Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical industry, indicating a positive outlook based on ongoing technological innovation and demand growth [5][6]. Core Insights - The total market value of pharmaceutical stocks held by public funds decreased from 397.7 billion to 316.1 billion yuan, reflecting a decline of 2.58% from Q3 2025 to Q4 2025. The proportion of pharmaceutical stocks in all public fund holdings fell to 7.95%, down 2.58 percentage points from the previous quarter [6][9]. - The highest proportion of holdings in the pharmaceutical sector is in chemical preparations, other biological products, and medical research outsourcing, which accounted for 37.5%, 20.9%, and 16.4% of the total holdings, respectively [6][13]. - The top five pharmaceutical stocks by market value held by public funds in Q4 2025 were: Heng Rui Medicine (32 billion), WuXi AppTec (30.6 billion), Innovent Biologics (16.7 billion), Mindray Medical (15.2 billion), and CanSino Biologics (10.8 billion) [6][24]. Summary by Sections 1. Pharmaceutical Holdings Proportion - The proportion of pharmaceutical stocks held by public funds decreased to 7.95% in Q4 2025, down from Q3 2025, with a notable decline in non-pharmaceutical public fund holdings [9][10]. 2. Market Value of Pharmaceutical Sub-sectors - In Q4 2025, the market value of pharmaceutical sub-sectors held by public funds was as follows: 1. Chemical preparations: 118.6 billion yuan (37.5%) 2. Other biological products: 66 billion yuan (20.1%) 3. Medical research outsourcing: 51.7 billion yuan (16.4%) 4. Medical devices: 33.3 billion yuan (10.5%) 5. Medical consumables: 9.8 billion yuan (3.1%) [13][12]. 3. Public Fund Heavy Holdings - The number of public funds holding the top five pharmaceutical stocks in Q4 2025 was as follows: Heng Rui Medicine (507 funds), WuXi AppTec (448 funds), Mindray Medical (204 funds), Innovent Biologics (202 funds), and BeiGene (162 funds) [17][21]. - The market value growth of public fund heavy holdings in Q4 2025 saw significant increases for Heng Rui Medicine (+20.1 billion), WuXi AppTec (+5.7 billion), China National Pharmaceutical Group (+5 billion), Yingke Medical (+2.2 billion), and Yuyue Medical (+1.8 billion) [28].

新京报贝壳财经讯 2月4日，信达生物公告，于2025年全年，公司实现总产品收入约人民币119亿元，同 比保持约45%的强劲增长态势。2025年第四季度，公司实现总产品收入约人民币33亿元，同比增长超 60%以上。 ...

Core Insights - The company achieved total product revenue of approximately RMB 11.9 billion in 2025, marking a strong year-on-year growth of about 45% [1] - In Q4 2025, the company recorded total product revenue of approximately RMB 3.3 billion, with a year-on-year increase of over 60%, driven by the inclusion of six new drugs in the 2026 National Medical Insurance Directory [1] Group 1 - 2025 marked a milestone year for the company as product revenue surpassed RMB 10 billion, reflecting the successful implementation of its "dual-driven and global innovation" strategy [2] - The company has expanded its oncology product portfolio to 13 products, with core products like Dabrushe (sintilimab injection) showing steady growth and new products contributing significantly to revenue [2] - The company has successfully entered the chronic disease commercialization sector, leveraging unmet needs and strong product competitiveness to drive growth [2] Group 2 - The company’s innovative pipeline focuses on next-generation immunotherapy (IO) and antibody-drug conjugates (ADC), along with developments in metabolic and cardiovascular (CVM), autoimmune, and ophthalmology fields, which are making significant progress [3] - The company aims to become an internationally leading biopharmaceutical company, supported by its global clinical development efforts [3]

与此同时，本公司全球创新布局持续突破，以新一代免疫疗法(IO)、抗体偶联药物(ADC)为核心的肿瘤 创新管线，以及新一代代谢及心血管(CVM)、自身免疫及眼科领域创新管线的全球临床开发，正逐步取 得关键性进展，持续打开本公司成长空间，助力本公司稳步迈向"成为国际一流的生物制药公司"的核心 愿景。 2025年是本公司产品收入首次突破百亿人民币的里程碑之年，标志着本公司"双轮驱动与全球创新"战略 的成功落地及卓越成效。本公司在肿瘤治疗领域持续巩固领先地位，肿瘤产品组合已拓展至13款，协同 效应日益凸显;其中达伯舒®(信迪利单抗注射液)等核心产品保持稳健增长，多款新产品亦贡献显著收入 增量。与此同时，本公司成功拓展慢病商业化领域并取得亮眼成果，依托慢病领域广阔的未被满足需 求、本公司强劲的产品竞争力及科学高效的商业化策略，综合产品线展现出强劲的增长动能。信尔美 ®(玛仕度肽注射液)、信必乐®(托莱西单抗注射液)和信必敏®(替妥尤单抗N01注射液)的市场放量持续加 速，均已成为本公司收入增长的关键新兴动力。此外，综合产品线另一重要产品信美悦®(匹康奇拜单 抗注射液)亦于2025年年底顺利批准上市。 2025年的产品业 ...

