Group 1: National Medical Insurance Drug List Update - The 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List will be released on December 7, 2023, adding 114 new drugs, including 50 innovative Class 1 drugs [2] - The first Commercial Health Insurance Innovative Drug List will also be released on the same day, including 19 drugs, such as CAR-T and Alzheimer's treatment drugs [2] - The new drug list will officially take effect on January 1, 2026 [2] Group 2: Company Announcements - 15 A-share pharmaceutical companies announced that their products were included in the new drug list, with many innovative drug companies benefiting [2] - Zai Lab announced that its self-developed drug, Gilteritinib, was included in the National Medical Insurance Drug List, which is expected to enhance sales and market promotion [2] - Junshi Biosciences, ZhiXiang JinTai, and Elysium also had products included in the list, with Junshi's products gaining new indications and being classified under Category B of the National Medical Insurance [3] Group 3: Sales Impact - Heng Rui Medicine stated that the total sales of the newly included drugs for 2024 are estimated to be approximately 8.66 billion yuan, with 7.55 billion yuan expected for the first three quarters of 2025 [4] - The inclusion of these drugs in the National Medical Insurance Drug List is anticipated to positively impact sales, although the exact effect on operating performance is currently uncertain [4]

Group 1: Core Insights - The 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List was released on December 7, 2023, adding 114 new drugs, including 50 innovative drugs [1] - A new Commercial Health Insurance Innovative Drug List was also published, including 19 drugs, such as CAR-T therapies and Alzheimer's disease treatments [1] - The updated drug list will take effect on January 1, 2026 [1] Group 2: Company Announcements - On December 7, 15 A-share pharmaceutical companies announced that their products were included in the new drug list, particularly many innovative drug companies [2] - Zai Lab announced that its self-developed drug, Jikaxitinib, was included in the National Medical Insurance Drug List, which is expected to enhance sales and market accessibility [2] - Junshi Biosciences and other innovative drug companies also had products included, with Junshi's products gaining new indications in the National Medical Insurance List [2][3] Group 3: Market Impact - Heng Rui Medicine reported that the total sales of its newly included drugs are estimated to be approximately 8.66 billion yuan for 2024 and about 7.55 billion yuan for the first three quarters of 2025 [3] - The inclusion of these drugs in the National Medical Insurance List is expected to positively impact sales and long-term business development for the companies involved [2][3]

Core Viewpoint - Shanghai Heyu Biopharmaceutical Technology Co., Ltd. announced positive results from the Phase II clinical study (ABSK043-202) of its oral small molecule PD-L1 inhibitor ABSK043 combined with the third-generation EGFR-TKI, Furmonertinib, for the treatment of non-small cell lung cancer (NSCLC) at the ESMO Asia 2025 conference [1][2]. Group 1: Clinical Study Results - The study included 21 patients with EGFR mutations and positive PD-L1 expression, of which 17 had previously received third-generation EGFR-TKIs [2]. - The combination of ABSK043 and Furmonertinib demonstrated controllable safety and good tolerability, with no dose-limiting toxicities (DLTs) or interstitial lung disease (ILD) observed [2]. - The most common treatment-related adverse events (TEAEs) were grade 1-2, with no grade 4 or 5 TEAEs reported [2]. Group 2: Antitumor Activity - The combination therapy showed promising antitumor activity, achieving a disease control rate (DCR) of 71%, with 14 patients experiencing tumor shrinkage [3]. - Among the 5 patients who achieved partial response (PR), 4 had previously been treated with third-generation EGFR-TKIs [3]. - The results indicate that the ABSK043 and Furmonertinib combination therapy could potentially overcome the toxicity challenges faced by previous EGFR-TKIs and immune therapy antibody combinations, laying the groundwork for the ongoing dose expansion phase [3].

