Summary of Key Points from Conference Call Records Industry Overview - **Industry**: Innovative Pharmaceuticals - **Global Drug Approvals**: In 2025, a total of 46 new drugs were approved globally, which is a decrease from the previous two years but still above the historical average of 36 since 1993 [1][2] - **Trends**: The approval landscape is shifting towards precision medicine and unmet medical needs, particularly in oncology, where 16 drugs were approved, representing approximately 15% of total approvals, higher than the past five-year average [4] Core Insights and Arguments - **FDA Performance**: Despite personnel turnover and regulatory challenges, the FDA maintained high output efficiency, approving 46 new drugs in 2025, including 34 new molecular entities and 12 biologics [2] - **Emerging Technologies**: The FDA is advancing platforms such as Antibody-Drug Conjugates (ADC) and bispecific antibodies, with ADC becoming a cornerstone in oncology [5][29] - **China's Global Integration**: In 2025, China saw a significant increase in license-out transactions, with 154 deals worth $14.19 billion, marking a 46.7% and 150% year-over-year increase, respectively [6][31] - **Clinical Trial Quality**: China's clinical trial quality has improved significantly, with compliance rates surpassing those of Europe and the U.S., addressing international concerns about data reliability [10] Company-Specific Developments - **Innovative Drug Companies**: - **Kangfang Biotech**: Achieved significant progress with its EVSTAN antibody, showing superior progression-free survival (PFS) and overall survival (OS) benefits [11] - **Hanyu Pharmaceutical**: Reported impressive results for its independent monoclonal antibody for ESCC, with a two-year overall survival rate of 88.3% [12] - **Hengrui Medicine**: Advanced in ADC technology, evolving to XDC, and has multiple ADC drugs in late-stage clinical trials [14] - **Rongchang Biotech**: Plans to expand indications for its core product, with several key clinical data expected in 2027 [15] - **Kelong Botai**: Entered the global registration phase for its lung cancer drug, FKB267, with significant data disclosures [16] - **Baiyi Shenzhou**: Made strides in hematology with multiple important data readouts [17][18] Additional Important Insights - **Market Positioning**: China's position in the global transaction market has significantly improved, with 339 transactions recorded in 2025, accounting for 24.5% of the global market [7][8] - **Regulatory Environment**: The FDA's stable policies and efficiency improvements are expected to facilitate the entry of innovative products from China into overseas markets [31] - **Emerging Drug Classes**: ADCs and similar conjugates are identified as the most certain and highest pricing power segments in the global innovative drug market [29][30] This summary encapsulates the key points from the conference call records, highlighting the innovative pharmaceutical industry's dynamics, regulatory environment, and specific company advancements.

药明生物称，该等增长主要因素包括"跟随并赢得分子"战略的成功执行，以及领先的技术平台、行业最 佳的项目交付时间及优秀的项目执行过往记录，推动集团收益增长；基于双特异性抗体和ADC(抗体偶 联药物)等快速发展的技术平台，集团扩大了对生物药行业提供包括研究和发现服务、IND前开发服务 及临床和商业化生产服务等在内的服务范围；集团多个先进技术所产生的研究服务收益增长；集团对现 有及新增产能的利用，包括欧洲生产基地的产能爬坡；集团通过药明生物精益运营管理系统(WBS)及数 字化方案实现成本节约与效率改善；及通过投资投资组合而获得的投资收益。 格隆汇2月11日｜药明生物(2269.HK)高开3.55%报41.44港元。消息面上，公司发盈喜，预期截至2025年 12月底止年度，股东应占利润将增长46.3%至49.08亿元；非国际财务报告准则经调整纯利将增长22%至 65.86亿元，收益将增长约16.7%至217.9亿元。 ...

