根据特许权使用费购买协议，Royalty Pharma同意在交割时向卖方支付8.85亿美元首付款，向卖方购买 其就任何及所有包含单克隆抗体Imdelltra (tarlatamab)(包括任何剂量、形式(包括聚乙二醇化版本)、制剂 (无论短效还是长效)、给药方式或给药途径产品(合称Imdelltra产品)在中国以外地区年度销售的净收入 (Imdelltra中国外净收入)收取分级计算的中个位数百分比的特许权使用费的大部分权利。前述特许权使 用费系Amgen Inc.(安进)根据公司、卖方和安进于2019年10月31日签订并不时修订的合作协议(安进合作 协议)向卖方支付的费用。 此外，自交割至2026年8月25日，卖方有权自行决定向 Royalty Pharma出售额外的收取特许权使用费的 权利(卖出选择权)，行使卖出选择权可使卖方获得最高达6,500万美元的额外付款，该付款将根据额外的 特许权使用费的价值按比例进行调整。对于年度Imdelltra中国外净收入超过15亿美元的部分，卖方将分 享特许权使用费的一部分。除保留以上描述的收取特许权使用费的权利外，卖方还保留了安进合作协议 项下的其他经济利益。 百济神州( ...

根据特许权使用费购买协议，Royalty Pharma同意在交割时向卖方支付8.85亿美元首付款，向卖方购买 其就任何及所有包含单克隆抗体Imdelltra (tarlatamab)（包括任何剂量、形式（包括聚乙二醇化版本）、 制剂（无论短效还是长效）、给药方式或给药途径产品（合称Imdelltra产品）在中国以外地区年度销售 的净收入（Imdelltra中国外净收入）收取分级计算的中个位数百分比的特许权使用费的大部分权利。前 述特许权使用费系Amgen Inc.根据公司、卖方和安进于2019年10月31日签订并不时修订的合作协议向卖 方支付的费用。此外，自交割至2026年8月25日，卖方有权自行决定向Royalty Pharma出售额外的收取特 许权使用费的权利，行使卖出选择权可使卖方获得最高达6,500万美元的额外付款，该付款将根据额外 的特许权使用费的价值按比例进行调整。对于年度Imdelltra中国外净收入超过15亿美元的部分，卖方将 分享特许权使用费的一部分。除保留以上描述的收取特许权使用费的权利外，卖方还保留了安进合作协 议项下的其他经济利益。 格隆汇8月25日丨百济神州(06160.HK)公告， ...

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，並明確表示概不就因本公告全部或任何部分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。 BeOne Medicines Ltd. 百濟神州有限公司 （根據瑞士法律註冊成立的公司） （股份代號：06160） 內幕消息 百濟神州宣佈簽訂IMDELLTRA特許權使用費購買協議 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及 根據證券及期貨條例（香港法例第571章）第XIVA部而刊發。 百濟神州有限公司（「本公司」或「百濟神州」）宣佈於2025年8月25日，本公司、本 公司的子公司BeOne Medicines I GmbH（「賣方」）與Royalty Pharma Investments 2023 ICAV（「Royalty Pharma」）（獨立第三方）簽訂了一份特許權使用費購買協議 （「特許權使用費購買協議」）。 根據特許權使用費購買協議，Royalty Pharma同意在交割時向賣方支付8.85億美 元首付款，向賣方購買其就任何及所有包含單克隆抗體Imdell ...

