授出購股權 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） （股份代號：1801） 授出購股權及受限制股份 本公告乃根據上市規則第17.06A、17.06B及17.06C條而作出。董事會宣佈，於 2026年3月30日，本公司根據2024年股份計劃的條款向66名承授人（包括董事）授 出1,935,642份購股權（「授出購股權」）並向1,308名承授人授出10,241,272股受限 制股份（「授出受限制股份」），惟須待承授人接納。 授予承授人的購股權詳情如下： 授出日期： 2026年3月30日 承授人數目： 66名，其中58名為本集團非關連僱員（包括 高級管理層）及8名董事（詳情載於下文） 授出購股權數目： 1,935,642 於授出的購股權獲行使時 將予認購的新股份總數： 授出購股權的代價： 各承授人於接納授出的購股權時應支付1.00 港元 1 1,935 ...

Core Viewpoint - The company is expected to achieve strong revenue and profit growth in 2025, with total revenue projected at 13.042 billion yuan, a year-on-year increase of 38.4%, and product revenue at 11.896 billion yuan, up 44.6% [1][2] - The company has established significant partnerships with Roche, Takeda, and Eli Lilly, highlighting its strong R&D capabilities and increasing international recognition [1] - The company is becoming a leading pharmaceutical enterprise in China, with a competitive global innovation pipeline, and aims to become a world-class biopharmaceutical company [1] Financial Performance - In 2025, the company reported total revenue of 13.042 billion yuan, a 38.4% increase year-on-year, with product revenue reaching 11.896 billion yuan, up 44.6% [1] - The company achieved a turnaround in IFRS net profit, reporting 814 million yuan in 2025, a significant improvement from a loss of 95 million yuan in 2024, driven by strong revenue growth and improved operational efficiency [1] - Non-IFRS net profit for 2025 was 1.723 billion yuan, a substantial increase from 332 million yuan in 2024, with EBITDA reaching 1.99 billion yuan, up from 412 million yuan in 2024 [1] Commercialization and Product Development - The company has built a leading oncology brand in China and is developing a rising chronic disease innovation brand, with a comprehensive product portfolio and a mature commercialization network [2] - The product portfolio has expanded to 18 products, with 12 included in the national medical insurance, covering oncology, metabolism, and autoimmune diseases [2] - The company’s product revenue of 11.896 billion yuan in 2025 marks its first breakthrough of 10 billion yuan, reflecting the foresight and efficient commercialization execution, with expectations to exceed 20 billion yuan in product revenue by 2027 [2]

