Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [3][5][6]. Core Insights - The report emphasizes the continuous recommendation of innovative drugs and medical devices, highlighting the high growth potential in the innovative pharmaceutical sector. It maintains "Overweight" ratings for companies such as Heng Rui Medicine, Hansoh Pharmaceutical, and others, indicating a potential for value re-evaluation [3][5]. - The report notes that the National Medical Insurance Administration has officially announced the 2025 medical insurance drug catalog, which includes 114 new drugs, 50 of which are first-class innovative drugs. This adjustment is seen as a validation of the support for innovation in the healthcare sector [3][5]. - The A-share pharmaceutical sector underperformed the broader market in the second week of December 2025, with the SW Pharmaceutical Biotechnology index declining by 1.0% compared to a 0.3% drop in the Shanghai Composite Index [7][18]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs and Medical Devices - The report highlights the sustained recommendation of innovative drugs and medical devices, with a focus on companies that are expected to see performance growth and value re-evaluation [5][6]. Section 2: A-share Pharmaceutical Sector Performance - In the second week of December 2025, the A-share pharmaceutical sector's performance was weaker than the overall market, ranking 16th among the primary industries [7][18]. Section 3: Hong Kong and US Market Performance - The report indicates that the Hong Kong pharmaceutical sector also underperformed, while the US pharmaceutical sector showed stronger performance compared to the broader market [18].

Core Insights - The pharmaceutical industry is experiencing a surge in innovative products, with clear domestic demand and significant potential for international expansion [4][14][25] - Investment opportunities are concentrated in innovative drugs and their supply chains, with a notable performance from CRO/CMO and chemical pharmaceuticals [9][15][17] - The report emphasizes the importance of innovation as the primary solution to industry challenges, driven by stable demand and supportive policies [26][32][41] Industry Overview - The pharmaceutical sector has faced revenue declines, with a 0.9% year-on-year decrease in revenue for the first three quarters of 2025, and net profit down by 2.2% [15][16] - The innovative drug sector has outperformed, with CRO/CMO and chemical pharmaceuticals showing net profit growth of 31.0% and 16.6% respectively [17][18] - The overall market is characterized by low fund holdings and historical valuation bottoms, indicating high investment value [20][25] Demand and Payment Dynamics - The demand for healthcare services is steadily increasing, with a projected 5% growth in total medical visits and hospital admissions in 2024 [26][28] - The aging population is expected to drive long-term demand, with 220 million people aged 65 and above by 2050 [28][30] - The medical insurance fund's income growth has outpaced expenditure growth, leading to a significant increase in fund reserves [32][36] Financing and Market Trends - The IPO market for healthcare has rebounded, with 28 IPOs in the first three quarters of 2025, a 100% increase from the previous year [42][43] - License-out transactions have surged, with transaction numbers increasing by 41% and total amounts reaching $92 billion, indicating a robust market for innovative drug licensing [48][50] - The number of IND applications and new clinical trials for innovative drugs has been steadily increasing, with a notable rise in NDA approvals [53][57] Technological Advancements - The report highlights the emergence of new technologies such as ADC and small nucleic acids, with domestic companies leading in these areas [60] - The focus on dual antibodies and GLP-1 drugs is expected to drive significant growth, with multiple development directions emerging [9][60] - The report notes that domestic companies are increasingly recognized for their innovative capabilities, particularly in the ADC space [60]

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） 第一条 百济神州有限公司（BeOne Medicines Ltd.，以下简称"公司"）根 据《上海证券交易所科创板股票上市规则》（以下简称"《科创板 上市规则》"）等法律、法规、规范性文件的规定，结合《百济神 州有限公司（BeOne Medicines Ltd.）之组织章程细则》（经不时修 订及重列，以下简称"《公司章程》"）、《百济神州有限公司（BeOne Medicines Ltd.）组织条例》（经不时修订及重列，以下简称"《组 织条例》"）《Related Person Transaction Policy（关联交易政策）》 《Connected Transaction Management Policy（关连交易管理政策）》 及公司实际情况，制定本关联交易管理制度（以下简称"本制度 ...

