Group 1 - The company announced the issuance of 1.5 million exchangeable preferred shares at a total subscription price of $150 million, equivalent to $100 per share, with the right to exchange for shares of Boan Biologics [1] - Upon full exercise of the exchange rights, Boan Biologics will no longer be a subsidiary of the company, which currently holds approximately 361 million shares of Boan Biologics, representing about 57.94% of its issued share capital [1] - The company has agreed to guarantee the issuer's obligations under the subscription agreement [1] Group 2 - The board believes that issuing exchangeable preferred shares will provide an immediate source of cash while maintaining strategic flexibility [2] - The exchange mechanism allows the company to monetize its investment in Boan Biologics over a longer period at a price above the current market level, which is expected to yield better results compared to bulk disposals at discounted prices [2] - Proceeds from the subscription will be used for general working capital purposes [2]

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之內容概不 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 就 因 本 公 告 之全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何 責 任。 LUYE PHARMA GROUP LTD. 綠葉製藥集團有限公司 （於 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：02186） 須予披露交易 本公司全資附屬公司發行可交換優先股 發行可交換優先股 董 事 會 宣 佈，於2025年11月21日，發 行 人（本 公 司 的 全 資 附 屬 公 司）、本 公 司 與 認 購 人 訂 立 認 購 協 議，據 此，認 購 人 同 意 認 購 且 發 行 人 同 意 配 發 及 發 行 可 交 換 優 先 股，總 認 購 價 為150,000,000美 元。該 等 可 交 換 優 先 股 可 按 認 購 協 議 所 載 條 款 交 換 為 博 安 生 物 股 份。 上市規則的涵義 由於本集團於博安生物的持股將於可交換優先股附帶的交換權獲行使後減 少，根 據 上 市 規 則 第14 ...

Core Insights - The current mainstream antidepressants face challenges such as slow onset, limited efficacy (40%-65%), insufficient long-term tolerability, and low patient adherence [1][2] - The domestic antidepressant market is still dominated by traditional SSRIs, but local innovative drug development is entering a harvest period, with micro-innovative drugs like Trospium and Venlafaxine showing promise [1] - Future development directions focus on precision treatment and personalized medication [1] Current Treatment Shortcomings - Depression is one of the most common mental disorders, characterized by persistent low mood, anhedonia, and decreased energy, with unclear etiology [1] - Existing first-line antidepressants like SSRIs have limited efficacy, with about one-third of patients not achieving relief after multiple treatment steps [1] - Current antidepressants have a slow onset, typically requiring 1-4 weeks for improvement and 4-8 weeks to reach treatment goals, posing risks of suicide during acute phases [1] - There is room for improvement in precision treatment for different subtypes and special populations, as well as addressing issues like patient-initiated drug discontinuation [1] Efficacy and Long-term Use - The efficacy of existing antidepressants ranges from 40% to 65%, with variations based on the heterogeneity of depression and specific patient characteristics [2] - Long-term use highlights the importance of safety and tolerability, with common adverse effects including gastrointestinal reactions, CNS effects, and sexual dysfunction [2] - Some drugs, like Escitalopram and Venlafaxine, have lower adverse event rates, while certain adverse effects may benefit specific patients [2] Domestic Market Overview - In 2024, the sales of antidepressants in China exceeded 8 billion yuan, with SSRIs accounting for 3.58 billion yuan (43.44%) of the market [3] - SNRIs and traditional Chinese medicine also hold significant market shares, with the top-selling antidepressants including Escitalopram and Agomelatine [3] - Generic drugs are expected to maintain a considerable market share due to price advantages, while innovative drugs will benefit patients through improved safety and efficacy [3] Development of Domestic Antidepressants - Currently, there is one approved innovative antidepressant in China, with over twenty in clinical trials, indicating a harvest period ahead [4] - The only marketed local innovative drug is Trospium (Ruxinlin), which is expected to see growth after entering the medical insurance system in 2025 [4] - Promising candidates in various stages of clinical trials include monoamine neurotransmitter antidepressants and NMDA antagonists [4]

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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 绿叶制药集团有限公司 FF301 FF301 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) | 02186 | 說明 | 普通股 | | | | | | | | 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 | | | 3,994,515,953 | | 0 | | 3,994,515,953 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 3,994,515,953 | | 0 | | 3,994,515,953 | 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通 ...

Core Viewpoint - The article discusses the ongoing price negotiation process for innovative drugs under the 2025 National Medical Insurance (NMI) negotiations, highlighting the participation of various pharmaceutical companies and the significance of the commercial insurance innovative drug directory [2][12]. Group 1: Price Negotiation Process - On November 2, 2025, a total of 10 companies participated in the price negotiation for 11 drug products, including 2 products from BeiGene [2][4]. - The negotiation process is divided into two groups, with each group negotiating separately with representatives from the National Medical Insurance Administration and commercial insurance companies [4][6]. - The first company completed its negotiation in 45 minutes, indicating a generally positive atmosphere among participants [6][7]. Group 2: CAR-T Drugs - CAR-T drugs, known for their high prices, are receiving attention in the commercial insurance innovative drug directory, with one product priced at 999,000 yuan per dose, making it the lowest-priced CAR-T drug in China [7][11]. - Multiple CAR-T drugs received unanimous approval during the expert review phase prior to the negotiations, indicating strong interest from the commercial insurance sector [11]. Group 3: Expectations and Concerns - Companies are primarily focused on the potential patient access to drugs rather than just price reductions, expressing uncertainty about how the innovative drug directory will facilitate market access [12][13]. - A representative mentioned that the National Medical Insurance Administration suggested a price reduction expectation of 15% during pre-negotiation discussions [12]. - There is a notable interest in the innovative drug directory as it allows companies to recover substantial R&D costs without necessitating significant price cuts [13].

