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。 （於開曼群島註冊成立之有限公司） 網站：www.sinobiopharm.com （股份編號：1177） 自願公告 TQF3250膠囊「GLP-1受體激動劑」臨床試驗申請獲NMPA受理 中國生物製藥有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）宣佈，本集團自 主研發的國家1類創新藥TQF3250膠囊「GLP-1受體激動劑(GLP-1RA)」的新藥臨床試驗申請(IND)已獲 得中國國家藥品監督管理局(NMPA)受理，擬用於治療2型糖尿病。 TQF3250是一款口服小分子偏向型GLP-1RA，通過選擇性激活cAMP偏向的GLP-1R信號通路，高效 促進胰島素分泌，同時減少β－抑制蛋白募集和受體內吞，從而延長藥效持續時間。 臨床前研究顯示，在小鼠模型中，TQF3250在低至1 mg/kg的劑量下即可顯著改善糖耐量，其活性 與同類藥物Orforglipron相當，展現出高效降糖作用。在 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [1] Core Insights - The innovative drug industry is entering a rapid growth phase, with significant investment opportunities expected in the next 6-12 months [3] - The pharmaceutical sector is experiencing a shift from generic drugs to innovative drugs, with major companies showing robust performance and growth driven by internationalization and commercialization capabilities [5][14] - The optimization of centralized procurement policies and the support of commercial insurance are expected to benefit the pharmaceutical industry in the long term [6][31] Summary by Sections 1. Performance Overview - The pharmaceutical sector's performance in the first half of 2025 shows steady growth, with a transition from generic to innovative drugs. Key companies like Hengrui Medicine reported a revenue of 15.76 billion yuan (up 15.88% year-on-year) and a net profit of 4.45 billion yuan (up 29.67% year-on-year) [5][14] - China National Pharmaceutical Group also achieved double-digit growth, with a revenue of 17.58 billion yuan (up 9.8% year-on-year) and a net profit of 3.39 billion yuan (up 13.10% year-on-year) [5][14] - The innovative drug revenue for Hengrui Medicine exceeded 60%, with significant contributions from newly approved drugs [16] 2. Market Dynamics - The National Healthcare Security Administration has initiated adjustments to the national basic medical insurance and commercial health insurance drug directories, which are expected to enhance the market for innovative drugs [6][29] - The recent centralized procurement policies have shifted from broad price reductions to more refined management, which is anticipated to stabilize the expectations for generic drug businesses [6][34] 3. Recommended Stocks - Recommended stocks in the pharmaceutical and biotechnology sector include Hengrui Medicine, CSPC Pharmaceutical Group, East China Pharmaceutical, and others, which are expected to benefit from the ongoing transformation and innovation in the industry [7][30] 4. Innovation and Internationalization - The report highlights that many traditional pharmaceutical companies are undergoing innovation transformations, with significant R&D investments expected to yield results in the near future. For instance, Hengrui Medicine and CSPC Pharmaceutical Group are projected to exceed 5 billion yuan in R&D expenses [36] - The total amount of license-out transactions for Chinese innovative drugs reached nearly 66 billion USD in the first half of 2025, indicating a strong internationalization trend [36]

