Group 1 - The stock of 加科思-B (01167) increased by over 5%, reaching an 8.61% rise to 11.23 HKD with a trading volume of 117 million HKD [1] - A report from The New York Times indicates that the Trump administration is considering an executive order to limit U.S. pharmaceutical companies from acquiring innovative drugs developed in China, which could disrupt the supply chain [1] - According to Shenwan Hongyuan's research report, the likelihood of this draft being implemented is very low, emphasizing the investment value of China's innovative drug sector supported by "innovation upgrade + profit inflection point + normalization of overseas business development" [1] Group 2 - 加科思 reported a mid-term revenue of 45.664 million RMB, compared to zero revenue in the same period last year [1] - The company recorded a loss attributable to owners of 58.994 million RMB, a year-on-year reduction of 65.1% [1] - The revenue growth is primarily attributed to milestone payments from the Elysium licensing agreement [1]

Core Viewpoint - The article discusses the significant decline in Chinese pharmaceutical stocks due to potential U.S. government restrictions on experimental drugs and clinical data from China, which could impact the international expansion of Chinese innovative drugs [3][5]. Group 1: Market Reaction - Following reports of U.S. government plans to impose strict regulations, A-shares and Hong Kong stocks in the pharmaceutical sector saw a notable drop, with over 80% of innovative drug stocks in A-shares declining and around 50 stocks in Hong Kong dropping more than 4% [3]. - Leading companies such as BeiGene and Hengrui Medicine experienced stock price declines exceeding 4% in both A-shares and Hong Kong markets [3]. Group 2: Global Pharmaceutical Transactions - In the first half of 2025, global pharmaceutical transactions reached 456, a 32% year-on-year increase, with total upfront payments soaring to $11.8 billion, up 136% [4]. - The total transaction value hit $130.4 billion, reflecting a 58% year-on-year growth, with Chinese companies contributing nearly 50% of the total value and over 30% of the transaction volume [4]. Group 3: Implications of U.S. Regulations - If the rumored U.S. regulations are implemented, it would negatively affect both Chinese and U.S. pharmaceutical sectors, as Chinese companies rely on expanding into larger markets while U.S. firms may face increased costs and slower drug development [5][6]. - The potential restrictions could hinder U.S. pharmaceutical companies' access to lower-cost innovative drug pipelines from China, leading to competitive disadvantages against European firms [6]. Group 4: Future Challenges and Opportunities - The article highlights that the path for Chinese innovative drugs to penetrate the U.S. market is becoming increasingly challenging, necessitating a focus on expanding the domestic market [7]. - Despite the challenges posed by potential U.S. regulations, the long-term trend suggests that Chinese pharmaceutical companies may reduce their dependency on the U.S. market due to domestic policy reforms and the release of potential demand [8].

[Table_Title] 研究报告 Research Report 10 Sep 2025 [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 9 月 10 日，美国媒体纽约时报发文称，特朗普正在考虑打击中国药品（Trump Weighs Crackdown on Medicines From China）。 香港医疗 Hong Kong Health Care 美国媒体称：特朗普正计划通过行政令限制来自中国的药品 U.S. Media Claims: Trump Weighs Crackdown on Medicines from China 孟科含 Kehan Meng 孙旭东 Xudong Sun 宁嘉骏 Jiajun Ning, PhD 聂照亿 Zhaoyi Nie kh.meng@htisec.com xd.sun@htisec.com jj.ning@htisec.com john.zy.nie@htisec.com 关于生物医药行业，该媒体表示： 关于 ...

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