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份內容而產 生或因依賴該等內容而引致的任何損失承擔任何責任。 The United Laboratories International Holdings Limited 聯邦制藥國際控股有限公司 ( 於開曼群島成立之有限公司 ) (股份代號: 3933) 本集團產品 UBT251 注射液臨床研究進展 本公告乃由聯邦制藥國際控股有限公司（「本公司」）自願發出。 本公司董事會（「董事會」）欣然公佈，本公司全資附屬公司聯邦生物科技（珠海橫琴） 有限公司（「聯邦生物科技」）自主研發的 1 類創新藥 UBT251 注射液已完成在中國 2 型 糖尿病患者中的 II 期臨床研究（「本研究」）。 本研究採用隨機、雙盲、安慰劑及司美格魯肽對照研究，共納入 211 名中國 2 型糖尿病患 者（單純生活方式干預或與二甲雙胍聯用）。患者基線平均糖化血紅蛋白（HbA1c）為8.12%， 基線體重為 80.1 kg，基線 BMI 為 29.1 kg/m2。患者被隨機分配接受每週一次的皮下注 ...

Investment Rating - The report maintains an "Overweight" rating for the overseas consumer services sector, indicating a positive outlook for the industry [1]. Core Insights - The total visitor volume and average daily visitor volume in Macau during the Spring Festival reached historical highs, with total inbound travelers at 1.554 million and an average daily volume of 173,000, reflecting a year-on-year growth of 5.5% [6][1]. - The average hotel occupancy rate during the Spring Festival in Macau was 95.6%, peaking at 99.2% on the fourth day of the festival [6][1]. - In the overseas pharmaceutical sector, companies like BeiGene and Zai Lab are showing significant revenue growth, with BeiGene projected to achieve $5.343 billion in revenue for 2025, a 40% increase year-on-year [9][2]. Summary by Sections Overseas Consumer Services - Macau's Spring Festival saw a record total of 1.554 million inbound travelers, with a daily average of 173,000, marking a 5.5% increase year-on-year [6][1]. - The peak single-day visitor count reached approximately 228,000, the highest since records began [6][1]. - Hotel occupancy rates averaged 95.6%, with the highest rate of 99.2% on the fourth day of the festival [6][1]. Overseas Pharmaceuticals - BeiGene reported a revenue of $5.343 billion for 2025, a 40% increase from the previous year, and an adjusted net profit of $917 million, marking a return to profitability [9][2]. - Zai Lab is expected to achieve $460 million in revenue for 2025, a 15% year-on-year increase, despite a net loss of $176 million [9][2]. - The report highlights the progress of domestic pharmaceutical companies, including the efficacy results of Innovent Biologics' B7-H3 ADC in treating metastatic castration-resistant prostate cancer [10][3]. Education Sector - The report indicates a positive trend in vocational education, with significant enrollment data and a recommendation to focus on China Oriental Education, which is expected to see accelerated growth in spring 2026 [18][5]. - The education index has shown a year-to-date increase of 6.01%, outperforming the Hang Seng Index [16][5]. - The report suggests monitoring companies like New Oriental and TAL Education, which are expected to benefit from improved operational strategies and increased demand for vocational training [18][5].

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1] - The US stock market saw all three major indices rise, with the Dow Jones up 0.76%, S&P 500 up 0.77%, and Nasdaq up 1.04% [2] Sector Performance - In the Hong Kong market, local real estate, software, and 5G concept sectors faced significant declines, while gold stocks performed well [1] - The Hang Seng Technology Index fell by 2.13%, with notable declines in companies like Kingdee International and SenseTime [1] - In the US, semiconductor stocks generally rose, with AMD increasing by over 8% and Intel by over 5% [2] Investment Outlook - The report emphasizes the importance of technology self-reliance and AI applications as key themes for future performance in the Hong Kong stock market, with leading companies in these sectors expected to benefit from long-term growth opportunities [3] - The report suggests focusing on sectors supported by policies aimed at expanding domestic consumption, such as sports apparel and non-essential services [3] - It highlights the continued value of investing in Hong Kong stocks centered around Chinese assets, particularly state-owned enterprises with low valuations and high dividends [3] Key Company Updates - Meta has signed a multi-year agreement with AMD to deploy up to 6 GW of AMD Instinct GPUs for AI infrastructure, which is expected to boost demand for AI semiconductors [9] - The report recommends monitoring companies like Huahong Semiconductor and ASMPT, which are likely to benefit from increased investments in computing power and infrastructure [9] - The People's Bank of China announced a 600 billion CNY MLF operation, indicating ongoing liquidity support, which may benefit state-owned enterprises like China Tower and China Unicom [10]

