Core Viewpoint - Recent cases of thyroid cancer among public figures have brought renewed attention to thyroid health issues, highlighting the increasing incidence of thyroid cancer globally and in China [1][2]. Group 1: Incidence and Characteristics of Thyroid Cancer - Thyroid cancer is the most common tumor in the endocrine system, with a significant rise in incidence. In China, the incidence rate increased 20 times from 2000 to 2016, with 466,000 new cases reported in 2022 [1][3]. - The overall development of thyroid cancer is slow, particularly for papillary thyroid cancer, which constitutes about 80% of cases. Many patients experience minimal changes over 5-10 years, and lymph node metastasis rates are low [1][2]. - The incidence rate of thyroid cancer among women in China is particularly high, with a rate of 49.4 per 100,000, making it one of the most common cancers among women [3]. Group 2: Treatment Approaches - Surgical intervention remains the primary treatment for thyroid cancer, with a trend towards preserving thyroid function rather than total thyroidectomy for low-risk patients. High-risk patients may require total thyroidectomy [2][4]. - There is ongoing debate regarding the appropriateness of ablation therapy for certain patients, and the decision-making process for surgery is complex, especially for small tumors [5][4]. Group 3: Emerging Therapies and Drug Approvals - Recent advancements in targeted therapies and immunotherapy for high-risk thyroid cancer have shown some promise, although overall efficacy remains suboptimal [6]. - Several new drugs for thyroid cancer have been approved in China since 2022, including broad-spectrum anti-cancer drugs and specific treatments for differentiated thyroid cancer [7][8]. Group 4: Public Perception and Awareness - The term "lazy cancer" is misleading, as it may downplay the seriousness of certain aggressive forms of thyroid cancer. High-risk cases account for 10-20% of all thyroid cancer cases, translating to thousands of new cases annually in China [9].

Core Viewpoint - The stock of Basilea Pharmaceutica (02616) has risen over 5%, currently at 6.07 HKD, following the announcement that its RET inhibitor, Pralsetinib (100 mg), has been included in the latest National Medical Insurance Drug List in China, effective January 1, 2026 [1] Company Developments - Basilea has successfully advanced four innovative drugs to market approval, with three of these products having completed clinical trials and registration in China, now included in the national medical insurance list [1] - The inclusion of Pralsetinib in the insurance list is expected to accelerate its market penetration, as noted in a report by Tianfeng Securities published in August [1] Pipeline and Technology - The company's preclinical pipeline includes over nine potential candidates, focusing on FIC/BIC research across oncology, autoimmune, and inflammatory diseases [1] - Basilea's innovative internal ADC technology platform features proprietary linkers designed to enhance the selective release of effective payloads in tumors, supporting multiple ADC products in its pipeline 2.0, which is expected to provide ongoing momentum for the company's future growth [1]

Core Viewpoint - 基石药业-B's stock price increased by over 3% in early trading, reflecting positive market sentiment following the announcement of its drug being included in the national medical insurance list [1] Group 1: Company Announcement - 基石药业-B announced that its drug, 普吉华® (Pralsetinib capsules, 100 mg), has been included in the latest version of the National Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List by China's National Healthcare Security Administration [1] - The new drug list will officially take effect on January 1, 2026 [1] - 基石药业 holds exclusive development and commercialization rights for 普吉华® in Greater China, which includes mainland China, Hong Kong, Macau, and Taiwan [1] Group 2: Partnership and Commercialization - 普吉华® was developed by Blueprint Medicines, which is set to be acquired by Sanofi in July 2025 [1] - In November 2023, 基石药业 granted exclusive commercialization rights for 普吉华® in mainland China to Shanghai Elios Pharmaceutical Technology Co., Ltd [1]

Core Viewpoint - The inclusion of the drug Praluent® (Pralsetinib capsules, 100 mg) in China's National Medical Insurance Catalog is a significant development for the company, as it will officially take effect on January 1, 2026, enhancing the drug's market access and potential sales in the region [1] Group 1: Drug Approval and Indications - Praluent® is an oral targeted therapy approved by the National Medical Products Administration (NMPA) for treating adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) who are RET gene fusion positive, as well as for adult and pediatric patients aged 12 and above with advanced or metastatic RET mutation medullary thyroid carcinoma (MTC) requiring systemic treatment [1] - The drug has also been approved in Hong Kong for treating adult patients with metastatic RET fusion-positive NSCLC and in Taiwan for similar indications, including advanced or metastatic RET fusion-positive thyroid cancer [1] Group 2: Commercialization and Partnerships - The drug Praluent® is developed by Blueprint Medicines, which was acquired by Sanofi in July 2025, while the company holds exclusive development and commercialization rights for Praluent® in Greater China, including mainland China, Hong Kong, Macau, and Taiwan [2] - In November 2023, the company granted exclusive commercialization rights for Praluent® in mainland China to Shanghai Elios Pharmaceutical Technology Co., Ltd [2]

Core Viewpoint - The inclusion of the drug Pujihua® (Pralsetinib capsules, 100mg) in the latest National Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List by China's National Healthcare Security Administration is a significant development for the company, effective from January 1, 2026 [1] Company Summary - Pujihua® is an oral, once-daily targeted therapy medication [1]

