Group 1 - The medical and pharmaceutical sector continues to perform strongly, with the Hong Kong medical ETF (159366) rising over 2% in early trading, marking a three-day increase [1] - Key stocks such as Kelaiying, Micron Medical, and Zhaoyan Pharmaceutical saw significant gains of 5.90%, 5.47%, and 4.73% respectively, contributing to a cumulative increase of 6.32% in the ETF over the past week [1] - A major policy announcement from the Central Committee and the State Council aims to improve public welfare and healthcare, including the establishment of a drug catalog adjustment mechanism and the promotion of quality healthcare resource sharing [1] Group 2 - Dongwu Securities highlights three factors that suggest 2025 will be a pivotal year for innovative drugs, including the orderly rollout of significant business development (BD) deals, expected profitability for more companies by 2026, and an improving domestic environment for innovative drugs [2] - The Chinese innovative drug market is poised for rapid growth, supported by favorable policies and international expansion, making it a highly promising sub-sector within the pharmaceutical industry [2] - The Hong Kong medical ETF (159366) focuses on unique medical segment leaders, including internet healthcare, CXO, and medical devices, and operates as a pure Hong Kong Stock Connect ETF with T+0 trading support [2]

Group 1 - The core viewpoint of the article highlights the continued upward trend of Hong Kong pharmaceutical stocks, with specific companies showing significant gains [1] - Bohan Bio (06955.HK) experienced an increase of 8.96%, indicating strong market performance [1] - Other notable performers include Yiming Anke-B (01541.HK) with a rise of 7.67%, Tiger Med (03347.HK) up by 5.32%, and Zhaoyan New Drug (06127.HK) increasing by 5.41% [1]

Overview - The core point of the announcement is that Beijing Zhaoyan New Drug Research Center Co., Ltd. has approved an investment of up to 100 million RMB to participate in the establishment of the second phase of the Service Trade Innovation Development Guidance Fund, in collaboration with professional investment institutions [2][3]. Group 1: Fund Establishment - The company will invest in the Service Trade Innovation Development Guidance Fund Phase II, which aims to enhance the development of innovative service trade mechanisms and digital trade [3]. - The fund will be managed by China Merchants Capital Management (Beijing) Co., Ltd., which will act as the general partner and executive partner [2][3]. Group 2: Partnership Agreement - A partnership agreement has been signed among the company’s wholly-owned subsidiary, China Merchants Capital Management, and other partners, outlining the purpose of the partnership to leverage fiscal funds to stimulate social capital support for service trade innovation [3][4]. - The partnership has a maximum duration of 15 years, with provisions for extension or early termination based on unanimous agreement among partners [4]. Group 3: Investment Strategy - The fund will focus on private equity investments in service trade and digital trade sectors, as well as directly investing in relevant enterprises [9][10]. - Investments will be made through equity or equity-related debt instruments [10]. Group 4: Management and Fees - The fund will incur management fees, calculated based on a specified rate and the duration of the management period [8]. - An investment decision-making committee will be established to oversee investment and exit decisions [12]. Group 5: Fund Details - The fund is named the Service Trade Innovation Development Guidance Fund Phase II (tentative) and will operate as a limited partnership [15]. - The fund's operational scope includes private equity investment, investment management, asset management, and investment consulting [15].

Core Viewpoint - The Hong Kong stock market is expected to open higher, with a positive pre-market performance in the innovative drug sector, driven by significant approvals for new drugs in China [1] Group 1: Market Performance - The Hong Kong innovative drug index constituents saw notable gains, with Innovent Biologics rising over 6%, and other companies like Zai Lab and WuXi AppTec increasing by over 2% [1] - The Hong Kong innovative drug ETF (159567) experienced a net inflow of over 165 million yuan in the past 20 trading days, indicating high market enthusiasm [1] - The price-to-earnings ratio of the Hong Kong innovative drug index decreased from 64 times on February 21 to 27 times on June 4, highlighting improved value for investors [1] Group 2: Regulatory Developments - On May 29, the National Medical Products Administration of China approved 11 innovative drugs, including 7 first-class innovative drugs, marking a historic moment for the sector [1] - Over 20 first-class innovative drugs have been approved from January to May, setting a record for the same period in the past five years [1] - The Chinese pharmaceutical industry is transitioning from "follow-up innovation" to "global leadership," focusing on clinical value in key areas like targeted cancer therapies and immunotherapy [1] Group 3: Investment Opportunities - The innovative drug ETF (159567) tracks the National Index of Hong Kong Innovative Drugs, with 90% of its weight in innovative drug companies, positioning it to benefit from trends like AI-enabled drug development and the expansion of domestic innovative drugs [1] - The innovative drug ETF (159992) encompasses leading companies in the innovative drug industry chain, benefiting from AI advancements and the introduction of new drug reimbursement policies [2] - The domestic innovative drug sector is expected to show strong growth and investment value in the first half of 2025, driven by ongoing international collaborations and the approval of new drugs [2]

