Hansoh Pharmaceutical Group Company Limited 翰森製藥集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3692） 董事名單與其角色和職能 翰森製藥集團有限公司（「本公司」）董事（「董事」）會（「董事會」）成員如下： 執行董事 鍾慧娟女士 （主席兼首席執行官） 孫遠女士 呂愛鋒博士 獨立非執行董事 林國強先生 陳尚偉先生 楊東濤女士 嚴嘉先生 董事會已成立五個委員會，並制定有關職權範圍。該等委員會的成員資料載列如 下 ： | 委員會 | | | 戰略 | 環境、社 | | | --- | --- | --- | --- | --- | --- | | | 審核 | 薪酬 | 及發展 | 會及管治 | 提名 | | 董事 | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 | | 鍾慧娟女士 | | 成員 | 主席 | | 主席 | | 孫遠女士 | | | | | | | 呂愛鋒博士 | | | 成員 | 主席 | | | 林國強先生 | 成員 | 成員 | | | 成員 | | 陳尚偉先生 | 主席 | | 成員 | 成員 | 成員 | | 楊東濤 ...

Hansoh Pharmaceutical Group Company Limited 翰森製藥集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3692） (1)委任獨立非執行董事； (2)董事委員會組成變動；及 (3)變更聯席公司秘書、授權代表及法律程序文件代理人 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。 1 嚴先生已根據香港聯合交易所有限公司證券上市規則（「上市規則」）第3.09D條取 得法律意見，並確認了解其作為本公司董事的責任。本公司已接獲嚴先生根據 上市規則第3.13條作出的獨立性書面確認。本公司提名委員會已參照上市規則第 3.13條所載之獨立性標準評估及審核嚴先生的獨立性。董事會亦不知悉任何或會 影響嚴先生作出獨立判斷之情況，並信納彼具備履行獨立非執行董事職務所需之 品格、誠信、獨立性及經驗，且相信彼將能夠就本集團事務維持獨立觀點。董事 會認為彼為獨立人士。董事會認為，嚴先生將在公司治理、法律和合規風險防範 方面提供專業 ...

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。 翰森製藥集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3692） 自願公告 與恒瑞醫藥訂立許可協議 翰森製藥集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）欣然宣佈，於二零二五年十二月二十六日，本公司與江蘇恒瑞 醫藥股份有限公司（「許可人」）訂立許可協議（「許可協議」）。 根據許可協議，本公司獲得許可人的獨家許可，以於中國（不含香港、澳門及台 灣）開發、生產和商業化SHR6508（「該產品」），並有權根據許可協議條款進一步 分許可。本公司將向許可人支付三千萬元人民幣首付款，最高一點九億元人民幣 的潛在監管及商業里程碑付款，以及未來潛在產品淨銷售額的單位數百分比分級 特許權使用費。 該產品是一種鈣敏感受體(CaSR)變構調節劑，可提高受體對細胞外鈣的敏感性， 從而減少甲狀旁腺激素(PTH)的分泌。該產品目前處於III期臨床試驗階段，擬用 於治療需接受 ...

恒瑞医药公告，公司子公司成都盛迪医药有限公司与江苏豪森药业集团有限公司签署《商业化服务框架 协议》，委托豪森药业为公司帕立骨化醇软胶囊产品提供非独家商业化服务。 ...

Investment Rating - The report suggests a positive investment outlook for the medical device sector, particularly in brain-computer interface devices, which are expected to see accelerated commercialization due to supportive policies [1][3]. Core Insights - Recent policies have significantly increased support for innovation in medical devices, with the National Medical Products Administration actively promoting faster market entry for brain-computer interface devices, indicating a diverse application landscape and substantial future potential [1][3]. - The pharmaceutical sector is witnessing positive developments, such as GSK's approval of mepolizumab for a new indication in COPD patients, marking it as the first monthly administered biologic in China, which is expected to reduce the annual incidence of severe exacerbations significantly [1][32]. - The report highlights the approval of Wegovy® tablets in the U.S. for weight management, emphasizing its potential impact on the market as the first oral GLP-1 receptor agonist for this purpose [37][40]. Summary by Sections Pharmaceutical Sector - Mepolizumab has been approved for COPD treatment in China, with a monthly dosing schedule, targeting a significant patient population [1][32]. - The A/H share innovation drug sector maintains high activity levels, with new drug approvals and cross-border transactions remaining robust [16][28]. Biologics - Wegovy® tablets have been approved in the U.S. for weight management, showing similar weight loss efficacy to its injectable counterpart, with a significant portion of participants achieving substantial weight loss [37][40]. CXO and Pharmaceutical Supply Chain - The CXO sector continues to show upward momentum, supported by a stable order backlog, with November financing levels slightly above the annual average [44][46]. Medical Devices - The centralized procurement process for high-value medical consumables is progressing steadily, with high selection rates in multiple rounds of bidding, indicating a favorable environment for leading domestic companies [2][52]. Retail Pharmacy - The industry is undergoing a consolidation phase, with leading companies expected to benefit from increased market share through mergers and acquisitions [2][3]. Medical Services and Consumer Healthcare - Aier Eye Hospital's acquisition of 39 institutions for 960 million yuan strengthens its market position, with the acquired entities showing signs of financial recovery [2][3].

