Summary of Key Points from Conference Call Records Industry Overview - The pharmaceutical sector experienced a correction in 2025 but rebounded towards the end of the year, with the innovative drug market expected to continue its momentum into 2026, presenting investment opportunities [1][6][10]. - Current industry hotspots include the flu epidemic, policy support, and breakthroughs in innovative fields such as small nucleic acid drugs, GLP-1, and BCL-2 inhibitors [1][7][8]. Core Insights and Arguments - The overall performance of the pharmaceutical sector in November 2025 was weak, with a decline of 3.6%, underperforming the CSI 300 index by approximately 1.16 percentage points [3]. - The application of AI technology in healthcare, including AI medicine and brain-computer interfaces, is gaining attention and is expected to present opportunities in 2026 [4][12]. - The release of the medical insurance negotiation directory and commercial insurance innovation directory will significantly impact the sales of related products once they enter the insurance system [10]. - Investment recommendations for 2026 include focusing on cutting-edge technologies such as dual antibodies, multi-antibodies, ADC, PROTAC, small nucleic acids, and GLP-1, as well as large companies with strong R&D capabilities and biotech firms with best/first-in-class potential [9][11]. Notable Developments - The flu data has reached new highs, driving up the stock prices of related testing drugs and vaccines [7]. - The third-party laboratory sector is expected to see performance bottoming out in Q4 2025, with a recovery starting in Q1 2026, aided by accelerated payment collection from companies like KingMed and Dian Diagnostics [4][19]. - The PROTAC technology is highlighted for its ability to degrade target proteins, addressing issues of drug resistance, with leading companies like Pfizer, BMS, and BeiGene making significant progress [4][16][17]. Investment Opportunities - Companies such as KingMed and Dian Diagnostics are recommended for investment due to their improving cash flow and potential recovery in the IVD industry [19][20]. - Jichuan Pharmaceutical is included in the December portfolio due to its expected performance rebound driven by flu season demand and low inventory levels [21]. - The CRO industry is poised for growth, with expectations of increased outsourcing rates and improved margins due to a decrease in new entrants [22][23]. Future Trends - The medical device sector is showing positive trends, with expectations for improvement in the consumer healthcare segment in 2026 [2][11]. - The potential for significant growth in the insulin business of companies like Lianbang Pharmaceutical is anticipated, with a projected revenue of 20 billion yuan in 2025 [32][35]. - The upcoming KMR data in December is expected to act as a catalyst for the global PROTAC market, with a focus on companies with substantial technology platforms [18]. Conclusion - The pharmaceutical and healthcare sectors are navigating through a period of adjustment, with various innovative technologies and market dynamics presenting both opportunities and challenges. Investors are advised to keep a close watch on regulatory developments, clinical trial outcomes, and emerging technologies that could shape the future landscape of the industry [1][6][10].

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [3][43]. Core Views - The report emphasizes the potential of innovative drugs as the main investment theme for the year, with a focus on manufacturing overseas and aging-related consumption as relatively undervalued assets [13][31]. - The Chinese pharmaceutical industry has completed the transition from old to new growth drivers, with innovative drugs significantly opening new growth avenues for Chinese pharmaceutical companies [31][32]. Summary by Sections UBT251 and Federal Pharmaceuticals - UBT251, a long-acting GLP-1/GIP/GCG agonist developed by Federal Pharmaceuticals, shows promising clinical results and potential in overseas markets [8][9]. - The global sales of Semaglutide are projected to exceed $30 billion in 2025, indicating a robust market for GLP-1 drugs [7][9]. - Federal Pharmaceuticals has signed an exclusive licensing agreement with Novo Nordisk for UBT251, which could align with the patent expiration of Semaglutide in 2032 [8][9]. Industry Performance - The pharmaceutical index rose by 2.67% from November 24 to November 28, outperforming the CSI 300 index by 1.03% [4][13]. - A total of 419 stocks in the sector increased in value, while 49 stocks declined during the same period [4][17]. Key Investment Opportunities - Recommended stocks include innovative drug companies such as Xinlitai, Zai Lab, and Federal Pharmaceuticals, as well as companies with improving performance like WuXi AppTec and Kairos Pharma [4][35]. - The report suggests focusing on sectors with stable operations and low valuations that are expected to see fundamental changes in 2026 [4][31]. Market Trends - The report highlights the increasing importance of aging populations and chronic disease management, which are driving demand in the healthcare sector [31][34]. - The ongoing development of AI technologies is expected to create new growth opportunities within the pharmaceutical industry [31][34].

