Core Viewpoint - Pharmaceutical stocks experienced a rebound today, with significant gains observed in several companies following regulatory news from the National Medical Products Administration (NMPA) regarding the optimization of clinical trial review and approval processes for innovative drugs [1] Group 1: Stock Performance - Hutchison China MediTech (00013) rose by 11.04%, trading at HKD 27.96 [1] - Innovent Biologics (09969) increased by 10.76%, trading at HKD 18.63 [1] - Zai Lab (09688) saw a rise of 7.84%, trading at HKD 26.14 [1] - Lepu Biopharma-B (02157) gained 7.3%, trading at HKD 8.53 [1] - CanSino Biologics (09926) increased by 6.5%, trading at HKD 136 [1] Group 2: Regulatory Developments - The NMPA announced a plan to further optimize the review and approval process for clinical trials of innovative drugs, aiming to complete reviews within 30 working days for eligible applications [1] - This initiative supports key national R&D projects and encourages global early-stage synchronized development and international multi-center clinical trials [1] Group 3: Market Sentiment and Risks - Recent negative rumors regarding potential restrictions on Chinese innovative drugs entering the U.S. market have been noted, but several pharmaceutical companies believe these rumors do not currently impact the expectations for Chinese innovative drugs abroad [1] - HSBC indicated that the short-term emotional impact of these rumors may be greater than the actual damage, as prohibiting patent transactions is technically challenging [1] - Global pharmaceutical companies are facing a "patent cliff" risk and are in need of high-quality Chinese assets to strengthen their product pipelines, leading to lobbying against such administrative orders [1]

经济观察网 据第一财经消息，昨日大跌后，今日港股创新药概念股全线反弹。截至发稿，康宁杰瑞制 药-B涨超14%，和黄医药涨超6%、再鼎医药、乐普生物B涨超5%，加科思-B涨超4%。消息面上，多家 药企回应称，关注到美国方面可能对来自中国的创新药设限的市场传闻，但认为相关传闻目前并不影响 中国创新药出海的预期。市场人士认为，以百济神州、信达生物为代表的龙头Biotech预计在2025年实 现盈利拐点，后续有望保持高增长态势。伴随产业化能力提升和产品线扩张，预计未来将有更多 Biotech步入盈利周期。 ...

Core Viewpoint - After a significant drop, Hong Kong's innovative drug concept stocks rebounded across the board, indicating market resilience and potential recovery in the sector [1] Group 1: Market Performance - As of the report, Kangning Jereh Pharmaceutical-B surged over 14%, Hutchison China MediTech rose more than 6%, Zai Lab and Lepu Biopharma B increased over 5%, and Akeso-B climbed over 4% [1] Group 2: Industry Sentiment - Several pharmaceutical companies have acknowledged rumors regarding potential restrictions from the U.S. on innovative drugs from China, but they believe these rumors do not currently impact the expectations for Chinese innovative drugs entering international markets [1] Group 3: Future Outlook - Market analysts predict that leading biotech companies such as BeiGene and Innovent Biologics are expected to reach a profitability inflection point by 2025, with a strong growth trajectory anticipated thereafter [1] - With improvements in industrial capabilities and product line expansions, it is expected that more biotech firms will enter a profitability cycle in the future [1]

消息面上，多家药企回应称，关注到美国方面可能对来自中国的创新药设限的市场传闻，但认为相关传 闻目前并不影响中国创新药出海的预期。 市场人士认为，以百济神州、信达生物为代表的龙头Biotech预计在2025年实现盈利拐点，后续有望保 持高增长态势。伴随产业化能力提升和产品线扩张，预计未来将有更多Biotech步入盈利周期。 （文章来源：第一财经） 昨日大跌后，今日港股创新药概念股全线反弹。截至发稿，康宁杰瑞制药-B涨超14%，和黄医药涨超 6%、再鼎医药、乐普生物-B涨超5%，加科思-B涨超4%。 ...

