Investment Rating - The report indicates a cautious outlook on the pharmaceutical industry, with the overall investment rating reflecting a mixed performance in the sector [2][3]. Core Insights - The Shenwan Pharmaceutical and Biological Index decreased by 0.2% this week, while the Shanghai Composite Index rose by 1.88%, ranking the pharmaceutical index 25th among 31 Shenwan sub-industries [2][3]. - The current valuation of the pharmaceutical sector stands at 29.2 times earnings, placing it 10th among 31 Shenwan primary industries [5]. - Recent collaborations in the industry include significant licensing agreements, such as the partnership between JAKOS and AstraZeneca for the Pan-KRAS inhibitor, which could yield up to $20.15 billion in potential payments [11]. - The report highlights the ongoing challenges in the industry, including a decline in the number of retail pharmacies, which has seen a net reduction of over 8,800 stores in the last quarter alone [16]. Market Performance - The pharmaceutical sector's performance this week showed a decline of 0.2%, with various sub-sectors experiencing mixed results, such as raw materials (+2.0%) and hospitals (-2.8%) [2][5]. - The report notes that the pharmaceutical index's performance is lagging compared to other sectors, indicating a need for strategic adjustments [3][5]. Recent Developments - The sixth batch of national procurement for medical consumables has been officially launched, which may impact pricing and availability in the market [14]. - Several innovative drugs and medical devices have received approval for market entry, including Novo Nordisk's oral semaglutide, marking a significant advancement in obesity treatment [19][21]. - The report also mentions the IPO applications of several companies, including Xinnowei and Frontera, indicating a trend of new entrants seeking capital in the pharmaceutical sector [26][29].

根据南京信石合伙权益期权协议，烟台绿叶有权要求中国信达向烟台绿叶出售其于南京信石的权益。倘 烟台绿叶行使认购期权，其必须收购杭州信石于南京信石的合伙权益。 根据南京信石合伙权益期权协议，中国信达有权于发生指定事件时要求烟台绿叶购买中国信达于南京信 石的全部合伙权益。于中国信达行使中国信达认沽期权时，烟台绿叶须同时购买杭州信石的合伙权益。 公司与深圳绿叶已同意共同及个别地向中国信达及杭州信石提供担保，以保证烟台绿叶妥善履行其于南 京信石合伙权益期权协议项下的所有义务。于股权转让完成后，南京信石将获得不超过人民币6.48亿元 的银行融资。烟台绿叶及深圳绿叶将就有关银行融资提供担保。 于本公告日期，南京绿叶由深圳绿叶及撤资投资者分别拥有75%及25%。南京绿叶及其附属公司主要从 事药品生产及销售，专注于肿瘤治疗领域。董事认为，交易协议项下拟进行交易的目的，乃引入第三方 投资者提供融资及支持，以便为支付股权转让所需的回购金额提供资金。该等安排旨在确保能以及时并 有效的方式获得必要资金以购买南京绿叶25%权益。 格隆汇12月28日丨绿叶制药(02186.HK)公布，于2025年12月25日，南京绿叶(公司的附属公司)、 ...

智通财经APP讯，绿叶制药(02186)发布公告，于2025年12月25日，南京绿叶(公司的附属公司)、撤资投 资者(深圳市绿叶私募股权投资基金合伙企业(有限合伙))及南京信石订立股权转让协议，据此，撤资投 资者同意以人民币10.86亿元向南京信石转让其于南京绿叶25%的股权。南京信石为一家有限合伙企 业。于2025年10月，山东绿叶(公司的全资附属公司)作为有限合伙人根据合伙协议以人民币2亿元认购 南京信石约33.2%合伙权益。南京信石的余下权益由中国信达作为另一名有限合伙人持有约66.4%权 益，以及杭州信石及烟台合信作为普通合伙人各自持有合伙企业约0.2%权益。 就南京信石建议收购撤资投资者于南京绿叶的25%股权，集团已订立一系列进一步交易： 根据南京绿叶股权期权协议，南京信石获授权利，可在发生指定事件时，要求烟台绿叶回购南京信石在 南京绿叶持有的股权。 根据合伙协议，南京信石须向中国信达作出半年度分派。根据南京信石合伙权益期权协议，倘南京信石 未能于到期时支付任何该等分派，烟台绿叶须向中国信达支付任何差额。 根据南京信石合伙权益期权协议，烟台绿叶有权要求中国信达向烟台绿叶出售其于南京信石的权益。倘 烟 ...

