编号：2025-003 | 投资者关系活动类别 | 特定对象调研 | | ☐分析师会议 | | | | | --- | --- | --- | --- | --- | --- | --- | | | ☐媒体采访 | | ☐业绩说明会 | | | | | | ☐新闻发布会 | | ☐路演活动 | | | | | | ☐现场参观 | | | 其他（投资者接待日） | | | | 参与单位名称及人员姓名 | 华创医药 | 王宏雨 | 慎知资产 | 高岳 | 湘财基金 | 张泉 | | | 大成基金 | 陈泉龙 | 兴全基金 | 张艺君 | 东方红 | 徐宏 | | | 博时基金 | 张之瑞 | 天风证券 | 刘一伯 | 中泰证券 | 祝嘉琪 | | | 招商证券 | 侯彪 | 开源医药 | 阮帅 | 华泰医药 | 李奕玮 | | | 华鲁投资 | 马宁科 | 中信建投 | 王云鹏 | 中信建投 | 赖俊勇 | | | 国盛医药 | 陶宸冉 | 杭银理财 | 王哲 | 天襄资本 | 杨一 | | | 东吴证券 | 俞昊岚 | 兴证医药 | 乔波耀 | 惠升基金 | 张政 | | | 华源证券 | 陶晨冉 | 西部 ...

5月1 5日，恒瑞医药宣布正式启动H股全球公开发售，计划发行2 2 4 , 5 1 9 , 8 0 0股H股（假设超额配售权及发售量调整权未行使），其 中香港公开发售占5 . 5%（1 2 , 3 4 8 , 6 0 0股），国际配售9 4 . 5%（2 1 2 , 1 7 1 , 2 0 0股），发行价区间定为每股4 1 . 4 5—4 4 . 0 5港元。若全额 行使超额配售权及发售量调整权，发行H股最高达2 9 6 , 9 2 7 , 2 0 0股，最高募资额可达1 3 0 . 8亿港元。 这意味着此次恒瑞医药募资额将成为近五年港股医药企业IPO最高募资额。据了解，恒瑞医药H股香港公开发售将于2 0 2 5年5月2 0日 结束，预计于2 2日前（含当日）确定最终发行价，最快或于5月2 3日正式登陆港交所主板，实现"A+H"两地上市。此次发行由摩根 士丹利、花旗及华泰国际担任联席保荐人。 据恒瑞医药方面披露，此次IPO基石投资者包括新加坡政府投资公司（GIC）、景顺（I n v e s c o）、瑞银全球资产管理集团（UBS- GAM）、高瓴资本、博裕资本等。据了解，恒瑞医药基石投资者，按发售价认购或促使 ...

Group 1: Financial Performance - The company experienced a significant revenue decline in Q1 2025 due to reduced demand for respiratory and antibiotic products caused by a warm winter [2][3] - In Q4 2024, the company reported substantial losses primarily due to asset impairment provisions and fair value changes of financial instruments, which are non-operational impacts [3][5] - The company achieved profitability in Q1 2025, driven by increased sales of the innovative drug, Tegoprazan, and effective collection of receivables, improving cash flow and reducing bad debt losses [3][4] Group 2: Product Development and Pipeline - The innovative drug LX22001 is currently in Phase II clinical trials, while the clinical research report for Pucanatide tablets has been finalized and is moving towards commercialization [2][3] - The company has over 10 generic drugs in development or submitted for approval, which are expected to contribute to future revenue growth [3][4] Group 3: Market Strategy and Growth Plans - The company plans to significantly increase hospital access for its innovative drugs, with a target of a 130% increase in hospital entries by the end of 2024 [3][4] - The company is focusing on optimizing its supply chain and reducing fixed costs through various measures, including organizational restructuring and talent assessment [4][5] Group 4: Shareholder Information - As of May 9, 2025, the total number of shareholders is 31,442 [5]

