Investment Rating - The report recommends a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Biosciences, Hualing Pharmaceutical-B, and others [3]. Core Insights - The pharmaceutical sector has outperformed the market, with a focus on the potential of innovative drugs and the CD73 target in cancer immunotherapy [4][5]. - The report highlights the promising clinical progress of CD73 inhibitors, with several products in various stages of clinical trials [21][25]. Summary by Sections Industry Investment Rating - The report provides a list of recommended companies with "Buy" and "Hold" ratings, indicating strong investment potential in the pharmaceutical sector [3]. Industry Performance - The pharmaceutical sector rose by 1.13%, outperforming the CSI 300 index by 0.25 percentage points, with innovative drugs and vaccines leading the performance [5][32]. Company Dynamics - Companies such as Lepu Medical and Sunshine Nuohua have made significant announcements regarding new product approvals and clinical trial progress, indicating a robust pipeline and growth potential [33][34]. Industry Trends - The report discusses the increasing focus on innovative drugs and the impact of regulatory changes on the pharmaceutical landscape, suggesting a shift towards high-efficiency business models in the industry [31][40].

Group 1 - The core viewpoint of the news is the performance and holdings of the Industrial and Commercial Bank of China Medical Healthcare Stock Fund, which has shown positive returns in various time frames [1] - The latest net value of the fund is 2.7270 yuan, with a growth of 1.79% [1] - The fund's performance over the past month has yielded a return of 8.91%, ranking 96 out of 1025 in its category [1] - Over the last six months, the fund has achieved a return of 13.01%, ranking 146 out of 989 [1] - Year-to-date, the fund has returned 19.66%, ranking 96 out of 999 [1] Group 2 - The top ten holdings of the fund account for a total of 39.79%, with significant positions in companies such as Heng Rui Pharmaceutical (8.90%) and WuXi AppTec (5.12%) [1] - The fund was established on November 18, 2014, and as of March 31, 2025, it has a total scale of 2.724 billion yuan [1] - The fund is managed by Zhao Bei and Ding Yang, both of whom have extensive experience in the healthcare sector [2]

Investment Rating - Investment Rating: Positive [2] Core Insights - The pharmaceutical and biotechnology industry index increased by 3.36%, ranking 6th among 31 primary industries, outperforming the CSI 300 index, which decreased by 0.21% [5][17] - The valuation of the pharmaceutical and biotechnology industry as of June 6, 2025, is 28.24x (TTM, excluding negative values), up from 27.60x in the previous period, indicating an upward trend but still below the average [5][23] - Notable sub-industry performance includes chemical preparations and other biological products, with increases of 5.77% and 4.68% respectively, while offline pharmacies saw a decline of 1.15% [5][17] Industry Review - The report highlights three major investment opportunities: 1) Companies with dual-antibody/multi-antibody technology platforms that have differentiated target design capabilities and clinical advancement efficiency are likely to attract international giants [9] 2) Areas with unmet clinical needs, such as advanced liver cancer and non-small cell lung cancer, are promising for dual-antibody therapy development [9] 3) Potential license-out candidates, as domestic innovative pharmaceutical companies continue to engage in global collaborations [9] Important Industry News - CDE launched the "Star Plan" to encourage the development of pediatric anti-cancer drugs, addressing significant unmet clinical needs in this area [7][32] - Alcon's dry eye medication "Tryptyr" received FDA approval, marking it as the first of its kind globally [39] - Hansoh Pharmaceutical's third-generation EGFR-TKI "Amivantamab" was approved in the UK for first-line treatment of NSCLC, becoming the first domestically developed EGFR-TKI approved overseas [42] - BMS and BioNTech entered a collaboration for the dual-antibody candidate BNT327, with an upfront payment of $1.5 billion and potential milestone payments of $7.6 billion [51] Company Dynamics - Stone Pharmaceutical is negotiating three potential deals totaling $5 billion, involving several products including EGFR ADCs [49] - BMS's "Rotecip" was approved for treating lower-risk myelodysplastic syndromes, marking a significant innovation in this therapeutic area [45] - AbbVie’s JAK inhibitor "Upadacitinib" was approved for treating giant cell arteritis, becoming the first approved treatment for this condition in China [48]

Summary of Key Points Core Viewpoint - Nocera Health (688428) has shown a positive stock performance, with a closing price of 24.56 yuan as of June 6, 2025, reflecting a 2.25% increase from the previous week [1]. Company Announcements - As of May 31, 2025, the company's legal/registered capital remains unchanged at 25,000,000,000 shares, with a total nominal value of USD 50,000 [1][3]. - The number of issued shares remains stable, with 1,494,598,235 shares listed on the Hong Kong Stock Exchange and 266,282,967 shares on the Shanghai Stock Exchange [1][3]. - There were no new additions or reductions in issued or treasury shares during the month [1]. - Under the 2023 and 2024 RMB stock incentive plans, a total of 7,209,000 and 9,870,200 restricted shares were granted at prices of 6.95 yuan and 6.65 yuan, respectively [1]. - As of the end of May 2025, 633,250 and 70,000 restricted shares have lapsed [1][3].

FF301 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: 2025年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 諾誠健華醫藥有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年6月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09969 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 25,000,000,000 | USD | 0.000002 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 25,000,000,000 | USD | 0.000002 | USD | | 50,000 | 本月底法 ...