Core Viewpoint - Company 基石药业-B (02616.HK) announced that its drug 普吉华® (Pralsetinib capsules, 100 mg) has been included in the latest National Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List published by China's National Healthcare Security Administration, which will take effect on January 1, 2026 [1] Group 1 - 普吉华® is an oral targeted therapy taken once daily [1] - The drug has been approved by the National Medical Products Administration (NMPA) in China for the treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) who are RET gene fusion positive, as well as for adult and pediatric patients aged 12 and above with RET mutation medullary thyroid carcinoma (MTC) requiring systemic treatment [1] - The drug is also indicated for adult and pediatric patients aged 12 and above with advanced or metastatic RET fusion positive thyroid cancer requiring systemic treatment and who are refractory to radioactive iodine treatment, if applicable [1] Group 2 - 普吉华® has already been approved in Hong Kong for the treatment of adult patients with metastatic NSCLC who are RET gene fusion positive [1] - In Taiwan, the drug has been approved for the treatment of locally advanced or metastatic RET fusion positive NSCLC, advanced or metastatic RET mutation MTC requiring systemic treatment, and advanced or metastatic RET fusion positive thyroid cancer in adults requiring systemic treatment and refractory to radioactive iodine treatment [1]

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。 本公告所作出的前瞻性陳述僅與本文作出該陳述當日的事件或資料有關。除法律規定外，於作出前 瞻性陳述當日之後，無論是否出現新資料、未來事件或其他情況，我們並無責任更新或公開修改任 何前瞻性陳述及預料之外的事件。請細閱本公告，並理解我們的實際未來業績或表現可能與預期有 重大差異。本公告中有關我們或任何董事及╱或本公司的意向的陳述或提述乃於本公告刊發日期作 出。任何該等意向均可能因未來發展而出現變動。 CStonePharmaceuticals 基石藥業 ( 於開曼群島註冊成立的有限公司 ) (股份代號：2616) 自願 公告 基石藥業宣佈普吉華®（普拉替尼膠囊）納入2025年國家醫保目錄 本公告乃由基石藥業(「本公司」連同其附屬公司統稱「本集團」或「基石藥業」)自願作出， 以使本公司股東及潛在投資者瞭解本集團的最新業務發展。 …………………………………………………………………………………………… 基石藥業今日 ...

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with total revenue reaching 3.733 billion yuan, a year-on-year increase of 47.4%, and net profit attributable to shareholders at 1.616 billion yuan, up 52.01% [1] - The third quarter alone saw revenue of 1.359 billion yuan, reflecting a 42.03% year-on-year growth, and a net profit of 565 million yuan, which is a 38.77% increase compared to the same period last year [1] Revenue and Profit Growth - For the first three quarters, the company's operating income was 3.733 billion yuan, with a year-on-year growth of 47.4% [1] - The net profit attributable to shareholders for the same period was 1.616 billion yuan, marking a 52.01% increase [1] - The adjusted net profit, excluding non-recurring items, was 1.45 billion yuan, showing a year-on-year rise of 43.6% [1] Product Performance - The sales revenue of Fumetinin tablets has steadily increased, enhancing the accessibility of medication for patients and expanding the beneficiary group of lung cancer patients [1] - The marketing team is actively promoting the synergistic effects of the commercialized product RET inhibitor, Pralsetinib capsules, alongside Fumetinin [1] - The RET inhibitor Pralsetinib has transitioned from overseas production to domestic manufacturing for market launch [1]

Investment Rating - The industry is rated as "Positive" for the next 12 months, indicating an expected increase in performance relative to the CSI 300 index [7][71][82]. Core Insights - The report highlights a concentrated period of semi-annual performance forecasts, suggesting a focus on pipeline realization, performance growth, and business collaborations in innovative drugs and related industry chains [7][70]. - Recent policy adjustments by the National Medical Insurance Administration are expected to catalyze innovation and development within the industry [14]. - Notable acquisitions and drug approvals, such as Merck's $10 billion acquisition of Verona and the approval of new drugs like the Bcl-2 inhibitor by Ascentage Pharma, are significant developments [2][27][14]. Industry Data - As of July 10, 2025, the SW pharmaceutical industry has a TTM price-to-earnings ratio of 28.55, with a valuation premium of 144% compared to the CSI 300 index [5][61]. - The report notes a general upward trend in various sub-sectors, with the medical services sector leading at a 1.56% increase [5][54]. - The report also provides insights into the pricing trends of raw materials, such as vitamins and traditional Chinese medicine, indicating fluctuations and year-on-year changes [15][17]. Company Announcements - Ascentage Pharma's Bcl-2 inhibitor has received conditional approval from the NMPA for treating chronic lymphocytic leukemia [27]. - WuXi AppTec anticipates a revenue increase of approximately 20.64% for the first half of 2025, with a significant net profit growth of about 44.43% [28]. - Gan & Lee Pharmaceuticals expects a net profit increase of 100.73% to 114.12% for the same period [29].