Core Viewpoint - The approval of the new drug Pyrocilin (XZP-3287) by the National Medical Products Administration of China marks a significant advancement for the company and provides a new treatment option for patients with HR+/HER2- advanced breast cancer [1][2]. Group 1: Drug Approval and Indications - The new drug application (NDA) for Pyrocilin has been granted for two indications: (1) as a monotherapy for adult patients with HR+/HER2- advanced or metastatic breast cancer who have progressed after two or more endocrine therapies and one chemotherapy; (2) in combination with Fulvestrant for adult patients with HR+/HER2- advanced or metastatic breast cancer who have progressed after endocrine therapy [1]. - Pyrocilin is the only CDK4/6 inhibitor approved in China for monotherapy in HR+/HER2- advanced breast cancer after prior lines of treatment [2]. Group 2: Clinical Trial Data and Efficacy - Clinical trial data indicates that the median age of breast cancer patients in China is younger than in Western countries, with a higher proportion of Luminal B type tumors, primary resistance, and chemotherapy patients, leading to poorer prognosis [2]. - In the clinical study, 23.9% of patients had previously received late-stage chemotherapy, 25.6% were primary resistant, 37% were premenopausal, and 68.2% had visceral metastases [2]. - The median progression-free survival (mPFS) for patients receiving Pyrocilin in combination with Fulvestrant reached 14.7 months (investigator assessment) and 17.5 months (BIRC assessment), while the mPFS for monotherapy reached 11 months, setting a new record for similar therapies globally [2]. Group 3: Company Strategy and Future Outlook - The approval of Pyrocilin is a strong testament to the company's innovative research and development capabilities and represents a significant step towards providing effective treatment options for breast cancer patients [2]. - The company plans to continue its innovation-driven development strategy, increasing research and development investment, and accelerating the translation of innovative results to contribute more to global health [2].

证券代码：301096 证券简称：百诚医药 杭州百诚医药科技股份有限公司 投资者关系活动记录表 编号：2025-001 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（电话） 参与单位名称及 人员姓名 投资者网上提问 时间 2025 年 5 月 15 日 (周四) 下午 16:00~17:00 地点 公 司 通 过 进 门 财 经 （https://s.comein.cn/fchgkrsp）采用网络互动的 方式召开业绩说明会 上市公司接待人 员姓名 1、董事长兼总经理楼金芳 2、董事、财务总监兼董事会秘书程丹丹 3、独立董事黄志雄 4、国金证券保荐代表人耿旭东 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、美国降低医药售价，有机构预测为了降低成本，国 外药企的研发业务会更多的给到中国，请问百诚医药有国际 营销部吗，是否接过国外的研发业务？ 您好，公司有国际营销部负责国际业务，目前主要负责 原料药和制剂的出口销售。后续如有合适的国外研发服务订 单，公司会积极拓展相应的海 ...

Core Viewpoint - Kanghong Pharmaceutical is actively advancing its drug pipeline, focusing on innovative treatments and maintaining a strong market position in the ophthalmology sector, particularly with its anti-VEGF product, Conbercept [1][3]. Group 1: Drug Development and Clinical Trials - The company is conducting a review for Lifisert eye drops at the National Medical Products Administration [1]. - KH109 and KH110 are in Phase III clinical trials, with KH109 already having completed subject enrollment and KH110 still in the process [1]. - KH110 aims to provide an innovative Chinese medicine solution for Alzheimer's disease, potentially enhancing the company's competitiveness in this therapeutic area [2]. - The clinical research for anxiety disorders using KH109 is progressing steadily, with completion of Phase III enrollment expected by April 2025 [1][2]. Group 2: Market Performance and Strategy - The company anticipates double-digit growth for Shugan Jieyu capsules in 2024, outpacing the overall antidepressant market growth [1]. - Kanghong Pharmaceutical has successfully entered multiple national procurement lists for its chemical drugs, including the Shongling Xue Mai Kang capsule, which has been selected in 23 provinces [2]. - The company is committed to increasing R&D investments across innovative drugs, traditional Chinese medicine, and chemical generics to provide high-quality, cost-effective products [2]. Group 3: Competitive Landscape - Conbercept has established itself as a leader in the Chinese anti-VEGF market, competing against top global brands [3]. - The company has a successful track record of overcoming challenges in the market, demonstrating confidence in maintaining its competitive edge [3]. - The incidence rates for the five major indications of anti-VEGF products are stable, suggesting consistent market demand [3]. Group 4: Management and Operational Efficiency - The company plans to enhance internal control management and performance evaluation to improve overall management efficiency [4]. - There is a focus on advancing infrastructure projects for planned production and improving brand promotion and marketing management [4]. - Financial management will be strengthened, with an emphasis on cost control, budget execution, and monitoring of fund operations to mitigate financial risks [4].