Core Insights - The company, He Yu-B (02256.HK), announced preliminary results from its Phase II clinical study (ABSK043-202) of the oral small molecule PD-L1 inhibitor, ABSK043, in combination with the third-generation EGFR-TKI, Furmetinib, for the treatment of non-small cell lung cancer (NSCLC) [1] Group 1: Clinical Study Results - The combination therapy of ABSK043 and Furmetinib demonstrated good safety and tolerability [1] - Regulatory authorities have approved the expansion of the study to include first-line treatment for EGFR mutation-positive and PD-L1 positive NSCLC patients based on the favorable safety profile [1]

Core Viewpoint - The company announced preliminary results from a Phase II clinical study of its oral small molecule PD-L1 inhibitor ABSK043 in combination with the third-generation EGFR-TKI, furmonertinib, for the treatment of non-small cell lung cancer (NSCLC) [1] Group 1: Clinical Study Results - The initial results from the dose escalation phase of the ABSK043-202 study indicate that the "targeted immune combination" regimen shows good safety and tolerability [1] - Regulatory authorities have agreed to expand the study to include first-line treatment research for EGFR mutation-positive and PD-L1 positive NSCLC patients based on the favorable safety profile of the regimen [1]

Market Overview - US economic data reinforces expectations for interest rate cuts next week, with major US stock indices rising; S&P 500 approaches record highs, and Nasdaq sees four consecutive gains [1] - Nvidia experiences a slight decline of 0.5% but gains over 3% for the week; Tesla rises nearly 6% for the week [1] - PCE data leads to a rise in US Treasury yields, with the 10-year Treasury reaching its worst weekly performance in nearly eight months [1] Cryptocurrency - Cryptocurrency market sees a decline, with Bitcoin dropping nearly 5% and falling below $89,000 [2] Commodities - Silver and copper reach historical highs, with silver prices increasing over 4% [3] - Crude oil prices rise for three consecutive days, reaching a two-week high, with US oil closing above $60 for the first time in two weeks [4] Technology Developments - Nvidia announces CUDA 13.1, claiming it to be the largest update in 20 years for the CUDA platform [5] - SpaceX's valuation may double to $80 billion, surpassing OpenAI to become the highest-valued private company globally, with plans for an IPO in the second half of next year [6] - Microsoft is in talks with Broadcom for custom chip collaboration to reduce reliance on Nvidia [7] Corporate News - Apple faces significant executive turnover, with a potential departure of chip chief Johny Srouji, raising concerns about CEO Tim Cook's direction [8] - OpenAI is expected to release GPT-5.2 as early as Tuesday [9] Domestic Developments - China’s first regulatory framework for listed companies has been released, aiming to strengthen oversight of key executives and address financial fraud [11] - The Financial Regulatory Bureau adjusts risk factors for insurance companies investing in stocks to foster patient capital [11] - China’s foreign exchange reserves remain above $3.3 trillion for four consecutive months, with the central bank increasing gold holdings for 13 months [13] A-Share Market Strategy - Analysts expect a preemptive "spring rally" in the A-share market, driven by anticipated interest rate cuts from the Federal Reserve and upcoming policy meetings [17] - The market is expected to see increased foreign investment due to favorable currency conditions and regulatory adjustments [17] New Stock Offerings - Two new stocks are available for subscription: Nabai Chuan at 22.63 yuan per share and Youshun Co. at 51.66 yuan per share, both with significant market positions in their respective sectors [22] Company Announcements - Jiahua Technology plans to acquire 90% of Shudun Technology, focusing on domestic encryption technology [23] - Anni Co. announces a change in controlling shareholder, while Guoao Technology is planning a change in control [25]

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，概不就因本公告全部或任何部分內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Abbisko Cayman Limited 和譽開曼有限責任公司 （於開曼群島註冊成立的有限公司） （股份代號：2256） 自願性公告 和譽醫藥於ESMO Asia 2025公佈口服PD-L1抑制劑ABSK043聯合 EGFR抑制劑伏美替尼治療NSCLC的II期臨床初步結果 和譽開曼有限責任公司（「本公司」，連同其附屬公司統稱「本集團」）謹此隨附新聞 稿，以告知本公司股東及潛在投資者，本公司之附屬公司上海和譽生物醫藥科技 有限公司（「和譽醫藥」）宣佈，其在2025年歐洲腫瘤內科學會亞洲年會（「ESMO Asia 2025」）公佈其在研口服小分子PD-L1抑制劑ABSK043聯合上海艾力斯醫 藥科技股份有限公司（「艾力斯」）第三代EGFR-TKI伏美替尼治療非小細胞肺癌 （「NSCLC」）的II期臨床研究(ABSK043-202)劑量遞增階段的初步結果。數據顯 示，ABSK043與伏美替尼的「靶免聯合」 ...

