Core Insights - The Chinese innovative pharmaceutical industry is accelerating its "going global" process, with significant business development (BD) transactions occurring in October, including a record $11.4 billion deal between Innovent Biologics and Takeda Pharmaceutical [1][2][3] Group 1: Major Transactions - Innovent Biologics announced a global strategic collaboration with Takeda Pharmaceutical, integrating their strengths in tumor immunology and antibody-drug conjugates (ADC), with a total deal value of up to $11.4 billion [1] - The agreement includes an upfront payment of $1.2 billion, which consists of a $1 billion premium strategic equity investment, along with potential milestone payments and future sales revenue sharing [1] - Other companies, such as Hansoh Pharmaceutical and Beijing Ausun Pharmaceutical, have also reported significant BD agreements, indicating a strong market interest in Chinese innovative drugs [2] Group 2: Market Trends - The Chinese innovative drug sector is becoming a major player in global pharmaceutical BD activities, with a notable increase in overseas licensing transactions in 2023 [2][3] - The current trend shows that the majority of Chinese innovative drugs are entering international markets through BD licensing rather than independent market entry due to the high costs and risks associated with the latter [3] - The surge in BD transactions is attributed to the rapid advancements of Chinese companies in emerging fields like ADCs and cell therapies, as well as the need for multinational pharmaceutical companies to fill revenue gaps from expiring patents [3]

Major Events - Minglue Technology (02718) plans to offer 7.219 million Class A shares globally from October 23 to October 28, with cornerstone subscriptions amounting to $59 million [1] - Wisco Properties (00230) received a privatization offer from Wisco Hong Kong at a premium of approximately 104.08%, with trading resuming on October 24 [1] - Junyu Foundation (01757) was acquired by China Venture Capital Holdings for 75% of its shares at a discount of about 79.06%, with trading resuming on October 24 [1] - Kangda Foods (00834) was acquired by Gaosi Shi for approximately 54.69% of the company’s shares at a premium of about 16.23%, with trading resuming on October 24 [1] - Hutchison China MediTech (00013) presented data on HMPL-A251 at the AACR-NCI-EORTC International Conference on Molecular Targeted and Cancer Therapeutics [1] - Giant Bio (02367) received a medical device registration certificate for its Type I α1 collagen lyophilized fiber product [1] - Yiming Anke-B (01541) completed the first patient dosing in the Phase IB/II clinical trial of IMM2510 combined with IMM01 [1] - Heng Rui Medicine (01276) received approval to conduct clinical trials for injection of Rikan Trastuzumab [1] - Hansoh Pharmaceutical (03692) had its application for HS-10365 capsule marketing approval accepted by the National Medical Products Administration [1] - Baixin An-B (02185) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [1] - Haotian International Construction Investment (01341) purchased a total of 646 units of Ethereum as of October 23 [1] Share Buybacks/Reductions - Cornerstone Pharmaceuticals-B (02616) saw CEO Yang Jianxin and senior management purchase an additional 1 million shares [2] - Midea Group (00300) repurchased 1.3434 million A shares for approximately 99.998 million yuan on October 23 [2] - China Communications Construction (01800) repurchased 119.45 million A shares for approximately 10.5994 million yuan on October 23 [2] - Mengniu Dairy (02319) repurchased 700,000 shares for approximately 10.0692 million HKD on October 23 [2] - Lianlian Digital (02598) spent about 7.5555 million HKD to repurchase 967,000 shares on October 23 [2] - Lianyi Rong Technology-W (09959) repurchased 2.47 million shares for approximately 7.4137 million HKD on October 23 [2] - Heng Rui Medicine (01276) repurchased 97,500 A shares for approximately 6.2808 million yuan on October 23 [2] - Gushengtang (02273) repurchased 19,860 shares for approximately 5.8634 million HKD on October 23 [2] Operating Performance - Ping An Good Doctor (01833) reported total revenue of approximately 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and plans to continue expanding AI technology to enhance medical service efficiency and quality [2] - Sands China Ltd. (01928) reported a 7.5% year-on-year increase in net revenue to $1.9 billion for the third quarter [2] - Livzon Pharmaceutical (01513) announced a net profit attributable to shareholders of 1.754 billion yuan for the first three quarters, a year-on-year increase of 4.86% [2] - China Railway Construction (01186) signed new contracts totaling 1.518765 trillion yuan in the first three quarters, a year-on-year increase of 3.08% [2] - Prada (01913) reported net revenue of 4.07 billion euros for the first three quarters, a year-on-year increase of 9% [2] Additional Performance Metrics - Baio Family Interactive (02100) reported 10.2 million active accounts in the third quarter, a year-on-year increase of 37.8% [3] - Anton Oilfield Services (03337) secured new orders worth 1.273 billion yuan in the third quarter [3]

