来源：第一财经 恒指跌0.11%，恒生科技指数跌0.11%。贵金属板块普涨，中国白银集团、中国黄金国际涨超3%；医药 股普遍回调，先声药业跌超6%。 ...

Core Viewpoint - The company, Xiansheng Pharmaceutical (2096.HK), experienced a significant drop in stock price, falling over 7% to HKD 13.04, following the announcement of a share placement to raise funds for research and operational needs [1] Group 1: Fundraising Details - The company announced a placement of 121 million shares, representing approximately 4.66% of the enlarged share capital [1] - The placement price is set at HKD 12.95 per share, which is an 8.03% discount compared to the closing price of HKD 14.08 from the previous day [1] - The total funds raised are expected to be HKD 15.67 billion [1] Group 2: Use of Proceeds - Approximately 90% of the net proceeds, amounting to HKD 15.54 billion, will be allocated for research and development expenses [1] - The funds will support clinical research for new drugs in both China and the United States, aiming to accelerate the development process [1] - The remaining 10% of the proceeds will be used for working capital and other general corporate purposes to sustain the company's daily operations and long-term development needs [1]

Group 1 - The company expects to raise approximately HKD 1.567 billion from the subscription, with a net amount of about HKD 1.554 billion [1] - 90% of the net proceeds will be allocated to research and development expenses, including accelerating clinical studies for new drugs in China and the United States, as well as supporting the expansion of new indications for approved innovative drugs [1] - The remaining 10% of the net proceeds will be used for working capital and general corporate purposes [1] Group 2 - Simcere Pharmaceutical Holding Limited and the company have entered into a placement and subscription agreement, with the seller selling 121 million shares at a price of HKD 12.95 per share, representing approximately 4.89% of the total shares issued as of the announcement date [3] - The company will issue an equal number of shares to the seller at the same subscription price of HKD 12.95 per share [3]

Core Viewpoint - The company, Sihuan Pharmaceutical Holdings Group Ltd (02096), has entered into a placement and subscription agreement to issue 121 million shares at a price of HKD 12.95 per share, aiming to raise approximately HKD 1.567 billion for research and operational needs [1] Group 1 - The seller, Simcere Pharmaceutical Holding Limited, plans to sell 121 million shares through the placement agent at a price of HKD 12.95 per share [1] - The total estimated proceeds from the subscription are approximately HKD 1.567 billion, with a net amount of about HKD 1.5535 billion [1] - Approximately 90% of the proceeds will be allocated for research and development expenses, while around 10% will be used for working capital and other general corporate purposes [1]

Core Viewpoint - The company, Xiansheng Pharmaceutical (02096.HK), has entered into a placement and subscription agreement to issue 121 million shares at a price of HKD 12.95 per share, which represents an approximate 8.03% discount from the last closing price of HKD 14.08 [1][2]. Group 1: Placement and Subscription Details - The seller, Simcere Pharmaceutical Holding Limited, holds approximately 938 million shares, accounting for about 37.92% of the company's total issued shares [2]. - The total estimated gross proceeds from the subscription are approximately HKD 1.567 billion, with a net amount of about HKD 1.554 billion expected to be received by the company [2]. - The placement shares represent about 4.89% of the company's total issued shares as of the announcement date, and the enlarged total issued shares after the placement will be approximately 4.66% [1]. Group 2: Use of Proceeds - Approximately 90% of the net proceeds will be allocated to research and development expenses, which include accelerating clinical research for new drugs in China and the U.S., and supporting the expansion of approved innovative drugs into new indications [2]. - The remaining 10% of the net proceeds will be used for working capital and other general corporate purposes to support the company's daily operations and long-term development needs [2].

