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 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） 自願公告 回購股份 根據股東於2025年6月13日舉行的股東週年大會上通過的股東決議案，本公司董事 （「董事」）獲授予一般授權以回購最多247,469,761股本公司股份（「股份」），佔截 至2025年6月13日已發行股份總數10%（「回購授權」）。 於2025年8月21日，董事會（「董事會」）決議行使回購授權適時於公開市場按不超 過人民幣 5 億元的總金額回購股份（「建議股份回購」）。建議股份回購的期間由 2025年8月22日起直至下列較早者為止：(a)本公司下屆股東週年大會的舉行日 期；(b)本公司根據本公司的組織章程細則或任何適用法例最遲須舉行下屆股東週 年大會的日期；或(c)股東於本公司股東大會上通過普通決議案撤銷或修訂有關授 權當日。本公司將利用 ...

Revenue and Profit - Revenue reached RMB 3.585 billion, an increase of 15.1% compared to RMB 3.114 billion in the same period of 2024[3] - Profit attributable to equity shareholders was RMB 604 million, an increase of RMB 147 million or 32.2% from RMB 457 million in 2024[3] - Adjusted profit attributable to equity shareholders was RMB 651 million, up 21.1% from RMB 538 million in 2024[3] - Revenue from the neuroscience segment was RMB 1.249 billion, accounting for 34.8% of total revenue, with a growth of 37.3% from RMB 909 million in 2024[75] - Revenue from the oncology segment reached RMB 874 million, representing 24.4% of total revenue, and grew by 41.1% from RMB 619 million in 2024[75] - The autoimmune segment generated RMB 878 million, making up 24.5% of total revenue, with a slight increase of 3.3% from RMB 850 million in 2024[75] - The company reported a net profit for the period of RMB 603,607 thousand, reflecting a 32.3% increase from RMB 456,600 thousand in 2024[108] - Basic and diluted earnings per share were both RMB 0.25, compared to RMB 0.18 in 2024[108] Innovative Drug Development - Innovative drug business revenue was RMB 2.776 billion, accounting for 77.4% of total revenue, up 26.0% from RMB 2.203 billion in 2024[3] - The group has ten innovative drugs approved for sale and over 45 products included in the National Reimbursement Drug List (NRDL) as of June 30, 2025[5] - The innovative drug pipeline consists of over 60 projects, with four new IND approvals and three FIH milestones achieved[11][14] - The company has launched a total of ten innovative drugs, with two new approvals for the drugs Koweike® and Enzeshu®[10] - The company is actively pursuing unmet clinical needs to advance its innovative drug development pipeline[10] - The innovative drug portfolio has expanded to ten products, generating revenue of RMB 2.776 billion, accounting for 77.4% of total revenue for the six months ending June 30, 2025[17] Research and Development - Research and development investment totaled RMB 1.028 billion for the six months ended June 30, 2025, representing a growth of 68.0% from RMB 612 million in the same period of 2024, accounting for 28.7% of revenue, up 9 percentage points from 19.7% in 2024[78] - Research and development expenses were RMB 632 million for the six months ended June 30, 2025, an increase of 11.7% from RMB 566 million in 2024, with expenses accounting for 17.6% of revenue, down 0.6 percentage points from 18.2% in 2024[78] - The company has approximately 40 clinical candidates in the preclinical stage, focusing on differentiated targets with FIC and BIC potential, supporting long-term sustainable growth[71] Market Presence and Strategy - The marketing network covers over 3,000 tertiary hospitals and approximately 17,000 other hospitals and medical institutions across China[6] - The group aims to enhance market presence and deepen collaborations with healthcare institutions while exploring diversified sales channels to increase market share and accessibility of existing products[96] - The company has established strategic partnerships for collaborative research and development with various innovative enterprises and research institutions[7] Financial Position - As of June 30, 2025, the cash and cash equivalents were RMB 2.671 billion, compared to RMB 1.943 billion as of December 31, 2024[81] - The current ratio as of June 30, 2025, was 173.3%, down from 200.4% as of December 31, 2024[82] - The debt-to-asset ratio was 42.6% as of June 30, 2025, up from 38.6% as of December 31, 2024[82] - Total assets as of June 30, 2025, amounted to RMB 9,076,304 thousand, compared to RMB 8,782,948 thousand at the end of 2024[114] - Net assets increased to RMB 7,234,230 thousand from RMB 7,068,115 thousand in 2024[115] Shareholder Returns and Dividends - The board has decided not to declare any interim dividend for the six months ending June 30, 2025[92] - The company declared an interim dividend of RMB 0.16 per share for the six months ending June 30, 2025, totaling RMB 395,952,000[146] - The total attributable dividends after adjustments for the current period is RMB 390,746,000, compared to RMB 401,484,000 for the previous period[146] Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the financial reporting processes and internal control systems[103] - The interim financial report for the six months ending June 30, 2025, was reviewed by KPMG with no modifications noted[104] - The company has adopted the standard code of conduct for securities trading by directors and confirmed compliance during the reporting period[102] - The company has maintained strict corporate governance principles in accordance with the Hong Kong Stock Exchange listing rules[100]

