Core Viewpoint - The approval of Levofloxacin eye drops by the National Medical Products Administration of China marks a significant advancement for the company in the ophthalmic product sector, enhancing its competitive position in the field of anti-infection treatments [1] Group 1: Product Approval - The company's wholly-owned subsidiary, Zhuhai United Pharmaceutical Co., Ltd., received approval for Levofloxacin eye drops (0.488% concentration, 5ml: 24.4mg) from the National Medical Products Administration of China, with the approval number H20256135 [1] - Levofloxacin is a third-generation fluoroquinolone antibiotic that inhibits bacterial DNA gyrase and topoisomerase IV, effectively blocking bacterial DNA synthesis and demonstrating significant antibacterial activity against various Gram-positive and Gram-negative bacteria [1] Group 2: Clinical Applications - Levofloxacin eye drops are widely used in clinical settings for the treatment of conditions such as blepharitis, meibomian gland inflammation, dacryocystitis, conjunctivitis, meibomianitis, and keratitis, as well as for sterile treatment during ophthalmic surgeries [1] Group 3: Market Impact - The approval of Levofloxacin eye drops will further expand the company's ophthalmic product portfolio and strengthen its leading position in the field of anti-infection treatments [1] - The product is classified as a Category A drug in the National Medical Insurance Directory (2024 edition), indicating its importance and potential for market success [1] - The company is committed to advancing new product development to provide comprehensive and high-quality medication solutions for clinical use, which is expected to generate greater returns for the company and its shareholders [1]

Core Viewpoint - Federal Pharmaceutical's subsidiary, Zhuhai Federal Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration of China for the launch of Levofloxacin Eye Drops, enhancing the company's position in the ophthalmic infection treatment market [1] Group 1: Product Approval - Levofloxacin Eye Drops (0.488% concentration, 5ml: 24.4mg) has been granted approval with the registration number H20256135 [1] - The drug is a third-generation fluoroquinolone antibiotic that inhibits bacterial DNA synthesis, showing significant antibacterial activity against various Gram-positive and Gram-negative bacteria [1] Group 2: Clinical Applications - Levofloxacin Eye Drops are widely used for treating conditions such as blepharitis, meibomian gland inflammation, dacryocystitis, conjunctivitis, meibomianitis, and keratitis, as well as for sterile treatment during ophthalmic surgeries [1] Group 3: Market Impact - The approval of Levofloxacin Eye Drops will further expand Federal Pharmaceutical's ophthalmic product portfolio and strengthen its competitive position in the field of ophthalmic infection treatment [1] - The product is classified as a Category A drug in the National Medical Insurance Directory (2024 edition), indicating its importance in the healthcare market [1] Group 4: Future Outlook - The company is committed to advancing new product development to provide comprehensive and high-quality medication solutions for clinical use, which is expected to generate greater returns for the company and its shareholders [1]

有關本集團產品鹽酸莫西沙星滴眼液的最新情況 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 ) (股份代號: 3933) 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鹽酸莫西沙星滴眼液（規格：0.5%（3ml:15mg）、0.5%（5ml:25mg）） 通過中國國家藥品監督管理局上市審批，藥品批准文號分別為：國藥准字 H20256128、 國藥准字 H20256129。 鹽酸莫西沙星屬於第四代喹諾酮類藥物，具有廣譜的抗菌活性。鹽酸莫西沙星滴眼液 適用於治療金黃色葡萄球菌、流感嗜血桿菌、沙眼衣原體等敏感微生物引起的細菌性 結膜炎。該產品不含防腐劑，避免了抑菌劑對眼組織的毒性作用， ...

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。 香港，二零二五年十二月九日 The United Laboratories International Holdings Limited 聯邦制藥國際控股有限公司 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文先生、宋敏教授 及傅秋實博士。 ( 於開曼群島成立之有限公司 ) (股份代號: 3933) 有關本集團產品左氧氟沙星滴眼液的最新情況 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左氧氟沙星滴眼液（規格：0.488%（5ml: 24.4mg））通過中國國家 藥品監督管理局上市審批，藥品批准文號：國藥准字 H20256135。 左氧氟沙星為第三代喹諾酮類抗生素，通過抑制細菌 DNA 旋轉酶和拓撲異構酶 ...

Market Overview - Major indices opened slightly higher but retreated, with the Shenzhen Component down 0.45% at 12,897.03, the Shanghai Composite down 0.32% at 3,865.71, and the ChiNext Index down 0.54% at 3,020.49 [1] - The A50 futures index experienced a sudden drop before rebounding, showing a gain of 0.19% at the time of reporting [1] Bond Market - Vanke's bond "21 Vanke 06" saw a significant drop, with a trading price decline of 20% or more, leading to a temporary suspension by the Shenzhen Stock Exchange [3] Robotics Sector - The robotics sector showed strong performance, with companies like Ruineng Technology achieving five consecutive trading limits, and others like Junya Technology and Longxi Co. hitting their daily limits [4] - The global humanoid robot market is projected to reach approximately $1.017 billion in 2024, with an expected growth to $15 billion by 2030, reflecting a compound annual growth rate (CAGR) of over 56% [5] - The Chinese market is anticipated to reach 38 billion RMB by 2030, with sales increasing to 271,200 units, capturing 44.77% of the global market share [5] AI Mobile Phone Sector - The AI mobile phone sector experienced a pullback on December 4, with stocks like Daoming Optical hitting the daily limit down, and others such as Dongtianwei and Aoni Electronics also declining [5] - Users reported issues with the "Doubao AI phone" logging into WeChat, attributed to WeChat's security measures rather than commercial competition [7] - According to CITIC Securities, the AI industry is transitioning to a phase of large-scale implementation, with advancements in next-generation models like Gemini 3.0 and GPT-5 benefiting complex reasoning scenarios [7] Hong Kong Market - In the Hong Kong market, companies such as Sanhua Intelligent Control and Unibot saw intraday gains of 6% and 4% respectively, while Horizon Robotics increased by over 2% [8]

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11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12月3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 | III.已發 ...

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]