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。 茲提述本公司日期為二零二三年十一月十三日的公告（「該公告」），內容有關根據二零 二三年股份獎勵計劃（「股份獎勵計劃」）的條款向承授人授出合共12,096,900股獎勵股 份。除文義另有界定外，本公告所用詞彙與該公告所賦予者具有相同涵義。 於二零二五年十月，受託人已透過市場交易購入3,500,000股獎勵股份，每股平均價格為 港幣12.905元，以履行於二零二五年十一月十三日對已完成二零二四年績效目標的承受 人的歸屬義務。 受託人將視乎市況繼續於市場購買相關數目的獎勵股份，並以信託形式為相關承授人 持有有關獎勵股份，直至獎勵股份根據股份獎勵計劃的條款歸屬予有關承授人並交收 為止。 承董事會命 聯邦制藥國際控股有限公司 主席 蔡海山 香港，二零二五年十一月五日 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文先生、宋敏教 ...

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10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: 聯邦制藥國際控股有限公司 呈交日期: 2025年11月5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/ ...

Core Insights - The article highlights the net inflow and outflow of funds for various companies in the Hong Kong stock market, indicating significant movements in investor sentiment and market dynamics [1][2][3] Net Inflow Summary - The top three companies with the highest net inflow of funds are Huahong Semiconductor (华虹半导体) with 388 million, Pop Mart (泡泡玛特) with 320 million, and Qingdao Beer (青岛啤酒股份) with 305 million [1][2] - The net inflow percentages for these companies are 8.15%, 7.92%, and 58.54% respectively, indicating strong investor interest, particularly in Qingdao Beer [2][3] Net Outflow Summary - The companies with the highest net outflow of funds include Alibaba-W (阿里巴巴-W) with -523 million, Southern Hang Seng Technology (南方恒生科技) with -429 million, and Tencent Holdings (腾讯控股) with -355 million [1][2] - The net outflow percentages for these companies are -3.89%, -4.86%, and -3.36% respectively, reflecting a negative sentiment among investors towards these stocks [2][3] Net Inflow Ratio Summary - The companies with the highest net inflow ratios are Shenzhen Expressway (深圳高速公路股份) at 68.48%, Anhui Wanshan Expressway (安徽皖通高速公路) at 64.22%, and Legend Holdings (联想控股) at 59.98% [1][3] - These ratios suggest a strong demand for shares in these companies relative to their trading volume [3] Net Outflow Ratio Summary - The companies with the highest net outflow ratios are Huadian International Power (华电国际电力股份) at -62.31%, CIMC Enric (中集安瑞科) at -54.98%, and Connoisseur-B (康诺亚-B) at -52.78% [1][3] - These figures indicate significant selling pressure and a lack of confidence among investors in these stocks [3]

Core Viewpoint - The company reported its H1 2025 performance, showing a revenue of 7.52 billion yuan (+4.8% YoY), EBITDA of 2.75 billion yuan (+23.3%), and net profit attributable to shareholders of 1.89 billion yuan (+27.0%) [1] Revenue Breakdown - The intermediate products business generated external revenue of 1.01 billion yuan (-23.1%) with a segment profit of 630 million yuan, resulting in a profit margin of 27.5% (-7.2 percentage points) [1] - The active pharmaceutical ingredients (APIs) segment reported external revenue of 2.53 billion yuan (-27.0%) and a segment profit of 250 million yuan, maintaining a profit margin of 27.5% (-4.9 percentage points) [1] - The formulation segment achieved external revenue of 2.54 billion yuan (+6.1%) with a segment profit of 160 million yuan, leading to a profit margin of 6.1% (-4.0 percentage points) [1] - Licensing revenue amounted to 1.43 billion yuan, primarily from the UBT251 licensing fee from Novo Nordisk [1] Business Performance - In the formulation business, human antibiotic product revenue was 890 million yuan (-12.1%), mainly impacted by centralized procurement and demand decline [2] - The animal health business generated revenue of 560 million yuan (-15.9%), with potential for rapid growth due to new base construction and overseas registration [2] - Insulin formulation revenue reached 960 million yuan (+74.5%), with second-generation insulin contributing 460 million yuan (+110.2%), and glargine insulin at 290 million yuan (+33.7%) [2] - The sales volume of insulin analogs increased by 90.4%, benefiting from the renewal of centralized procurement and orders from the Brazilian Ministry of Health [2] R&D Focus and Pipeline - The company is focusing its R&D on endocrine/metabolic and autoimmune fields, expecting to enter a harvest period starting in 2026 [3] - R&D investment in H1 2025 was 550 million yuan (+14.9%), with the domestic approval of liraglutide in March [3] - The new drug UBT251 targeting GLP-1/GIP/GCG has been licensed to Novo Nordisk, with ongoing clinical trials for weight loss and glycemic control [3] - The neuropeptide Y2 receptor agonist UBT37034 received clinical approval in the U.S. for weight loss indications, showing significant effects in animal trials [3] - The small molecule GLP-1 drug UBT48128 is expected to submit IND applications in mid-2026, with preclinical data indicating better weight loss effects than Eli Lilly's Orforglipron [3] - The company has a rich pipeline, anticipating six new products or indications to be approved in 2026 and 2027, with further approvals expected post-2030 [3] Investment Recommendation - The company is recognized as a leading comprehensive pharmaceutical enterprise, extending its business into biopharmaceuticals and animal health, with an R&D layout entering a harvest phase [3] - Projected revenues for 2025, 2026, and 2027 are 13.42 billion yuan, 12.65 billion yuan, and 13.84 billion yuan, reflecting YoY growth rates of -2.5%, -5.7%, and +9.4% respectively [3] - Expected net profits attributable to shareholders for the same years are 2.36 billion yuan, 2.02 billion yuan, and 2.41 billion yuan, with YoY growth rates of -11.4%, -14.2%, and +19.4% respectively [3] - Corresponding PE ratios (using an exchange rate of 1 HKD = 0.92 RMB) are projected at 10, 12, and 10 times, with an initial coverage rating of "Buy" [3]

