（股份代號：2359） 董事會會議召開日期 無錫藥明康德新藥開發股份有限公司（「本公司」，連同其子公司「本集團」）董 事會（「董事會」）謹此宣佈將於2026年3月23日（星期一）召開董事會會議，以考 慮及批准（其中包括）本集團截至2025年12月31日止年度全年業績，及建議之末 期股息（如有），以及處理任何其他事項。 承董事會命 無錫藥明康德新藥開發股份有限公司 董事長 李革博士 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，並表明概不就因本公告全部或任何部份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。 WUXI APPTEC CO., LTD. * 無錫藥明康德新藥開發股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 香港，2026年3月9日 於本公告日期，本公司董事會包括執行董事李革博士、陳民章博士、楊青博士及張朝暉先生； 非執行董事童小幪先生及吳亦兵博士；以及獨立非執行董事盧韶華女士、俞衛博士、張新博 士、詹智玲女士及冷雪松先生。 * 僅供識別 ...

March 6, 2026 04:01 PM GMT China Healthcare | Asia Pacific Taking a More Even-Keeled Approach to Investment Returns in 2026 We see capital interest in our sector becoming more broad- based in 2026, compared to last year when returns were mostly generated by digital health, biotech, CDMOs, and pharmaceuticals. We reiterate WuXi AppTec (603259.SS) and Hengrui (1276.HK) as our Top Picks. Key Takeaways Investment case for China healthcare: After four consecutive years of valuation decline (2021-2024), the secto ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The National People's Congress has designated innovative drugs as a "new emerging pillar industry," indicating a strategic shift for the biopharmaceutical sector from a nurturing phase to a core engine of economic growth [16][17]. - As of March 6, 2026, the total value of business development (BD) contracts for Chinese innovative drugs has reached $56.8 billion, with an upfront payment of $3.3 billion, representing 41% of the total for 2025 and exceeding the total for 2024 [17][21]. - Despite significant stock price corrections from 2025 highs, the fundamentals of quality companies remain solid, and the long-term growth logic for innovative drug exports is still intact [21]. Summary by Sections Industry Trends - The A-share pharmaceutical index has seen a year-to-date decline of 2.42%, underperforming the CSI 300 by 1.02% [9]. - The Hang Seng Healthcare Index has outperformed the Hang Seng Technology Index by 0.97% year-to-date [9]. R&D Progress and Company Dynamics - Recent approvals include HSK31679 for non-alcoholic fatty liver disease and the GLP-1 receptor agonist Enogratide, marking significant advancements in innovative drug development [17]. - The report highlights specific companies to watch, including: - PD1 PLUS: Sangamo Therapeutics, CanSino Biologics, Innovent Biologics, and Zai Lab [12]. - ADC: I-Mab Biopharma, Kelun-Biotech, and Baiyue Tianheng [12]. - Small nucleic acids: Frontier Biotechnologies, Fuyuan Pharmaceutical, and Yuyuan Pharmaceutical [12]. Market Performance - The report notes that the pharmaceutical index's price-to-earnings ratio is currently at 36.18, which is 2.24 times lower than the historical average [9]. - The report identifies top-performing stocks for the week, including Yahu Pharmaceutical (+40.65%) and Duoyi Pharmaceutical (+30.81%), while highlighting significant declines in stocks like Haixiang Pharmaceutical (-15.06%) and Furu Medical (-13.07%) [9].

Investment Rating - The report maintains a "Buy" rating for the medical services industry [6][10] Core Insights - The medical and biological sector experienced a decline of 2.78%, ranking 17th among 31 primary industries [2] - The government has elevated the strategic importance of the biopharmaceutical industry, designating it as a "new pillar industry" [5][6] - The focus for 2026 has shifted towards "high-quality" development in innovative pharmaceuticals and medical devices [6] Summary by Sections Industry Performance - The medical services sector's PE (ttm) is 32.48X, with a recent decline of 1.63X, while the PB (lf) is 3.29X, down by 0.16X [4] - The medical services sector index closed at 6863.51 points, down 4.71% for the week, but up 33.71% year-to-date [25] Government Initiatives - The government aims to enhance the medical service system, optimize medical insurance and procurement, and expand long-term care insurance coverage to 300 million people [5] - Key tasks for 2026 include improving emergency services, optimizing medical layouts, and promoting collaboration between traditional and Western medicine [6] Company Performance - Notable performers in the medical services sector include International Medicine (+4.2%), Nuotai Biological (+3.9%), and Heyuan Biological (+3.1%) [3] - Underperformers include Haoyuan Pharmaceutical (-12.3%) and Nossger (-10.3%) [3] Investment Recommendations - Focus on high-growth areas such as ADC CDMO and peptide CDMO in the pharmaceutical outsourcing sector, with companies like WuXi AppTec and Haoyuan Pharmaceutical highlighted [10] - Consider companies in the third-party testing laboratories and consumer healthcare sectors, such as Aier Eye Hospital and Dean Diagnostics, which are expected to see a recovery in profitability [10]

