Group 1 - UBS initiates coverage of Sangamo Therapeutics (01530.HK) with a "Buy" rating and a target price of HKD 30 [1] - The report highlights Sangamo's core products targeting hematology and autoimmune diseases, emphasizing a record-breaking licensing agreement with Pfizer worth USD 6.15 billion for SSGJ-707 (PD-1/VEGF bispecific antibody) [1] - UBS forecasts a compound annual growth rate (CAGR) of 11.7% for revenue and 12.1% for net profit from 2024 to 2034 for Sangamo [1] Group 2 - Key catalysts include potential data updates for SSGJ-707 in the second half of 2025, recognition of prepaid revenue in Q3, and the initiation of overseas clinical trials for SSGJ-707 [1]

Investment Rating - The investment rating for 3SBio Inc. is Neutral with a 12-month price target of HK$9.37, indicating a downside potential of 58.2% from the current price of HK$22.40 [8][7]. Core Insights - The management of 3SBio Inc. highlighted the successful execution of the licensing-out deal for SSGJ-707 with Pfizer, which was negotiated in less than two months. The initiation of global clinical trials is expected to begin in the third or fourth quarter of 2025 after the deal closes [2][1]. - The company is actively seeking business development opportunities with a growing pipeline that includes assets such as TL1A, BDCA2, and multiple early-stage antibodies, as well as a pre-clinical candidate for weight loss [2][1]. - Product sales in the first half of 2024 are anticipated to be soft due to a challenging industry environment and a high sales base from key drugs, particularly TPO, which saw a growth of 23% year-on-year in the first half of 2024 [3][1]. Summary by Sections Licensing and Business Development - The licensing-out deal for SSGJ-707 is a significant milestone, with the first overseas study expected to start in late 2025. The phase 3 clinical trial for SSGJ-707 as a monotherapy has already commenced in China [2][1]. - The company is focusing on sourcing late-stage assets to enhance its product portfolio, including a recently licensed oral paclitaxel expected to drive growth in 2026 [6][1]. Financial Performance - The company anticipates earnings growth to outperform revenue growth due to savings in operating expenses, despite the soft product sales outlook for the first half of 2024 [3][1]. - The financial forecasts indicate a revenue increase from RMB 9,108 million in 2024 to RMB 11,112.7 million by 2027, with an expected EBITDA growth from RMB 2,922.2 million to RMB 3,856.6 million over the same period [8][7].

（於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1530） 提名委員會的職權範圍 3SBio Inc.三生制药（「本公司」）的提名委員會（「委員會」）乃根據本公司董事會（「董 事 會」）於 二 零 一 四 年 十 一 月 二 十 七 日 通 過 的 決 議 案 成 立。以 下 載 列 經 修 訂 的 委 員 會職權範圍（「職權範圍」）。職 權 範 圍 備 有 英 文 及 繁 體 中 文 版 本 可 供 查 閱。如 職 權 範 圍 的 英 文 版 本 與 繁 體 中 文 版 本 有 任 何 歧 義，概 以 英 文 版 本 為 準。 1. 目 的 3.1 除 本 文 另 有 指 明 外，本 公 司 組 織 章 程 細 則（「章程細則」）（經 不 時 修 訂）所 載 有 關 規 範 董 事 會 議 及 議 事 程 序 的 規 定，適 用 於 委 員 會 的 會 議 及 議 事 程 序。 3.2 委 員 會 成 員 可 親 自 出 席 委 員 會 會 議，或 通 過 其 他 電 子 溝 通 方 式 或 由 成 員 協 定 的 其 他 方 式 參 與 會 議。 3.3 委 員 會 應 每 ...

董事名單與其角色及職能 C 董事委員會主席 三生制药董事會（「董事會」）成員及彼等各自於董事會及董事委員會角色及職能載 列 如 下： | 董事委員會 | 審計委員會 | 提名委員會 | 薪酬委員會 | | --- | --- | --- | --- | | 董 事 | | | | | 執行董事 | | | | | （主 席 兼 首 席 執 行 官） 婁競博士 | — | C | — | | 蘇冬梅女士 | — | — | — | | 非執行董事 | | | | | 張皎娥女士 | — | — | — | | 獨立非執行董事 | | | | | 濮天若先生 | C | — | M | | 楊凱蒂女士 | M | M | C | | 黃祖耀先生 | M | M | M | 附 註： （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1530） M 董事委員會成員 二零二五年六月二十五日 ...

(1)於二零二五年六月二十五日舉行之 股 東 週 年 大 會 投 票 表 決 結 果； (2)派 付 末 期 股 息； 及 (3)變更提名委員會組成 (1) 股東週年大會投票表決結果 茲提述三生制药（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）日期為二零二五 年五月二十六日載列（其 中 包 括）本公司股東週年大會（「股東週年大會」）通 告 （「通 告」）之通函（「通 函」）。除 文 義 另 有 所 指 外，本 公 告 所 用 之 詞 彙 與 通 函 所 界 定 者 具 有 相 同 涵 義。 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 之 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 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：01530） 本公司之香港股份過戶登記處香 ...

