Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's licensing agreement with AbbVie for SIM0500 demonstrates the strength of its innovative technology platform, which is expected to lead to a revaluation of the company [2][5] - The company is anticipated to exceed expectations in pipeline progress, business development (BD) collaborations, and revenue growth [1][2] Summary by Sections Innovation and Business Development - The company signed a licensing agreement with AbbVie on January 13, 2025, for the investigational drug SIM0500, which could yield up to $1.055 billion in payments [2] - The company is also collaborating with NextCure to develop SIM0505, with potential payments of up to $745 million [2] - The first patient in the U.S. received SIM0500 in a Phase I clinical trial, with promising data from similar trials by competitors [2] Commercialization - The company's innovative drug revenue is projected to reach 4.928 billion yuan in 2024, accounting for 74.3% of total revenue [3] - New products are expected to drive revenue growth, with several drugs successfully included in the National Reimbursement Drug List (NRDL) [3] Catalysts and Indicators - Key indicators include the revenue growth of innovative drug products, clinical data readouts for SIM0500, and progress in overseas development of the sublingual formulation [4] - Catalysts for growth include exceeding expectations in clinical advancements and BD collaborations [4] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 7.735 billion, 8.769 billion, and 9.882 billion yuan, with year-on-year growth rates of 17%, 13%, and 13% respectively [5][12] - Net profit forecasts for the same period are 1.071 billion, 1.375 billion, and 1.577 billion yuan, with growth rates of 46%, 28%, and 15% respectively [5][12]

一直以来，本集团十分重视研发，不断提升研发水平和速度，并视其为可持续发展的基础，加大研发的 资金投入。截至2025年6月30日止6个月，研究与开发成本约31.88亿元，占本集团收入约18.1%，连同已 资本化的研发总开支出在内，约95.7%已计入损益表中。 中国生物制药(01177)发布截至2025年6月30日止6个月的中期业绩，该集团取得收入人民币175.7亿元(单 位下同)，同比增加10.7%;母公司持有人应占溢利33.89亿元，同比增加12.31%;财务报表所示来自持续经 营业务的归属于母公司持有者盈利33.9亿元，同比增加140.2%;基本每股盈利18.82分，拟派发中期股息 每股5港仙。 于报告期内，本集团共有2个创新产品获NMPA批准上市，分别为普坦宁(美洛昔康注射液(II))和安启新 (注射用重组人凝血因子VIIa N01)。2025年上半年，本集团创新产品收入达到78亿元，同比增长 27.2%。除创新产品外，本集团还有5个仿制药获NMPA批准上市，整体仿制药收入在2025年上半年保持 正增长。 ...

Core Viewpoint - Haichuang Pharmaceutical-U (688302.SH) has achieved a significant milestone by generating revenue of 13.16 million yuan in the first half of the year, marking a substantial year-on-year growth of 11,899.08% due to the launch of its first Class 1 new drug, Deuteroenzalutamide soft capsule [2][3][5]. Financial Performance - The company reported a total revenue of 13.17 million yuan for the first half of the year, compared to 0.11 million yuan in the same period last year [5]. - Despite the revenue growth, the company continues to face deep losses, with a net profit attributable to shareholders of -61.85 million yuan, and a cumulative loss of over 1.7 billion yuan since 2018 [5][6]. - The net cash flow from operating activities was -47.43 million yuan, indicating ongoing financial strain [14]. Market Response - The stock market reacted cautiously to the earnings report, with a maximum pullback of over 13% in three days, reflecting concerns about the company's commercialization capabilities and profitability outlook [2][13]. - Following the earnings announcement, the stock initially opened high but closed lower, indicating market skepticism despite a 10.43% increase on the announcement day [11][13]. Product Development and Market Position - Deuteroenzalutamide is the first domestically developed innovative drug for prostate cancer treatment, with a significant market potential projected to grow from approximately 12.98 billion USD in 2023 to 27.5 billion USD by 2032 [18]. - The drug's pricing is set at 6,500 yuan per box, with expectations for inclusion in medical insurance and clinical guidelines [10][11]. - The company has faced challenges in its research pipeline, including the suspension of the HP501 project due to intense competition in the market for URAT1 inhibitors [16][17]. Sales and Marketing Strategy - The company is in the process of building its commercialization team, with plans to cover 21 provinces through partnerships and a self-operated team of about 60 members [15]. - Sales expenses have increased significantly, accounting for 80% of revenue, highlighting the need for improved sales efficiency [14]. Future Outlook - Analysts predict that Haichuang Pharmaceutical may not achieve profitability until 2027, with a consensus forecast of a net loss of 219 million yuan in 2025 [19]. - The company faces multiple pressure points, including high R&D costs, potential pricing pressures in insurance negotiations, and a strategic contraction of its research pipeline [20].

