Core Viewpoint - The stock of 旺山旺水-B (02630) surged over 15% in the afternoon, reaching a price of 88 HKD, with a trading volume of 13.33 million HKD, following the announcement of a licensing agreement with 先声药业 for the new indication of VV116 [1] Group 1: Licensing Agreement - 旺山旺水 has entered into a licensing agreement with 先声药业, granting the latter exclusive rights to the use of hydrogen bromide dextromethorphan suspension for treating respiratory syncytial virus (RSV) and human metapneumovirus (HMPV) infections in the Greater China region [1] - This collaboration aims to leverage the strengths of both companies in research, production, and commercialization to accelerate the clinical development and commercialization of VV116, ultimately benefiting more patients [1] Group 2: Company Pipeline and Focus Areas - 旺山旺水 is focused on three main therapeutic areas: neuropsychiatry, reproductive health, and viral infections [1] - As of October 21, 2025, the company has established a diversified pipeline of nine innovative products, with two in the commercialization stage, four in clinical stages, and three in preclinical stages [1] - In addition to its innovative drug pipeline, 旺山旺水 is also involved in the generic drug sector, with three products either commercialized or nearing commercialization [1] - The company's two core products are LV232 and TPN171 [1]

Core Viewpoint - The stock of Wangshan Wangshui-B (02630) surged over 15% following the announcement of a licensing agreement with Sihuan Pharmaceutical for the new indication of VV116, aimed at treating RSV and HMPV infections in Greater China [1] Group 1: Company Developments - Wangshan Wangshui has entered into a licensing agreement with Sihuan Pharmaceutical, granting exclusive rights for the use of dextromethorphan hydrobromide in treating RSV and HMPV infections in Greater China [1] - The collaboration aims to leverage the strengths of both companies in research, production, and commercialization to accelerate the clinical development and commercialization of VV116 [1] Group 2: Product Pipeline - As of October 21, 2025, Wangshan Wangshui has established a diversified pipeline of 9 innovative products, with 2 in the commercialization stage, 4 in clinical stages, and 3 in preclinical stages [1] - The company also has a generic drug segment, with 3 products either commercialized or nearing commercialization [1] - The two core products of Wangshan Wangshui are LV232 and TPN171 [1]

Core Insights - The report from Guojin Securities indicates that Xiansheng Pharmaceutical (02096) is expected to experience strong growth due to the resonance between short-term pipeline expansion and long-term innovation iteration, forecasting revenues of 7.63 billion, 9.10 billion, and 11.04 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of +15.0%, +19.3%, and +21.4% [1] - The net profit attributable to the parent company is projected to be 1.15 billion, 1.38 billion, and 1.66 billion yuan for the same years, reflecting significant growth rates of +57.3%, +19.4%, and +20.5% [1] - The company has achieved a strategic transformation from a generic drug leader to an innovative pharmaceutical company, with the proportion of innovative drug revenue increasing from 45% in 2020 to 77% in the first half of 2025 [2] Short-term Outlook - The core pipeline is entering a concentrated harvest period, with accelerated inclusion in medical insurance expected to drive performance; key products in oncology and neurology are anticipated to capture market share quickly [3] - The insomnia drug Dalirelsin, which is not classified as a controlled substance, has a market potential exceeding 4 billion yuan due to its rapid onset and non-addictive nature [3] - Six products, including Maduonosavir and Ledeqibai monoclonal antibody, are expected to receive approval soon, which will further enhance revenue growth [3] Long-term Outlook - The early research pipeline focuses on differentiated targets, with several products already achieving business development (BD) partnerships, indicating sustained innovation capability [4] - The NMTiADC technology platform is expected to overcome ADC resistance, with related products entering clinical trials to validate the platform's strength [4] - The company is increasing investment in early research, with the potential for numerous early-stage pipelines to continue attracting BD opportunities [4] Stable Cash Flow - The product Xianbi New Injection has achieved a market share of 29% in the stroke treatment sector as of the first half of 2025, contributing to stable cash flow [5] - The company has established a strong presence in the oncology field with products like Envida and Endu, which are expected to grow steadily [5] - Despite potential risks from centralized procurement, the established sales channels for products like Aidesin in the rheumatology and immunology sectors are expected to support future growth [5]

