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]

Core Viewpoint - The introduction of new insomnia medications, specifically dual orexin receptor antagonists (DORAs), is reducing access restrictions for patients, allowing for easier acquisition through various channels, including e-commerce platforms [1][2]. Group 1: Market Dynamics - Traditional insomnia medications are classified as controlled substances, limiting their availability and leading to potential dependency issues [1]. - The recent commercialization of DORA medications, such as Daridorexant by Xiansheng Pharmaceutical, marks a significant shift in the treatment landscape for insomnia in China [2]. Group 2: Patient Management and Usage Guidelines - Insomnia affects 48.5% of the population aged 18 and above in China, with symptoms including difficulty falling asleep and frequent awakenings [3]. - Experts emphasize the need for proper education on the use of sleep medications, as improper usage can lead to adverse effects on daytime functioning [3][4]. - Clinical assessments are recommended for patients experiencing insomnia symptoms, with specific criteria for diagnosis [4]. Group 3: Clinical Research and Development - Phase III clinical trials for Daridorexant have shown significant improvements, including a reduction in time to fall asleep by 35 minutes and an increase in total sleep time by 1 hour without causing next-day drowsiness [6]. - Ongoing research is necessary to understand the transition from traditional insomnia medications to new DORAs, including dosage adjustments and suitability for special populations [6][7]. - Xiansheng Pharmaceutical plans to invest 30 million yuan over the next three years to expand research on Daridorexant and its applications for various patient demographics [7].

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]

Core Insights - Jiangbei New Area in Nanjing has evolved into a national-level innovation hub, particularly in the biopharmaceutical and semiconductor industries, showcasing significant technological advancements and industry breakthroughs [1][2][3]. Biopharmaceutical Industry - Jiangbei New Area is designated as a key area for developing a world-class biopharmaceutical industry cluster, with over 200 new drugs under research and more than 1,300 biopharmaceutical companies [1][2]. - 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, highlighting the area's innovative capabilities [2]. - The area has attracted major pharmaceutical companies, with recent approvals for new drugs such as the anti-flu drug and an antibody drug, indicating a robust pipeline of innovative products [2]. Semiconductor Industry - Jiangbei New Area hosts a significant number of semiconductor companies, including Nanjing University’s collaboration with Nanjing Jiangbei New Area to establish a leading photonic chip production line [3]. - Companies like Chipstar Technology have made strides in high-end chips, with their 7nm chip achieving significant market penetration [3]. - The area is recognized for its comprehensive semiconductor ecosystem, covering all aspects from design to manufacturing [3]. Educational and Research Institutions - The establishment of a technology transfer center in Jiangbei New Area has facilitated collaboration with 78 universities, resulting in numerous projects and a high concentration of talent [4][5]. - Nanjing University and Southeast University are key players in the area, contributing to a rich educational environment that supports innovation and research [4][5]. Innovation Ecosystem - Jiangbei New Area is focused on creating an integrated ecosystem that combines education, research, industry, and application, fostering a collaborative environment for innovation [5]. - The area has seen significant investment from venture capital, supporting the growth of local companies and enhancing the overall innovation landscape [5]. Community and Lifestyle - The demographic profile of Jiangbei New Area shows a high concentration of highly educated individuals, with over 30% of the local population holding advanced degrees [6]. - The community is actively engaged in various cultural and educational activities, contributing to a vibrant lifestyle that attracts young talent [6]. Infrastructure Development - The construction of Nanjing North Station as a major transportation hub is expected to enhance connectivity and attract resources, further supporting the innovation ecosystem in Jiangbei New Area [7]. Conclusion - Jiangbei New Area is positioned as a rising highland in Jiangsu, with a strong focus on biopharmaceuticals and semiconductors, supported by a robust educational framework and community engagement [8].

Overview - The demand for Edaravone in China is driven by a large population of stroke patients, with sales peaking at 5.548 billion yuan in 2016 [1][8]. - The sales dropped significantly to 1.53 billion yuan by 2024 due to regulatory changes and market dynamics [1][9]. Development History - Edaravone was first approved in Japan in 2001 and introduced to China by Xiansheng Pharmaceutical in 2003 [3][4]. - The market demand grew rapidly from 2015 to 2018, establishing Edaravone as a key product in the neuropharmaceutical sector [3][5]. Market Dynamics - In 2019, Edaravone was included in the first batch of the National Key Monitoring Rational Drug Use Directory, leading to a decline in sales [4][5]. - The seventh batch of national drug procurement initiated in 2022 further impacted sales, with Edaravone being the only drug from the monitoring list to be included in the procurement [5][9]. Industry Chain - The upstream of the Edaravone industry includes raw materials, intermediates, packaging, and pharmaceutical equipment [6]. - The midstream consists of production companies, while the downstream includes hospitals and pharmacies, with hospitals being the primary distribution channel [7]. Market Background - Edaravone is primarily used for treating acute ischemic stroke, with its effectiveness linked to timely administration within 48 hours post-stroke [8]. - The aging population in China has led to an increase in stroke and other neurological disease incidences, with stroke patients reaching 27.461 million by 2024 [8]. Competitive Landscape - The Edaravone market in China is highly concentrated, with 54 approved products from 32 companies as of August 2025 [10]. - Xiansheng Pharmaceutical is the leading company, having launched the first Edaravone injection in China [10][11]. Company Profiles - Xiansheng Pharmaceutical reported a total revenue of 6.635 billion yuan in 2024, with a gross profit of 5.325 billion yuan and a gross margin of 80.25% [11]. - Jilin Boda Pharmaceutical, a key player, has a production capacity of 3 million 10ml and 2 million 20ml Edaravone injections annually, with a revenue of 733.38 million yuan in 2024 [12]. Future Trends - Innovations in Edaravone formulations are expected, including the development of oral tablets, which could enhance patient compliance [13]. - The expansion of insurance coverage and accelerated drug approvals are anticipated to increase market accessibility and demand, although cost control will be essential due to potential pricing pressures from insurance policies [13].

Group 1 - The overall performance of the pharmaceutical industry is weak, with an average revenue growth of 1.6% and a decline in average net profit by 3.2% for the first half of 2025 compared to the full year of 2024 [2] - The industry is expected to take time for performance improvement, with ongoing support policies for innovative drugs and devices, as well as improvements in global biopharmaceutical financing driving recovery [2] - A significant drop in stock prices was observed among innovative drug concept stocks in the Hong Kong market, with Huaneng Pharmaceutical down nearly 15% and Kelun-Bio down over 12% [4] Group 2 - The report by CMB International analyzed the performance of 393 pharmaceutical companies listed in A-shares and Hong Kong stocks, indicating a deterioration in both revenue and profit compared to the previous year [2] - The domestic centralized procurement policy optimization and continuous support for innovative drugs and devices are seen as crucial for the industry's recovery [2] - The stock performance of various pharmaceutical companies reflects the overall market sentiment, with multiple companies experiencing declines exceeding 9% [4]

Group 1 - The company, Sinopharm Group, completed a placement of 121 million shares at a price of HKD 12.95 per share on September 4, 2025, with participation from at least six subscribers [1] - The subscription of 121 million shares, equivalent to the number of shares placed, was completed on September 10, 2025, at the same price of HKD 12.95 per share [1] - The newly subscribed shares represent approximately 4.66% of the company's total issued share capital after the completion of the subscription [1]