Core Viewpoint - The announcement highlights that the company's wholly-owned subsidiary, Zhuhai United Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration of China for its injectable Cefoperazone Sodium and Sulbactam Sodium (2.0g), which has passed the consistency evaluation of generic drug quality and efficacy [1] Group 1: Product Approval and Specifications - The injectable Cefoperazone Sodium and Sulbactam Sodium is a third-generation cephalosporin antibiotic with broad-spectrum antibacterial activity, suitable for monotherapy or combination therapy [1] - It is indicated for the treatment of infections caused by sensitive bacteria, including respiratory, urinary, intra-abdominal, septicemia, meningitis, skin and soft tissue, bone and joint, and reproductive tract infections [1] Group 2: Market Position and Future Prospects - The product is listed as a Class B drug in the National Medical Insurance Directory (2024 edition), which may enhance its market accessibility [1] - The approval is expected to help the company strengthen its competitive position in the anti-infection field and contribute to greater returns for the company and its shareholders through ongoing product development and consistency evaluations [1]

Core Viewpoint - Federal Pharmaceutical's subsidiary has received approval for a generic injectable antibiotic, which will strengthen its position in the anti-infection market and contribute to future revenue growth [1] Group 1: Product Approval - The injectable Cefoperazone Sodium and Sulbactam Sodium (2.0g) has been approved by the National Medical Products Administration of China [1] - This antibiotic is a third-generation cephalosporin with broad-spectrum antibacterial activity, suitable for treating various infections [1] Group 2: Therapeutic Applications - The drug is effective against respiratory infections, urinary tract infections, intra-abdominal infections, sepsis, meningitis, skin and soft tissue infections, bone and joint infections, and reproductive tract infections [1] - It shows significant therapeutic effects on inflammation and infections caused by sensitive bacteria [1] Group 3: Market Position and Future Plans - The drug is listed as a Class B medication in the National Medical Insurance Directory (2024 edition) [1] - The approval will help the company consolidate its competitive advantage in the anti-infection field [1] - The company is committed to ongoing product development and consistency evaluation, which is expected to generate greater returns for the company and its shareholders [1]

Core Viewpoint - The approval of the injectable Cefoperazone Sodium and Sulbactam Sodium by the National Medical Products Administration of China enhances the company's position in the anti-infection sector and is expected to generate greater returns for the company and its shareholders [1] Group 1: Product Approval - The company's wholly-owned subsidiary, Zhuhai United Pharmaceutical Co., Ltd., has received approval for the injectable Cefoperazone Sodium and Sulbactam Sodium (specification: 2.0g) [1] - This product has passed the consistency evaluation for generic drug quality and efficacy [1] Group 2: Product Characteristics - Injectable Cefoperazone Sodium and Sulbactam Sodium is a third-generation cephalosporin antibiotic with broad-spectrum antibacterial activity [1] - It can be used alone or in combination for treating infections caused by sensitive bacteria, including respiratory, urinary, intra-abdominal infections, sepsis, meningitis, skin and soft tissue infections, bone and joint infections, and reproductive tract infections [1] Group 3: Market Position and Future Plans - The product is listed as a Class B drug in the National Medical Insurance Directory (2024 edition) [1] - The approval is expected to help the company strengthen its competitive advantage in the anti-infection field [1] - The company will continue to focus on new product development and advancing consistency evaluations to create greater value for the company and its shareholders [1]