Core Viewpoint - The Chinese innovative drug industry is rapidly developing under policy support and globalization, with leading companies like BeiGene and HengRui Medicine making significant advancements through high R&D investments and dense pipelines [2][3]. Policy and Market Dynamics - The National Healthcare Security Administration initiated the 2025 medical insurance directory adjustment, emphasizing support for innovative drugs, which has boosted industry confidence [3]. - In the first half of 2025, the transaction amount for Chinese innovative drug BD reached $48.448 billion, highlighting accelerated globalization and international cooperation [3]. Company Performance Overview - **BeiGene**: Achieved revenue of 17.518 billion yuan, a 46% increase year-on-year, with a net profit of 450 million yuan, marking its first profitable half-year since listing. Its core product, Tislelizumab, generated sales of 2.643 billion yuan, up 20.6% [7]. - **HengRui Medicine**: Reported innovative drug sales and licensing income of 9.561 billion yuan, accounting for 60.66% of total revenue, with core innovative drug sales driving growth [8]. - **Hansoh Pharmaceutical**: Revenue reached 7.434 billion yuan, a 14.3% increase, with innovative drug sales contributing 82.7% [8]. - **Innovent Biologics**: Generated over 5.2 billion yuan in product revenue, a growth of over 35%, and completed a significant financing project [8]. - **China National Pharmaceutical Group**: Revenue of 17.57 billion yuan, with a net profit of 3.39 billion yuan, a 140.2% increase year-on-year [8]. - **East China Pharmaceutical**: Achieved revenue of 7.317 billion yuan, a 9.24% increase, with R&D investment rising significantly [9]. R&D Pipeline and Trends - The innovative drug sector is experiencing a concentrated R&D phase, with leading companies accelerating their pipeline development [10]. - **HengRui Medicine**: Six first-class innovative drugs were approved during the reporting period, with a robust pipeline including multiple drugs in various clinical stages [13]. - **BeiGene**: Continues to advance in ADC and bispecific antibodies, enhancing its international competitiveness [13]. - **Innovent Biologics**: Has 52 drugs in clinical stages, focusing on various innovative targets [13]. Role of Scientific Instrumentation - Scientific instrument manufacturers are transitioning from supporters to key enablers in the innovative drug sector, providing comprehensive technical support throughout the drug development process [3][14]. - **Waters Corporation**: Reported an 11% growth in pharmaceutical business, with a 70% increase in GLP-1 related income [15]. - **Agilent Technologies**: Increased revenue in life sciences and diagnostics, establishing strategic partnerships to enhance drug development capabilities [16]. - **Thermo Fisher Scientific**: Achieved $6 billion in laboratory product sales, exceeding market expectations, and providing comprehensive services for drug development [16]. Industry Outlook - The rapid development of new molecular types like antibodies and ADCs is creating significant challenges in quality management, fostering a deep coupling between innovative drug companies and scientific instrument manufacturers [18].

Core Insights - The article highlights the significant transformation occurring in China's biotechnology sector, driven by international investor interest and the competitive advantages of Chinese biotech companies [2][5]. Group 1: Investment Trends - Morgan Stanley has sponsored notable IPOs in the Hong Kong market, including projects from companies like Heng Rui Medicine and Ying En Biology, and has facilitated multiple refinancing projects totaling billions [1][3]. - The Hong Kong Stock Exchange has emerged as the world's second-largest biotechnology financing center, with 12 healthcare companies raising a total of $2.5 billion in the first half of 2025 [3]. - New listings have shown strong market performance, with an average first-day increase of 23.1% for the 12 healthcare companies [3]. Group 2: Financing Activities - Morgan Stanley has assisted Chinese issuers in raising over $5 billion in financing by the end of July, with notable projects including WuXi AppTec's $980 million share placement [4]. - The financing activities reflect a growing demand for biotech stocks, with significant oversubscription and reduced discount rates for recent offerings [4]. Group 3: Global Expansion of Chinese Biotech - Chinese biotech companies are increasingly pursuing international clinical registrations and market entries, with a notable rise in "License-out" agreements [5][6]. - The gap in innovation capabilities between Chinese and U.S. biotech firms has narrowed, with Chinese companies demonstrating significant advancements in drug development efficiency and cost [5][6]. - The total value of transactions related to antibody-drug conjugates (ADCs) has reached approximately $44 billion, indicating robust international collaboration [6]. Group 4: Strategic Collaborations - Chinese biotech firms are forming strategic partnerships with international giants, exemplified by Heng Rui Medicine's $12.5 billion deal with GlaxoSmithKline [6][7]. - The collaboration models are evolving from simple licensing to joint development and new company formations, showcasing increased confidence in Chinese biotech capabilities [6][7]. Group 5: Future Outlook and Challenges - The article emphasizes the need for Chinese biotech companies to overcome regulatory complexities and market entry barriers to enhance their global presence [8][9]. - Recommendations include building international talent teams, improving communication with regulatory bodies, and optimizing government support for innovation [9].

