Core Viewpoint - Green Leaf Pharmaceutical has signed a collaboration agreement with Jiangsu Enhua Pharmaceutical, granting Enhua exclusive commercialization rights for three long-acting injectable antipsychotic products in mainland China, aimed at enhancing treatment options for schizophrenia patients [1][2]. Group 1: Collaboration Agreement - The agreement includes three products: Rykotan (injectable risperidone microspheres), Rybale (paliperidone palmitate injection), and Meibiri (paliperidone palmitate injection), all intended for the treatment of schizophrenia [1]. - Enhua will be responsible for the exclusive distribution and commercialization of these products in mainland China, while Green Leaf retains ownership of the assets, registration certificates, and all intellectual property rights [1]. - Enhua will pay a non-refundable licensing fee of $20 million to Green Leaf upon signing the agreement, which has a duration of ten years [1]. Group 2: Market Context and Product Development - Schizophrenia is a chronic and highly recurrent disease, with approximately 8 million patients in China, making treatment adherence a significant challenge [2]. - Long-acting injectable antipsychotics, such as those developed by Green Leaf, significantly improve patient compliance compared to oral formulations, serving as an important strategy to prevent relapse [2]. - Rykotan is noted as China's first independently developed long-acting injectable second-generation antipsychotic, while Rybale is the world's first and only paliperidone long-acting injection with a "one injection in the first month" dosing regimen [2]. Group 3: Strategic Importance - The board believes that the three long-acting injectables create a differentiated product portfolio that addresses the treatment needs of schizophrenia patients across all stages of the disease [3]. - The CNS (central nervous system) sector is a core strategic area for Green Leaf, which possesses a competitive product matrix and platform capabilities in this field [3]. - The collaboration with Enhua aims to deepen the market presence in the CNS sector, particularly enhancing product coverage in primary healthcare centers to help more patients receive standardized treatment and reduce the burden of the disease [3].

本文源自：金融界AI电报 绿叶制药(02186.HK)发布公告，集团的若干附属公司与江苏恩华药业股份有限公司的附属公司江苏恩华 和信医药营销有限公司(恩华)签署合作协议，授予恩华三款抗精神病药长效针剂产品在中国大陆地区的 独家商业化权利。该三款产品分别为瑞可妥(注射用利培酮微球(Ⅱ))、瑞百莱(棕榈酸帕利哌酮注射液 (Ⅱ))和美比瑞(棕榈酸帕利哌酮注射液)，均适用于精神分裂症的治疗。 ...

Group 1 - Green Leaf Pharmaceutical has signed a cooperation agreement with Jiangsu Enhua Pharmaceutical, granting Enhua exclusive commercialization rights for three long-acting injectable antipsychotic products in mainland China [1] - The three products include Risperidone microspheres (Riketu), Paliperidone palmitate injection (Ruibailai), and Paliperidone palmitate injection (Meibiri), all aimed at treating schizophrenia [1][2] - Enhua will pay a non-refundable licensing fee of $20 million to Green Leaf Pharmaceutical as part of the agreement, which lasts for ten years [1] Group 2 - Schizophrenia is a chronic, high-recurrence, and highly disabling disease, with approximately 8 million patients in China [2] - Long-acting injectable antipsychotics significantly improve patient compliance compared to oral formulations, making them an important treatment strategy for preventing relapse [2] - The products are developed based on Green Leaf's long-acting and sustained-release technology platform, with Riketu being the first domestically developed second-generation long-acting injectable antipsychotic in China [2] Group 3 - The board believes that the three long-acting injectables form a differentiated product portfolio that addresses the treatment needs of schizophrenia patients at all stages of the disease [3] - CNS (Central Nervous System) is a core strategic area for the company, which aims to accelerate the realization of product pipeline value through strategic partnerships [3] - The collaboration with Enhua will enhance the coverage of these products in primary healthcare centers, helping more patients receive standardized treatment and reduce the burden of the disease [3]

Core Viewpoint - Green Leaf Pharmaceutical (02186.HK) has signed a cooperation agreement with Jiangsu Enhua Pharmaceutical Co., Ltd. and its subsidiary, Jiangsu Enhua Xinyi Pharmaceutical Marketing Co., Ltd., granting Enhua exclusive commercialization rights for three long-acting injectable antipsychotic products in mainland China [1] Group 1: Agreement Details - The three products involved are Risperidone microspheres (Rykotuo), Paliperidone palmitate injection (Ruibailai), and Paliperidone palmitate injection (Meibiri), all indicated for the treatment of schizophrenia [1] - Enhua will be responsible for the exclusive distribution and commercialization of these products in mainland China, while the group retains ownership of the assets, registration certificates, and all intellectual property rights, as well as responsibility for production and supply [1] - The agreement is set for a duration of ten years, with Enhua making a one-time non-refundable payment of $20 million as a licensing fee to the group [1] Group 2: Strategic Implications - This collaboration represents a strong partnership between two leading companies in the central nervous system (CNS) field, aiming to deepen the market presence in schizophrenia treatment and provide more comprehensive treatment options for patients [1]

