石药集团(01093)发布公告，于2026年1月23日，公司根据公司限制性股份奖励计划向集团727名获选雇 员(获授人)无偿授出合共4646.25万份受限制股份(奖励股份)，惟须待获授人接纳及达成若干归属条件与 表现目标后，方可作实。 ...

格隆汇1月23日丨石药集团(01093.HK)宣布，于2026年1月23日，公司根据该计划向集团727名获选雇员 (「获授人」)无偿授出合共46,462,500份受限制股份(「奖励股份」)，惟须待获授人接纳及达成若干归属 条件与表现目标后，方可作实。 ...

智通财经APP讯，石药集团(01093)发布公告，于2026年1月23日，公司根据公司限制性股份奖励计划向 集团727名获选雇员(获授人)无偿授出合共4646.25万份受限制股份(奖励股份)，惟须待获授人接纳及达 成若干归属条件与表现目标后，方可作实。 ...

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之內容概不負責，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分內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 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） 自願公告 根據本公司股份獎勵計劃授出獎勵股份 謹此 提述 石藥 集團 有限 公司（「本 公司」）於 2018 年8 月 20 日 刊發 有關 採納 本公 司限 制性 股份 獎勵計劃（「該計劃」）之公告（「該公告」）。誠如本公司日期為2024年5月21日之自願公告所披 露，該計劃之條款其後已作出修訂。除本公告另有界定外，本公告所用詞彙與該公告所界 定者具有相同涵義。 根據該計劃授出獎勵股份 董事會宣佈，於2026年1月23日，本公司根據該計劃向本集團727名獲選僱員（「獲授人」）無 償授出合共46,462,500份受限制股份（「獎勵股份」），惟須待獲授人接納及達成若干歸屬條件 與表現目標後，方可作實。 有關授出獎勵股份之詳情載列如下： 授出日期： 202 ...

Group 1: Clinical Data and Impact - The combination therapy of mRNA-4157 and PD-1 inhibitor pembrolizumab significantly reduces the risk of recurrence or death by 49% in high-risk stage III/IV melanoma patients after complete resection, with stable efficacy observed over five years of follow-up [1] - This clinical data is seen as the first long-term survival benefit evidence for mRNA technology in non-infectious diseases, providing a boost to the global cancer immunotherapy field [1] Group 2: mRNA Technology Advantages - mRNA technology allows for the direct translation of specific antigen proteins in the body, inducing a specific immune response, and is considered a third-generation drug development platform [2] - The long-term market potential of mRNA technology is gradually becoming evident, with predictions estimating the global mRNA drug market to reach approximately $18 billion by 2024, potentially growing to over $43 billion in the next decade [2] Group 3: Domestic Companies' Initiatives - Domestic companies are actively laying out their strategies in the mRNA sector, with Ginkgo Bioworks' personalized mRNA cancer vaccine EVM16 having initiated its first human clinical trial in China [3] - Ginkgo Bioworks' vaccine is based on its proprietary AI algorithm system, which has shown the ability to identify both reported and novel tumor antigens [3] Group 4: Key Technological Developments - The nano-delivery system is identified as a critical technological bottleneck in mRNA drug development, significantly affecting drug efficacy and clinical translation [4] - Jitai Technology has developed a liver-targeted LNP delivery system for mRNA encoding bispecific antibodies, which has received orphan drug designation in the U.S. and is currently in clinical development [4] Group 5: Competitive Landscape - Jiachenshihai has multiple technology platforms, including mRNA and self-replicating RNA, and has developed a unique ready-to-use delivery carrier that enhances vaccine accessibility [5] - Other companies such as CSPC Pharmaceutical Group, CanSino Biologics, and Yuyuan Pharmaceutical have also reported their involvement in mRNA technology platforms [5]