Group 1: Water Sheep Co., Ltd. (300740) - The company is transforming into a high-end beauty group through a dual-brand strategy, enhancing its own brand matrix and acquiring high-end brands like EDB, PA, and RV [9][11] - The company has over 50 international brand partnerships in its CP (contract manufacturing) business, leveraging a "global beauty best CP" model for efficient empowerment [11] - Expected net profits for 2025-2027 are projected to be 258 million, 331 million, and 398 million CNY, representing growth rates of 134.9%, 28.1%, and 20.2% respectively, with corresponding PE ratios of 33, 26, and 22 [11] Group 2: China Shipbuilding Defense (00317) - The company is a listed entity under China Shipbuilding Group, focusing on shipbuilding, offshore engineering, and electromechanical equipment manufacturing, with shipbuilding accounting for 92% of its revenue in H1 2025 [10][12] - The ongoing shipbuilding cycle is expected to benefit the company, with projected net profits for 2025-2027 of 1.1 billion, 1.7 billion, and 2.8 billion CNY, corresponding to PE ratios of 18, 11, and 7 [12][14] - The company is positioned to benefit from a tight supply-demand balance in the shipbuilding market, with a significant backlog of orders and a recovery in new orders expected due to easing trade restrictions [12][14]

9月11日，国新办举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期卫生健康工作 发展成就。据介绍，我国在研新药数量占全球数量的比例超过20%，跃居全球新药研发第二位。 过去几年，中国创新药获得突飞猛进的发展，国际影响力迅速提升。一项报告显示，2024年，中国创新 药对外授权金额超过500亿美元，占全球总交易额30%。今年上半年，全球医药交易数量达456笔，同比 增长32%；交易总金额高达1304亿美元，同比增长58%，其中，涉及中国的交易贡献了近50%的总金额 和超过30%的交易数量。摩根士丹利的一份报告预测到2040年，源自中国的创新药将占美国FDA（食品 药品监督管理局）新药批准的35%。 其次，美国药企更加依赖中国创新药而不是相反。美国大型药企核心产品专利逐渐到期，用较低的价格 购买中国创新药专利，能够填补其专利到期的缺口，保持完整的管线，确保未来业务保持可持续的增 长。如果美国药企无法继续购买中国企业授权，那么其在短期内即使投入很高的研发成本也并不一定能 够产生成果，反而可能面临较大的风险。 其三，中国企业正在贡献全球1/3的创新药物专利，而全球购买授权的大型跨国药企，有一半来自 ...

9月11日，国新办举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期卫生健康工作 发展成就。据介绍，我国在研新药数量占全球数量的比例超过20%，跃居全球新药研发第二位。 但实际上，近期辉瑞、默沙东等美国制药巨头与中国药企签下的创新药授权协议不断刷新规模，相当一 部分中美药企在创新药产业链上下游的深化合作已成趋势。首先，在中国创新药的对外授权交易中，美 国药企通过购买中国创新药授权，获取中国企业的知识产权与产品，而非中国企业并购美国企业并获得 其技术。 其次，美国药企更加依赖中国创新药而不是相反。美国大型药企核心产品专利逐渐到期，用较低的价格 购买中国创新药专利，能够填补其专利到期的缺口，保持完整的管线，确保未来业务保持可持续的增 长。如果美国药企无法继续购买中国企业授权，那么其在短期内即使投入很高的研发成本也并不一定能 够产生成果，反而可能面临较大的风险。 其三，中国企业正在贡献全球1/3的创新药物专利，而全球购买授权的大型跨国药企，有一半来自欧 洲，日本等其他地区药企也积极寻求与中国企业合作。因此，若美国限制中国创新药准入，长远来看可 能削弱其在全球制药行业的领先地位。 9月11日的创新 ...

Core Viewpoint - Beida Pharmaceutical is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its capital strength and competitiveness, as well as to advance its internationalization process [1][4]. Group 1: H-Share Issuance Details - The proposed H-share issuance will not exceed 15% of the total share capital post-issuance and will target a global range of investors, including qualified institutional investors and individuals from various regions [4]. - The funds raised will be used for R&D activities, potential acquisitions, marketing network expansion, and general corporate purposes [4][6]. - This is not Beida's first attempt to list in Hong Kong, as it previously submitted applications in February and December 2021 [4]. Group 2: Strategic Timing and Market Context - Beida Pharmaceutical aims to consider the interests of existing shareholders and market conditions when determining the timing for the issuance, which will occur within 18 months of shareholder approval [5]. - The company has engaged an auditing firm for the listing process, indicating a serious commitment to this initiative [6]. Group 3: Financial Performance and Product Pipeline - By mid-2025, Beida expects to have eight drugs on the market, with projected revenue of 1.731 billion yuan, reflecting a year-on-year growth of 15.37% [7]. - Key revenue contributors include the drugs Alectinib (Kaimena) and Ensartinib (Beimina), each contributing over 10% to total revenue [7]. - Ensartinib is positioned as a critical product for future growth, with ongoing clinical trials and international market expansion plans [8][9]. Group 4: Internationalization Strategy - Beida's internationalization strategy involves a shift from "bringing in" to "going out," with a focus on expanding its product pipeline through strategic partnerships and acquisitions [10]. - The company has made significant investments in various drug candidates, enhancing its global presence and capabilities [11][12]. - Beida's recent collaborations and investments have established a foundation for its ambition to become a multinational enterprise headquartered in China [12][13].