Group 1 - The Hong Kong stock market experienced a collective rise, with the Hang Seng Index up by 0.83% and the Hang Seng Tech Index up by 1.15% [1] - The Hong Kong Innovative Drug ETF (159567) increased by 0.97%, with a turnover rate exceeding 30% and transaction volume quickly surpassing 700 million yuan, indicating active trading [1] - Major stocks within the ETF, such as Rongchang Biopharmaceuticals and Cloudtop New Medicine, saw significant gains, with Rongchang Biopharmaceuticals rising over 4% and Cloudtop New Medicine rising over 2% [1] Group 2 - Recent reports highlight substantial external licensing deals by Chinese innovative pharmaceutical companies, including a deal by 3SBio worth over 6 billion USD, with a record upfront payment of 1.25 billion USD [1] - Another significant deal was announced by CSPC Pharmaceutical Group in collaboration with AstraZeneca, totaling 5.33 billion USD, showcasing the increasing value of Chinese innovative drug products [1] - The narrative of "China R&D, overseas licensing" is gaining recognition, marking a transition for the Chinese innovative drug industry from a "follower" to a "contributor" in the global market [1] Group 3 - Aijian Securities suggests a focus on "hard technology" and "strong demand" in the domestic market, maintaining a bullish outlook on the Chinese innovative drug sector's international expansion [2] - The sector is viewed as having clear industrial trends and future growth potential, with innovative drugs expected to remain the main investment theme within the pharmaceutical sector [2] - Recommendations include focusing on high-quality innovative drug stocks and companies with business development (BD) or data catalysts, as well as monitoring AI healthcare and pharmaceutical companies showing positive changes [2]

Group 1 - The core viewpoint is that the innovative drug market is still optimistic, with ongoing revaluation of innovative drug assets and a focus on the second-generation IO and ASCO data releases, as well as the valuation reshaping of pharma companies [1][2] - The pharmaceutical index increased by 1.40% during the week of June 9-14, 2025, outperforming the CSI 300 index, which decreased by 0.25%, resulting in a relative outperformance of 1.66% [1] - The current PE (TTM) for the pharmaceutical and biological industry is 28.41 times, compared to 12.04 times for the CSI 300 index, indicating a valuation premium of 135.95% for the pharmaceutical sector, which remains at a historical low [1] Group 2 - The current innovative drug market reflects a recognition of the business model of innovative drugs, driven by leading companies like BeiGene, Innovent Biologics, and Hengrui Medicine, which are expected to turn profitable through business development or globalization in 2024 or Q1 2025 [2] - The collective rise of leading innovative drug stocks indicates a systematic revaluation of their long-term R&D investment value, with the overall valuation center of the innovative drug sector moving upward due to long-term expectations of industry upgrades [2] - The current innovative drug market is characterized by data asset pricing rather than business development pricing, where high-quality and globally leading R&D asset data will attract reasonable market valuations regardless of short-term fluctuations in business development [2]

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [3][82]. Core Viewpoints - The report emphasizes the significant progress of Chinese innovative drugs, highlighting their emergence as a global force in the pharmaceutical industry, supported by a solid industrial foundation, policy backing, and capital support [4][5]. - The gap between Chinese and global innovative drugs has narrowed significantly, with the time to market for first-in-class drugs reduced from over 10 years to within 1-5 years [4]. - The report indicates that Chinese companies now account for over 30% of global clinical trials, with more than 60% of popular targets being pursued by Chinese firms [35][38]. Summary by Sections Breakthrough Therapies - The development of innovative drugs in China is underpinned by a robust industrial base, supportive policies, and substantial capital investment, leading to rapid growth in the ADC market and next-generation therapies [4][12]. - Key drugs such as Keytruda and Semaglutide are projected to generate sales of $29.482 billion and $29.296 billion respectively in 2024, showcasing the potential of innovative therapies [4][12]. Achievements - Chinese innovative drugs have made significant strides, with the clinical trial participation rate increasing from 9.7% in 2016 to 28.2% in 2023 [35]. - The report notes that the number of Chinese companies involved in clinical trials for oncology drugs has risen from 15% in 2016 to 35.5% in 2023, indicating a strong focus on cancer therapies [35]. Leading Trends - The rapid growth of License Out transactions has provided substantial cash flow for innovative drug companies, facilitating their expansion into international markets [5][66]. - The report highlights that the Chinese market is still dominated by foreign patented drugs, but there is significant potential for domestic innovative drugs to capture market share, especially as many foreign drugs face expiration of patents [70][72].

Core Viewpoint - The Hong Kong Innovative Drug ETF (159567) has shown significant growth in both share volume and fund size since its inception, indicating strong investor interest in the innovative drug sector [1]. Group 1: Fund Performance - As of June 24, the Hong Kong Innovative Drug ETF (159567) closed with a gain of 2.25% and a trading volume of 2.373 billion yuan [1]. - The fund was established on January 3, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1]. - The latest share count reached 1.478 billion, with a total fund size of 2.217 billion yuan as of June 23, reflecting a 273.92% increase in shares and a 486.71% increase in size since December 31, 2024 [1]. Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 38.434 billion yuan, averaging 1.922 billion yuan per day [1]. - Year-to-date, the ETF has seen a total trading amount of 79.325 billion yuan over 113 trading days, averaging 0.702 billion yuan per day [1]. Group 3: Fund Management - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 49.94% during the management period [1]. Group 4: Top Holdings - The ETF's top holdings include WuXi Biologics (11.47%), BeiGene (10.87%), and Innovent Biologics (9.60%), among others, with significant market values attributed to each [2].

Group 1 - The core product, Tebiou, is the only approved drug for CIT indications globally, with strong potential for market share growth and sales increase [1] - The competitive landscape for Tebiou is favorable, with limited likelihood of generic drug entry in the short to medium term, resulting in minimal pricing pressure [1] - The company expects a compound annual growth rate (CAGR) of 11% for Tebiou's sales from 2024 to 2026, with a long-term sales peak projected at 7 billion RMB [1] Group 2 - The company has a robust pipeline with 30 products in development, 12 of which are expected to be approved in mainland China by 2025-2027, focusing on hematology, oncology, autoimmune, and renal/metabolic areas [2] - A significant licensing agreement with Pfizer for the self-developed PD-1/VEGF dual antibody SSGJ-707 has a total transaction value of up to 6.05 billion USD, highlighting the company's drug development capabilities [2]