeutic breakthroughs [5]. - The neuro delivery platform (NSDP) aims to address unmet clinical needs in central and peripheral nervous system diseases, with products expected to enter clinical stages by 2026 [5]. Group 4: Market Potential - The global market for siRNA drugs is projected to reach $15 billion, driven by the need for effective treatments for conditions like elevated lipoprotein(a) [7]. - Hegia's Kylo-11 is the first siRNA product to achieve a 95% reduction in lipoprotein(a) levels with a single injection lasting over a year, positioning it favorably in the market [8]. - The potential market for Hegia's innovative therapies is significant, with estimates suggesting a peak sales potential of $15 billion to $21 billion for similar products [8]. Group 5: Strategic Implications - The acquisition is seen as a strategic alignment of technical capabilities and industrialization potential, enhancing Hegia's drug pipeline and accelerating market entry [10]. - The collaboration between Hegia and China National Pharmaceutical Group's existing resources is expected to foster the development of new innovative therapies [10]. - This acquisition represents a significant move in the domestic siRNA sector, marking the first major acquisition initiated by a large pharmaceutical company [10].

格隆汇1月13日丨中国生物制药(01177.HK)宣布，自2026年1月13日起：1.陈凯年已辞任公司之公司秘书 及不再担任根据香港联合交易所有限公司证券上市规则第3.05条所规定公司之授权代表；及2.赖娟已获 委任为公司之公司秘书及授权代表以填补该等职务。 ...