Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Viewpoints - The pharmaceutical sector is experiencing a transformation, with traditional Big Pharma companies accelerating their innovation and research investments, leading to a potential revaluation of their market value [3][8] - The report emphasizes the importance of innovative drugs as a key growth driver, with a focus on companies that have shown significant improvements in their operational trends and clinical pipelines [5][35] Summary by Sections Industry Performance - From September 1 to September 5, the pharmaceutical index rose by 1.40%, outperforming the CSI 300 index by 2.21% [5] - Notable stock performances included Haichen Pharmaceutical (+29%), Changchun High-tech (+24%), and Baihua Pharmaceutical (+21%) [5] Traditional Pharma Revaluation - Since the implementation of drug procurement policies in 2018, traditional Big Pharma has faced revenue and profit pressures, prompting a shift towards innovation and increased R&D spending [8] - Key factors for the improvement in Big Pharma include rapid revenue/profit growth, increased R&D investment, and a decline in sales/administrative expenses [9][16] Innovation as a Growth Engine - The transition from generic to innovative drugs is becoming the core internal growth driver for Big Pharma, with significant increases in innovative revenue and its proportion of total income [22][27] - For instance, Heng Rui Medicine reported innovative drug sales of 95.61 billion RMB in the first half of 2025, accounting for 60.66% of total revenue [22] Clinical Pipeline and Global Competitiveness - The long-term R&D investments have resulted in a robust clinical pipeline for Big Pharma, with many products in advanced stages of development, enhancing their global competitiveness [29] - The report highlights the potential for business development (BD) opportunities abroad, which could serve as a second growth curve for these companies [29] Investment Recommendations - The report suggests focusing on innovative drugs, manufacturing, and companies with low valuations that are positioned to benefit from aging populations and increased healthcare consumption [35] - Specific companies to watch include Heng Rui Medicine, Xinlitai, and China National Pharmaceutical Group [35]

Core Viewpoint - The report emphasizes the sustained high growth in the innovative pharmaceutical and medical device sectors, recommending continued investment in these areas [1]. Investment Highlights - The report maintains a recommendation for innovative pharmaceuticals and medical devices, highlighting the potential for value re-evaluation in the Pharma sector, with specific buy ratings for companies such as 恒瑞医药, 翰森制药, 三生制药, and 华东医药 [2]. - It continues to recommend Biopharma/Biotech companies that are gradually realizing their innovative pipelines and entering a performance growth phase, with buy ratings for 科伦博泰生物, 信达生物, 康方生物, 新诺威, 映恩生物, 京新药业, 微芯生物, 特宝生物, 我武生物, and 来凯医药 [2]. - The report also suggests investment in CXO and upstream pharmaceutical companies benefiting from innovation and recovery, maintaining buy ratings for 百普赛斯, 药明康德, 药明合联, 泰格医药, and 美诺华 [2]. - It recommends leading medical device companies expected to recover, with buy ratings for 微创医疗, 联影医疗, and 惠泰医疗 [2]. Market Performance - In the first week of September 2025, the A-share pharmaceutical sector outperformed the broader market, with the SW pharmaceutical and biotech index rising by 1.4% while the Shanghai Composite Index fell by 1.2% [3]. - Within the biopharmaceutical sector, the chemical preparations segment saw a notable increase of 4.5%, while biological products and medical services rose by 1.9% and 1.7%, respectively [3]. - The top-performing stocks included 海辰药业 (+28.7%), 长春高新 (+24.2%), and 百花医药 (+21.3%), while the worst performers were 舒泰神 (-24.0%), 广生堂 (-15.8%), and 塞力医疗 (-15.6%) [3]. - In the Hong Kong market, the healthcare sector also outperformed, with the Hang Seng Healthcare index rising by 7.0% and the biotech index by 7.3%, compared to a 1.4% increase in the Hang Seng Index [3]. - The top gainers in the Hong Kong market were 三叶草生物-B (+99%), 圣诺医药-B (+62%), and 加科思-B (+41%), while the biggest losers included 美中嘉和 (-11%), 科笛-B (-9%), and 思路迪医药股份 (-6%) [3]. - In the US market, the healthcare sector performed in line with the broader market, with the S&P Healthcare Select Sector Index increasing by 0.3%, matching the S&P 500's performance [4]. - The top gainers in the US healthcare sector included 德康医疗 (+7%), 生物基因 (+6%), and 环球健康服务 (+5%), while the largest declines were seen in KENVUE (-10%), REVVITY (-4%), and MOLINA HEALTHCARE (-3%) [4].

