Core Viewpoint - The innovative drug sector has led the market this year, with the Hang Seng Innovative Drug ETF (159316) rising over 86% since April 9 [1][4]. Fund Inflows - In the last 60 days, the Hang Seng Innovative Drug ETF (159316) has seen a net inflow of 1.547 billion yuan, bringing its latest scale to 1.968 billion yuan [3]. Breakthroughs - The strong performance of the innovative drug sector is attributed to a series of favorable developments, particularly in international markets. A significant boost occurred on September 1 when Hengrui Medicine announced conditional approval from the National Medical Products Administration for its self-developed innovative drug, SHR2554, for treating relapsed or refractory peripheral T-cell lymphoma [4][5]. - SHR2554 represents a major breakthrough as China's first self-developed EZH2 inhibitor, indicating a shift from "Me-too" drugs to genuine innovation, showcasing China's capability to compete in global markets [5][6]. Incremental Growth - From January to July this year, Chinese innovative drug companies licensed out nearly 80 billion yuan, a year-on-year increase of over 160%. Several companies have announced large licensing agreements, indicating a growing trend in international collaborations [7][9]. - The innovative drug industry in China is characterized by increasing foundational innovation capabilities, expanding market size, and improving international market share. The number of self-developed innovative drugs surpassed that of the U.S. in 2020, with 592 drugs in development by 2021, accounting for 22% of the global total [9][11]. Qualitative Changes - The Hang Seng Innovative Drug Index has rebounded significantly after a steep decline, with a 73% drop from its peak in June 2021 to July 2024, followed by a doubling in value over the past year [13][14]. - Several companies have reported profitability for the first time, with notable net profits from companies like BeiGene and Innovent Biologics, indicating a shift towards sustainable revenue sources [15][16]. - The innovative drug sector is transitioning from a phase of heavy R&D investment to one of realizing results, supported by valuation recovery, earnings growth, accelerated international expansion, and favorable policies [18]. Conclusion - The innovative drug sector is expected to continue benefiting from multiple catalysts, including upcoming international conferences and potential interest rate cuts, which could enhance global liquidity and favorably impact the sector [18].

9月2日，A股制药板块延续强势，全市场唯一跟踪制药指数的药ETF（562050）冲高2．69%，场内价 格续刷上市以来新高！ 药ETF（562050）覆盖50大龙头药企，重仓创新药，兼顾中药。早盘创新药龙头股继续领衔，长春高新 涨停两连板，百济神州飙升15%创历史新高。 把握龙头药企价值重估机遇，配置工具认准场内唯一药ETF（562050）及其联接基金（024986）。聚焦 A股50大龙头药企，重仓创新药（60%），兼顾高壁垒仿制药及中药，且完全不含医疗和CXO。 把握医疗器械、CXO牛市补涨机遇，配置工具认准A股最大医疗ETF（512170）及其联接基金 （012323）。聚焦"医疗器械（52%）+医疗服务（40%）"，与AI医疗高相关，覆盖6只CXO龙头股。 注：行业权重数据来源于中证指数公司，截至 2025.8 ． 31 。 风险提示：医疗 ETF 及其联接基金被动跟踪中证医疗指数，该指数基日为 2004.12.31 ，发布于 2014.10.31 。药 ETF 被动跟踪中证制药指数，该指数基日为 2011.12.30 ，发布日期为 2013.7.15 ， 2020- 2024 年分年度历史收益分别为： ...

Investment Rating - The report provides a positive outlook on the MASH non-invasive diagnosis technology, suggesting it could accelerate new drug development in the pharmaceutical and biotechnology sector [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 0.65% from August 25 to August 29, underperforming compared to the Wind All A index (1.9%) and the CSI 300 index (2.71%). Only the medical research outsourcing (4.9%) and other biological products (0.14%) sectors saw gains, while in vitro diagnostics (-4.12%), raw materials (-3.34%), and vaccines (-0.59%) faced significant declines [2][7]. - The FDA has accepted the proposal for using VCTE-LSM as a reasonable alternative endpoint for clinical trials in adults with MASH and moderate to advanced fibrosis. This non-invasive method is expected to enhance patient compliance and could lead to a surge in drug development in the MASH area within the next two to three years [2][13]. - The report emphasizes the potential for domestic companies in China to leverage their cost advantages and forward-looking strategies in the field of non-invasive companion diagnostics, particularly in the MASH drug development competition [2]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance was notably weaker than the broader market indices, with specific sub-sectors like medical research outsourcing and other biological products showing resilience [7][8]. - Individual stocks such as Tianchen Medical (30.1%), Ailis (25.6%), and Maiwei Biotech-U (22.4%) performed well, while stocks like Lifang Pharmaceutical (-13.9%), Yuekang Pharmaceutical (-11.9%), and Kanghua Biotech (-11.1%) faced significant losses [10][12]. Industry News and Key Company Announcements - On August 28, Kangfang Biotech announced that its drug AK112 received approval for treating advanced non-squamous non-small cell lung cancer, with promising clinical trial results expected to be presented at an international conference [12]. - The report highlights various companies' financial performances, with notable revenue changes and profit margins, indicating a mixed outlook across the sector [16][17].