Core Viewpoint - The biopharmaceutical sector in Hong Kong and A-shares has experienced significant gains, driven by the recognition of biopharmaceuticals as a "new pillar industry" in the national work report, signaling strong policy support for industry development [1][8]. Group 1: Market Performance - The Hang Seng Biotech ETF (513280) surged by 3.85%, with a trading volume exceeding 120 million yuan, marking a second consecutive day of strong recovery [1]. - The A-share Biopharmaceutical ETF (159839) rose by 2.64%, with a trading volume surpassing 27 million yuan, and has seen net inflows for 9 out of the last 10 days, totaling over 80 million yuan [3]. - Key stocks within the Hang Seng Biotech ETF saw significant increases, including a 9% rise in 3SBio and a 6% rise in Innovent Biologics [4]. Group 2: Notable Stocks and Transactions - Major stocks in the A-share market include WuXi AppTec with a trading volume of 2.51 billion yuan and a weight of 10.79%, and Rongchang Biologics, which rose by 13.87% with a trading volume of 1.02 billion yuan [7]. - The biopharmaceutical sector is seeing a robust pipeline, with a notable licensing agreement between China Biopharmaceutical and Sanofi, potentially yielding up to 1.53 billion USD in payments [8]. Group 3: Industry Outlook - The Ministry of Industry and Information Technology projects that China's pharmaceutical industry will maintain its position as the second largest globally by 2025, with significant growth in high-tech segments like biopharmaceuticals and innovative drugs [8]. - Analysts from Guojin Securities and CMB International express optimism about the biopharmaceutical sector, highlighting the potential for investment opportunities in innovative drugs and CXO services, driven by clinical data releases and active business development [9][10].

Investment Focus - The report highlights the strong growth potential in the storage industry, with domestic storage manufacturers expected to exceed production expansion forecasts, benefiting companies closely tied to these manufacturers [1] - NVIDIA is projected to have a strong performance in FY4Q26, with a significant increase in overall revenue and EPS trajectory, supported by a robust order backlog of 500 billion [1] - Alphabet's cloud business is expected to grow significantly, driven by AI solutions, with a 48% growth rate in the last quarter, leading to an increase in EPS for 2026 and 2027 [1] - Alibaba's cloud growth is anticipated to exceed consensus estimates by 2-3% for the year, despite short-term performance pressures [1] Company Analysis - Zhongwei Company is positioned as a leading player in the hardware sector, benefiting from a deepening platform strategy that expands its capabilities in etching, film deposition, and measurement [1] - Tencent is recommended as a top pick in the internet sector, with a target price of 700, driven by steady growth in core gaming and advertising businesses, alongside new revenue streams from mini-games and video accounts [2] - New Oxygen is recognized for its strong marketing capabilities and low customer acquisition costs, with a target price of 10.1 USD based on its growth trajectory in the light medical beauty sector [2] - Ato Hotel is expected to achieve a revenue growth of 26% to 12.39 billion, with a strong market position in the mid-to-high-end hotel sector [3] - HashKey is positioned as a leading digital asset platform in Asia, benefiting from regulatory trends and expected to expand its product offerings in derivatives and leveraged trading [4] - Tesla's advancements in autonomous driving and robotics are highlighted, with expectations for accelerated overseas expansion and significant product developments [4] - MP Materials is noted for its strategic importance in the rare earth industry, benefiting from domestic supply chain localization and increasing demand from the defense and renewable energy sectors [7] - ACWA Power is recognized as a leader in the renewable energy sector, with a focus on solar, wind, and green hydrogen projects, supported by government power purchase agreements [8] - Vestas is highlighted as a dominant player in the wind energy sector, benefiting from global wind power growth and technological advancements in turbine efficiency [9] - Three-Six Pharmaceutical is noted for its strong market position in kidney, blood, and oncology sectors, with promising pipeline products and collaborations with Pfizer [10]