Core Viewpoint - WuXi Biologics (02269) expects a revenue growth of approximately 16.7% to RMB 21.79 billion for the fiscal year 2025, driven by successful execution of its "Follow and Win Molecules" strategy and advanced technology platforms [1] Group 1: Financial Projections - Gross margin is anticipated to increase by about 5 percentage points to 46% [1] - Adjusted gross profit is projected to grow by 25.5% to approximately RMB 10.638 billion [1] - Profit attributable to equity shareholders is expected to rise by approximately 45.3% to RMB 5.733 billion [1] - Adjusted net profit is forecasted to increase by about 22% to RMB 6.586 billion [1] Group 2: Growth Drivers - Revenue growth is attributed to the successful execution of the "Follow and Win Molecules" strategy, leading technology platforms, industry-best project delivery times, and a strong track record in project execution [1] - The integrated CRDMO platform is set to add 209 new comprehensive projects in 2025, bringing the total to a record high of 945 projects [1] - The expansion of services in the biopharmaceutical industry includes research discovery, pre-IND development, clinical, and commercial production, leveraging rapidly developing technologies such as bispecific antibodies and ADCs [1] Group 3: Additional Performance Factors - Performance growth is also driven by increased research service revenue from multiple advanced technologies [2] - Utilization of existing and new production capacities, including ramp-up at European production facilities [2] - Cost savings and efficiency improvements achieved through lean operational management systems and digital solutions, along with investment income from the portfolio [2]

公告称，药明生物取得收入的增长源于"跟随并赢得分子"战略的成功执行，以及领先的技术平台、行业 最佳的项目交付时间及优秀的项目执行过往记录等共同推动。 智通财经APP讯，药明生物（02269）公告，预期该集团于2025年度收益将增长约16.7%，至人民币 217.9亿元；毛利率将同比提升约5个百分点至46%；经调整毛利将同比增长25.5%，至约人民币106.38亿 元。 利润及归属于公司权益股东的利润，预计将分别同比增长约45.3%至人民币57.33亿元和约46.3%至人民 币49.08亿元；经调整净利润将同比增长约22%至人民币65.86亿元。 2025年药明生物一体化CRDMO平台全年新增209个综合项目，综合项目总数达945个创下新高。 本次药明生物在公告提及，基于双特异性抗体和ADC（抗体偶联药物）等快速发展的技术平台，其扩 大了对生物药行业提供包括研究发现、IND前开发及临床和商业化生产等在内的服务范围。 根据公告，药明生物业绩增长的其他原因还包括：集团多个先进技术所产生的研究服务收益增长；对现 有及新增产能的利用，包括欧洲生产基地的产能爬坡；精益运营管理系统及数字化方案实现成本节约与 效率改善，以及 ...

该等增长主要归因于(其中包括)以下因素﹕(i)"跟随并赢得分子"战略的成功执行，以及领先的技术平 台、行业最佳的项目交付时间及优秀的项目执行过往记录，推动集团收益增长;(ii)基于双特异性抗体和 ADC(抗体偶联药物)等快速发展的技术平台，集团扩大了对生物药行业提供包括研究和发现服务、IND 前开发服务及临床和商业化生产服务等在内的服务范围;(iii)集团多个先进技术所产生的研究服务收益增 长;(iv)集团对现有及新增产能的利用，包括欧洲生产基地的产能爬坡;(v)集团通过药明生物精益运营管 理系统(WBS)及数字化方案实现成本节约与效率改善;(vi)公司通过投资投资组合而获得的投资收益。 以及经调整以股份为基础的薪酬开支、外汇损益、以及股权投资、资产出售、重组损益及相关一次性成 本后，公司非国际财务报告准则经调整纯利将增长约22.0%至人民币65.86亿元。 智通财经APP讯，药明生物(02269)发布公告，预期与去年同期比较，公司截至2025年12月31日止全年度 收益将增长约16.7%至人民币217.90亿元;毛利率将提升约5个百分点至46.0%;经调整毛利将增长至约人民 币106.38亿元，同比增长约2 ...