本公告乃由聯邦制藥國際控股有限公司（「本公司」）自願發出。 本公司董事會（「董事會」）欣然公佈，本公司全資附屬公司珠海聯邦制藥股份有限公 司中山分公司申報的注射用頭孢哌酮鈉舒巴坦鈉（規格：2.0g）經中國國家藥品監督 管理局審批，通過仿製藥質量和療效一致性評價（「一致性評價」）。 注射用頭孢哌酮鈉舒巴坦鈉是第三代頭孢菌素類抗生素，具有廣譜抗菌活性，可單獨 或聯合用藥。單獨用藥時，適用於治療由敏感菌引起的呼吸道感染、泌尿道感染、腹 腔內感染、敗血症、腦膜炎、皮膚和軟組織感染、骨骼和關節感染、生殖道感染。其 對敏感細菌引起的系列炎症和感染均有顯著治療效果，可有效控制炎症。現時，注射 用頭孢哌酮鈉舒巴坦鈉為國家醫保目錄（二零二四年版）乙類藥品。 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 內容而產生或因依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 ( 於開曼群島成立之有限公司 ...

Group 1 - The stock of United Pharmaceutical (03933.HK) rose over 4% in the morning session, reaching an increase of 4.08% at a price of HKD 59.95 [1] - The trading volume amounted to HKD 31.2821 million [1]

Core Viewpoint - Federal Pharmaceutical (03933) has made significant advancements in the GLP-1 treatment area, showcasing its new diabetes management products and forming strategic partnerships to enhance its global market presence [1] Group 1: Stock Performance - Federal Pharmaceutical's stock rose over 4%, reaching HKD 59.95 with a trading volume of HKD 31.28 million [1] Group 2: Product Development - The company highlighted its diabetes management product lineup at the conference, including the recently launched liraglutide injection "Federal Yuli Tai" and the upcoming semaglutide injection "Federal Youmei Tai," expected to launch next year [1] - The introduction of these products marks a significant milestone for Federal Pharmaceutical in the GLP-1 target treatment field [1] Group 3: Strategic Partnerships - Federal Pharmaceutical's subsidiary, Federal Bio, has entered into an exclusive licensing agreement with Novo Nordisk for UBT251, which underscores the global market potential of UBT251 [1] - This collaboration is expected to leverage Novo Nordisk's resources to accelerate the global development of UBT251 [1] - The partnership represents a key achievement in Federal Pharmaceutical's innovation transformation, aligning its GLP-1 innovative drugs with international standards and enhancing the international influence of domestic GLP-1 medications across nearly 80 countries and regions [1]

Core Viewpoint - Federal Pharmaceutical (03933) has shown significant stock performance, rising over 4% following the successful presentation of its diabetes treatment products at a recent conference, indicating strong market interest and potential growth in the GLP-1 treatment sector [1] Group 1: Product Development - The company showcased its diabetes product lineup, including the recently launched liraglutide injection "Federal Yuli Tai" and the upcoming semaglutide injection "Federal Youmei Tai," marking important advancements in the GLP-1 target treatment area [1] - The collaboration between Federal Pharmaceutical's subsidiary, Federal Bio, and Novo Nordisk for the exclusive licensing of UBT251 highlights the global market potential of this product and aims to accelerate its development process [1] Group 2: Strategic Partnerships - The partnership with Novo Nordisk not only validates the global market value of UBT251 but also leverages Novo Nordisk's resources to enhance the product's development [1] - This collaboration represents a significant achievement in Federal Pharmaceutical's innovation transformation, aligning its GLP-1 innovative drugs with international standards and expanding its reach to nearly 80 countries and regions [1]

Group 1 - The core viewpoint is that the Hong Kong innovative drug concept stocks are experiencing a continuous decline, with Federal Pharmaceutical dropping over 8% [1] - Other companies such as Crystal Technology Holdings, Giant Biologics, Sanofi Pharmaceutical, and China Biopharmaceutical are also following the downward trend [1]