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]

诺诚健华 20240514 摘要 • 诺诚健华一季度扭亏为盈，净利润达 0.14 亿元，现金储备充足，为 77.78 亿元，为后续研发和市场拓展提供坚实保障。 • 奥布替尼一线治疗慢淋小淋巴细胞淋巴瘤适应症获批，预计全年增长超 35%，受益于一线推荐及市场份额扩大，同时积极筹备海外 NDA 申请。 • 明诺凯（坦西妥单抗）上市申请获优先审评，预计近期获批，有望填补弥 漫大 B 细胞淋巴瘤治疗 unmet needs，峰值销售额预估可达 5-10 亿人民 币。 • 自免领域加速布局，奥布替尼推进 PPMS 和 SPMS 三期临床，预计 2025 年中和三四季度完成首例患者入组，ITP 三期临床预计 2026 年上半年递 交 NDA。 • 与 Prologue 公司达成 5.2 亿美元全球战略合作，一季度已确认 875 万美 元收入，共同推进 CD3、CD20 产品全球开发。 • 一季度研发费用 2.08 亿元，同比增长 16.8%，全年研发费用增速预计 15%-20%。毛利率提升至 90.5%，受益于奥布替尼放量及成本降低。 • ICP723（NTRK 抑制剂）上市申请获受理并纳入优先审评，总缓解率达 85.5 ...

重庆华森制药股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 （一）重庆华森制药股份有限公司（以下简称"公司"或"华森制药"）第 三届董事会第十七次会议（以下简称"本次会议"）通知以书面及电话方式于 （二）本次会议于 2025 年 5 月 13 日 13 时 30 分在公司三楼会议室以现场表 决的方式召开。 （三）本次会议应到董事 9 名，实际出席并表决的董事 9 名。董事游洪涛、 刘小英、王瑛、游雪丹、游苑逸（Yuanyi You）、梁燕、李嘉明、杜守颖、秦少 容均为现场出席会议并进行表决，公司全体高级管理人员列席会议。 （四）公司董事长游洪涛先生主持会议。 （五）本次会议的通知、召集和召开符合《中华人民共和国公司法》等法律、 行政法规、部门规章、规范性文件及《重庆华森制药股份有限公司章程》的有关 规定。 二、董事会会议审议情况 证券代码：002907 证券简称：华森制药 公告编号：2025-041 本次成都奥睿药业有限公司（下称"奥睿药业"）股权变更完成后，公司及 其控股子公司重庆华森英诺生物科技有限公司（下称"华森英诺 ...

证券代码：002907 证券简称：华森制药 公告编号：2025-040 重庆华森制药股份有限公司 关于公司全资子公司受让成都奥睿药业有限公司股 权及公司为全资子公司提供对外担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、交易事项 （一）交易概述 为了整合与补充创新药研发管线，进一步加强重庆华森制药股份有限公司 （以下简称"华森制药"或"公司"）创新药研发能力，提高华森制药创新药研 发成功的可能性，加速华森制药转型升级，公司及其下属全资子公司重庆华森英 诺生物科技有限公司（以下简称"华森英诺"）与成都奥睿药业有限公司（以下 简称"奥睿药业"或"目标公司"）的现有股东杨胜勇、黄奇、深圳市中小担创 业投资有限公司、深圳市人才创新创业三号三期股权投资基金合伙企业（有限合 伙）、深圳市中小担天使一期创业投资合伙企业（有限合伙）及成都地奥九泓制 药厂签署《股权变更协议》，华森英诺将无偿受让奥睿药业 37.3619%股权（以 下简称"本次股权转让"或"本次交易"）作为公司及华森英诺承担奥睿药业的 历史交易文件中杨胜勇、黄奇对深圳市中小担创业投资有限公司、深圳 ...

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（电话会议） 活动参与人员 华夏基金管理有限公司 长盛基金管理有限公司 景顺长城基金管理有限公司 上市公司接待人员 姓名 董事会秘书、副总经理 石磊 证券事务代表 王小素 资深证券事务经理 曾文燕 时间 2025 年 5 月 14 日 地点 电话线上交流 交流内容及具体问 答记录 1、公司与中国药科大学联合实验室开展情况？ 回复：联合实验室主要从事创新药物与仿制药的研 发工作。其目标是对标国内外的先进水平，不断提高新 药研发的科学性、可靠性和权威性。公司与中国药科大 学开展临床候选化合物的发现研究、仿制药合成工艺方 面研究及体外生物活性评价平台建设等项目，目前还处 于比较早期的药物筛选与优化阶段。 2、派恩加滨目前的临床试验情况？入组病例情 况？目前同类型创新药研发情况？ 回复：公司正在开展派恩加滨Ⅱa 期临床研究，已 完成低剂量队列入组，正在进行中剂量队列入组，相关 临床入组正在进行，数据尚未揭盲。靶向 KCNQ 通道抗癫 痫创新药全球进展最快的为加拿大 Xenon 公司的 XEN110 ...

证券代码：002907 证券简称：华森制药 重庆华森制药股份有限公司 投资者关系活动记录表 编号：2025-005 主，带动基层医院、私立医院、零售连锁药店及电商平台的多 渠道发展，不断开拓增量市场并提高公司产品存量市场占有率。 最后，在产品布局方面，公司亦积极布局特医食品、营养品等 消费属性更强的品种，整体抵御相关风险。综上，在集采背景 下，公司会坚持在优势领域中探索多元化发展的策略，同时公 司将进一步拓宽产品管线和市场通路，积极寻找新的业绩增长 点。 2.在创新药方面，请问目前研发管线的情况如何？研发进 度是否符合预期？ 答：目前公司正在快速推进 4 条创新药研发管线，潜在适 应症覆盖肿瘤免疫以及肺癌、乳腺癌、结直肠癌、胰腺癌等多 种实体瘤。目前随着项目研发进度，部分项目已经公开或提交 化合物专利申请，截至 2024 年末，公司共申请创新药化合物发 明专利 17 项，其中 PCT 专利 6 项，授权 4 项 。此外，目前有 1 个项目已显示出体内较好的药效数据，目前已经达成 PCC，并已 经推进至 IND-Enabling 研究阶段，预计 2025 年完成 IND 申报。 2024 年 4 月，公司第一个 ...

证券代码： 300436 证券简称：广生堂 福建广生堂药业股份有限公司投资者关系活动记录表 编号：2025-003 | 投资者关系活动 | □特定对象调研 分析师会议 □ | | --- | --- | | 类别 | 业绩说明会 □ 媒体采访 √ | | | □ 新闻发布会 □ 路演活动 | | | □ 现场参观 | | | □ 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 年 月 日 (周三) 下午 2025 5 14 14:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 副总经理、董事会秘书 张清河 | | 员姓名 | 财务总监 官建辉 | | | 证券事务代表 陈丹青 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、131 二期临床已经结束了，请问数据什么时候发布？ | | | 尊敬的投资者，您好！公司乙肝治疗创新药 GST-HG131 已于 | ...