Core Viewpoint - The inclusion of SINO Pharmaceutical-B (2591.HK) in the Hang Seng Composite Index marks a significant recognition of its investment value and lays the groundwork for its future inclusion in the Hong Kong Stock Connect program [1] Group 1: Market Performance and Recognition - SINO Pharmaceutical has demonstrated strong market performance since its listing, achieving a subscription rate of 5340 times during its IPO, making it the second most oversubscribed new stock of the year [2] - The company's stock price surged over 285% on its first trading day and maintained high interest, closing with a 206% increase, reflecting strong market recognition of its core value [2] - Despite experiencing short-term price adjustments due to market sentiment, the company's operational progress aligns with the broader trend of quality stocks in the innovative drug sector recovering in value [2] Group 2: R&D and Competitive Edge - SINO Pharmaceutical's R&D capabilities are a core competitive advantage, particularly in the efficiency of pipeline advancement and source innovation [4] - The company has positioned itself as a leader in the GLP-1 drug market with its product, Isu-Paglutide α, being the first GLP-1 drug approved in Asia and the third globally, showcasing its competitive edge [5] - The drug's long half-life allows for bi-weekly dosing, addressing patient compliance issues, which strengthens its market position [5] Group 3: Commercialization and Market Strategy - The rapid commercialization of Isu-Paglutide α, which generated revenue of 56.446 million yuan by June 30, demonstrates the company's effective commercialization capabilities [6] - The drug has successfully passed the formal review for inclusion in the National Medical Insurance Drug List, which could enhance its market penetration [6][7] - The company has established a robust commercialization team to support market entry and growth following the drug's inclusion in insurance [7] Group 4: Global Expansion and Market Positioning - SINO Pharmaceutical is leveraging its experience in the Greater Bay Area to create a replicable commercialization model for international markets [16] - The company is targeting emerging markets in Southeast Asia and Latin America, where there is a high demand for GLP-1 drugs due to insufficient supply [17][18] - SINO Pharmaceutical is also preparing to enter mainstream markets like Europe and the U.S. by accumulating necessary clinical data through ongoing trials [19] Group 5: Future Outlook and Investment Potential - The global market for anti-obesity drugs is projected to exceed $100 billion by 2030, positioning SINO Pharmaceutical favorably with its differentiated product offerings [21] - The company is expected to benefit from upcoming catalysts such as the results of insurance negotiations, BLA approvals in Southeast Asia, and the completion of clinical trials for obesity indications [21] - Current market conditions may present an opportune moment for investors to consider SINO Pharmaceutical as a key player in the valuation recovery of the Hong Kong pharmaceutical sector [21]

Core Viewpoint - The inclusion of SINO Pharmaceutical-B (2591.HK) in the Hang Seng Composite Index marks a significant recognition of its investment value and lays the foundation for its future inclusion in the Hong Kong Stock Connect [1][2]. Company Performance - SINO Pharmaceutical has demonstrated strong market performance since its listing, achieving a subscription rate of 5340 times during its IPO, making it the second most oversubscribed new stock of the year [2]. - The company's stock price surged over 285% on its first trading day and closed up 206%, reflecting high market recognition of its core value [2]. - Despite experiencing short-term price adjustments due to market sentiment, the company's core operational actions have remained steady, aligning with the logic of prioritizing quality stocks for recovery [2]. Research and Development - SINO Pharmaceutical's R&D capabilities are a key competitive advantage, particularly in pipeline advancement and source innovation [4]. - The company has successfully launched its GLP-1 drug, Isu-Paglutide α, becoming the first in Asia to do so and the third globally, showcasing its leading clinical advancement efficiency [5]. - The drug's long half-life supports bi-weekly dosing, addressing patient compliance issues, which strengthens its competitive position in the market [5]. Market Strategy - The rapid commercialization of Isu-Paglutide α in China, with revenues of 56.446 million yuan by June 30, demonstrates the company's effective commercialization capabilities [6]. - The drug has passed the formal review for inclusion in the National Medical Insurance Drug List, which could enhance its market penetration [6][7]. - The company is expanding its indications for Isu-Paglutide α, with ongoing clinical trials for obesity and metabolic dysfunction-related fatty liver disease (MASH), which broadens its growth potential [7]. Innovation Pipeline - SINO Pharmaceutical has a robust pipeline with five preclinical candidates targeting various diseases, indicating its commitment to true innovation rather than following existing treatments [8][10]. - The company’s new targets are designed to address unmet clinical needs, positioning it for potential industry disruption [10][11]. Global Expansion - The company is building a global presence with a focus on emerging markets, leveraging its clinical data from China to gain regulatory approvals [15][17]. - SINO Pharmaceutical has achieved commercial success in Macau and is applying for BLA in Southeast Asia and Latin America, aiming to capture market share in regions with high unmet medical needs [16][18]. - The company is also preparing for entry into mainstream markets like Europe and the U.S. by accumulating necessary clinical data through ongoing trials [19]. Industry Outlook - The global market for GLP-1 drugs is expected to expand significantly, with projections indicating it could exceed $100 billion by 2030 [21]. - SINO Pharmaceutical's differentiated product offerings and global strategy align with institutional expectations for innovation value pricing [21]. - The company is positioned to benefit from upcoming catalysts, including insurance negotiations and clinical trial milestones, which could enhance its fundamental value [21].

全球發售 聯席保薦人、整體協調人、保薦人兼整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 （排名不分先後） 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 廣州銀諾醫藥集團股份有限公司 Guangzhou Innogen Pharmaceutical Group Co., Ltd. （於中華人民共和國成立的股份有限公司） 股份代號 : 2591 重要提示 重要提示：閣下如對本招股章程的任何內容有任何疑問，應諮詢獨立專業意見。 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 Guangzhou Innogen Pharmaceutical Group Co., Ltd. 廣州銀諾醫藥集團股份有限公司 （於中華人民共和國成立的股份有限公司） 全球發售 | 全球發售項下的發售股份數目 36,556,400股H股（視乎發售量調整權 | ： | | | --- | --- | --- | | 及超額配股權行使與否而定） | | | | 香港發售股份數目 3,655,800股H股（可予重新分配） | ： | | | 國際發售股份數目 32,900,600股H股（可予 ...