Core Insights - The Hang Seng Innovation Drug Index fell by 4.8% this week, while the CSI Hong Kong Pharmaceutical and Health Comprehensive Index decreased by 3.2%. In contrast, the CSI Innovation Drug Industry Index rose by 1.1%, the CSI Biotechnology Theme Index increased by 1.3%, and the CSI 300 Pharmaceutical and Health Index grew by 1.7% [1][3]. Index Performance - As of August 28, the Hang Seng Innovation Drug ETF (159316) has seen continuous capital inflow, reaching a record size of over 1.7 billion yuan [1]. - The rolling P/E ratios for various indices are as follows: Hang Seng Innovation Drug Index at 56.7x, CSI Hong Kong Pharmaceutical and Health Comprehensive Index at 29.2x, CSI Innovation Drug Industry Index at 52.8x, CSI Biotechnology Theme Index at 58.3x, and CSI 300 Pharmaceutical and Health Index at 32.6x [3][6]. Recent Transactions - In August, several Chinese pharmaceutical companies announced significant patent licensing deals. Fosun Pharma's subsidiary entered into a licensing agreement with Sitala for the small molecule inhibitor FXS6837, involving a $190 million upfront payment, $5 million in equity, and up to $480 million in sales milestone payments. Additionally, Rongchang Bio and Santen Pharmaceuticals reached a licensing agreement for the RC28-E injection, with a 250 million yuan upfront payment and potential milestone payments totaling up to 525 million yuan [1].

智通财经APP获悉，复星医药(02196)早盘涨近5%，截至发稿，涨3.95%，报22.08港元，成交额1.07亿港 元。 消息面上，8月26日，复星医药公布2025年中期业绩，营业收入约195.14亿元，同比减少4.63%；归属于 上市公司股东的净利润约17.02亿元，同比增长38.96%；基本每股收益0.64元。其中，创新药品收入稳 健增长，收入超43亿元，较上年同期增长14.26%。公告称，利润同比增加主要系出售和睦家剩余权益 以及其他非核心资产的收益贡献。 同日，复星医药发布公告，该公司控股子公司复星医药产业授予Sitala于许可区域(即除中国<包括港澳 台地区>外的全球范围)及领域(即人类、动物疾病的诊断和治疗)开发、生产及商业化FXS6837及含有该 活性成分的产品的权利。同时，基于本次许可的安排，复星医药产业(或其指定关联方)可以零对价获得 价值500万美元的Sitala的股份。公告称，本次合作有利于进一步加快许可产品在全球范围的临床开发和 商业化进程，并持续拓展集团创新产品的海外布局。 ...

Group 1 - The core viewpoint of the article highlights that Fosun Pharma's stock price increased nearly 5% in early trading, reflecting positive market sentiment following the release of its mid-year results for 2025 [1] - Fosun Pharma reported a revenue of approximately 19.514 billion yuan, a year-on-year decrease of 4.63%, while the net profit attributable to shareholders was about 1.702 billion yuan, showing a significant year-on-year increase of 38.96% [1] - The basic earnings per share were reported at 0.64 yuan, indicating a solid performance in terms of profitability despite the decline in overall revenue [1] Group 2 - The company experienced robust growth in its innovative drug segment, with revenues exceeding 4.3 billion yuan, representing a year-on-year increase of 14.26% [1] - The increase in profit was primarily attributed to the gains from the sale of remaining equity in United Family Healthcare and other non-core assets [1] - Fosun Pharma announced a licensing agreement with Sitala for the development, production, and commercialization of FXS6837 and related products outside of China, which is expected to accelerate clinical development and expand the company's international product portfolio [1]

