CSPC PHARMACEUTICAL GROUP LIMITED 石藥集團有限公司 (Incorporated in Hong Kong under the Companies Ordinance) （根據公司條例在香港註冊成立） (Stock Code: 1093) （股份代號：1093） NOTIFICATION LETTER 通知信函 19 September 2025 Dear Shareholder, CSPC Pharmaceutical Group Limited (the "Company") — Notice of Publication of 2025 Interim Report (the "Current Corporate Communications") The English and Chinese versions of the Current Corporate Communications are available on the Company's website at www.cspc.com.hk and the website of The Stock Excha ...

目錄 | | | 1 二零二五年中期報告 3 財務摘要 4 管理層討論及分析 28 簡明綜合財務報表審閱報告 29 簡明綜合收益表 30 簡明綜合全面收益表 31 簡明綜合財務狀況表 33 簡明綜合權益變動表 34 簡明綜合現金流量表 36 簡明綜合財務報表附註 59 其他資料 公司資料 董事會 執行董事： 蔡東晨 （主席） 張翠龍 （副主席兼行政總裁） 王振國 潘衛東 王懷玉 李春雷 姚兵 蔡鑫 陳衛平 獨立非執行董事： 王波 CHEN Chuan 王宏廣 歐振國 羅卓堅 李泉 審核委員會 歐振國 （主席） 王波 CHEN Chuan 提名委員會 蔡東晨 （主席） 王波 CHEN Chuan 李泉 薪酬委員會 歐振國 （主席） 王波 CHEN Chuan 公司秘書 羅泰安 註冊辦事處 香港 灣仔 港灣道18號 中環廣場 32樓 3206室 股份過戶登記處 卓佳證券登記有限公司 香港 夏愨道16號 遠東金融中心17樓 核數師 德勤 • 關黃陳方會計師行 註冊公眾利益實體核數師 證券交易所 香港聯合交易所有限公司（「香港聯交所」） 股份代號 香港聯交所：1093 投資者關係聯絡 電郵：ir@cspc.hk 電話 ...

現特來函以確定 閣下對收取日後所有公司通訊的意向選擇。在行使 閣下選擇權時，請填妥及簽署隨附 的回條（「回條」），並將回條寄回或親身交回本公司股份過戶登記處卓佳證券登記有限公司（「過戶登記處」）， 地址為香港夏愨道16號遠東金融中心17樓。倘若 閣下在香港投寄，可使用回條內的郵寄標籤寄回，而毋 須在信封上貼上郵票；否則，請貼上適當的郵票。 我們鼓勵 閣下選擇電子版本。此舉既有助於保護環境並可促進本公司與股東更具效率的溝通。 若本公司於2025年10月18日或之前尚未收到 閣下填妥並簽署的回條，或任何 閣下反對透過以電子方 式閱覽公司通訊的回應， 閣下將被視作選擇電子版本（而非收取印刷本），本公司將以電郵方式（或如未有 提供電郵地址，則郵寄至 閣下於本公司股東名冊上所示的地址）通知 閣下有關公司通訊已登載於本公 司網站及香港聯交所網站。 CSPC PHARMACEUTICAL GROUP LIMITED 石藥集團有限公司 （股份代號：1093） （於香港註冊成立之有限公司） 各位股東： 石藥集團有限公司（「本公司」） 致新登記股東之函件 — 選擇公司通訊之收取方式 根據香港聯合交易所有限公司證券上市規則（「上市 ...

Core Viewpoint - The Trump administration is drafting an executive order that will impose three major restrictions on commercial transactions involving Chinese innovative drug patents or rights, focusing on national security reviews by the Committee on Foreign Investment in the United States (CFIUS) [1][2]. Summary by Sections Executive Order Details - The draft includes three main provisions: 1. Inclusion of Chinese innovative drug BD transactions in the CFIUS mandatory review list, ending the previous "low-risk automatic exemption" practice [2]. 2. FDA will implement "racial sensitivity supplementary reviews" for drugs relying on Chinese clinical data, requiring at least 20% comparative data from non-Asian populations [2]. 3. Establishment of a "key drug domestic production fund" to provide production subsidies for 15 categories of drugs, including antibiotics and acetaminophen, while implementing a "domestic priority" principle in federal procurement [2]. Market Reaction - The market reacted swiftly to the policy risks, with the Hong Kong innovative drug index (HK1105) dropping 3.82% on September 11, 2025, and the A-share innovative drug sector (BK1106) declining 2.17%, with over 80% of stocks in the sector experiencing pullbacks [3]. - The following day, the indices showed signs of recovery, indicating investors' responses to policy uncertainties and rational corrections [3]. Globalization Trends - Despite the geopolitical risks, the trend of Chinese innovative drugs going global remains intact, with total license-out transactions to Europe and the U.S. reaching $9.43 billion as of September 2025 [3]. - Major transactions include a $950 million licensing deal between BeiGene and Royalty Pharma, and a $6 billion global licensing agreement between 3SBio and Pfizer, highlighting a shift towards milestone payments and regional licensing [3]. Industry Challenges - The domestic market faces challenges, with annual growth in medical insurance fund spending (approximately 12%) lagging behind the growth in innovative drug R&D investment (approximately 25%) [4]. - The average reduction in medical negotiations remains high at 54%, and commercial health insurance coverage for innovative drugs is below 15%, creating a supply-demand imbalance that necessitates going global [4]. Risk Resilience Assessment - Goldman Sachs has categorized Chinese innovative drug companies into three risk resilience tiers based on their sensitivity to policy changes and operational capabilities [4][5]. - Companies with mature global layouts exhibit the strongest resilience, while those heavily reliant on domestic markets show the weakest resilience [5][10]. Strategic Defense Framework - A three-dimensional defense system is proposed to address risks associated with the executive order, focusing on transaction review, data compliance, and supply chain security [13]. - Strategies include conducting national security risk pre-assessments for transactions over $50 million and establishing partnerships with U.S. law firms to navigate regulatory challenges [14][15]. Conclusion - The construction of a quantifiable "risk resilience index" is essential for Chinese innovative drugs in the global 2.0 era, emphasizing the need for companies to embed policy hedging clauses in transaction structures and consider racial diversity data in clinical stages [23].