Group 1: Industry Overview - The report highlights the development of the biopharmaceutical industry in Beijing's Changping District, showcasing various enterprises and institutions involved in investment, research, and healthcare [1] - Changping District aims to create an ecosystem integrating investment, clinical applications, incubation, and industrial parks to promote the transformation of medical and health achievements [10][11] Group 2: Company Highlights - BeiGene is a global leader in cancer treatment innovation, focusing on developing innovative anti-tumor drugs, with a revenue of 17.5 billion RMB in the first half of 2025, representing a 46% year-on-year growth [3] - The company has over 30 potential drug candidates and has initiated more than 130 clinical trials across 45 countries/regions, with a significant number of projects showing "first-in-class" or "best-in-class" potential [3] - TUPAI Medical, established in 2017, is a leading provider of high-end ophthalmic medical equipment in China, with a research and development team comprising over 30% of its 400 employees and an annual R&D investment nearing 100 million RMB [3] Group 3: Collaborative Projects - The Beijing Flying Dart International Innovation Center, co-built by Chang Development Group, aims to meet international standards for biopharmaceutical R&D laboratories and provides comprehensive support for innovative enterprises [6][8] - The Life Valley International Precision Medicine Industrial Park, operated by Kangqiao Capital in collaboration with Chang Development Group, focuses on precision diagnostics and therapies, emphasizing cutting-edge technologies like cell therapy and AI healthcare [10] Group 4: Infrastructure and Ecosystem - The construction of the International Medical Device City, covering 1.28 million square meters, aims to create a comprehensive ecosystem for innovation in medical devices, facilitating the transition from laboratory results to clinical applications [13] - Chang Development Group has established a series of market-oriented sub-funds, with a total cooperation scale exceeding 21.7 billion RMB, investing in over 100 medical and health projects [10]

Report's Investment Rating for the Industry No investment rating for the industry is provided in the report. Core Views of the Report - The Chinese innovative drug industry is entering a new stage of "global leadership" with policy support, showing trends of innovation upgrade, accelerated internationalization, and reaching a profit inflection point [1][20]. - The Sci - Tech Innovative Drug Index (931852.CSI) can accurately capture the industry's prosperity and core growth targets, with strong performance, elastic growth, and solid fundamental support [1]. - The Huatai - PineBridge Shanghai Sci - Tech Innovation Board Innovative Drug ETF (589120) is a convenient tool for investors to access the core assets of innovative drugs on the Sci - Tech Innovation Board, closely tracking the index [1]. - The fund manager, Huatai - PineBridge Fund, is a leading comprehensive asset management company with a good reputation and a large number of non - monetary ETF products [1]. Summary According to the Directory 1. Sci - Tech Innovative Drug Index: Grasping Industry Prosperity and Capturing Growth Targets - **Strong Industry Representation and Growth - Capturing Ability**: The index, also known as the Shanghai Sci - Tech Innovation Board Innovative Drug Index, selects 30 large - market - cap stocks related to innovative drugs from the Sci - Tech Innovation Board, reflecting the overall performance of the sector [1][3][5]. - **Dispersed Component Weights**: The index's weight distribution is relatively dispersed, with a high proportion of companies with a market cap between 30 billion and 50 billion RMB. The top ten weighted stocks account for 63.85% of the total weight as of August 21, 2025, and most component stocks have shown an upward trend after being included in the index [7][10]. - **High Elasticity and Prominent Recent Performance**: Since the second quarter of 2025, the index has had a cumulative increase of 82.66% and a risk - adjusted return - to - risk ratio of 2.31, significantly outperforming similar innovative drug indices [1][12][14]. - **Dual Investment Guarantees**: The index's constituent stocks are expected to have high - speed revenue growth and improved profitability. The total revenue is predicted to keep growing, and the net profit attributable to shareholders is expected to turn positive in 2025 and reach 7.537 billion RMB in 2026 [1][15]. 2. The Chinese Innovative Drug Industry Reaches a Historical Inflection Point and Moves Towards "Global Leadership" - **Innovation Upgrade**: China has achieved a shift from "imitation - following" to "original innovation", with an increasing number of First - in - Class (FIC) drugs developed by Chinese pharmaceutical companies. In 2024, the number of self - developed FIC drugs reached 120, accounting for 31% of the global pipeline. Chinese companies also show global competitiveness in popular target areas [24][28]. - **Accelerated Internationalization**: The internationalization of Chinese innovative drugs is on the rise, with both independent overseas expansion and license - out models booming. As of now, 9 domestic innovative drugs from 8 companies have been approved for listing in the US, and license - out transactions have increased significantly [31][33][34]. - **Profit Inflection Point**: With the commercialization of innovative drugs and the normalization of external licensing, Chinese innovative pharmaceutical companies are reaching a profit inflection point. For example, the sales of some drugs like Ailisi's Vemurafenib and BeiGene's Zanubrutinib have increased significantly, and some companies are starting to receive milestone payments [38]. 3. Huatai - PineBridge Shanghai Sci - Tech Innovation Board Innovative Drug ETF (589120) - The fund is a passive index - type ETF product under Huatai - PineBridge Fund, with Luo Hao as the拟任 fund manager. It uses the full - replication method to track the Shanghai Sci - Tech Innovation Board Innovative Drug Index, aiming for a daily average tracking deviation of no more than 0.2% and an annualized tracking error of no more than 2%. The management fee is 0.50% and the custody fee is 0.10% [1][40][41]. 4. Fund Manager Information - Huatai - PineBridge Fund was established in 2005 and is a leading comprehensive asset management company in China. It has a complete range of business licenses and a well - diversified product portfolio. As of August 21, 2025, it has 61 non - monetary ETF products with a total scale of over 93.6 billion RMB [1][44].