Group 1: 康方生物 - Company maintains a "Buy" rating for 康方生物 with a target price of HKD 185.80, expecting product sales revenue to reach HKD 3 billion in 2025, a 52% year-on-year increase, driven by Cadonilimab and Ivonescimab entering the national medical insurance directory [1] - Ivonescimab has shown significant improvement in progression-free survival in head-to-head Phase III clinical trials, with key global data readout imminent [1] - The FDA review target date for EGFR-TKI resistant NSCLC indication is set for November 2026, potentially marking the company's first FDA-approved product [1] Group 2: 中国铁塔 - Company maintains a "Hold" rating for 中国铁塔 with a target price of HKD 12.10, projecting a 2.7% revenue growth to HKD 100.4 billion in 2025, and an 8.4% net profit increase to HKD 11.6 billion [1] - Revenue from the communication tower business is expected to decline by 0.3% year-on-year due to continued capital expenditure reductions from the three major operators [1] - DAS and "two wings" businesses are anticipated to maintain double-digit growth, contributing to revenue diversification [1] Group 3: 信达生物 - Company maintains a "Buy" rating for 信达生物 with a target price of HKD 113.86, forecasting a first-time annual profit of HKD 834 million in 2025, with product sales revenue reaching HKD 11.9 billion, a 45% year-on-year increase [2] - Key growth drivers include newly launched products Mazdutide, PCSK9 monoclonal antibody, and IGF-1R antibody [2] - Collaboration with Takeda to advance IBI363 into global Phase III clinical trials, with multiple assets entering or nearing global multi-center Phase III [2] Group 4: TCL电子 - Company maintains a "Buy" rating for TCL电子, expecting 2025 revenue of HKD 114.6 billion, a 15.4% year-on-year increase, and a net profit of HKD 2.5 billion, a 41.8% increase [3] - Growth is primarily driven by a 15.7% increase in overseas television revenue, a doubling of Mini LED shipments, and a 63.6% surge in photovoltaic business revenue [3] - Joint venture with Sony is imminent, expected to enhance high-end channel access and improve profitability [3] Group 5: 小马智行-W - Company maintains a "Buy" rating for 小马智行-W with a target price of HKD 195, projecting a 129% year-on-year increase in Robotaxi revenue in 2025 [4] - Achieved positive unit economics in Guangzhou and Shenzhen, with peak daily revenue per vehicle reaching HKD 394 [4] - The BOM cost of the seventh-generation model has decreased by 20% compared to the previous generation, with plans to expand the fleet to 3,000 vehicles [4] Group 6: 优然牧业 - Company maintains a "Buy" rating for 优然牧业, forecasting a 13.2% increase in raw milk sales volume to 4.15 million tons in 2025, with per cow production rising to 12.8 tons/year [5] - Feed cost per kilogram of milk is expected to decrease by 10.5%, with cash EBITDA reaching HKD 5.59 billion, a 4.9% year-on-year growth [5] - Anticipation of a dual-cycle resonance point for milk and meat prices in 2026 due to ongoing industry capacity reduction and rising beef prices [5] Group 7: 移卡 - Company maintains an "Outperform" rating for 移卡 with a target price of HKD 8.90, projecting a domestic payment rate increase to 12.3 bps and a 3.2-fold increase in overseas GPV to HKD 4.7 billion in 2025 [6] - This growth is expected to drive an 8% increase in acquiring revenue [6] - Integration of AI throughout the operational process has led to a 13% reduction in sales and management expenses, with core EBITDA growing by 53% to HKD 350 million [6] Group 8: 中国民航信息网络 - Company maintains a "Buy" rating for 中国民航信息网络 with a target price of HKD 15.70, expecting a 4.9% growth in aviation information technology processing volume and an 18.8% increase in revenue from smart travel products and services in 2025 [7] - Revenue from airport digital services is projected to decline by 20.8% due to construction schedule impacts, but significant cost reductions in depreciation and amortization are expected to enhance operating profit margins by 3.6 percentage points to 30.9% [7] Group 9: 碧桂园服务 - Company maintains an "Accumulate" rating for 碧桂园服务 with a target price of HKD 7.24, forecasting a 10% revenue growth to HKD 48.35 billion in 2025, while core net profit is expected to decline by 17% to HKD 2.52 billion [8] - The decline is attributed to pressure on community value-added services and increased impairment of receivables [8] - Annualized revenue growth from market expansion is projected to reach 87% to HKD 2.03 billion, with a significant increase in shareholder returns, raising the dividend payout ratio to 60% [8] Group 10: 赤子城科技 - Company maintains an "Accumulate" rating for 赤子城科技, projecting a 32.9% year-on-year increase in social business revenue to HKD 6.14 billion in 2025 [9] - Revenue from SUGO and TopTop is expected to grow by over 80% and 70%, respectively, with rapid expansion in emerging markets such as Latin America and Japan [9] - Innovative business revenue is projected to grow by 59.3%, driven by the launch of AI self-developed models Boomiix and creative community Aippy, forming a second growth curve through "diversified matrix + global expansion" [9]

Core Insights - The Chinese innovative pharmaceutical industry has shown remarkable growth in Q1 2026, with a total of over $60 billion in out-licensing (BD) transactions, nearing half of the projected total for 2025 of $135.7 billion [1] - The increasing interest from multinational corporations (MNCs) and overseas private equity (PE) firms in Chinese assets indicates a rising international recognition and quality of Chinese innovative drugs [1][2] - The trend of BD transactions has shifted from being sporadic to a systematic approach, with Chinese projects accounting for over 70% of significant global deals [5] Group 1: Market Dynamics - In Q1 2026, significant BD transactions included China National Pharmaceutical Group's $1.53 billion deal with Sanofi and Eucure Biopharma's $1.18 billion deal with UCB [4] - The number of Chinese innovative drug BD projects and disclosed amounts accounted for 20% and 75% of the global totals, respectively [5] - The most active sectors for BD transactions include bispecific antibodies, ADCs, and GLP-1 receptor agonists, with substantial growth in upfront payments [5][10] Group 2: Financial Implications - BD revenues are transforming the financial structures of innovative pharmaceutical companies, allowing them to secure significant upfront and milestone payments during the R&D phase [6] - For instance, 2025 projections indicate that Chinese pharmaceutical companies will have 165 BD projects, with upfront payments exceeding $7.03 billion, marking a 226.8% increase [6] - Companies like Sanofi and Innovent Biologics are expected to see substantial revenue growth due to strategic partnerships, with projected revenues for 2025 reaching approximately $4.2 billion and $2.9 billion, respectively [6] Group 3: Evolving Collaboration Models - The NewCo model is gaining traction, allowing companies to establish overseas entities for specific pipeline rights while retaining original rights for long-term benefits [9] - This model balances traditional licensing with self-commercialization, exemplified by companies like Hengrui Medicine [9] - The collaboration between Innovent Biologics and Eli Lilly illustrates a mature partnership model, moving beyond simple licensing to long-term strategic cooperation [9] Group 4: Future Outlook - The Chinese innovative drug sector is poised for continued growth, with expectations of over 10 new drug approvals and a projected revenue increase of over 25% in 2026 [15] - The government is emphasizing high-quality development in innovative drugs and medical devices, further supporting the industry's growth [15] - The ongoing clinical development and increasing number of IND applications indicate a stable upward trend in the innovative drug market [14][15]