Core Viewpoint - The Chinese innovative drug industry is gradually catching up with Europe and the United States in terms of technology, with some targets and technical pathways already leading globally. The number and value of new drugs authorized for overseas markets continue to increase, leading to world-class pricing and non-linear investment elasticity. The domestic market is experiencing strong demand, resulting in sustained high growth in sales of domestic new drugs, with several innovative pharmaceutical companies turning losses into profits and entering a stable growth phase [2]. Pharmaceutical Industry Overview - Innovative Drugs: The industry is witnessing a significant increase in the sales of domestic new drugs driven by strong demand, with several companies achieving profitability [2]. - Medical Devices: The high-value consumables sector is seeing mild price reductions, with ongoing domestic substitution and accelerated overseas business progress. The collection and procurement in neurosurgery and neurointervention fields are stabilizing, and new products are expected to drive growth [2]. - Blood Products: The market share is increasingly concentrated among state-owned enterprises, leading to a clearer competitive landscape. Demand is expected to upgrade towards new products, enhancing industry prosperity [3]. - API (Active Pharmaceutical Ingredients): The end of the capital expenditure peak, combined with three growth drivers, indicates a clear upward turning point for the industry, with leading companies expected to see significant revenue and profit growth [3]. - CXO (Contract Research Organization): The CDMO sector is stabilizing in core business profitability while emerging fields like peptides and ADCs are rapidly growing, enhancing corporate profitability [3]. - Traditional Chinese Medicine and Retail: The hospital sector is recovering, while the retail sector is expected to gradually improve in performance as inventory is digested [3]. Research and Development Trends - The domestic innovative drug business development (BD) is heating up, likely boosting downstream demand recovery. Domestic companies are improving their technology, products, and services, establishing brand effects, and benefiting from the ongoing tariff war with the U.S. [4]. - The research service sector is expected to see improved financial indicators for leading companies due to supply-demand improvements and an upward cycle [4]. Investment Strategy and Market Dynamics - The pharmaceutical industry has published a total of 260 research reports since October 1 of last year, indicating a robust analytical framework and ongoing market engagement [5]. - The medical device sector is expected to see a recovery in performance in the second half of 2025, with ongoing upgrades in product offerings and expansion into overseas markets [2][3]. Summary of Reports and Meetings - The company has conducted numerous offline strategy meetings and expert discussions, indicating active engagement with industry stakeholders and investors [15].

Group 1 - The core viewpoint of the article emphasizes the ongoing developments related to the essential drug catalog, indicating that while the release has been delayed, it is expected to occur soon, with a focus on unique essential drugs that are anticipated to grow faster than non-essential drugs [11][20][21] - The article highlights the performance of the pharmaceutical sector, noting that the CITIC pharmaceutical index fell by 1.98%, underperforming the CSI 300 index by 1.54 percentage points, ranking 22nd among 30 primary industries [8][9] - The article discusses the investment opportunities in the pharmaceutical sector, particularly in traditional Chinese medicine, state-owned enterprise reforms, and the impact of the new medical insurance catalog on OTC companies [11][14][29] Group 2 - The article provides a detailed overview of the essential drug catalog selection process, which includes expert evaluations and consultations to ensure that the selected drugs meet clinical and economic criteria [34] - It presents data on the historical changes in the essential drug catalog, showing a gradual increase in the number of traditional Chinese medicine products included, with a notable shift towards unique products since the 2009 version [17][18] - The article outlines the sales performance of newly included unique essential drugs, indicating significant growth rates for certain products, particularly in the pediatric and respiratory categories [30][32]

Investment Rating - The report maintains an optimistic outlook on the pharmaceutical industry, suggesting a potential for diverse investment opportunities by 2025 [10]. Core Insights - The pharmaceutical sector is currently undervalued, with public funds showing low allocation to this sector. Positive macroeconomic factors, such as the recovery of U.S. Treasury rates, are expected to drive growth in the industry [10]. - The report emphasizes a shift from quantity to quality in the domestic innovative drug sector, highlighting the importance of products that can generate profits. Companies such as BeiGene, Innovent Biologics, and others are recommended for investment [10]. - In the medical device sector, there is a notable recovery in bidding for imaging equipment, and home medical devices are expected to benefit from subsidy policies. Companies like Mindray and Yuwell are highlighted as key players [10]. - The report discusses the potential for growth in the CXO and life sciences services sectors, with expectations of a rebound in domestic investment and a return to high growth rates by 2025 [10]. - The traditional Chinese medicine sector is expected to see significant growth due to the upcoming updates to the essential drug list, with companies like Kunming Pharmaceutical and Kangyuan Pharmaceutical recommended for attention [12][31]. Summary by Sections Market Review - The report notes a 1.98% decline in the CITIC Pharmaceutical Index, underperforming the CSI 300 Index by 1.54 percentage points, ranking 22nd among 30 sectors [7]. - The top-performing stocks include Yino Science, Furuida, and Chengda Pharmaceutical, while the worst performers include Anglikang and Nuo Cheng Jianhua [7]. Industry and Stock Events - The report highlights the ongoing work related to the essential drug list, with expectations for updates that will favor innovative and traditional Chinese medicines [13][15]. - The essential drug list has not been updated since 2018, and the report anticipates a dynamic management approach to future updates [13]. Overall Perspective and Investment Themes - The report suggests that the pharmaceutical industry is entering a new growth cycle, particularly in the specialty raw materials sector, which is currently at a near-decade low in valuation [10]. - The report emphasizes the importance of the essential drug list in promoting reasonable drug use and its integration into hospital performance assessments [19]. - The report identifies several categories of products likely to be included in the essential drug list, including unique proprietary drugs and innovative traditional Chinese medicines [31][33].

