Core Viewpoint - 泰德医药 officially listed on the Hong Kong Stock Exchange on June 30, 2025, raising funds to expand production capacity and focusing on the GLP-1 pipeline development in response to increasing competition and regulatory challenges in the U.S. market [1][2][3] Group 1: Company Overview - 泰德医药 is a biopharmaceutical company based in Hangzhou, providing full-cycle services from early discovery to commercial production, primarily focusing on peptide NCE discovery and synthesis (CRO services) and peptide CMC development and commercial production (CRDMO services) [1][2] - The company has a project pipeline that includes 1,217 ongoing CRO projects and 332 ongoing CDMO projects, with a strategic focus on GLP-1 pipeline construction [1][3] - In 2023, 泰德医药 became the third largest global CRDMO focused on peptides, holding a market share of 1.5%, following Swiss leaders Bachem and PolyPeptide [1] Group 2: Financial Performance - 泰德医药's revenue for 2022, 2023, and projected 2024 are 350 million RMB, 330 million RMB, and 440 million RMB respectively, with net profits of 53.98 million RMB, 48.91 million RMB, and 59.17 million RMB [2] - The company plans to utilize 76.4% of the 4.11 billion HKD raised from the IPO to build or acquire production facilities in China and the U.S. to enhance production capacity [3] Group 3: Market Position and Strategy - 泰德医药's overseas revenue accounted for 78% in 2023, with the U.S. being the largest market, contributing 37.7%, 34.1%, and 55.0% of revenue from 2022 to 2024 [7][8] - The company aims to increase local production capacity in the U.S. to mitigate potential impacts from U.S. tariff policies, with plans to complete a facility in Rocklin, California, by the second half of 2025 [9] - The global peptide drug market is projected to grow significantly, with a market size of 38.9 billion USD in 2023 and a compound annual growth rate of 33.2% [3] Group 4: Industry Context - The biopharmaceutical industry in Hangzhou's 钱塘区 is rapidly developing, with 泰德医药 being the third listed company in the area in 2025, highlighting the region's focus on attracting high-quality biopharmaceutical enterprises [10] - The company is part of a broader trend where Chinese CXO firms are increasing local production capabilities in response to global market dynamics and regulatory challenges [9]

Group 1 - The stock price of Zhaoyan New Drug (603127) reached a new high of 19.49 HKD, surpassing the previous high in March and marking the highest price since September 2023 [1] - The stock experienced significant volatility, with a nearly 30% drop in April due to market turbulence and regulatory changes, followed by a recovery of over 40% in May [1][4] - After peaking on June 17, the stock faced a three-day decline, dropping to a low of 13.89 HKD, a decrease of 28.73% from the peak [1] Group 2 - The Hang Seng Healthcare Index also rebounded after a five-day decline, indicating continued upward momentum in the Hong Kong pharmaceutical sector [2] - Investors are closely watching whether Zhaoyan New Drug can achieve new highs amid ongoing market fluctuations [2] Group 3 - Since the beginning of the year, southbound funds have accumulated a net purchase of nearly 700 billion HKD in Hong Kong stocks, with the healthcare sector showing significant gains [4] - The holding ratio of southbound funds in Zhaoyan New Drug increased from 37.58% to 40.64% in 2025, indicating a trend of increased investment [4][6] - The investment behavior of northbound funds shifted from "buying on dips" to "buying on rises" and back to "buying on dips" again, reflecting changing market dynamics [6] Group 4 - The recent surge in the Hong Kong innovative drug sector is driven by improved performance, policy optimization, and low valuations [4] - The financing environment for the domestic biopharmaceutical sector has improved, with a notable increase in investment cases and amounts in Q1 2025 [7] - The number of clinical approvals for new drugs in China has significantly increased, with 186 first-class new drugs receiving clinical approval in Q1 2025 [8][10] Group 5 - Zhaoyan New Drug reported a 115.11% year-on-year increase in net profit for Q1 2025, indicating strong financial performance despite market fluctuations [10] - The National Medical Products Administration's recent announcement aims to optimize the clinical trial review process, potentially accelerating the approval timeline for innovative drugs [10][12] - The average duration for new drug IND tasks in China is currently 71 days, with plans to reduce this to 30 working days, which could stimulate demand for Zhaoyan New Drug's services [12]

