Group 1 - Weisheng Information won 5 projects in September with a total amount of 287 million yuan, accounting for 10.45% of the audited revenue for 2024 [1] - Foton Motor's total vehicle sales in September reached 55,300 units, a year-on-year increase of 6.08%, with new energy vehicle sales growing by 47.09% [1] Group 2 - *ST Jianyi plans to terminate the investment cooperation agreement for the monocrystalline silicon project and deregister its subsidiary [2] - Bofei Electric intends to transfer 100% equity of its subsidiary for 38.52 million yuan [3] Group 3 - BYD's new energy vehicle sales in September reached 396,300 units, with a cumulative sales of 3.2601 million units from January to September, a year-on-year increase of 18.64% [4] - Nocera Pharma's subsidiary signed a licensing agreement worth over 2 billion USD for the product Obutin and two preclinical assets [6] Group 4 - Seres reported total sales of 48,286 units in September, an increase of 8.33%, while cumulative sales for the year decreased by 7.79% [8] - BAIC Blue Valley's subsidiary sold 20,539 vehicles in September, a year-on-year increase of 30.15% [9] Group 5 - Huaxin Cement decided to terminate the plan for the overseas subsidiary's spin-off listing due to time constraints and regulatory compliance risks [10] - Huaxin Cement also plans to repurchase shares worth between 32.25 million and 64.5 million yuan [11] Group 6 - Yonghe Co. expects a net profit increase of 211.59% to 225.25% for the first three quarters of 2025 [13] - Runjian Co. won a wind power EPC project worth 1.753 billion yuan [13] Group 7 - Hainan Development plans to apply for bankruptcy liquidation for its subsidiary due to continuous losses and insolvency [14] - Xinjiang Jiaojian won a highway construction project worth 483 million yuan [15] Group 8 - Baili Tianheng's innovative drug BL-ARC001 received approval for clinical trials [16] - Longquan Co. was selected as a candidate for a project worth 50.76 million yuan [18] Group 9 - *ST Gaohong received a notice of termination of listing due to stock price falling below 1 yuan for twenty consecutive trading days [19] - Hainan Huatie's general manager terminated a share reduction plan and plans to increase holdings between 30 million and 50 million yuan [19] Group 10 - OFILM's application for issuing shares to purchase assets has been accepted by the Shenzhen Stock Exchange [20] - Northeast Pharmaceutical's subsidiary received approval for clinical trials of a CAR-T new drug [21] Group 11 - Huangting International's Shenzhen Huangting Plaza was judicially auctioned to offset debts, contributing 56.03% of the company's total revenue [21]

Core Viewpoint - The domestic innovative drug company, Nuo Cheng Jian Hua, has re-entered the international market with its BTK inhibitor, Obexelimab, through a licensing agreement with Nasdaq-listed Zenas, with a total transaction value exceeding $2 billion [1][2]. Group 1: Licensing Agreement Details - Nuo Cheng Jian Hua has signed a licensing agreement with Zenas, granting exclusive global rights for Obexelimab in multiple sclerosis (MS) and other indications outside Greater China and Southeast Asia [1]. - The agreement includes an upfront payment of $100 million and milestone payments, along with 7 million shares of common stock from Zenas, representing approximately 9.3% of Zenas' issued and outstanding shares [1][2]. - Zenas plans to initiate a Phase 3 study for secondary progressive MS (SPMS) in Q1 2026 and advance the IL-17 and TYK2 inhibitors into clinical stages in 2026 [2]. Group 2: Market Potential and Product Pipeline - The commercial opportunity for SPMS and primary progressive MS (PPMS) in the U.S. is estimated to exceed $12 billion, with SPMS and PPMS accounting for 20% and 10-15% of all MS subtypes, respectively [4]. - Obexelimab is a key product for Nuo Cheng Jian Hua, which has already been approved in China for various hematological malignancies since December 2020 [3][4]. Group 3: Strategic Considerations - Nuo Cheng Jian Hua's choice of Zenas as a partner was influenced by Zenas' clinical development capabilities in the autoimmune field and the successful entrepreneurial background of Zenas' founder, Lonnie Moulder [5][6]. - The collaboration is expected to facilitate the rapid advancement of Obexelimab and other products into international markets, leveraging Zenas' resources and influence [6][7]. Group 4: Financial Performance - In the first half of 2025, Nuo Cheng Jian Hua reported revenue of 731 million yuan, a year-on-year increase of 74.26%, with Obexelimab sales reaching 637 million yuan, up 52.84% [8]. - The company had a cash and cash equivalents balance of 4.701 billion yuan as of mid-2025 [9].

