Core Viewpoint - The innovation drug sector in China is experiencing significant growth due to favorable policy developments, with the introduction of new drug listings in the national medical insurance catalog and commercial insurance, providing a stable policy outlook for innovative drug companies [1][2]. Group 1: Industry Trends - The China Hong Kong Stock Connect Innovation Drug Index increased by 0.30% as of December 11, 2025, with notable gains from companies such as Zhaoyan New Drug (+4.15%) and Rongchang Bio (+2.85%) [1]. - The national medical insurance catalog for 2025 successfully added 114 new drugs, including 50 innovative drugs, achieving a historical high success rate of 88% [1]. - The introduction of dual catalogs for medical insurance and commercial insurance is expected to directly benefit innovative drug companies, indicating a positive industry outlook [1]. Group 2: Market Opportunities - The top ten weighted stocks in the China Hong Kong Stock Connect Innovation Drug Index account for 72.68% of the index, highlighting the concentration of investment in leading innovative drug companies [2]. - The Harvest Innovation Drug ETF (520970) closely tracks the index, providing investors with access to leading companies involved in drug research, development, and production [2]. - Investors without stock accounts can leverage the Hong Kong Stock Connect Innovation Drug ETF linked fund (024700) to capitalize on the growth opportunities in the innovative drug sector [2].

Core Insights - As of December 10, 30 stocks reached their 52-week highs, with Design Metropolis (01545), Platinum Holdings (00459), and China Boton (03318) leading the increase rates at 40.82%, 35.48%, and 30.23% respectively [1][2] 52-Week Highs - Design Metropolis (01545) closed at 0.124, with a peak of 0.138, achieving a high rate of 40.82% [1] - Platinum Holdings (00459) closed at 0.121, with a peak of 0.126, achieving a high rate of 35.48% [1] - China Boton (03318) closed at 2.090, with a peak of 2.800, achieving a high rate of 30.23% [1] - Other notable stocks include: - China New Holdings (08125) at 25.00% [1] - Qiaoyang International Holdings (08070) at 14.46% [1] 52-Week Lows - The stock with the largest decline was Jingye Mingbang Group (02231), which fell to 0.099, a decrease of 26.40% [2] - Other significant declines included: - Zhonggang Petroleum (00632) at -16.40% [2] - Guofu Hydrogen Energy (02582) at -13.31% [2] - Additional stocks with notable declines: - Haotian International Construction Investment (01341) at -11.11% [2] - Jiaming Group Holdings (01271) at -10.00% [2]

Major Events - GuoXia Technology (02655) plans to conduct an IPO from December 8 to December 11, offering 33.85 million H-shares and introducing cornerstone investors such as Huikai Hong Kong [1] - Basilea Pharmaceutica AG (02616) has its drug Pujihua® (Pralsetinib Capsules) included in the National Medical Insurance Directory for 2025 [1] - Four Seasons Pharmaceutical (00460) sees its innovative drug XuanYueNing® included in the National Basic Medical Insurance Drug List for the first time [1] - Shanghai Pharmaceuticals (02607) successfully negotiates and includes Amisulpride Orally Disintegrating Tablets in the National Medical Insurance Directory [1] - Hansoh Pharmaceutical (03692) has its innovative drug Amelotex® approved for two new indications in the updated 2025 National Medical Insurance Directory [1] - Xiansheng Pharmaceutical (02096) sees EnzeShu® and EnDu® included in the updated National Medical Insurance Drug List [1] - Hutchison China MediTech (00013) has its drug Tazverik® included in the first edition of the National Commercial Health Insurance Innovative Drug List [1] - XuanZhu Biotechnology (02575) has its innovative drug XuanYueNing® included in the National Basic Medical Insurance Drug List for the first time [1] - Yino Pharmaceutical (02591) has its H-shares included in the list of eligible securities for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect [1] - China Metallurgical Group (01618) and its subsidiaries plan to sell non-core business assets for approximately 60.68 billion yuan, focusing on core businesses in metallurgical engineering, non-ferrous metals, and mining engineering [1] - Cambridge Technology (06166) intends to invest a total of 405 million yuan to acquire and subscribe for shares in the Yangzhong Happiness Home Venture Capital Partnership Fund [1] Operating Performance - Dongfeng Motor Group (00489) reports cumulative automobile sales of 1.697 million units in the first 11 months, a year-on-year decrease of approximately 0.3% [2] - New天绿色能源 (00956) achieves a cumulative power generation of 1,336.89 million MWh in the first 11 months, an increase of 8.04% year-on-year [2] - Longyuan Power (00916) reports a cumulative power generation of approximately 6,909.64 million MWh in the first 11 months, a year-on-year growth of 0.41% [2] - Baolong Real Estate (01238) records a total contract sales of approximately 6.666 billion yuan in the first 11 months, a year-on-year decline of 43.2% [2]