机构：中邮证券 研究员：盛丽华/徐智敏 事件 公司发布25 年中期业绩公告，25H1 公司收入74.34 亿元，同比+14.3%，溢利31.35 亿元，同比 +15.0%。 投资要点 创新药及合作收入维持高增，总收入占比提升至83%。 2025 年上半年创新药与合作产品收入约61.5 亿元，占比提升至82.7%。按治疗领域来看，抗肿瘤收入 45.3 亿元占比60.9%；抗感染收入7.4 亿元，占比9.9%；中枢神经系统收入7.7 亿元，占比10.4%；代谢 及其他领域收入14.0 亿元，占比18.8%。 阿美替尼新适应症获批贡献增量，多项创新管线稳健推进。 研发进展角度来看，阿美替尼在2025 年新获批两项适应症：辅助治疗NSCLC 和不可切除NSCLC 患者 根治性放化疗后的维持治疗。同时2025 年6 月在英国获批上市单药的一线治疗，有望持续抬升阿美替尼 的收入天花板。同时公司新增多个3 期关键注册临床：B7H3 ADC（骨与软组织肉瘤）、B7H4 ADC （卵巢癌）、IL-23p19(中重度板块状银屑病，荃信生物合作)，推进稳健为公司未来成长提供动力。 BD 合作收入持续增厚业绩。 2025H1 公司已 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][8]. Core Insights - The company reported a revenue of 7.434 billion yuan for the first half of 2025, reflecting a year-on-year increase of 14.3%, with a profit of 3.135 billion yuan, up 15.0% year-on-year [4]. - The revenue from innovative drugs and collaborations continues to grow, with total revenue contribution rising to 83%, and innovative drug and collaboration product revenue reaching approximately 6.15 billion yuan, accounting for 82.7% of total revenue [5]. - The company has received approvals for new indications for its drug Amatinib, which is expected to enhance revenue potential, alongside multiple ongoing Phase III clinical trials [6]. - The company has secured significant collaboration income, including a 112 million USD upfront payment from Merck and an 80 million USD upfront payment from Regeneron [7]. - The company is positioned as a leading domestic pharmaceutical enterprise, transitioning from traditional generics to innovative business, with expected revenues of 14.432 billion yuan, 16.590 billion yuan, and 19.164 billion yuan for 2025, 2026, and 2027 respectively [8]. Financial Summary - The latest closing price is 36.36 HKD, with a total market capitalization of 225.4 billion HKD [3]. - The company has a debt-to-asset ratio of 11.33% and a price-to-earnings ratio of 42.3 [3]. - Forecasted revenues for 2025-2027 are 14.432 billion yuan, 16.590 billion yuan, and 19.164 billion yuan, with net profits projected at 4.986 billion yuan, 5.664 billion yuan, and 6.391 billion yuan respectively [12][13].