Core Viewpoint - Sihuan Pharmaceutical (02096) has seen a nearly 3% increase in stock price, attributed to the approval of its innovative anti-tumor drug candidate SIM0508 for clinical trials in advanced solid tumors by the National Medical Products Administration (NMPA) [1] Group 1: Company Developments - Sihuan Pharmaceutical's subsidiary, Sihuan Zaiming, announced that its self-developed anti-tumor candidate drug, DNA polymerase theta (Polθ) small molecule inhibitor SIM0508, has received NMPA approval for clinical trials in combination with Olaparib [1] - SIM0508 is the first Polθ inhibitor approved for clinical research in China and has also obtained IND approvals in both China and the United States, currently in Phase I clinical trials [1] Group 2: Drug Mechanism and Potential - SIM0508 represents the latest achievement in the "synthetic lethality" mechanism for anti-tumor treatment, showing good safety and tolerability in early clinical studies [1] - No significant hematological toxicity has been observed, indicating a low risk of additive hematological toxicity when used in combination with PARP inhibitors or chemotherapy drugs, suggesting its potential as an innovative cancer therapy for various HRD solid tumors [1] - Relevant research data for SIM0508 will be presented at upcoming academic conferences [1]

Core Viewpoint - Xiansheng Pharmaceutical (02096) has seen a nearly 3% increase in stock price following the announcement of its innovative anti-tumor drug candidate SIM0508 receiving approval from the National Medical Products Administration (NMPA) for clinical trials in combination with Olaparib for the treatment of advanced solid tumors [1] Company Summary - Xiansheng Pharmaceutical's subsidiary, Xiansheng Zaiming, announced that its self-developed anti-tumor candidate drug, DNA polymerase theta (Polθ) small molecule inhibitor SIM0508, has been approved for clinical trials [1] - SIM0508 is the first Polθ inhibitor approved for clinical research in China and has also received IND approvals in both China and the United States, currently in Phase I clinical trials [1] - Early clinical studies indicate that SIM0508 has good safety and tolerability, with no significant hematological toxicity observed, suggesting a low risk of additive hematological toxicity when used in combination with PARP inhibitors or chemotherapy drugs [1] Industry Summary - The approval of SIM0508 represents a significant advancement in the "synthetic lethality" mechanism for anti-tumor therapies, highlighting the potential for innovative cancer treatments targeting various homologous recombination deficiency (HRD) solid tumors [1] - Relevant research data regarding SIM0508 will be presented at upcoming academic conferences, indicating ongoing developments in the field of oncology [1]