Core Insights - The global biopharmaceutical innovation landscape, traditionally dominated by multinational corporations, is undergoing significant structural changes, with China's innovative drug industry emerging as a key player on the global stage [1] - China's transition from a "fast follower" to an "originator" in innovative drugs is becoming an irreversible trend, as highlighted by international media [1] - Data shows a notable increase in China's share of global clinical trials and licensing transactions, with Chinese biotech companies outperforming their U.S. counterparts in stock price growth over the past year [1][3] Group 1: Market Dynamics - Multinational corporations are increasingly inclined to source early-stage innovative pipelines from China due to cost-effectiveness, with costs in China being 30%-40% lower than in the U.S. [2] - The collaboration between domestic companies and multinationals is exemplified by the $12.5 billion upfront payment from Pfizer to 3SBio for overseas rights to a bispecific antibody, marking a record for domestic innovative drugs [2][3] - The Chinese innovative drug sector is expected to see a surge in licensing transactions, with projections indicating that total licensing amounts could exceed $100 billion in the first three quarters of 2025 [3] Group 2: Investment Trends - The biopharmaceutical sector is experiencing a business development (BD) boom, with significant transactions such as the $12 billion collaboration between Hengrui Medicine and GSK, indicating strong interest from multinational companies [3][4] - Investment institutions are focusing on the biopharmaceutical sector, with approximately 80% of the market value concentrated in biotechnology and pharmaceuticals, driving capital flow into these areas [5] - The market is witnessing a shift from "story-driven" investment decisions to a focus on the hard capabilities of companies, emphasizing the importance of clinical data and product quality [9][10] Group 3: Future Outlook - The innovative drug market is expected to thrive, with projections indicating that the Hang Seng Index could double by 2025, driven by favorable policies and a rebound in industry valuations [7] - The Chinese innovative drug sector is anticipated to recover strongly in 2025, with the overall revenue of listed companies in this sector reaching 48.83 billion yuan, a 22% year-on-year increase [7] - The market is seeing a resurgence in IPO activity, with over 20 companies currently queued for listing in Hong Kong, reflecting renewed investor interest in the biopharmaceutical sector [12][13]

Group 1 - The top three stocks with the highest short-selling ratios are New World Development Co. Ltd. (100.00%), China Resources Beer (100.00%), and AIA Group Ltd. (100.00%) [1][2] - The stocks with the highest short-selling amounts are Xiaomi Corporation (2.196 billion), Ping An Insurance (1.956 billion), and Alibaba Group (1.160 billion) [1][3] - The stocks with the highest deviation values are Bank of China (52.21%), China Mobile (41.86%), and Café de Coral Holdings (40.03%) [1][2] Group 2 - The top ten short-selling ratio rankings include New World Development Co. Ltd. (100.00%), China Resources Beer (100.00%), and AIA Group Ltd. (100.00%) [2] - The top ten short-selling amounts include Xiaomi Corporation (2.196 billion), Ping An Insurance (1.956 billion), and Alibaba Group (1.160 billion) [3] - The top ten deviation values include Bank of China (52.21%), China Mobile (41.86%), and Café de Coral Holdings (40.03%) [3]

Core Viewpoint - Hansoh Pharmaceutical has successfully added two new indications for its innovative drug Amelot® to the updated National Basic Medical Insurance, Work Injury Insurance, and Maternity Insurance Drug List (2025) [1] Group 1: Drug Inclusion and Updates - The innovative drug Amelot® has been included for two new indications in the 2025 National Medical Insurance Directory [1] - The drugs Saintrolai® and Hengmu® have all indications renewed for inclusion in the 2025 National Medical Insurance Directory [1] - The updated National Directory will officially take effect on January 1, 2026 [1] Group 2: Ongoing Agreements and New Additions - The innovative drugs Fumarate Methanesulfonate Tablets (brand name: Hansoh Xinfeng®), Pegylated Liraglutide Injection (brand name: Fulaimi®), and Inalizumab Injection (brand name: Xinyue®) are currently under the National Medical Insurance Directory agreement, valid until December 31, 2026 [1] - The Methanesulfonate Chloride Injection (brand name: Mailinda®) has been included in the regular Category B of the National Medical Insurance Directory [1]