Core Insights - The 2025 National Medical Insurance Negotiation has entered its fourth day, focusing on the price negotiation for innovative drugs, with 121 drugs passing the initial review and 24 entering the price negotiation phase [1][2] Group 1: Price Negotiation Process - A total of 10 companies participated in the price negotiation for 11 drugs, including major players like BeiGene and Huyuan Bio [1] - The negotiation process is divided into two groups, with each group negotiating separately with representatives from the National Medical Insurance Administration and insurance companies [3] Group 2: CAR-T Drug Negotiations - CAR-T drugs, known for their high prices, are receiving attention in the innovative drug directory negotiations, with several companies reporting positive experiences during negotiations [4][5] - The price of Huyuan Bio's CAR-T drug, previously set at 999,000 yuan per dose, is expected to be a focal point in the negotiations [5][6] Group 3: Expectations and Concerns - Companies are primarily concerned about the potential patient access to drugs through the innovative drug directory, rather than just price reductions [8][9] - There is uncertainty regarding the implementation and market access of the innovative drug directory, as companies are still exploring the commercial insurance payment mechanisms [8][9]

Core Points - The 2025 National Medical Insurance Directory negotiations have officially commenced, highlighting the importance of pharmaceutical innovation and patient access to medications [1] - The atmosphere at the negotiations is characterized by a cautious and low-key approach from pharmaceutical representatives, with an increased emphasis on confidentiality [3][4] - A total of 535 drugs are under review, with 311 outside the directory and 224 within it, alongside 121 high-value drugs reviewed under the commercial insurance innovation drug directory [9][10] Group 1: Negotiation Atmosphere - The entry process for pharmaceutical representatives was notably quieter and more orderly compared to previous years, reflecting a more subdued approach [3][4] - Representatives from both domestic and multinational pharmaceutical companies, including notable names like 恒瑞医药 and 阿斯利康, participated in the negotiations [4][9] Group 2: Key Drug Categories - Antibacterial drugs are expected to be a significant focus in the afternoon session of the negotiations, with specific products like 万古霉素 being highlighted [9][10] - Innovative drugs, including CAR-T products and new lipid-lowering medications, are also under consideration, with 恒瑞医药 presenting multiple products for initial review [10][12] Group 3: Market Insights - The PCSK9 inhibitor 瑞卡西单抗 has gained attention for its long-acting properties, with a market size of 1.32 billion yuan in 2023, representing 7.8% of the national lipid-lowering drug market [10][11] - The long-acting 阿立哌唑微球 from 丽珠集团 is another product of interest, potentially replacing oral formulations and capturing market share if included in the insurance directory [12]

Group 1 - A-shares and Hong Kong stocks in the innovative pharmaceutical sector have rebounded, with significant gains in related stocks and ETFs [1][3][5] - The largest medical ETF in A-shares (512170) saw a trading volume of 589 million yuan, recovering 1.34% on the day [1] - The innovative drug sector is experiencing a collective rise, with notable stocks like Huahai Pharmaceutical increasing by 7.59% [3] Group 2 - The Hong Kong innovative drug ETF (520880) rose by 2.12%, with 35 out of 37 constituent stocks gaining, led by Green Leaf Pharmaceutical with an 8.31% increase [5][7] - Recent funding trends indicate a significant inflow into the innovative drug sector, with over 1.29 billion yuan added in the last three days [7] - Upcoming catalysts include the European Society for Medical Oncology (ESMO) annual meeting, which may showcase significant research results from Chinese innovative drugs [7] Group 3 - Investment strategies suggest focusing on innovative drugs, with specific ETFs like the Hong Kong innovative drug ETF (520880) and the A-share drug ETF (562050) highlighted for their potential [8] - The medical ETF (512170) is noted for its inclusion of CXO companies, which account for 26.77% of its weight [8] - The medical ETF is the largest in the market, with a scale of 26.4 billion yuan, while the drug ETF is the only one tracking the China Pharmaceutical Index [9]

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 公司名稱: 绿叶制药集团有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 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) | 02186 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.02 | USD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.02 | USD | | 200,000,000 | 本 ...

Core Insights - Shandong Green Leaf Pharmaceutical Co., Ltd. has been recognized as a leading innovative enterprise in the pharmaceutical sector of Yantai, highlighting its commitment to innovation and industrial development [1][3]. Company Performance - Over the past five years, the company has launched 8 innovative drugs, with 5 more in clinical stages, demonstrating a continuous stream of innovation [3]. - The projected revenue for 2024 is 1.79 billion, with a compound annual growth rate (CAGR) of 21.56% over three years, representing an 80% increase compared to 2021 [3]. - For the first eight months of this year, the company achieved a revenue of 1.372 billion, reflecting a growth of 23.59% [3]. Innovation and Technology - The company focuses on CNS and oncology treatment areas, leveraging advanced drug delivery systems and technologies to establish a strong competitive edge [4]. - Green Leaf Pharmaceutical has developed a globally leading continuous production technology platform, overcoming significant production challenges in microsphere formulations [4]. Market Strategy - The company aims to enhance production capacity for existing products, deepen market penetration, and expand clinical applications to secure a larger market share [4]. - Green Leaf Pharmaceutical is committed to optimizing operational efficiency and advancing lean production and smart manufacturing to improve competitiveness [5]. Future Vision - The company aspires to become a respected global leader in pharmaceuticals, particularly in the treatment of mental health and oncology, while promoting the "Yantai Manufacturing" brand on the international stage [5].