转自：中国证券报·中证网 中证报中证网讯（记者 李梦扬）2月24日，云顶新耀公告，公司于当日以线上虚拟会议形式举行的股东 特别大会顺利召开，会议所提呈的全部决议案均获股东正式通过。 记者获悉，本次股东特别大会批准、确认及追认了公司于2025年12月11日与海森生物医药有限公司（简 称"海森生物"）签署的商业化服务协议及其项下拟进行的相关交易，为公司后续商业化运营及业务推进 提供支持。与此同时，大会还批准了向公司管理层授出奖励安排，以及采纳2026年股份计划及相关授权 限额等决议案。 据了解，公司全资附属公司云顶新耀医药科技有限公司（简称"云顶新耀医药科技"）已与海森生物签署 两项战略合作协议，包括商业化服务协议以及授权许可协议。根据商业化服务协议，云顶新耀医药科技 将依托现有的销售与市场体系，为海森生物旗下六款成熟产品提供商业化服务。根据授权许可协议，云 顶新耀医药科技获得在大中华区开展莱达西贝普（Lerodalcibep）的后续临床开发、注册和商业化的独 家许可。商业化服务协议预计将于2026年上半年完成交割（以常规交割条件为准），授权许可协议将立 即生效。 云顶新耀此前表示，公司与海森生物的合作有助于进一 ...

智通财经记者 | 黄华 智通财经编辑 | 谢欣 2月24日，前沿生物公告称，与跨国药企葛兰素史克（GSK）达成独家授权许可协议，授予其两款小核 酸（siRNA） 管线产品在全球范围内的独家开发、生产及商业化权利，其中一款候选药物已进入新药 临床试验申请（IND）阶段，另一款尚在临床前阶段。 根据协议，前沿生物将获得4000万美元首付款及1300万美元近期里程碑付款，还将额外在两个项目中累 计获得最高9.5亿美元的里程碑付款。 前沿生物将负责两款在研产品的早期开发工作，包括其中一款产品在中国的I期临床试验推进，以及另 一款产品的临床试验申请支持性研究；葛兰素史克将负责两款产品之后所有的全球临床开发、监管申报 及商业化活动。 此番分工可能也意味着，若是授权产品未能达到前述预期阶段，葛兰素史克也不会推进后续开发。 前沿生物提出，与葛兰素史克达成此授权合作，将为公司带来首付款及后续里程碑付款，有助于改善现 金流，但合作后续进展与最终能实际收获的授权金额存在不确定性。 沿生物业绩情况 制图：智通财经记者 黄华 2月24日，前沿生物涨停开盘，开盘报27.12元/股，但随后股价下跌。截至2月24日收盘，该公司报收 24.7 ...

智通财经APP获悉，云顶新耀有限公司(01952)宣布，于2026年2月24日以线上虚拟会议形式举行的股东 特别大会顺利召开，会议所提呈的全部决议案均获股东正式通过。 此次各项决议案的高票通过，体现了投资者对公司战略方向及公司治理的认可，并将支持公司持续推进 商业化布局及长期发展战略。云顶新耀此前表示，与海森生物的合作有助于进一步提升现有商业化平台 运营效率，加快产品全生命周期及全渠道覆盖能力建设。 根据公告，本次股东特别大会批准、确认及追认了公司于2025年12月11日与海森生物签署的商业化服务 协议及其项下拟进行的相关交易，为公司后续商业化运营及业务推进提供支持。与此同时，大会还批准 了向公司管理层授出奖励安排，以及采纳2026年股份计划及相关授权限额等决议案。 ...

此次各项决议案的高票通过，体现了投资者对公司战略方向及公司治理的认可，并将支持公司持续推进 商业化布局及长期发展战略。云顶新耀此前表示，与海森生物的合作有助于进一步提升现有商业化平台 运营效率，加快产品全生命周期及全渠道覆盖能力建设。 云顶新耀有限公司(1952.HK)宣布，于2026年2月24日以线上虚拟会议形式举行的股东特别大会顺利召 开，会议所提呈的全部决议案均获股东正式通过。 根据公告，本次股东特别大会批准、确认及追认了公司于2025年12月11日与海森生物签署的商业化服务 协议及其项下拟进行的相关交易，为公司后续商业化运营及业务推进提供支持。与此同时，大会还批准 了向公司管理层授出奖励安排，以及采纳2026年股份计划及相关授权限额等决议案。 ...

