Group 1 - The core point of the article highlights the recent surge in the stock price of RuiNeng Technology, which has reached a limit-up for three consecutive trading days, closing at 21.98 yuan per share on October 20 [2] - RuiNeng Technology announced a high turnover rate of 18.04% for its A-shares, indicating a risk associated with high trading volume; the company's TTM price-to-earnings ratio stands at 221.3 times, and the static P/E ratio is 123.5 times, both exceeding industry averages [2] - Prior to this price increase, RuiNeng Technology disclosed a shareholding reduction plan by its shareholder, Pingtan Jierun, intending to reduce up to 2 million shares, accounting for 0.96% of the total shares, between November 1, 2025, and January 31, 2026 [4] Group 2 - For the first half of 2025, RuiNeng Technology reported revenue of 1.133 billion yuan, a year-on-year increase of 13.83%; however, the net profit attributable to shareholders decreased by 31.43% to 35.59 million yuan [5] - The company stated that its production and operational activities are normal, with no significant changes in daily operations or external environment, and it has no undisclosed information that should be disclosed [5]

Investment Rating - The report maintains a "Positive" investment rating for the insulin industry [10] Core Insights - The insulin market is stabilizing post-collection procurement, with companies focusing on innovation and steady progress in R&D pipelines, creating a closed-loop advantage in insulin, diabetes, endocrine, and metabolism sectors [3][9] - The progress of insulin exports is promising, expected to contribute to new growth [8] - The cash flow of companies is gradually stabilizing, and the valuation of innovative pipelines is likely to be reshaped [9] Summary by Sections Domestic Insulin Collection Procurement - The domestic insulin market is broad, with insulin analogs becoming the main driving force. In 2021, there were approximately 14.1 million diabetes patients in China, with an expected increase to 29.3 million by 2030. The market size for insulin in China is projected to be 22.3 billion yuan in 2024, reflecting a year-on-year decrease of 14.23% [20] - The first round of national collection procurement was moderate, ensuring basic procurement volume and expanding external market channels. Nearly 50% of the insulin market share was not included in the procurement, allowing leading companies to significantly increase sales volume [27][20] - The second round of procurement renewal has seen price increases for some companies, reflecting a balanced approach by the National Medical Insurance Administration [30][27] Insulin Export Progress - Companies like Ganli Pharmaceutical and Tonghua Dongbao are making significant progress in exporting insulin to developed regions like Europe and the US, where the insulin market is valued at $13.2 billion. The market in developing regions such as Asia, Africa, and Latin America is estimated to be between $4.3 billion and $6.5 billion [8][20] Innovative Drug Pipeline - The innovative drug pipeline is gradually yielding results, with a focus on GLP-1 research and development. Insulin companies are expected to leverage their advantages in sales terminals, process development, and production capacity in the GLP-1 sector [9][8] - The management teams and innovation systems of these companies are undergoing significant changes, which may lead to a reshaping of their valuations [9]

联邦制药(03933)发布公告，将于2025年10月15日派发截至2025年6月30日止6个月中期股息每股0.17507 港元。 ...

（原标题：联邦制药(03933)将于10月15日派发中期股息每股0.17507港元） 智通财经APP讯，联邦制药(03933)发布公告，将于2025年10月15日派发截至2025年6月30日止6个月中期 股息每股0.17507港元。 ...

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 董事會成員包括執行董事：蔡海山先生、梁永康先生、蔡紹哲女士、方煜平先生、鄒鮮紅女士及朱蘇燕女士；以及獨立非執行董 事：張品文先生、宋敏教授及傅秋實博士 第 2 頁 共 2 頁 v 1.1.1 第 1 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 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 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 聯邦制藥國際控股有限公司 | | 股份代號 | 03933 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止六個月中期股息 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 公告兌換 ...

