Group 1 - Dingtang Health has formed a significant partnership with Xiansheng Pharmaceutical to launch the insomnia medication Dali Leisheng on its O2O platform, providing a comprehensive service including instant retail, medication guidance, online health consultations, and health education [1] - Since February, Dingtang Health has collaborated with numerous original drug companies, establishing the "Original Drug Supply Alliance" to enhance its new drug O2O launch platform capabilities [1] - The company is also investing in smart pharmacy construction, upgrading its "Xingyuan System" to support its smart pharmacies across four major regions in China [1] Group 2 - For the first half of 2025, Dingtang Health reported revenues of 2.327 billion yuan, a year-on-year increase of 2.6%, with a gross profit of 816 million yuan and a gross margin of 35% [2] - The company incurred a loss of 52.02 million yuan during this period, which is a 42.1% reduction compared to the same period in 2024, while the adjusted net loss was 5.759 million yuan, narrowing by 78.2% year-on-year [2] Group 3 - On September 23, Dingtang Health's stock price surged over 15% to close at 0.9 HKD per share, with a trading volume of 6.5591 million HKD [4]

Group 1 - The core product, Darilresib, launched by the company, has seen a significant increase in search volume, with over 160% growth in the past two weeks, making it a popular choice in the insomnia treatment market [1] - The drug addresses a pressing issue, as nearly 48.5% of adults in China experience sleep-related problems, according to the 2025 China Sleep Health Survey Report [1] - Darilresib operates as a dual appetite receptor antagonist, improving nighttime sleep quality and daytime functionality without altering sleep structure, and is not classified as a controlled substance, lowering the barrier for patient access [1] Group 2 - The company has streamlined its drug launch process, reducing the time from 8 months to just over 2 months, achieving an efficiency improvement of over 60% by directly importing the drug and completing packaging at its Hainan production base [1] - The collaboration with Meituan Buy Medicine has led to a deep partnership for the drug's launch, facilitating rapid distribution across multiple cities in China [1][2] - The product is available in two formats, 7 tablets and 20 tablets, to meet diverse patient needs, with plans to cover over 100 cities and thousands of 24-hour pharmacies [2]

Macro Economic Overview - The "14th Five-Year Plan" emphasizes the use of more proactive fiscal policies to support employment and foreign trade, and to improve people's livelihoods [3][4] - Recent policies focus on industrial internet applications and the development of new energy sectors, indicating a shift towards digitalization and innovation [3][4] Fixed Income Market - As of August 2025, the total bond custody amount reached 174.54 trillion yuan, with a net increase of 15,060.06 million yuan, indicating a slight decrease in growth compared to previous months [9][10] - The leverage ratio in the bond market slightly increased to 106.88%, reflecting a cautious optimism in the market [13][14] Pharmaceutical Industry - The pharmaceutical sector is entering a new growth phase driven by innovation and optimization of centralized procurement, with major companies like Heng Rui Pharmaceutical and China Biologic Products showing robust revenue growth [17][18] - The recent adjustments in the national medical insurance directory are expected to benefit innovative drugs, leading to potential rapid growth for companies involved [18][19] Non-Bank Financial Sector - The performance of non-bank financial companies is primarily driven by property and equity investments, with significant contributions from the property insurance sector [21][22] - The net profit growth of listed insurance companies improved in the first half of 2025, largely due to the profitability of property insurance [21][24] Agricultural Sector - The price of white feather chicken increased due to supply disruptions and rising demand, with the average selling price reaching 7.17 yuan/kg in August 2025 [30][31] - The egg market faces pressure from high production capacity, limiting the potential for price increases despite some upward movement in prices [32][33] Machinery Industry - The valuation of global robotics companies is being redefined, with Figure's recent funding round valuing the company at 39 billion USD, indicating a bullish outlook for the robotics sector [37][38] - Key components in robotics are expected to see significant valuation increases, with potential PE ratios reaching 200 times as the industry matures [38][39] Consumer Services Sector - The upcoming National Day holiday is expected to boost travel bookings, with a steady increase in pre-booking trends observed [42][45] - The tea and coffee sector continues to show strong performance, with leading brands expanding their market presence despite some overall industry slowdowns [43][45] Real Estate and Construction - China Overseas Property is experiencing growth in both scale and profitability, with projected net profits increasing from 16.1 billion yuan in 2025 to 19.6 billion yuan by 2027 [47][48] - The company is focusing on high-quality expansion and has seen a significant increase in managed area and new contract signings [49][50] Electronics Industry - The domestic high-power server power supply market is growing, with companies like Oulu Tong positioned as leaders in this space, benefiting from the rise of AI applications [51][52] - The demand for higher power server supplies is expected to increase, with new products in development to meet the needs of advanced AI servers [53]

