Core Viewpoint - The article discusses the strategic development goals and initiatives of the company, 诺诚健华, in response to the central economic work meeting's emphasis on expanding domestic demand and optimizing supply in the context of the 2026 economic landscape [1][3]. Group 1: Company Initiatives - The company has achieved significant milestones, including a partnership with Zenas worth over $2 billion, marking a record in the field of self-immune small molecules in China [1]. - Two innovative drugs have been approved for market launch, including the first CD19 monoclonal antibody for treating diffuse large B-cell lymphoma and the first domestically developed TRK inhibitor [2]. - The company plans to launch five to six innovative drugs and develop five to ten differentiated clinical candidates by 2026, aiming to accelerate the globalization process and enhance its core competitiveness in innovative drug development [3]. Group 2: Strategic Development Goals - By 2026, the company aims to leverage "Chinese originality" and a "global vision" to embark on a new decade of growth, focusing on innovation and global market expansion [3]. - The company intends to strengthen its overseas team capabilities and achieve globalization for three to four products, enhancing its core competitiveness in innovative drug development from China to the global market [3]. - The company will maintain a passion for entrepreneurial innovation and a keen insight to drive rapid development in a challenging environment [3].

Core Insights - The article discusses the economic outlook for 2026 and the strategic development goals of companies in response to the central economic work conference's emphasis on expanding domestic demand and optimizing supply [1][2]. Company Developments - In 2025, the company will celebrate its 10th anniversary, marking a significant milestone with multiple "China's first" achievements in the biopharmaceutical sector [7]. - The company has entered into a major collaboration with Zenas worth over $2 billion, setting a record for external licensing in China's small molecule field [7]. - The company has achieved profitability two years ahead of schedule due to significant commercial developments and partnerships [7]. Product Innovations - The company has received approval for two innovative drugs: the first CD19 monoclonal antibody for treating diffuse large B-cell lymphoma (DLBCL) and the first domestically developed next-generation TRK inhibitor [7][8]. - The company is advancing multiple clinical trials for its BCL2 inhibitor Mesutoclax, which has shown significant efficacy in treating various blood cancers [8]. - The company is also progressing with its BTK inhibitor, which has entered phase III clinical trials for several indications, including systemic lupus erythematosus (SLE) and immune thrombocytopenic purpura (ITP) [8]. Strategic Goals for 2026 - The company aims to launch five to six innovative drugs and develop five to ten differentiated clinical candidates, focusing on global expansion and innovation [9][10]. - The company plans to enhance its overseas team capabilities and accelerate its globalization efforts, targeting three to four products for global markets [10]. - The company will maintain a strong entrepreneurial spirit and agility in execution to navigate uncertainties and drive rapid growth [10].

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，概不對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。 InnoCare Pharma Limited 諾誠健華醫藥有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：9969） 根據2023年股權激勵計劃 授予受限制股份單位 根據上市規則第17.06A條，董事會宣佈於2025年12月31日，本公司根據2023年 股權激勵計劃授予兩名承授人1,400,000份受限制股份單位，相當於本公司於本 公告日期已發行股份總數的約0.08%。 授予受限制股份單位的詳情 授予承授人受限制股份單位的詳情如下： 授出日期： 2025年12月31日 承授人及獲授受限制股份 單位的數目： 授予兩名僱員參與者1,400,000份受限制股份單位。 概無承授人須個別披露。 購買價： 每股香港股份0.178美元（約1.39港元） – 1 – 於授出日期股份的 收市價： (i) 每股香港股份12.3港元；及 (ii) 每股人民幣股份人民幣20.52元（約2 ...

格隆汇12月31日丨诺诚健华(09969.HK)发布公告，2025年12月31日，公司根据2023年股权激励计划授予 两名承授人140万份受限制股份单位，相当于公司于本公告日期已发行股份总数的约0.08%。 ...

格隆汇12月31日丨诺诚健华(09969.HK)发布公告，2025年12月31日，公司根据2023年股权激励计划授予 两名承授人140万份受限制股份单位，相当于公司于本公告日期已发行股份总数的约0.08%。 ...

智通财经APP讯，诺诚健华(09969)发布公告，于2025年12月31日，公司根据2023年股权激励计划授予两 名承授人140万份受限制股份单位，相当于公司于本公告日期已发行股份总数的约0.08%。 ...

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，概不對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。 InnoCare Pharma Limited 諾誠健華醫藥有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：9969） 承授人及獲授受限制股份 單位的數目： 授予兩名僱員參與者1,400,000份受限制股份單位。 概無承授人須個別披露。 購買價： 每股香港股份0.178美元（約1.39港元） 根據2023年股權激勵計劃 授予受限制股份單位 根據上市規則第17.06A條，董事會宣佈於2025年12月31日，本公司根據2023年 股權激勵計劃授予兩名承授人1,400,000份受限制股份單位，相當於本公司於本 公告日期已發行股份總數的約0.08%。 授予受限制股份單位的詳情 授予承授人受限制股份單位的詳情如下： 授出日期： 2025年12月31日 – 1 – 於授出日期股份的 收市價： (i) 每股香港股份12.3港元；及 (ii) 每股人民幣股份人民幣20.52元（約2 ...

