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 文 件 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 就 因 本 文 件 的 全 部 或 任 何 部 份 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：01530） (1)與輝瑞就PD-1/VEGF雙特異性抗體(SSGJ-707) 訂 立 的 許 可 協 議 生 效；及 茲 提 述 本 公 司 日 期 為 二 零 二 五 年 五 月 二 十 日 的 公 告，內 容 有 關（其 中 包 括） 與輝瑞就PD-1/VEGF雙特異性抗體(SSGJ-707)訂 立 許 可 協 議。 許 可 協 議 所 訂 明 之 所 有 先 決 條 件 已 達 成，因 此，許 可 協 議 自 二 零 二 五 年 七 月 二 十 四 日 起 生 效。 構 成 許 可 協 議 項 下 先 決 條 件 之 一 的 選 擇 ...

Core Viewpoint - The core strategy of Haizheng Pharmaceutical is to return to the top tier of the domestic market by focusing on human medicine while developing animal medicine and health products as complementary wings [1] Group 1: Business Strategy and Development - Haizheng Pharmaceutical aims to establish a diversified development pattern with a focus on human medicine and two wings: animal medicine and health products [1] - The company has transformed its original raw material plant into a biopharmaceutical industrial park covering over 1,500 acres, encompassing high-end biopharmaceuticals, injectable and oral formulations, and export raw materials [1][3] - The company has been exporting raw materials to over 70 countries and regions since 1992, with more than 400 overseas clients, including major global pharmaceutical companies [3] Group 2: Production and Quality Control - Haizheng Pharmaceutical emphasizes the importance of high-quality raw materials, with production bases in Taizhou, Fuyang, and Nantong, featuring a complete production line with fermentation capacity of 17,000 cubic meters and synthesis capacity of 2,300 cubic meters [6] - The Fuyang base has established an international standard QEHS system and has successfully undertaken CMO orders from international giants like Merck and Codexis [6][12] - The company has passed inspections from various global regulatory bodies, including WHO, FDA, and EMA, demonstrating its commitment to quality [12] Group 3: Innovation and Product Development - The company has accelerated its transition from raw materials to formulation business, with its subsidiary Hanhui Pharmaceutical achieving significant sales growth [8][10] - Haizheng Pharmaceutical has developed its first-class innovative drug, Haibomab, which has enriched its product line [10] - The company has successfully completed technology transfers for several original products, filling gaps in domestic technology transfer for original products [10] Group 4: Animal Health Sector - The animal health sector is a key focus for Haizheng Pharmaceutical, leveraging its expertise in human medicine standards to create high-quality veterinary products [14] - The company has established a comprehensive product matrix covering pets, pigs, and ruminants, with a commitment to rigorous quality standards [15] - Haizheng Animal Health has achieved significant milestones, including the first domestic deworming drug with sales exceeding 100 million and successful market entries in countries like Vietnam [15]