Core Viewpoint - The Chinese innovative drug industry is gradually catching up with Europe and the United States in terms of technology, with some targets and technical pathways already leading globally. The number and value of new drugs authorized for overseas markets continue to increase, leading to world-class pricing and non-linear investment elasticity. The domestic market is experiencing strong growth in demand, with domestic new drug sales continuing to rise, and several innovative pharmaceutical companies have turned losses into profits, entering a stable growth phase [2]. Group 1: Innovative Drugs - The innovative drug sector is witnessing a significant increase in sales driven by strong domestic demand, with a number of innovative companies achieving profitability [2]. - The trend of domestic innovative drugs going overseas is accelerating, with increasing numbers and values of new drug authorizations [2]. - The pricing power of innovative drugs is improving, reflecting the global competitiveness of Chinese pharmaceutical companies [2]. Group 2: High-Value Medical Consumables - The orthopedic sector is expected to see mild price reductions due to continued domestic substitution and accelerated overseas business progress [2]. - The neurosurgery and neurointervention fields are experiencing stable growth post-collection, with new products being launched [2]. - The high-value consumables market is expected to benefit from ongoing domestic replacement and the introduction of new products [2]. Group 3: Medical Devices - The medical device sector is seeing a recovery in bidding prices, with ongoing high-speed growth in bidding data this year [2]. - Companies are entering a phase of inventory reduction, with performance expected to improve in the second half of the year [2]. - The low-value consumables sector is experiencing product upgrades and accelerated expansion into overseas markets [2]. Group 4: Blood Products - The supply side of the blood products industry is concentrating on central state-owned enterprises, gradually clearing the competitive landscape [2]. - The demand side is expected to see continuous upgrades to new products, with industry sentiment gradually improving [2]. Group 5: API (Active Pharmaceutical Ingredients) - The API sector is benefiting from the end of a capital expenditure peak, with three growth logic points driving upward trends: new high-end market products, integrated consolidation and overseas expansion, and cost-leading CDMO [2]. - Leading companies in the API sector are expected to see explosive growth in revenue and profits [2]. Group 6: CXO (Contract Research Organization) - The CXO sector is witnessing a recovery in A+H financing activity, with multiple significant business developments enhancing market confidence [2]. - The focus is on optimizing the supply-side landscape and increasing market share for leading CRO companies [2]. Group 7: Traditional Chinese Medicine and Retail Pharmacy - The traditional Chinese medicine sector is showing signs of recovery, with friendly pricing for new drugs and ongoing observation of collection progress [2]. - The retail pharmacy sector is influenced by the pace of supply-side clearing and business model upgrades, with expectations of increased store closures in the second half of 2025 [2]. Group 8: Research and Development Services - The domestic innovative drug business development is heating up, likely driving downstream demand recovery [2]. - The overseas market presents significant growth opportunities for domestic companies, leveraging cost-effectiveness and service differentiation [2].

Core Viewpoint - The Hong Kong Stock Connect Innovation Drug ETF (520880) is experiencing volatility, with a recent trend of price fluctuations and a potential influx of buying interest as the market adjusts [1][3]. Group 1: Market Performance - The ETF has seen a decline in its constituent stocks, with only three out of 37 companies showing slight gains, while major stocks like InnoCare Pharma and Innovent Biologics have dropped significantly [3]. - The ETF has attracted over 670 million yuan in inflows over the past 13 days, indicating strong investor interest despite market fluctuations [4]. - The ETF's index has shown a year-to-date increase of 119.75% before recent adjustments, outperforming other innovation drug indices [6]. Group 2: Industry Insights - The ETF manager attributes the recent adjustments to multiple factors, including a lack of major business development catalysts and ongoing regulatory concerns from the Trump administration regarding Chinese innovation drugs [3]. - The manager emphasizes the importance of maintaining focus on the biopharmaceutical sector, suggesting that current market corrections may present buying opportunities for high-quality innovation drug companies [3]. - The ETF has undergone a "purification" process, removing CXO companies and focusing solely on innovation drug research and development, which is expected to enhance its performance in future market rallies [5][6].