Core Viewpoint - The company has successfully completed Phase II clinical trials for its innovative drug UBT251 injection in overweight/obese patients in China, demonstrating significant weight loss and safety profile [1][2]. Group 1: Clinical Trial Details - The Phase II clinical study involved 205 participants with obesity (BMI ≥ 28.0 kg/m²) or overweight patients with at least one weight-related comorbidity (24.0 kg/m² ≤ BMI < 28.0 kg/m²) [1]. - Participants were randomly assigned in a 1:1:1:1 ratio to receive UBT251 injection at doses of 2 mg, 4 mg, or 6 mg, or a placebo, administered once weekly for 24 weeks [1]. - The primary endpoint was the percentage change in weight from baseline after 24 weeks of treatment [1]. Group 2: Results and Efficacy - After 24 weeks, the UBT251 treatment groups achieved a maximum average weight reduction of -19.7% (-17.5 kg), compared to -2.0% (-1.6 kg) in the placebo group [2]. - Significant improvements were also observed in secondary endpoints, including waist circumference, blood glucose, blood pressure, and blood lipids, all showing better results than the placebo [2]. Group 3: Safety and Next Steps - The overall safety and tolerability of UBT251 were good, with no participants dropping out due to adverse events, which were similar to those of comparable drugs and mostly mild to moderate gastrointestinal reactions [2]. - The successful Phase II results support the progression to Phase III clinical trials for UBT251 in overweight/obese patients in China [2].

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份內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本集團產品 UBT251 注射液臨床研究進展 本公告乃由聯邦制藥國際控股有限公司（「本公司」）自願發出。 本公司董事會（「董事會」）欣然公佈，本公司全資附屬公司聯邦生物科技（珠海橫琴） 有限公司（「聯邦生物科技」）自主研發的 1 類創新藥 UBT251 注射液已完成在中國超 重/肥胖患者中的 II 期臨床研究（「本研究」）。 UBT251 是一款長效 GLP-1（胰高血糖素樣肽-1）/GIP（葡萄糖依賴性促胰島素多肽）/GCG （胰高血糖素）三靶點受體激動劑。截至目前，已獲准在中國及/或美國開展成人 2 型糖 尿病、超重/肥胖、慢性腎臟病、代謝相關脂肪性肝炎多個適應症的臨床試驗。本公司是 中國首家、全球第二家以化學合成多肽法製備的長效 GLP-1R/GIPR/GCGR 三靶點激動 劑獲批臨床的企業。 於二零二五年三月，聯邦生物科技及本公司與諾和諾德股份有限公司已訂立關於 UBT251 的獨家許可協議。 ...

