Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The rhythm of innovative drug licensing-out transactions has recovered, with a total of 103 transactions and a total amount of $92.03 billion in the first three quarters of 2025, representing a 77% increase compared to the total amount for 2024 [2] - The research and CXO sectors continue to lead the recovery in the pharmaceutical industry, with significant profit growth in these areas [4] - The medical device bidding market has shown a steady recovery, with a year-on-year growth of 29.8% in the third quarter of 2025 [5] - The self-immune field has seen breakthroughs in overseas licensing, indicating a growing alignment with global R&D trends [6] - The weight loss market is experiencing competitive mergers and acquisitions, highlighting its attractiveness and potential impact on Chinese companies [7] - Trends in respiratory infectious diseases are expected to influence the demand for detection and treatment medications [8] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 1.74 percentage points in the last week, ranking 9th among 31 primary industry indices [21] - In the last month, the pharmaceutical industry underperformed the CSI 300 index by 1.83 percentage points, ranking 24th [25] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index has a current PE (TTM) of 38.80, above the five-year historical average of 31.26 [42] 3. Recent Research Achievements - The report highlights various recent research outputs, including weekly industry reports and insights on innovative drug licensing trends [48] 4. Recent Industry Policies and News - The National Healthcare Security Administration has initiated reforms for immediate settlement of medical insurance funds, aiming for 80% coverage by the end of 2025 [50] - Recent news includes significant breakthroughs in GLP-1 therapies and the approval of new drugs for chronic hepatitis B [51][52] 5. Recommended Companies and Profit Forecasts - The report provides a list of recommended companies with their respective EPS and PE ratios, indicating a positive outlook for several firms in the pharmaceutical sector [10]

本报讯（记者赵语涵）创新靶点药物、创新眼科基因药物、个性化肿瘤新抗原疫苗……未来科学城生命 谷内，近期创新医药企业在研发上频传捷报。其中，诺诚健华自主研发的抗肿瘤创新药已完成首例患者 给药。 创新药企诺诚健华日前宣布，自主研发的新型ADC（抗体药物偶联物）创新药ICP-B794完成首例患者 给药。这一创新药采用创新靶点B7-H3，目前全球尚无该靶向疗法获批上市，因此，新药有望填补空 白，给患者带来治疗新选择。这一创新药源自该公司自主研发的ADC平台，差异化设计使其能精准靶 向肿瘤细胞，减少脱靶效应，为肺癌、食道癌、鼻咽癌、前列腺癌等多种实体瘤患者带来治疗希望。 健达九州自主研发的眼科基因治疗药物GA001注射液近期也迎来新进展。该药物获美国食品药品监督管 理局授予快速通道资格，将大大加速药物的临床试验与上市注册进程。在国内，GA001注射液新药临床 试验申请已于今年8月获得国家药品监督管理局药品审评中心受理。该药物在治疗视网膜色素变性导致 的晚期盲症方面成果显著。 此外，新合生物自主研发的mRNA个性化肿瘤新抗原疫苗XH001近日在北京协和医院启动一期临床研 究。这是中国首款进入临床阶段的mRNA个性化肿瘤新 ...

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之內容概不負責，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。 InnoCare Pharma Limited 於本公告日期，董事會包括主席兼執行董事崔霽松博士；執行董事趙仁濱博士；非執行董事 施一公博士及謝榕剛先生；以及獨立非執行董事胡蘭女士、董丹丹博士及管坤良教授。 （股份代號：9969） 董事會召開日期 諾誠健華醫藥有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 2025年11月13日（星期四）舉行董事會會議，藉以（其中包括）考慮及批准本公司 及其附屬公司截至2025年9月30日止九個月之未經審核第三季度業績及其發佈。 承董事會命 諾誠健華醫藥有限公司 主席兼執行董事 崔霽松博士 香港，2025年10月31日 諾誠健華醫藥有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） ...

Core Viewpoint - The company, Innovent Biologics (09969.HK), has announced that it will hold a board meeting on November 13, 2025, to consider and approve its unaudited third-quarter results for the nine months ending September 30, 2025 [1] Group 1 - The board meeting is scheduled for November 13, 2025 [1] - The meeting will focus on the approval of the company's unaudited third-quarter performance [1] - The performance period under review is for the nine months ending September 30, 2025 [1]

Core Viewpoint - The recent advancements in innovative pharmaceuticals within the Future Science City Life Valley highlight significant progress in drug development, particularly in the fields of antibody-drug conjugates, gene therapy, and personalized cancer vaccines, indicating a strong potential for new treatment options in oncology and ophthalmology [1][2][3]. Group 1: Innovative Drug Developments - The innovative ADC drug ICP-B794 developed by the company Nocare has completed its first patient dosing, targeting the B7-H3 protein, which is highly expressed in various solid tumors, potentially filling a treatment gap [1]. - The ADC platform utilized by Nocare is designed to precisely target tumor cells, reducing off-target effects and offering hope for patients with lung, esophageal, nasopharyngeal, and prostate cancers [1]. Group 2: Gene Therapy Progress - The gene therapy drug GA001 developed by Jianda has received Fast Track designation from the FDA, expediting its clinical trial and registration process [2]. - GA001 has shown significant results in treating late-stage blindness caused by retinitis pigmentosa, with most trial participants experiencing notable vision improvement since the first dosing in January 2024 [2]. Group 3: Personalized Cancer Vaccines - The mRNA personalized cancer vaccine XH001 developed by New Harmony has initiated Phase I clinical trials, marking it as the first of its kind in China and lacking global market equivalents [3]. - The clinical study aims to evaluate the safety, tolerability, and preliminary efficacy of XH001 in high-risk recurrent solid tumor patients post-surgery, utilizing a proprietary platform to select the most immunogenic new antigens [3].

