Group 1 - The core viewpoint is that the Chinese innovative drug industry is experiencing a positive trend, with increased activity in the sector and significant growth in stock prices of related companies [1][2] - The Hong Kong innovative drug ETF (159567) is closely tracking the Hong Kong Stock Connect Innovative Drug Index (987018), reflecting the performance characteristics of listed biotech companies in the region [1] - Recent developments include participation of several Chinese innovative drug companies in the AACR annual meeting, with notable product breakthroughs reported by companies like Innovent Biologics and CanSino Biologics [1] Group 2 - Analysts predict that the innovative drug industry in China is expected to reach a turning point by 2025, shifting from capital-driven growth to profit-driven growth, presenting dual opportunities for performance and valuation recovery [2] - The current supportive policies for the innovative drug sector are clear, with expectations for further improvements in patient accessibility through commercial insurance directories [2] - The overall supply-demand dynamics in the innovative drug market are improving, with a notable increase in the number of license-out projects and recognition of innovative drugs in international markets [2]

3SBIO INC. 三生制药 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限責任公司） (Stock Code 股份代號: 01530) Dear non-registered shareholder(s), 30 April 2025 Reminder letter regarding the Arrangement of Electronic Dissemination of Corporate Communications With reference to the notification letter dated 6 March 2024 titled "Arrangement of Electronic Dissemination of Corporate Communications", 3SBio Inc. (the "Company") is writing to remind you that the Company has adopted electronic dissemination ...

3SBIO INC. 三生制药 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限責任公司） (Stock Code 股份代號: 01530) Dear registered shareholder(s), 30 April 2025 Reminder letter regarding the Arrangement of Electronic Dissemination of Corporate Communications (Note 1) With reference to the notification letter dated 6 March 2024 titled "Arrangement of Electronic Dissemination of Corporate Communications", 3SBio Inc. (the "Company") is writing to remind you that the Company has adopted electronic dissemin ...