Investment Rating - The report maintains an "Overweight" rating for the innovative drug sector, indicating that the industry is expected to outperform the overall market [5][11]. Core Insights - The report emphasizes the long-term investment value of Chinese innovative drugs, highlighting three main supporting logics: innovation upgrades, profitability inflection points, and normalization of outbound business development (BD) [5]. - Chinese biotech companies are demonstrating significant capabilities in global innovation, with notable products emerging in the PD-1/VEGF dual antibody and EGFR/c-MET dual antibody ADC categories [5]. - Leading biotech firms like BeiGene and Innovent Biologics are projected to reach profitability in 2025, suggesting a sustained high growth trajectory for the sector [5]. - The total value of license-out agreements from mainland China to Europe and the US has reached $94.3 billion as of September 2025, significantly surpassing the $51.9 billion recorded for the entirety of 2024 [5]. Summary by Sections Industry Overview - The report discusses the potential impact of a proposed US government draft that aims to limit American pharmaceutical companies from acquiring experimental drugs from China, although the likelihood of this draft being implemented is considered low [5]. - The report argues that even if the US tightens regulations, Chinese biotech can still pursue collaborations with European firms and establish overseas companies to navigate these restrictions [5]. Company Valuations - The report includes a valuation table for key companies in the pharmaceutical and biotech sector, detailing market capitalization, earnings per share (EPS) projections, and price-to-earnings (PE) ratios for 2024 to 2027 [6]. - Notable companies mentioned include: - Hengrui Medicine with a market cap of 453.3 billion yuan and a projected PE ratio of 68.3 for 2024 [6]. - BeiGene with a market cap of 436.5 billion yuan, expected to turn profitable by 2026 [6]. - Innovent Biologics and other firms are also highlighted for their growth potential and market performance [6].

Core Viewpoint - The Hong Kong International Biotechnology Forum and Exhibition (BIOHK) 2025 serves as a significant platform for industry leaders to discuss the future of biotechnology, with a focus on the global strategy of the pharmaceutical company YuanDa Pharmaceutical [1][3]. Group 1: Company Strategy and Globalization - YuanDa Pharmaceutical is recognized as a leading global player in nuclear medicine, sharing its global strategy at the BIOHK 2025 forum [3][6]. - The company is implementing a "Go Global" strategy, focusing on global research, production, and sales to enhance the value of innovative products [3][10]. - YuanDa has achieved significant milestones in its nuclear medicine development, with its product Yttrium-90 microsphere injection being used in over 150,000 patients across more than 50 countries [6][10]. Group 2: Product Development and Market Expansion - The company has received CE mark certification for new indications of its innovative product, expanding its treatment scope to include multiple types of liver cancer, which is expected to double its market potential [6][10]. - YuanDa is advancing its pipeline with 15 innovative products in development, covering various cancers and utilizing five types of radioactive isotopes [7][9]. - The company is actively pursuing a "dual filing" strategy in the U.S. and China, with several products entering international Phase III clinical trials [9][10]. Group 3: Research and Production Capabilities - YuanDa has established a comprehensive global network for nuclear medicine, with research and production bases in Boston and Chengdu, and a sales network covering over 50 countries [11][13]. - The company has built a state-of-the-art production facility in Chengdu, recognized as one of the most automated and comprehensive nuclear medicine factories globally [11][13]. - YuanDa's global innovation strategy includes five research platforms and eight research centers, with a robust pipeline of 133 projects in various stages of development [13].