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。 The United Laboratories International Holdings Limited 聯邦制藥國際控股有限公司 ( 於開曼群島註冊成立的有限公司 ) (股份代號 : 3933) 茲提述聯邦制藥國際控股有限公司（「本公司」）日期為二零二五年八月二十八日的公告，其 中包括宣派截至二零二五年六月三十日止六個月的中期股息每股人民幣16分。 應派發給股東的中期股息將折算為港幣支付。以兌換匯率人民幣1.00元相當於港幣1.094190元 計算，中期股息將以每股港幣0.175070元派發。 預期中期股息將於二零二五年十月十五日派發予於二零二五年九月三十日名列本公司股東名 冊的股東。 承董事會命 聯邦制藥國際控股有限公司 主席 蔡海山 香港，二零二五年十月二日 於本公告日期，董事會成員包括執行董事：蔡海山先生、梁永康先生、蔡紹哲女士、方煜平 先生、鄒鮮紅女士及朱蘇燕女士；以及獨立非執行董事：張品 ...

截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 聯邦制藥國際控股有限公司 呈交日期: 2025年10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) | 03933 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,800,000,000 | HKD | | 0.01 | HKD | | 38,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,800,000,000 | HKD | | 0.01 | HKD | | 38,000,000 | 本月底法定/註冊股本總額： HKD 38,000,000 股份發行人及根據《上市規則》第十九B ...

UBT37034是一款新型多肽类受体激动剂，可通过选择性作用于神经肽Y2受体减轻体重。临床前多种动 物模型研究结果显示，UBT37034与GLP-1类似物联用能够显著降低体重。此外，UBT37034注射液关于 超重或肥胖适应症的新药临床试验申请("IND")已于2025年7月获得美国食品药品监督管理局批准，IND 编号为175188。未来，公司将持续致力于新产品研发，并重点提升在生物医药行业的竞争力及创造力， 预期将为公司及其股东创造更大收益。 格隆汇9月30日丨联邦制药(03933.HK)发布公告，2025年9月29日，公司全资附属公司联邦生物科技(珠 海横琴)有限公司自主研发的1类创新药注射用UBT37034关于超重或肥胖适应症的临床试验注册申请获 得中国国家药品监督管理局临床试验默示许可，受理号为CXHL2500772。 ...

Core Viewpoint - Federal Pharmaceutical (03933) has received implied approval for clinical trials of its injectable drug UBT37034 for overweight or obesity indications from the National Medical Products Administration of China [1] Group 1: Drug Development - UBT37034 is a novel peptide receptor agonist that selectively targets neuropeptide Y2 receptors to aid in weight loss [1] - Preclinical studies in various animal models indicate that UBT37034, when used in conjunction with GLP-1 analogs, significantly reduces body weight [1] - The new drug clinical trial application (IND) for UBT37034 regarding overweight or obesity indications was approved by the U.S. Food and Drug Administration on July 2025, with IND number 175188 [1] Group 2: Future Outlook - The company will continue to focus on new product development and aims to enhance its competitiveness and creativity in the biopharmaceutical industry [1] - The anticipated advancements are expected to generate greater returns for the company and its shareholders [1]

Core Viewpoint - Federal Pharmaceutical (03933) announced that its wholly-owned subsidiary, Federal Biotech (Zhuhai Hengqin) Co., Ltd., received implicit approval from the National Medical Products Administration of China for the clinical trial registration application of its innovative drug UBT37034 for overweight or obesity indications [1] Group 1: Product Development - UBT37034 is a novel peptide receptor agonist that selectively targets neuropeptide Y2 receptors to aid in weight reduction [1] - Preclinical studies in various animal models indicate that UBT37034, when used in conjunction with GLP-1 analogs, significantly reduces body weight [1] - The new drug clinical trial application (IND) for UBT37034 regarding overweight or obesity indications was approved by the U.S. Food and Drug Administration in July 2025, with IND number 175188 [1] Group 2: Future Outlook - The company will continue to focus on new product development and aims to enhance its competitiveness and creativity in the biopharmaceutical industry [1] - The anticipated advancements in product development are expected to generate greater returns for the company and its shareholders [1]