弘则研究：医药行业 Q3 策略从跟随到引领，中国医药"工 业品"的国际化进程 20250703 摘要 肿瘤治疗市场预计到 2028 年将达 4,400 亿美元，占药品市场四分之一， 未来五年增速显著，双抗和 ADC 成为下一代肿瘤治疗重要方向，中国企 业在这些领域已取得领先地位。 双抗市场前景乐观，有望替代部分 PD-1 市场份额，尤其对冷肿瘤有效 的产品潜力巨大，吸引投资机构巨额投入，而 ADC 领域则在探索新的毒 素、偶联方式及多靶点组合。 中国创新药领域表现突出，约 40%的新兴疗法管线集中于此，大规模 BD 交易增强市场信心，百济神州、信达生物等企业陆续实现盈利，证 明创新药能带来实际收益。 大型跨国药企面临专利悬崖和产品线不足的挑战，通过并购和 BD 补充 管线，今年上半年首付款已达 91 亿美元，下半年预计超 90 亿，显示出 对外部采购的强烈需求。 中国创新药 BD 表现突出，平均首付款超越全球水平，预示着更多高金 额 BD 交易落地，聚焦 ADC 和双抗领域，以及 AI 制药平台等平台型产 品。 Q&A 当前中国在创新药领域的优势和发展潜力如何？ 中国在创新药领域展现出显著的优势和发展潜力。首 ...

摘要 国内创新药融资环境在 2025 年出现明显改善，证监会政策信号积极， 科创板设置成长层并重启未盈利企业上市标准，港股 18A IPO 回暖，为 创新药企提供更多融资机会，利好 CXO 行业业绩。 ADC 赛道持续火爆，是极具潜力的肿瘤治疗策略，通过结合化疗和抗体 靶向杀伤，有望全面取代化疗。ADC 研发趋势包括向前线治疗突破、与 免疫疗法联合、新靶点和新机制创新，以及生物偶联药物多样化。 药明合联商业项目及国际项目增长强劲，累积项目进入漏斗模型底部， 商业化订单规模扩大。公司赋能国内 ADC 出海项目，新加坡工厂将于 2026 年初承接全球商业化订单，未来业绩确定性高。 药明合联作为全球领先的 CRDMO，得益于药明生物和药明康德的技术 和人才支持。2024 年营收达 40.5 亿元，同比增长 91%，归母净利润 达 10.7 亿元，同比增长 277%。 2024 年公司后端项目及海外业务占比提升，IND 后服务收入占比接近 60%，海外业务占比达 74%，北美客户占比 50%。公司通过整合的 CMC 战略，缩短供应链，加速 ADC 药物开发，实现 15 个月完成从 DNA 序列到 IND 申报。 Q& ...

Core Viewpoint - The innovation drug sector is experiencing a resurgence, driven by supportive policies and a favorable investment environment, marking a significant shift from "squeezing out excess" to "promoting innovation" in the pharmaceutical industry [2][3]. Group 1: Market Performance - In the first half of 2025, the pharmaceutical sector showed strong performance, with the CITIC Pharmaceutical Index rising by 8.11%, outperforming major indices like the Shanghai Composite Index (+5.98%) and the ChiNext Index (+4.25%) [3]. - The A-share innovation drug index increased by 21.84%, while the Hong Kong Hang Seng Innovation Drug Index surged by 60.27% during the same period [4]. Group 2: Policy Support and Industry Trends - The recent policy document titled "Several Measures to Support the High-Quality Development of Innovative Drugs" outlines 16 measures to support the entire chain of innovative drug development, indicating a systemic shift in policy support [2][7]. - The domestic pharmaceutical industry has undergone a transformation since the "4+7" procurement policy was implemented in 2018, leading to a fruitful period for innovative drugs in 2025 as the results of this transformation begin to materialize [7]. Group 3: Future Outlook - The innovation drug sector is expected to remain a key investment focus in the third quarter, with core innovative drug assets requiring attention despite potential short-term fluctuations [8]. - The CDMO (Contract Development and Manufacturing Organization) sector is anticipated to see a revenue recovery trend continuing into the second quarter of 2025, as the industry has established an order inflection point [9]. - The CRO (Contract Research Organization) and front-end innovative drug sectors are set to benefit from overseas licensing deals, which will bring incremental revenue expectations from upfront payments [10].

