Core Insights - The global pharmaceutical sales ranking for the first half of 2025 has been released, highlighting the dominance of GLP-1 drugs, with the top three drugs surpassing $10 billion in sales, marking them as key growth drivers in the industry [1][2][3] - The competition among global pharmaceutical giants is intensifying, particularly in the metabolic drug sector, with companies like Novo Nordisk and Eli Lilly expected to further strengthen their market positions [2][3] GLP-1 Drug Market Dynamics - Novo Nordisk's GLP-1 family, particularly semaglutide, achieved sales of $16.632 billion, securing the top position, while Eli Lilly's tirzepatide followed closely with $14.734 billion, reflecting a year-on-year growth of 121.3% [3][4] - The sales of GLP-1 drugs are reshaping the "king of drugs" competition, with semaglutide and tirzepatide leading the market, and the latter's rapid growth could potentially position it as the top-selling drug for the year [3][4] Emerging Drug Categories - New therapeutic modalities, including bispecific antibodies, antibody-drug conjugates (ADC), and fusion proteins, are gaining traction, accounting for over 15% of the top-selling drugs, with ADC drug Enhertu entering the list with $3.9 billion in sales [1][8] - The mRNA vaccine category also contributed significantly, with three vaccines generating a total of $9.4 billion in sales [1] CDK4/6 Inhibitor Market - The CDK4/6 inhibitor market is experiencing a reshuffle, with Eli Lilly's Abemaciclib leading at $2.648 billion, followed by Novartis' Ribociclib, which saw a remarkable growth rate of 58.7% [6] - Pfizer's Palbociclib, once a market leader, has seen a decline, with sales dropping to $2.026 billion, marking a significant shift in market dynamics [6] BTK Inhibitor Landscape - The global BTK inhibitor market is projected to reach approximately $12.5 billion by 2024, with Ibrutinib, Acalabrutinib, and Zanubrutinib dominating over 97% of the market share [7] - Chinese innovation is making strides, with BeiGene's Zanubrutinib entering the global top 50 list for the first time, achieving sales of $1.742 billion [7][8] Future Outlook - The GLP-1 market is expected to maintain high growth, potentially securing two of the top three positions in the overall sales ranking for 2025, indicating a significant shift in the weight loss drug market [8] - The rise of new molecular entities such as bispecific antibodies and ADCs suggests that the next wave of major innovations will stem from modality innovations, further transforming the pharmaceutical landscape [8]

Group 1 - The core viewpoint of the news is the performance and holdings of the Huatai Fuhua Medical Service Flexible Allocation Mixed A Fund, which has shown significant returns in various time frames [1] - As of August 11, 2025, the fund's latest net value is 1.9490 yuan, with a growth of 0.57% [1] - The fund has achieved a 1-month return of 13.80%, a 6-month return of 64.38%, and a year-to-date return of 60.96%, ranking 104 out of 2346, 7 out of 2316, and 12 out of 2305 respectively [1] Group 2 - The top ten stock holdings of the fund account for a total of 68.66%, with significant positions in companies such as Heng Rui Pharmaceutical (9.90%), Kelun Pharmaceutical (9.03%), and Hai Si Ke (8.99%) [1] - The fund was established on June 18, 2015, and as of June 30, 2025, it has a total scale of 2.915 billion yuan [1] - The fund manager, Zhang Wei, has extensive experience in the pharmaceutical sector, having held various positions in research and fund management since 2021 [2]

（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：9969） 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 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《關於召開2025年半年度業績說明 會的公告》。 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，二零二五年八月十一日 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。 | | | 诺诚健华医药有限公司 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关 ...

| | | 诺诚健华医药有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 8 月 20 日(星期三)上午 11:00-12:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 8 月 13 日(星期三)至 8 月 19 日(星期二)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 IR@innocarepharma.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答 诺诚健华医药有限公司（以下简称"公司"）将于 2025 年 8 月 20 日发布公 司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度 经营成果、财务状况，公司计划于 ...