Core Points - The National Healthcare Security Administration announced the 2025 National Medical Insurance Drug List, which will take effect on January 1, 2026, adding 114 new drugs, including 50 innovative drugs, while removing 29 drugs that are either unavailable or can be replaced by better alternatives [2][4] Group 1: Drug List Adjustments - The total number of drugs in the directory has increased to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines, with significant improvements in coverage for key areas such as cancer, chronic diseases, mental illnesses, rare diseases, and pediatric medications [2][4] - The 2025 adjustment marks the 8th update since the establishment of the National Healthcare Security Administration [7] Group 2: Company Announcements - 15 A-share pharmaceutical companies announced that their products have been included in the new directory, with many innovative drug companies benefiting from this inclusion [4] - Zai Lab's drug, Jikaxitinib, has been included in the directory, which is expected to enhance sales and improve patient accessibility [4] - Junshi Biosciences reported that its products, including Toripalimab and an additional indication for another drug, have been successfully included in the directory [4] - Innovent Biologics' drug, IBI301, has also been added to the new directory, marking a significant milestone for the company [5] - Leading A-share pharmaceutical companies like Fosun Pharma, East China Pharmaceutical, and Heng Rui Medicine have also had several products included, with Heng Rui reporting a combined sales figure of approximately 8.66 billion yuan for the newly added drugs in 2024 [6][7]

Core Viewpoint - The 2025 National Medical Insurance Drug List has been announced, including 114 new drugs, with a focus on innovative drugs and significant improvements in coverage for key areas such as oncology and chronic diseases [4][9]. Group 1: Drug List Adjustments - The 2025 National Medical Insurance Drug List will be implemented on January 1, 2026, with a total of 3,253 drugs, including 1,857 Western medicines and 1,396 traditional Chinese medicines [4]. - The list includes 50 first-class innovative drugs and removes 29 drugs that are either not clinically available or can be replaced by better alternatives [4]. Group 2: Impact on A-Share Companies - 15 A-share pharmaceutical companies announced that their products were included in the new drug list, particularly benefiting innovative drug companies [6]. - Zai Lab's drug, Jikaxitinib, was included, which is used for treating specific types of myelofibrosis, enhancing its market accessibility and sales potential [6]. - Junshi Biosciences reported that its products, including Toripalimab and Oncorine, were added to the list, with all four of its commercialized products now covered [6]. Group 3: Major Pharmaceutical Companies - Leading A-share pharmaceutical companies like Fosun Pharma, Hengrui Medicine, and others have also had products included in the new list, with Hengrui having 10 drugs added and several others with new indications [7]. - Hengrui's drugs are projected to generate approximately 8.66 billion yuan in sales for 2024 and about 7.55 billion yuan for the first three quarters of 2025 [8]. Group 4: Complementary Innovations - In addition to the basic medical insurance list, 19 drugs have been added to the first version of the commercial insurance innovative drug list, including treatments for rare diseases and Alzheimer's, providing a complementary framework to the basic insurance [9].

Core Viewpoint - The 2025 National Medical Insurance Drug List has been released, adding 114 new drugs, including 50 innovative drugs, while removing 29 drugs that are no longer clinically available or can be replaced by better alternatives [2][5]. Group 1: New Additions to the Drug List - A total of 15 A-share pharmaceutical companies announced that their products have been included in the new drug list, particularly benefiting many innovative drug companies [5]. - Zai Lab's drug, Jikaxitinib, has been included in the National Medical Insurance Drug List, which is expected to enhance sales and improve patient accessibility [5][6]. - Junshi Biosciences has added two new indications for its drug, Toripalimab, and successfully included another drug, Oncorine, in the Class B category of the National Medical Insurance List [5]. Group 2: Impact on Major Pharmaceutical Companies - Leading A-share pharmaceutical companies such as Fosun Pharma, East China Pharmaceutical, and Hengrui Medicine have also had products included in the National Medical Insurance List [7]. - Hengrui Medicine has 10 drugs newly added to the list, with a total sales revenue of approximately 8.66 billion yuan in 2024 and about 7.55 billion yuan in the first three quarters of 2025 [8]. - The inclusion of these drugs in the National Medical Insurance List is expected to positively impact sales, although the exact effect on operating performance is currently uncertain [8]. Group 3: Overall Changes in the Drug List - The total number of drugs in the National Medical Insurance Drug List has increased to 3,253, with significant improvements in coverage for key areas such as cancer, chronic diseases, mental illnesses, rare diseases, and pediatric medications [2]. - This adjustment marks the 8th update since the establishment of the National Medical Insurance Bureau, indicating ongoing efforts to enhance drug accessibility and affordability [8].