Group 1 - The core viewpoint of the article is that the investment by Huayi Family in Haihe Pharmaceutical is a strategic response to the pressures of transformation faced by traditional industries, supported by policy and market logic [1][4] - The "Six Merger Guidelines" issued by the CSRC in 2024 encourage listed companies to engage in cross-industry mergers to enhance industrial transformation and upgrade, providing institutional support for traditional enterprises [1][2] - Traditional industries, including real estate, are experiencing common issues of sluggish growth, with many companies facing performance declines, highlighting the urgent need for transformation [1][3] Group 2 - Compared to building teams to enter new fields, investing in or acquiring mature innovative companies is a more efficient choice, aligning with the "Six Merger Guidelines" that direct resources towards new productive forces [2] - Haihe Pharmaceutical possesses clear core value through its solid R&D capabilities and commercial progress, having undertaken significant national projects and achieved commercialization of several products [3] - Despite currently being in a loss-making state, Haihe Pharmaceutical's situation aligns with the characteristics of innovative pharmaceutical companies, which typically require substantial upfront R&D investments [3] Group 3 - The investment strategy reflects practicality, utilizing a "strategic financial investment" approach to minimize integration risks and allow for future collaboration [4] - The transaction complies with regulatory requirements, ensuring protection for minority investors by involving shareholder meetings and avoiding conflicts of interest [4] - Huayi Family's financial strength supports the feasibility of the operation, with sufficient cash reserves to accommodate the investment without jeopardizing ongoing operations [4]

消息面上，8月13日，荣昌生物宣布，公司自主研发的全球首创BLyS/APRIL双靶点融合蛋白创新药泰它 西普用于治疗原发性干燥综合征(pSS)的Ⅲ期临床研究，达到方案设计的临床试验主要研究终点，将尽 快向国家药品监督管理局药品审评中心(CDE)递交上市申请，详细数据将在国际重大学术会议上公布。 中金发布研报称，由于泰它西普干燥综合征III期临床结果积极，有望提升泰它西普未来价值空间。此 外，公司的RC148获得FDA批准在美国开展针对多种晚期恶性实体肿瘤的Ⅱ期临床研究，标志著RC148 进入全球临床研发阶段，为推动产品后续开发奠定基础；该行认为RC148具有国际化临床价值和出海潜 力。 荣昌生物(09995)再涨超5%，截至发稿，涨4.28%，报80.6港元，成交额5.36亿港元。 ...

智通财经APP获悉，荣昌生物(09995)再涨超5%，截至发稿，涨4.28%，报80.6港元，成交额5.36亿港 元。 消息面上，8月13日，荣昌生物宣布，公司自主研发的全球首创BLyS/APRIL双靶点融合蛋白创新药泰它 西普用于治疗原发性干燥综合征(pSS)的Ⅲ期临床研究，达到方案设计的临床试验主要研究终点，将尽 快向国家药品监督管理局药品审评中心(CDE)递交上市申请，详细数据将在国际重大学术会议上公布。 中金发布研报称，由于泰它西普干燥综合征III期临床结果积极，有望提升泰它西普未来价值空间。此 外，公司的RC148获得FDA批准在美国开展针对多种晚期恶性实体肿瘤的Ⅱ期临床研究，标志著RC148 进入全球临床研发阶段，为推动产品后续开发奠定基础；该行认为RC148具有国际化临床价值和出海潜 力。 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 19.66 CNY, compared to the current stock price of 16.18 CNY [5]. Core Insights - The company reported a stable overall performance in H1 2025, with a slight decline in revenue but a significant increase in net profit [1]. - The company has undergone a change in control to China Resources Sanjiu, which is expected to enhance business collaboration and operational efficiency [3]. - The company is focusing on innovation and has a robust pipeline of projects, particularly in cardiovascular, neurological, and digestive fields [4][8][9]. Financial Performance - In H1 2025, the company achieved revenue of 4.288 billion CNY, a year-on-year decrease of 1.91%, while net profit reached 775 million CNY, an increase of 16.97% [1]. - The pharmaceutical industrial segment generated 3.879 billion CNY in revenue, down 0.45% year-on-year, while the pharmaceutical commercial segment saw a larger decline of 14.88% [2]. - The company expects revenue growth rates of 3.2%, 6.1%, and 6.8% for 2025, 2026, and 2027 respectively, with net profit growth rates of 23.0%, 10.2%, and 10.8% [9]. Business Segments - The cardiovascular and metabolic segment has 26 projects in the pipeline, with 10 being innovative drugs [8]. - The neurological and psychiatric segment has 16 projects, including innovative drugs targeting various conditions [8]. - The digestive segment has 13 projects, with several in advanced clinical trial stages [9]. Strategic Developments - The company has completed a "100-day integration" with China Resources Sanjiu, focusing on business stability and team cohesion [3]. - The company is advancing its "Four Reshaping" strategy to enhance management systems and achieve strategic synergies [3].