Core Viewpoint - Heng Rui Medicine has officially launched its H-share global public offering, aiming to raise up to HKD 13.08 billion, marking the highest fundraising amount for a Hong Kong IPO by a pharmaceutical company in the past five years [1][2]. Group 1: IPO Details - The company plans to issue 224,519,800 H-shares, with 5.5% allocated for public offering in Hong Kong and 94.5% for international placement [1]. - The price range for the shares is set between HKD 41.45 and HKD 44.05, with the final price expected to be determined by May 22, 2025 [1]. - If the overallotment option is fully exercised, the total number of H-shares could reach 296,927,200 [1]. Group 2: Use of Proceeds - The funds raised will be used for R&D programs, building new production and R&D facilities in China and overseas, and for working capital and other general corporate purposes [2]. - The cornerstone investors include notable firms such as GIC, Invesco, and Hillhouse Capital, with their subscriptions accounting for 43.04% of the total offering [2]. Group 3: Financial Performance - In 2024, Heng Rui Medicine reported a revenue of CNY 27.985 billion, a year-on-year increase of 22.63%, and a net profit of CNY 6.337 billion, up 47.28% [3]. - For Q1 2025, the company achieved a revenue of CNY 7.206 billion, reflecting a 20.14% growth year-on-year, and a net profit of CNY 1.874 billion, up 36.90% [3]. Group 4: R&D Investment - The company has maintained high R&D investment, with expenditures reaching CNY 6.150 billion in 2023 and projected to increase to CNY 6.583 billion in 2024, representing over 23% of revenue [4]. - Cumulatively, the R&D investment since 2011 has reached CNY 46 billion, supporting ongoing innovation [4]. Group 5: Industry Trends - The trend of Chinese innovative pharmaceutical companies going public in Hong Kong is driven by policy, capital, and industry logic, with 30 A-share companies disclosing plans for Hong Kong IPOs since early 2025 [2][5]. - The shift from generic drugs to true innovation is seen as a necessary transition for the industry, with Hong Kong serving as a platform for global resource integration [2][5]. Group 6: Internationalization Strategy - The H-share listing is considered a critical step in Heng Rui Medicine's internationalization strategy, enhancing its brand influence and optimizing its capital structure [7]. - The company aims to leverage the Hong Kong market to expand its overseas business and international R&D collaborations [7]. Group 7: License-out Model - The License-out model has accelerated the internationalization of Chinese innovative pharmaceutical companies, allowing them to enter global markets by partnering with foreign firms [8][10]. - Heng Rui Medicine's recent licensing agreement with Hercules Company exemplifies this strategy, providing both upfront payments and equity stakes [9].