Group 1 - The company signed an exclusive agreement with Pfizer for the global development, production, and commercialization rights of its PD-1/VEGF bispecific antibody SSGJ-707, excluding mainland China, with an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion [1] - The agreement also includes a tiered sales revenue sharing based on product sales in the licensed regions, and Pfizer will purchase $100 million worth of common stock in the company upon the agreement's effective date [1] - The company maintains its profit forecast, expecting net profits of 2.328 billion, 2.612 billion, and 2.938 billion yuan for 2025-2027, with corresponding EPS of 0.97, 1.09, and 1.23 yuan per share, resulting in a current PE of 9.3, 8.3, and 7.4 times [1] Group 2 - SSGJ-707 has shown excellent ORR and DCR in the treatment of NSCLC patients, indicating its best-in-class potential, and has received breakthrough therapy designation from the National Medical Products Administration for first-line treatment of PD-L1 positive locally advanced or metastatic NSCLC [2] - The company is advancing clinical research for SSGJ-707 in other areas, including colorectal cancer and gynecological tumors, and has received FDA IND approval [2] - The company’s existing products, such as Tebentafusp, are expected to see growth due to successful negotiations for zero price reduction in 2024 and the addition of new indications, contributing to cash flow [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has entered into a significant agreement with Pfizer regarding the global development, production, and commercialization rights for its innovative PD-1/VEGF bispecific antibody SSGJ-707, which includes an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion [6] - The company maintains its profit forecast, expecting net profits of 2.328 billion, 2.612 billion, and 2.938 billion CNY for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.97, 1.09, and 1.23 CNY per share [6] - The current stock price corresponds to a PE ratio of 9.3, 8.3, and 7.4 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation [6] Financial Summary and Valuation Indicators - The company's revenue is projected to grow from 7.836 billion CNY in 2023 to 10.078 billion CNY in 2025, reflecting a year-over-year growth rate of 14.1% and 10.7% respectively [9] - Net profit is expected to increase from 1.549 billion CNY in 2023 to 2.328 billion CNY in 2025, with a year-over-year growth of (19.1%) in 2023, followed by 34.9% in 2024 and 11.4% in 2025 [9] - The gross margin is projected to remain stable at around 84.2% from 2025 to 2027, while the net margin is expected to improve slightly from 26.6% in 2025 to 26.8% in 2027 [9] - The company’s ROE is forecasted to increase from 0.8% in 2025 to 1.1% in 2027 [9] Pipeline and Product Development - The company’s core product SSGJ-707 has shown promising results in clinical trials for NSCLC, achieving excellent ORR and DCR, and has received breakthrough therapy designation from the National Medical Products Administration [7] - The company is advancing multiple clinical studies for SSGJ-707, including a Phase III trial for NSCLC and ongoing research for colorectal cancer and gynecological tumors [7] - The company’s existing products, including Tebentafusp and others, are expected to contribute positively to cash flow, with successful negotiations for new indications enhancing growth potential [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has entered into a significant agreement with Pfizer regarding the global development, production, and commercialization rights for its innovative PD-1/VEGF bispecific antibody SSGJ-707, which highlights the company's innovative capabilities and potential for value realization [6] - The company is expected to maintain its profit forecasts, with projected net profits of 2.328 billion, 2.612 billion, and 2.938 billion yuan for the years 2025 to 2027, respectively, and corresponding EPS of 0.97, 1.09, and 1.23 yuan per share [6] - The current stock price corresponds to a PE ratio of 9.3, 8.3, and 7.4 for the years 2025 to 2027, indicating a favorable valuation [6] Financial Summary and Valuation Indicators - Revenue for 2023 was 7.836 billion yuan, with projections of 9.108 billion yuan for 2024 and 10.078 billion yuan for 2025, reflecting a year-over-year growth of 14.1%, 16.2%, and 10.7% respectively [9] - Net profit for 2023 was 1.549 billion yuan, with projections of 2.090 billion yuan for 2024 and 2.328 billion yuan for 2025, showing a year-over-year growth of (19.1)%, 34.9%, and 11.4% respectively [9] - The gross margin is expected to remain stable at around 84.2% from 2025 to 2027, while the net margin is projected to increase from 26.6% in 2025 to 26.8% in 2027 [9] - The company’s ROE is projected to improve from 0.8% in 2025 to 1.1% in 2027 [9]