机构持仓方面，截止2025年9月30日，诺诚健华十大流通股东中，富国精准医疗灵活配置混合A （005176）位居第六大流通股东，持股1215.49万股，相比上期减少42.71万股。万家优选（161903）位 居第七大流通股东，持股1000.00万股，为新进股东。平安医疗健康混合A（003032）位居第八大流通股 东，持股862.66万股，为新进股东。工银前沿医疗股票A（001717）位居第九大流通股东，持股800.00 万股，为新进股东。汇添富创新医药混合A（006113）位居第十大流通股东，持股686.03万股，相比上 期减少74.34万股。中欧医疗健康混合A（003095）、鹏华医药科技股票A（001230）、易方达医疗保健 行业混合A（110023）退出十大流通股东之列。 诺诚健华今年以来股价涨74.35%，近5个交易日跌2.68%，近20日跌17.30%，近60日跌23.75%。 责任编辑：小浪快报 12月25日，诺诚健华盘中下跌2.01%，截至10:06，报21.41元/股，成交5115.47万元，换手率0.88%，总 市值377.81亿元。 诺诚健华所属申万行业为：医药生物-化学制药-化学制剂。所 ...

Core Viewpoint - The report from Guoyuan International highlights the strong performance of Oubutini in the SLE IIb trial, indicating significant potential for the company in the autoimmune disease sector [1] Group 1: Clinical Trial Results - Oubutini demonstrated a SRI-4 response rate of 57.1% in the 75mg group, significantly higher than the placebo group at 34.4% [1] - In the subgroup with baseline BILAG≥1A or ≥2B, the SRI-4 response rate improved by 35% compared to the placebo group [1] - In the subgroup with BILAG≥1A or ≥2B and SLEDAI-2K score ≥4, the improvement was 43% [1] Group 2: Regulatory Approvals and Product Pipeline - The CDE has approved the initiation of a Phase III clinical trial for Oubutini in treating SLE, with the first patient expected to be enrolled in Q1 2026 [1] - The company has accelerated its product pipeline with the approval of Zolacutini for market release [1] - The new TYK2 inhibitor ICP-488 for treating cutaneous lupus erythematosus (CLE) has also received CDE approval to commence Phase II clinical trials [1] Group 3: Financial Position and Valuation - The company holds approximately 7.2 billion yuan in cash and related accounts, sufficient for ongoing innovative research [1] - The company is driven by scientific innovation, showcasing strong product capabilities [1] - Based on the DCF model, a target price of 16.81 HKD is set, indicating a potential upside of 28% from the current price [1]

Group 1 - The core viewpoint of the report is that Nuo Cheng Jian Hua (09969) is expected to achieve revenues of RMB 2.01 billion, RMB 2.06 billion, and RMB 2.56 billion for the years 2025-2027, with net profits of RMB 117 million, RMB 17 million, and RMB 188 million respectively. The company holds approximately RMB 7.2 billion in cash and equivalents, which is sufficient for innovative research. The company is driven by scientific innovation and has strong product capabilities. A DCF model gives a target price of HKD 16.81, indicating a potential upside of 28% from the current price [1] Group 2 - The company focuses on hematological malignancies, solid tumors, and autoimmune diseases. The drug Oubutini has shown excellent performance in the SLE IIb trial, with a SRI-4 response rate of 57.1% in the 75mg group, significantly higher than the placebo group at 34.4%. In subgroups with baseline BILAG≥1A or ≥2B, the response rate improved by 35%, and in those with BILAG≥1A or ≥2B and SLEDAI-2K score ≥4, it improved by 43%. The CDE has approved the initiation of a Phase III clinical trial for Oubutini in SLE, with the first patient expected to be enrolled in Q1 2026 [2] Group 3 - The product pipeline is advancing rapidly, with the new TYK2 inhibitor ICP-488 approved for Phase II clinical trials for cutaneous lupus erythematosus (CLE). ICP-488 specifically binds to the TYK2 JH2 domain, blocking the signaling of inflammatory cytokines such as IL-23, IL-12, and type I interferons. The NMPA has approved the company's Zolbetin (ICP-723) for treating adult and adolescent patients with NTRK fusion gene-positive solid tumors, showing excellent clinical data with an objective response rate of 89.1% and a disease control rate of 96.4%. The 24-month PFS is 77.4%, and the 24-month OS is 90.8%, outperforming first-generation TRK inhibitors. The Phase III registration trial for Oubutini in immune thrombocytopenia (ITP) has completed patient enrollment, with plans to submit a new drug application in the first half of 2026 [3] Group 4 - The company has made significant progress in business development, reaching an agreement with Zenas Bio Pharma in October 2025. Zenas has been granted rights for Oubutini for non-oncological indications outside Greater China and Southeast Asia, as well as for multiple sclerosis globally. Zenas will pay a cash upfront of USD 100 million. The total potential value of this transaction exceeds USD 2 billion, and the collaboration with Zenas will significantly accelerate the overseas clinical development of products [4]