Core Viewpoint - The Hong Kong innovative drug sector experienced a significant drop, with companies like BeiGene, China Biologic Products, CSPC Pharmaceutical Group, and Innovent Biologics seeing declines of over 10% in early trading. However, the Hong Kong Innovative Drug ETF (159567) rebounded, indicating strong investor interest and a potential bottoming out in the market [1] Group 1: Market Performance - The Hong Kong innovative drug ETF (159567) opened low but saw a recovery, with a market price premium of nearly 1% [1] - The ETF recorded a net subscription of 904 million shares during intraday trading, reflecting strong demand from investors [1] Group 2: Industry Outlook - Analysts suggest that the long-term bullish trend for innovative drugs may not be over, as the commercialization value of innovative drug assets driven by China's engineering talent has yet to be fully realized [1] - The valuation of the Hong Kong innovative drug sector remains low, with a high number of business development (BD) deals that are both numerous and certain, indicating a robust future pipeline in areas like small nucleic acids and oral GLP-1 [1] - The performance of the innovative drug, CXO, and biopharmaceutical sectors has shown signs of recovery, with China's pharmaceutical industry now possessing global competitiveness [1] Group 3: Investment Opportunities - The Hong Kong Innovative Drug ETF (159567) tracks the Guozheng Hong Kong Stock Connect Innovative Drug Index, aiming to reflect the performance characteristics of listed companies in the innovative drug sector within the Hong Kong Stock Connect [1] - Investors can also access the Hong Kong Innovative Drug ETF feeder funds (Class A: 023929, Class C: 023930) for a streamlined investment approach to capitalize on the upward potential of the innovative drug sector [1]

9月11日早盘，港股创新药集体暴跌，恒生生物科技指数一度跌超7%，中国生物制药、翰森制药、石药 集团、诺诚健华、百济神州、药明生物、药明康德（603259）等领跌；恒生医药ETF（159892）、港股 通医疗ETF（520510）跟随指数调整。 ③全球化趋势未发生根本转变，中国创新药凭借其研发效率和成本优势，依然是全球药企重要的合作伙 伴，2025年有望继续达成多项十亿级别以上的对外授权交易。 相关ETF： 港股通医疗ETF（520510）：聚焦CXO+AI医疗等主线，CXO含量全市场领先。 恒生医药ETF（159892）：聚焦创新药，同指数下规模最大，流动性良好。 从海外消息来看，一项草拟的行政命令威胁要切断从中国引进创新药的通道，一是美国制药公司从中国 药企收购药物权益的交易将面临更严格的审查，需接受美国外国投资委员会（CFIUS）的"强制性审 查"，二是要求FDA进行更严格审查并收取更高监管费用，阻止制药企业依赖来自中国患者的临床试验 数据。 以史为鉴，参考2024年生物安全法案对CXO的影响过程，创新药板块在短期内可能受情绪压制，市场 波动或难以避免；但从中长期看，行业向好的基本面并未改变： ①国内创 ...

Core Viewpoint - The approval of Ibrutinib (Yinokai) for the treatment of relapsed/refractory marginal zone lymphoma (R/R MZL) in Singapore marks a significant step in the international expansion of the company [1] Group 1: Product Approval and Development - Ibrutinib has received approval from the Health Sciences Authority (HSA) in Singapore for treating adult patients with R/R MZL, representing the second indication approved for the drug in Singapore [1] - The company is advancing Ibrutinib's global development in the field of autoimmune diseases, in addition to its application in lymphoma treatment [1] Group 2: Market Context and Patient Needs - Marginal zone lymphoma (MZL) is a type of indolent B-cell non-Hodgkin lymphoma (NHL) primarily affecting the elderly, with an increasing incidence rate globally [1] - There is a lack of effective treatment options for MZL patients who experience disease progression or relapse after first-line therapy [1] Group 3: Previous Approvals - Earlier in April, Ibrutinib was approved in China for first-line treatment of chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) [2] - The drug has also been approved in China for treating R/R CLL/SLL, R/R mantle cell lymphoma (MCL), and R/R MZL, with all three indications included in the national medical insurance [2]