Core Insights - The implementation of the new National Medical Insurance and Commercial Health Insurance Drug Directories in Hunan marks a significant advancement in the multi-tiered medical security system, benefiting 3,253 types of insurance drugs for the insured population [1][8] Group 1: Drug Directory Optimization - The new National Medical Insurance Directory has added 114 high-value drugs while removing 29 low-value drugs, resulting in a total of 3,253 drugs in Hunan's directory. The new additions focus on oncology, chronic diseases, and rare diseases, addressing the accessibility of essential medications [2][9] - To ensure continuity of medication for patients, a 6-month reimbursement transition period is set for removed negotiation drugs, along with an optimized "dual-channel" management mechanism that includes 334 drugs, with 70 new additions [2][9] Group 2: Payment Rules and Mechanisms - Hunan has clarified tiered reimbursement rules, introducing a "self-payment ratio" column in the new directory. Class A drugs and 892 types of traditional Chinese medicine will have zero self-payment, while the self-payment ratio for Class B drugs will be determined by expert review [3][10] - A "special case negotiation" mechanism has been established to support the reimbursement of innovative drugs outside the directory, addressing challenges related to the use of innovative drugs in hospitals and payment limitations for complex cases [3][10] Group 3: Supply Assurance and Accessibility - To ensure timely supply of newly added drugs, Hunan mandates that by the end of December 2025, new drugs must be listed, and by February 2026, medical institutions must ensure availability through procurement channels. Negotiated drugs will not be restricted by "one product, two regulations" [4][11] - The dual-channel supply system allows for both medical institutions and retail pharmacies to provide 334 types of drugs, with a unified electronic prescription center enhancing service convenience [4][11] Group 4: Commercial Insurance Directory - The first version of the Commercial Health Insurance Innovative Drug Directory includes 19 high-value drugs that exceed basic insurance coverage, focusing on advanced treatments such as CAR-T therapy and rare disease medications [5][12] - A "three exclusions" policy has been implemented for the commercial insurance directory, ensuring that these drugs are not included in medical institution drug usage assessments, centralized procurement monitoring, or DRG/DIP payment weight calculations [5][12] Group 5: Price Reduction and Patient Burden Relief - Following the implementation of the dual directories, prices for many nationally negotiated drugs have significantly decreased, directly benefiting patients. For instance, the monthly treatment cost of the newly listed domestic innovative drug Senapali capsules dropped from approximately 17,300 yuan to 9,300 yuan [6][13] - Other drugs, such as Jin Sai growth hormone, have also seen substantial price reductions, with annual treatment costs for a 30 kg child decreasing from about 120,000 yuan to around 30,000 yuan, greatly alleviating family financial burdens [7][13]

Summary of Key Points from the Conference Call Industry Overview - The overall positioning of the pharmaceutical industry in 2026 is "innovation first, with drugs and devices flying together," indicating a more diversified market compared to 2025 [2] - The investment in innovative drugs requires careful selection, with the current market conditions presenting a good opportunity for entry after adjustments at the beginning of the year [3] Company Insights - Biofarma companies are highlighted as better investment choices due to their combination of R&D innovation, certainty, and long-term growth potential. The record-breaking BD amount in 2025 indicates a positive cycle of capital inflow into R&D [6] - Companies like 康方 (Kangfang), 百济神州 (BeiGene), and 英恩生物 (InnoCare) are expected to achieve commercial breakthroughs or expand internationally in the coming years [20] Market Trends - The global innovative drug development cycle is just beginning, with Chinese companies expected to account for 40% of transaction amounts by 2025, indicating a strong role in the global market [5] - The second-generation immune checkpoint inhibitors (IO) market is projected to reach $120 billion within the next decade, with significant participation from Chinese innovative drugs [12] Technological Advancements - Emerging technologies such as small nucleic acid therapies, molecular glue, gene editing, and long-acting drugs are expected to see significant development in 2026 [11][18] - Dual-specific antibodies and antibody-drug conjugates (ADC) are highlighted as promising treatment options for various cancers, including triple-negative breast cancer and small cell lung cancer [16][14] Policy and Regulatory Environment - The Chinese healthcare negotiation supports emerging therapies, including ADCs and siRNA, which are included in the healthcare directory, promoting self-sustaining funding and attracting more investors [7] Investment Opportunities - The report emphasizes the importance of focusing on companies with clear growth potential and stable revenue expectations, particularly those with significant upcoming data releases [26] - Notable companies to watch include 康诺亚 (Conway), 康弘 (Kanghong), and 毕比特 (BIBIT), which are considered to have strong upside potential [24] Conclusion - The future growth of companies in the pharmaceutical sector will rely on their global ecosystem platforms and the continuous iteration of their pipeline priorities, with a focus on high-potential projects [22]