为了进一步探究达利雷生的药物价值，先声药业神经与肿瘤药物研发全国重点实验室主任唐任宏博士介 绍，随着达利雷生的上市，公司计划每年投入1000万元，三年总共3000万元的投入，帮助更好地研究达 利雷生对患者的价值。具体的开放课题则包括：亚组研究，比如达利雷生用于失眠合并焦虑/抑郁患 者、失眠合并AD/PD患者的有效性和安全性研究；特殊人群，比如达利雷生用于失眠合并肿瘤患者、心 血管疾病患者、风湿免疫病患者、OSA患者、卒中患者的有效性和安全性研究；达利雷生与其他失眠药 物桥接切换的真实世界研究；达利雷生真实世界长期应用研究等。 （文章来源：证券日报） 近年来，如何睡得好成为老百姓普遍关心的问题。根据中国睡眠研究会《2025年中国睡眠健康调查报 告》，中国18岁及以上人群睡眠困扰率为48.5%，主要症状表现为入睡困难、夜间易醒、早醒等。北京 大学第六医院院长岳伟华教授表示，如果患者失眠症状每周出现3次以上，持续3个月以上，建议及时前 往医院睡眠、精神、心理、神经等相关科室就诊。具体失眠症状包括：入睡困难，卧床超过30分钟仍无 法入睡；睡着后觉醒2次以上且难再入睡；清晨早醒30分钟以上；白天嗜睡、记忆功能下降、焦虑 ...

Core Insights - The new insomnia drug, Darilresin, from the company has gained significant attention, with a search volume increase of over 160% in the past two weeks, making it a popular choice in the insomnia treatment market [1] - Sleep health issues are prevalent in China, with nearly half (48.5%) of adults experiencing sleep difficulties, highlighting a substantial market opportunity for insomnia treatments [1] - Darilresin operates as a dual appetite receptor antagonist, improving nighttime sleep quality and daytime functionality without altering sleep structure, thus avoiding the sedation effects common in traditional insomnia medications [1] - The drug is not classified as a controlled substance, lowering the barriers for patient access [1] Company Initiatives - The company has streamlined its drug launch process, reducing the time from 8 months to just over 2 months by directly importing the drug and completing packaging at its Hainan production base, achieving over 60% efficiency improvement [1] - Collaborations with platforms like Meituan Buy Medicine have been established for deep cooperation in the drug's launch, facilitating rapid distribution across multiple cities [1] Market Demand - Major cities such as Shenzhen, Guangzhou, Beijing, Chongqing, and Wuhan are leading in search demand for the drug, with significant nighttime consumption patterns observed, peaking between 19:00 and 24:00 [2] - The platform has introduced two packaging options (7 tablets and 20 tablets) to cater to diverse patient needs, with ongoing efforts to expand coverage to over 100 cities and thousands of 24-hour pharmacies [2] - A sleep clinic has been launched in collaboration with Meituan Buy Medicine, offering online consultations with top-tier doctors, medication guidance, and 24-hour retail services [2]

对于新型抗失眠药物，患者获取限制更少。 传统抗失眠药物因存在药物依赖问题，多数被列入二类精神药品管制，只能在线下医院开具，且有用量 限制，也不能在电商平台上销售。 随着双食欲素受体拮抗剂（DORA）这类新型抗失眠药物在国内逐渐上市，这种局面在被打破，患者获 取药物渠道更多，限制也更少，比如一些电商平台已在开售相关药物，但如何合理使用受到关注。 如何合理使用 近日，先声药业旗下新型抗失眠药达利雷生在中国启动商业化上市，用于治疗以入睡困难和/或睡眠维 持困难为特征的成人失眠患者，这是近期国内开售的第二款用于失眠治疗的DORA类药物。 以达利雷生为代表的食欲素受体拮抗剂可通过调节食欲素系统，抑制过度觉醒信号，可以实现夜间睡眠 改善与日间功能提升的双重突破。 因属于非镇静类药物，食欲素受体拮抗剂未被纳入二类精神药品目录管理，患者获取药物渠道更多，限 制也更少，有哪些用药注意事项？ 近日，在2025年中国睡眠医学发展论坛上，有临床专家表示，如何合理使用睡眠药物，相关健康知识需 要得到普及。"有些患者使用的药物越来越多，在使用上也不规范，没有进行临床的评估，自己想当然 使用，会影响到很多日间功能，进而造成其他安全性问题出 ...