Core Insights - The company achieved total product revenue of approximately RMB 11.9 billion in 2025, marking a strong year-on-year growth of about 45% [1] - In Q4 2025, the company recorded total product revenue of approximately RMB 3.3 billion, with a year-on-year increase of over 60%, driven by the inclusion of six new drugs in the 2026 National Medical Insurance Directory [1] Group 1 - 2025 marked a milestone year for the company as product revenue surpassed RMB 10 billion, reflecting the successful implementation of its "dual-driven and global innovation" strategy [2] - The company has strengthened its leading position in the oncology treatment sector, expanding its oncology product portfolio to 13 products, with core products like Darbeshou (Sintilimab injection) showing steady growth [2] - The company has successfully ventured into the chronic disease commercialization field, leveraging unmet needs and strong product competitiveness to drive growth, with key products like Xin'ermei (Masitide injection) and Xinbile (Torecilizumab injection) becoming significant revenue contributors [2] Group 2 - The company's global innovation strategy continues to make breakthroughs, focusing on next-generation immunotherapy (IO) and antibody-drug conjugates (ADC) in oncology, as well as innovations in metabolism, cardiovascular, autoimmune, and ophthalmology fields [3] - The company aims to become an internationally leading biopharmaceutical company, supported by its ongoing clinical development and strategic advantages in flexible layout and efficient execution [3]

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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 信達生物製藥 INNOVENT BIOLOGICS, INC. （於開曼群島註冊成立的有限公司） 內幕消息公告－2025年全年及第四季度產品收入實現強勁增長 本公告由信達生物製藥（「本公司」，連同其附屬公司統稱「本集團」）根據香港聯合 交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第571章證券及 期貨條例第XIVA部作出。 （股份代號：1801） 於2025年全年，本公司實現總產品收入約人民幣119億元，同比保持約45%的強 勁增長態勢。值得說明的是，於2025年第四季度，因六款新藥首次納入2026年國 家醫保目錄，本公司就按原價格分銷至渠道的產品，計提了相應金額的一次性庫 存補差。前述情況下，於2025年第四季度，本公司實現總產品收入約人民幣33億 元，同比增長超60%以上，依舊延續強勁增長勢頭。 2025年是本公司產品收入首次突破百億人民幣的里程碑之年，標誌着本公司「雙 輪驅動 ...

香港联交所最新资料显示，1月28日，摩根大通增持信达生物(01801)19.8871万股，每股作价83.829港 元，总金额约为1667.12万港元。增持后最新持股数目约为8678.41万股，最新持股比例为5%。 ...

智通财经APP获悉，香港联交所最新资料显示，1月28日，摩根大通增持信达生物(01801)19.8871万股， 每股作价83.829港元，总金额约为1667.12万港元。增持后最新持股数目约为8678.41万股，最新持股比 例为5%。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The report highlights the significant commercial value of extrahepatic delivery technology for small nucleic acid drugs, which is expanding from liver diseases to multiple disease areas. Domestic companies are rapidly developing multi-target drugs and extrahepatic delivery platforms, which are expected to accelerate the release of potential clinical value [3][8] - The report emphasizes that multinational corporations (MNCs) are intensifying their focus on next-generation delivery platforms, moving from "liver validation" to "multi-organ expansion." This shift is crucial as it addresses unmet clinical needs in various tissues such as fat, muscle, central nervous system, heart, and kidneys [8] - The report indicates that 2026 is a pivotal year for small nucleic acid therapies, with domestic innovative drugs expected to become core assets for transactions. Domestic companies have accumulated rich experience in chemical modifications and liver-targeted delivery technologies, covering high-value areas such as hyperlipidemia, hypertension, hepatitis B, and weight loss [8] Summary by Sections Industry Overview - The report focuses on the pharmaceutical and biotechnology industry in China, specifically on small nucleic acid drugs and their evolving delivery technologies [5][6] Investment Recommendations and Targets - The report lists several investment targets, including: - YK Pharma (688658, Buy) - Hengrui Medicine (600276, Buy) - Xinda Biopharma (01801, Not Rated) - Other companies such as Chengdu XianDao (688222, Not Rated), Reborn Biotech (06938, Not Rated), and others [3]

Core Insights - The pharmaceutical industry is increasingly adopting AI technologies, with over 60% of pharmaceutical companies and more than half of public hospitals using DingTalk as an AI operating system to enhance productivity [1][2] - AI is transforming the pharmaceutical sector by enabling companies to shift from repetitive tasks to more strategic roles, thereby enhancing operational efficiency [1][2] - DingTalk's AI application white paper indicates that AI is moving from exploration to large-scale application across the pharmaceutical value chain, impacting drug discovery, production, quality control, and patient services [1][2] Industry Developments - The pharmaceutical industry is characterized by high specialization, strong regulation, and long supply chains, making AI implementation a systemic transformation rather than just a technological upgrade [2] - DingTalk's AI solutions have been successfully implemented in various pharmaceutical companies, including WuXi AppTec and Innovent Biologics, and the company plans to launch a "Digital Pioneer Competition" to cultivate AI-savvy individuals within 100 pharmaceutical firms [2][3] - The establishment of the "Pharmaceutical Industry AI Innovation Alliance" aims to address common challenges such as data governance and ethical standards, promoting best practices for AI development in the sector [2][3] Company Case Studies - WuXi AppTec and DingTalk have developed a digital foundation called "BaiYaoDing," integrating AI into various processes, including traditional Chinese medicine traceability and smart factory production [2][3] - Innovent Biologics focuses on fine management in production through AI, achieving digitalization and transparency in anomaly handling, which has led to significant labor savings and improved quality [3] - Lepu Medical's AI initiatives provide 24/7 professional knowledge support to sales teams, resulting in a 200% return on AI investment by 2025, demonstrating AI's direct value in driving business growth [3] - Xianle Health has utilized AI tools to create an intelligent inspection application, enhancing management efficiency and fostering a culture of innovation within the organization [3][4] Future Outlook - AI is becoming a core driver of quality improvement, efficiency, and innovation in the pharmaceutical industry, with ongoing advancements in technology and a thriving ecosystem [4]