Core Insights - The fourth "Green Point China Sustainable Practice Case Selection" has gained significant attention since its launch, showcasing enterprises' efforts in sustainable development across over 20 industries [1] - A total of 341 cases were submitted, with 45 selected based on criteria such as green design, technology, co-creation, circular economy, logistics, and traceability [1] Group 1: Participation and Selection - The selection process involved a rigorous evaluation by a media jury, which included initial screening, interviews, and multi-dimensional assessments [1] - The selected cases reflect a high representation of leading enterprises, with 70.69% being companies with over 10 billion in revenue, and 46.55% being multinational corporations [13] - The participation of toB enterprises has increased to 24.14%, indicating a growing influence and storytelling demand from these companies [13] Group 2: Industry Trends - The logistics sector has seen an expansion in participation, with five green logistics cases from major companies like Cainiao and JD Logistics, enhancing the depth and influence of this field [14] - The most submitted dimension was green technology, accounting for 27.59% of the cases, highlighting the focus on sustainable improvements within supply chains [13] Group 3: Upcoming Events - The award ceremony is scheduled for September 25, 2025, where 25+5 sustainable annual cases will be announced, bringing together industry elites and experts for discussions on sustainable development [16]

Core Viewpoint - The stock price of pharmaceutical company Yaojie Ankang experienced extreme volatility, with a trading range of nearly 124% on September 16, raising questions about the inclusion of the stock in index funds without prior notice [1][2][6]. Group 1: Stock Performance - Yaojie Ankang's stock price surged by 10 times within seven trading days starting from September 8, reaching a peak of 679.5 HKD per share before plummeting by 53.73% to 192 HKD per share on September 16 [2][3]. - The stock experienced further fluctuations, with an 8.96% increase on September 17, followed by a 12.43% decline on September 18 [2][6]. Group 2: Index Inclusion and ETF Impact - Yaojie Ankang was added to the Hong Kong Stock Connect list on September 8, coinciding with the start of its stock price volatility [3]. - Multiple ETFs tracking the National Index for Hong Kong Stock Connect Innovative Drugs experienced significant declines following Yaojie Ankang's stock price drop, with some ETFs falling over 2% on September 16 and 17 [6][8]. - The National Index's website had not updated the sample adjustments as of September 18, leading to confusion regarding the timing of Yaojie Ankang's inclusion in the index [6][9]. Group 3: Industry Concerns - Industry experts questioned the rapid inclusion of Yaojie Ankang in the index, as it did not meet the criteria of having a significant trading volume over the past year [9][10]. - The lack of prior announcement regarding the stock's inclusion raised concerns about the passive nature of index funds, which could lead to investors inadvertently buying at inflated prices [8][11]. - There is a call for improved index design and communication to prevent similar situations in the future, emphasizing the need for transparency in the inclusion process [10][11].

Group 1 - The article discusses the contrasting brand endorsement philosophies of two iconic figures, Aaron Kwok and Jackie Chan, highlighting how their unique approaches reflect broader commercial truths [7]. - Aaron Kwok's endorsements span various industries, from fashion to technology, showcasing a blend of artistic and commercial success, while maintaining a timeless appeal [3][8]. - Jackie Chan, despite being labeled a "brand killer," has created significant commercial success through his endorsements, illustrating the unpredictable nature of market dynamics [5][8]. Group 2 - The analysis emphasizes that the longevity of a brand is influenced by internal factors such as supply chain resilience and market sensitivity, rather than solely by celebrity endorsements [8]. - Both celebrities represent different aesthetic values in brand endorsement, yet they converge on the idea that quality is essential for a brand's enduring success [8].