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 的全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責 任。 LUYE PHARMA GROUP LTD. 綠葉製藥集團有限公司 （於 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：02186） 自願性公告 授予恩華三款抗精神病藥長效針劑產品 於中國大陸的獨家商業化權利 綠葉製藥集團 有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」），董 事 會（「董 事 會」）宣 佈，本 集 團 的 若 干 附 屬 公 司 與 江 蘇 恩 華 藥 業 股 份 有 限 公 司 的 附 屬 公 司 江蘇恩華和信醫藥營銷有限公司（「恩 華」）簽 署 合 作 協 議，授 予 恩 華 三 款 抗 精 神 病 藥 長 效 針 劑 產 品 在 中 國 大 陸 地 區 的 獨 家 商 業 化 權 利。該 三 款 產 品 分 別 為 瑞 可 妥（注 射 用 利 培 酮 微 球（Ⅱ））、瑞 百 萊（ ...

Investment Rating - The report maintains a focus on the innovative drug and medical device industry chain, indicating a high level of interest in this sector [1][6]. Core Insights - The innovative drug sector is experiencing high prosperity, with a recommendation to pay attention to pharmaceutical companies that are likely to see a revaluation of their value, such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [6][25]. - The report highlights the Biopharma/Biotech sector, which is expected to see performance improvements as innovative pipelines are realized, with companies like Innovent Biologics, BeiGene, and others being of particular interest [6][25]. - Attention is also drawn to CXO and upstream companies benefiting from innovation, including WuXi AppTec and WuXi Biologics [6][25]. - The report emphasizes the potential recovery of leading medical device companies such as United Imaging Healthcare and Lepu Medical [6][25]. Summary by Sections A-Shares Performance - In the third week of December 2025, the A-share pharmaceutical sector performed similarly to the overall market, with the Shanghai Composite Index rising by 0.03% and the SW Pharma and Biotech index falling by 0.1%, ranking 19th among Shenwan primary industries [8][10]. - Sub-sectors that performed relatively well included pharmaceutical commerce (+4.9%), medical equipment (+1.2%), and medical services (+0.5%) [10][25]. - Notable individual stock performances included Anhui Huaren Health Pharmaceutical Co., Ltd. (+55.9%), Luyan Pharma (+36.8%), and ShuYu Civilian (+35.7%) [13][25]. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector underperformed the market, with the Hang Seng Healthcare index down by 1.8% and the Hang Seng Index down by 1.1% [19][25]. - In contrast, the U.S. pharmaceutical sector outperformed the market, with the S&P Healthcare Select Sector rising by 0.6% compared to the S&P 500's 0.1% increase [19][25].

Core Viewpoint - The report highlights the trends and statistics in the Chinese chemical pharmaceutical industry, indicating a slight decline in production while maintaining overall growth in the sector [1]. Industry Summary - As of October 2025, the production of chemical pharmaceutical raw materials in China reached 313,000 tons, showing a year-on-year decrease of 1.6% [1]. - From January to October 2025, the cumulative production of chemical pharmaceutical raw materials was 3,049,000 tons, reflecting a cumulative growth of 1.3% [1]. - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, a leading industry consulting firm in China [1]. Company Summary - Listed companies in the sector include Heng Rui Medicine, East China Pharmaceutical, Lizhu Group, Baiyunshan, North China Pharmaceutical, Haizheng Pharmaceutical, Fosun Pharmaceutical, Kelun Pharmaceutical, Enhua Pharmaceutical, and Xianju Pharmaceutical [1].

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]

（文章来源：证券日报） 证券日报网讯 12月19日晚间，恩华药业发布公告称，公司2025年第二次临时股东大会审议通过《关于 修订的议案》等多项议案。 ...

江苏恩华药业股份有限公司 关于监事会改革、选举职工代表董事的公告 证券代码：002262 证券简称：恩华药业 公告编号：2025-061 本公司及董事会全体成员保证公告内容真实、准确、完整，对公告的虚假记载、误导性 陈述或重大遗漏负连带责任。 根据《公司法》《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》 及《上市公司章程指引》等相关法律法规的规定，公司于 2025 年 12 月 19 日召开了职工代表 大会 2025 年第二次会议，经与会职工代表讨论表决，会议选举贾兴雷先生（简历详见附件） 为公司第七届届董事会职工代表董事，任期自本次职工代表大会审议通过之日起至公司第七届 董事会任期届满之日止。贾兴雷先生由第七届监事会非职工代表监事变更为第七届董事会职工 代表董事。 一、监事会改革情况 贾兴雷先生符合《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律法规和《公司章程》规定的任职条件。本次选举完成后， 公司董事会人数为 10 名，其中兼任高级管理人员职务的董事及由职工代表担任的董事人数总 计未超过公司董事总数的二分之一，符合相关法律法规 ...