Core Viewpoint - The Hong Kong Innovative Drug ETF (159567) experienced a decline of 3.38% on September 4, with a trading volume of 1.427 billion yuan. The fund has shown significant growth in both share volume and total assets since its inception in January 2024 [1][2]. Group 1: Fund Performance - The Hong Kong Innovative Drug ETF (159567) was established on January 3, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1]. - As of September 3, 2024, the fund's latest share volume was 6.668 billion shares, and its total assets reached 6.724 billion yuan. This represents an increase of 1586.48% in share volume and 1679.83% in total assets compared to December 31, 2023, when the share volume was 395 million shares and total assets were 378 million yuan [1]. Group 2: Trading Activity - Over the past 20 trading days, the cumulative trading amount for the Hong Kong Innovative Drug ETF (159567) was 33.138 billion yuan, with an average daily trading amount of 1.657 billion yuan. Since the beginning of the year, the cumulative trading amount over 165 trading days was 185.061 billion yuan, averaging 1.122 billion yuan per day [1]. Group 3: Fund Holdings - The current fund manager of the Hong Kong Innovative Drug ETF (159567) is Ma Jun, who has managed the fund since its inception, achieving a return of 99.52% during this period [2]. - Key holdings in the fund include: - Innovent Biologics (9.52% holding, 2.60 billion yuan market value) - WuXi Biologics (9.47% holding, 2.58 billion yuan market value) - BeiGene (8.73% holding, 2.38 billion yuan market value) - CanSino Biologics (7.62% holding, 2.08 billion yuan market value) - China National Pharmaceutical Group (7.17% holding, 1.96 billion yuan market value) - CSPC Pharmaceutical Group (6.34% holding, 1.73 billion yuan market value) - 3SBio (5.83% holding, 1.59 billion yuan market value) - Hansoh Pharmaceutical (4.54% holding, 1.24 billion yuan market value) - Zai Lab (2.86% holding, 781.055 million yuan market value) [2].

Group 1 - FTSE Russell announced changes to the FTSE China 50 Index and FTSE China A50 Index, effective after market close on September 19, 2025 [1] - The FTSE China A50 Index will include companies such as BeiGene Ltd (688235.SH), Xinyisheng (300502.SZ), WuXi AppTec (603259.SH), and Zhongji Xuchuang (300308.SZ) [1] - Companies removed from the FTSE China A50 Index include China National Nuclear Power (601985.SH), China Unicom (600050.SH), Guodian Nanjing Automation (600406.SH), and Wanhua Chemical (600309.SH) [1] Group 2 - The FTSE China A50 Index serves as an important reference for overseas investors, and historical adjustments to the index typically attract significant passive capital from abroad [1] - The FTSE China 50 Index remains unchanged, with only the list of candidate stocks updated to include China Hongqiao Group (01378), Hansoh Pharmaceutical (03692), Huatai Securities (06886), JD Health (06618), and New China Life Insurance (01336) [1]

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8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: 翰森製藥集團有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 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) | 03692 | 說明 | - | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.00001 | HKD | | 200,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.00001 | HKD | | 200,000 | 本月底法定/ ...

Core Viewpoint - Hansoh Pharmaceutical (03692) announced that its innovative drug, XinYue (Inalizumab injection), received a drug registration certificate from the National Medical Products Administration (NMPA) of China on August 26, 2025, for an additional indication: treatment of adult patients with Immunoglobulin G4-related disease (IgG4-RD) [1] Group 1 - XinYue is a targeted CD19B cell-depleting antibody [1] - The product was licensed in 2019 through an agreement with VielaBio for exclusive development and commercialization rights in mainland China, Hong Kong, and Macau [1] - In March 2022, XinYue was approved by NMPA for marketing in China for the treatment of adult patients with anti-aquaporin-4 (AQP4) antibody-positive neuromyelitis optica spectrum disorder (NMOSD) [1] Group 2 - In January 2023, XinYue was included in the National Basic Medical Insurance Drug List for the first time [1] - The additional indication for IgG4-RD was prioritized for review and approval on February 8, 2025 [1]

Core Viewpoint - Hansoh Pharmaceutical (03692) announced that its innovative drug, XinYue (Inalizumab injection), received a drug registration certificate from the National Medical Products Administration (NMPA) of China on August 26, 2025, approving an additional indication for adult patients with Immunoglobulin G4-related disease (IgG4-RD) [1] Group 1 - The drug XinYue has now been approved for a second indication, expanding its therapeutic applications [1] - The new indication was included in the NMPA's priority review and approval process on February 8, 2025 [1]

Core Viewpoint - Hansoh Pharmaceutical (03692) announced that its innovative drug, XinYue® (Inalizumab Injection), received a drug registration certificate from the National Medical Products Administration (NMPA) of China on August 26, 2025, for an additional indication: treatment of adult patients with Immunoglobulin G4-related disease (IgG4-RD) [1] Summary by Categories Product Approval - XinYue® has been approved for a second indication, expanding its therapeutic use [1] - The new indication was included in the NMPA's priority review and approval process on February 8, 2025 [1]