Core Insights - Colorectal cancer (CRC) is the second most common malignant tumor in China, with 517,100 new cases in 2022, accounting for 10.7% of all cancer cases, and 240,000 deaths, representing 9.3% of all cancer deaths [1][12] - The global colorectal cancer drug market is projected to grow from $16.9 billion in 2019 to $25.4 billion by 2024, indicating significant market potential [1][13] - The Chinese colorectal cancer drug market is expected to reach 24.21 billion yuan by 2024, with an 18.5% year-on-year growth [1][16] - The market is characterized by a competitive landscape with multiple companies across different tiers, including leading firms like Junshi Biosciences and others [1][18] Industry Overview - Colorectal cancer drugs include traditional chemotherapy, targeted therapies, and immunotherapies, which are crucial for extending patient survival [2] - The burden of colorectal cancer in China is significant, with over 80% of patients diagnosed at advanced stages, leading to high treatment demands [1][16] - The market is expected to continue growing, with projections of 37.3 billion yuan by 2027 and nearly 60 billion yuan by 2031 [1][20] Competitive Landscape - The colorectal cancer drug industry features a tiered structure: - First tier: Junshi Biosciences - Second tier: Maibao Pharmaceutical, Hutchison China MediTech - Third tier: JAKS Pharmaceuticals, Jinfang Pharmaceutical [1][18] - Over 10 innovative therapies have been approved globally for colorectal cancer treatment, with more in clinical trials [1][18] Future Trends - The market is expected to see a shift towards precision medicine, with targeted and immunotherapies becoming mainstream [1][22] - Domestic innovative pharmaceutical companies are rapidly emerging, enhancing their product lines through independent research and global collaborations [1][23] - Upgraded patient needs will drive innovations in service models, focusing on unmet clinical demands and improving treatment experiences [1][25]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's licensing agreement with AbbVie for SIM0500 demonstrates the strength of its innovative technology platform, which is expected to lead to a revaluation of the company [2][5] - The company is anticipated to exceed expectations in pipeline progress, business development (BD) collaborations, and revenue growth [1][2] Summary by Sections Innovation and Business Development - The company signed a licensing agreement with AbbVie on January 13, 2025, for the investigational drug SIM0500, which could yield up to $1.055 billion in payments [2] - The company is also collaborating with NextCure to develop SIM0505, with potential payments of up to $745 million [2] - The first patient in the U.S. received SIM0500 in a Phase I clinical trial, with promising data from similar trials by competitors [2] Commercialization - The company's innovative drug revenue is projected to reach 4.928 billion yuan in 2024, accounting for 74.3% of total revenue [3] - New products are expected to drive revenue growth, with several drugs successfully included in the National Reimbursement Drug List (NRDL) [3] Catalysts and Indicators - Key indicators include the revenue growth of innovative drug products, clinical data readouts for SIM0500, and progress in overseas development of the sublingual formulation [4] - Catalysts for growth include exceeding expectations in clinical advancements and BD collaborations [4] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 7.735 billion, 8.769 billion, and 9.882 billion yuan, with year-on-year growth rates of 17%, 13%, and 13% respectively [5][12] - Net profit forecasts for the same period are 1.071 billion, 1.375 billion, and 1.577 billion yuan, with growth rates of 46%, 28%, and 15% respectively [5][12]

Group 1 - The core viewpoint of the news is the performance and holdings of the Huatai Fuhua Medical Active Growth One-Year Holding Mixed Fund A, which has shown significant returns in various time frames [1] - As of June 30, 2025, the fund's total assets amount to 1.922 billion yuan, with a recent net value of 0.8263 yuan, reflecting a growth of 1.04% [1] - The fund has achieved a return of 15.15% over the past month, 63.14% over the past six months, and 66.59% year-to-date, ranking 506 out of 4688, 60 out of 4532, and 84 out of 4490 respectively in its category [1] Group 2 - The top ten stock holdings of the fund account for a total of 61.79%, with significant positions in companies such as Sanofi (10.07%), Innovent Biologics (8.94%), and Kelun-Biotech (8.71%) [1] - The fund was established on August 21, 2020, and is managed by Zheng Lei, who has extensive experience in the medical and healthcare investment sector [2]

