Core Viewpoint - China Resources Pharmaceutical (03320) reported preliminary unaudited financial data for Tianjin Tasly Pharmaceutical (600535) for the year ending December 31, 2025, indicating a decline in total operating revenue while showing an increase in net profit attributable to shareholders [1] Financial Performance - Total operating revenue for Tianjin Tasly Pharmaceutical reached RMB 8.236 billion, representing a year-on-year decrease of 3.08% [1] - Net profit attributable to shareholders amounted to RMB 1.105 billion, reflecting a year-on-year increase of 15.68% [1] Revenue Breakdown - The decline in operating revenue is primarily attributed to a 14.24% decrease in pharmaceutical commercial revenue, mainly from the chain pharmacy business, influenced by industry policies such as "outpatient overall planning" [1]

Core Viewpoint - China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. reported a revenue of 31.629 billion yuan for 2025, representing a year-on-year growth of 14.53%, and a net profit attributable to shareholders of 3.422 billion yuan, with a growth of 1.6% year-on-year [1] Group 1 - China Resources Sanjiu is a subsidiary of China Resources Pharmaceutical Group, holding an indirect stake of 63.22% [1] - The company aims to navigate a complex market environment by focusing on a dual strategy of "innovation + brand" [1] - The company is concentrating on core therapeutic areas and expanding its research and development pipeline to enhance innovation value [1] Group 2 - The company is optimizing its business layout to strengthen its brand advantages and build a competitive edge across the entire industry chain [1] - China Resources Sanjiu is committed to solidifying its position as an industry leader and is working towards the strategic goal of becoming a top enterprise in the sector [1]

智通财经APP讯，华润医药(03320)发布天士力医药截至2025年12月31日止年度的未经审核初步财务资 料，天士力医药实现总营业收入人民币82.36亿元，同比下降3.08%，实现归属于上市公司股东的净利润 人民币11.05亿元，同比增长15.68%。从变动幅度上看，公司营业收入同比下降的主要原因是医药商业 收入(主要为连锁药店业务)受"门诊统筹"等行业性政策的影响同比减少14.24%。 ...

Core Viewpoint - China Resources Pharmaceutical (华润医药) reported a total revenue of approximately 31.629 billion yuan for 2025, representing a year-on-year increase of 14.53% [1] - The net profit attributable to shareholders was about 3.422 billion yuan, reflecting a year-on-year growth of 1.6% [1] - The basic earnings per share stood at 2.06 yuan [1] Group 1 - In 2025, the company faced challenges such as a decrease in the incidence of respiratory diseases like influenza and ongoing medical insurance cost control [1] - The company is committed to a strategic direction focused on "innovation + brand" dual-driven approach to navigate the complex market environment [1] - China Resources Pharmaceutical is concentrating on core therapeutic areas, expanding its R&D pipeline, and enhancing its innovative value [1] Group 2 - The company is strengthening its brand advantages and continuously optimizing its business layout [1] - It aims to forge a competitive advantage across the entire industry chain and solidify its position as an industry leader [1] - The strategic goal is to strive to become a leading enterprise in the industry [1]

Core Viewpoint - China Resources Pharmaceutical (03320) reported that China Resources Sanjiu (000999) achieved a total revenue of approximately 31.629 billion yuan in 2025, representing a year-on-year increase of 14.53% [1] - The net profit attributable to shareholders of the listed company was approximately 3.422 billion yuan, reflecting a year-on-year growth of 1.6% [1] - The basic earnings per share stood at 2.06 yuan [1] Group 1 - In 2025, China Resources Sanjiu faced challenges such as a decrease in the incidence of respiratory diseases like influenza and ongoing medical insurance cost control [1] - The company is committed to a strategic direction focused on "innovation + brand" dual-driven approach to navigate the complex market environment [1] - China Resources Sanjiu is concentrating on core therapeutic areas, expanding its research and development pipeline from multiple dimensions to uncover innovative value [1] Group 2 - The company is enhancing its brand advantages and continuously optimizing its business layout to forge a competitive edge across the entire industry chain [1] - China Resources Sanjiu aims to solidify its leading position in the industry and is making steady progress towards its strategic goal of becoming a top-tier enterprise in the sector [1]

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之任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：3320） 公告 華潤三九截至2025年12月31日止年度的初步財務資料 I . 2025年主要財務資料及指標（未經審核） 單位：人民幣萬元 於2026年2月6日，華潤三九公佈其截至2025年12月31日止年度的未經審核初步 財務資料。 華潤三九醫藥股份有限公司（「華潤三九」）為一家於中華人民共和國註冊成立的公 司。華潤三九的股份於深圳證券交易所上市。截至本公告日期，華潤三九由華潤 醫藥集團有限公司（「本公司」，連同其附屬公司合稱為「本集團」）間接持有63.22 % 的權益，並為本公司的附屬公司。 – 1 – 於2026年2月6日，華潤三九公佈其截至2025年12月31日止年度（「本報告期」）的未 經審核初步財務資料（「華潤三九初步財務資料」）。下文載列華潤三九初步財務資 料的主要財務資料： | ...

