Core Viewpoint - Xiansheng Pharmaceutical (02096) reported strong interim results for the six months ending June 30, 2025, with significant revenue growth driven by its innovative drug business Financial Performance - The company achieved a revenue of 3.585 billion RMB, representing a year-on-year increase of 15.1% [1] - Net profit attributable to shareholders reached 604 million RMB, up 32.2% year-on-year [2] - Adjusted net profit attributable to the parent company was 651 million RMB, reflecting a growth of 21.1% [2] Business Segmentation - The innovative drug business contributed 2.776 billion RMB, accounting for 77.4% of total revenue, with a year-on-year increase of 26% [1] - Neuroscience revenue was 1.249 billion RMB, showing a robust growth of 37.3% year-on-year [1] - Oncology revenue reached 874 million RMB, marking a significant increase of 41.1% year-on-year [1] - Autoimmunity revenue remained stable at 878 million RMB, with a growth of 3.3% year-on-year [1] Research and Development - The company increased its R&D investment to 1.028 billion RMB, a substantial rise of 68% year-on-year, representing 28.7% of total revenue [2]

Core Viewpoint - The company reported strong interim results for the six months ending June 30, 2025, with significant growth in revenue and net profit, driven primarily by its innovative drug business [1][2] Financial Performance - The company achieved revenue of 35.85 billion RMB, representing a year-on-year increase of 15.1% [1] - Net profit attributable to shareholders reached 6.04 billion RMB, up 32.2% year-on-year [2] - Adjusted net profit was 6.51 billion RMB, reflecting a growth of 21.1% [2] Business Segments - The innovative drug business contributed 27.76 billion RMB, accounting for 77.4% of total revenue, with a year-on-year increase of 26% [1] - Neuroscience revenue was 12.49 billion RMB, showing a significant increase of 37.3% [1] - Oncology revenue reached 8.74 billion RMB, marking a substantial growth of 41.1% [1] - Autoimmunity revenue remained stable at 8.78 billion RMB, with a year-on-year growth of 3.3% [1] Research and Development - The company increased its R&D investment to 10.28 billion RMB, a year-on-year increase of 68%, which now represents 28.7% of total revenue, up from 19.7% in the same period last year [2]

Group 1 - The company reported a revenue of RMB 3.585 billion for the six months ending June 30, 2025, representing a year-on-year increase of 15.14% [1] - Net profit reached RMB 604 million, showing a year-on-year growth of 32.2% [1] - Basic earnings per share were RMB 0.25, with adjusted profit attributable to equity shareholders amounting to RMB 651 million, a 21.1% increase compared to RMB 538 million in the same period last year [1] Group 2 - The company's portfolio of commercialized innovative drugs has expanded to ten products, including Enzhu, Aidesin, Xianbixin, Envida, Kexaila, Xianuoxin, Enlitai, Xianbixin sublingual tablets, Kewike, and Enzeshu, covering fields such as neuroscience, oncology, autoimmune diseases, and infections [1] - Innovative drug business revenue was RMB 2.776 billion, accounting for 77.4% of total revenue for the six months ending June 30, 2025 [1]

Core Viewpoint - The valuation of Xiansheng Pharmaceutical has significantly recovered due to the gradual rebound of the domestic innovative drug industry and the continuous realization of the company's innovative achievements, yet its market capitalization and price-to-sales ratio remain significantly lower than peers like Heng Rui Pharmaceutical and Innovent Biologics [1][16]. Valuation of Xiansheng Pharmaceutical - On July 29, Xiansheng Pharmaceutical's stock price surged over 9%, reaching a new high for the year, reflecting breakthroughs in its innovative drug business since 2025 [2]. - The company achieved a revenue of 6.635 billion yuan in 2024, a year-on-year increase of 0.4%, with a net profit of approximately 733 million yuan, up 2.6% year-on-year, marking new highs since its listing [3][4]. - Despite a 104.46% increase in stock price year-to-date, it still lags behind the 111.5% increase of the Hong Kong innovative drug sector [3][6]. Transformation Challenges - Established in 1995, Xiansheng Pharmaceutical transitioned from a traditional generic drug company to an innovative drug company, facing inevitable growing pains during this structural transformation [6][8]. - The company has been actively shedding low-margin generic drug businesses while expanding its innovative drug pipeline through R&D and external collaborations [6][7]. - The company’s revenue growth has slowed significantly over the past five years, with a compound annual growth rate of approximately 9.9% from 2020 to 2024 [6][7]. Innovative Achievements - Xiansheng Pharmaceutical has expanded its product line significantly, with 10 commercialized innovative drug products and over 60 in the R&D pipeline [12][17]. - The company’s revenue from innovative drugs has increased from 45.1% in 2020 to 74.3% in 2024, amounting to 4.928 billion yuan [6][12]. - The company’s main revenue sources are now concentrated in central nervous system products, autoimmune products, and oncology products, with notable growth in the neuroscience sector [13][18]. Valuation Recovery - The stock price of Xiansheng Pharmaceutical has increased by over 203% from its low of 4.7 HKD in 2024 to 14.28 HKD as of July 29, 2025 [16]. - Despite the recovery, the company's market capitalization of 35.3 billion HKD remains significantly lower than Heng Rui Pharmaceutical (542.9 billion HKD) and Innovent Biologics (170.9 billion HKD) [16][19]. - The company’s current price-to-sales ratio of 4.93 is far below Heng Rui Pharmaceutical's 17.13 and Innovent Biologics' 16.79, indicating market skepticism about its growth potential compared to peers [16][19]. Future Outlook - The market's valuation logic for innovative drug companies revolves around "certainty of growth," focusing on the ability to continuously launch innovative products and convert them into long-term commercial value [20]. - To gain further market recognition, Xiansheng Pharmaceutical needs to enhance its R&D capabilities and achieve more substantial performance growth [20].

