整理 | GLP1减重宝典内容团队 *本文仅供医疗卫生专业人士参考 版权声明：所有「GLP1减重宝典」的原创文章，转载须联系授权，并在文首/文末注明来源、作者、微信ID，否则减重宝典将向其追究法律责 任。部分文章推送时未能与原作者或公众号平台取得联系。若涉及版权问题，敬请原作者联系我们。合作事宜，请添加微信：andyxu365 加入专家库与我们深度讨论 「GLP-1俱乐部」覆盖数百位专业人士，构建了围绕GLP-1产业链上下游、覆盖多个板块的专家库，成为了业内顶尖专业人士获取行业真知灼见的首要选择。加入 专家库请添加下方「运营负责人」微信，并提供名片和必要的个人信息。 ▂▂▂▂▂ 10月27日，信达生物宣布胰高血糖素（GCG）/胰高血糖素样肽-1（GLP-1）双受体激动剂玛仕度肽（研发代号：IBI362）的第四项III 期临床研究（DREAMS-3）达成主要终点。研究结果证明，在中国2型糖尿病合并肥胖受试者中，第32周时，玛仕度肽组HbA1c＜7.0% 且体重较基线下降≥10%的受试者比例为48.0%，优效于司美格鲁肽组（21.0%，P值＜0.0001）。此外，第32周时，玛仕度肽组和司美 格鲁肽组HbA1c较 ...

Group 1 - The core point of the article is the performance and changes in the top holdings of the Yinhua CSI Innovation Drug Industry ETF, which reported a net value growth rate of 24.54% over the past year [1] - The fund has added new top holdings including Kanglong Chemical and Baile Tianheng, while increasing its stake in WuXi AppTec by 64.87 million shares, making it the largest holding [1] - The fund has exited from its previous top holdings, including Tigermed and Tonghua Golden Horse [1] Group 2 - The detailed data shows the number of shares held and market value for each of the top holdings, with WuXi AppTec holding 15.52 million shares valued at 1.74 billion and Kanglong Chemical holding 8.56 million shares valued at 306 million [1] - Other significant holdings include Hengrui Medicine, Changchun High-tech, and Kelun Pharmaceutical, with respective increases in shareholding [1] - The report indicates a strategic shift in the fund's portfolio, reflecting a focus on companies with strong growth potential in the pharmaceutical sector [1]

Group 1 - The core viewpoint of the article highlights the performance of the Penghua Science and Technology Innovation 100 ETF, which reported a net value growth rate of 49.82% over the past year [1] - The fund's top ten holdings have seen changes, with new additions including Dongxin Co., Ltd., Yuanjie Technology, and Yuntian Lefe [1] - Huahong Technology remains the largest holding at 3.74% of the fund's portfolio, while Zexing Pharmaceutical, Naxin Micro, and Guodun Quantum have exited the top ten holdings [1] Group 2 - Detailed data on the fund's top holdings shows that Dongxin Co., Ltd. has entered the top ten with 1.872 million shares valued at 200 million yuan, and Yuanjie Technology has also entered with 362,500 shares valued at 156 million yuan [1] - Other notable changes include a reduction in holdings for Huahong Technology by 1.75%, with 2.4635 million shares valued at 282 million yuan, and a decrease in holdings for Baijie Shenzhou by 1.89% [1] - The fund's overall strategy reflects a shift in focus towards emerging technology companies, as indicated by the new additions and reductions in existing holdings [1]

Investment Rating - The report maintains an "Overweight" investment rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The report highlights that the 2025 ESMO conference showcased significant advancements from Chinese innovative drug companies, marking a shift from being followers to leaders in the global market [19][22]. - The A-share pharmaceutical index has shown a year-to-date increase of 19.54%, with a weekly increase of 0.58%, while the Hang Seng Biotechnology Index has surged by 81.15% year-to-date [9]. - Key sub-sectors showing positive performance include medical services (+3.94%), pharmaceutical commerce (+2.27%), and medical devices (+0.89%), while chemical pharmaceuticals and traditional Chinese medicine experienced declines [9]. Summary by Sections Industry Trends - The report notes that the Chinese pharmaceutical sector is entering a harvest period, with a significant increase in the number and quality of research presented at the ESMO conference [16][19]. - The report emphasizes the successful approval of innovative drugs, such as Boehringer Ingelheim's treatment for pulmonary fibrosis and Novartis' drug for polymyalgia rheumatica, which have achieved significant clinical milestones [4]. Research and Development Progress - The report details several groundbreaking studies that have the potential to change existing treatment paradigms, including studies on innovative drugs and ADCs (antibody-drug conjugates) [4][22]. - Specific companies are highlighted for their promising research pipelines, including Innovent Biologics, Rongchang Biologics, and others, which have made significant contributions to the field [12][22]. Market Performance - The report provides a detailed analysis of stock performance within the pharmaceutical sector, noting that certain stocks, such as Teva Pharmaceutical and ST Rong Control, have seen significant weekly gains [9][11]. - The report suggests a ranking of favored sub-sectors for investment, with innovative drugs, research services, and CXO services at the top of the list [10][12]. Recommendations - The report recommends specific companies for investment based on their performance and potential, including Hengrui Medicine, WuXi AppTec, and others across various sub-sectors [11][12].