Company Overview - Beijing Zhaoyan New Drug Research Center Co., Ltd. (stock code: 603127.SH/6127.HK) is a specialized drug research and development service outsourcing company (CRO) established in 1995, headquartered in Beijing [4] - The company has subsidiaries in multiple locations including Suzhou, Chongqing, Guangzhou, Wuxi, Wuzhou, Nanning, Yunnan, Shanghai, California, and Boston, and has established a quality management system compliant with international standards [4] - Zhaoyan New Drug provides a one-stop service for non-clinical pharmacology and toxicology research, clinical trials, and drug safety monitoring, as well as evaluations for veterinary drugs, pesticides, and medical devices [4] Financial Performance - As of March 31, 2025, Zhaoyan New Drug reported total operating revenue of 287 million yuan, a year-on-year decrease of 11.54%, while net profit attributable to shareholders was 41.12 million yuan, a year-on-year increase of 115.11% [2] - The company's gross profit margin stands at 28.61%, and its asset-liability ratio is 13.96% [2] Stock Performance - Over the past month, Zhaoyan New Drug has seen a cumulative increase of 30.66%, and a year-to-date increase of 35.83%, outperforming the Hang Seng Index by 17.51% [2] - The stock closed at 14.18 HKD per share on May 30, with a trading volume of 36.01 million shares and a turnover of 507 million HKD, reflecting a volatility of 22.52% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology industry is 5.64 times, with a median of 5.97 times, while Zhaoyan New Drug's P/E ratio is 22.4 times, ranking 52nd in the industry [3] - Comparatively, other companies in the industry have significantly lower P/E ratios, such as Qingdao Haier Biomedical (0.68 times) and King’s Ray Biotechnology (1.22 times) [3] Upcoming Events - The company plans to distribute a dividend of 0.03 RMB per share (approximately 0.032512 HKD) for the fiscal year ending in 2024, with the ex-dividend date set for June 26, 2025, and the payment date on August 31, 2025 [5]

消息面上，5月30日-6月3日，2025年美国临床肿瘤学会（ASCO）年会将在美国芝加哥举行。今年 ASCO年会上，中国研究者共计70余项原创研究入选口头报告。交银国际指出，2025ASCO摘要中，中 国创新药入选数量再创新高，印证中国创新药企研发竞争力实现跨越式突破，国际影响力日渐提高。 ASCO大会召开在即，LBA重磅数据即将揭晓，创新药板块有望迎来关注热潮、并有望在未来推动更多 出海交易达成，市场情绪与板块估值将进入正向修复通道。 此外，特朗普关税措施被"叫停"，带动市场情绪回暖。当地时间5月28日，美国联邦法院阻止了美国总 统特朗普在4月2日"解放日"宣布的关税政策生效，并裁定特朗普越权，对向美国出口多于进口的国家征 收全面关税。上述裁定暂停了特朗普绝大多数的关税举措——全球统一关税、对中国和其他国家加征的 关税，以及对中国、加拿大和墨西哥征收的芬太尼相关关税，均因该裁定而暂停。 智通财经APP获悉，医药股走势强劲，截至发稿，药明巨诺-B(02126)涨19.3%，报2.06港元；君实生物 (01877)涨13.59%，报20.65港元；昭衍新药(06127)涨13.38%，报12.54港元；加科思- ...