Group 1 - As of September 17, 42 public funds have achieved a net value growth rate exceeding 100% this year, with the highest nearing 190% [1] - The 42 "doubling funds" include various types such as equity mixed, QDII, flexible allocation, ordinary stock, and passive index funds, with equity mixed funds being the most prevalent at 23, accounting for nearly 55% [1] - Most of these funds are heavily invested in technology or pharmaceutical assets, with notable examples including Yongying Technology Smart Selection A and Yinhua Guozheng Hong Kong Stock Innovation Drug ETF [1] Group 2 - The investment direction in the AI industry chain is emphasized as "underlying hardware chips + upper software applications," indicating a focus on semiconductor opportunities due to increasing computing power demands [2] - In addition to the 42 "doubling funds," over 100 other products have achieved a net value growth rate between 80% and 100%, primarily focusing on technology and pharmaceutical assets [2]

Investment Rating - The report does not explicitly state an investment rating for the allergic rhinitis drug industry in China. Core Insights - The Chinese allergic rhinitis drug market is projected to grow from CNY 44 billion in 2019 to CNY 81 billion by 2024, with a compound annual growth rate (CAGR) of 12.9%. By 2030, the market is expected to reach CNY 229 billion, reflecting a growth rate of 19.0% [5]. - The report highlights the increasing importance of biological agents in treating moderate to severe allergic diseases, with significant advancements in drug development and clinical applications [20][23]. Summary by Sections Market Overview - The market for allergic rhinitis drugs in China is expected to grow from CNY 422 billion in 2019 to CNY 462.8 billion by 2024, with a CAGR of 1.9%, and is projected to reach CNY 567.7 billion by 2030 [16]. Treatment Landscape - Current treatment options for allergic rhinitis are categorized into first-line, second-line, and third-line therapies. First-line treatments include nasal corticosteroids and second-generation antihistamines [5][11]. - Immunotherapy is recommended as a first-line treatment for the underlying cause of allergic rhinitis, while symptomatic treatments focus on alleviating symptoms [11]. Drug Development - Biological agents, particularly monoclonal antibodies targeting IL-4Rα and IgE, are gaining traction in the treatment of allergic rhinitis. The first approved IL-4Rα biological agent, Suptuizumab, offers a new treatment option for patients [20][23]. - The report notes that the development of new biological agents is ongoing, with several candidates in various stages of clinical trials [20][23]. Patient Demographics and Treatment Needs - The report indicates that the treatment needs of allergic rhinitis patients vary based on the severity of their condition. A significant portion of patients requires comprehensive treatment strategies, especially those with moderate to severe persistent allergic rhinitis [19]. - The high conversion rate between allergic rhinitis and asthma underscores the importance of long-term management and early intervention in treatment [19]. Innovation and Market Dynamics - The report emphasizes the shift towards targeted biological therapies due to the limitations of traditional treatments. The market for anti-IgE antibodies is evolving with new formulations and biosimilars, enhancing treatment options for patients [23][24]. - The report also highlights the maturity of upstream technologies related to the production of antihistamines and biological agents, which supports industry growth [27][29].