Core Viewpoint - The report from Guojin Securities indicates that Xiansheng Pharmaceutical (02096) is experiencing strong growth due to the resonance of short-term pipeline expansion and long-term innovation iteration, with a projected revenue of 7.63 billion, 9.10 billion, and 11.04 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth of 15.0%, 19.3%, and 21.4% [2][6] Short-term Outlook - The company is entering a concentrated harvest period for its core pipeline, with accelerated inclusion in medical insurance expected to drive performance [3][6] - Key products in the oncology field, such as Kexaila and Enlitaz, are set to be included in medical insurance by the end of 2024, while another product, Enzeshou, will be included by the end of 2025, which is anticipated to rapidly capture market share [3][6] - In the neurology field, the insomnia drug Dalirelin, which is a non-controlled substance, is expected to have a peak market potential exceeding 4 billion yuan due to its fast-acting and non-addictive properties [3][6] Long-term Outlook - The early research pipeline focuses on differentiated targets, with several products already achieving business development (BD) success, indicating sustained innovation capability [4][9] - The NMTiADC new technology platform is expected to overcome ADC resistance, with related products entering clinical trials to further validate the platform's strength [4][9] - The company has strengthened its early research investments, with the potential for numerous early-stage pipelines to continue achieving BD opportunities in the future [4][9] Market Position and Product Performance - The Xianbi New Injection, a benchmark product in the stroke treatment field, achieved a market share of 29% in the first half of 2025 [5][9] - The company is making significant inroads in the oncology sector with products like Envida and Endu, which are expected to achieve steady growth [5][9] - Aidesin has established a brand advantage in the rheumatology and immunology field, and despite facing potential centralized procurement risks, its mature sales channels are expected to support the future growth of its autoimmune pipeline [5][9]

Major Events - GuoXia Technology (02655) plans to conduct an IPO from December 8 to December 11, offering 33.85 million H-shares and introducing cornerstone investors such as Huikai Hong Kong [1] - Basilea Pharmaceutica AG (02616) has its drug Pujihua® (Pralsetinib Capsules) included in the National Medical Insurance Directory for 2025 [1] - Four Seasons Pharmaceutical (00460) sees its innovative drug XuanYueNing® included in the National Basic Medical Insurance Drug List for the first time [1] - Shanghai Pharmaceuticals (02607) successfully negotiates and includes Amisulpride Orally Disintegrating Tablets in the National Medical Insurance Directory [1] - Hansoh Pharmaceutical (03692) has its innovative drug Amelotex® approved for two new indications in the updated 2025 National Medical Insurance Directory [1] - Xiansheng Pharmaceutical (02096) sees EnzeShu® and EnDu® included in the updated National Medical Insurance Drug List [1] - Hutchison China MediTech (00013) has its drug Tazverik® included in the first edition of the National Commercial Health Insurance Innovative Drug List [1] - XuanZhu Biotechnology (02575) has its innovative drug XuanYueNing® included in the National Basic Medical Insurance Drug List for the first time [1] - Yino Pharmaceutical (02591) has its H-shares included in the list of eligible securities for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect [1] - China Metallurgical Group (01618) and its subsidiaries plan to sell non-core business assets for approximately 60.68 billion yuan, focusing on core businesses in metallurgical engineering, non-ferrous metals, and mining engineering [1] - Cambridge Technology (06166) intends to invest a total of 405 million yuan to acquire and subscribe for shares in the Yangzhong Happiness Home Venture Capital Partnership Fund [1] Operating Performance - Dongfeng Motor Group (00489) reports cumulative automobile sales of 1.697 million units in the first 11 months, a year-on-year decrease of approximately 0.3% [2] - New天绿色能源 (00956) achieves a cumulative power generation of 1,336.89 million MWh in the first 11 months, an increase of 8.04% year-on-year [2] - Longyuan Power (00916) reports a cumulative power generation of approximately 6,909.64 million MWh in the first 11 months, a year-on-year growth of 0.41% [2] - Baolong Real Estate (01238) records a total contract sales of approximately 6.666 billion yuan in the first 11 months, a year-on-year decline of 43.2% [2]

Group 1 - The core point of the article is that Xiansheng Pharmaceutical (02096.HK) announced that its drug Enzeshou® (Suvorexant injection) has been officially included in the National Medical Insurance Drug List (2025) by the National Healthcare Security Administration and the Ministry of Human Resources and Social Security, effective from January 1, 2026 [1] - Additionally, the drug Endu® (Recombinant Human Endothelial Inhibitor Injection) has successfully completed the renewal process for the National Medical Insurance Drug List (NRDL) [1]