Group 1 - The core point of the news is that Green Leaf Pharmaceutical (02186.HK) has completed patient enrollment for its Phase III clinical trial of the innovative drug Ruoxinlin® (Toralacitinib) for treating Generalized Anxiety Disorder (GAD) [1] - The Phase III trial is a multi-center, randomized, double-blind, placebo-controlled study involving 555 patients, with the primary endpoint being the change in Hamilton Anxiety Scale (HAM-A) scores from baseline at week 8 [1] - The company expects to complete the clinical trial by the end of this year and submit a marketing application for this indication [1] Group 2 - Generalized Anxiety Disorder is the most common mental disorder in China, affecting approximately 53.1 million people as of 2021, with a long duration and high recurrence rate impacting patients' quality of life [1] - Ruoxinlin® is expected to be the first drug globally approved for treating GAD that acts as a triple reuptake inhibitor of serotonin (5-HT), norepinephrine (NE), and dopamine (DA) [1] - Current first-line treatments for GAD include SSRIs and SNRIs, which have common side effects leading to low patient compliance and treatment discontinuation [2] Group 3 - Ruoxinlin® is the first domestically developed innovative drug for treating depression in China, having been approved for market since 2022, and has shown efficacy and safety in clinical settings [2] - Clinical trials have demonstrated that Ruoxinlin® significantly improves depression symptoms without causing insomnia, sedation, or affecting sexual function, weight, and lipid metabolism [2] - The drug also shows potential anxiolytic effects, improving HAM-A scores and other anxiety-related measures while providing antidepressant benefits [2]

Core Insights - The approval of the second global Phase III clinical trial for the drug Lisatoclax (brand name: Lishengtuo®) has led to a significant increase in the stock price of Ascentage Pharma-B (06855), reaching a new high of 95.35 HKD on August 18, with a year-to-date increase of 100.88% [1][2] Company Developments - Ascentage Pharma announced that the global Phase III clinical study (GLORA-4) for Lisatoclax in combination with Azacitidine (AZA) for newly diagnosed high-risk myelodysplastic syndromes (HR-MDS) patients has received approval from the FDA and EMA [1][2] - The GLORA-4 study is a multi-center, randomized, double-blind trial aimed at evaluating the efficacy and safety of Lisatoclax combined with AZA compared to placebo plus AZA in adult HR-MDS patients [2][3] - The study has already commenced patient enrollment globally, with the first patients enrolled in China and Europe [2] Market Context - MDS is characterized by a significant age-related incidence, with a yearly incidence rate of 22 per 100,000 in individuals over 65 years old, and a median diagnosis age of 70 years [2] - The transformation rate to acute myeloid leukemia (AML) in high-risk MDS patients is alarmingly high, with a 5-year transformation rate of 40-60% [2][3] Product Efficacy - Lisatoclax is a novel oral Bcl-2 selective inhibitor that restores normal apoptosis in cancer cells, showing promising clinical benefits in previous studies [3][4] - In preliminary studies presented at major conferences, Lisatoclax combined with AZA achieved an overall response rate (ORR) of 75% in treatment-naive MDS patients, significantly higher than existing therapies [4][5] Future Prospects - The successful execution of the GLORA-4 study is expected to accelerate the clinical development and registration process for Lisatoclax in MDS indications [6] - The company aims to address unmet clinical needs globally, with hopes that Lisatoclax will become the first approved targeted therapy for first-line treatment of high-risk MDS patients [5][6]

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 就 因 本 公 告 的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。 LUYE PHARMA GROUP LTD. 綠葉製藥集團有限公司 （於 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：02186） 自願性公告 若欣林®治療廣泛性焦慮障礙的 中國Ⅲ期臨床試驗完成所有患者入組 綠葉製藥集團 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」）宣 佈，本 集 團 自 主 研 發 的1類創新藥若欣林® （鹽 酸 托 魯 地 文 拉 法 辛 緩 釋 片）用 於 治 療 廣 泛 性 焦 慮 障 礙 的 Ⅲ 期 臨 床 試 驗 已 完 成 所 有 患 者 入 組。 該 項 Ⅲ 期 臨 床 試 驗 為 一 項 多 中 心、隨 機、雙 盲、安 慰 劑 對 照 的 研 究，以 評 估 若 欣 林®治 療 廣 泛 性 焦 慮 障 礙 的 安 全 性 和 有 效 性。試 ...