根据南京信石合伙权益期权协议，烟台绿叶有权要求中国信达向烟台绿叶出售其于南京信石的权益。倘 烟台绿叶行使认购期权，其必须收购杭州信石于南京信石的合伙权益。 根据南京信石合伙权益期权协议，中国信达有权于发生指定事件时要求烟台绿叶购买中国信达于南京信 石的全部合伙权益。于中国信达行使中国信达认沽期权时，烟台绿叶须同时购买杭州信石的合伙权益。 绿叶制药(02186)发布公告，于2025年12月25日，南京绿叶(公司的附属公司)、撤资投资者(深圳市绿叶 私募股权投资基金合伙企业(有限合伙))及南京信石订立股权转让协议，据此，撤资投资者同意以人民币 10.86亿元向南京信石转让其于南京绿叶25%的股权。南京信石为一家有限合伙企业。于2025年10月， 山东绿叶(公司的全资附属公司)作为有限合伙人根据合伙协议以人民币2亿元认购南京信石约33.2%合伙 权益。南京信石的余下权益由中国信达作为另一名有限合伙人持有约66.4%权益，以及杭州信石及烟台 合信作为普通合伙人各自持有合伙企业约0.2%权益。 就南京信石建议收购撤资投资者于南京绿叶的25%股权，集团已订立一系列进一步交易： 根据南京绿叶股权期权协议，南京信石获授权利， ...

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 轉讓南京綠葉25%權益及關聯交易 轉讓南京綠葉25%權益及關聯交易 於2025年12月25日，南 京 綠 葉、撤 資 投 資 者 及 南 京 信 石 訂 立 股 權 轉 讓 協 議， 據 此，撤 資 投 資 者 同 意 以 人 民 幣1,086,383,600元向南京信石轉讓其於南京綠 葉25%的 股 權。南 京 信 石 為 一 家 有 限 合 夥 企 業。於2025年10月，山 東 綠 葉 作 為 有限合夥人根據合夥協議以人民幣200百萬元認購南京信石約33.2%合夥權 益。南 京 信 石 的 餘 下 權 益 由 中 國 信 達 作 為 另 一 名 有 限 合 夥 人 持 有 ...

这三款产品分别为瑞可妥、瑞百莱和美比瑞，均适用于精神分裂症的治疗。恩华和信将负责以上产品在 中国大陆的独家经销与商业化，公司则继续持有该三款产品的资产权、注册证及全部知识产权等权利， 并负责产品的生产和供货。协议期限为10年，恩华将一次性支付公司不可退还的2000万美元授权费。 近日，绿叶制药发布公告，公司与恩华药业（002262）的附属公司江苏恩华和信医药营销有限公司签署 合作协议，授予恩华和信三款抗精神病药长效针剂产品在中国大陆地区的独家商业化权利。 ...