百济神州有限公司 内部审计章程 目的 百济神州有限公司及其关联公司设置内部审计职能（"内部审计"）的目的是通过向审计委员 会和管理层提供独立的、基于风险的、客观的鉴证、建议、洞察与前瞻性观点，以增强公司 在价值创造、保护和维持方面的能力。 内部审计增强了公司的： 当以下条件得到满足时，内部审计可以最有效发挥其作用： 遵守全球内部审计标准的承诺 公司的内部审计将遵守国际内部审计师协会的国际职业实践框架的各项要求，包括全球内部 审计标准和专项要求。首席审计师（CAE）将每年向审计委员会和高级管理层报告内部审计 对以上标准和专项要求的遵守情况，并将通过质量保障与改进计划（QAIP）进行评估。 • 成功实现其目标的能力； • 治理、风险管理和控制流程； • 决策和监督； • 与利益相关者交流时的声誉与信誉； • 服务公众利益的能力。 • 内部审计由符合资格的专业人士按照国际内部审计师协会（IIA）为公共利益制定 的全球内部审计标准执行； • 内部审计独立设置，并对审计委员会直接负责； • 内部审计人员不受不当影响，并致力于做出客观评估。 • 充分且无限制地访问所有与执行内部审计职责相关的部门、数据、记录、信息、 实物 ...

第二条 公司实施关联交易应当遵循以下基本原则： （一）平等、自愿、等价、有偿的原则； （二）公平、公正、公开的原则；及 （三）不损害公司及公众投资者合法权益的原则。 第三条 公司的关联方具体包括： （一）直接或者间接控制公司的自然人、法人或其他组织； （二）直接或间接持有公司 5%以上股份的自然人； （三）公司董事、高级管理人员； （四）与本条第（一）项、第（二）项和第（三）项所述关联自然 人关系密切的家庭成员，包括配偶、年满 18 周岁的子女及 其配偶、父母及配偶的父母、兄弟姐妹及其配偶、配偶的兄 弟姐妹、子女配偶的父母； （五）直接持有公司 5%以上股份的法人或其他组织及其一致行动 人； 百济神州有限公司 A 股关联交易管理制度 第一章 总 则 第一条 百济神州有限公司（BeOne Medicines Ltd.，以下简称"公司"）根 据《上海证券交易所科创板股票上市规则》（以下简称"《科创板 上市规则》"）等法律、法规、规范性文件的规定，结合《百济神 州有限公司（BeOne Medicines Ltd.）之组织章程细则》（经不时修 订及重列，以下简称"《公司章程》"）、《百济神州有限公司（BeOne Me ...

百济神州有限公司 A 股信息披露管理制度 第一章 总 则 第二章 信息披露的基本原则 1 第一条 为规范百济神州有限公司（BeOne Medicines Ltd.，以下简称"公司"） 的信息披露工作，提高信息披露事务管理水平和信息披露质量，保 护公司、股东及其他利益相关人的合法权益，根据《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司信息披露管 理办法》《上市公司信息披露暂缓与豁免管理规定》《上海证券交 易所科创板股票上市规则》（以下简称"《科创板上市规则》"）、 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范 运作》等中国境内适用于公司的法律、法规、规范性文件（以下合 称"境内法律法规"）的规定，结合《百济神州有限公司（BeOne Medicines Ltd.）之组织章程细则》（经不时修订及重列，以下简称 "《公司章程》"）、《百济神州有限公司（BeOne Medicines Ltd.） 组织条例》（经不时修订及重列，以下简称"《组织条例》"）及 公司实际情况，制定本 A 股信息披露管理制度（以下简称"本制 度"）。 第二条 本制度所称"信息披露"、"披露"，是指公司或相关信息 ...

百济神州有限公司 A 股募集资金管理制度 第一章 总 则 公司发现控股股东（如有）、实际控制人（如有）及其他关联人占 用募集资金的，应当及时要求归还，并披露占用发生的原因、对公 司的影响、清偿整改方案及整改进展情况。 第五条 募投项目通过公司全资或控股子公司或公司控制的其他企业实施 的，适用本制度。 第二章 募集资金存储 1 第一条 为规范百济神州有限公司（BeOne Medicines Ltd.，以下简称"公司"） A 股募集资金（以下简称"募集资金"）管理和使用，提高募集资金 使用效率，保护公司和全体股东合法权益，根据《首次公开发行股 票注册管理办法》《上市公司证券发行注册管理办法》《上市公司 信息披露管理办法》《上市公司募集资金监管规则》《上海证券交 易所科创板股票上市规则》（以下简称"《科创板上市规则》"）、 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范 运作》等法律、法规、规范性文件的规定，结合《百济神州有限公 司（BeOne Medicines Ltd.）之组织章程细则》（经不时修订及重列， 以下简称"《公司章程》"）、《百济神州有限公司（BeOne Medicines Ltd.） ...

