Summary of Key Points Core Viewpoint - As of July 14, a total of 138 stocks reached their 52-week highs, indicating a strong performance in the market, with notable leaders including Green Heart Group Holdings, OK Blockchain, and Pearl River Steel Pipe [1]. Group 1: Top Performers - Green Heart Group Holdings (02999) achieved a closing price of 0.013 with a peak of 0.017, marking a 70.00% increase [1]. - OK Blockchain (01499) closed at 0.680, reaching a high of 0.690, reflecting a 48.39% rise [1]. - Pearl River Steel Pipe (01938) had a closing price of 0.335 and a peak of 0.340, resulting in a 33.33% increase [1]. Group 2: Other Notable Stocks - Weishi Jiajie (00856) saw a 32.01% increase, closing at 8.870 with a high of 11.300 [1]. - Cloud Intelligence (09678) reached a high of 520.000, closing at 510.000, which is a 20.99% increase [1]. - China Chengtong Development Group (00217) closed at 0.165 with a peak of 0.166, marking a 14.48% rise [1]. Group 3: Additional Stocks with Significant Increases - Sihuan Pharmaceutical (00460) closed at 1.380, reaching a high of 1.430, which is a 14.40% increase [1]. - Taited Pharmaceutical (03880) had a closing price of 36.950 and a peak of 37.400, reflecting a 13.85% rise [1]. - Beihai Kangcheng-B (01228) closed at 0.850 with a high of 0.960, resulting in a 12.94% increase [1].

Group 1 - The core viewpoint of the article highlights the performance of public funds in the second quarter of 2025, with a focus on the innovative drug sector and the significant increase in short-term bond fund shares [1][4] - The first report from the outstanding fund manager Liang Furui shows a cumulative net value growth rate of 75.18% for the Changcheng Pharmaceutical Industry Select Fund, making it the second-best performing equity fund in the first half of the year [2] - Liang Furui's report indicates that the innovative drug development will focus on overseas licensing and domestic sales expansion in the third quarter, with a continued emphasis on clinical data, pipeline licensing, and sales growth [3] Group 2 - Several short-term bond funds have seen a significant increase in shares during the second quarter, with the Debang Short Bond Fund's total shares rising to 5.482 billion, an increase of over 30 billion shares, representing a growth of over 125% [4] - The fund managers of Dongfanghong Yixin Pure Bond and Dongfanghong Short Bond report that the next phase will focus on benefiting from internal liquidity easing, with a core strategy of investment-grade leverage and duration trading [4][5] - The Debang Short Bond Fund managers express concerns about external demand pressures and the potential slowdown of the "old-for-new" subsidy policy, while maintaining a positive outlook for the bond market in the third quarter [5]

Group 1 - The Shanghai Stock Exchange has released the "Self-Regulatory Supervision Guidelines for Companies Listed on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier" [1] - The reform does not impose additional listing thresholds for unprofitable companies entering the Sci-Tech Growth Tier, allowing 32 existing unprofitable companies to enter immediately upon the guideline's implementation [1] - Newly registered unprofitable companies will enter the Sci-Tech Growth Tier from the date of their listing [1] Group 2 - Investors participating in the subscription and trading of newly registered stocks in the Sci-Tech Growth Tier must sign a "Risk Disclosure Statement for the Sci-Tech Growth Tier" [2] - The 32 existing companies that have not yet removed the "U" designation include: Zejing Pharmaceutical, Junshi Biosciences, Frontier Biotech, Qingyun Technology, Hehui Optoelectronics, Jingjin Electric, BeiGene, Dize Pharmaceutical, Maiwei Biotech, Aojie Technology, Yuhong Pharmaceutical, Shouyao Holdings, Haichuang Pharmaceutical, CloudWalk Technology, Yifang Biotech, Obsidian Optics, Mengke Pharmaceutical, Nuo Cheng Jianhua, Xinke Mobile, Xinghuan Technology, Yutai Micro, Yuntian Lifa, Tianzhihang, Qi Anxin, Hanwujin, Yihua Tong, Aifute, Huizhiwei, Xinlian Integrated, Zhixiang Jintai, Shengke Communication, and Zhongjuxin [2]