Market Overview - US stock indices fell across the board, with December JOLTS job openings hitting a five-year low, significantly below expectations [1] - Challenger companies announced 108,000 layoffs in January, the highest for the same period since 2009, with a month-on-month increase of 205% [1] - Initial jobless claims rose to 231,000, an increase of 22,000 from the previous week, exceeding expectations, indicating a deteriorating economic situation [1] - Hong Kong stocks were also affected, closing down 1.21% [1] Technology Impact - The decline in job openings is partly attributed to advancements in artificial intelligence, such as Anthropic's Claude Opus 4.6, which outperforms GPT-5.2 in various fields [1] - Financial data service providers like FactSet experienced a significant drop of 10% in stock price, with S&P Global, Moody's, and Nasdaq also declining [1] Automotive Sector - NIO (09866) forecasted adjusted operating profit for Q4 2025 between RMB 700 million (approximately $100 million) and RMB 1.2 billion (approximately $172 million), driven by sales growth and improved product mix [3] - Li Auto (02015) is preparing to launch the new Li L9, featuring advanced technology and a price of RMB 559,800, with a market focus on high-end segments [3] - Both NIO and Li Auto showed positive stock performance, with NIO rising nearly 7% and Li Auto increasing by nearly 4% [3] Consumer Goods - The upcoming Spring Festival is boosting sales in the snack sector, with major companies ramping up production to meet demand [4] - Zhongtong Express (02057) projected total revenue for 2025 between RMB 48.5 billion and RMB 50 billion, a growth of approximately 9.5% to 12.9% from 2024 [4] - SF Express (09699) expects a profit of no less than RMB 238 million for 2025, with a year-on-year increase of over 80% [4] Dairy Industry - Dairy prices are at a low point, with a reduction in dairy cow inventory and losses in farms leading to the exit of inefficient production capacity [5] - The price of milk is expected to stabilize and rise by 2026, benefiting upstream farms and downstream dairy companies [5] - Yurun Dairy (09858) and Mengniu Dairy (02319) saw stock increases of over 4% and 3%, respectively [5] Pharmaceutical Sector - Innovent Biologics (09969) announced a positive earnings forecast, expecting revenue of RMB 2.37 billion for 2025, a year-on-year increase of approximately 134% [6] - The company anticipates its first profitable year with a net profit of around RMB 630 million [6] - Federal Pharmaceutical (03933) received approval for a new drug, enhancing its position in the market [6] Oil Market - Reports indicate that Russia has increased discounts on oil exports to China, aiming to attract demand amid declining purchases from India [7] - If India reduces its imports, China may become the primary buyer of discounted Russian oil, benefiting oil refining companies [7] - Major companies in the Hong Kong market include Sinopec (00386) and Shanghai Petrochemical (00338) [7] Duty-Free Market - China Duty Free Group (01880) reported a nearly 20% year-on-year increase in shopping totals at duty-free stores in Hainan since the new policy implementation [8] - The company holds a significant market share in Hainan's duty-free sector, with a strong supply chain and partnerships with over 1,000 luxury brands [9] - The expansion of duty-free shopping in Hainan is expected to enhance the company's growth prospects [9]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 6-month target price of HKD 20.71 [4][7]. Core Insights - The report highlights the overseas licensing of UBT251 as a demonstration of the company's R&D capabilities, with an innovative drug pipeline expected to yield results [2][3]. - UBT251 is the first three-target weight loss drug authorized to a multinational corporation (MNC) in China, with significant clinical progress anticipated by 2025 and potential market peaks in both domestic and overseas sales [3][4]. - The company has a robust antibiotic and insulin segment, with a comprehensive supply chain from upstream intermediates to finished products, and is expanding into animal health, which is expected to drive new growth [4][6]. Summary by Sections 1. Company Overview - The company has established itself as a leader in the penicillin industry, with a fully integrated supply chain from intermediates to finished products, and is expanding into new therapeutic areas such as autoimmune diseases and metabolism [13][14]. - Historical performance shows a strong revenue growth trajectory, with a CAGR of 11.55% from 2005 to 2023, although recent performance has been impacted by production adjustments and increased R&D investments [25][29]. 2. UBT251 Development - UBT251 has commenced multiple clinical trials in China, with significant milestones expected in the coming years, including potential market approval by 2028 [3][37]. - The competitive landscape for three-target weight loss drugs is favorable, with UBT251 currently positioned second in clinical progress among domestic competitors [39][40]. 3. Antibiotic and Insulin Segments - The antibiotic market is expected to grow steadily, driven by the rigid demand for penicillin formulations, while the insulin segment has shown resilience with a significant increase in procurement volumes [4][6]. - The company has successfully navigated the challenges posed by antibiotic procurement policies, maintaining a competitive edge in the market [4][6]. 4. Financial Projections - Revenue growth is projected at 0.89% for 2025, with net profits expected to reach approximately CNY 2.86 billion [7][8]. - The report anticipates a peak sales potential of CNY 7.7 billion domestically and USD 6 billion overseas for UBT251, assuming a 50% success rate for market entry [3][4].