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 2.72%, ranking 23rd among 31 primary industries, underperforming the CSI 300 index which declined by 2.62% [4][16] - The industry valuation as of September 30, 2025, is a PE (TTM overall method, excluding negative values) of 31.23x, down from 31.79x in the previous period, indicating a downward trend and below the average [21] - The top three sub-industries in terms of PE (TTM overall method, excluding negative values) are vaccines (55.74x), medical devices (41.29x), and hospitals (39.51x), with the median at 33.19x, while pharmaceutical circulation has the lowest valuation at 14.34x [21] Industry Review - The report highlights that during the reporting period, 51 listed companies in the pharmaceutical and biotechnology sector had a net reduction in shareholders amounting to 2.435 billion yuan, with 14 companies increasing their holdings by 681 million yuan and 37 companies reducing their holdings by 3.116 billion yuan [4] - The report emphasizes the importance of upcoming clinical data and the strong fundamentals of companies ahead of the ESMO 2025 conference, which is expected to showcase significant clinical research results from various domestic pharmaceutical companies [7][8] Important Industry News - AstraZeneca plans to list on the New York Stock Exchange [6] - The report mentions the approval of a new oral SERD drug by Eli Lilly, marking it as the second such drug approved globally [8][45] - The approval of the first domestic quadrivalent HPV vaccine in China is expected to expand the coverage population and potentially be priced lower than imported versions [8][50][52]

致：香港交易及結算所有限公司 公司名稱: 諾誠健華醫藥有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年10月6日 截至月份: 2025年9月30日 狀態: 新提交 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09969 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 25,000,000,000 | USD | 0.000002 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 25,000,000,000 | USD | 0.000002 | USD | | 50,000 | 第 2 ...

Market Overview - The chemical pharmaceutical sector experienced a decline of 0.66% on October 9, with Nanjing New Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - Notable gainers in the chemical pharmaceutical sector included: - Haichen Pharmaceutical (300584) with a closing price of 63.81, up 13.76% and a trading volume of 155,800 shares, totaling 973 million yuan [1] - Changshan Pharmaceutical (300255) closed at 49.29, up 8.21% with a trading volume of 394,400 shares, totaling 1.916 billion yuan [1] - Conversely, Nanjing New Pharmaceutical (688189) saw a significant drop of 19.96%, closing at 9.10 with a trading volume of 32,300 shares, totaling 29.426 million yuan [2] Capital Flow - The chemical pharmaceutical sector experienced a net outflow of 1.108 billion yuan from institutional investors, while retail investors saw a net inflow of 544 million yuan [2] - The capital flow for specific stocks showed: - Changshan Pharmaceutical had a net inflow of 14.6 million yuan from institutional investors, but a net outflow of 14 million yuan from retail investors [3] - Haichen Pharmaceutical recorded a net inflow of 85.3 million yuan from institutional investors, with retail investors showing a net outflow of 68 million yuan [3]

Core Insights - The company, Nuo Cheng Jian Hua, announced a record-breaking over $2 billion external licensing collaboration in the field of autoimmune diseases, marking a significant milestone in China's small molecule licensing history [1][2] Group 1: Licensing Agreement Details - The agreement involves core product Aobutini and two other preclinical small molecules, with Zenas, a US pharmaceutical company, as the partner [1] - Nuo Cheng Jian Hua will receive an upfront payment of $100 million and milestone payments, including those expected to be achieved by 2026, totaling over $2 billion [1] - Zenas will issue 7 million shares of common stock to Nuo Cheng Jian Hua, valued at approximately $181 million based on Zenas' closing price of $25.9 per share on October 8 [1] Group 2: Product Rights and Clinical Trials - Nuo Cheng Jian Hua retains exclusive global rights for Aobutini in oncology while granting Zenas exclusive rights for the development, production, and commercialization of Aobutini in multiple sclerosis and non-oncology areas outside Greater China and Southeast Asia [2] - The company has initiated a Phase III clinical trial for Aobutini targeting primary progressive multiple sclerosis in Q3 2025, with plans to start a trial for secondary progressive multiple sclerosis in Q1 2026 [2] Group 3: Strategic Importance and Market Reaction - This collaboration is the second international deal for Nuo Cheng Jian Hua in 2025, following a $500 million agreement with Kangnuo Ya in January [3] - The company views this licensing deal as a crucial step in its internationalization strategy, aiming to achieve the internationalization of three to four products in the next three to five years [3] - Despite the record transaction amount, the market reacted negatively, with Nuo Cheng Jian Hua's stock price dropping nearly 7% in A-shares and over 11% in Hong Kong shares on October 9 [3]