Core Viewpoint - The CFO of Innovent Biologics emphasized the necessity for innovative drug companies to internationalize in order to demonstrate global competitiveness, leveraging solid clinical data and rapid R&D capabilities [2][3]. Group 1: Industry Insights - The Chinese biopharmaceutical industry has seen a significant improvement in fundamentals, supported by government policies, especially from the second half of 2024 onwards, with increasing capital market attention on innovative drugs [2]. - The innovative drug sector is characterized by long investment timelines and high risks, necessitating patient capital to support industry growth [4]. - The establishment of a diversified payment system for innovative drugs will provide systematic support for patients to access high-quality medications, reinforcing the institutional foundation for high-quality development in China's innovative drug industry [4]. Group 2: Company Development - Innovent Biologics, founded in 2015, has evolved into a comprehensive biopharmaceutical enterprise with capabilities in source innovation, clinical development, production, and commercialization [3]. - The company is currently in its 2.0 rapid development phase, with two products already approved for market, and plans to diversify and internationalize its product offerings [3]. - Innovent aims to expand from hematological oncology into solid tumors and autoimmune diseases, addressing significant medical needs in conditions like atopic dermatitis and vitiligo, ensuring accelerated growth over the next 5 to 10 years [3].

Investment Rating - The report maintains a positive outlook on the innovative drug sector, expecting significant revenue growth and potential profitability for several companies in the first half of 2025 [3][8]. Core Insights - The innovative drug sector is projected to see revenue growth of at least 40% year-on-year for companies such as BeiGene, Innovent Biologics, and others, driven by the commercialization of core products [3][8]. - The Pharma sub-sector is expected to experience a revenue growth rate of 10-15% for companies like Hansoh Pharmaceutical and China Biologic Products, while others may see growth of 5-10% [3][8]. - The medical services sector is anticipated to have a revenue growth of 15-20% for companies like GuoShengTang, with a focus on mergers and acquisitions [3][8]. Summary by Sections Innovative Drugs - Companies expected to achieve over 40% revenue growth in 1H25 include BeiGene, Innovent Biologics, and others, primarily due to the commercialization of key products [3][8]. - Some companies, such as BeiGene and Innovent Biologics, are likely to reach profitability due to increased sales volume [3][8]. - The report highlights that companies like Hutchison China MediTech may see significant profit growth due to asset disposals [3][8]. Pharma - The impact of centralized procurement is gradually diminishing, allowing for continued innovation and transformation within the sector [3][8]. - Companies projected to achieve 10-15% revenue growth include Hansoh Pharmaceutical and China Biologic Products, while others like 3SBio and United Laboratories may see 5-10% growth [3][8]. Medical Services - GuoShengTang is expected to have a revenue growth of 15-20% in 1H25, with ongoing attention to domestic and international acquisition activities [3][8].

Key Points - The article highlights significant stock movements in the Hong Kong and US markets, with various companies experiencing notable gains and losses due to recent developments and announcements [1][2][3][4][5] Hong Kong Market Highlights - China Rare Earth Holdings (03788) surged nearly 20%, with a year-to-date increase of 320%, as the company proposed a spin-off of its gold segment for independent listing on the Hong Kong Stock Exchange [1] - Innovent Biologics (09969) rose nearly 4% after announcing the clinical approval of its new ADC innovative drug ICP-B794 [1] - North Sea Kangcheng - B (01228) increased over 50%, with its stock price doubling in three days, marking it as a rare disease stock in the Hong Kong market [1] - Hong Kong Travel (00308) saw a rise of over 24%, achieving a year-to-date stock price doubling, driven by market speculation on stablecoin cross-border payment scenarios [1] - CSPC Pharmaceutical Group (01093) gained nearly 3% after receiving drug registration approval for Mesalazine enteric-coated tablets, enhancing its product line in the immune system treatment sector [1] - Ruian Real Estate (00272) rose over 4%, with a cumulative contract property sales amount for the first six months increasing by 457% year-on-year [1] - Cornerstone Pharmaceuticals - B (02616) increased over 3%, planning to raise HKD 467 million for clinical research on CS2009 [1] - Q Technology (01478) rose over 7%, with mobile camera module sales of 32.648 million units in June, a year-on-year increase of 1.5% [1] - Dekang Agriculture and Animal Husbandry (02419) increased by 6%, with a new cycle logic continuing to strengthen, and Tianfeng Securities set a target price of HKD 154 [1] - Contemporary Amperex Technology (03750) rose over 3%, reaching a new high since its listing, following a deepened strategic cooperation agreement with Geely Automobile [2] - Gaming stocks continued to rise, with Wynn Macau (01128) up 6.49%, New World Development (00200) up 6.15%, and others showing similar gains [2] - Gold stocks faced declines, with Golden Resources (GORO.US) dropping nearly 10% and others following suit [4] US Market Highlights - Stablecoin concept stocks continued to rise, with Tiger Brokers (TIGR.US) increasing over 8% [4] - Trump Media & Technology Group (DJT.US) rose over 2% as the company seeks SEC approval for a blue-chip cryptocurrency ETF [4] - Wolfspeed (WOLF.US) continued to rise, with stock prices increasing over 9% [4] - Intel (INTC.US) rose over 7% after announcing company-wide layoffs [4] - JD.com (JD.US) increased over 2% as it launched its "Double Hundred Plan" for its delivery service [4]