目錄 我們的 2024：穩步前行，持續精進 ESG 評級成果 2024 年度 ESG 亮點績效 環境績效 社會績效 治理績效 1. ESG 治理 1.1 ESG 管理理念 1.2 ESG 管理架構 1.3 重要性議題管理 利益相關方溝通 重要性議題分析 2. 公司治理 10 2.1 公司治理架構 10 2.2 風險與合規管理 12 合規管理體系 12 風險管理機制 17 審計機制 20 2.3 商業道德與反腐敗 22 商業道德與反腐敗體系 22 監督舉報制度 24 供應商反腐敗管理 24 2.4 信息安全與隱私保護 26 2.5 醫學研究倫理 29 動物福利 29 受試者權益保護 32 3. 產品責任 33 3.1 產品質量控制 33 質量控制體系 33 質量檢驗 39 糾正預防措施 42 3.2 藥品安全管理 43 藥物警戒體系 43 產品召回機制 49 用戶投訴處理 50 3.3 負責任營銷 51 4. 員工發展責任 54 4.1 員工權益與福利 54 勞工管理 54 員工福利 56 員工溝通 59 4.2 人力資本發展 61 人才引進與留任 61 員工選拔與晉升 63 4 6 6 7 64 4.3 職業 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue reached RMB 9,107,978,000, representing a 16.5% increase from RMB 7,815,938,000 in 2023[9] - The gross profit for 2024 was RMB 7,828,376,000, up from RMB 6,641,640,000 in 2023, indicating a gross margin improvement[9] - The adjusted operating EBITDA for 2024 was RMB 3,402,296,000, a 23.0% increase from RMB 2,768,353,000 in 2023[9] - The company maintained a leverage ratio of 19.7% in 2024, down from 29.3% in 2023, indicating improved financial stability[9] - The total assets of the company reached RMB 24,212,740,000 in 2024, an increase from RMB 23,625,028,000 in 2023[9] - The company's revenue for the reporting period was approximately RMB 9,108.0 million, an increase of about RMB 1,292.1 million or approximately 16.5% compared to RMB 7,815.9 million for the year ended December 31, 2023[66] - Sales of the core product, Teibiao, increased to approximately RMB 5,062.0 million, up by about RMB 857.4 million or approximately 20.4%, accounting for about 55.6% of total revenue[66] - The total sales of Yibiao and Saibol reached approximately RMB 1,018.5 million, an increase of about RMB 78.2 million or approximately 8.3% compared to RMB 940.3 million for the year ended December 31, 2023[67] - The sales in the hair loss sector amounted to approximately RMB 1,351.8 million, an increase of about RMB 209.5 million or approximately 18.3% compared to RMB 1,142.3 million for the year ended December 31, 2023[68] - Net profit attributable to equity holders of the parent company was approximately RMB 2,090.3 million, an increase of RMB 541.1 million or 34.9% from RMB 1,549.2 million[83] - Basic earnings per share for the reporting period were approximately RMB 0.86, an increase of 34.4% from RMB 0.64 for the year ended December 31, 2023[84] Research and Development - Research and development costs increased significantly to RMB 1,326,530,000 in 2024, compared to RMB 794,794,000 in 2023, reflecting a focus on innovation[9] - The group is focusing on innovative drug development, particularly in oncology, nephrology, and autoimmune diseases, with significant clinical advancements expected in 2025[12] - The company has 30 key products in active development, with 29 of them being innovative drugs in mainland China[3] - The group has 30 products in its research pipeline, with key clinical advancements in blood and tumor fields, including multiple Phase II and III trials[11] - The company has a research team of nearly 700 scientists focused on developing innovative biopharmaceuticals and small molecules for unmet medical needs[45] - The company is actively preparing for the market launch of several innovative drugs, including Baerisu (Paclitaxel Oral Solution) and Teisen, with expectations of annual new drug commercialization starting in 2025[62] - The company has received approval for multiple new drugs, including 5% minoxidil foam for male pattern baldness and rhTPO for treating chronic ITP in children[42] - The company has completed the Phase III clinical trial for SSS06, a long-acting erythropoietin, for the treatment of anemia in chronic kidney disease, achieving the primary endpoint[50] - The Phase III clinical trial for the anti-IL-17A monoclonal antibody (608) has successfully met all efficacy endpoints, with an NDA submitted in November 2024 and accepted[50] Market Presence and Distribution - The company’s market share for its flagship product, Teplizumab, is projected to be 66.6% in the Chinese market for thrombocytopenia treatment in 2024[2] - The company’s distribution network reached over 11,000 hospitals and medical institutions across mainland China during the reporting period[4] - The group has established strategic partnerships for the commercialization of several products, including semaglutide injection and paclitaxel oral solution, enhancing its market presence[14] - The company has established a large sales and distribution network in mainland China, comprising 2,653 sales and marketing personnel, 1,248 distributors, and 1,811 third-party promoters[60] - The company’s products are sold in over 3,000 tertiary hospitals and nearly 9,000 secondary or lower-level hospitals and medical institutions across all provinces, autonomous regions, and municipalities in mainland China[60] Strategic Partnerships and Collaborations - The company has signed a cooperation agreement with Hanyu Pharmaceutical for the development and exclusive supply of Semaglutide injection for weight management, with a milestone payment of up to RMB 270 million, including RMB 45 million for preclinical technology achievements[21] - The company has obtained exclusive commercialization rights for Paclitaxel oral solution in mainland China and Hong Kong through a collaboration with Haihe Pharmaceutical, with milestone payments tied to R&D and sales[23] - The company has secured exclusive commercialization rights for Crizotinib in specific indications in mainland China through a partnership with Guangdong Dongyangguang Pharmaceutical, with initial and milestone payments involved[24] - The company has reached an agreement with InnoCare Pharma for the commercialization of HER2 ADC drug DB-1303 in mainland China, Hong Kong, and Macau, with upfront and milestone payments based on development progress[25] - The company is actively seeking global partnerships to expand its product pipeline internationally, preparing for competitive global market entry[16] Regulatory and Compliance - The drug development process is time-consuming and costly, with no guarantee of success, and may face delays due to regulatory requirements from the National Medical Products Administration[107] - The company emphasizes compliance with significant laws and regulations that impact its operations and stakeholder relationships[141] - The company may lose market share and face adverse impacts on revenue and profitability if it fails to win bids in provincial tendering processes for selling products to Chinese hospitals[105] - Under the current government centralized procurement framework, the company anticipates significant price reductions for its products, which could lead to decreased revenue and profit levels[106] Management and Governance - The management team includes experienced professionals with extensive backgrounds in pharmaceuticals and biotechnology, contributing to the company's strategic initiatives[120] - The board of directors includes independent non-executive members with rich experience in finance and pharmaceuticals, ensuring robust governance[125][126] - The remuneration committee has been established to review the group's remuneration policies and the compensation structure for all directors and senior management, considering the group's operational performance and individual contributions[167] Shareholder Information - The board proposed a final dividend of HKD 0.25 per share for the year ending December 31, 2024, consistent with the previous year's dividend[140] - As of December 31, 2024, the company's distributable reserves were approximately RMB 2,652.7 million, a decrease from RMB 3,382.4 million as of December 31, 2023[151] - The total number of issued shares is 2,395,573,912[171] - Major shareholder Decade Sunshine Limited holds 476,774,553 shares, representing 19.90% of the issued shares[177] - The company repurchased a total of 43,346,500 shares during the reporting period, with a total cash consideration of HKD 266,284,340[180] Risks and Challenges - There is a risk that partners or collaborators may not fulfill their obligations, which could lead to conflicts or inefficiencies in cooperation[113] - The company may struggle to maintain existing partnerships or establish new ones, which could negatively impact its ability to develop new products[108] - The company faces potential reputational damage and regulatory scrutiny if employees or third-party agents engage in corrupt practices[111] - The company’s ability to manufacture and launch sufficient quantities of products economically may be limited, affecting its market presence[109]