Group 1 - Nanjing Pharmaceutical plans to acquire a significant asset group from Future Medicine, which is expected to constitute a major asset restructuring [1] - The acquisition includes both listed products and in-development products related to multiple trace element injection solutions, along with associated intellectual property and market channels [1] Group 2 - Cambrian Technology reported a revenue of approximately 2.88 billion yuan for the first half of 2025, a year-on-year increase of 4,347.82%, and a net profit of approximately 1.04 billion yuan, reversing a loss from the previous year [2] - Northern Rare Earth achieved a revenue of approximately 18.87 billion yuan, up 45.24% year-on-year, with a net profit of approximately 931 million yuan, a significant increase of 1,951.52% [2] - Light Media reported a revenue of 3.24 billion yuan, a 143% increase year-on-year, and a net profit of approximately 2.23 billion yuan, up 371.55% [2] - Victory Technology's revenue reached approximately 9.03 billion yuan, an 86% increase year-on-year, with a net profit of approximately 2.14 billion yuan, up 366.89% [2] Group 3 - Zhongji Xuchuang reported a revenue of approximately 14.79 billion yuan for the first half of 2025, a 36.95% increase year-on-year, and a net profit of approximately 3.99 billion yuan, up 69.4% [3] - Fosun Pharma's revenue for the first half of 2025 was approximately 19.51 billion yuan, with a net profit of approximately 1.70 billion yuan, a 38.96% increase year-on-year [3] - CNOOC Services reported a revenue of approximately 23.32 billion yuan, a 3.5% increase year-on-year, and a net profit of approximately 1.96 billion yuan, up 23.3% [3] - Qingdao Beer achieved a revenue of approximately 20.49 billion yuan, a 2.11% increase year-on-year, with a net profit of approximately 3.90 billion yuan, up 7.21% [3] Group 4 - Shiyun Circuit plans to invest approximately 1.5 billion yuan in a new PCB manufacturing base project to enhance production capacity for embedded chip PCBs and advanced HDI products, with a designed capacity of 660,000 square meters per year [4] Group 5 - Perfect World reported a revenue of approximately 3.69 billion yuan for the first half of 2025, a 33.74% increase year-on-year, and a net profit of approximately 503 million yuan, reversing a loss from the previous year [6]

证券代码：600196 股票简称：复星医药 编号：临 2025-133 上海复星医药（集团）股份有限公司 第十届董事会第八次会议（定期会议）决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海复星医药（集团）股份有限公司（以下简称"本公司"）第十届董事会第 八次会议（定期会议）于 2025 年 8 月 26 日在上海市宜山路 1289 号会议室以现场与 通讯（视频会议）相结合方式召开，应到会董事 12 人，实到会董事 12 人。会议由 本公司执行董事、董事长陈玉卿先生主持。本次会议的召开符合《中华人民共和国 公司法》、其他有关法律法规和《上海复星医药（集团）股份有限公司章程》的规 定。会议审议并达成如下议案： 一、审议通过本集团 2025 年半年度报告。 同意按中国境内相关法律法规编制的本集团 2025 年半年度报告全文及摘要。 同意按《香港联合交易所有限公司证券上市规则》（以下简称"联交所《上市 规则》"）等编制的本集团 2025 年中期报告及业绩公告。 表决结果：同意 12 票，反对 0 票，弃权 0 票。 本集 ...

同时，公司公告称，控股子公司复星医药产业授予Sitala于许可区域（即除中国<包括港澳台地区>外的 全球范围）及领域（即人类、动物疾病的诊断和治疗）开发、生产及商业化FXS6837及含有该活性成分 的产品的权利。同时，基于本次许可之安排，复星医药产业（或其指定关联方）可以零对价获得价值 500万美元的Sitala的股份。 北京商报讯（记者 丁宁）8月26日晚间，复星医药（600196）披露半年报，公司上半年实现营业收入 195.14亿元，同比下降4.63%。归属净利润17.02亿元，同比增长38.96%。 ...

本次合作后，集团仍拥有许可产品于中国（包括港澳台地区）的开发、生产及商业化权利。 FXS6837为集团拥有自主知识产权的小分子抑制剂，拟用于免疫调节领域相关疾病的治疗。截至本公告 日期（即2025年8月26日,下同），FXS6837的相关适应症于中国境内处于II期临床试验阶段。截至2025 年7月，集团现阶段针对该在研药品累计研发投入约为人民币1.20亿元（未经审计）。 格隆汇8月26日丨复星医药(02196.HK)发布公告，2025年8月26日，公司控股子公司复星医药产业与 Sitala达成《许可协议》，由复星医药产业授予Sitala于许可区域（即除中国<包括港澳台地区>外的全球 范围）及领域（即人类、动物疾病的诊断和治疗）开发、生产及商业化FXS6837及含有该活性成分的产 品的权利。同时，基于本次许可之安排，复星医药产业（或其指定关联方）可以零对价获得价值500万 美元的Sitala的股份（预计对Sitala的持股比例不超过10%<全面摊薄后>）。 根据IQVIAMIDASTM最新数据，2024年，全球范围内用于治疗相关疾病的主要药品销售额合计约为38 亿美元。 Sitala成立于2021年5月，注册地 ...