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。 （於開曼群島註冊成立的有限公司） （股份代號：1952） Everest Medicines Limited 雲 頂 新 耀 有 限 公 司 於2026年2月24日（星期二）舉行的股東特別大會之表決結果 附註： – 2 – (a) 由於第1項至第4項決議案均獲得大部分票數投票贊成，因此該等決議案已正式獲通過為本公 司的普通決議案。上述決議案的全文載列於通函。 (b) 於股東特別大會當日，(i)已發行股份總數為353,581,158股；及(ii)本公司並無持有任何庫存股 份（ 包括於中央結算系統持有或存放的任何庫存股份 ）。因此，賦予持有人權利出席股東特別 大會並於會上就所提呈決議案投贊成或反對票的股份總數為353,581,158股。 (c) 持有本公司股份計劃項下所授出未歸屬股份的受託人於股東特別大會當日持有2,096,219股股 份，並須根據上市規則第17.05 A條就上市規則規定須獲股東批准的事宜放 ...

智通财经APP获悉，2026年2月16日，港股上市公司投资日志如下： 上海青浦消防 云顶新耀 股东大会召开日 立德教育 中国天瑞水泥 文业集团 类别 公司 ...

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report highlights that the recent national procurement has been stable, with limited disruptions, and institutions are increasing their positions in innovative companies, maintaining a positive outlook on undervalued innovative targets [1][4] - The overall market sentiment has improved, driven by significant business development transactions, and the pharmaceutical sector is expected to continue its steady growth in 2026, despite potential short-term volatility [4][5] Summary by Sections Market Performance - The Hang Seng Index rose by 1.3% and the Hang Seng Healthcare Index increased by 5.0%, ranking second among 12 industry indices [4][6] - Sub-sectors such as biopharmaceuticals and CXO both saw a growth of 7.4% [6] Institutional Holdings - Since Q4 2025, the proportion of domestic capital holding pharmaceutical stocks through Hong Kong Stock Connect has slightly decreased, while foreign capital holdings have increased [32] - As of February 10, 2026, domestic holdings were at 22.2%, down 0.2 percentage points, while foreign holdings rose to 39.7%, up 0.9 percentage points [32] Sales Performance - In 2025, China's pharmaceutical market sales decreased by 1% year-on-year, with public hospitals accounting for the largest market share at 10,977 billion RMB, down 2.1% [5] - Retail pharmacy sales reached 5,878 billion RMB, growing by 2.4%, with online pharmacies seeing a significant increase of 13.6% [5] National Procurement - The recent national procurement round had a high selection rate of 93%, with 1,020 products from 1,091 participating companies expected to be implemented by the end of March 2026 [5] - The procurement process has seen increased participation and a diverse range of selected products, ensuring stability in clinical demand [5] Investment Recommendations - The report recommends focusing on innovative drugs, particularly companies like Sanofi and Hengrui Medicine, which have rich catalysts and clear long-term growth logic [4] - It also suggests looking into CXO companies benefiting from high downstream demand and improving financing conditions, such as WuXi AppTec [4]

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report highlights that the recent national procurement has been stable, with a high selection rate of 93%, indicating a positive outlook for innovative companies in the sector [4][5] - The market sentiment has improved, driven by significant business development (BD) transactions, suggesting a continuation of the positive trend in 2026 despite potential short-term volatility [4] - The report emphasizes the importance of focusing on fundamentals and valuations when selecting stocks, particularly undervalued innovative companies that have been overlooked during market fluctuations [4] Summary by Sections Market Performance - The Hang Seng Index rose by 1.3% and the Hang Seng Healthcare Index increased by 5.0%, outperforming the broader market [4][6] - Sub-sectors such as biopharmaceuticals and CXO both saw a growth of 7.4% [6] Institutional Holdings - As of February 10, 2026, domestic institutional holdings through Hong Kong Stock Connect slightly decreased to 22.2%, while foreign holdings increased to 39.7%, indicating a shift towards more positive sentiment among foreign investors [32] - Key increases in holdings were noted in leading CXO companies benefiting from demand recovery, such as Tigermed and WuXi AppTec [37][38] Valuation Overview - The report provides a valuation summary for various companies, with notable buy ratings for AstraZeneca, BeiGene, and others, indicating strong growth potential [3] - The average price-to-earnings (P/E) ratio for the healthcare sector is reported at 28.4 times, with specific segments like biopharmaceuticals at 13.1 times [16] Sales Trends - The report notes a 1% year-on-year decline in China's pharmaceutical market sales for 2025, with significant variations across different sales channels [5] - Public hospitals accounted for the largest market share but experienced a 2.1% decline, while retail pharmacies saw a 2.4% increase, driven by online sales growth [5] Procurement Insights - The recent national procurement round involved 316 commonly used drugs, with a high participation rate and diverse product offerings, ensuring stable clinical supply [5] - The procurement process has been refined to enhance quality and reliability, with stricter requirements for participating companies [5]