Summary of Key Points Core Viewpoint - On May 23, 2025, Zhaoyan New Drug (603127) closed at 17.3 yuan, marking a 2.73% increase with a turnover rate of 6.57% and a trading volume of 414,000 shares, amounting to a transaction value of 718 million yuan [1]. Trading Information - On May 23, 2025, the net outflow of main funds for Zhaoyan New Drug was 9.2293 million yuan, while the net inflow from speculative funds was 4.6736 million yuan, and the net inflow from retail investors was 4.5556 million yuan [2]. Company Announcements - Zhaoyan New Drug announced on May 22, 2025, that its member companies subscribed to four structured deposit products from Jiangsu Bank, with a total investment of 440 million yuan. The company confirmed that all other financial products previously subscribed to Jiangsu Bank have been fully redeemed, and these investments are not expected to adversely affect the financial status of the company [1][2]. Structured Deposit Plans - Zhaoyan (Suzhou) New Drug signed a principal-protected floating return structured deposit plan with Jiangsu Bank for 150 million yuan, with an expected annual return rate of 0.1%-2.45%, starting on November 22, 2024, and maturing on May 22, 2025 [3]. - Zhaoyan Management Technology signed a principal-protected floating return structured deposit plan with Jiangsu Bank for 60 million yuan, with an expected annual return rate of 1.60%-2.50%, starting on December 27, 2024, and maturing on December 27, 2025 [3]. - Zhaoyan Management Technology also signed a principal-protected floating return structured deposit plan with Jiangsu Bank for 200 million yuan, with an expected annual return rate of 1.00%-2.56%, starting on February 26, 2025, and maturing on August 26, 2025 [3]. - Additionally, Zhaoyan (Suzhou) New Drug signed a principal-protected floating return structured deposit plan for 30 million yuan, with an expected annual return rate of 1.50% or 2.45%, starting on May 23, 2025, and maturing on November 23, 2025 [3].

2025.05. 23 本文字数：777，阅读时长大约2分钟 5月23日早间，医药股再度集体走强。幽门螺杆菌、AI医疗概念、减肥药等板块均放量大涨超2%。 其中，海辰药业开盘仅约3分钟就垂直20%涨停，创近2年半来新高；塞力医疗、贝瑞基因、众生药业 等均强势涨停。 中国医药保健品进出口商会数据显示，2025年一季度，中国医药保健品出口额为266.32亿美元，同 比增长4.39%；进口额延续收缩态势，同比下降4.42%至204.56亿美元，反映国内产业升级带来的 进口替代效应。 从出口分布来看，美国仍然是最大单一市场，对美出口46.39亿美元，同比增长9.6%，其中西药原 料（维生素、激素中间体）和一次性耗材（注射器、手套）贡献主要增量。 我国创新药研发数量也创下新高，截至2024年末，中国企业研发的活跃创新药数量已达到3575个， 位居全球首位。在国内获批上市的创新药中，本土产品占比也明显提升，已从2015年的不足10%提 升至2024年的42%。另据DealForma数据，2024年大型跨国药企引进的创新药候选分子大约有 31%来自中国，而2019年这一数字还为0。 据券商中国，展望后市，有机构认为，目前我 ...

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 全部或任何部分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。 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 須予披露交易 進一步認購金融產品 進一步認購金融產品 團 的 財 務 狀 況 造 成 任 何 不 利 影 響。 上市規則的涵義 在 認 購 第 四 項 江 蘇 銀 行 人 民 幣 結 構 性 存 款 產 品 之 前，由 於 根 據 上 市 規 則 第 構 性 存 款 產 品 及 第 三 項 江 蘇 銀 行 人 民 幣 結 構 性 存 款 產 品 計 算（無 論 是 單 獨 計 董 事 會 謹 此 公 佈，於 2025 年 5 月 22 日（交 易 時 間 後），本 集 團 成 員 公 司 剛 認 購 且 於本公告日期仍未到期的該等江蘇 ...

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 全部或任何部分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。 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 須予披露交易 進一步認購金融產品 進一步認購金融產品 董 事 會 謹 此 公 佈，於2025年5月22日（交 易 時 間 後），本 集 團 成 員 公 司 剛 認 購 且 於本公告日期仍未到期的該等江蘇銀行人民幣結構性存款產品合計投資總 額分別為人民幣440,000,000元。 在 認 購 第 四 項 江 蘇 銀 行 人 民 幣 結 構 性 存 款 產 品 之 前，由 於 根 據 上 市 規 則 第 14.07條 就 首 項 江 蘇 銀 行 人 民 幣 結 構 性 存 款 產 品、第 二 項 江 蘇 銀 行 人 民 幣 結 構性存款產 ...