今年创新药企业频繁宣布BD交易，但从三季度以来，原本利好的消息却不被二级市场买账。 最近一周，BD交易再掀一个小高潮。12月22日，先声药业（02096.HK）宣布其附属公司江苏再明与Ipsen于12月19日签订独家授权许可协议。同日，荃信生 物（02509.HK）发布公告，12月19日，其与Windward Bio Group AG附属公司LE2025 Therapeutics AG就公司自主研发的QX027N达成授权合作。 12月21日，加科思（01167.HK）宣布，已就其自主研发的泛KRAS抑制剂JAB-23E73与阿斯利康达成合作协议。12月15日-12月17日，长春高新 （000661.SZ）、翰森制药（03692.HK）、和铂医药（02142.HK）也相继发布与海外企业BD交易消息。 消息发布后，12月22日，加科思股价下跌13.58%，先声药业股价下滑1.98%，荃信生物股价则上涨1.44%。 12月17日消息发布后，铂医药股价下跌1.15%，翰森制药股价下跌0.51%。12月16日，长春高新股价则随着消息的发布上涨3.77%。 中国创新药行业在2025年迎来BD交易大爆发，密集的BD交易从5 ...

港股创新药ETF（159567）现任基金经理为马君。马君自2024年1月3日管理（或拟管理）该基金，任职 期内收益56.94%。 来源：新浪基金∞工作室 12月26日，港股创新药ETF（159567）收盘跌0.26%，成交额2.21亿元。 港股创新药ETF（159567）成立于2024年1月3日，基金全称为银华国证港股通创新药交易型开放式指数 证券投资基金，基金简称为港股创新药ETF。该基金管理费率每年0.50%，托管费率每年0.10%。港股创 新药ETF（159567）业绩比较基准为国证港股通创新药指数收益率(经估值汇率调整)。 规模方面，截止12月25日，港股创新药ETF（159567）最新份额为104.67亿份，最新规模为82.04亿元。 回顾2024年12月31日，港股创新药ETF（159567）份额为3.95亿份，规模为3.78亿元。即该基金今年以 来份额增加2547.36%，规模增加2071.41%。 流动性方面，截止12月26日，港股创新药ETF（159567）近20个交易日累计成交金额157.32亿元，日均 成交金额7.87亿元；今年以来，240个交易日，累计成交金额2796.55亿元，日均成 ...

智通财经APP获悉，美银证券发布研报称，10月内地医药行业总样本药品销售额同比转降3%，较9月的 同比增长6.8%大幅回落。医院渠道同比转降3.3%，前值增长7.1%。零售渠道10月月度销售额同比基本 持平，较9月的同比增长2.4%明显放缓。 报告指，10月翰森制药(03692)在同行中录得最高的同比增长，为10月8.6%。翰森制药月内大部分重点 产品10月录得环比双位数增长，仅PEG-loxenatide除外。维持"买入"评级，目标价45港元。 报告指，10月恒瑞医药(01276)多个重点产品承压。10月总样本销售额同比增长2%。其中，butorphanol / ioversol / sevoflurane同比分别下降49.1%、0.5%及10.8%。rezvilutamide / henagliflozin销售额同比分别增 长92.5%及155.2%。维持"跑输大市"评级，恒瑞医药(600276.SH)A股目标价57.7元人民币。 报告指，中国生物制药(01177)10月产品组合表现分化。核心产品anlotinib/glycyrrhizicacid月度销售额同 比分别增长6.5%及4.4%。但budeso ...

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]

Group 1: Higher Education Sector - The higher education sector is expected to see a reversal of difficulties due to a combination of bottoming fundamentals and policy advancements, with a focus on improving educational quality and encouraging the expansion of high-quality private colleges [5][6] - The reintroduction of profit-oriented classification management in Hunan Province in 2025 may serve as a pilot for nationwide implementation, providing a stable policy environment for private colleges to expand and meet the growing demand for higher education [5][6] - Key indicators of educational quality, such as student-to-teacher ratios and per-student funding, have met standards after five years of increased investment, suggesting that the investment cycle is peaking and operational efficiency in higher education companies is likely to recover [5][6] - Companies to watch in this sector include Yuhua Education, Zhongjiao Holdings, New Higher Education, China Kepei, Neusoft Ruixin, Xijiao International Holdings, and Zhonghui Group [5][6] Group 2: Vocational Education Sector - The demand for vocational training is surging, driven by an increasing number of university graduates and high school students entering the labor market, leading to a projected market size of 80 billion yuan in 2025 with a penetration rate of only 5% [6][7] - The youth unemployment rate, particularly among those aged 16 to 24, is higher than the urban average, indicating a growing need for vocational skills training [6][7] - Companies to focus on in the vocational education sector include China Oriental Education and Fenbi [6][7] Group 3: Education Industry Trends - The education industry has undergone significant changes due to the "double reduction" policy, resulting in a 96% reduction in capacity in the academic training sector, with a limited number of operational licenses being redistributed [7] - The shift towards competency-based training is gaining momentum, with institutions leveraging their operational qualifications to expand their market share through non-academic training services [7] - The industry is moving towards a "franchise" model, which is expected to enhance revenue and profit growth for compliant institutions [7] Group 4: Investment Recommendations - The report recommends focusing on Hong Kong-listed vocational education companies, particularly China Oriental Education, which is adapting its operational strategy to cater to the needs of high school graduates [9] - In the higher education sector, the potential reintroduction of profit-oriented options is expected to enhance the revenue-sharing certainty for private colleges, with companies like Yuhua Education, Zhongjiao Holdings, and China Kepei being highlighted for their growth potential [9] - The report also suggests monitoring Chinese education companies listed in the US, such as New Oriental, TAL Education, and others, which are showing strong enrollment data [9]