Summary of Key Points from the Conference Call Records Industry Overview - The conference call focuses on the **pharmaceutical and medical device industry** for Q1 2026, highlighting performance disparities among companies like **Angelalign** and **Eli Lilly**, with profits exceeding 40% due to successful global operations and innovation [1][2]. Core Insights and Arguments - **Performance Disparities**: The pharmaceutical sector shows significant performance differences, with companies like **Angelalign** and **Eli Lilly** achieving over 40% profit growth, validating the logic of global operations and profit realization [1]. - **Investment Strategy**: The strategy for March 2026 shifts towards companies with strong annual report performance expectations, reducing the valuation weight of early pipeline projects, and increasing allocations to **CXO** and medical consumption sectors [1][2]. - **Haikang's Key Data Catalysts**: Haikang is expected to release critical Phase II data for CFB (IgA nephropathy) and THbeta (MASH) in H1 2026, which could lead to significant market expectations [1][4]. - **Federal Pharmaceutical's UBT251 Pipeline**: The strategic position of UBT251 is enhanced as Novo Nordisk accelerates its overseas Phase II trials, potentially narrowing the gap with similar products [1][2]. - **CXO Sector Premium**: The leading position of **WuXi AppTec** is highlighted, with a historical high discount of 10% between A/H shares, indicating strengthened competitive positioning in the medium term [1][2]. - **Medical Device Exports**: **Precision Medical** has over 60% of its orders from overseas, with expectations to increase its market share from 5% to 20% [1][2]. Additional Important Insights - **Eli Lilly's Financial Performance**: Eli Lilly reported Q1 2026 revenue of 1.5 billion, a 41.2% year-on-year increase, with net profit expected to reach approximately 600 million, reflecting a 44% growth [2][12]. - **Haikang's Pipeline Details**: Haikang's pipeline includes five major products with significant Phase II data expected in 2026, including PDE34 for COPD and oral TH beta for liver penetration [4][5]. - **Market Trends**: The overall market sentiment reflects a disconnect between stock prices and industry progress, with a focus on companies entering profit realization phases [2][3]. - **Regulatory Environment**: Changes in regulatory requirements for liver penetration may facilitate faster progression for Haikang's TH beta project [6][7]. - **Federal Pharmaceutical's Recovery Signals**: The company is expected to see recovery in its core business, with raw material prices stabilizing and animal health business growth anticipated in 2026 [7][8]. - **Medical Device Market Dynamics**: **Precision Medical** is positioned as a leader in surgical robotics, with significant growth in overseas orders and market share potential [14][15]. Conclusion The conference call provides a comprehensive overview of the pharmaceutical and medical device sectors, emphasizing the importance of innovation, global operations, and strategic positioning in navigating market challenges and opportunities. Key companies are highlighted for their strong performance and potential for future growth, particularly in the context of upcoming data releases and regulatory changes.

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 無錫藥明康德新藥開發股份有限公司 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02359 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 510,476,909 | RMB | | 1 RMB | | 510,476,909 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 510,476,909 | RMB | | 1 RMB | | 510,476,909 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

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: 2026年2月28日 狀態: 新提交 本月底法定/註冊股本總額： RMB 2,983,757,155 備註： 第 1 頁 共 11 頁 v 1.2.0 致：香港交易及結算所有限公司 公司名稱: 無錫藥明康德新藥開發股份有限公司 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02359 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 510,476,909 | RMB | | 1 RMB | | 510,476,909 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 510,476,909 | RMB ...

Group 1 - The report indicates that the CXO industry has entered a new growth era driven by innovation and industry prosperity, with significant recovery in performance and orders expected from 2024 onwards [3][6][68] - External disturbances affecting the CXO and upstream industries have marginally improved, with the Federal Reserve expected to start a rate-cutting cycle in September 2024, alongside domestic economic recovery and pharmaceutical industry upgrades [3][18] - The report highlights a clear upward trend in the clinical CRO sector, with leading companies expected to see double-digit growth in new orders by the end of 2025, indicating a definitive industry turning point [3][43] Group 2 - The report emphasizes that the overall supply-demand situation in the industry has improved significantly, marking a clear recovery in industry prosperity [6][68] - The performance of the CDMO sector is expected to rebound, with new molecular tracks such as peptides, ADCs, and small nucleic acids driving industry growth [3][57] - The report suggests focusing on companies with strong core technology advantages and leading positions in their respective segments, such as WuXi AppTec, Kelun Pharmaceutical, and Baiyao Technology [3][68] Group 3 - The report provides forecasts for several companies in the CXO sector, with notable expected net profits for WuXi AppTec at 19.15 billion yuan, representing a 102.65% year-on-year increase [14] - The report notes that the CRO sector is experiencing a recovery in demand, with significant growth in new orders for companies like Tigermed and WuXi AppTec [43][57] - The report highlights the increasing R&D expenditures of the top 20 global pharmaceutical companies, which are projected to reach 168.76 billion USD in 2024, indicating robust demand for CRO services [26][68]