Group 1 - The Hong Kong pharmaceutical stocks experienced a collective decline, with notable drops in specific companies [1] - Three-Sixty Pharmaceuticals (01530.HK) fell over 8%, indicating significant market pressure [1] - China Biopharmaceutical (01177.HK) decreased by more than 2%, reflecting a broader trend in the sector [1] Group 2 - Hansoh Pharmaceutical (03692.HK) and CSPC Pharmaceutical Group (01093.HK) both saw declines exceeding 1%, contributing to the overall downturn in the industry [1]

Group 1 - The core viewpoint of the article highlights the significant growth of E Fund's Hong Kong Stock Connect Quality Growth Mixed Fund C (017974), with a net asset increase of 230.89% to 287 million yuan as of March 31, 2025 [1] - The fund manager, Li Jianfeng, has an extensive background in investment banking and asset management, having worked with prestigious firms such as Goldman Sachs and UBS before joining E Fund in 2022 [1] - The fund's recent performance shows a 15.06% return over the past three months and a 29.17% return over the past year, with a cumulative return of 9.46% since inception [2] Group 2 - Recent changes in fund share scale indicate no subscriptions and minimal redemptions, with total shares remaining at 0.02 billion as of March 31, 2025, reflecting a net asset change rate of -2.54% [2] - The top ten stock holdings of the fund include Tencent Holdings, Pop Mart, Alibaba-W, China Mobile, and others, accounting for a total of 55.59% of the portfolio [2] - E Fund Management Co., Ltd. was established in April 2001, located in Zhuhai, with a registered capital of 132.442 million yuan [2]

消息面上，相关机构近期表示，创新药仍处于产业加速向上的周期，今年也有强基本面的兑现支撑。在 既往ADC、PD1/VEGF等技术爆发之后，TCE、ProTac等新技术已经看到萌芽开花；同时，创新药从可 预期的BD潮走向盈利潮，以往大家对创新药的疑虑是研究壁垒高、企业没盈利，因此不敢投，但随着 未来企业的收入高增速带动利润的快速提升，就进入了投资者可理解的范畴内。 港股创新药板块高盈利持续消化估值。港股创新药指数2月21日市盈率为64倍，4月24日最新市盈率仅为 27倍，不足两个月前的一半，当前布局性价比突出。 4月24日，港股市场低开震荡，港股创新药板块全面爆发。港股创新药指数成分股中，凯莱英涨超 17%，荣昌生物、亚盛医药-B、康方生物涨超7%，信达生物、联邦制药涨超6%，康龙化成、三生制药 涨超4%。港股创新药ETF（159567）连续2个交易日成交额超9亿元，市场关注度较高。 西南证券表示，创新药板块的投资价值在于其背后的新质生产力和高质量发展的大背景。随着各地政府 不断出台支持创新药的政策，如北京、深圳等地发布的支持创新药政策，这些政策不仅加强了对创新药 械研发、生产、审批、使用的全链条支持，还促进了健 ...