Group 1: Stock Market Activity - 27 stocks were listed on the institutional trading leaderboard, with 16 showing net buying and 11 showing net selling [1] - The top three stocks with the highest net buying by institutions were: Daqian Ecology (106 million), Yipinhong (96.96 million), and Shutaishen (64.95 million) [1] Group 2: Solid-State Battery Industry - Guoxuan High-Tech announced the establishment of a 0.2 GWh pilot line for all-solid-state batteries and introduced six new products, including the G-variant solid-state battery, which has been tested by over four clients [3] - According to EVtank, global solid-state battery shipments are projected to reach 5.3 GWh in 2024, with significant growth expected by 2030, reaching approximately 614 GWh, of which nearly 30% will be all-solid-state batteries [4] - Dongwu Securities estimates that the demand for solid electrolytes will reach 210,000 tons, corresponding to a market space exceeding 21 billion, with lithium sulfide and lithium metal also showing substantial market potential [4] Group 3: Pharmaceutical Industry - Haichen Pharmaceutical's product, Ganciclovir Sodium, is used for treating various viral infections, including cytomegalovirus retinitis [5] - Sanofi's main product, Yisaipu, is the first fully human antibody drug approved in China, and the company has entered a licensing agreement with Pfizer for a bispecific antibody product [5] - The domestic innovative drug industry is expected to see a turning point by 2025, shifting from capital-driven to profit-driven growth, with new technology platforms driving the development of domestic innovative drugs [5]

Summary of Conference Call Records Industry or Company Involved - **Companies Mentioned**: 中欣氟材 (Zhongxin Fluorine Materials), 三生国健 (Sanofi Biopharmaceuticals) - **Industry Focus**: Fine chemicals, pharmaceutical biotechnology, and high-performance materials Core Points and Arguments 1. **Zhongxin Fluorine Materials**: - The company focuses on the research and production of fine chemicals, including fluorinated fine chemicals for pharmaceutical and agricultural intermediates, and electronic chemicals [3] - It has established a production capacity of 5,000 tons for PEEK core intermediates and is in the trial production phase for 30,000 tons of electronic-grade hydrofluoric acid [3][4] - The company aims to enhance its technological core competitiveness while expanding market share, particularly in high-performance lightweight materials [3] 2. **Financial Performance**: - Zhongxin Fluorine Materials reported a main revenue of 356 million yuan, an increase of 11.97% year-on-year, and a net profit of 3.12 million yuan, up 22.0% year-on-year [4] - The company is also involved in the sodium-ion battery sector and has developed lithium battery-related projects [4] 3. **Sanofi Biopharmaceuticals**: - The company is one of China's first innovative biopharmaceutical enterprises focusing on antibody drugs, particularly in the autoimmune disease sector [4][5] - It has three marketed products, including Yisaipu, which is used in autoimmune rheumatology, and is advancing a pipeline of 14 autoimmune projects [5] - The company plans to focus on the commercialization of several key clinical projects expected to yield important data in 2025 [5] Other Important but Possibly Overlooked Content 1. **Market Dynamics**: - The overall market showed mixed performance with significant trading volume, indicating active investor interest despite fluctuations [1] - Institutional participation increased, with net buying in several stocks, highlighting a shift in market sentiment [2] 2. **Sector Performance**: - Various sectors such as ports, ST stocks, and consumer goods showed strong performance, while robotics and certain metals faced declines [1] - The report indicates a diverse range of stocks with varying performance, suggesting a complex market environment [7] 3. **Institutional Trading Insights**: - Specific stocks like Youfu Co. and Sanofi Biopharmaceuticals saw significant net buying, indicating institutional confidence in these companies [2][6] - The report also highlights the importance of monitoring institutional trading patterns for potential investment opportunities [6] This summary encapsulates the key insights from the conference call records, focusing on the companies' strategies, financial performance, and broader market dynamics.

（於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：01530） 內幕消息公告 (1)與輝瑞就PD-1/VEGF雙特異性抗體(SSGJ-707) 訂 立 許 可 協 議； 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 就 因 本 公 告 的 全 部 或 任 何 部 份 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 及 (2)輝瑞可能認購若干數目的本公司新股份 本公告由三生制药（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）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(2)條及香港法例第571章證券及 期貨條例第XIVA部項下的內幕消息條文（定 義 見 上 市 規 則）作 出。 (1) 與輝瑞就PD-1/VEGF雙特異性抗體(SSGJ-707)訂立許可協議 許可協議 本公司董事會（「董事會」）欣 然 ...