Core Viewpoint - Several biotechnology companies, including Sanofi Biologics, Innovent Biologics, and Rongchang Biologics, experienced significant stock declines, with drops exceeding 10% [1] Company Performance - Sanofi Biologics, Innovent Biologics, and Rongchang Biologics all saw their stock prices fall by more than 10% [1] - Other companies such as Gilead Sciences, Chuangsheng Group, and Jakeson also faced declines, with drops exceeding 9% [1]

Group 1 - The pharmaceutical sector experienced a significant decline, with notable drops in stock prices for companies such as Clover Biopharmaceuticals (-14.43%), Rongchang Biopharmaceuticals (-11.54%), and Innovent Biologics (-11.48%) [1] - According to Zhongtai Securities, the sector has been in a state of adjustment since September, primarily due to the substantial outperformance of the pharmaceutical sector since March, leading to a lack of strong upward momentum in the short term [1] - The report suggests that the current phase of adjustment is relatively healthy, with the fundamental innovation logic remaining unchanged, and the pharmaceutical sector is still at a valuation bottom with strong safety margins and upside potential in the long term [1] Group 2 - Guosheng Securities noted that during the holiday period, Pfizer and Trump reached an agreement that alleviated policy concerns for overseas multinational corporations (MNCs), positively impacting the sentiment in the Hong Kong pharmaceutical market [2] - The CXO sector has shown relative strength, benefiting from performance advantages during earnings periods, expectations of interest rate cuts, and an upward trend in the industry, indicating a positive outlook for the medium to long term [2] - Recent lack of catalysts for innovative drugs has led to a digestion of positions, but there are signs of stabilization, with optimism for performance improvement in Q4, especially after the National Day holiday [2]

Core Viewpoint - The recent licensing agreement between the company and Zenas BioPharma, valued at over $2 billion, did not boost the company's stock price and instead led to a decline in both A-shares and H-shares [1][3]. Group 1: Licensing Agreement Details - The agreement includes a $100 million upfront payment and milestone payments, with total transaction value exceeding $2 billion [3]. - Zenas will receive global rights for the development and commercialization of the drug Obinutuzumab in multiple sclerosis and other non-oncology indications, excluding Greater China and Southeast Asia [4]. - The company retains the right to receive tiered royalties based on annual net sales of the licensed products, potentially reaching over 10% [3][4]. Group 2: Market Reaction and Investor Sentiment - Following the announcement, the company's stock fell by 6.91% in A-shares and 9.68% in H-shares, indicating investor skepticism regarding Zenas's capabilities and the perceived low upfront payment [1][3]. - Zenas's stock, in contrast, surged by 24.22% after the deal announcement, reflecting a positive market reaction to the agreement [1]. Group 3: Strategic Implications - The management emphasized that this partnership is a significant step towards the company's globalization strategy, providing both financial benefits and access to global markets [4]. - The company plans to continue pursuing international opportunities and prioritizes business development over the next three years [6].

Group 1 - Pharmaceutical stocks experienced a significant decline today, with notable drops across various companies [1] - Clover Biotech-B (02197.HK) saw a decrease of 14.43%, trading at 2.49 HKD [1] - Rongchang Biotech (09995.HK) fell by 11.54%, with a current price of 105.4 HKD [1] - Nuo Cheng Jianhua (09969.HK) dropped 11.48%, now priced at 16.65 HKD [1] - Gilead Pharmaceuticals-B (01672.HK) decreased by 9.16%, trading at 10.51 HKD [1] - Tigermed (03347.HK) experienced a decline of 7.08%, with a price of 43.86 HKD [1]