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 就 因 本 公 告 的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。 LUYE PHARMA GROUP LTD. ADP、PDP及NSS的 全 球 病 患 人 數 龐 大。具 體 而 言，阿 爾 茨 海 默 病 全 球 患 者 人 數 約4,500萬，其 中25%至50%會 在 疾 病 病 程 中 出 現 精 神 症 狀；帕 金 森 病 患 者 人 數 超 過850萬，其 中PDP的長期累積患病率約為60%；精 神 分 裂 症 患 者 人 數 約2,300 萬，具 有 陰 性 症 狀 的 比 例 約 為60%。 – 1 – 目 前，全 球 僅 有 一 款 藥 物 獲 得 美 國FDA批准用於治療PDP，該 藥 物 尚 未 在 中 國 獲 批；在 治 療ADP方 面，國 內 外 尚 無 藥 物 獲 批 上 市；在 治 療NSS方 面，僅 有 少 數 藥物對於NSS有 效 但 療 效 欠 佳；上 述 三 種 適 應 ...

Core Viewpoint - Luye Pharma's subsidiary, Luye Geneora, has issued exchangeable preferred shares worth approximately $150 million, which can be exchanged for up to 100 million shares of Boan Biologics, potentially affecting its subsidiary status [1] Group 1: Company Actions - Luye Geneora issued 4.75% exchangeable preferred shares to Bluebell Asset [1] - The funds raised will be used for general operational purposes of the group [1] Group 2: Market Reaction - Following the announcement, Luye Pharma's stock fell by 3.58% to HKD 2.96 [1] - Boan Biologics' stock also declined by 2.92% to HKD 10.63 [1] Group 3: Potential Impact - If all preferred shares are exchanged, Boan Biologics will no longer be a subsidiary of Luye Pharma [1]

Core Viewpoint - Luye Pharma's subsidiary, Luye Geneora, has issued exchangeable preferred shares amounting to approximately $150 million, which can be exchanged for up to 100 million shares of Boan Biologics, potentially affecting its subsidiary status [1] Group 1 - Luye Pharma's stock price decreased by 3.58%, trading at HKD 2.96 [1] - Boan Biologics' stock price fell by 2.92%, trading at HKD 10.63 [1] - The funds raised from the issuance will be used for general operational purposes of the group [1] Group 2 - The exchangeable preferred shares have a coupon rate of 4.75% [1] - If fully exchanged, Boan Biologics will no longer be a subsidiary of Luye Pharma [1]

Core Viewpoint - Green Leaf Pharmaceutical (02186) announced the issuance of exchangeable preferred shares worth $150 million, which will be exchanged for shares of Boan Biologics (600201) under specific terms outlined in the subscription agreement [1] Group 1: Financial Details - The total subscription price for the exchangeable preferred shares is $150 million [1] - The proceeds from the subscription will be used for general working capital purposes of the group [1] Group 2: Strategic Implications - The issuance of exchangeable preferred shares provides the company with immediate cash funding while maintaining strategic flexibility [1] - 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 [1] Group 3: Investor Information - The subscriber is a company registered under the laws of the Cayman Islands, with RRJ Capital Master Fund IV, L.P. as its direct shareholder, holding 100% of the issued share capital [1] - The main business of the subscriber is investment holding activities [1]

Core Viewpoint - Green Leaf Pharmaceutical (02186) announced the issuance of exchangeable preferred shares worth $150 million, which will provide immediate cash flow while maintaining strategic flexibility [1] Group 1: Issuance Details - The company has entered into a subscription agreement with a subscriber for the issuance of exchangeable preferred shares, with a total subscription price of $150 million [1] - The exchangeable preferred shares can be converted into shares of Boan Biotechnology according to the terms outlined in the subscription agreement [1] Group 2: Strategic Implications - The board believes that issuing exchangeable preferred shares will allow the company to obtain cash funding immediately while retaining strategic flexibility [1] - The exchange mechanism enables the company to monetize its investment in Boan Biotechnology 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 [1] Group 3: Use of Proceeds - The proceeds from the subscription will be used for the general working capital purposes of the group [1] Group 4: Subscriber Information - The subscriber is a company incorporated under the laws of the Cayman Islands and is a wholly-owned subsidiary of RRJ Capital Master Fund IV, L.P., which holds 100% of the issued share capital of the subscriber [1] - The primary business of the subscriber is investment holding activities [1]

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].