Core Viewpoint - The National Medical Products Administration (NMPA) has announced a new policy to expedite the clinical trial approval process for innovative drugs, reducing the review time to 30 working days, which represents a 50% acceleration in the approval process [1][2]. Group 1: Policy Changes and Impacts - The new policy aims to prioritize resources for innovative drugs that have significant clinical value, ensuring that only those meeting specific criteria can access the expedited review process [2][4]. - In 2024, the NMPA approved 48 Class 1 innovative drugs, a 20% increase year-on-year, marking the highest number in five years, with over 70% of these approvals achieved through accelerated pathways [2][3]. - The approval of 39 global new drugs in China from January to May 2024, with 34 being domestic innovations, highlights the vibrant growth of China's pharmaceutical innovation [3]. Group 2: Historical Context and Future Outlook - Prior to 2015, the domestic pharmaceutical market primarily followed a model of imitative innovation, with new drugs typically taking 5-7 years longer to launch in China compared to overseas [4]. - The establishment of rapid review channels and the acceleration of key national research projects are expected to enhance China's competitiveness in global pharmaceutical innovation [4][5]. - The recent establishment of review centers in regions like the Yangtze River Delta and the Greater Bay Area aims to improve regulatory efficiency and support the rapid approval of innovative drugs [5]. Group 3: Global Trends - The FDA has also introduced a new priority review program, reducing its approval timeline from approximately 10-12 months to 1-2 months, indicating a global trend towards faster clinical review processes [5].

Group 1 - The Hang Seng Index rose by 1.29%, gaining 301 points to close at 23,634 points, while the Hang Seng Technology Index increased by 1.32% and the Hang Seng Biotechnology Index surged by 4.26% [1] - Ningde Times (03750) saw a significant increase of over 16% on its first day of trading on the Hong Kong Stock Exchange [1] - 3SBio (01530) experienced a dramatic rise of 35%, nearing its historical high, following an authorization agreement with Pfizer for a PD-1/VEGF dual antibody, with Pfizer making an upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion [1] Group 2 - Yiming Anke-B (01541) rose over 10% after receiving a $5 million payment from Axion Bio, indicating a promising outlook in the self-immune field for IMM0306 [2] - Basilea Pharmaceuticals-B (02616) increased by over 18% after presenting five new research results at the 2025 AACR conference [2] - Rongchang Bio (09995) rose over 14% due to the addition of new indications for Vidi Xi monoclonal antibody, with Q1 performance slightly exceeding expectations [2] Group 3 - Xiaomi Group-W (01810) increased by nearly 4% ahead of the release of multiple new products, with its self-developed SoC "Xuanjie" expected to launch soon [5] - Alibaba Pictures (01060) surged over 17%, reporting an adjusted EBITDA profit of 809 million yuan for the year, a 61% year-on-year increase [6] - Alibaba Health (00241) fell over 4% post-earnings despite a more than 62% year-on-year increase in net profit, as it did not declare a final dividend [6]

【解剖大盘】 周末美股出了几个大的利空，估计接下来会有调整，在这种背景之下，两地市场均展现了韧性，港股今 天低开走高，收盘微跌0.05%。 美东时间5月17日，穆迪将美国信用评级从Aaa下调至Aa1，此前，惠誉已于2023年、标普已于2011年已 采取降级行动。至此美国三大评级机构均完成下调美国信用评级，美国失去最后一个AAA评级。穆迪 下调评级的理由是美国存在巨额财政赤字，且利息成本不断上升。还有，根据美财政部的数据，中国在 3月底比2月底减持了189亿美元国债，降至7654亿美元。已经退为日本、英国之后的第三大美债持有 国。目前还未知4月是啥情况，估计也不乐观。联想到美国6月有巨额的国债需要兑付，不知道如何解 决?此次特朗普中东之行并未听到海湾国家承诺会再次购买美国国债，这个风险有点大。 直接的后果就是周一美国国债市场遭遇大规模抛售，30年期国债收益率持续攀升约10基点、午后突破 5%心理关口，为2007年中期以来最高水平，与2023年11月的峰值水平持平。10年期国债收益率同样攀 升至4.5%以上，反映出投资者对美国长期财政健康状况的担忧。而黄金在创下六个月最大单周跌幅后 反弹，对美国经济前景和预算赤字 ...