Core Viewpoint - Zhongyou Securities reports that Lianbang Pharmaceutical (03933) is a leading comprehensive pharmaceutical company with business extending into biopharmaceuticals and animal health, entering a harvest period for its research and development [1] Financial Performance - For the first half of 2025, the company achieved revenue of 7.52 billion yuan (+4.8% year-on-year), EBITDA of 2.75 billion yuan (+23.3%), and net profit attributable to shareholders of 1.89 billion yuan (+27.0%) [1] - Revenue projections for 2025, 2026, and 2027 are 13.42 billion yuan, 12.65 billion yuan, and 13.84 billion yuan, with year-on-year growth rates of -2.5%, -5.7%, and +9.4% respectively [1] Business Segment Performance - The intermediate products segment reported external revenue of 1.01 billion yuan (-23.1%) with a profit margin of 27.5% (-7.2 percentage points) [2] - The active pharmaceutical ingredients segment had external revenue of 2.53 billion yuan (-27.0%) with a profit margin of 27.5% (-4.9 percentage points) [2] - The formulation segment generated external revenue of 2.54 billion yuan (+6.1%) with a profit margin of 6.1% (-4.0 percentage points) [2] - Insulin formulation revenue reached 960 million yuan (+74.5%), driven by significant growth in second-generation insulin products [2] Research and Development Focus - R&D investment for the first half of 2025 was 550 million yuan (+14.9%), with several new drugs in the pipeline [3] - The company has received approval for liraglutide in China and has ongoing clinical trials for various indications, including weight loss and metabolic diseases [3] - Six new products or indications are expected to be approved in 2026 and 2027, with further approvals anticipated in 2030 [3]