Core Insights - He Yuan Bio, a pioneer in "rice-based hematopoiesis" innovative drugs, is set to debut on the Sci-Tech Innovation Board, marking it as the first incremental enterprise in the Sci-Tech Growth Layer [1] - The Sci-Tech Growth Layer currently includes 13 innovative pharmaceutical companies with a total market capitalization of nearly 500 billion yuan, which have collectively facilitated the approval of 25 new drugs since their listing [1] - The establishment of the fifth set of listing standards on the Sci-Tech Board has enabled unprofitable companies to issue shares, significantly boosting the innovative drug sector and attracting substantial investment, with cumulative financing exceeding 1 trillion yuan since 2019 [1][2] Company Performance - The innovative pharmaceutical companies are transitioning from R&D investment phases to commercial revenue generation, with a projected total revenue of 31.9 billion yuan in 2024, reflecting a year-on-year growth rate of 54.39% [2] - These companies have achieved an average annual compound growth rate of 52.33% in revenue since 2019, significantly outpacing the sector's average growth [2] R&D Achievements - A total of 20 new drugs classified as "global new" have been launched, with 10 innovative drugs recognized as "breakthrough therapies" by the National Medical Products Administration [3] - Four original innovative drugs from Chinese companies, including BeiGene and Junshi Biosciences, have received FDA approval for the U.S. market, highlighting the international recognition of these firms [3] - The companies have engaged in potential overseas transactions totaling nearly 5 billion USD this year, indicating strong international market confidence in the innovative drug capabilities of the Sci-Tech Growth Layer [3]

Core Insights - Wuhan Heyuan Biotechnology Co., Ltd. is set to become the first incremental enterprise in the Sci-Tech Innovation Board's growth layer, focusing on innovative drug development, particularly the "rice blood" technology [1] - The Sci-Tech Innovation Board has supported 13 innovative drug companies with a total market capitalization of nearly 500 billion, leading to the approval of 25 new drugs since its inception [1][4] - The introduction of the fifth set of listing standards has allowed unprofitable companies to access capital markets, significantly boosting the innovative drug sector in China [2] Industry Development - Since 2019, China's innovative drug industry has raised over 1 trillion in financing across primary and secondary markets, leading to unprecedented activity in drug research and development [2] - China's innovative drug R&D pipeline accounts for approximately 25% of the global total, surpassing the number of active innovative drugs in the U.S. [2] - The establishment of the "growth layer" in the Sci-Tech Innovation Board aims to enhance support for technology innovation and has been pivotal for companies like Suzhou Zelgen Biopharmaceuticals, which has successfully launched three new drugs since listing [2] R&D Investment and Performance - High R&D investment is a key reason for the lack of profitability among companies in the growth layer, but it is also a critical driver for future innovation [3] - BeiGene, a leading innovative drug company, is projected to invest 14.1 billion in R&D in 2024, maintaining its position as the top R&D spender on the Sci-Tech Innovation Board [3] - BeiGene's drug, Zebrutinib, has achieved significant global sales, generating 1.3 billion in revenue in the first half of the year, with a year-on-year growth of over 56% [3] Financial Performance - The innovative drug companies in the growth layer are transitioning from R&D investment to commercialization, with a combined revenue of 31.9 billion expected in 2024, reflecting a year-on-year growth rate of 54.39% [5] - The annual compound growth rate of these companies' revenue since 2019 is 52.33%, significantly outpacing the growth rate of other sectors [5][6] - Innovent Biologics reported a net profit of 3.7 billion after its IPO, driven by a strategic partnership with Bristol-Myers Squibb, which included an upfront payment of 800 million [4] International Collaboration and Market Recognition - The innovative drug companies have engaged in international collaborations, with potential transaction values nearing 5 billion, indicating strong global market recognition [7] - Companies like Innovent Biologics and Nocera have secured licensing agreements with international firms, further validating the strength of China's innovative drug sector [7]

10月28日，全球首创"稻米造血"的创新药公司禾元生物将登陆科创板，成为科创板科创成长层首家增量 企业。 截至目前，科创板科创成长层共有13家创新药企，总市值近5000亿元，而自上市以来，已累计推动25款 新药获批上市，逐渐形成创新发展新范式。 制度改革带动创新药投资热潮 禾元生物是科创板第五套标准重启后首家过会并取得注册批文的企业。科创板第五套上市标准，作为A 股允许无收入、未盈利的企业发行上市的首次探索，六年多来，不仅助力众多创新药企突破资金瓶颈、 加速研发创新药，更有效带动了创新药领域的投资热潮。 数据显示，2019年至今，我国创新药产业在一、二级市场的累计融资规模已超过万亿元。在资本活水的 浇灌下，创新药研发活动迎来了活跃期。目前，我国创新药研发管线约占全球的1/4。 研发蓄能跑出创新发展加速度 高强度研发投入是科创成长层创新药企业暂未盈利的主要成因，然而，换个角度看，这恰恰也是这批企 业未来能够在创新发展道路上跑出加速度的关键动力。 从经营业绩来看，科创成长层创新药企业正加速从研发投入期迈向商业化收获期，2024年合计实现营业 收入319亿元，同比增长率高达54.39%。以2019年为基数，上述公司 ...

