The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Suzhou Zelgen Biopharmaceuticals Co., Ltd. 蘇州澤璟生物製藥股份有限公司 (the "Company") (A joint stock company incorporated in th ...

人民财讯12月18日电，九典制药（300705）12月18日在机构调研时表示，公司目前正在全面转型创新药 研发，采用"多个研发中心+多种药物形式+多种合作模式"策略迅速布局创新药。公司同时在中部地区 和长三角布局创新药研发中心，既利用中部地区丰富的临床资源和研发成本优势，又利用长三角区域优 势，建立双中心的创新药研发平台。 ...

Group 1: Product Matrix and Market Position - The company has established a clear and advantageous external product matrix, with significant exclusive and medical insurance advantages in key varieties. Approved products include: Loxoprofen Sodium Gel Patch, Ketoprofen Gel Patch, Anti-inflammatory Pain Relief Patch, Lidocaine Gel Patch, Strong Waist and Bone Strengthening Patch, and Daiwen Moxibustion Patch [2] - The Ketoprofen Gel Patch is a key exclusive product with significant market competitiveness, while the Daiwen Moxibustion Patch holds both traditional Chinese medicine exclusivity and medical insurance exclusivity, showcasing distinct advantages [2] Group 2: Brand Development Strategies - The company has implemented a series of systematic and innovative measures to enhance brand influence and market recognition, including expanding into retail pharmacies and online platforms [3] - A brand upgrade event was held on December 6, 2025, introducing the "JiuDian Pain Relief Expert" symbol and the slogan "Change to JiuDian for Pain Relief Patches," aimed at addressing consumer pain points and enhancing brand communication and market competitiveness [3] Group 3: Sales and Procurement Expectations - The 11th batch of national centralized procurement results will be executed nationwide starting February 2026, with procurement cycles lasting until December 31, 2028 [3] - The company is optimistic about the market prospects for the Ketoprofen Gel Patch, which was approved for listing in 2023 and successfully entered the national medical insurance directory [3] Group 4: Innovation in Drug Development - The company is undergoing a comprehensive transformation towards innovative drug research and development, utilizing a strategy of multiple R&D centers and various drug forms [4] - Two innovation drug R&D centers are being established in central and Yangtze River Delta regions, leveraging local clinical resources and cost advantages [4] - The company is focusing on various tumor and chronic disease indications, employing small molecule drugs, peptide drugs, PDC, and ADC formats [4] Group 5: New Drug Advantages - The newly introduced small molecule pain relief innovative drug YJ2301 is designed to overcome limitations of existing neurogenic pain medications, such as limited efficacy and significant side effects [4] - Clinical pre-research data for YJ2301 shows superior pain relief effects and the potential to address issues like drowsiness and tolerance, providing a new solution for neurogenic pain management [4]

Group 1 - The core point of the article is that Tibet Pharmaceutical (600211.SH) announced a share buyback plan, intending to repurchase shares worth 170 million to 200 million yuan at a price not exceeding 55 yuan per share, aimed at employee stock ownership plans and equity incentives, marking the first buyback since 2018, reflecting management's confidence in the company's stable growth and business expansion [2][4] - Tibet Pharmaceutical is a leading player in China's Tibetan medicine industry, with its product, recombinant human brain natriuretic peptide "Xinhua Su," being the first gene-engineered Class I new drug for acute heart failure treatment in China, showcasing strong technical accumulation and market strength [2] - The company has shown consistent profit growth over the past three years, with net profits of 370 million, 801 million, and 1.051 billion yuan, and a projected sales net profit margin of 34.74% in 2024, indicating robust profitability [2] Group 2 - Supported by stable revenue, Tibet Pharmaceutical emphasizes the synergistic development of diversified businesses, leveraging healthy cash flow reserves to expand its business through mergers and acquisitions, injecting vitality into long-term development [3] - In August 2025, the company, in collaboration with its controlling shareholder Kangzhe Pharmaceutical, completed the actual control of Ruizheng Gene, a leading enterprise in the field of in vivo gene editing drug development, focusing on genetic diseases, rare diseases, and difficult-to-treat common diseases [3] - The acquisition of Ruizheng Gene will transform the company's ample cash reserves and deep clinical experience into a solid research foundation for innovative drugs, enhancing long-term development potential [3] Group 3 - The share buyback is a tangible expression of the management's commitment to steady strategic planning and long-term growth expectations, signaling an active effort to optimize capital structure and improve corporate governance [4] - The employee stock ownership plan and equity incentive mechanism will align the interests of the core team with the long-term development prospects, stimulating the company's internal motivation for innovative development [4] - This dual-driven model of "stable core business + breakthrough in innovative business" aims to create higher value for shareholders [4]