Investment Rating - The report indicates a positive outlook for the weight loss drug sector within the pharmaceutical and biotechnology industry, suggesting potential acceleration in business development (BD) opportunities [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a slight decline of -0.36% from April 14 to April 18, underperforming compared to the Wind All A index (0.39%) and the CSI 300 index (0.59). The market showed a preference for defensive sectors, with chemical preparations (0.62%), traditional Chinese medicine (0.6%), and offline pharmacies (0.19%) showing minor gains, while blood products (-4.39%), other biological products (-1.78%), and vaccines (-1.49%) saw significant pullbacks [2][7]. - The GLP-1 receptor agonists are expected to catalyze growth in the weight loss drug sector. Notably, Eli Lilly announced positive results from the Phase III ACHIEVE-1 study for its oral drug Orforglipron, which is set to expand the application of GLP-1 drugs. This class of drugs is becoming a focal point for multinational corporations (MNCs) in the metabolic disease space, with domestic companies poised to benefit from rapid innovation and lower R&D costs [2][12]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance from April 14 to April 18 showed a decline of -0.36%, with the market favoring defensive stocks. The top gainers included Shuangcheng Pharmaceutical (56.4%), Kangpeng Technology (56.3%), and Lifang Pharmaceutical (47.1%), while the largest losers were *ST Jiyuan (-50.7%), Hasanlian (-19.1%), and Changyao Holdings (-18.5%) [7][10]. Industry News and Key Company Announcements - On April 17, Eli Lilly announced that its oral GLP-1 receptor agonist Orforglipron achieved positive results in its Phase III study, showing significant reductions in A1C levels and weight loss compared to placebo [12]. - Pfizer terminated the development of its GLP-1 small molecule receptor agonist Danuglipron due to potential liver damage in trial participants [12]. - The report highlights several companies making strides in the industry, including the approval of new indications for Merck's Gardasil 9 HPV vaccine and the progress of various clinical trials for innovative drugs [13][14].

Investment Rating - The industry investment rating is "Outperform the Market" [1][50]. Core Insights - Eli Lilly's first oral small molecule GLP-1 drug, Orforglipron, has successfully completed Phase 3 clinical trials, which is expected to change the landscape of weight loss medications [3][4]. - The ACHIEVE-1 trial showed that Orforglipron significantly reduced HbA1c levels by 1.3% to 1.6% from a baseline of 8.0% after 40 weeks, with over 65% of patients achieving HbA1c levels ≤6.5% [3][4]. - Patients receiving the highest dose of Orforglipron lost an average of 7.3 kg, indicating potential for further weight loss [4]. - Eli Lilly plans to submit a global application for Orforglipron for weight management by the end of this year and for type 2 diabetes treatment in 2026 [4][5]. Summary by Sections Industry Overview - The successful Phase 3 trial of Orforglipron positions it as a potential second oral GLP-1 drug in the U.S., following Novo Nordisk's Rybelsus [5]. Investment Strategy - Focus on "innovation," "overseas expansion," "equipment upgrades," and "consumer recovery" as key investment themes [7]. - Recommended companies include innovative drug developers and those with strong overseas market potential [7]. Key Companies to Watch - **Nocera Health**: Expected to achieve over 1 billion yuan in revenue from its core product, with a projected 49% year-on-year growth [8]. - **Sihuan Pharmaceutical**: Strong fundamentals with a stable growth outlook, particularly in the ADC market [11]. - **China Biopharmaceutical**: Rapid revenue growth with a focus on innovative products [13]. - **Aier Eye Hospital**: Benefiting from increasing demand in ophthalmology and ongoing overseas expansion [22]. Market Performance - The pharmaceutical sector saw a decline of 0.36% last week, while the broader market index rose by 0.59% [25][36].