10月28日，全球首创"稻米造血"的创新药公司禾元生物将登陆科创板，成为科创板科创成长层首家增 量企业。 截至目前，科创板科创成长层共有13家创新药企，总市值近5000亿元，而自上市以来，已累计推动25款 新药获批上市，逐渐形成创新发展新范式。 制度改革带动创新药投资热潮 禾元生物是科创板第五套标准重启后首家过会并取得注册批文的企业。科创板第五套上市标准，作为A股 允许无收入、未盈利的企业发行上市的首次探索，六年多来，不仅助力众多创新药企突破资金瓶颈、加速 研发创新药，更有效带动了创新药领域的投资热潮。 数据显示，2019年至今，我国创新药产业在一、二级市场的累计融资规模已超过万亿元。在资本活水的浇 灌下，创新药研发活动迎来了活跃期。目前，我国创新药研发管线约占全球的1/4。 科创板首家未盈利企业泽璟制药的董事长、总经理盛泽林说："自登陆科创板以来，公司已经成功实现3个 新药产品获批上市销售，新药研发成果多次登上国际学术舞台，进入快速发展阶段。" 今年6月，为增强对科技创新的适配度和包容性，科创板正式设立"科创成长层"。"科创板承载着我国资本 市场探索支持新质生产力发展、推动科技创新路径的重要责任，科创成长层 ...

Core Viewpoint - The innovative drug company He Yuan Bio, known for its "rice blood-making" technology, is expected to soon list on the Sci-Tech Innovation Board, marking it as the first incremental enterprise in the Sci-Tech Growth Layer [1] Group 1: Industry Development - The fifth set of listing standards on the Sci-Tech Innovation Board allows unprofitable companies to issue shares, significantly aiding innovative drug companies in overcoming funding bottlenecks and accelerating drug development [2] - Since 2019, China's innovative drug industry has raised over 1 trillion yuan in financing across primary and secondary markets, leading to unprecedented activity in drug research and development [2] - China's innovative drug R&D pipeline accounts for approximately 25% of the global total, surpassing the number of active innovative drugs in the U.S. [2] Group 2: Company Performance - Companies like BeiGene and Baillie Gifford have achieved significant breakthroughs through a combination of advanced technology and commercialization strategies, with BeiGene's R&D investment reaching 14.1 billion yuan in 2024 [3] - BeiGene's core product, Zebrutinib, has received regulatory approval in over 70 countries and regions, generating 1.3 billion dollars in sales in the first half of the year, a year-on-year increase of over 56% [3] - Baillie Gifford announced a net profit of 3.7 billion yuan after its IPO, driven by a global strategic cooperation agreement with Bristol-Myers Squibb for its dual-antibody ADC drug [4] Group 3: Growth Potential - The Sci-Tech Growth Layer currently includes 13 innovative drug companies with a total market value of nearly 500 billion yuan, having facilitated the approval of 25 new drugs [5] - These companies are transitioning from R&D investment to commercialization, with a projected total revenue of 31.9 billion yuan in 2024, reflecting a year-on-year growth rate of 54.39% [6] - Approximately 9 original innovative drugs from China have received FDA approval, with companies in the growth layer contributing 4 of these products [6] Group 4: International Collaborations - Companies like Maiwei Bio and Nocera have secured significant licensing agreements, with potential transaction totals reaching 596 million dollars and over 2 billion dollars, respectively [7]

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。 財務業績發佈後，本公司將於美國東部時間2025年11月6日（星期四）上午八時正 （即香港時間2025年11月6日（星期四）下午九時正）舉行電話會議。 電話會議將以網路直播方式進行，網絡直播鏈接可從本公司網站的投資者關係頁 面訪問，網址為 https://ir.beonemedicines.com , https://hkexir.beonemedicines.com , https://sseir.beonemedicines.com 。為確保及時連接，建議與會者在預定的網絡直 播前至少15分鐘進行註冊。本公司網站將提供業績電話會議網絡直播的存檔回 放。 承董事會命 百濟神州有限公司 主席 歐雷強先生 香港，2025年10月22日 於本公告日期，本公司董事會包括主席兼執行董事歐雷強先生、非執行董事 王曉東博士，以及獨立非執行董事Olivier Brandicourt博士、Margaret Han Duga ...