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之任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：3320） 公告 – 1 – 於2026年2月6日，天士力醫藥公佈其截至2025年12月31日止年度（「本報告期」）的 未經審核初步財務資料（「天士力醫藥初步財務資料」）。下文載列天士力醫藥初步 財務資料的主要財務資料： I . 2025年主要財務資料及指標（未經審核） 單位：人民幣萬元 | | | | 增加╱減少 | | --- | --- | --- | --- | | 項目 | 本報告期 | 上年同期 | (% ) | | 營業總收入 | 823,647.74 | 849,814.19 | -3.08 % | | 營業利潤 | 135,041.38 | 107,592.25 | 25.51 % | | 利潤總額 | 134,066.12 | 106,868.98 | 25.45 % | | ...

Group 1 - The core point of the article is that China Resources Pharmaceutical (03320) has released preliminary financial data for Kunming Pharmaceutical Group, indicating a significant decline in revenue and net profit for the year ending December 31, 2025 [1] Group 2 - The total revenue reported is 6.577 billion RMB, which represents a year-on-year decrease of 21.72% [1] - The net profit attributable to shareholders of the listed company is 350 million RMB, reflecting a year-on-year decline of 46.00% [1] - The basic earnings per share are reported at 0.46 RMB [1]

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之任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：3320） 公告 昆藥集團截至2025年12月31日止年度的初步財務資料 於2026年2月6日，昆藥集團公佈其截至2025年12月31日止年度的未經審核初步 財務資料。 昆藥集團股份有限公司（「昆藥集團」）為一家於中華人民共和國註冊成立的公司。 昆藥集團的股份於上海證券交易所上市。截至本公告日期，昆藥集團由華潤醫藥 集團有限公司（「本公司」，連同其附屬公司合稱為「本集團」）透過其非全資附屬公 司華潤三九醫藥股份有限公司（「華潤三九」）持有約28.05 %的股權，並為本公司的 附屬公司。 股本 75,697.58 75,697.58 0.00 % 上市公司股東應佔每股淨資產 – 1 – （ 人民幣 ） 7.08 6.94 2.02 % 附註： (1) 報告期初的資料與根據適用法律及法規披露的去年年末 ...

Investment Rating - The report provides an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, indicating a positive outlook for these stocks [1]. Core Insights - The macro and industry environment is improving due to the resolution of policy uncertainties, the release of significant clinical data, and a resurgence in global M&A activity, leading to a notable increase in investor sentiment towards innovative drugs for 2026 [4][11]. - In oncology, the PD-1/VEGF dual antibody approach is transitioning from "mechanism validation" to "clinical and industrial resonance," with multiple global Phase III trials underway, expected to catalyze approvals and data releases within the year [5][17]. - The metabolic sector is seeing growth in the cash-pay market for GLP-1 drugs, driven by limited insurance coverage and high out-of-pocket costs, prompting companies to enhance accessibility through direct sales and pricing adjustments [6][25]. - In the autoimmune space, there is a growing concentration risk among major products from multinational corporations (MNCs), with new antibody platforms expected to yield significant data in 2026, potentially leading to new business development opportunities [7]. - The central nervous system (CNS) investment focus remains on advancing Aβ monoclonal antibody treatments, with key data expected to open up early intervention market opportunities [9]. Summary by Sections Oncology - The PD-1/VEGF dual antibody's clinical and industrial certainty is strengthening, with major companies conducting multiple global Phase III trials across high-value indications [17]. - The Pan-RAS precision therapy is entering a realization phase, with key Phase III data expected in 2026 for pancreatic cancer and NSCLC [22]. Metabolic - The cash-pay market for GLP-1 drugs is expanding due to limited insurance coverage, with companies like Eli Lilly and Novo Nordisk adopting different direct-to-consumer strategies to enhance accessibility [25][26]. - Small nucleic acid therapies are expected to upgrade treatment paradigms, showing competitive data in weight loss and safety profiles when combined with GLP-1 [30]. Autoimmune - MNCs are increasingly reliant on a few blockbuster products, with structural opportunities arising from new antibody platforms expected to report data in 2026 [7]. - The trend towards oral formulations in autoimmune diseases is gaining traction, offering advantages in adherence and competitive differentiation [7]. CNS - The focus in CNS remains on Aβ monoclonal antibody treatments, with advancements expected to shift treatment towards earlier intervention populations [9]. - New delivery methods, such as systemic administration of small nucleic acids, are being explored as complementary approaches [9].