Core Viewpoint - The establishment of the Vi vo Ac c e l e r a t or by Vi vo Ca pit a l aims to create a new paradigm for innovative drug development through global collaboration, leveraging China's advantages in preclinical and clinical stages to accelerate the growth of global biotech companies [2][4][12]. Group 1: Overview of Vi vo Ac c e l e r a t or - The Vi vo Ac c e l e r a t or is designed to support biotech companies in drug development by utilizing Vi vo's unique ecosystem resources to identify high-quality projects at various stages of drug development [2][4]. - Vi vo Ca pit a l has invested in over 430 companies globally over nearly 30 years, indicating a strong track record in the biotech sector [2][8]. Group 2: New Business Model - The traditional VIC model, which involves collaboration between venture capital (VC), intellectual property (IP), and contract research organizations (CRO), is facing challenges due to geopolitical risks and rising costs in drug development [4][12]. - The Vi vo Ac c e l e r a t or aims to address these challenges by leveraging China's market resources and efficiency to promote the rapid development of innovative and first-in-class drugs while ensuring IP protection [4][5]. Group 3: Operational Mechanism - The accelerator will select high-potential biotech projects globally, often from thousands of candidates, and provide them with necessary support, including IP strategy and clinical development consulting [5][6]. - Projects will be structured as independent companies to ensure clear IP ownership and mitigate the risk of IP leakage, with stakeholders holding equity in the new project companies [5][6]. Group 4: Market Trends and Opportunities - The Chinese biotech industry is experiencing a recovery, with a shift in focus towards truly innovative assets rather than me-too or me-better drugs, reflecting a significant change in the investment landscape [12][13]. - The proportion of assets from China in MNC business development transactions has increased from around 5% five years ago to over 30% in 2024, indicating growing international recognition of Chinese drug development capabilities [13][14]. Group 5: Future Challenges - Despite the advantages, the Chinese biotech sector still faces challenges such as knowledge iteration, talent shortages, and limitations in drug development tools and raw materials, necessitating ongoing efforts from the entire industry [14].

Group 1: Pharmaceutical Sales Overview - The Insight database released the TOP 50 pharmaceutical sales list for the first half of 2025, highlighting that chemical drugs and monoclonal antibodies dominate the list, with additional contributions from dual antibodies, preventive vaccines, ADCs, and fusion proteins [1] - A total of 44 drugs exceeded $2 billion in sales, with 10 surpassing $5 billion, and 3 drugs exceeding $10 billion in sales [1] - Semaglutide, with sales of $16.632 billion from its three versions (Ozempic, Rybelsus, and Wegovy), surpassed Keytruda, which maintained $15.161 billion in sales, to take the top position [1] Group 2: CDK4/6 Inhibitors Market Dynamics - The CDK4/6 inhibitor market is characterized by intense competition among major pharmaceutical companies, with Pfizer's Ibrance initially leading the market [2] - However, the market dynamics shifted as Eli Lilly's Verzenio gained significant traction, and in 2024, it surpassed Ibrance in sales for the first time [2] - In the first half of this year, Ribociclib experienced a remarkable growth rate of 58.7%, generating $2.133 billion, while Abemaciclib led the market with $2.648 billion, and Ibrance fell to $2.026 billion [2] Group 3: BTK Inhibitors Market Analysis - There are currently six approved BTK inhibitors globally, with Ibrutinib, Acalabrutinib, and Zanubrutinib holding over 97% of the market share [3] - Ibrutinib, despite its initial success with sales reaching $9.777 billion in 2021, has seen a decline, with sales dropping below $3 billion in the first half of 2025, a 9% year-over-year decrease [3] - In contrast, Zanubrutinib has shown impressive growth, achieving $2.644 billion in sales for 2024, a 103.4% increase, and breaking into the TOP 50 list with $1.742 billion in the first half of 2025, a 54.7% year-over-year growth [3]