Core Insights - The article highlights the recognition of CloudTop New Health for its innovative strategies and achievements in the biopharmaceutical industry, winning multiple awards for its performance in drug development and commercialization [1][3]. Group 1: Awards and Recognition - CloudTop New Health received the "Annual Outstanding Innovative Pharmaceutical Newcomer" and "Annual Outstanding Drug Research and Development Innovation Enterprise" awards at the 2025 21st Century Health Industry Competitiveness Research [1]. - The company was also listed among the "Top 40 Leading Enterprises in China's Innovative Drug Export" at the 2025 Singapore Business and Charity Forum, showcasing its strengths in independent research and international clinical advancement [1]. Group 2: Product Performance - The product Renfukang® achieved sales revenue of 303 million yuan in the first half of 2025, marking an 81% year-on-year increase, with total sales expected to reach 1.2 to 1.4 billion yuan for the full year [3]. - The antibiotic product Yijia® generated sales of 143 million yuan in the first half of 2025, reflecting a 6% increase, with a significant 37% growth in sales to core hospitals [4]. Group 3: Strategic Developments - CloudTop New Health's 2030 strategy emphasizes a "BD cooperation + self-research" dual-driven approach to enhance its global presence and innovation capabilities [7]. - The company plans to expand its product pipeline to over 20 commercialized products by 2030, including Renfukang®, Weishiping®, Yijia®, and others, targeting a revenue scale exceeding 15 billion yuan [9]. Group 4: Future Outlook - The company anticipates a compound annual growth rate of over 50% from 2025 to 2030, with a goal to maintain growth rates above 15% post-2030 [9]. - CloudTop New Health aims to maximize commercial value through diverse methods, including independent research and licensing, while accelerating the global rollout of its innovative drugs [9].

国元国际发布研报称，神威药业(02877)中药创新研发进展顺利，核心产品塞络通胶囊(针对血管性痴呆 的创新中药)已完成III期临床试验，预计2026年获批、2027年上市。目前受集采影响，营收与毛利率承 压，未来随着新药上市，产品结构将优化，业绩有望恢复增长。给予"买入"评级，目标价10.04港元/ 股。 国元国际主要观点如下： 创新药塞络通胶囊研发推进顺利 公司在中药创新研究成果显著，多项研究及临床项目进展顺利，2025年上半年公司研发费用为人民币 5037万元，占营收比例3.0%。Q-B-Q-F浓缩丸、塞络通胶囊等在研产品稳步推进，创新药塞络通胶囊已 经完成III期临床试验，目前正在整理法规要求所需要的数据和报告,预计2026年有望获得生产批文,2027 年上市销售。塞络通胶囊是以现代创新技术研制而成的组分中药，是一种针对血管性痴呆的创新中药， 血管性痴呆是继阿尔茨海默病之后导致痴呆的第二大常见原因。预计2025年中国老年痴呆患者患者将突 破1000万人，目前尚无有效的治疗药物。市场空间广阔，将是重磅品种。 公司的口服产品占比为65.8%，注射液占比为34.2%，产品结构合理，抗风险能力提升。预计2025 ...

Core Insights - The biopharmaceutical sector in Guangzhou, particularly in the Huangpu District, is rapidly developing, with a focus on innovation in areas such as gene therapy, diagnostics, and medical devices [1][5][21] - Guangzhou has established itself as a hub for unicorn companies, with 210 enterprises listed, 60 of which are in Huangpu, representing 29% of the city's total [1][5] - The "Strategic Entrepreneur Cultivation Plan" initiated by the Guangzhou Development Zone aims to enhance the competitiveness of biopharmaceutical companies through resource integration and systematic training [1][5] Biopharmaceutical Industry Development - Huangpu District has over 4,800 biopharmaceutical companies, including 528 high-tech firms and 21 listed companies, accounting for 72% of the city's total [7][21] - The district's industrial output value reached 35.1 billion yuan, positioning it among the top tiers of China's biopharmaceutical industry [7] - The area has seen a significant increase in clinical trial approvals, with 115 new approvals in 2024, including 99 for innovative drugs [7][21] Key Companies and Innovations - Yunzhou Biotech has become the world's largest CRO service provider for research-grade gene vectors, delivering over one million gene vectors globally by 2024 [2][17] - The company has achieved a compound annual growth rate of over 20% in revenue over the past three years, with a valuation exceeding 70 billion yuan, making it the first biopharmaceutical unicorn in Guangzhou [17] - Other notable companies in the region include Akeso, BeiGene, and Hengrui Medicine, contributing to a diverse and innovative biopharmaceutical landscape [5][18] Strategic Initiatives and Collaborations - The Guangzhou International Bio-Island initiative aims to create a comprehensive biopharmaceutical ecosystem through the establishment of pilot parks that enhance collaboration among companies [9][10] - The Huangpu District has implemented multiple policies to support the biopharmaceutical industry, including the "Biopharmaceutical 3.0" policy, which focuses on technology innovation, product commercialization, and talent support [25][30] - Recent investments from global healthcare giants, such as the establishment of a production base by Medtronic, highlight the area's attractiveness for foreign investment [28][30]