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依賴該等內容而引致的任 何損失承擔任何責任。 本公告或其任何副本概不得直接或間接在美國，或在刊發或派發本公告可能屬違法的任何其他司法管轄權 區內刊發或派發。 本公告僅供參考之用，並不構成收購、購買或認購本公司任何證券之邀請或要約。 本公告並不構成在美國購買或認購任何證券之要約或招攬，亦不構成其一部分。本公告所述證券並無且將 不會根據美國《 1933 年證券法（經修訂）》（「美國證券法」）或美國任何其他州證券法登記，及不得在美國提呈 發售或出售，除非根據美國證券法作出登記或獲豁免登記或為毋須根據美國證券法作出登記之交易。本公 司無意根據美國證券法登記本公告內所述之任何證券，或在美國進行證券之公開發售。本公告中所述的證 券並無亦不會於美國或該等發售受到限制或禁止的其他司法管轄區內進行公開發售。 Simcere Pharmaceutical Group Limited 先聲藥業集團有限公司 （於香港註冊成立的有限公司） （股份代號：2096） 配售現有股 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [5] Core Views - The pharmaceutical sector is expected to continue its recovery, with a focus on innovative drugs as the main investment theme. The report highlights a gradual improvement in the industry, with Q2 showing a significant reduction in the decline of revenue and profits compared to Q1 [7][21][19] - The report emphasizes the potential for a turnaround in the industry, driven by policy improvements, demand recovery, and the performance of the CRO/CDMO segments [10][16] Summary by Sections Market Performance - In August 2025, the pharmaceutical and biotechnology sector rose by 2.6%, underperforming the Shanghai and Shenzhen 300 index, which increased by 10.3%. The sector ranked 24th among 31 sub-industries [7][15] - The report notes a mixed performance among sub-sectors, with medical devices and services showing gains, while the pharmaceutical commercial sector declined [15] Financial Performance - In the first half of 2025, the cumulative revenue of pharmaceutical companies decreased by 2.6%, with total profits down by 4.0%. However, Q2 showed a narrowing of declines, with revenue down by only 1.1% and total profits down by 2.9% [21][19] - The report indicates that the CRO/CDMO segments performed well, with significant revenue and profit growth, particularly in Q2 [21][19] Investment Opportunities - The report suggests focusing on innovative drugs, which are seen as having strong growth potential and clear industry trends. It recommends several companies across different categories, including biotech firms transitioning to biopharma and large pharmaceutical companies involved in innovative drug development [9][10][11] - The report also highlights the potential for recovery in the CRO/CDMO segments and suggests that companies in these areas are likely to benefit from improving demand and order recovery [10][16] Key Recommendations - The report lists key companies to watch, including WuXi AppTec, WuXi Biologics, and others, indicating a positive outlook for these firms based on their performance and market position [17][18]

Short Selling Ratios - The top three stocks with the highest short selling ratios are China Resources Beer-R (80291) at 100.00%, China Mobile-R (80941) at 86.07%, and Kuaishou-WR (81024) at 80.01% [1][2] Short Selling Amounts - The highest short selling amounts are for Meituan-W (03690) at 3.021 billion, Alibaba-SW (09988) at 1.950 billion, and Tencent Holdings (00700) at 1.645 billion [1][2] Deviation Values - The stocks with the highest deviation values are China Resources Beer-R (80291) at 55.21%, Kuaishou-WR (81024) at 40.66%, and China Mobile-R (80941) at 40.21% [1][2]