Investment Rating - The report indicates a positive outlook on the Chinese innovative drug industry chain, with a focus on business development (BD), policy, and clinical advancements [1]. Core Insights - The innovative drug BD authorization total exceeded $60 billion in Q1 2026, reflecting accelerated global cooperation value [2][11]. - The Chinese government has upgraded its strategic positioning of the biopharmaceutical industry, marking it as a "new emerging pillar industry" in the 2026 government work report [2][15]. - Clinical activity is on the rise, with Chinese innovative drug R&D entering a high-quality harvest period, as evidenced by a significant increase in the number of innovative drugs entering clinical trials and being approved for market [2][16][19]. Market Observation - The pharmaceutical and biotechnology sector rose by 1.56% this week, ranking 4th out of 31 sectors, while it has seen a year-to-date decline of 1.38%, ranking 17th [1][10]. Industry Dynamics - In 2025, the total transaction amount for Chinese innovative drug BD reached a historical high of $135.655 billion, with 157 transactions, and the first quarter of 2026 has already seen over $60 billion in transactions [2][11]. - The first version of the commercial health insurance innovative drug catalog was officially launched, enhancing the multi-layered payment system for innovative drugs [2][15]. - By the end of 2025, China accounted for 33.7% of the global innovative drugs in development, leading the world, with 827 innovative drugs entering clinical trials for the first time [2][16][19]. Company Dynamics - **Insilico Medicine**: Announced a collaboration with Eli Lilly, with an upfront payment of $115 million and a total deal value of up to $2.75 billion, validating the commercial potential of its AI drug development platform [3][23]. - **Kangfang Biopharma**: Achieved revenue of 3.056 billion yuan in 2025, a year-on-year increase of 43.9%, driven by core dual-antibody products [3][24]. - **Innovent Biologics**: Reported total revenue of 13.042 billion yuan in 2025, a 38.4% increase, marking its first year of profitability with a significant growth in product revenue [3][25]. - **Kolin Biotech**: Generated revenue of 2.058 billion yuan in 2025, with a focus on the commercialization of its core ADC products [3][26]. - **Ascletis Pharma**: Achieved record revenue of 7.731 billion yuan in 2025, with innovative drugs accounting for 81.5% of total revenue [3][27]. - **Zai Lab**: Reported revenue of 269.6 million yuan in 2025, with a strong cash reserve of 919 million yuan, supporting its global expansion plans [3][28].

