Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The development of trispecific antibodies (TsAbs) is accelerating, with a focus on companies such as Zai Lab and Sanofi [18]. - The report highlights the performance of various sub-sectors within the industry, ranking them as follows: innovative drugs > CXO > traditional Chinese medicine > medical devices > pharmacies > pharmaceutical commerce [12][13]. - Specific stock selection strategies are recommended based on growth potential, valuation, dividend yield, and left-side investment opportunities [13]. Summary by Sections Industry Performance - The A-share pharmaceutical index has increased by 1.3% this week and 2.5% year-to-date, outperforming the CSI 300 by 0.2% and 3.6% respectively [11]. - The H-share biotechnology index has shown a 0.3% increase this week and a 27.8% increase year-to-date, outperforming the Hang Seng Technology Index by -1.7% and 9.6% respectively [11]. Trispecific Antibodies - TsAbs are engineered antibodies capable of binding to three different antigen targets, offering enhanced therapeutic potential in cancer immunotherapy [18]. - Currently, no TsAbs have been approved for market, but several companies, including Zai Lab and Sanofi, are actively developing these therapies [18][32]. Stock Recommendations - Growth-oriented stock picks focus on innovative drug companies such as Zai Lab, Sanofi, and others [13]. - For undervalued stocks, the report recommends traditional Chinese medicine companies like Zai Lab and Dong-E E-Jiao [13]. - High-dividend stocks are primarily found in the traditional Chinese medicine sector, with companies like Jiangzhong Pharmaceutical and Yunnan Baiyao highlighted [13]. Clinical Development - The report outlines the clinical stages of various trispecific antibody drugs, noting that the fastest progress is seen in Merck's Restoret, currently in phase 2b/3 trials [31]. - Domestic companies are also advancing in this area, with Zai Lab's ZG006 and others in clinical stages [32].

格隆汇5月16日｜港股药品股拉升明显，其中，山东新华制药一度大涨近16%表现抢眼，天大药业、德 琪医药涨超6%，三生制药、远大医药涨5.6%，石药集团、信达生物涨超2%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 00719 | 山东新华制药股 | 6.260 | 9.82% | | 00932 | 顺腾国际控股 | 0.025 | 8.70% | | 00455 | 天大药业 | 0.152 | 6.29% | | 06996 | 德琪医药-B | 3.440 | 6.17% | | 01530 | 三生制药 | 12.100 | 5.77% | | 00512 | 远大医药 | 8.650 | 5.62% | | 00950 | 李氏大药厂 | 1.400 | 4.48% | | 0689 ...

Group 1 - The monitoring report from the Chinese CDC indicates an upward trend in the COVID-19 positive rate in April, with southern provinces showing higher rates than northern ones [1] - In Hong Kong, the COVID-19 positive rate increased from 1.71% to 8.21% over four weeks, indicating a rising trend in the region [1] - Taiwan reported a significant increase in emergency visits related to COVID-19, with a 66% rise in cases and additional severe cases and deaths [1] Group 2 - The Chinese CDC reported an increase in the COVID-19 positive rate among flu-like cases in emergency departments, rising from 7.5% to 16.2% [2] - Among hospitalized severe acute respiratory infection cases, the COVID-19 positive rate increased from 3.3% to 6.3% during the monitoring period [2] - The new coronavirus has surpassed rhinovirus as the leading cause of emergency visits for flu-like cases in the specified three-week period [2] Group 3 - Relevant pharmaceutical companies in the Hong Kong stock market include Shandong Xinhua Pharmaceutical (00719), Jinhongzi (06896), Sanofi (01530), and Dongyangguang Changjiang Pharmaceutical (01558) [3]

Group 1 - The Hang Seng Medical Index ETF has shown significant liquidity with a turnover of 1% and a transaction volume of 2.6148 million yuan, with an average daily transaction volume of 27.4616 million yuan over the past month [2] - The ETF's scale has increased by 28.6087 million yuan in the past month, ranking first among comparable funds, with a share increase of 12 million units in the last two weeks, also the highest among peers [2] - In terms of capital inflow, the ETF has seen net inflows on 5 out of the last 8 trading days, totaling 14.5271 million yuan [2] - The current price-to-earnings ratio (PE-TTM) of the Hang Seng Medical Healthcare Index is 23.4, which is in the 4.36% percentile over the past year, indicating a valuation lower than 95.64% of the time in the past year, suggesting historical low valuations [2] - The top ten weighted stocks in the Hang Seng Medical Healthcare Index account for 57.09% of the index, including companies like WuXi Biologics and BeiGene [2] Group 2 - Since the reform of new drug research and development policies in 2015, China's innovative drug industry has developed a strong ecosystem, integrating excellent resources in preclinical and clinical stages, which has gained recognition from multinational corporations (MNCs) [3] - The pharmaceutical and biotechnology sector's Q1 2025 financial reports show stable revenue and profit performance, with notable improvements in certain sub-industries, indicating a return of market enthusiasm for the sector [3] - There is a recommendation to focus on international biotech companies, revaluation of innovative pipelines in generic companies, and companies in the CXO industry with significant order and operational improvements [3] - Investors without stock accounts can access investment opportunities in the Hong Kong medical sector through the Hang Seng Medical Index ETF linked fund (018433) [3]

中邮证券表示，受益于海外投融资市场的率先复苏，需求端逐步恢复，CXO&上游公司订单增速提升， 行业拐点已过。CXO板块收入端恢复良好增长态势，盈利能力持续修复，利润端改善趋势更为显著， 基本面已呈现向上趋势。优质、高效、低成本的产品及服务为核心壁垒，我国制药业优势持续巩固，有 望在全球市场占据更高市场份额。中国创新药经过数十年发展，正在进入收获期，叠加政策友好性和市 场流动性提升，国内创新药市场前景光明。建议重点关注肿瘤、自免、减重、阿尔兹海默症、NASH、 脱发、乙肝等领域。 甬兴证券表示，百济神州凭借泽布替尼在欧美市场份额的提升保持收入规模的增长、恒瑞医药也多次实 现创新药的对外授权，我们认为国产创新药的竞争力正在持续提升，看好国产创新药的出海前景。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 5月14日港股低开低走，医药生物板块逆市走强。热门ETF方面，港股创新药ETF（159567）盘中震荡 走高，截至发稿涨1.01%。换手率超7%，成交额快速突破1亿元，交投活跃。 成分股方面，三生制药涨超4%，康希诺生物、凯莱英涨超3%，晶泰控股、再鼎医药、科 ...

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]