Core Viewpoint - The company is preparing for its 2024 annual general meeting, outlining the procedures and agenda for the meeting, including various proposals for shareholder approval [1][2][3]. Meeting Procedures - The meeting will ensure the presence of relevant stakeholders, including shareholders, directors, supervisors, and invited guests, while excluding unrelated personnel [1][2]. - Shareholders must register and present necessary documentation to participate in the voting process, with late arrivals not permitted to vote [2][3]. - The meeting will follow a predetermined agenda for discussing and voting on proposals [2][3]. Proposals for Approval - Proposal 1: The board's work report for 2024 has been prepared and submitted for shareholder review [5]. - Proposal 2: The financial settlement report for 2024 has been created and is ready for approval [5]. - Proposal 3: The financial budget report for 2025 has been prepared for shareholder consideration [6]. - Proposal 4: The annual report for 2024 is submitted for approval [6]. - Proposal 5: The reappointment of Ernst & Young Hua Ming as the auditing firm for 2025 is proposed [7]. - Proposal 6: A profit distribution plan for 2024 is proposed, with a cash dividend of RMB 0.90 per share [8][9]. - Proposal 7: The remuneration plan for directors in 2025 is outlined, with independent directors receiving RMB 100,000 annually [10]. - Proposal 8: The execution of related party transactions for 2024 and projections for 2025 are presented, ensuring compliance with regulations and fair pricing [11][21]. Financial Performance - The company reported a net profit of RMB 704.58 million for 2024, with an unallocated profit of RMB 2.28 billion as of December 31, 2024 [25]. - The total revenue for 2024 was RMB 1.19 billion, reflecting a stable growth trajectory [25]. - The company’s operating costs increased to RMB 304.34 million, a rise of 35.80% compared to the previous year, primarily due to increased sales volumes [25]. Governance and Compliance - The board of directors has adhered to legal requirements and company regulations in conducting meetings and decision-making processes [27][28]. - The company has established a robust internal control system to enhance governance and risk management [31].

Core Insights - In 2024, the company reported a revenue increase of 17.70% to 1.194 billion yuan and a net profit surge of 139.15% to 705 million yuan, indicating strong financial performance despite underlying challenges [1] - The company faces significant pressure on its core product due to expanded centralized procurement and shrinking market share, with a projected net profit drop of 57.42% in 2025 attributed to profit margin compression from procurement [2] - The company's strategy of divesting non-core businesses has led to a concentration in the autoimmune sector, raising concerns about pipeline risk and growth sustainability, as only three products currently support its performance [3] - The company's R&D investment remains insufficient compared to peers, with a reliance on early-stage projects from related parties potentially posing governance risks [4] - The company's transformation reflects broader challenges faced by Chinese innovative pharmaceutical companies, emphasizing the need for sustainable growth without relying on non-recurring income [5] Financial Performance - Revenue for 2024 reached 1.194 billion yuan, a 17.70% year-on-year increase [1] - Net profit for 2024 was 705 million yuan, a 139.15% increase compared to the previous year [1] - Operating cash flow for 2024 decreased by 32.48% to 281 million yuan, indicating cash flow concerns [2] Market Challenges - The core product, Yisaipu, has seen its market share decline from 40.14% in 2016 to 27.00% in 2022 due to price reductions from centralized procurement [2] - The company anticipates a significant profit drop in 2025 due to ongoing pricing pressures and increased competition from new drug entrants [2] Strategic Focus - The company has divested from oncology and ophthalmology pipelines to concentrate on the autoimmune sector, but this has led to a narrow product focus [3] - The future growth potential in the autoimmune market is promising, with projections estimating a market size of $19.9 billion by 2030, but the company faces challenges in overcoming competition and achieving successful new drug launches [3] R&D and Governance - The company has not disclosed specific R&D expenses for 2024, but acknowledges rising costs due to rapid project advancement [4] - Compared to peers, the company's R&D expense ratio is low, raising concerns about its innovation capacity [4] - Increased dependency on related party transactions may lead to governance issues and affect investor confidence [4]