股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 第 2 頁 共 10 頁 v 1.1.1 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02096 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 2,474,697,618 | | 0 | | 2,474,697,618 | | 增加 / 減少 (-) | | | | 121,000,000 | | 0 | | | | 本月底結存 | | | | 2,595,697,618 | | 0 | | 2,595,697,61 ...

Core Insights - The report from CMB International highlights the release of the first batch of innovative pharmaceutical technology medical insurance payment incentive catalog by Zhejiang Province, which is expected to alleviate the challenges of innovative drugs entering hospitals [1] - Despite the Trump administration's announcement of a 100% tariff on imported innovative drugs, the overall impact on China's pharmaceutical industry chain is considered manageable, with a recommendation to monitor subsequent developments [1] - The upcoming ESMO conference in mid to late October is noted as a key event, with a focus on companies such as CanSino Biologics (09926), Kelun-Biotech (06990), and Rongchang Biologics (688331.SH) that are expected to release significant data [1] Industry Summary - The Hong Kong pharmaceutical sector has shown relatively flat performance in September, but with increasing industry catalysts such as academic conferences and favorable policy implementations in October, a market rebound is anticipated [1] - The report recommends focusing on specific segments: 1) Innovative drugs: Companies like 3SBio (01530) and Eucure Biopharma-B (06996) have rich short-term catalysts and their valuations do not yet reflect the core value of major products; companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech are considered significantly undervalued with clear long-term growth logic [1] 2) CXO: Leaders in this segment, such as WuXi AppTec (02268), are expected to benefit from high downstream demand and marginal recovery in financing [1]

(Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） (Stock Code 股份代號: 2096) 通 知 信 函 各位非登記持有人 (附註 1) ： 先聲藥業集團有限公司（「本公司」） – 2025 中期報告（「本次公司通訊」）之發佈通知 請注意，所有未來公司通訊的英文版和中文版將在本公司網站 www.simcere.com 和香港交易所披露易網站 www.hkexnews.hk 上 提供，以代替印刷本。 作為非登記股東，如有意根據《上市規則》以電子郵件收方式取公司通訊， 閣下應聯絡代 閣下持有股份的銀行、經紀、託管商、代理 人或香港中央結算（代理人）有限公司（統稱「中介公司」），並應向 閣下的中介公司提供 閣下的電子郵件地址。 如果本公司沒有從中介公司收到 閣下的有效電子郵件地址，直至中介公司收到 閣下有效的電子郵件地址前， 閣下將(i) 無法收到任 何有關發佈公司通訊的通知；及(ii) 需要主動查看本公司網站和披露易網站以留意公司通訊的發佈。 若 閣下希望收取未來的公司通訊之印刷本，請填妥隨附之回條並交回股份過戶處，地址為香 ...

(Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） (Stock Code 股份代號: 2096) 通 知 信 函 各位登記股東： 先聲藥業集團有限公司（「本公司」） – 2025 中期報告（「本次公司通訊」）之發佈通知 本公司的本次公司通訊備有中、英文版本，並已上載於本公司網站 www.simcere.com 和香港交易所披露易網站 www.hkexnews.hk，歡迎瀏覽。 若 閣下為新登記股東（即，若 閣下之前沒有收到本公司關於向 閣下徵求選擇公司通訊方式的信函），現奉上英文及中文版本之本次公司 通訊。 閣下若因任何理由以致在收取或接收載於本公司網址上的本次公司通訊出現困難， 閣下可將要求（註明 閣下的姓名、地址及要 求）以電郵方式發送到本公司之電郵地址 simcere.ecom@computershare.com.hk 或以書面方式郵寄致本公司的股份過戶登記處（「股份過戶處」）香 港中央證券登記有限公司，地址為香港灣仔皇后大道東 183 號合和中心 17M 樓。本公司將於接到 閣下通知後，盡快向 閣下免費發送有關本次 公司 ...