Core Viewpoint - Heng Rui Medicine is launching a global public offering of H-shares, aiming to raise up to HKD 13.08 billion, marking the highest fundraising amount for a pharmaceutical IPO in Hong Kong in the past five years [1][2]. Group 1: IPO Details - The company plans to issue 224,519,800 H-shares, with 5.5% allocated for public sale in Hong Kong and 94.5% for international placement [1]. - The price range for the shares is set between HKD 41.45 and HKD 44.05, with the potential to increase the total shares issued to 296,927,200 if the over-allotment option is fully exercised [1]. - The public offering in Hong Kong will conclude on May 20, 2025, with the final issue price expected to be determined by May 22, 2025 [1]. Group 2: Investor Participation - The IPO has attracted a strong lineup of cornerstone investors, including GIC, Invesco, UBS-GAM, Hillhouse Capital, and Boyu Capital, with total subscriptions exceeding HKD 4.1 billion, accounting for 43.04% of the offering size [2]. - The cornerstone investors will purchase shares at the mid-point of the issue price, indicating strong market confidence in the company [2]. Group 3: Financial Performance - In 2024, the company reported revenue of RMB 27.985 billion, a year-on-year increase of 22.63%, and a net profit of RMB 6.337 billion, up 47.28% [3]. - For Q1 2025, revenue reached RMB 7.206 billion, growing 20.14% year-on-year, while net profit increased by 36.90% to RMB 1.874 billion [3]. - The company has maintained high R&D investment, totaling RMB 8.228 billion in 2024, with a R&D expense ratio consistently above 20% [3]. Group 4: Strategic Importance of Listing - The Hong Kong listing is a crucial step in the company's international expansion strategy, enhancing its brand influence in the global pharmaceutical industry [4]. - The listing will optimize the capital structure and open new financing channels, supporting diversified funding efforts [4]. - It will also facilitate the expansion of overseas business and international R&D collaborations, strengthening the company's global competitiveness [4].

集团已订立基石投资协议，据此，基石投资者已同意遵照若干条件，按发售价认购或促使其指定实体认 购若干数目的发售股份，总金额为5.33亿美元(或约41.31亿港元)(假设发售价为每股发售股份42.75港元 (即发售价范围的中位数)。基石投资者包括GIC、Invesco Advisers、UBS AM Singapore、Cordial Solar(为Boyu Capital Opportunities Master Fund的受控子公司)、Hillhouse、Millennium、以及Oaktree。 集团将自全球发售获得募集资金净额约94.578亿港元(假设发售价为每股H股42.75港元，即本招股章程 所述发售价范围的中位数，并假设发售量调整权及超额配股权未获行使)或125.282亿港元(倘发售量调整 权及超额配股权获悉数行使)。集团拟将全球发售募集资金净额用于以下用途：约45%将用于集团创新 药物及在研药物的临床研究；约20%将用于开发创新药物；约10%将用于集团潜在的全球收购和合作， 以增强集团的产品管线和创新能力；约15%将用于在中国和海外市场建设新的生产和研发设施；及余下 约10%将用作集团的营运资金及 ...

Core Viewpoint - Nocera Biopharma (688428.SH) has reported its first profitable quarter since its IPO, indicating a positive trend in its operations with significant revenue and profit growth in Q1 2025 [1][2] Financial Performance - The company achieved a revenue of 381 million yuan in Q1 2025, representing a year-on-year increase of 129.92% [1] - The net profit attributable to shareholders was 17.97 million yuan, up 112.62% year-on-year [1] - The net profit excluding non-recurring items was 1.59 million yuan, reflecting a growth of 101.19% year-on-year [1] - Operating cash flow turned positive for the first time, amounting to 56.52 million yuan [1] Product Performance - Sales revenue from the core product, Obinutuzumab (brand name: Yinuokai), reached 311 million yuan in Q1 2025, marking an increase of 89.22% year-on-year [2] - The growth in sales is attributed to the inclusion of three major indications for Obinutuzumab in medical insurance, particularly for marginal zone lymphoma [2] Strategic Partnerships - Nocera Biopharma and Connoa announced a licensing agreement with Prolium Bioscience for the development and commercialization of the CD20×CD3 bispecific antibody ICP-B02 (CM355) [2] - The agreement includes potential payments of up to 520 million USD, covering upfront and milestone payments, along with royalties on future product sales [2] Research and Development - The company has committed significant resources to R&D, with investments of 649 million yuan, 757 million yuan, and 815 million yuan planned for 2022, 2023, and 2024 respectively [3] - A strategic cooperation framework and research cooperation agreement was signed with Westlake University to support innovative drug development, with funding of up to 54 million yuan allocated for joint projects [3] Cash Position - As of March 31, 2025, Nocera Biopharma held approximately 7.78 billion yuan in cash and cash equivalents, providing a strong financial foundation for accelerating pipeline project development [2]