Group 1 - The core point of the article highlights the acceleration of Chinese innovative drug companies' international expansion, marked by significant business development (BD) transactions, including a record $11.4 billion deal between Innovent Biologics and Takeda Pharmaceutical [1][3] - Innovent Biologics announced a global strategic collaboration with Takeda, integrating their strengths in immuno-oncology and antibody-drug conjugates to expedite the global development of two late-stage drugs, with an upfront payment of $1.2 billion and potential milestone payments [1] - Other Chinese pharmaceutical companies, such as Hansoh Pharmaceutical and Beijing Ausun Pharmaceutical, have also reported significant BD agreements, indicating sustained market interest and high premium recognition for domestic innovative drugs [2] Group 2 - Chinese innovative pharmaceutical companies have significantly improved their R&D capabilities, becoming one of the most active forces in global BD, with a notable increase in overseas licensing transactions in 2023 [3] - The current trend of "going global" for innovative drugs primarily involves two models: self-driven internationalization and BD partnerships, with the latter being favored due to lower costs and risks [3] - The surge in BD activities in October is seen as a reflection of Chinese innovative drug companies entering the global mainstream, as multinational pharmaceutical companies seek to fill revenue gaps from patent expirations by collaborating with Chinese firms [4]

Core Viewpoint - Hansoh Pharmaceutical (03692.HK) has received acceptance for its application for marketing authorization of the high-selectivity RET inhibitor HS-10365 capsules from the National Medical Products Administration, aimed at treating adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) who are RET gene fusion positive [1] Company Overview - Hansoh Pharmaceutical is an innovation-driven pharmaceutical company that has consistently ranked among the top 100 global pharmaceutical companies for several years [1] - The company has developed a total of 7 innovative drugs that generate sales revenue in China, establishing a rich product pipeline [1]

Company News - China Railway Construction Corporation (01186.HK) reported a total new contract value of 1,518.765 billion yuan for the first three quarters, an increase of 3.08% year-on-year. The new contract value for the third quarter was 462.5954 billion yuan [2] - Zhiyu City Technology (09911.HK) expects total revenue from its social business for the first nine months to be between 4.38 billion and 4.44 billion yuan, representing a year-on-year growth of approximately 34.5% to 36.4%. The innovative business revenue is projected to be between 530 million and 550 million yuan, with a year-on-year growth of about 69.9% to 76.3% [2] - Ping An Good Doctor (01833.HK) reported total revenue of 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and a net profit of 184 million yuan, up 72.6% year-on-year. The company's F-end and B-end enterprise health business revenue grew by 21.5% year-on-year, serving over 4,500 corporate clients [3] - Livzon Pharmaceutical (01513.HK) reported revenue of 9.116 billion yuan for the first three quarters, an increase of 0.38% year-on-year, and a net profit of 1.754 billion yuan, up 4.86% year-on-year [3] - Mongolian Energy (00276.HK) reported a significant decrease in total revenue for the six months ending September 30, 2025, by no more than 900 million HKD, primarily due to global economic recession and a slowdown in the Chinese steel market [3] - Anning Holdings (00128.HK) issued a profit warning, expecting a profit of approximately 21 million HKD for the first three quarters, a significant turnaround from a loss [3] - Baio Family Interactive (02100.HK) reported 10.2 million active accounts in the third quarter, a quarter-on-quarter increase of 29.1% and a year-on-year increase of 37.8%. The average revenue per paid account was 141.2 yuan, down 19.2% quarter-on-quarter and 13.2% year-on-year [3] - Hengrui Medicine (01276.HK) received approval to conduct clinical trials for its injection of Rukang Qutuzumab, with global sales of similar products totaling approximately 6.557 billion USD [4] - Baixin An-B (02185.HK) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [5] - Hansoh Pharmaceutical (03692) had its application for marketing approval of HS-10365 capsules accepted by the National Medical Products Administration [6] Capital Operations and Buyback Dynamics - Minmetals Land (00230.HK) received a privatization offer from Minmetals Hong Kong, with the offer price representing a premium of 185.71% over the undisturbed closing price [7] - Qizhi Group (00917.HK) received a voluntary lock-up commitment from directors and concert parties, with a lock-up period of 12 months starting from October 23, 2025, involving 103 million shares of the company [7] - Mengniu Dairy (02319.HK) repurchased 700,000 shares at a cost of 10.0692 million HKD, with a repurchase price of 14.33 to 14.4 HKD [7] - Lianlian Digital (02598.HK) repurchased approximately 755.55 million HKD worth of 967,000 shares, with a repurchase price of 7.63 to 7.96 HKD [8]

