Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The trend of Chinese innovative drugs going overseas is a long-term phenomenon, with external environmental changes having limited impact. In the first half of 2025, there were 72 License-out transactions, exceeding half of the total for 2024, with a total transaction amount 16% higher than in 2024. Notably, there were 16 transactions exceeding $1 billion each [2] - The small nucleic acid drug sector has seen significant breakthroughs, particularly in the treatment of chronic diseases such as hypertension and hyperlipidemia, with major collaborations and potential milestone payments indicating a robust commercial outlook [3] - The trend towards oral autoimmune drugs is gaining attention, with significant partnerships and clinical advancements in this area, highlighting the importance of oral formulations in autoimmune therapies [4] - Recent clinical data on long-acting insulin analogs shows promising weight loss results, with ongoing developments in combination therapies for metabolic diseases, indicating a growing market potential [5] - The CXO sector is gradually recovering, with an increase in License-out transactions serving as a vital funding source for biotech companies, leading to a resurgence in innovation and clinical development [6] - The 2025 national medical insurance negotiations and the commercial insurance innovative drug directory are crucial for companies involved, with a focus on orphan drugs and imported PD-1/L-1 products [7] Summary by Sections Industry Tracking - The pharmaceutical sector has underperformed compared to the CSI 300 index, with a recent weekly decline of 1.20% and a monthly decline of 3.38%, ranking 25th among 31 industry indices [22][26] Industry Trends and Valuation - The pharmaceutical industry index currently has a PE ratio of 39.05, above the five-year historical average of 31.36, indicating a higher valuation compared to historical trends [48][50] Recent Research Achievements - The research team has published several in-depth reports on various pharmaceutical topics, including the growth of the blood products industry and the potential of GLP-1 drugs in chronic disease management [53] Important Policies and News - Recent regulations have been introduced to standardize clinical research and ensure drug traceability, which will impact the pharmaceutical landscape significantly [55][56]

Policy Developments - The Ministry of Industry and Information Technology, along with two other departments, announced the initiation of the 2025 high-end medical equipment promotion application project [1] Drug and Device Approvals - Baicheng Pharmaceutical received clinical trial approval for its innovative drug BIOS-0623-Z4, aimed at treating cancer pain in adults, with no similar drugs currently on the market [2] - Heng Rui Medicine's subsidiary received approval for clinical trials of HRS-2129, targeting diabetic peripheral neuropathic pain and osteoarthritis pain, with a total R&D investment of approximately 112 million yuan [3] - Borui Pharmaceutical obtained FDA approval for the clinical trial of BGM1812 injection for overweight or obesity treatment, with no similar products approved globally [4] Capital Market - Hangzhou Yaojiasu Medical Isotope Technology Co., Ltd. announced the completion of several million yuan in angel round financing, aimed at expanding its core team and advancing technology development [5] Industry Events - The National Medical Insurance Administration has identified and addressed multiple cases of abnormal data, enhancing the regulatory capabilities of medical insurance data [7] - Xiangyu Medical signed a cooperation agreement with Zhejiang Provincial People's Hospital to establish a clinical research ward for brain-machine interfaces [8] - A micro "lung chip" with an embedded immune system was developed by researchers from Georgia Tech and Vanderbilt University, potentially revolutionizing disease research [9] Public Opinion Alerts - Shenqi Pharmaceutical faced a significant stock drop after being ordered to rectify issues related to the misappropriation of 44.83 million yuan in sales fees, leading to regulatory actions [10]

Group 1 - Yinglian Co., Ltd. expects a net profit of 34.5 million to 37.5 million yuan for the first three quarters of 2025, representing a year-on-year increase of 1531% to 1673% [1] - China CNR Corporation signed major contracts totaling approximately 54.34 billion yuan, accounting for 22% of its expected revenue for 2024 [1] - Shengmei Shanghai reported a total order amount of 9.072 billion yuan, a year-on-year increase of 34.1% [2] Group 2 - Fulian Precision plans to increase capital in its subsidiary Jiangxi Shenghua with a total investment of 35.63 billion yuan, which is expected to constitute a major asset restructuring [3] - Aimeike has obtained a drug registration certificate for Minoxidil topical solution, which is used for treating male pattern baldness [4] - Guolin Technology is planning to acquire 91.07% of Kailianjie’s equity for cash, which is expected to constitute a major asset restructuring [5] Group 3 - Baicheng Co. plans to purchase 55% of Shanghai Canxi Engineering Equipment Co. and will suspend trading of its stock starting September 30, 2025 [6][7] - Diaowei is planning to acquire equity in Rongpai Semiconductor and has suspended trading of its stock [8] - Xiatun New Energy signed a strategic cooperation framework agreement with Zhongwei Co. to establish a long-term partnership in the supply chain for solid-state lithium battery materials [9] Group 4 - Lingyi Zhi Manufacturing is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy [10] - Baicheng Pharmaceutical received clinical trial approval for its innovative drug BIOS-0623-Z4, which targets cancer pain treatment [11] - Weide Information announced a preliminary transfer price of 40.33 yuan per share, representing a 26% discount to its closing price [12] Group 5 - Huayou Cobalt's subsidiary signed contracts with LGES for the supply of 76,000 tons of ternary precursor materials and 88,000 tons of ternary cathode materials from 2026 to 2030 [13] - Hubei Energy signed a cooperation agreement with the Xiangyang Municipal Government to invest 26.7 billion yuan in clean energy projects [14]

BIOS-0623-Z4片是由公司自主研发的一种非阿片类靶点机制应用于成人癌痛治疗的药物，目前无同靶 点且同适应症药品上市。BIOS-0623-Z4片属于"境内外均未上市的创新药"，其注册分类为化学药品1 类。 百诚医药（301096）(301096.SZ)发布公告，公司近日获悉，公司自主研发的创新药BIOS-0623-Z4片获 得国家药品监督管理局(NMPA)临床试验批准通知书。 ...