Group 1 - The core point of the news is that Hansoh Pharmaceutical (03692.HK) has successfully added two new indications for its innovative drug Amelot, which will be included in the updated National Medical Insurance Drug List for 2025, effective from January 1, 2026 [1] - The stock has received a majority of "buy" ratings from investment banks, with four firms issuing buy ratings in the last 90 days and an average target price of HKD 44.49 [1] - Huatai Securities recently issued a report giving Hansoh Pharmaceutical a buy rating with a target price of HKD 43.23 [1] Group 2 - Hansoh Pharmaceutical has a market capitalization of HKD 244.99 billion, ranking first in the chemical pharmaceutical industry [2] - Key performance indicators show that Hansoh has a Return on Equity (ROE) of 16.34%, significantly higher than the industry average of -11.38%, and a net profit margin of 42.17%, compared to the industry average of -34.83% [2] - The company also boasts a gross margin of 91.11%, which is well above the industry average of 50.96%, and a debt ratio of 11.33%, much lower than the industry average of 39.81% [2]

Core Insights - Hansoh Pharmaceutical (03692) announced that its innovative drug Amivantamab has successfully added two new indications to the 2025 National Medical Insurance Directory, which will be implemented on January 1, 2026 [1][2] Group 1: New Indications for Amivantamab - Amivantamab (brand name: 阿美乐) has received approval for two new indications for the treatment of adult non-small cell lung cancer (NSCLC) patients with specific EGFR mutations [1] - The new indications include treatment for patients who have previously undergone surgical resection and for those with locally advanced, unresectable NSCLC who have not shown disease progression during or after platinum-based chemotherapy [1] Group 2: Renewal of Other Drugs in the National Medical Insurance Directory - The drug Pemigatinib (brand name: 圣罗莱) has had its two indications renewed for inclusion in the 2025 National Medical Insurance Directory, specifically for treating anemia caused by chronic kidney disease [2] - The drug Adefovir Dipivoxil (brand name: 恒沐) has also been renewed for chronic hepatitis B treatment in adult patients [2] - Other innovative drugs such as Fluoromethylphenyl (brand name: 豪森昕福), Pegylated Liraglutide (brand name: 孚来美), and Inotuzumab Ozogamicin (brand name: 昕越) are currently under the National Medical Insurance Directory agreement until December 31, 2026 [2]

Core Insights - Hansoh Pharmaceutical (03692) announced that its innovative drug Amivantamab has successfully added two new indications to the 2025 National Medical Insurance Directory, effective January 1, 2026 [1][2] - The drug Pemigatinib (brand name: Saintrolai) has renewed its inclusion in the 2025 National Medical Insurance Directory for two indications related to anemia caused by chronic kidney disease [1] - The drug Adefovir Dipivoxil (brand name: Hengmu) has also renewed its inclusion for the treatment of chronic hepatitis B in adults [2] Summary by Category New Indications - Amivantamab (brand name: Amivale) has received approval for two new indications for the treatment of adult non-small cell lung cancer (NSCLC) patients with specific EGFR mutations [1] - The new indications include treatment for patients who have undergone surgical resection and those with locally advanced, unresectable NSCLC [1] Renewed Inclusion - Pemigatinib (brand name: Saintrolai) has renewed its inclusion for treating anemia in adults with chronic kidney disease, covering both non-dialysis and dialysis patients [1][2] - Adefovir Dipivoxil (brand name: Hengmu) has renewed its inclusion for chronic hepatitis B treatment in adults [2] Other Relevant Drugs - Other innovative drugs such as Fluoromethylphenidate (brand name: Haosenxinfu), Pegylated Liraglutide (brand name: Fulaimai), and Inalizumab (brand name: Xinyue) are currently under the National Medical Insurance Directory agreement until December 31, 2026 [2]

（股份代號：3692） 自願公告 有關創新藥納入2025國家醫保目錄的業務進展 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。 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 ） 一、甲磺酸阿美替尼片（商品名：阿美樂®）於二零二五年三月、四月獲批的兩項 新增適應症納入2025國家醫保目錄： • 既往接受過手術切除治療的II-IIIB期具有表皮生長因子受體（「EGFR」） 外顯子 1 9 缺失或外顯子 21(L858R) 置換突變的成人非小細胞肺癌 （「NSCLC」）患者的治療。 • 接受含鉑放化療期間或之後未出現疾病進展，及具有EGFR外顯子19缺 失或外顯子21(L858R)置換突變的局部晚期、不可切除（III期）NSCLC成 人患者的治療。 二、培莫沙肽注射液（商品名：聖羅萊®）兩項適應症均續約納入2025國家醫保目 錄：用於治療因慢性腎臟病引起的貧血 ...