Core Viewpoint - The stock of Xiansheng Pharmaceutical (02096.HK) has increased by over 4%, currently trading at 13.42 HKD with a transaction volume of 89.99 million HKD [2] Summary by Category - **Stock Performance** - Xiansheng Pharmaceutical's stock rose by 4% and is currently up by 3.47% [2] - The current trading price is 13.42 HKD [2] - The total transaction volume reached 89.99 million HKD [2]

Core Viewpoint - Xiansheng Pharmaceutical (02096) has seen a stock price increase of over 4%, currently trading at HKD 13.42 with a transaction volume of HKD 89.99 million, following the announcement of a clinical trial for its innovative anti-tumor drug SIM0505 [1] Group 1: Clinical Trial Announcement - Xiansheng Pharmaceutical's subsidiary, Xiansheng Zaiming, has completed the first dosing of SIM0505 in a Phase I clinical trial for advanced solid tumor patients in the U.S. [1] - The trial aims to evaluate the safety, tolerability, pharmacokinetics, and efficacy of SIM0505 [1] Group 2: Drug Details - SIM0505 is a novel ADC targeting CDH6 (calcium adhesion protein-6 or K-cadherin), with a higher affinity for tumor antigens compared to similar candidates [1] - The drug utilizes Xiansheng Zaiming's proprietary TOPO I inhibitor as an effective payload, providing strong anti-tumor activity and a high systemic clearance rate, thus expanding the therapeutic window [1] Group 3: Global Expansion - The Phase I dose-escalation study initiated in China has been expanded to the U.S. by NextCure, which has begun enrolling U.S. patients in the mid-dose group [1] - NextCure has obtained exclusive global licensing rights for SIM0505 outside of Greater China [1]

Core Viewpoint - The stock of Sihuan Pharmaceutical (02096) has seen an increase of over 4%, currently trading at 13.42 HKD with a transaction volume of 89.99 million HKD, following the announcement of a significant milestone in its clinical trial for the innovative anti-tumor drug SIM0505 [1] Group 1: Company Developments - Sihuan Pharmaceutical's subsidiary, Sihuan Zaiming, has completed the first dosing of the SIM0505 drug in a Phase I clinical trial for advanced solid tumor patients in the U.S. [1] - The trial aims to evaluate the safety, tolerability, pharmacokinetics, and efficacy of SIM0505 [1] - SIM0505 is a novel ADC targeting CDH6, demonstrating higher affinity for tumor antigens compared to similar candidates [1] Group 2: Drug Characteristics - The drug utilizes Sihuan Zaiming's proprietary TOPO inhibitor as an effective payload, which not only exhibits strong anti-tumor activity but also has a high systemic clearance rate, thereby expanding the therapeutic window [1] - The Phase I dose-escalation study initiated in China has been expanded to include U.S. patients, with the mid-dose group now enrolling participants [1] - NextCure, Inc. has obtained exclusive global rights for SIM0505 outside of Greater China [1]

Market Overview - The Hong Kong stock market showed mixed performance on October 16, with the Hang Seng Index slightly down by 0.09%, the Hang Seng China Enterprises Index up by 0.09%, and the Hang Seng Tech Index down by 1.18% [1][2]. Technology Sector - Major technology stocks experienced weakness, with Xiaomi down by 3.6%, Baidu, Meituan, and Tencent Holdings each down over 1%, while JD.com, Kuaishou, and Alibaba also saw slight declines [2][3][4]. - The overall performance of the technology sector was negatively impacted, with significant declines in stocks related to electric vehicles, robotics, and semiconductor industries [2][5][7]. Electric Vehicle Sector - The electric vehicle sector faced a downturn, with NIO dropping nearly 9% and other companies like Li Auto, Xpeng, and BYD also experiencing declines [5][6]. Education Sector - The education sector showed strong performance, with companies like Think Academy seeing a remarkable increase of 26.5% due to plans to raise approximately HKD 241 million for future AI projects [9][10]. Apple-Related Stocks - Apple-related stocks performed well, with BYD Electronics rising nearly 5% following discussions between Apple's CEO Tim Cook and Chinese officials regarding business development in China [11][12]. Coal Sector - Coal stocks saw gains, with China Qinfa up over 8% as demand for coal increased due to seasonal factors [13]. Shipping Sector - The shipping sector was active, with companies like Orient Overseas International and COSCO Shipping Holdings rising nearly 4% following the announcement of new fees for ships from U.S. ports [14]. Innovative Drug Sector - The innovative drug sector experienced growth, with companies like 3SBio and Innovent Biologics rising nearly 6% ahead of a significant conference in Berlin [16][17]. Insurance Sector - Insurance stocks were active, with China Life rising nearly 5% following positive earnings forecasts from major players in the sector [18][20]. IPO Activity - The recent IPO of Cloudwalk saw a significant increase of 26.05% on its first day of trading, reflecting strong market interest [21]. Market Outlook - Analysts suggest that the Hong Kong stock market may experience wide fluctuations in the future, with a focus on sectors such as precious metals and AI-related industries due to ongoing geopolitical tensions and economic uncertainties [23].