Core Viewpoint - 百诚医药's innovative drug BIOS-0623-Z4 has received clinical trial approval from the National Medical Products Administration (NMPA) in China, marking a significant milestone for the company in the oncology pain management sector [1] Company Summary - 百诚医药 has developed BIOS-0623-Z4, a non-opioid drug targeting adult cancer pain treatment, which currently has no other drugs with the same target and indication available in the market [1] - The drug is classified as a Class 1 chemical drug and is categorized as an innovative drug that has not been marketed domestically or internationally [1]

百诚医药公告，近日获悉，公司自主研发的创新药BIOS-0623-Z4片获得国家药品监督管理局（NMPA） 临床试验批准通知书。BIOS-0623-Z4片是由公司自主研发的一种非阿片类靶点机制应用于成人癌痛治 疗的药物，目前无同靶点且同适应症药品上市。药品名称：BIOS-0623-Z4片，注册分类：1类，适应 症：缓解成人癌痛，申请人：杭州百诚医药科技股份有限公司，受理号：CXHL2500675、 CXHL2500676，目前所处审批阶段：IND批准（临床试验获批），审批结论：根据《中华人民共和国药 品管理法》及有关规定，经审查，2025年7月10日受理的BIOS-0623-Z4片临床试验申请符合药品注册的 有关要求，同意本品开展缓解成人癌痛的临床试验。 ...

Core Viewpoint - The company, Baicheng Pharmaceutical, has received clinical trial approval from the National Medical Products Administration (NMPA) for its innovative drug BIOS-0623-Z4, which is aimed at treating cancer pain in adults and is the first of its kind with a non-opioid target mechanism [1] Group 1 - The drug BIOS-0623-Z4 is developed independently by the company and is classified as a Class 1 chemical drug [1] - There are currently no other drugs on the market that share the same target mechanism and indication as BIOS-0623-Z4 [1] - BIOS-0623-Z4 is categorized as an innovative drug that has not been launched domestically or internationally [1]

证券代码：301096 证券简称：百诚医药 公告编号：2025-049 杭州百诚医药科技股份有限公司 关于创新药BIOS-0623-Z4片获得临床试验批准通知书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 杭州百诚医药科技股份有限公司（以下简称"公司"）近日获悉，公司自主研发 的创新药 BIOS-0623-Z4 片获得国家药品监督管理局（NMPA）临床试验批准通知书。 现将情况公告如下： 一、药品基本情况 药品名称：BIOS-0623-Z4 片 注册分类：1 类 适应症：缓解成人癌痛 申请人：杭州百诚医药科技股份有限公司 受理号：CXHL2500675、CXHL2500676 特此公告。 杭州百诚医药科技股份有限公司董事会 2025 年 9 月 29 日 目前所处审批阶段：IND 获批（临床试验获批） 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025 年 7 月 10 日受理的 BIOS-0623-Z4 片临床试验申请符合药品注册的有关要求，同意本品开 展缓解成人癌痛的临床试验。 二、药品的其他情况 面对全球癌症负担日益加重以及 ...

Core Viewpoint - Jingtai Holdings (02228) has seen a significant stock increase, rising over 8% and currently trading at HKD 12.97 with a transaction volume of HKD 1.223 billion, following a collaboration announcement with Hangzhou Baicheng Pharmaceutical [1] Group 1: Collaboration Details - Jingtai Technology has signed a letter of intent with Hangzhou Baicheng Pharmaceutical to utilize its "AI + Robotics" platform for new drug development [1] - Baicheng Pharmaceutical will commission Jingtai Technology to conduct pharmaceutical research and development [1] - The collaboration aims to address unmet clinical needs in various disease areas, including pain, hypersomnia, tumors, autoimmune diseases, and ophthalmology, leveraging Jingtai's AI drug development platform [1] Group 2: Strategic Meetings - On September 24, Jingtai Technology's chairman and CEO visited the headquarters of China Merchants Group to seek strategic collaboration [1] - The visit aimed to enhance communication and cooperation in accelerating new drug development, discovering new materials, and chemical automation [1] - Jingtai Technology looks to leverage this visit to achieve win-win development through resource advantages [1]

Core Viewpoint - Jingtai Holdings (02228) has seen a significant stock price increase, rising over 8% and currently trading at 12.97 HKD with a transaction volume of 1.223 billion HKD, following a collaboration announcement with Hangzhou Baicheng Pharmaceutical Technology Co., Ltd. [1] Group 1: Collaboration and Strategic Initiatives - Jingtai Technology has signed a letter of intent with Baicheng Pharmaceutical to utilize its "AI + Robotics" platform for new drug development [1] - The collaboration aims to address unmet clinical needs in various disease areas, including pain, hypersomnia, tumors, autoimmune diseases, and ophthalmology, leveraging Jingtai's AI drug development platform [1] - Both companies plan to explore the establishment of a joint venture to expand their commercial cooperation in drug development and other fields [1] Group 2: Strategic Meetings and Future Directions - On September 24, Jingtai Technology's chairman and CEO visited the headquarters of China Merchants Group to seek strategic collaboration [1] - The visit aimed to enhance communication and cooperation in accelerating new drug development, discovering new materials, and chemical automation [1] - Jingtai Technology is looking to leverage resource advantages for mutual development and success through this strategic engagement [1]