9月17日，港股通创新药板块延续调整行情，港股通创新药ETF（520880）100%布局创新药研发公司， 盘中一度下探2%，场内最终收跌0.94%日线四连阴，成交3.39亿元。 成份股方面，MIRXES-B、同源康医药-B下挫逾10%居前；大权重龙头涨跌不一，中国生物制药、石药 集团分别下跌2.82%、2.63%，百济神州、翰森制药涨逾1%。 消息面上，近期创新药利好仍多，为多头"越跌越买"提供充足动力。 政策面，国家药监局发布《关于优化创新药临床试验审评审批有关事项的公告》，明确提出对符合要求 的创新药临床试验申请设立"30日审评审批通道"，进一步推动创新药研发提速。 产业方面，开源证券指出，下一代IO、减重、小核酸、Protac、KRAS、TCE、自免双抗等七个创新药 赛道市场空间巨大，目前正在发生着积极变化，或在短期内有望迎来价值拐点。 基本面上，据西南证券统计，今年上半年，港股创新药板块实现归母净利润18亿元，利润首次扭亏为 盈。当前，创新药产业已步入一个以盈利驱动为主的新周期，基本面已明确出现拐点。 【一键配置创新药硬科技，配置认准港股通创新药ETF（520880）】 日前，港股通创新药ETF（52 ...

Market Performance - The A-share market experienced a narrow fluctuation in the morning of September 17, 2023, with a sudden collective rise in the three major indices around 10:30 AM, leading to all indices turning positive. The ChiNext Index rose over 1.5%, reaching a nearly three-year high, while the leading stock, CATL, hit a new high in its adjusted price [1][2] - By midday, the Shanghai Composite Index increased by 0.41%, the Shenzhen Component Index rose by 1.02%, and the ChiNext Index saw a gain of 1.74% [2] Stock Highlights - CATL, a leading stock in the ChiNext Index, surged with its adjusted price reaching a historical high, with an intraday increase approaching 8%. Other notable stocks included Changying Precision, which saw an intraday rise exceeding 16%, along with Sanhua Group, Yilian Network, Xinwangda, and Changchuan Technology, which also performed strongly [4] - In the Hong Kong market, the Hang Seng Index rose significantly, reaching a nearly four-year high, with Baidu Group-SW experiencing an intraday increase of over 12% and a cumulative rise of over 40% since September [9][10] Sector Performance - In terms of sector performance, the top gainers included the electric equipment, automotive, coal, and home appliance sectors, while the social services and agriculture sectors faced declines [7]

宁德时代（300750）引爆行情。 A股市场今天早盘窄幅震荡，10:30左右三大股指突然集体拉升，其中创业板指走势强劲，盘中再度创出近三年多新高。截至中午收盘，上证指数上涨 0.41%，深证成指上涨1.02%，创业板指上涨1.74%。 创业板指成份股中，龙头股宁德时代大涨，盘中复权价再创历史新高，涨幅一度接近8%。长盈精密（300115）大涨，盘中涨幅一度超过16%。此外，三 环集团（300408）、亿联网络（300628）、欣旺达（300207）、长川科技（300604）等多股盘中涨幅也居于市场前列。 行业板块方面，若按照申万一级行业划分，电力设备、汽车、煤炭、家用电器等板块盘中涨幅居前，社会服务、农林牧渔等板块盘中跌幅居前。 *ST东通四个交易日股价"腰斩" A股市场今天（9月17日）早盘窄幅震荡，10:30左右三大股指突然集体拉升，并全部翻红。其中创业板指涨超1.5%，盘中创出近三年多新高，龙头股宁德 时代复权价再创新高。 港股市场今天上午亦整体上行，恒生指数盘中再度刷新近四年新高。 创业板指大涨 "宁王"复权价再创新高 今天上午*ST东通（300379）股价再度跌停，这是该股连续第3个交易日"20cm ...

9月17日早盘，港股通创新药板块继续调整。港股通创新药ETF（520880）100%布局创新药研发类公 司，盘中下探2%，现跌逾1%，实时成交超1.8亿元。 值得关注的是，港股通创新药ETF（520880）场内延续宽幅溢价，显示买盘强劲，低吸资金或不在少 数。截至昨日，520880已连续11日吸金，金额合计超6亿元。 成份股方面，大权重龙头股多数下跌，中国生物制药一度下挫逾5%，石药集团、信达生物、康方制 药、三生制药等多股跌逾3%，百济神州逆市翻红。 业绩验证行业高景气，据西南证券统计，港股创新药已进入盈利期。今年上半年，港股创新药板块实现 归母净利润18亿元，利润首次扭亏为盈。当前，创新药产业已步入一个以盈利驱动为主的新周期，基本 面已明确出现拐点。头部企业在商业化产品的推广中实现盈利，海外的授权及全球临床突破也在加速研 发价值的转化。此次产业趋势的变化标志着十年的技术积累正在逐步转化为实际的商业成果。 【国产创新药硬核崛起，配置认准港股通创新药ETF（520880）】 日前，港股通创新药ETF（520880）跟踪的恒生港股通创新药精选指数"提纯"修订生效，完全剔除 CXO，并精选纳入14家创新药研发类公 ...