Summary of Key Points from the Conference Call Records Industry Overview - **Pharmaceutical Industry**: The innovative drug sector is experiencing a recovery with a clean chip structure, driven by upcoming academic conferences (AACR, ASCO) in Q2 2026, which are expected to boost market sentiment. Key companies include Innovent Biologics and Baillie Gifford [1][2]. - **Medical Devices**: The inventory destocking phase is nearly complete, with performance expected to improve in 2026 due to equipment renewal policies and the resumption of procurement processes. Notable companies include Aohua Endoscopy and Mindray Medical [1][5]. - **Traditional Chinese Medicine (TCM)**: Valuations are at historical lows, with growth expected from the new essential drug catalog and the implementation of the "986" policy. The recovery of in-hospital products is anticipated to outpace OTC products [1][10]. - **Active Pharmaceutical Ingredients (APIs)**: The antibiotic supply chain is seeing price increases driven by Indian import policies. Fluoroquinolone is at a loss margin but has strong price increase expectations [1][11]. Core Insights and Arguments - **Innovative Drug Sector**: The rebound is attributed to strong industry fundamentals, improved cash flow, and a growing number of companies turning profitable. The focus is on leading biopharma companies benefiting from ETF investments, such as Innovent Biologics and Baillie Gifford [2][3]. - **LaiKai Pharmaceuticals**: Recommended due to its significant efficacy in muscle gain and fat loss compared to small nucleic acid drugs. The upcoming Phase III clinical trial results for LAE002 in breast cancer are expected to be revealed in Q2 2026 [3][4]. - **CRO Sector**: Expected to maintain steady growth, with Kanglong Chemical's small molecule CDMO business projected to grow by 15%-20% in 2026, benefiting from the approval of its first API in the U.S. and several NDA milestones [1][13]. Additional Important Content - **Medical Device Sector**: The recovery is supported by three main drivers: improved terminal demand, ongoing equipment renewal policies, and normalized procurement processes starting in 2025 [5][6]. - **High-Value Consumables**: The sector is expected to see growth driven by innovation and overseas expansion, with a focus on companies like Spring Medical [7][8]. - **Low-Value Consumables and IVD**: Companies are accelerating overseas expansion due to tariff impacts, with many establishing overseas factories. The IVD sector is expected to rebound in 2026 as pricing pressures ease [8][9]. - **Investment Opportunities in TCM**: Companies like Yunnan Baiyao and East China Pharmaceutical are highlighted for their strong cash flow and high dividend rates, making them attractive during risk-averse market conditions [10][11]. - **Market Dynamics for APIs**: The antibiotic sector is experiencing price increases due to protective policies in India, while the market for sartans is stabilizing with potential for price increases as competition decreases [11][12]. Performance Expectations for 2026 - **Medical Services**: Expected revenue growth for major companies like Aier Eye Hospital and Tongce Medical is projected between 0%-10% [19]. - **CRO Sector**: Revenue growth for Kanglong Chemical and Kelaiying is expected to be in the range of 10%-15% [19]. - **API Sector**: Companies like Puluo Pharmaceutical and Tianyu Co. are expected to see revenue growth between 0%-10% and 10%-30%, respectively [19][20]. - **Innovative Drugs and Formulations**: Companies like Betta Pharmaceuticals and Enhua Pharmaceuticals are projected to have varied growth rates, with some facing challenges due to pricing pressures [20]. This summary encapsulates the key insights and projections from the conference call records, providing a comprehensive overview of the pharmaceutical and medical device industries, along with specific company highlights and market dynamics.

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: Innovative pharmaceuticals, particularly in the context of China's biopharmaceutical sector and its international expansion - **Market Growth**: The total value of BD (Business Development) transactions for innovative drugs is projected to reach $137.7 billion by 2025, a 1.6 times increase year-on-year, significantly surpassing the electric vehicle sector's $74 billion in the same timeframe [1][2][3] Core Insights and Arguments - **International Expansion**: The innovative drug sector is experiencing explosive growth in international markets, with Q1 2026 BD transactions already reaching $60 billion, accounting for 46% of the total for 2025 [1][2] - **Policy Support**: Biopharmaceuticals have been designated as a new pillar industry by the Chinese government, shifting focus from public welfare to GDP contribution, indicating a supportive policy environment for growth [2][3] - **Performance Expectations**: Companies like Heng Rui Medicine are expected to see over 30% growth in innovative drug revenue by 2026, with significant contributions from key products [1][3] - **Clinical Developments**: Major clinical data releases are anticipated from key conferences such as AACR and ASCO, which could catalyze market movements [1][5] Notable Companies and Their Prospects - **Heng Rui Medicine**: Expected to achieve over 30% growth in innovative drug revenue, with a strong pipeline of 53 products anticipated for approval between 2022 and 2028 [15] - **Kangfang Biopharma**: Key product AK112 is set to release critical clinical data in 2026, which could significantly impact its market position [11][13] - **Baiyi Shenzhou**: Projected profits of $700-800 million in 2026, indicating a rapid profit climb [1][8] - **Xinda Biopharma**: Anticipated to benefit from new product approvals and commercial launches, with a focus on expanding its product pipeline [6][8] Investment Opportunities - **Recommended Stocks**: Key investment targets include Kangfang Biopharma, Xinda Biopharma, Baiyi Shenzhou, and Kelong Biotechnology in the H-share market, and Xintai, Haishike, and Heng Rui Medicine in the A-share market [4][8] - **Undervalued Stocks**: Companies like Hot Scene Biopharma and Yifang Biopharma, which have seen significant price declines, are suggested for bottom-fishing opportunities [4][8] Emerging Trends - **Small RNA Technology**: The small RNA sector is entering a critical phase with breakthroughs in liver-targeted delivery technologies, and several companies are expected to announce significant clinical data in 2026 [18][22] - **Clinical Data Impact**: Recent clinical data from companies like Serapta and Wave Life Sciences highlight the potential and challenges within the small RNA space, influencing market sentiment and investment strategies [20][21] Conclusion - The innovative pharmaceutical sector in China is poised for significant growth driven by international expansion, supportive policies, and strong company performances. Key clinical events and emerging technologies present substantial investment opportunities, particularly in small RNA and innovative drug development.