Core Viewpoint - The performance of innovative pharmaceutical companies in China for the first half of 2025 has been impressive, with significant revenue and profit growth driven by innovative drug sales, indicating a potential recovery in the pharmaceutical industry [1][6][15]. Group 1: Company Performance - Heng Rui Pharmaceutical achieved a revenue of 15.76 billion yuan, a year-on-year increase of 15.88%, with a net profit of 4.45 billion yuan, up 29.67%. Innovative drug sales accounted for 60.66% of total revenue [3][9]. - BeiGene reported total revenue of 17.52 billion yuan, a 46.0% increase year-on-year, with a net profit of 450 million yuan, marking a turnaround from losses [3][6]. - China Biopharmaceutical's revenue reached 17.57 billion yuan, a 10.7% increase, with innovative product revenue of 7.8 billion yuan, up 27.2%, representing 44.4% of total revenue [3][6]. - XinDa Biopharmaceutical achieved revenue of 5.95 billion yuan, a 50.6% increase, and a net profit of 1.21 billion yuan, turning a loss from the previous year [7][8]. - Xiansheng Pharmaceutical reported a revenue increase of 15.1% to 3.58 billion yuan, with innovative drug revenue surpassing 75% of total revenue [8]. Group 2: Market Trends - The rising proportion of innovative drug revenue among multiple pharmaceutical companies suggests a shift towards innovation-driven strategies, indicating a growing market for innovative drugs in China [6][8][15]. - The second-tier market is experiencing a prosperous phase, leading to speculation about a potential "spring" for the pharmaceutical industry, although the primary market remains challenging [4][15]. - The demand for high-quality products that can compete globally is increasing, with a focus on "best-in-class" products [4][15]. Group 3: Business Development (BD) Contributions - Business development (BD) activities are becoming crucial for the growth of innovative pharmaceutical companies, with significant deals contributing to revenue [9][10]. - Heng Rui Pharmaceutical's BD activities included a $1.97 billion contract with Merck and a partnership with GSK, highlighting the increasing global engagement of Chinese innovative drug companies [10][11]. - The first half of 2025 saw over 50 BD transactions in China's innovative drug sector, with a total disclosed cooperation amount exceeding $48.44 billion, marking a significant increase compared to the previous year [10][11]. Group 4: Challenges and Outlook - Despite the positive trends, companies face challenges such as intense market competition, high project uncertainty, and increasing accounts receivable [13][14]. - Some companies, like BeiDa TianHeng, reported significant revenue declines due to high R&D investments and previous income recognition from collaborations [13][14]. - Overall, the industry is transitioning from an "investment phase" to a "harvest phase," indicating a recovery in profitability and a moderate expansion phase [14][15].

Core Viewpoint - The performance of innovative pharmaceutical companies in China for the first half of 2025 is impressive, with significant revenue and profit growth driven by innovative drug sales, indicating a potential recovery in the pharmaceutical industry [1][3][10]. Summary by Sections Company Performance - Heng Rui Pharmaceutical achieved a revenue of 15.761 billion yuan, a year-on-year increase of 15.88%, and a net profit of 4.450 billion yuan, up 29.67%. Innovative drug sales accounted for 60.66% of total revenue [3][12]. - Bai Jie Shen Zhou reported total revenue of 17.518 billion yuan, a 46.0% increase, with a net profit of 450 million yuan, marking a turnaround from losses. The sales of its key products, including the BTK inhibitor and PD-1 inhibitor, significantly contributed to this growth [3][7]. - Xin Da Biotech achieved revenue of 5.953 billion yuan, a 50.6% increase, and a net profit of 1.213 billion yuan, compared to a loss in the previous year, driven by strong sales of its PD-1 inhibitor and new weight-loss drug [8]. - Xian Sheng Pharmaceutical reported a revenue increase of 15.1% to 3.585 billion yuan, with innovative drug revenue reaching 2.776 billion yuan, accounting for 77.4% of total revenue [9]. Market Trends - The rising proportion of innovative drug revenue among multiple pharmaceutical companies suggests a shift towards innovation-driven strategies, with increasing market demand for innovative products supported by healthcare policies [10][20]. - Business Development (BD) activities are becoming crucial for growth, with significant deals indicating a robust international presence for Chinese innovative drug companies [12][13]. Challenges and Outlook - Despite the positive trends, companies face challenges such as intense market competition, high project uncertainty, and increasing accounts receivable [18]. - Some companies, like Bai Li Tian Heng and Bei Da Pharmaceutical, reported declines in net profit due to high R&D costs and overdue payments to partners, highlighting the risks associated with innovation investments [18][19]. - Overall, the industry is transitioning from a low point to a recovery phase, with expectations for sustained growth in the innovative drug sector driven by efficiency and cost advantages [20].