Group 1 - The Hong Kong stock market's biopharmaceutical sector experienced significant declines in early trading, with Rongchang Biopharmaceutical (09995.HK) dropping over 5% [1] - WuXi AppTec (02268.HK) and WuXi Biologics (02269.HK) both fell by more than 4% [1] - Other companies such as Innovent Biologics (09969.HK) and WuXi AppTec (02359.HK) also saw declines [1] Group 2 - The decline in the biopharmaceutical sector is attributed to the passage of the "Big Beautiful Act" in the U.S., which proposes cuts to healthcare spending [1]

FF301 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6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: 諾誠健華醫藥有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年7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) | 09969 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 25,000,000,000 | USD | 0.000002 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 25,000,000,000 | USD | 0.000002 | USD | | 50,000 | II. ...

Financial Performance - The company achieved total revenue of 381 million RMB in Q1 2025, a 129.92% year-over-year increase[9] - Sales revenue from Orelabrutinib reached 311 million RMB, an 89.22% year-over-year increase[9] - The company reported a net profit of 14 million RMB in Q1 2025[9] - Gross profit margin reached 90.5%, a 5.1 percentage point increase compared to the same period last year[9] - The company holds a strong cash reserve of 7800 million RMB[9] Orelabrutinib (BTK Inhibitor) - Orelabrutinib was approved in China for 1L CLL/SLL[9] - NDA submissions for multiple indications of Orelabrutinib are underway overseas[9] - Orelabrutinib is recommended in the 2025 CSCO lymphoma guidelines for CLL/SLL, MZL and MCL[20, 21] Pipeline Progress - Tafasitamab BLA for r/r DLBCL was accepted and granted priority review in mainland China[9] - Zurletrectinib NDA was submitted at the end of March 2025 and granted priority review[9] - A Phase III registrational clinical trial of Mesutoclax in combination with Orelabrutinib for 1L CLL/SLL is ongoing[9] Strategic Collaborations - Prolium Bioscience will gain rights to develop, register, produce, and commercialize ICP-B02 globally in non-oncology fields and in oncology fields outside of Asia[15] Autoimmune Disease - Phase III registrational clinical trials for Orelabrutinib in PPMS and SPMS are expected to enroll the first patient in the second half of 2025[9] - A Phase III registrational clinical trial for Orelabrutinib in ITP is expected to submit an NDA in the first half of 2026[9] - A Phase IIb trial for Orelabrutinib in SLE has completed patient enrollment, with data readout expected in Q4 2025[9]

Company Overview - InnoCare aims to become a global biopharmaceutical leader, focusing on oncology and autoimmune diseases[6, 7, 8] - The company has raised a total of $134 billion USD since its founding in 2015[11] - InnoCare has a fully-integrated drug innovation platform with 13 clinical products in the pipeline and 2 marketed products[13] Orelabrutinib (BTKi) - Orelabrutinib demonstrates ~100% BTK occupation at 50 mg QD and above, with an improved safety profile[23] - Orelabrutinib has shown an 83% overall response rate (ORR) in r/r MCL patients and a 589% ORR in r/r MZL patients[34] - A Phase III registrational trial for Orelabrutinib is ongoing in China for SLE[52] ICP-332 (TYK2 Inhibitor) - ICP-332, at 80mg QD, achieved a 782% reduction from baseline in EASI score in Atopic Dermatitis (AD) patients[75] - 88% of patients achieved EASI 50 and 72% achieved EASI 75 at Week 4 with ICP-332 treatment[75] - Global AD market is expected to reach $222 billion USD by 2028[71] Portfolio Expansion - Tafasitamab BLA submission in China is planned for 2024Q2, targeting 160,000 new DLBCL patients globally per annum[46] - ICP-248 (BCL-2 inhibitor) showed 100% efficacy (6 out of 6 patients) in early clinical results[41] - InnoCare plans to submit an NDA for 1L CLL/SLL in China and r/r MCL in the USA for Orelabrutinib in the second half of 2024[102]