百济神州公告称，为规范A股募集资金管理和使用，制定募集资金管理制度。制度规定，募集资金应存 放于专户，公司需与相关方签监管协议。募集资金应按招股书所列用途用于主营业务，不得用于财务性 投资等。募投项目出现特定情形需重新论证。闲置资金可现金管理或补充流动资金，需经审议并披露。 改变募投项目需经法定程序，公司应真实准确披露资金使用情况，每半年度核查进展并披露报告。制度 自董事会审议通过之日起生效。 ...

近日，2025年国家医保药品目录及首版商保创新药目录发布，2025年国家医保药品目录成功新增 114种药品，有50种是一类创新药，总体成功率88%，较2024年的76%明显提高。同时，19种药品被纳 入首版商保创新药目录，为建立多层次医疗保障体系奠定基础。 随着上述目录的发布，科创板创新药企在此次关键谈判中也斩获颇丰。具体来看，科创板公司共9 款创新药首次纳入目录，另有多款代表性创新药实现成功续约或扩大适应症，充分彰显了科创板创新药 企的硬核实力。 此外，本次国家层面首次同步发布商保创新药目录，标志着"医保+商保"协同支付的多层次保障体 系取得实质性突破。 有券商研究人士认为，未来，随着医保、商保等全链条支持政策的持续完善与协同发力，科创板有 望催生更多惠及中国乃至全球患者的"世界级"新药，为健康中国建设贡献更强大的科创力量。 例如，科创板创新药公司君实生物产品君适达®（通用名：昂戈瑞西单抗注射液）首次纳入医保目 录，是新版目录中唯一用于他汀不耐受人群的国产PCSK9靶点药物。目前，包括君适达®在内，君实生 物已有4款商业化产品被纳入国家医保目录。 今年5月底，科创板创新药公司海创药业自主研发的首款上市药物海 ...

Core Insights - The release of the 2025 National Medical Insurance Drug List and the first version of the Commercial Health Insurance Innovative Drug List has significantly benefited innovative drug companies on the Sci-Tech Innovation Board [1] - A total of 9 innovative drugs from Sci-Tech Innovation Board companies have been included in the new list, showcasing their strong capabilities [1] - The simultaneous release of the commercial insurance drug list marks a substantial breakthrough in the multi-layered payment system of "medical insurance + commercial insurance" [1] Group 1: Inclusion in Medical Insurance - Nearly 90% of innovative drugs from Sci-Tech Innovation Board companies have received medical insurance support, accelerating their value release and development [2] - Junshi Bioscience's drug, Junsida, is the only domestic PCSK9-targeted drug for statin-intolerant patients included in the new medical insurance list [2] - Haichuang Pharmaceutical's drug, Hainaan, has been approved for treating metastatic castration-resistant prostate cancer and will enhance market promotion and patient accessibility [2] Group 2: New Drug Development - New anti-tumor drugs from companies like Ailis, Yifang Biotech, and Shenzhou Cell provide precise treatment options for major diseases such as lung cancer and head and neck squamous cell carcinoma [3] - Several drugs covering endocrine, hematology, tumor support, and autoimmune treatment areas have been quickly included in the medical insurance list, demonstrating efficient drug review and approval processes [3] Group 3: Commercial Health Insurance Directory - The first version of the Commercial Health Insurance Innovative Drug List enhances the national multi-layered medical security system, with a clear division of roles between basic medical insurance and commercial insurance [4] - Innovative drugs from leading companies like BeiGene have been among the first to be included in this new directory, showcasing their clinical value [4][5] Group 4: Renewal and Market Expansion - Successful renewal negotiations confirm the exceptional value and clinical status of innovative drugs from Sci-Tech Innovation Board companies [6] - Junshi Bioscience's drug, Tuoyi, has expanded its medical insurance coverage with new indications, benefiting a broader patient population [6] Group 5: R&D Investment and Innovation Cycle - R&D investment among Sci-Tech Innovation Board companies reached a new high in the first three quarters of 2025, with a year-on-year increase of over 10% and an R&D intensity of 42% [7] - The formation of a virtuous cycle of "R&D investment - innovation results - medical/commercial insurance support - market returns - reinvestment in R&D" is evident in the industry [7]