Market Overview - The pharmaceutical and biotechnology index decreased by 2.71%, underperforming the Shanghai Composite Index by 1.44 percentage points [4] - The innovative drug index (BK1106) saw a slight increase of 0.11%, while the Hang Seng Healthcare Index (HSCICH) fell by 1.37% [4] - The Hong Kong innovative drug ETF (513120) also experienced a decline of 0.47% [4] Sector Performance - The overall pharmaceutical sector weakened, lagging behind the Shanghai Composite Index, but the innovative drug sector showed relative resilience [5] - Specific stocks like Guangshentang surged due to the completion of Phase III clinical trials for hepatitis B treatments, while Changshan Pharmaceutical faced significant declines due to credit risks and expected losses [5] - In the Hong Kong market, Gilead Sciences-B received substantial investment from GIC, boosting its stock price, while Kangfang Biologics saw a notable drop due to stricter FDA approval standards [5] New Drug Developments - Danno Pharmaceuticals submitted a second listing application to the Hong Kong Stock Exchange, indicating a more rational investment environment focused on clinical viability and cash flow health [6][7] - The company has seven products in development, with TNP-2198 being the most advanced, expected to be approved in China by 2026 [6] - Three innovative drugs were approved during the week, including a treatment for type 2 diabetes and a drug for moderate to severe ulcerative colitis [12][13] Clinical Trials - From January 31 to February 6, 101 clinical trial registrations were disclosed, with 34 being in Phase II or above [8] - Notable trials include those for treatments targeting conditions such as obstructive sleep apnea and systemic lupus erythematosus [10][11] Emerging Trends - The investment landscape for innovative drugs is shifting towards a focus on clinical outcomes and commercial viability rather than merely the number of drug candidates [7] - The demand for effective treatments for ulcerative colitis is rising, with a significant increase in patient numbers expected by 2031 [14][15]

Core Insights - The pharmaceutical and biotechnology sector experienced a decline, with the pharmaceutical index dropping by 2.71% from January 31 to February 6, underperforming the Shanghai Composite Index by 1.44 percentage points [4] - The innovative drug sector showed relative resilience, with the innovative drug index (BK1106) increasing by 0.11% during the same period [4] - The market is witnessing a shift in investment focus towards clinical viability and financial sustainability rather than just pipeline quantity and novelty [7] Market Performance - The pharmaceutical and biotechnology index fell by 2.71%, while the Hang Seng Healthcare Index decreased by 1.37% [4] - The innovative drug ETF in Hong Kong (513120) also saw a decline of 0.47% [4] - Notable stock movements included Guangsheng Tang, which surged by 29.83% due to positive clinical trial news, and Changshan Pharmaceutical, which faced a decline due to credit risks and expected losses [5] Clinical Trials and Approvals - A total of 101 clinical trial registrations were disclosed, with 34 trials in Phase II or above [8] - Three innovative drugs received approval, including a new oral drug for moderate to severe ulcerative colitis by Cloudtop New Medicine [12][14] - Johnson & Johnson is exploring an upgraded treatment regimen for inoperable stage III non-small cell lung cancer, aiming to enhance the standard treatment protocol [15] Investment Trends - The investment environment for innovative drugs is becoming more rational, focusing on clinical certainty, commercial viability, and cash flow health [7] - The overall pharmaceutical industry has seen a 3.28% increase since the beginning of 2026, outperforming the CSI 300 index, with significant growth in hospital services, offline pharmacies, and outsourced drug development [5] New Drug Developments - The approval of the new drug by Cloudtop New Medicine addresses a significant unmet need in the treatment of ulcerative colitis, with a growing patient population expected to reach approximately 1.5 million by 2031 [13] - The drug is designed to provide rapid efficacy and deep mucosal healing, which is crucial for improving patient quality of life [14]