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]

Core Insights - The insomnia medication market in China is experiencing a resurgence with new products being approved after a long hiatus, indicating increasing competition among both new and existing drugs [2][4][5] - The market size for insomnia medications in China was 12.28 billion yuan in 2021, projected to reach 15.12 billion yuan by 2025 and 21.19 billion yuan by 2030, highlighting significant growth potential [3][7] Company Developments - Xiansheng Pharmaceutical plans to invest 30 million yuan over the next three years in an open research initiative for new insomnia drugs, inviting external participants to collaborate on research projects [2][6] - The newly approved drug Dali Leisheng by Xiansheng Pharmaceutical is a dual orexin receptor antagonist, marking a significant advancement in insomnia treatment options [5][6] Industry Trends - The prevalence of insomnia in China is high, with an estimated 38.2% of adults affected, leading to increased focus on sleep health and the demand for effective treatments [3][7] - The insomnia drug market has evolved through four generations, with the latest generation focusing on orexin receptor antagonists, which offer a novel mechanism of action compared to traditional sedatives [3][4] Competitive Landscape - The approval of new insomnia medications, such as Dali Leisheng and Jiyin Pharmaceutical's innovative drug, is intensifying competition in the market, with companies actively promoting their products [5][7] - The market is currently dominated by second-generation drugs like Midazolam, while newer fourth-generation drugs are still in the early stages of commercialization [5][6]

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]

Core Insights - Dalirelix, developed by Xiansheng Pharmaceutical in collaboration with Swiss Idorsia, was approved by the National Medical Products Administration in June 2023 for treating adult insomnia characterized by difficulty in falling asleep and/or maintaining sleep [1][2] - The drug has shown excellent performance in improving sleep onset time, nighttime awakening, self-reported sleep duration, sleep quality, and daytime functioning, with good safety and tolerability [1] - The prevalence of sleep disturbances among individuals aged 18 and above in China is reported at 48.5%, with symptoms including difficulty falling asleep, frequent awakenings, and early morning awakenings [1] Company Initiatives - Xiansheng Pharmaceutical plans to invest 10 million yuan annually, totaling 30 million yuan over three years, to further research the value of Dalirelix for patients [2][4] - The research will include subgroup studies on the efficacy and safety of Dalirelix for patients with insomnia combined with anxiety/depression, cancer, cardiovascular diseases, autoimmune diseases, obstructive sleep apnea, and stroke [2] - The "All Heavy Search Plan" aims to expand research in the field of neurology and insomnia, providing more real-world medication evidence for patients with comorbid neurological and psychiatric conditions [4]