Core Insights - The company, CloudTop New Horizon, has established a solid foundation over the past eight years through license-in strategies and aims to become a leading global biopharmaceutical company by 2030 with a revenue target of over 15 billion RMB and more than 20 commercialized products [1][2][10] Group 1: Strategic Development - The 2030 development strategy focuses on a dual approach of business development (BD) cooperation and independent research and development, targeting a revenue of over 15 billion RMB and over 20 commercialized products by 2030 [1][2][10] - The company plans to introduce 3-5 late-stage blockbuster products annually over the next five years, enhancing its product pipeline [3][10] - The strategic partnerships with Haisen Biopharmaceuticals will provide commercialization services for six approved products, generating service fees based on quarterly net sales [3][4] Group 2: Product Pipeline and Market Focus - The company will focus on key therapeutic areas such as nephrology, autoimmune diseases, critical care, cardiovascular, and ophthalmology, aiming to create a high-value product portfolio by 2030 [2][10] - The revenue from existing pipelines is projected to be around 9 billion RMB, with new pipeline sales expected to contribute approximately 6 billion RMB [2] - The company has successfully commercialized the drug Nefukang, which has rapidly gained market traction, demonstrating its commercial capabilities [7][10] Group 3: Research and Development - CloudTop New Horizon is advancing its self-developed mRNA platforms, including CAR-T and tumor vaccine platforms, with ongoing clinical trials [8][9] - The company plans to expand its R&D capabilities by introducing and incubating potential platforms, aiming to strengthen its core therapeutic areas [9][10] - The new reversible BTK inhibitor EVER001 has shown promising clinical data, indicating a steady global R&D progress [9] Group 4: Commercialization Strategy - The company is leveraging its integrated commercialization platform, which combines scientific and market insights, to enhance its operational efficiency and productivity [4][8] - The collaboration with Haisen Biopharmaceuticals exemplifies the company's ability to extend its commercialization capabilities to mature products [8] - The company aims to transition from a biotech firm to a comprehensive biopharmaceutical company with global competitiveness, reflecting a broader trend in the Chinese innovative drug industry [8][10]

[赞]2025年，四川财富版图发生了一场堪比地质变迁的深刻重塑。长达二十余载的"刘氏王朝"悄然谢幕，如同一座曾被认为永不陷落的坚固城堡，在新时代 的浪潮前退出了历史的中心舞台。 创新药先锋朱义，携1150亿身家如一颗新星骤然照亮天际，其财富引擎的核心动力，源于一款抗癌药物的全球授权——一笔高达600亿元的跨洋合作，宛如 科技巨斧，劈开了传统行业对川商财富顶峰的长期垄断，彻底改写了首富的产业基因。 一、王座易主：一场静默而深刻的产业革命 过去二十多年，四川首富的宝座，仿佛被"刘"姓赋予了世袭的魔力。新希望的刘永好，通威的刘汉元，两位巨人如同双子星，分别以农业与光伏为根基，构 筑了年营收超两千亿的商业帝国。他们稳坐江山，是四川实体经济的定海神针，也铸就了"川商首富必姓刘"的钢铁印象。 创新药研发，是一场与时间、资金和失败为敌的漫长豪赌。朱义押注了整整十年。2014年，在全球生物医药投资低谷期，他逆流而上，在美国西雅图设立研 发中心，锚定曾被大药企放弃的EGFR靶点，深耕双抗ADC技术。这种药物犹如"生物导弹"，能精准狙杀癌细胞，但研发之路布满荆棘。 三、十年破晓：在至暗时刻磨砺"精准导弹" 上世纪90年代，他在广 ...

Core Viewpoint - The stock price of Yipinhong has significantly declined following the announcement of the sale of its stake in Arthrosi, which is developing the gout drug AR882, despite the company retaining 100% rights to AR882 in China [1][5][6]. Group 1: Stock Performance - Yipinhong's stock price has dropped nearly 30% over three trading days following the announcement of the stake sale [3][4]. - On December 17, the stock opened down 1.53% and experienced a decline of nearly 5% during the day, closing at 33.34 CNY per share, down 0.24% [3][4]. - The stock hit a 20% limit down on December 15, prompting the company to announce a share buyback plan of 100 to 200 million CNY to stabilize investor confidence [4][6]. Group 2: Stake Sale Details - Yipinhong plans to sell its 13.45% stake in Arthrosi to Sobi for a total of 9.5 billion USD upfront and up to 5.5 billion USD in milestone payments [3][5]. - Following the sale, Yipinhong will no longer hold any equity in Arthrosi but will retain 100% market rights for AR882 in China and priority for global supply [5][6]. Group 3: Financial Performance - Yipinhong reported a revenue of approximately 1.45 billion CNY last year, a decrease of 42.07%, resulting in a net loss of about 540 million CNY [7]. - For the first three quarters of this year, the company recorded a revenue of approximately 814 million CNY, down 34.35%, with a net loss of about 136 million CNY [7]. - The company aims to focus on innovation and has established multiple drug development platforms, with plans to submit 1-2 new drug applications annually [8]. Group 4: Product Focus - AR882 is a selective URAT1 inhibitor aimed at treating gout and related conditions, currently in critical phase III clinical trials [5][6]. - Yipinhong's innovation strategy includes developing drugs that meet unmet clinical needs, with a focus on best-in-class and first-in-class products [8].