Core Viewpoint - The article highlights the expansion of various Chinese companies into international markets, showcasing their strategic moves and growth in overseas operations. Group 1: Company Expansions - Meituan's international delivery brand Keeta has launched in Doha, Qatar, with plans to expand into Brazil in the coming months [5] - Great Wall Motors has completed the construction of its factory in Brazil, with an annual production capacity of 50,000 vehicles [5][7] - Tea brand Cha Baidao has announced its first store in North America, located in New York, marking its entry into the U.S. market [5] - Lenovo is establishing a regional headquarters in Riyadh, Saudi Arabia, as part of its strategic expansion in the Middle East [6] Group 2: Financial Performance and Growth - Zero Run Auto reported its first half-year profit, with overseas markets becoming a significant growth driver, exporting 24,980 vehicles in the first seven months of 2025 [8] - Pop Mart plans to expand into emerging markets such as the Middle East and South Asia, expecting to exceed 200 overseas stores by the end of the year [8] - Xiaomi's automotive division aims for profitability in the second half of the year, maintaining its 2027 overseas expansion target [9] Group 3: New Business Models and Innovations - AliExpress has launched an "overseas hosting" model in Australia, following its success in other markets [5] - Yimutian, a major agricultural B2B platform, has gone public on NASDAQ, aiming to expand its offline services and international business [10] - Shouqu Technology has secured nearly 100 million yuan in angel funding to enhance its battery management systems and accelerate global market expansion [11] Group 4: Industry Trends - The global photovoltaic industry is witnessing increased competition, prompting Chinese companies to enhance their international presence and supply chain resilience [15] - The user-side energy storage market is recovering, with significant growth expected in commercial storage due to supportive policies and mature business models [14]

Company Developments - Meituan's international delivery brand Keeta has officially launched in Doha, Qatar, with plans to expand into more Gulf Cooperation Council (GCC) countries and enter the Brazilian market in a few months [2] - Great Wall Motors has completed the construction and production launch of its factory in Brazil, located in Iracemapolis, São Paulo, with an annual production capacity of 50,000 vehicles [2] - AliExpress has launched its "overseas hosting" model in Australia, following its implementation in several other countries including the US and Mexico [2] - Cha Bai Dao has announced the opening of its first North American store in New York, marking its entry into the US market, following successful expansions in Singapore and France [2] Strategic Expansion - Lenovo Group plans to establish a regional headquarters in Riyadh, Saudi Arabia, and has begun construction on a manufacturing facility expected to start trial production in 2026 [3] - MINISO's founder expressed intentions to expand the MINISO LAND stores overseas, emphasizing the importance of proprietary IP alongside global IP [3] - Leap Motor has achieved a milestone by reporting its first half-year profit, with overseas markets becoming a significant growth driver [3] - Pop Mart aims to expand into emerging markets such as the Middle East and South Asia, expecting to exceed 200 overseas stores by the end of the year [4] Financial Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, a year-on-year increase of 204.4%, with adjusted net profit rising by 362.8% [4] - Xiaomi's automotive division is expected to start generating profits in the second half of the year, with plans to avoid price wars [4] - XGIMI's Vietnam factory has launched its first projector, with overseas revenue projected to reach 1.086 billion yuan in 2024, marking an 18.94% year-on-year increase [5] Market Trends - The user-side energy storage market is showing signs of recovery, with a focus on high-growth new markets and a concentration of market players [8] - Chinese innovative pharmaceutical companies are transitioning from followers to leaders in the market, with a focus on internationalization [8] - The global photovoltaic industry is experiencing increased competition, prompting Chinese companies to accelerate their global expansion efforts [9][10]

Group 1 - The core viewpoint of the article highlights the performance of the E Fund Healthcare Industry Mixed A Fund, which has shown significant returns over various time frames [1] - As of August 24, 2025, the latest net value of the fund is 4.7380 yuan, with a weekly return of -0.94%, a three-month return of 31.94%, and a year-to-date return of 55.55% [1] - The fund was established on January 28, 2011, and as of June 30, 2025, it has a total scale of 3.944 billion yuan [1] Group 2 - The top ten stock holdings of the fund include companies such as Heng Rui Medicine, Rejig Bio, Xin Li Tai, BeiGene-U, Hai Si Ke, and others, with a total holding percentage of 58.14% [1] - The fund manager is Yang Zhenshao, who oversees the investment strategy and portfolio management [1]