Core Viewpoint - The sales of the COVID-19 drug Xianoxin from Xiansheng Pharmaceutical have significantly increased since May, with notable growth in both year-on-year and month-on-month comparisons, although specific figures have not been disclosed [1] Sales Performance - Sales growth in early April was primarily driven by regions such as Shanghai, Zhejiang, Beijing, and Jiangsu [1] - Sales in Guangdong began to rise in early May, contributing to a substantial overall increase in sales since then [1] - As of now, Xianoxin has reached 32 provinces, 371 cities, and over 3,700 medical institutions across the country [1] Market Context - The latest report from the Chinese Center for Disease Control and Prevention indicates an upward trend in the positive rate of COVID-19 tests from March 31 to May 4, with southern provinces showing higher positivity rates compared to northern provinces [1] - Some provinces that experienced an early increase in positivity rates are seeing a slowdown in the growth of the epidemic [1]

Group 1 - The Hang Seng Index fell by 0.49%, losing 114 points, while the Hang Seng Tech Index dropped by 1.03%, with a trading volume of 105.5 billion HKD in the morning session [1] - Nvidia's CEO Jensen Huang stated that the company is reassessing its strategy in the Chinese market due to U.S. government restrictions on the export of the Hopper architecture H20 chip to China, and will not launch the Hopper series chips in the future [1] - Semiconductor stocks rose against the market trend, with Hua Hong Semiconductor increasing over 4% and SMIC rising more than 1.8% [1] Group 2 - Fubo Group saw an increase of over 4% following the release of the "Digital China Construction 2025 Action Plan," which aligns with the company's AI service layout [2] - Four Seasons Pharmaceutical surged over 16% after receiving drug registration approval for two indications of its Pyrotinib tablets [3] - Xiansheng Pharmaceutical rose over 7% as the resurgence of COVID-19 raised attention, with its product Xianoxin being the first oral COVID-19 drug in China to receive regular approval [4] Group 3 - CanSino Biologics saw an increase of over 6% after collaborating with CSPC to develop KN026, which has reached the primary endpoint of the PFS [5] - Giant Legend surged over 12% as the show "Travel Diary 3" gained popularity, leading to the company's IP business revenue surpassing its new retail business for the first time [5] - Guming increased over 3% after being included in the Hang Seng Composite Index, with CICC optimistic about its same-store sales growth maintaining a high year-on-year level in Q2 [6] Group 4 - Aimee Vaccine rose over 9% as both the U.S. and China approved clinical trials for the iterative mRNA shingles vaccine [7] - Apple-related stocks collectively declined, with notable drops including Highgreat Electronics down 3.89%, Sunny Optical down 3.95%, and BYD Electronics down 1.7% [7] - Alibaba's stock continued to fall over 4% after its fourth fiscal quarter revenue fell short of expectations, and reports indicated that its AI collaboration plan with Apple is under U.S. review [8]

3月24日，先声药业发布2024年全年业绩报告，尽管面临行业政策调整和市场竞争加剧的压力，先 声药业依然实现了稳健的增长，并在多个关键领域取得了显著进展。报告期内，实现全年营业收入 66.35亿元人民币，属于公司权益股东的利润为7.33亿元，均创上市以来历史新高。值得关注的是，经调 整净利润达10.18亿元，同比大幅增长41.6%，主要得益于创新药收入占比提升带动毛利润增长。 创新药业务持续发力，治疗领域布局成效显著 从业务结构看，创新药收入占比达74.3%，贡献49.28亿元，成为业绩核心引擎。分治疗领域来看， 2024年，其神经科学领域收入达21.74亿元，占总收入的32.8%，同比增长10.4%；自身免疫领域收入 18.11亿元，同比增长28.0%。尽管抗肿瘤领域收入有所下降，但这主要是由于产品组合调整和市场竞争 因素所致，而并非整体业务趋势的反映。 此外，先声药业在研发管线上的持续投入开始结出硕果。报告期内，其成功将两款创新产品推向市 场：恩立妥(西妥昔单抗β注射液)和先必新舌下片。此外，还有三项新药上市申请已获国家药品监督管 理局受理，包括用于卵巢癌治疗的恩泽舒、治疗慢性失眠障碍的科唯可以及抗流感药 ...