Core Viewpoint - The acquisition of approximately 65% of Nanjing Haina Pharmaceutical Technology Co., Ltd. by Chengdu Xian Dao has been terminated due to failure to reach consensus on key terms of the transaction [1][3]. Group 1: Acquisition Details - Chengdu Xian Dao signed a share acquisition letter of intent with Haina Pharmaceutical and its controlling shareholder in March 2023, intending to become the controlling shareholder post-acquisition [2][3]. - Despite ongoing negotiations and due diligence, the parties could not agree on the transaction plan, price, counterparties, and performance commitments, leading to the termination of the acquisition [1][3]. - The company stated that the termination of the acquisition would not adversely affect its business operations or financial status [3][5]. Group 2: Strategic Implications - The acquisition aimed to expand Chengdu Xian Dao's business from upstream drug discovery to downstream services, creating a comprehensive CRDMO service system [3][4]. - The company expressed a commitment to continue seeking suitable acquisition opportunities to enhance its capabilities in drug discovery and optimization [6]. Group 3: Financial Performance - In 2024, Chengdu Xian Dao reported revenue of approximately 427 million yuan, a year-on-year increase of 14.99%, and a net profit of 51.36 million yuan, up 26.13% [7]. - For Q1 2025, the company recorded revenue of about 107 million yuan, a slight decline of 0.6%, while net profit increased by 102.9% to approximately 28.28 million yuan [7]. Group 4: Shareholder Activity - During the acquisition process, three shareholders reduced their holdings, with significant amounts sold at varying price ranges [5].

Summary of Conference Call Records Industry Overview - The innovative drug industry chain is gradually stabilizing and recovering, with CXO orders rebounding since last year, leading to strong mid-year performance in key segments [1][2][3] - The overall trend for the pharmaceutical sector in Q2 2025 is positive, particularly in innovative drugs and their supply chains, despite recent market fluctuations [2][3] Key Companies and Performance - **Hengrui, Huadong, and China Biopharmaceutical** are expected to achieve double-digit growth in Q2 and for the entire year [1][6] - **WuXi AppTec** aims for a revenue target of 43 billion, with an expected growth of over 15% and faster net profit growth; **WuXi AppTec's** revenue growth is projected at over 35% for the year [1][11] - **Kelaiying** anticipates a revenue growth of over 15% for the year, while **Kanglong Huacheng** expects around 10% growth in revenue and profit for Q2 [1][11][13] - **BaiPuSi and Haoyuan Pharmaceutical** are performing well, with most companies expecting revenue growth of over 20% [1][15] Market Catalysts - Recent adjustments in medical insurance policies and industry conferences (WCLC, ESMO, Ash) are seen as potential catalysts for growth in the innovative drug sector [1][7][9] - The upcoming medical insurance negotiations and directory adjustments are expected to be significant driving forces in the second half of the year [9][10] Investment Opportunities - Despite a recent decline in market sentiment, large-cap companies like **BaiJi, Hengrui, XinDa, Kangfang, and Shiyao** are recommended for investment, along with smaller companies like **Dizhe and Yifangzejin** [10] - The CXO and upstream sectors are highlighted as key investment areas, with strong performance expected due to improved orders and geopolitical factors [19][20] Sector Performance - The medical device sector is still in a clearing inventory phase, with some companies showing good growth, particularly in overseas markets [17][18] - The OTC and traditional Chinese medicine sectors have not shown significant improvement but may see recovery in the second half of the year [5][18] Future Outlook - The overall outlook for the second half of 2025 remains optimistic, with expectations of continued growth in the innovative drug sector and supportive external factors [9][24] - The domestic financing environment is expected to improve, with a notable increase in activity anticipated in the latter half of the year [26][38] Conclusion - The innovative drug industry chain, particularly the CXO segment, is positioned for strong growth, supported by favorable market conditions and strategic company performances. Investors are encouraged to focus on key players within this sector for potential opportunities.