Core Insights - The article highlights the successful launch of two class 1 new drugs, Enzeshushu and Jike Shushu, from companies in the Nanjing Biopharmaceutical Valley, marking a significant achievement in the biopharmaceutical industry [1][2][3] Group 1: Drug Development and Innovation - Jike Shushu, a new anti-influenza drug, was developed in just 6 years, significantly faster than the typical 10-year timeline for class 1 new drugs [2] - Enzeshushu, targeting ovarian cancer, took 17 years from inception to approval, showcasing the long-term commitment required in drug development [3] - The successful development of these drugs reflects a combination of innovation and perseverance, particularly during challenging times such as the COVID-19 pandemic [2][3] Group 2: Supportive Ecosystem - The Nanjing Biopharmaceutical Valley provides essential support services, including regulatory guidance and infrastructure, which facilitate the drug development process for companies [4][5] - The Jiangbei New District has completed nearly 1,800 product technical reviews and over 300 on-site verifications, aiding companies like Xiansheng Pharmaceutical and Reindeer Biotech in accelerating their product launches [5] - The establishment of a public service platform allows startups to access necessary research facilities without the burden of high initial costs, fostering innovation [5] Group 3: Future Prospects - There are currently over 200 class 1 new drugs in development within the biopharmaceutical valley, indicating a robust pipeline for future approvals [5] - The presence of regional technology transfer centers is expected to further enhance the innovation landscape, leading to more new drug developments [5][6] - The Nanjing Biopharmaceutical Valley is becoming a prominent hub for both established and emerging companies, contributing to the growth of the biopharmaceutical industry in the region [6]

Group 1: Market Trends and Insights - The pharmaceutical sector is experiencing a diversified trend, shifting from a focus on innovative drugs to emerging fields such as performance reversals, brain-computer interfaces, and AI drug development [1] - The market is showing characteristics of high-low switching and thematic rotation, indicating an increased requirement for stock selection [1] - Recent leading stocks reflect a preference for high-growth performance, medical device technological innovation, and major innovative drug products, influenced by recent half-year report disclosures and favorable policies [1] Group 2: Company Highlights - Innovent Biologics has achieved multiple breakthroughs in its innovative pipeline this year, with two major new drugs approved: the insomnia drug Daridorexant and the ovarian cancer drug Suvorexant [2] - The company has also received acceptance for the NDA of the innovative drug Lebrikizumab in collaboration with Hong Kong Conade Biopharmaceuticals [2] - UBS believes that the market has not fully reflected the R&D capabilities and sales potential of Innovent Biologics, with expectations for two new drug approvals in 2024 and potentially four more by 2026-2027 [2]

Group 1 - The pharmaceutical sector is experiencing a diversified trend, shifting from a focus on innovative drugs to emerging fields such as performance reversals, brain-computer interfaces, and AI drug development [1] - Current market preferences include high-growth performance realization, medical device technological innovation, and major innovative drug products, influenced by recent half-year report disclosures and favorable policies [1] - Zhongtai Securities recommends innovative pharmaceutical companies with solid safety margins, such as Xiansheng Pharmaceutical, WuXi Biologics, and Sanofi, highlighting a preference for stocks driven by both performance realization and technological breakthroughs [1] Group 2 - Xiansheng Pharmaceutical has achieved multiple breakthroughs in its innovative pipeline this year, with two major new drugs approved for market: the insomnia drug Dali Reiseng and the ovarian cancer drug Suweisitamon [2] - The company has also entered into significant collaborations, including a maximum $10.55 billion partnership with AbbVie for SIM0500 and a $7.45 billion strategic cooperation with NextCure for SIM0505, optimizing its revenue structure [2] - UBS believes that the market has not fully reflected Xiansheng Pharmaceutical's R&D capabilities and the sales potential of its innovative drugs, with expectations for further approvals in the coming years [2]