Core Viewpoint - The company, Innovent Biologics (09969.HK), has announced that it will hold a board meeting on November 13, 2025, to consider and approve its unaudited third-quarter results for the nine months ending September 30, 2025 [1] Summary by Category - **Company Announcement** - Innovent Biologics will conduct a board meeting on November 13, 2025, to review and approve its financial results [1] - The meeting will focus on the unaudited third-quarter performance for the period ending September 30, 2025 [1]

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之內容概不負責，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。 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：9969） 董事會召開日期 諾誠健華醫藥有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 2025年11月13日（星期四）舉行董事會會議，藉以（其中包括）考慮及批准本公司 及其附屬公司截至2025年9月30日止九個月之未經審核第三季度業績及其發佈。 InnoCare Pharma Limited 諾誠健華醫藥有限公司 於本公告日期，董事會包括主席兼執行董事崔霽松博士；執行董事趙仁濱博士；非執行董事 施一公博士及謝榕剛先生；以及獨立非執行董事胡蘭女士、董丹丹博士及管坤良教授。 承董事會命 諾誠健華醫藥有限公司 主席兼執行董事 崔霽松博士 香港，2025年10月31日 ...

Core Insights - Nuo Cheng Jian Hua's stock increased by 5.09% to 23.96 CNY per share, with a total market capitalization of 42.281 billion CNY as of October 31 [1] Company Overview - Nuo Cheng Jian Hua Pharmaceutical Co., Ltd. is based in Beijing and was established on November 3, 2015, with its IPO on September 21, 2022 [1] - The company focuses on the research, production, and commercialization of biopharmaceuticals, particularly in oncology and autoimmune diseases [1] - The revenue composition includes 87.67% from drug sales, 12.04% from technology licensing, and 0.15% each from testing and R&D services [1] Fund Holdings - Jianxin Fund has a significant position in Nuo Cheng Jian Hua, with its Jianxin High-end Medical Stock A fund holding 147,800 shares, representing 3.39% of the fund's net value [2] - The fund has generated an estimated floating profit of approximately 171,500 CNY today [2] Fund Manager Information - The fund manager of Jianxin High-end Medical Stock A is Pan Longling, who has been in the position for 9 years and 218 days [3] - The fund's total asset size is 162 million CNY, with a best return of 48.64% and a worst return of -31% during the manager's tenure [3]

Core Insights - InnoCare Pharma has initiated a clinical trial for its novel B7-H3 targeted antibody-drug conjugate (ADC), ICP-B794, marking a significant step in cancer treatment development in China [1][2]. Company Overview - InnoCare Pharma is a biopharmaceutical company focused on developing treatments for cancer and autoimmune diseases, with a commitment to addressing unmet medical needs both in China and globally [6]. Product Development - ICP-B794 is designed as a humanized anti-B7-H3 monoclonal antibody linked to a potent payload, ensuring targeted delivery to tumor cells while reducing off-target effects [2]. - The ADC has shown superior anti-tumor activity in animal models compared to other ADCs, demonstrating significant efficacy even against large tumors [2]. Market Potential - Currently, there are no approved therapies targeting B7-H3 globally, making it a promising target due to its high expression in various solid tumors [3]. - The ADC platform developed by InnoCare aims to tackle hard-to-treat cancers, potentially offering improved safety and efficacy profiles for cancer patients [5]. Leadership Perspective - Dr. Jasmine Cui, co-founder and CEO, emphasized the potential of ICP-B794 to provide precise treatment options for cancer patients and the company's commitment to expanding its ADC portfolio [4].

Core Insights - InnoCare Pharma announced promising data for its next-generation pan-TRK inhibitor zurletrectinib (ICP-723) aimed at treating pediatric and adolescent patients with advanced solid tumors [1][3] Group 1: Clinical Trial Results - The phase I/II clinical trial results were presented at the Congress of International Society of Paediatric Oncology (SIOP) 2025, highlighting the safety, pharmacokinetics, and efficacy of zurletrectinib [2] - Zurletrectinib showed a favorable safety profile and promising antitumor activity in patients with NTRK/ROS1-altered solid tumors, indicating its potential as a next-generation therapy [3] - The predominant tumor types included NTRK-rearranged spindle cell tumors and primary central nervous system tumors [4] Group 2: Dosage and Efficacy - The Recommended Phase 2 Dose (RP2D) was established at 7.2 mg/m² for pediatric patients and 8 mg for adolescents, with pharmacokinetic profiles showing comparable exposure levels between pediatric/adolescent and adult patients [4] - As of July 31, 2025, the objective response rate (ORR) was reported at 90% in NTRK fusion patients, with all patients resistant to first-generation TRK inhibitors achieving partial responses [5] - No dose-limiting toxicities were observed, and treatment-related adverse events were predominantly grade 1-2, further supporting the favorable safety profile of zurletrectinib [5] Group 3: Company Overview - InnoCare is a commercial stage biopharmaceutical company focused on discovering, developing, and commercializing first-in-class and/or best-in-class drugs for cancer and autoimmune diseases with unmet medical needs [6] - The company has established branches in major cities including Beijing, Nanjing, Shanghai, Guangzhou, Hong Kong, and the United States [6]