Core Viewpoint - The announcement by the company indicates that its drug Enze Shu® (suvorexant injection) has been officially included in the National Medical Insurance Catalog for 2025, effective from January 1, 2026, which is a significant milestone for the company and its product portfolio [1][4]. Group 1: Drug Approvals and Listings - Enze Shu® has been approved for the treatment of adult patients with recurrent ovarian cancer, fallopian tube cancer, or primary peritoneal cancer who have received no more than one prior systemic therapy and are platinum-resistant [1][4]. - The drug was granted market approval in China on June 30, 2025, marking its entry into the competitive oncology market [1][4]. - The company’s other drug, Endu® (recombinant human vascular endothelial growth factor inhibitor injection), has successfully completed its renewal in the National Reimbursement Drug List (NRDL) [1][4]. Group 2: Market Position and Significance - Enze Shu® is described as a next-generation recombinant humanized monoclonal antibody targeting vascular endothelial growth factor (VEGF), highlighting its innovative nature in cancer treatment [1][4]. - Endu® is noted as the first anti-angiogenic targeted drug in China and the only endothelial inhibitor approved for sale globally, establishing its importance in the treatment of advanced non-small cell lung cancer since its inclusion in the NRDL in 2017 [1][4].

Core Insights - The company, Sihuan Pharmaceutical (02096), announced that its drug Enze Shu (injectable Suweisit monoclonal antibody) has been officially included in the National Medical Insurance Catalog for 2025, effective from January 1, 2026 [1] - Additionally, the drug Endu® (recombinant human vascular endothelial inhibitor injection) has successfully completed the renewal process for the National Medical Insurance Drug List (NRDL) [1] Drug Approvals and Indications - Enze Shu is a next-generation recombinant humanized anti-VEGF monoclonal antibody, approved for market in China on June 30, 2025 [1] - It is indicated for the treatment of adult patients with recurrent ovarian cancer, fallopian tube cancer, or primary peritoneal cancer who have received no more than one prior systemic therapy and are platinum-resistant, in combination with paclitaxel, liposomal doxorubicin, or topotecan [1] Market Position and Historical Context - Endu is recognized as China's first anti-angiogenesis targeted drug and the only endothelial inhibitor approved for sale globally [1] - Since its inclusion in the NRDL in 2017, Endu has become a cornerstone treatment for advanced non-small cell lung cancer [1]

Core Viewpoint - The announcement by the company indicates that its drug, Enze Shu (Suvorexant injection), has been officially included in the National Medical Insurance Catalog for 2025, effective from January 1, 2026, which is a significant milestone for the company and its product offerings [1] Group 1: Drug Approvals and Listings - Enze Shu has been approved for the treatment of adult patients with recurrent ovarian cancer, fallopian tube cancer, or primary peritoneal cancer who have received no more than one prior systemic therapy [1] - The drug was granted market approval in China on June 30, 2025, marking its entry into the market [1] - The company’s other drug, Endu (recombinant human vascular endothelial growth factor inhibitor injection), has successfully completed the renewal process for inclusion in the National Reimbursement Drug List (NRDL) [1] Group 2: Market Position and Significance - Enze Shu is a next-generation recombinant humanized monoclonal antibody targeting VEGF, which positions it as a novel treatment option in the oncology space [1] - Endu is recognized as China's first anti-angiogenesis targeted drug and the only endothelial inhibitor approved for sale globally, establishing it as a cornerstone treatment for advanced non-small cell lung cancer since its inclusion in the NRDL in 2017 [1]

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。 Simcere Pharmaceutical Group Limited –1– （於香港註冊成立的有限公司） （股份代號：2096） 自願公告 恩澤舒®與恩度® 納入新版國家醫保藥品目錄 關於恩度® 先聲藥業集團有限公司 本公告由先聲藥業集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）自 願作出，以告知本公司股東及潛在投資者本集團最新業務更新。 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年12月7日，恩澤舒® （注射 用蘇維西塔單抗）已被正式納入由國家醫保局及人力資源社會保障部印發的《國家 基本醫療保險、工傷保險和生育保險藥品目錄（2025年）》，並將自2026年 1月1日起生效。此外，恩度® （重組人血管內皮抑制素注射液）亦順利完成國家醫保 藥品目錄（「NRDL」）續約。 關於恩澤舒® 恩澤舒®是新一代重組人源化抗血管內皮生長因子（VEGF）單克隆抗體，於2025年 6月30 ...