Group 1 - The core point of the article is that Innovent Biologics has received approval from the Health Sciences Authority of Singapore for its drug Ibrutinib (宜诺凯®) to treat relapsed/refractory marginal zone lymphoma (R/R MZL) in adult patients, marking a significant step in the company's international expansion [2] - Ibrutinib is a highly selective BTK inhibitor developed by Innovent, which aims to improve safety and efficacy by avoiding off-target adverse events, and is being advanced for the treatment of hematological malignancies and autoimmune diseases [2] - The approval in Singapore is the second indication for Ibrutinib, following its earlier approval for first-line treatment of chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) in China [3] Group 2 - Marginal zone lymphoma (MZL) is a type of indolent B-cell non-Hodgkin lymphoma (NHL) primarily affecting the elderly, with a rising incidence globally, and patients with disease progression/relapse after first-line treatment currently lack effective treatment options [2]

Core Insights - The company Innovent Biologics has received approval from the Health Sciences Authority of Singapore for its drug Ibrutinib (Yinokai) to treat relapsed/refractory marginal zone lymphoma (R/R MZL) in adult patients, marking a significant step in its international expansion [1] - Ibrutinib is a highly selective BTK inhibitor that has demonstrated good efficacy and safety in treating R/R MZL, providing new treatment options for lymphoma patients in Singapore [1] - The company is also advancing the global development of Ibrutinib for autoimmune diseases, in addition to its applications in hematologic malignancies [1] Company Developments - In April of this year, Ibrutinib was approved in China for first-line treatment of chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) [2] - Prior approvals in China include treatments for previously treated CLL/SLL, relapsed/refractory mantle cell lymphoma (R/R MCL), and R/R MZL, all of which are covered by the national health insurance [2] Industry Context - Marginal zone lymphoma (MZL) is a type of indolent B-cell non-Hodgkin lymphoma (NHL) primarily affecting the elderly, with a rising incidence rate globally [1] - Patients with MZL who progress or relapse after first-line treatment currently lack effective therapeutic options [1]

Company Overview - InnoCare Pharma is a leading biopharmaceutical company focused on developing treatments for cancer and autoimmune diseases, with a commitment to addressing unmet medical needs globally [5] Product Approval - HIBRUKA (orelabrutinib) has received approval from the Health Sciences Authority (HSA) of Singapore for treating adult patients with relapsed or refractory marginal zone lymphoma (R/R MZL) [1][2] - This marks the second indication approval for orelabrutinib in Singapore, following its previous approval for other indications [2] Product Efficacy and Safety - Orelabrutinib is a highly selective BTK inhibitor that has shown good efficacy and safety in treating R/R MZL, providing a new treatment option for local lymphoma patients [2] - The drug's high target selectivity minimizes off-target effects, enhancing both safety and efficacy [2] Market Context - Marginal zone lymphoma (MZL) is an indolent B-cell non-Hodgkin's lymphoma primarily affecting middle-aged and elderly patients, with an increasing annual incidence globally [3] - Patients with R/R MZL often lack effective treatment options after first-line therapy [3] Previous Approvals - In April 2025, orelabrutinib was approved in China for the first-line treatment of chronic lymphocytic leukemia (CLL) / small lymphocytic lymphoma (SLL) and has received approvals for three other indications, including R/R CLL/SLL, R/R mantle cell lymphoma (MCL), and R/R MZL, all included in China's National Reimbursement Drug List [4]