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 : 2025 中期報告 目錄 公司資料 2 財務概要 4 公司概覽 5 管理層討論及分析 7 企業管治及其他資料 34 獨立核數師審閱報告 46 合併損益表 47 合併損益及其他全面收益表 48 合併財務狀況表 49 合併權益變動表 51 簡明合併現金流量表 54 未經審核中期財務報告附註 55 公司資料 執行董事 任晉生先生 （董事長兼首席執行官） 唐任宏先生 萬玉山先生 王熙女士 獨立非執行董事 宋瑞霖先生 汪建國先生 王新華先生 宋嘉桓先生 審計委員會 王新華先生 （主席） 宋瑞霖先生 汪建國先生 薪酬與考核委員會 汪建國先生 （主席） 任晉生先生 萬玉山先生 王新華先生 宋嘉桓先生 提名委員會 宋瑞霖先生 （主席） 任晉生先生 王熙女士 汪建國先生 宋嘉桓先生 戰略委員會 公司資料 主要往來銀行 中國銀行股份有限公司 南京江北新區分行 中國江蘇省 南京市浦口區 夢澤路33號2幢101室 招商銀行股份有限公司 南京解放路支行 中國江蘇省 南京市秦淮區 解放路53號 核數師 任晉生先生 （主席） ...

Core Viewpoint - The announcement of a 100% tariff on all branded/patented drugs by Trump starting in October is expected to have limited impact on China's innovative drug industry chain, with no excessive concerns warranted [1] Group 1: Impact on Innovative Drugs - Most Chinese innovative drugs that are currently being exported have either established production capacity in the U.S. or have outsourced production to local CMO companies [1] - The majority of domestic innovative drugs are exported using a business development (BD) model, which mitigates the impact of the tariff [1] Group 2: Impact on CXO Sector - The export products in the CXO sector primarily consist of raw materials and biological raw liquids, which are not affected by the new tariff; the proportion of finished dosage forms exported is low [1] - The investment timeline for multinational corporations (MNCs) to build factories in China will take time, leading to limited direct impact on CXO orders in the short term [1] - Long-term policy changes may influence the pace of factory construction by MNCs [1] Group 3: Upcoming Catalysts - The ESMO conference will take place in mid to late October, with a focus on companies like CanSino Biologics (09926), Kelun-Biotech (06990), and Rongchang Biologics (09995) that are expected to release significant data [1] - The results of medical insurance negotiations and the first version of the commercial insurance innovative drug directory are expected to be announced in October-November [1] Group 4: Mid to Long-term Recommendations - Recommended stocks in the innovative drug sector include 3SBio (01530) and Eucure Biopharma-B (06996), which have rich short-term catalysts and their valuations do not yet reflect the core value of major products [2] - Companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech are considered undervalued with clear long-term growth logic [2] - In the CXO sector, WuXi AppTec (02268) is highlighted as a leading player benefiting from high downstream demand and improving financing conditions [2]

Group 1 - The core viewpoint is that the new 100% tariff on all branded/patented drugs announced by Trump will have limited impact on China's innovative drug industry chain, and there is no need for excessive concern [1] - For innovative drugs, most products currently being exported are either produced in the U.S. or outsourced to U.S. CMO, and most domestic innovative drugs are exported using the BD model [1] - For CXO, the main export products are raw materials and herbal extracts, which are not affected by the new tariff; the proportion of finished drug exports is low, and the investment timeline for MNC clients to build factories will take time, leading to limited short-term impact on CXO orders [1] Group 2 - Mid to long-term recommendations include innovative drugs such as 3SBio (01530) and Eucure Biopharma-B (06996), which have rich short-term catalysts and their valuations do not yet reflect the core value of major products [2] - Other recommended companies include Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech, which are considered significantly undervalued with clear long-term growth logic [2] - For CXO, companies like WuXi AppTec (02268) are expected to benefit from high downstream demand and improving financing conditions [2]

