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].

2025 年 05 月 14 日 行业日报 看好/维持 医药 医药 赛默飞 25Q1 利润稳健增长，经调整 EPS 指引略有下调 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/5/14 24/7/25 24/10/5 24/12/16 25/2/26 25/5/9 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | 相关研究报告 <<太平洋医药日报（20250513）：诺和 诺德 Sogroya 三期临床成功>>-- 2025-05-14 <<生命科学上游系列研究（一）：供需 回暖，板块向上>>--2025-05-13 <<太平洋医药日报（20250509）：GSK 在研小分子linerixibat三期临床成 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 电话： E-MAIL：zhangwei@tpyzq.com 分析师登记编号：S1190524060001 ...

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 ...

Financial Data and Key Metrics Changes - The company ended the quarter with approximately $8 million in cash, which is expected to sustain operations into the third quarter of 2025 [20] - A need to raise approximately $15 million to support operations into the first quarter of 2026 was highlighted [21] - The market capitalization has increased to over $14 million with 14.1 million shares outstanding [22] Business Line Data and Key Metrics Changes - The Phase III MIRACLE trial for Anamycin has officially started, with the first patient treated and 38 sites selected worldwide [5] - The company received complete sign-off from the European Medicines Agency (EMA) for all nine countries intended for the trial in the EU, marking a significant milestone [6] - The company is also working on WP1066, a lead STAT3 inhibitor, which is currently in an investigator-sponsored clinical trial [10] Market Data and Key Metrics Changes - The trading volume has been healthy, with a three-month average of nearly 6 million shares traded per day [22] - A spike in trading volume was noted with approximately 2.4 million shares traded following the EU news [22] Company Strategy and Development Direction - The company aims to position Anamycin as a potentially non-cardiotoxic anthracycline, which could disrupt the market for cancer treatments [24] - The focus is on achieving a complete remission rate of at least 17.5% in the MIRACLE trial to meet FDA approval requirements [18] - The company is also looking to harmonize US and EU trial protocols to streamline the study process [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming data readouts and the potential for significant market cap increases based on trial results [23] - The company believes it is well-positioned to achieve FDA approval based on its Phase II efficacy data, which outperforms existing treatments [25] - Management acknowledged the challenges of developing new formulations but remains optimistic about achieving targets by the end of the year [32] Other Important Information - The company announced additional patent protection extending into at least February 2040, enhancing the protection around its core asset [7] - The final data from the MD-107 clinical trial using Anamycin to treat advanced soft tissue sarcoma is expected to be announced soon [8] Q&A Session Summary Question: Does the statement about results being submitted as a substantial modification to the EMA have negative implications for the timeline of EU approval versus US? - Management does not expect significant delays, as the EMA requested additional GLP preclinical data, which can be produced in a timely manner [30] Question: How close is Emory to getting an optimum formulation for IV delivery? - Management believes they are in the implementation stage for a new formulation and expects to have updates by the end of the year [32] Question: Is the $3.5 million a fair run rate for R&D for the rest of the year? - Management indicated that R&D expenses will increase, especially as they head into 2026 with GLP and manufacturing expenses [34]