Company News - Bank of China (03988.HK) has completed the issuance of 50 billion yuan in subordinated capital bonds, with the funds intended to supplement the bank's Tier 2 capital, subject to applicable laws and regulatory approvals [2] - Huadian International Power (01071.HK) has fully commissioned two 660,000 kW ultra-supercritical units at the Huadian Longkou Phase IV project, which integrates advanced technologies and achieves energy consumption levels comparable to the best in the domestic market, enhancing grid stability and local heating and industrial steam supply [2] - Weisheng Holdings (03393.HK) has entered into a capital increase agreement with Boyu Capital, with Boyu investing a total of 380 million yuan to subscribe for additional shares in its subsidiary [3] - Green Leaf Pharmaceutical (02186.HK) has granted Enhua exclusive commercialization rights for three long-acting injectable antipsychotic products in mainland China [4] - Heng Rui Medicine (01276.HK) has had its injectable SHR-A1904 included in the list of breakthrough therapy products by the drug review center [5] - Youzhiyou Biotechnology-B (02496.HK) has received IND approval from NMPA for Y225 (Aimeisai monoclonal antibody injection) [6] - MicroPort Robotics-B (02252.HK) has achieved a global commercialization milestone with over 100 installations of its Tumi laparoscopic surgical robot [7] - Gao Shan Enterprises (00616.HK) has signed a memorandum of understanding to establish a joint venture to participate in or invest in stablecoins and blockchain-related industries [8] - Energy International Investment (00353.HK) plans to issue a total of 1.035 billion subscription shares at a discount of approximately 18.33%, aiming to raise about 254 million HKD [9] Buyback Activities - Tencent Holdings (00700.HK) has repurchased approximately 636 million HKD worth of 1.056 million shares at prices ranging from 598 to 604 HKD [10] - Xiaomi Group-W (01810.HK) has spent 149 million HKD to repurchase 3.8 million shares at prices between 39.08 and 39.26 HKD [11] - China COSCO Shipping Holdings (01919.HK) has repurchased shares worth approximately 27.225 million HKD, acquiring 1.96 million shares at prices from 13.82 to 13.95 HKD [12] - Kuaishou-W (01024.HK) has repurchased shares for about 29.9896 million HKD, buying 464,000 shares at prices between 64.05 and 64.9 HKD [13]

恩华药业公告称，公司全资子公司恩华和信与绿叶制药、绿叶嘉奥签署《独家商业合作协议》，获注射 用利培酮微球（II）、棕榈酸帕利哌酮注射液（II）、棕榈酸帕利哌酮注射液三款抗精神病药长效针剂 在中国大陆的独家商业化权益，合作期至2035年12月31日。恩华和信需一次性支付2000万美元授权对 价，2026 - 2035年完成不低于27亿元销售额。若实现承诺销售额，期满后2个月内有优先谈判权。本次 交易不构成关联及重大资产重组。 ...

Core Viewpoint - Green Leaf Pharmaceutical (02186.HK) has signed a cooperation agreement with Jiangsu Enhua Pharmaceutical Co., Ltd. and its subsidiary, Jiangsu Enhua and Xin Medical Marketing Co., Ltd., granting Enhua exclusive commercialization rights for three long-acting injectable antipsychotic products in mainland China [1] Group 1 - The three products involved are Risperidone microspheres (Riketu), Paliperidone palmitate injection (Ruibailai), and Paliperidone palmitate injection (Meibiri), all of which are used for the treatment of schizophrenia [1] - Enhua will be responsible for the exclusive distribution and commercialization of these products in mainland China, while the group retains ownership of the assets, registration certificates, and all intellectual property rights related to the products [1] - The agreement is set for a duration of ten years, and Enhua will make a one-time non-refundable payment of $20 million as a licensing fee to the group [1]

Core Viewpoint - Green Leaf Pharmaceutical (02186.HK) has signed a cooperation agreement with Jiangsu Enhua Pharmaceutical Co., Ltd. for exclusive commercialization rights of three long-acting injectable antipsychotic products in mainland China [1] Group 1: Agreement Details - The three products involved are Risperidone microspheres (Rykotuo), Paliperidone palmitate injection (Ruibailai), and Paliperidone palmitate injection (Meibiri), all indicated for the treatment of schizophrenia [1] - Enhua will be responsible for the exclusive distribution and commercialization of these products in mainland China, while Green Leaf retains ownership of the assets, registration certificates, and all intellectual property rights [1] - The agreement is set for a duration of ten years, with Enhua making a one-time non-refundable payment of $20 million as a licensing fee to Green Leaf [1] Group 2: Market Implications - This collaboration represents a strong partnership between two leading companies in the central nervous system (CNS) field, aiming to deepen the market presence for schizophrenia treatment [1] - The agreement is expected to provide patients with more comprehensive treatment options in the schizophrenia market [1]