Core Viewpoint - The AI Fund Great Wall Healthcare Mixed A (000339) reported a profit of 93.57 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.7192 yuan, and a net value growth rate of 32.19% during the reporting period [2] Fund Performance - As of September 3, the fund's unit net value was 3.613 yuan, with a one-year cumulative net value growth rate of 99.85% for Great Wall Health Mixed A, while Great Wall Health Consumption Mixed A had the lowest at 46.13% [2] - The fund's net value growth rates over various periods are as follows: 20.98% over the last three months, 50.61% over the last six months, 69.58% over the last year, and 17.96% over the last three years [5] Fund Management and Strategy - The fund manager, Tan Xiaobing, oversees six funds, all of which have positive returns over the past year [2] - The fund's strategy focuses on innovative drugs, considering market conditions and potential opportunities due to the Federal Reserve's interest rate cuts and improved global liquidity [2] Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately -99.91, compared to the industry average of 120.96 [10] - The weighted average price-to-book (P/B) ratio was about 8.09, while the industry average was 4.07 [10] - The weighted average price-to-sales (P/S) ratio was approximately 18.56, compared to the industry average of 6.52 [10] Growth Metrics - For the first half of 2025, the fund's weighted average revenue growth rate was -0.05%, and the weighted average net profit growth rate was 0.88% [16] Fund Size and Shareholder Composition - As of June 30, 2025, the fund's total size was 350 million yuan, with 47,800 holders owning a total of 117 million shares [30][33] - Individual investors accounted for 97.38% of the holdings, while institutional investors held 2.62% [33] Trading Activity - The fund's turnover rate for the last six months was approximately 313.71%, consistently above the industry average [36]

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的任何損失承擔任何責任。 InnoCare Pharma Limited 諾誠健華醫藥有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：9969） 海外監管公告 本公告乃諾誠健華醫藥有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站刊登之《中國國際金融股份有限公司關於 諾誠健華醫藥有限公司2025年半年度持續督導跟蹤報告》。 承董事會命 諾誠健華醫藥有限公司 主席兼執行董事 崔霽松博士 香港，二零二五年九月五日 於本公告日期，董事會包括主席兼執行董事崔霽松博士；執行董事趙仁濱博士；非執行董事 施一公博士及謝榕剛先生；以及獨立非執行董事胡蘭女士、董丹丹博士及管坤良教授。 中国国际金融股份有限公司 关于诺诚健华医药有限公司 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规 则 ...

Group 1 - The company is engaged in the research, development, production, and commercialization of innovative biopharmaceuticals, with a focus on oncology and autoimmune diseases [5][6][12] - The company has received conditional approval for its main product, Acalabrutinib (Ibrutinib), which is used for treating various types of blood cancers [5][9] - The company has not yet achieved profitability and is facing cumulative losses, with significant ongoing research and development expenses [5][23] Group 2 - In the first half of 2025, the company reported revenue of 731 million yuan, a year-on-year increase of 74.26%, but still incurred a net loss of 30 million yuan [5][6] - The company is required to complete confirmatory clinical trials for Acalabrutinib to obtain full approval, which introduces uncertainty regarding its market potential [9][10] - The company faces intense competition in the market, with existing products and ongoing clinical trials from other companies [12][22] Group 3 - The company has established a production facility in Guangzhou that meets GMP standards, but faces risks related to supply chain disruptions and regulatory compliance [17][18] - The company is subject to strict regulatory oversight, which may impact its ability to market and sell its products effectively [16][28] - The company is actively seeking strategic partnerships to enhance its research and commercialization efforts, but faces challenges in establishing these relationships [19][24]

中国国际金融股份有限公司 关于诺诚健华医药有限公司 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规 则》（以下简称"《上市规则》"）和《上海证券交易所上市公司自律监管指引第 11 号 ——持续督导》等相关规定，中国国际金融股份有限公司（以下简称"中金公司" 或"保荐机构"）作为诺诚健华医药有限公司（以下简称"诺诚健华"、"公司"）首 次公开发行股票并在科创板上市以及持续督导工作的保荐机构，负责诺诚健华上市 后的持续督导工作，并出具 2025 年半年度持续督导跟踪报告，本持续督导期间为 2025 年 1 月 1 日至 2025 年 6 月 30 日。 | 一、持续督导工作情况 | | --- | | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体 的持续督导工作制定相应的工作计划 | 保荐机构已建立健全并有效执 | | | | 行了持续督导制度，并制定了 | | | | 相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始前， 与上市公司或 ...