Market Performance - After a six-day decline, the Hong Kong Stock Connect Innovation Drug ETF (520880) rebounded on January 23, rising over 2% at one point and closing up 1.53% with a trading volume of 348 million yuan [1][7] - Key constituent stocks such as Cloudtop New Drug led the gain with an 8.2% increase, while major stocks like Kangfang Biotech and CSPC Pharmaceutical rose by 3.5% [1][7] Policy Developments - On January 22, the Ministry of Commerce and nine other departments issued a document promoting high-quality development in the pharmaceutical retail industry, encouraging innovative drugs and reference preparations to enter retail pharmacy sales channels [3][9] - This policy is expected to provide a pathway for high-value innovative drugs, such as CAR-T, to fill the insurance coverage gap through commercial insurance directories [3][9] - The insurance industry association estimates that by 2025, the total compensation amount for innovative drugs and devices from commercial health insurance will reach approximately 14.7 billion yuan, with a compound annual growth rate of 70% over four consecutive years [3][9] Industry Insights - At the recent JPM conference, Chinese pharmaceutical companies showcased technological breakthroughs in areas such as ADC, IO dual antibodies, and GLP-1, moving towards global markets through licensing and collaborative development [3][9] - According to CITIC Securities, the Chinese pharmaceutical industry is at the starting point of a global value reassessment, with 2026 being a critical year for validating transformation effectiveness [3][9] Investment Opportunities - The Hong Kong Stock Connect Innovation Drug ETF (520880) is highlighted as a high-elasticity T+0 investment tool, with its index (Hang Seng Hong Kong Stock Connect Innovation Drug Select Index) offering three unique advantages: 1. Purely innovative drugs with 100% purity, covering companies focused on innovative drug R&D [5][11] 2. A significant concentration of leading companies, with the top ten innovative drug leaders accounting for over 73% of the index [5][11] 3. Enhanced risk control through forced de-weighting of less liquid constituent stocks [5][11] Constituent Stocks - The top ten constituent stocks of the Hong Kong Stock Connect Innovation Drug ETF (520880) have a combined weight of 73.41%, showcasing a strong representation of leading companies in the innovative drug sector [6][12] - Notable constituents include: - Kangfang Biotech: 10.49% weight, market cap of 110.9 billion HKD - BeiGene: 10.01% weight, market cap of 312 billion HKD - CSPC Pharmaceutical: 9.97% weight, market cap of 102.1 billion HKD [6][12]

Investment Rating - The report indicates a positive investment outlook for the IgA nephropathy drug market, transitioning from "no drugs available" to "multiple drugs available" [2]. Core Insights - IgA nephropathy (IgAN) is one of the most common primary glomerulonephritis globally and particularly prevalent in China, with a national prevalence rate of 39.73% among primary glomerulonephritis patients [25]. - The global drug development landscape for IgAN is concentrated in late-stage clinical trials, with significant interest from multinational pharmaceutical companies in the Chinese market [36]. - There are currently 6 approved drugs, 1 NDA drug, 10 drugs in Phase III trials, 19 in Phase II, 11 in Phase I, and 8 in IND status globally [6]. Summary by Sections Part 1: Overview of IgA Nephropathy - IgA nephropathy is characterized by the deposition of IgA in the mesangial area of the glomeruli, leading to inflammation and potential kidney damage [10][12]. - The disease's pathogenesis is based on the "four-hit hypothesis," which outlines a sequence of events leading to clinically significant disease [20]. - The average age of diagnosis for IgAN patients in China is around 34 years, with a male-to-female ratio of approximately 58.67% to 41.33% [25]. Part 2: Drug Development for IgA Nephropathy - The report highlights a robust pipeline for IgA nephropathy treatments, with a focus on targeting the first and fourth hits in the disease mechanism [36][37]. - Notable drugs in development include Budesonide, which targets abnormal IgA1 glycosylation, and various monoclonal antibodies aimed at different pathways involved in IgAN [40][43]. - The Chinese drug development landscape mirrors global trends, with a significant number of products expected to enter the market in the coming years [36]. Part 3: Market Situation of Approved IgA Nephropathy Drugs - The market for IgA nephropathy drugs has rapidly expanded, with many products launched in recent years, indicating a shift towards a competitive landscape [73]. - The report emphasizes the importance of the Chinese market, where drugs like Acetylcysteine and Budesonide have seen swift approvals following their global launches [36]. - The competitive dynamics are expected to intensify as more treatments become available, transitioning the market from limited options to a variety of therapeutic choices [36].