Core Insights - The aging population in China is leading to an increase in the prevalence of neurodegenerative diseases, significantly driving the demand for related medications. The market size for neurodegenerative disease drugs in China is projected to reach approximately 10.55 billion yuan in 2024, reflecting a year-on-year growth of 24.12% [1][5]. Industry Overview - Neurodegenerative disease drugs are designed to treat chronic progressive neurological disorders characterized by the degeneration of neurons, including Alzheimer's disease, Parkinson's disease, Huntington's disease, and amyotrophic lateral sclerosis [2][3]. Industry Development History - The neurodegenerative disease drug industry in China has evolved through several phases: - From the 1990s to 2010, the industry began with the introduction of generic drugs to meet clinical needs, supported by regulatory improvements [3]. - From 2010 to 2020, the industry saw advancements in drug approval processes and clinical trial networks, leading to increased research quality and the emergence of innovative therapies [3]. - Since 2020, the focus has shifted towards innovation, with AI-driven drug development and the inclusion of Alzheimer's disease in special medical insurance categories enhancing drug accessibility [3]. Market Size - The market for neurodegenerative disease drugs in China is expected to grow to about 10.55 billion yuan in 2024, with a year-on-year increase of 24.12%. The government's efforts to improve medical insurance policies are expected to further boost market growth by increasing drug accessibility for patients [5][6]. Key Companies and Performance - The competitive landscape of the neurodegenerative disease drug industry is characterized by the rise of domestic innovation and the presence of multinational pharmaceutical companies. Notable domestic companies include: - **Xiansheng Pharmaceutical**: Focuses on early intervention strategies and has a diverse pipeline in the central nervous system area [7]. - **Hengrui Medicine**: Engages in extensive R&D across neurology and pain management, with significant revenue growth and R&D investment [9][10]. - The industry is witnessing a shift towards innovative therapies, with companies like Ruijian Pharmaceutical and Shenji Changhua making breakthroughs in cell therapy for Parkinson's disease [6]. Industry Development Trends 1. **Accelerated Innovation**: The development of neurodegenerative disease drugs is expected to accelerate, with a focus on innovative therapies driven by advancements in biotechnology and artificial intelligence [11]. 2. **Diverse Competitive Landscape**: The market will see increased competition, with domestic companies enhancing their capabilities to compete with international firms [12]. 3. **Policy Support and Regulation**: The government is likely to continue supporting the industry through policies that encourage R&D investment and improve drug accessibility for patients [13].

Core Viewpoint - The Chinese insomnia medication market is poised for rapid growth and transformation, driven by increasing awareness of sleep disorders and government initiatives to enhance sleep health services [2][3][12]. Group 1: Market Overview - Approximately 1/4 of the Chinese population suffers from sleep deprivation, with nearly 40% experiencing nighttime awakenings, indicating a significant market potential for insomnia treatments [3]. - The insomnia medication market in China is projected to reach 350 billion RMB by 2025, reflecting a growing demand for effective sleep aids [6][15]. - The recent approval of new insomnia medications, such as Fazamorexant and Daliresp, marks a shift in the market, with companies like Yangtze River Pharmaceutical Group and Xiansheng Pharmaceutical leading the charge [8][9]. Group 2: Industry Challenges - The Chinese insomnia medication market has faced a 16-year gap in new drug approvals, primarily due to stringent regulatory policies governing psychotropic medications [12]. - Traditional insomnia medications often come with significant side effects, leading to a dilemma for patients seeking effective treatment options [13][14]. - There is a lack of specialized sleep medicine departments in hospitals, complicating the diagnosis and treatment process for insomnia patients [14]. Group 3: Opportunities for Innovation - The increasing prevalence of insomnia, particularly among the aging population, presents a substantial opportunity for pharmaceutical companies to develop innovative treatments [15]. - Advances in technology, such as AI-assisted drug development and digital therapies, are expected to shorten research timelines and expand treatment options [15]. - The government's "Healthy China 2030" initiative aims to integrate insomnia interventions into primary healthcare services, potentially increasing market penetration for insomnia medications [15].

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 ...

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