Core Insights - The Chinese pharmaceutical industry has seen a significant increase in overseas licensing deals, with 40 transactions in Q1 2025 alone, amounting to over $38 billion, which is more than half of the total for the entire year of 2024 [4][5] - The number of innovative drugs approved by the National Medical Products Administration (NMPA) has risen sharply, with 48 new approvals expected in 2024, representing more than a fivefold increase since 2018 [2][3] - Recent government policies have provided substantial support for the development of innovative drugs, including measures to streamline clinical trial approvals and enhance market access [6][7] Industry Growth - The number of innovative drugs developed by Chinese companies has reached 40 out of 43 approved drugs in the first half of 2025, indicating a shift from generic to original drug development [3][4] - The global biopharmaceutical market is projected to exceed $1.71 trillion by 2025, with China's market expected to grow at a compound annual growth rate (CAGR) of 14.5%, surpassing 3.5 trillion yuan [5] - The trend of overseas licensing agreements has become a crucial driver for the growth of the innovative drug sector, reflecting China's increasing research and development capabilities on the international stage [4][5] Policy Support - The NMPA has introduced a "30-day fast-track approval channel" for clinical trials to support innovative drug development, aiming to reduce the time required for new drug applications [6][7] - The National Healthcare Security Administration (NHSA) has established a dynamic adjustment mechanism for the medical insurance catalog, facilitating faster inclusion of innovative drugs into the insurance system [6][8] - Various supportive policies have been implemented to encourage innovation across the entire drug development process, from research to commercialization [6][7] Challenges Ahead - Despite the progress, the industry still faces challenges in drug development, including technical difficulties, complex clinical trial processes, and issues related to reimbursement [7][8] - There is a need for a multi-dimensional evaluation system focused on patient benefits to better assess the clinical value of innovative drugs [7][8] - The disconnect between academia and industry remains a significant barrier, particularly in translational medicine, necessitating collaboration between research institutions and pharmaceutical companies [8]

金融界2025年8月10日消息，长城医疗保健混合A(000339) 最新净值3.5613元，该基金近一周收益 率-2.92%，近3个月收益率36.09%，今年来收益率57.04%。 长城医疗保健混合A基金成立于2014年2月28日，基金经理谭小兵，截至2025年6月30日，长城医疗保健 混合A规模3.50亿元。 该基金股票持仓前十分别为：热景生物、一品红、益方生物-U、泽璟制药-U、百济神州-U、恒瑞医 药、信立泰、迈威生物-U、百利天恒、诺诚健华-U。前十持仓占比合计60.85%。 来源：金融界 ...

Group 1 - The core viewpoint of the article highlights the performance and key details of the Fortune Healthcare Industry Mixed A Fund, which has shown significant returns in recent months [1] - The fund's latest net value is 3.9380 yuan, with a weekly return of -2.62%, a three-month return of 28.69%, and a year-to-date return of 40.79% [1] - The fund was established on August 7, 2013, and as of June 30, 2025, it has a total scale of 972 million yuan [1] Group 2 - The top ten stock holdings of the fund include companies such as Baili Tianheng, Zexin Pharmaceutical-U, and Hotgen Biotech, with the top ten holdings accounting for a total of 60.20% of the portfolio [1]

Core Viewpoint - The E Fund Healthcare Industry Mixed A Fund has shown significant performance with a year-to-date return of 51.61% as of June 30, 2025, despite a recent weekly decline of 1.56% [1]. Fund Performance - The latest net value of the E Fund Healthcare Industry Mixed A is 4.6180 yuan [1]. - The fund has achieved a return of 38.35% over the past three months [1]. - The fund was established on January 28, 2011, and has a total scale of 3.944 billion yuan as of June 30, 2025 [1]. Holdings - The top ten stock holdings of the fund include: - 恒瑞医药 (Hengrui Medicine) - 热景生物 (Hotgen Biotech) - 信立泰 (Sihuan Pharmaceutical) - 百济神州-U (BeiGene) - 海思科 (Hisun Pharmaceutical) - 诺诚健华-U (Innovent Biologics) - 一品红 (Yipinhong) - 科伦药业 (Kelun Pharmaceutical) - 舒泰神 (Shutai Shen) - 百利天恒 (Baili Tianheng) - The combined proportion of the top ten holdings is 58.14% [1].