Group 1 - The Hong Kong pharmaceutical sector is experiencing a strong rebound, with the Hong Kong Stock Connect Innovation Drug ETF (159570) rising nearly 2% and achieving a transaction volume exceeding 700 million yuan in a short period [1] - The ETF has seen a cumulative net inflow of over 430 million yuan in the past five days, with its latest scale surpassing 25.1 billion yuan, leading in its category [1] - The majority of the weighted stocks in the ETF's index have shown positive performance, including Kangfang Biopharma and Kelun-Botai, which both rose over 4% [3][4] Group 2 - Kangfang Biopharma announced that its new humanized anti-IL-17A monoclonal antibody, AK111, has received acceptance for a new drug application for treating active ankylosing spondylitis (AS) by the National Medical Products Administration (NMPA) [3] - This new drug is expected to provide a new treatment option for nearly 4 million AS patients in China [3] - The JPMorgan Healthcare Conference highlighted the achievements of Chinese innovative drug companies, with expectations for significant revenue growth and multiple drug approvals in the coming years [5][6] Group 3 - The domestic pharmaceutical industry is witnessing rapid technological advancements and an acceleration in globalization, with significant transactions exceeding 10 billion USD occurring [6][7] - The industry is entering a critical period of validation for innovative drug performance, with many companies expected to launch global registration studies and new product applications [6][7] - A domestic innovative drug company projected a revenue increase of 15.84% for 2025, with a substantial net profit growth of 102.65% [7]

Core Viewpoint - Dongwu Securities maintains a "Buy" rating for Corning Jereh Pharmaceutical-B (09966), anticipating multiple ADC pipelines to complete preclinical development by 2025, leading to adjustments in R&D expense forecasts and net profit estimates for 2025-2027 [1] Group 1: Pipeline Developments - The company has submitted a listing application for KN026, a HER2 bispecific monoclonal antibody, which is expected to receive approval by the end of 2026 or in 2027 [1] - JSKN003, the company's first ADC pipeline, is expected to submit a domestic listing application for HER2-positive breast cancer in 2026, with promising efficacy data presented at the 2025 ESMO conference for ovarian and colorectal cancers [2] Group 2: Clinical Progress and Efficacy Data - For JSKN003, the objective response rate (ORR) for platinum-resistant ovarian cancer patients was 32.0%, with a disease control rate (DCR) of 72.0%, and a median progression-free survival (PFS) of 4.1 months [2] - In colorectal cancer patients, JSKN003 achieved an ORR of 71.0%, a DCR of 100%, a median duration of response (DoR) of 9.89 months, and a median PFS of 11.04 months [2] Group 3: R&D Platform and Future Prospects - The company's self-developed platform continues to yield new pipelines, with the PD-L1/ITGB6/8 multifunctional ADC JSKN022 starting Phase I clinical trials in October 2025, and the PD-L1/VEGFR2 dual-target ADC JSKN027 having received IND approval in December 2025, with Phase I trials expected in 2026 [3]

Core Viewpoint - Dongwu Securities maintains a "Buy" rating for Kangning Jereh Pharmaceutical-B (09966), anticipating multiple ADC pipelines to complete preclinical development by 2025, leading to adjustments in R&D expense forecasts and net profit estimates for 2025-2027 [1] Group 1: Financial Projections - The forecast for net profit attributable to the parent company is adjusted to -115 million yuan for 2025 and -97 million yuan for 2026, down from 14 million yuan and 63 million yuan respectively; a new forecast for 2027 is set at -26 million yuan [1] - The company is expected to gradually reduce losses as products like KN026 are anticipated to be launched domestically, with JSKN003 also nearing its application for market approval [1] Group 2: Product Pipeline Developments - KN026, a HER2 bispecific monoclonal antibody, has had its application for marketing approval accepted by NMPA, with expectations for approval by the end of 2026 or in 2027; the domestic rights have been granted to CSPC Pharmaceutical Group, while the company retains exclusive production rights [1] - JSKN003, the company's first ADC pipeline, is expected to submit a domestic application for HER2-positive breast cancer in 2026, with promising efficacy data presented at the 2025 ESMO conference for ovarian and colorectal cancers [2] Group 3: Research and Development Advancements - The company's self-developed platform continues to yield new pipelines, with the PD-L1/ITGB6/8 multifunctional ADC JSKN022 showing superior internalization efficiency and cytotoxic activity, having initiated Phase I clinical trials in October 2025 [3] - The PD-L1/VEGFR2 bispecific ADC JSKN027 has integrated multiple mechanisms and has received acceptance for its IND application, with Phase I clinical trials expected to commence in 2026 [3] - Additional ADCs, such as EGFR/HER3 bispecific dual-load ADC JSKN021, are anticipated to enter clinical development stages [3]