Core Viewpoint - The Hang Seng Healthcare Index fell by 1.4% this week, underperforming the market, with internet medicine, CXO, and traditional Chinese medicine sectors showing better performance [1] Group 1: Market Trends - Since September, the proportion of domestic holdings through the Hong Kong Stock Connect has remained stable, while foreign holdings have slightly decreased since mid-year [1] - Both domestic and foreign investors continue to increase their positions in innovative pharmaceutical companies, indicating a consistent long-term strategy [1] Group 2: Investment Recommendations - The report suggests focusing on companies with significant data releases at the upcoming ESMO conference in mid to late October, specifically mentioning Kangfang Biotech (09926), Kelun-Biotech (06990), and Rongchang Biotech (09995) [1] - The importance of timing and stock selection has increased following a broad rise in the innovative drug sector, with recommendations to gradually build positions during market corrections [1] Group 3: Sector Focus - For the innovative drug sector, the report highlights companies such as 3SBio (01530) and Eucure Biopharma-B (06996) as having rich short-term catalysts and undervalued core products, while companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech are noted as significantly undervalued with clear long-term growth logic [1] - In the CXO sector, the report points to leading companies benefiting from high downstream demand and marginal recovery in financing, specifically mentioning WuXi AppTec (02268) [1]

Core Viewpoint - The Hang Seng Healthcare Index declined by 1.4% this week, underperforming the market, with internet medicine, CXO, and traditional Chinese medicine sectors showing better performance [1] Group 1: Market Trends - Since September, the proportion of domestic holdings through the Hong Kong Stock Connect has remained stable, while foreign holdings have slightly decreased since mid-year [1] - Both domestic and foreign investors continue to increase their positions in innovative pharmaceutical companies, indicating a consistent long-term strategy [1] Group 2: Investment Opportunities - Domestic investors are focusing on rebound opportunities, while foreign investors are increasing positions in innovative drug targets with high long-term potential and current cost-effectiveness [1] - The innovative drug guarantee model is gradually taking shape, which is expected to alleviate challenges such as hospital access and reimbursement difficulties for companies [1] Group 3: Upcoming Events - The ESMO conference will be held in mid to late October, and the report suggests focusing on companies like CanSino Biologics (09926), Kelun-Biotech (06990), and Rongchang Biologics (09995) that are expected to release significant data [1] Group 4: Stock Recommendations - The importance of timing and stock selection has increased after a broad rise in the innovative drug sector, with recommendations to gradually build positions during sector pullbacks [1] - Specific recommendations include: 1. Innovative drugs: 3SBio (01530), Eucure Biopharma-B (06996) with rich short-term catalysts and undervalued long-term growth logic [1] 2. CXO: Leaders in high-demand segments benefiting from improved financing conditions, such as WuXi AppTec (02268) [1]

本报（chinatimes.net.cn）记者陶炜 南京报道 曾十几年都没有新药上市的抗失眠药领域，近两年陆续出现新产品获批，新药与新药之间、新药与老药 之间的竞争逐渐升温。 9月21日，先声药业神经与肿瘤药物研发全国重点实验室在2025年中国睡眠医学发展论坛上发布了"全重 求索计划"神经与失眠领域开放课题。实验室主任、先声药业执行董事唐任宏博士称，实验室计划未来 三年投入3000万元，积极拓展抗失眠新药达利雷生上市后新领域研究。 "这笔钱不是用于公司内部研发，而是对外界公开招募有意者共同参与新药研究。有意参与者可以来申 报开放课题，我们将根据不同情况资助相应的经费。"先声药业相关人士对《华夏时报》记者说。 公开数据显示，2021年，中国失眠药物市场规模为122.8亿元，预计2025年达151.2亿元，至2030年将达 到211.9亿元。这将是一个百亿级别的赛道。 一位医药行业资深人士告诉《华夏时报》记者，目前在我国失眠药治疗市场上，第二代咪达唑仑仍占据 首位，其次是第三代药物佐匹克隆和唑吡坦，而第四代药物的商业化还处于萌芽阶段。但是，第四代药 物已经被业内寄予厚望。"由于镇静催眠药物本身的特性，长期使用同一 ...