Core Viewpoint - Hansoh Pharmaceutical (03692.HK) has received acceptance from the National Medical Products Administration for its New Drug Application (NDA) for HS-10365 capsules, a selective RET inhibitor aimed at treating adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with RET gene fusion [1] Group 1: Product Development - HS-10365 is a first-class innovative drug developed by Hansoh Pharmaceutical [1] - It is a small molecule, highly selective RET receptor tyrosine kinase inhibitor [1] - The drug works by competitively binding to intracellular protein tyrosine kinases with ATP, inhibiting tyrosine kinase phosphorylation, and effectively controlling tumor growth [1]

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report emphasizes the significance of the ESMO conference, highlighting the achievements of Chinese pharmaceutical companies and suggesting to focus on catalysts such as policies, academic conferences, and business development in Q4 2025 [1][4] - The report indicates a potential market rebound due to increasing industry catalysts, including various academic conferences and favorable policies [4] - The report recommends continued attention to companies with promising clinical pipelines and their global commercialization potential [4][5] Valuation Summary - The report provides a detailed valuation overview of various companies, with all covered companies rated as "Buy" except for two rated as "Neutral" and one as "Sell" [3] - Notable target prices and current prices for selected companies include: - AstraZeneca: Target price 93.30, Current price 83.87 [3] - BeiGene: Target price 225.00, Current price 188.20 [3] - Innovent Biologics: Target price 48.00, Current price 36.42 [3] - I-Mab: Target price 105.00, Current price 86.10 [3] - China Biologic Products: Target price 9.10, Current price 7.43 [3] Market Performance - The Hang Seng Index rose by 2.3% and the Hang Seng Healthcare Index increased by 2.0% during the week of October 14-21, 2025, ranking fifth among twelve industry indices [4][7] - Sub-industry performance showed CXO leading with a 4.5% increase, followed by Internet medicine and biopharmaceuticals [4][7] Institutional Holdings - As of October 21, 2025, the proportion of domestic institutional holdings through Hong Kong Stock Connect decreased slightly to 22.1%, while foreign institutional holdings also saw a minor decline to 38.6% [34][38] - The report notes that both domestic and foreign investors are increasing their positions in innovative drug companies with clear pipeline values [4][38] Clinical Developments - The report highlights significant clinical trial results presented at the ESMO conference, including: - CanSino Biologics' promising data on its PD-1/VEGF inhibitor [5][6] - Rongchang Biopharmaceuticals' HER2 ADC showing significant survival benefits [5][6] - Kelun-Biotech's results indicating substantial improvements in progression-free survival [5][6] - The report suggests that these developments enhance the global competitiveness of the covered companies [5][6]

Core Viewpoint - Hansoh Pharmaceutical (03692) announced that its innovative drug HS-10365, a highly selective translocation inhibitor, has received acceptance for its New Drug Application (NDA) by the National Medical Products Administration (NMPA) of China on October 23, 2025, for the treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with RET gene fusion [1] Group 1 - The drug HS-10365 is specifically designed for patients with RET gene fusion positive NSCLC [1] - The acceptance of the NDA marks a significant step in the drug's development and potential market entry [1] - This development highlights the company's focus on innovative treatments in oncology [1]

Core Viewpoint - Hansoh Pharmaceutical (03692) has received acceptance for its New Drug Application (NDA) for the innovative drug HS-10365 capsule by the National Medical Products Administration (NMPA) in China, aimed at treating adult patients with RET gene fusion-positive locally advanced or metastatic non-small cell lung cancer (NSCLC) [1] Group 1 - The NDA for HS-10365 was accepted on October 23, 2025 [1] - The drug targets a specific patient population with RET gene fusion-positive NSCLC [1]

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。 Hansoh Pharmaceutical Group Company Limited 自願公告 HS-10365膠囊上市許可申請 獲國家藥品監督管理局受理 翰森製藥集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董 事會」）欣然宣佈，於二零二五年十月二十三日，本集團創新藥高選擇性轉染重 排（「RET」）抑制劑HS-10365膠囊上市許可申請(NDA)獲中國國家藥品監督管 理局(NMPA)受理，用於RET基因融合陽性的局部晚期或轉移性非小細胞肺癌 (NSCLC)成人患者的治療。 承董事會命 翰森製藥集團有限公司 主席 鍾慧娟 香港，二零二五年十月二十三日 於本公告日期，董事會成員包括主席兼執行董事鍾慧娟女士、執行董事孫遠女士 及呂愛鋒博士；及獨立非執行董事林國強先生、陳尚偉先生及楊東濤女士。 翰森製藥集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3692） ...