Core Viewpoint - Zhongyou Securities reports that Lianbang Pharmaceutical (03933) is a leading comprehensive pharmaceutical company with business extending into biopharmaceuticals and animal health, entering a harvest period for its research and development [1] Financial Performance - For the first half of 2025, the company achieved revenue of 7.52 billion yuan (+4.8% year-on-year), EBITDA of 2.75 billion yuan (+23.3%), and net profit attributable to shareholders of 1.89 billion yuan (+27.0%) [2] Business Segment Performance - The intermediate business reported external revenue of 1.01 billion yuan (-23.1%) with a profit margin of 27.5% (-7.2 percentage points) - The raw material drug segment had external revenue of 2.53 billion yuan (-27.0%) with a profit margin of 27.5% (-4.9 percentage points) - The formulation segment generated external revenue of 2.54 billion yuan (+6.1%) with a profit margin of 6.1% (-4.0 percentage points) - Licensing revenue amounted to 1.43 billion yuan, primarily from the UBT251 licensing fee to Novo Nordisk - The insulin formulation segment saw revenue of 960 million yuan (+74.5%), driven by significant growth in second-generation insulin and other products [3] Research and Development Focus - The company invested 550 million yuan (+14.9%) in R&D during the first half of 2025, with several new drugs expected to enter the market starting in 2026 - Key developments include the approval of liraglutide in China and the advancement of several new drugs targeting metabolic and autoimmune diseases - The company anticipates approval for six new products or indications in both 2026 and 2027, with further approvals expected post-2030 [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][10]. Core Insights - The company reported a revenue of 7.52 billion yuan for the first half of 2025, reflecting a year-on-year growth of 4.8%. EBITDA increased by 23.3% to 2.75 billion yuan, and net profit attributable to shareholders rose by 27.0% to 1.89 billion yuan [4][5]. Company Overview - Latest closing price: HKD 13.14 - Total shares: 1.973 billion - Total market capitalization: HKD 29.023 billion - 52-week high/low: HKD 17.774 / HKD 9.309 - Debt-to-asset ratio: 46.96% - Price-to-earnings ratio: 8.3 [3]. Financial Performance - The intermediate products segment saw a revenue decline of 23.1% to 1.01 billion yuan, with a profit margin of 27.5%, down by 7.2 percentage points. The active pharmaceutical ingredients segment's revenue fell by 27.0% to 2.53 billion yuan, with a profit margin of 27.5%, down by 4.9 percentage points. The formulation segment's revenue increased by 6.1% to 2.54 billion yuan, with a profit margin of 6.1%, down by 4.0 percentage points. Licensing income was 1.43 billion yuan, primarily from the UBT251 licensing fee [5][6]. - The insulin formulation business showed significant growth, with revenue reaching 960 million yuan, a 74.5% increase. The second-generation insulin revenue was 460 million yuan, up 110.2%, while the revenue from glargine insulin and aspart insulin increased by 33.7% and 74.0%, respectively [6]. Research and Development - The company invested 550 million yuan in R&D, a 14.9% increase. The GLP-1/GIP/GCG triple-target new drug UBT251 has been licensed to Novo Nordisk, with ongoing clinical trials for weight loss and diabetes indications. The company expects to enter a harvest period starting in 2026, with six new products or indications anticipated for approval in 2026 and 2027 [7][8]. Financial Forecast - Projected revenues for 2025, 2026, and 2027 are 13.42 billion yuan, 12.65 billion yuan, and 13.84 billion yuan, respectively, with year-on-year growth rates of -2.5%, -5.7%, and 9.4%. Net profit attributable to shareholders is forecasted at 2.36 billion yuan, 2.02 billion yuan, and 2.41 billion yuan for the same years, with corresponding growth rates of -11.4%, -14.2%, and 19.4% [12][8].

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [5] Core Insights - The report highlights the significant performance of domestic new drugs showcased at the ESMO 2025 conference, with several companies presenting excellent clinical data [3][21] - The report emphasizes the importance of academic conferences as key catalysts for the innovative drug sector, particularly mentioning ESMO, ASCO, and WCLC as critical events for Chinese pharmaceutical companies [20] Weekly New Drug Market Review - From October 20 to October 26, 2025, the top five gainers in the new drug sector were: - 欧康维视 (+8.87%) - 君圣泰 (+8.21%) - 诺思兰德 (+7.07%) - 友芝友 (+4.42%) - 海创药业 (+3.73%) - The top five losers were: - 康宁杰瑞 (-17.72%) - 北海康成 (-14.42%) - 创胜集团 (-14.29%) - 宜明昂科 (-13.40%) - 来凯医药 (-12.40%) [16][17] Recommended Focus Stocks - The report suggests focusing on several stocks with potential catalysts, including: 1. Products with high overseas volume certainty after MNC certification: - PD-1 upgraded product: 三生制药 - GLP-1 asset: 联邦制药 - ADC assets: 科伦博泰, 百利天恒 2. Potential heavyweights for overseas MNC authorization: - PD-1 upgraded products: 康方生物, 信达生物 - Breakthroughs in autoimmune fields: 益方生物, 中国抗体 - Innovative target ADC: 复宏汉霖, 石药集团 3. Stocks likely to benefit from medical insurance negotiations and commercial insurance innovative drug directories: - Beneficiaries of medical insurance directory: 恒瑞医药, 康诺亚, 迈威生物, 智翔金泰, 海创药业 - Beneficiaries of commercial insurance innovative drug directory: 药明巨诺, 科济药业 [2][20] New Drug Approval and Acceptance - This week, four new drug or new indication applications were approved, and five new drug or new indication applications were accepted in the domestic market [9] - A total of 46 new drug clinical applications were approved, and 31 new drug clinical applications were accepted [10] Key Domestic Market Events - 信达生物 announced a global strategic partnership with Takeda to accelerate the development of new generation tumor immunotherapy and antibody-drug conjugate therapies [11] - 康宁杰瑞 and 石药集团 announced that their HER2 bispecific antibody-drug conjugate JSKN003 received breakthrough therapy designation from the CDE [11] - 和黄医药 presented clinical data for HMPL-A251 at the AACR-NCI-EORTC conference [11] Key Overseas Market Events - 罗氏 received FDA approval for Gazyva/Gazyvaro for the treatment of active lupus nephritis in adult patients [12] - Electra Therapeutics announced that its therapy ELA026 received breakthrough therapy designation from the FDA and PRIME qualification from the EMA [12] - 安斯泰来 announced that the FDA accepted its supplemental biologics license application for the antibody-drug conjugate Padcev in combination with Keytruda [12]

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]