| | 恒生港股通创新药指数修订 | | --- | --- | | 样本空间 | 1、合资格在互联互通下交易的恒生综合指数 2、被分类为以下恒生行业系统的子业务类别 3、主营业务在 CXO 行业的公司将被剔除,1 | | | (CMO) 和委托研发生产机构(CDMO) | | 选样方法 | 合资格证券将按其与创新药之业务关联性获得 证券会被选为成份股 | | 加权方式 | 自由流通市值加权 | | 样本定期调整 | 指数样本实施半年定期调整 | | 权重设置 | 单只样本权重不超过10% | 剔除的5只CXO公司股票，原先合计在指数中权重约20%，且年初以来涨幅均不及指数整体表现。修订后的成份股将更加聚焦以对外专利授权为主要商业模 式的创新药公司，因此能够更好反映本轮创新药产业发展趋势。 近期，创新药相关指数集体走强，其中恒生港股通创新药指数以年内超60%的亮眼涨幅，成为市场关注的焦点。近年来，我国创新药取得了显著的发展成 果，吸引海外药企频频出手采购，标志着我国新一批优势产业的强势崛起。 6月30日，恒生港股通创新药指数宣布修订编制方案，明确剔除CXO公司（Contract X Organization， ...

创新药走强，恒生港股通创新药指数年内涨幅60%。 恒生指数公司今日宣布，将对该指数编制方案进 行修订，明确剔除CXO公司，即包括委托研究机构（CRO）、委托生产机构（CMO）、和委托研发生 产机构（CDMO），成为一只聚焦创新药的指数，相关成份股变动将于今年9月8日实施。易方达基金指 数研究部总经理庞亚平表示，剔除CXO后，恒生港股通创新药指数能够聚焦创新药核心公司，更纯粹 地表征本轮创新药产业发展趋势。（记者 闫军） ...

Group 1 - The core viewpoint is that by 2025, domestic PFA brands are expected to enter a rapid commercialization phase, gradually replacing traditional radiofrequency and cryoablation technologies due to their non-thermal ablation characteristics, shorter operation times, lower complication risks, and better long-term efficacy [1] - Six domestic brands have already been approved, indicating a growing market presence [1] - The National Medical Products Administration has approved measures to optimize the lifecycle regulation to support the innovation and development of high-end medical devices, which includes ten initiatives aimed at promoting the development of medical robots, high-end medical imaging equipment, AI medical devices, and new biological materials [1] Group 2 - The medical device sector is currently valued at historical lows, with policy benefits expected to materialize starting from Q2 2025, particularly in the AI + imaging/surgery direction [1] - The innovative drug sector is experiencing short-term fluctuations but is viewed positively in the long term, driven by accelerated overseas expansion and changes in payment systems [1] - The traditional Chinese medicine sector is seeing reduced impacts from centralized procurement, with improved gross margins for OTC products; the blood products industry is experiencing increased concentration and favorable demand for immunoglobulin [1] Group 3 - The retail pharmacy industry is undergoing accelerated clearing, with AI empowerment enhancing operational efficiency and outpatient coordination creating incremental opportunities [1] - The CXO sector is gradually stabilizing in performance, with a recovery in overseas investment and financing driving industry growth [1] Group 4 - The ChiNext Medical ETF tracks the ChiNext Medical Index, which is compiled by China Securities Index Co., Ltd., selecting listed companies in the medical and health industry from the ChiNext market to reflect the overall performance of the medical and biological sector [2] - This index focuses on high-growth and innovative sub-sectors such as biomedicine, medical devices, and medical services, effectively showcasing the investment value and development potential of the ChiNext medical industry [2]