Core Viewpoint - The Hong Kong stock market is expected to open higher, with a positive pre-market performance in the innovative drug sector, driven by significant approvals for new drugs in China [1] Group 1: Market Performance - The Hong Kong innovative drug index constituents saw notable gains, with Innovent Biologics rising over 6%, and other companies like Zai Lab and WuXi AppTec increasing by over 2% [1] - The Hong Kong innovative drug ETF (159567) experienced a net inflow of over 165 million yuan in the past 20 trading days, indicating high market enthusiasm [1] - The price-to-earnings ratio of the Hong Kong innovative drug index decreased from 64 times on February 21 to 27 times on June 4, highlighting improved value for investors [1] Group 2: Regulatory Developments - On May 29, the National Medical Products Administration of China approved 11 innovative drugs, including 7 first-class innovative drugs, marking a historic moment for the sector [1] - Over 20 first-class innovative drugs have been approved from January to May, setting a record for the same period in the past five years [1] - The Chinese pharmaceutical industry is transitioning from "follow-up innovation" to "global leadership," focusing on clinical value in key areas like targeted cancer therapies and immunotherapy [1] Group 3: Investment Opportunities - The innovative drug ETF (159567) tracks the National Index of Hong Kong Innovative Drugs, with 90% of its weight in innovative drug companies, positioning it to benefit from trends like AI-enabled drug development and the expansion of domestic innovative drugs [1] - The innovative drug ETF (159992) encompasses leading companies in the innovative drug industry chain, benefiting from AI advancements and the introduction of new drug reimbursement policies [2] - The domestic innovative drug sector is expected to show strong growth and investment value in the first half of 2025, driven by ongoing international collaborations and the approval of new drugs [2]

Core Viewpoint - The company announced the presentation of innovative pipeline data at the 2025 American Society of Clinical Oncology (ASCO) annual meeting, highlighting advancements in its drug candidates [1] Group 1: Pipeline Innovations - The company will present data on the anti-CCR8 antibody ICP-B05 (CM369) [1] - The company will showcase findings related to the BCL2 inhibitor mesutoclax (ICP-248) [1] - The company will also introduce updates on the pan-TRK inhibitor zurletrectinib (ICP-723) [1]

Core Viewpoint - The company plans to utilize part of its temporarily idle raised funds for cash management, allowing for investment in low-risk financial products while ensuring that the funds are not diverted from their intended projects [1][3][5]. Fund Management and Usage - The company has established a special account for managing raised funds, with all funds deposited into this account upon receipt [2]. - The total amount of raised funds for investment projects is approximately 277.88 million RMB [2]. Cash Management Details - The company will manage up to 1 billion RMB of temporarily idle raised funds, investing in low-risk products such as structured deposits and time deposits, with a maximum investment period of 12 months [1][3][4]. - The cash management decision is valid for 12 months from the board's approval date, and the 1 billion RMB can be used in a rolling manner [4]. Investment Purpose and Products - The objective of cash management is to enhance the efficiency of fund usage and increase company returns without affecting the ongoing investment projects [3][5]. - The company will strictly control risks and will not use the funds for pledging or securities investment [3][4]. Operational Impact - The cash management strategy will not impact the company's main business operations or the progress of investment projects, aiming to improve fund efficiency and shareholder returns [5][7]. - The company will adhere to relevant accounting standards for financial instruments in managing these funds [5]. Approval and Compliance - The board of directors approved the cash management plan on May 29, 2025, ensuring compliance with regulatory requirements [7][8]. - The sponsor institution has confirmed that the plan aligns with regulatory guidelines and does not conflict with the company's investment project implementation [8].

中国国际金融股份有限公司 关于诺诚健华医药有限公司 使用部分暂时闲置募集资金进行现金管理及以通知存款、协定存 款等方式存放募集资金的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为诺诚健 华医药有限公司（以下简称"诺诚健华"或"公司"）的保荐机构，根据《中华人民共 和国公司法》《中华人民共和国证券法》《上海证券交易所科创板股票上市规则》《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《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》等有关法律、行政法规、部门规 章及业务规则的要求，对诺诚健华使用部分暂时闲置募集资金进行现金管理及以通知存 款、协定存款等方式存放募集资金的事项进行了认真、审慎核查，具体情况如下： 一、募集资金基本情况 公司首次公开发行股票并在科创板上市的注册申请于 2022 年 7 月 15 日经中国证 券监督管理委员会同意（证监许可[2022]1524 号《关于同意诺诚健华医药有限公司首次 公开发行股票注册的批复》），公司据此公开发行了人民币普通股 264,648,217 股股票， 每股发行价格为人民币 11.03 元，募集 ...

| A | 股代码：688428 | 股简称：诺诚健华 A | 公告编号：2025-019 | | --- | --- | --- | --- | | 港股代码：09969 | | 港股简称：诺诚健华 | | 诺诚健华医药有限公司 关于使用部分暂时闲置募集资金进行现金管理及 以通知存款、协定存款等方式存放募集资金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 2025 年 5 月 29 日，诺诚健华医药有限公司（以下简称"公司"或"诺诚健 华"）召开董事会，审议通过了《使用部分暂时闲置募集资金进行现金管理及以 通知存款、协定存款等方式存放募集资金》的议案，同意公司在确保不影响募集 资金投资项目建设及募集资金使用安排，并有效控制风险的前提下，将最高不超 过 10 亿元人民币的暂时闲置募集资金进行现金管理，购买安全性高、流动性好 的低风险投资产品（包括但不限于结构性存款、定期存款、大额存单等），在董 事会审议通过之日起 12 个月内可进行该现金管理，且该 10 亿元人民币额度可循 环滚动使用；并同意公司以通知存款、协定 ...