Core Viewpoint - Idorsia Ltd. announces the launch of QUVIVIQ® (daridorexant) in China by Simcere Pharmaceuticals, marking a significant advancement in insomnia treatment without psychotropic drug control labeling [1][4]. Group 1: Product Information - QUVIVIQ is a dual orexin receptor antagonist indicated for adult patients with insomnia characterized by difficulty falling asleep and/or maintaining sleep [1]. - Daridorexant selectively blocks orexin neuropeptides, regulating wake signaling, and promotes restorative sleep while reducing morning sleepiness [3]. - Clinical trials showed that 25mg and 50mg doses of daridorexant significantly improved sleep onset, maintenance, and total sleep time compared to placebo [5]. Group 2: Market Context - Insomnia is a major public health challenge in China, with existing treatments often leading to next-day drowsiness and dependence, highlighting the need for safer alternatives [2]. - The launch of QUVIVIQ addresses the unmet need for effective insomnia treatments, positioning it as a meaningful advancement in chronic insomnia management [5]. Group 3: Collaboration and Financials - Idorsia and Simcere entered an exclusive licensing agreement for QUVIVIQ in Greater China, with Idorsia receiving $80 million in milestone payments and eligible for additional payments and royalties on future sales [6]. Group 4: Availability - Daridorexant is commercially available as QUVIVIQ in multiple countries, including the US, Germany, and China, and is approved throughout the EU [7].

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 或任何部份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） 有關收購 有關祥瑞評估報告的評估模型及輸入參數 (1)上海祥瑞資產及 (2)先為全部股權的 關連交易的補充公告 茲提述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」）日期 為2025年8月26日的公告（「該公告」），內容有關收購(1)上海祥瑞資產及(2)先為全 部股權的關連交易。除另有界定外，本文所用詞彙與該公告所界定者具有相同涵 義。 本公告乃為提供有關收購(1)上海祥瑞資產及(2)先為全部股權的關連交易的補充資 料。 –1– 有關賣方的資料 賣方為一家於2000年3月14日於中國成立的有限責任公司，目前在NEEQ上市（股 票代碼：873821）。於2025年9月5日（即賣方股東名冊之最後查詢日期），賣方直 接由其十大股東擁有約98.80 ...

Group 1: Core Insights - Jiangbei New District in Nanjing has evolved into a national-level innovation hub, recognized for its significant contributions to the biopharmaceutical industry and technology advancements [1][2] - The district is home to over 1,300 biopharmaceutical companies and more than 200 new drugs in development, positioning it as a key player in Jiangsu's biopharmaceutical sector [2][4] - Notable achievements include the first CAR-T drug for cross-border supply by Reindeer Biotech and the first nucleic acid drug ER2001 injection by Aima Biotech, showcasing the district's innovative capabilities [2][3] Group 2: Industry Developments - Jiangbei New District has established itself as a center for integrated circuit industries, hosting hundreds of related companies, including TSMC, and covering the entire supply chain from design to manufacturing [3][4] - The district has seen significant investments in biopharmaceuticals, with funds supporting companies like Vili Biotech, which has 14 innovative drug candidates, and the recent approval of new antiviral drugs [5][6] - The collaboration between Nanjing University and Jiangbei New District aims to foster talent and innovation in biopharmaceuticals, with plans to accommodate over 5,000 students and faculty [4][5] Group 3: Community and Infrastructure - The district is characterized by a high concentration of PhD holders, with over 30% of the local population in the Longshan community holding advanced degrees, contributing to a vibrant innovation ecosystem [6][7] - The establishment of Nanjing North Station as a major transportation hub is expected to enhance connectivity and attract resources, further supporting the district's growth as a technology and innovation center [8][9] - Jiangbei New District is committed to creating a comprehensive ecosystem that integrates education, research, industry, and application in the biopharmaceutical sector [5][6]

Group 1: Collaboration and Services - Dingdang Health has formed a significant partnership with Xiansheng Pharmaceutical to launch the insomnia medication Daridorexant (brand name: Kewike) on its O2O platform, providing more medication options for those suffering from sleep disorders [1] - The collaboration aims to offer a comprehensive service that includes instant retail of medications, medication guidance, online health consultations, and health education [1] - Since February, Dingdang Health has partnered with numerous original research pharmaceutical companies to establish the "Original Drug Supply Alliance," enhancing its platform for the launch of new drugs [1] Group 2: Market Potential and Product Approval - The insomnia medication market in China shows significant potential, with nearly half (48.5%) of adults experiencing sleep issues, which increase with age, primarily manifesting as difficulty falling asleep, waking during the night, and early waking [1] - On June 20, Xiansheng Pharmaceutical's insomnia medication (generic name: Daridorexant) was approved for market launch, having previously received approvals in 11 countries including the US, UK, Switzerland, Japan, Canada, and Hong Kong [1] - The introduction of this product on Dingdang Health's platform is expected to provide more effective and safer treatment options for China's large population of insomnia sufferers [1]