Investment Rating - The report maintains a BUY rating for Innovent Biologics with a target price of HK$113.86, reflecting a potential upside of 33.2% from the current price of HK$85.50 [3]. Core Insights - Innovent Biologics reported its first-ever full-year net profit of RMB834 million for FY25, with revenue reaching RMB13.0 billion, representing a 38% year-over-year growth. Product sales increased by 45% year-over-year to RMB11.9 billion [1]. - The company is advancing its transition to a fully integrated global biopharma through strategic partnerships, including a collaboration with Takeda for IBI363 and a US$350 million upfront payment from Eli Lilly for early-stage assets [5]. - Innovent's product gross margin improved to 86.2% in 2H25, and the selling expense ratio decreased to 48.0% for FY25, despite a slight increase in 2H25 [1]. - The company has a strong pipeline with plans to advance at least five assets into global Phase 3 multi-regional clinical trials (MRCTs) by 2030, including IBI363 and IBI324, which is expected to disrupt the global retinal market [5]. - R&D expenses are projected to rise as global MRCTs advance, with a cash reserve of RMB24.3 billion as of the end of 2025, positioning Innovent well for its global ambitions [1]. Financial Summary - FY25 revenue was RMB13.0 billion, with a year-over-year growth of 38% and net profit of RMB834 million [1]. - Revenue projections for FY26, FY27, and FY28 are RMB16.6 billion, RMB20.9 billion, and RMB26.1 billion, respectively, with corresponding year-over-year growth rates of 27.6%, 25.7%, and 24.7% [2]. - The report indicates that net profit is expected to reach RMB2.1 billion in FY26, RMB3.4 billion in FY27, and RMB4.6 billion in FY28 [2]. Share Performance - The market capitalization of Innovent Biologics is approximately HK$148.36 billion, with an average turnover of HK$944 million over the past three months [3]. - The stock has shown a 1-month absolute performance of 0.5% and a 3-month performance of 5.9% [5].

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [1] Core Insights - The pharmaceutical sector has shown resilience, with the innovative drug segment leading a rebound, driven by positive industry dynamics and market sentiment [7][10] - The report emphasizes the potential for continued growth in innovative drugs, supported by favorable government policies and strong performance in recent financial disclosures from biotech and biopharma companies [7][10] - The long-term care insurance (LTCI) policy in China is expected to accelerate the development of the elderly care industry, drawing parallels with Japan's successful model [10][23] Summary by Sections 1. Long-term Care Insurance and Elderly Care Industry - The Chinese government aims to establish a long-term care insurance system within three years, initially covering employees, retirees, and gradually including unemployed rural residents [10] - The LTCI system is designed to alleviate the financial burden on families and improve care for the elderly, with a focus on home and community care [10][23] - Investment opportunities in the elderly care sector include home medical devices, rehabilitation equipment, and elderly care institutions [23] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical index increased by 1.56% during the week of March 23-27, outperforming the ChiNext and CSI 300 indices [24] - The overall trading volume for pharmaceuticals was 449.11 billion yuan, accounting for 4.28% of the total market, below the historical average of 7.06% [46] - The report highlights the strong performance of innovative drugs, with companies like Meinuohua and Wanbangde leading the gains [49] 3. Investment Recommendations - The report suggests focusing on companies involved in the overseas big pharma BD 2.0 phase, such as Kelun Pharmaceutical and Xinlitai, as well as small and mid-cap biotech firms with innovative technologies [7][23] - It also recommends monitoring the supply chain and technology sectors, including CROs and CDMOs, as they are expected to benefit from ongoing industry trends [7][23]

Core Viewpoint - The report highlights that Innovent Biologics (01801) achieved a 38% year-on-year revenue increase to 13 billion RMB, with a net profit of 834 million RMB, marking a return to profitability [1] Financial Performance - Revenue for the last year reached 13 billion RMB, reflecting a 38% increase compared to the previous year [1] - The company reported a net profit of 834 million RMB, indicating a turnaround from previous losses [1] Management Guidance - Management reiterated the sales target of 20 billion RMB for 2027 [1] - Despite recent price adjustments and increased competition, sales of Mazdutide continue to show strong momentum [1] Analyst Adjustments - Citigroup raised the revenue forecasts for the company by 24% and 23% for this year and next year, respectively [1] - Earnings per share estimates were increased by 33% and 5% for the same periods [1] - The target price for the stock was raised from 110 HKD to 115 HKD, maintaining a "Buy" rating [1]