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission for the full circulation of approximately 182.6 million unlisted shares, allowing them to convert to H-shares and be listed [1] Group 1: Regulatory Approval - The company has completed the filing for the conversion of about 182.6 million unlisted shares into H-shares for full circulation [1] - If the conversion and listing are not completed within 12 months from the date of issuance, the company will need to update its filing materials with the China Securities Regulatory Commission to proceed [1] Group 2: Strategic Development - The company showcased its "Globalization 2.0" strategy at the JPM 2026 conference, outlining its future innovation pipeline and development plans [1] - Over the next five years, the company anticipates more than 40 new clinical research applications to be approved [1] - By 2030, the company expects to have over 20 products launched globally, with 15 of them likely entering the European and American markets [1] Group 3: Product Pipeline and Market Focus - The company plans to commercialize more Antibody-Drug Conjugates (ADCs), bispecific antibodies, and T-cell engagers (TCEs) [1] - The therapeutic areas targeted include oncology, autoimmune diseases, metabolism, and central nervous system disorders [1] Group 4: Financial Performance - As of January 16, the company's stock has increased by 19.63% year-to-date and has risen by 194.18% over the past 250 days [1] - The total market capitalization of the company is HKD 37.1 billion [1]

Core Insights - The pharmaceutical industry is experiencing a surge in AI drug development collaborations, with over 9 partnerships announced in just 15 days, totaling more than $6 billion [1][18] - Major pharmaceutical companies are systematically integrating AI, particularly large biopharmaceutical models, into their core R&D processes, moving beyond small-scale pilot projects to enhance efficiency and overcome R&D bottlenecks [3][20] Group 1: Collaborations and Investments - Sanofi partnered with Earendil Labs for $2.56 billion to discover bispecific antibodies for autoimmune and inflammatory diseases [2][19] - Eli Lilly invested $1 billion with NVIDIA to co-build the world's first AI drug co-creation laboratory [2][23] - Takeda renewed its collaboration with Nabla Bio for over $1 billion to strengthen its AI drug development efforts [5][21] Group 2: Shift in AI Utilization - AI is transitioning from pilot projects to foundational infrastructure within pharmaceutical companies, with a shift in investment focus from R&D expenses to strategic investments [5][22] - The collaborations are diverse, including traditional project-based agreements, model subscriptions, platform co-construction, and acquisitions [2][19] Group 3: Advancements in AI Models - The industry is increasingly investing in large biopharmaceutical models, moving from a focus on small chemical molecules to more complex biologics [6][24] - The release of AlphaFold3 has significantly improved the accuracy of predicting biological interactions, marking a turning point in the industry [28] - Companies like GSK are willing to pay substantial fees for access to advanced AI models, indicating a shift in how AI platforms are valued in drug development [13][30] Group 4: Future Trends - The demand for AI and related platforms in the pharmaceutical industry is expected to grow, with companies needing to integrate top AI capabilities with internal biological insights and clinical data [15][16] - The emergence of AI agents and automated laboratory technologies based on large models has the potential to disrupt traditional R&D logic [30]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 內幕消息 二零二六年度醫療健康大會簡報 本公告由WuXi Biologics (Cayman) Inc.藥明生物技術有限公司*（「本公司」）根據 香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第 571章《證券及期貨條例》第XIVA部項下內幕消息條文（定義見上市規則）而作出。 本公司將於二零二六年一月十四日（美國太平洋時間）出席第44屆年度摩根大 通醫療健康大會（「年度醫療健康大會」），會上將進行包含本公司業務營運的 若干資訊的簡報（「簡報」）。為確保本公司所有股東及潛在投資者能夠公平及 時地取得該等信息，本公司於本公告納入簡報全文。本公司股東及潛在投資者 務請注意，簡報可能包含前瞻性陳述，該等陳述就其性質而言存在風險及不確 定性，簡報中陳述的任何估計及未來建議均基於若干假設及估計以及管理層 僅根據當前可得資料作出的判斷。 – 1 – 誠如簡報中所披露，本集團業務及財務表現依 ...