2)集团于2025年财政年度将录得归属于公司权益股东的利润约人民币13亿元至人民币14亿元，相比于 2024年财政年度的经重述归属于公司权益股东的利润约人民币7.22亿元增幅约80.1%至93.9%。集团于 2025年财政年度将录得的经调整归属于公司权益股东的利润约人民币12.5亿元至人民币13.5亿元，相比 于2024年财政年度的经重述的经调整归属于公司权益股东的利润约人民币10.07亿元增幅约24.1%至 34.1%。前述指标的增长主要归因于创新药收入、对外授权许可收入以及集团持有的投资组合公允价值 净收益的增加。 1)集团于2025年财政年度将录得收入约人民币77亿元至人民币78亿元，相比于2024年财政年度的收入约 人民币66.35亿元增幅约16.0%至17.6%。 格隆汇2月25日丨先声药业(02096.HK)公布，根据对截至2025年12月31日止年度集团的未经审核综合管 理账目的初步评估，预期如下： ...

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。 Simcere Pharmaceutical Group Limited 先聲藥業集團有限公司 （於香港註冊成立的有限公司） （股份代號：2096） 盈利預告 本公告由先聲藥業集團有限公司（「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條及香港法例第 571章證券及期貨條例第XIVA部項下內幕消息條文（定義見上市規則）刊發。 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資 者，根據對截至2025年12月31日止年度（「2025年財政年度」）本集團的未經審核綜 合管理賬目的初步評估，預期如下： 1. 為了對按照香港財務報告準則呈列的財務資料進行補充，本集團亦使用經調整歸屬於本公司權益股東的利潤作 為非香港財務報告準則指標，該指標屬於未經審核性質且並非香港財務報告準則規定或根據香港財務報告準則 呈列。 –1– 1 ...

Group 1: Oil and Gas Sector - Oil stocks experienced a decline, with Sinopec (00386) down 3.89%, PetroChina (00857) down 3.17%, and CNOOC (00883) down 2.79%. This follows a drop in WTI crude oil futures by 2.77% to $62.84 per barrel and Brent crude by 2.71% to $67.52 per barrel [1] Group 2: Renewable Energy Sector - Solar stocks fell collectively, with Xinyi Solar (00968) down 3.62% and New Special Energy (01799) down 3.61%. The rise in silver prices has increased silver paste costs, impacting the battery and component sectors [1] Group 3: Precious Metals Sector - Lao Poo Gold (06181) saw a nearly 5% drop. Bank of America Securities reported that the company is expected to benefit from rising gold prices, with a projected revenue increase of 165% year-on-year for the second half of last year [1] Group 4: Pharmaceuticals - Zai Lab (09688) rose by 7% after its injection drug ZL-1310 was proposed for breakthrough therapy designation for extensive-stage small cell lung cancer (ES-SCLC), showing promising early clinical data [2] Group 5: Precision Manufacturing - China High Precision (00591) fell over 18% after issuing a profit warning, expecting a profit of approximately RMB 2.5 million to RMB 4.5 million for the six months ending December 31, 2025, due to project delays in the oil and petrochemical sectors [2] Group 6: Non-Ferrous Metals - Non-ferrous stocks faced significant declines, with China Nonferrous Mining (01258) down 5.08% and Zijin Mining (02899) down 5.29%. This is attributed to a "de-risking" sentiment in global financial markets, leading to a sell-off in precious metals [3] Group 7: Biotechnology - Xiansheng Pharmaceutical (02096) increased over 4.4% after announcing a licensing agreement with AbbVie for the investigational drug SIM0500, which includes upfront payments and potential milestone payments totaling up to $1.055 billion [3] Group 8: Gaming Sector - Gaming stocks declined, with Melco International Development (00200) down 6.21%. Wynn Macau reported a 7% year-on-year drop in EBITDA for Q4 2025, which was below market expectations [4] Group 9: Oilfield Services - Anton Oilfield Services (03337) rose over 9% after announcing a profit forecast of approximately RMB 360 million to RMB 380 million for 2025, representing a significant year-on-year increase of 48.4% to 56.6% [4] Group 10: U.S. Market Movements - Arko Petroleum (APC.US) opened with a 2.5% decline after its market debut. The company delivered 1.5 billion gallons of fuel in the nine months ending September 30, 2025 [5] - Albemarle (ALB.US) fell 9.41% despite a 16% year-on-year increase in Q4 sales to $1.4 billion, reporting a net loss of $414 million [5] - Boeing (BA.US) rose 1.31% as it plans to increase the monthly production of its 737 series aircraft to 63 units in the coming years [5] Group 11: Technology Sector - Cisco (CSCO.US) dropped 12.32% as it projected a decline in adjusted gross margin for Q3, indicating a worsening trend compared to previous quarters [7] - Storage stocks saw gains, with SanDisk (SNDK.US) up 5.16% and Western Digital (WDC.US) up 3.78% [7]

消息面上，近日，先声药业发布公告，内容有关集团附属公司已与AbbVie Inc. 附属公司就研究性新候 选药物SIM0500订立海外许可选择权协议。根据该协议条款，集团将从AbbVie收取首付款，以及最高可 达10.55亿美元的选择性权益及里程碑付款，同时双方约定就净销售额收取分级特许权使用费。 智通财经APP获悉，先声药业(02096)涨超3%，截至发稿，涨2.69%，报12.61港元，成交额2201.87万港 元。 华泰证券指出，先声药业核心产品SIM0500获得艾伯维4000万美元里程碑付款，该 BCMA/GPRC5D/CD3三抗TCE已获FDA快速通道认定，预计年内读出I期临床数据并实现概念验证。该 行认为，公司创新研发体系与平台技术能力持续获得验证，已达成多项10亿美元级海外授权合作。 SIM0500在临床前研究中显示出显著优于双抗TCE的抗肿瘤活性，同靶点组合竞品中全球进度领先。 ...

华泰证券指出，先声药业核心产品SIM0500获得艾伯维4000万美元里程碑付款，该 BCMA/GPRC5D/CD3三抗TCE已获FDA快速通道认定，预计年内读出I期临床数据并实现概念验证。该 行认为，公司创新研发体系与平台技术能力持续获得验证，已达成多项10亿美元级海外授权合作。 SIM0500在临床前研究中显示出显著优于双抗TCE的抗肿瘤活性，同靶点组合竞品中全球进度领先。 先声药业(02096)涨超3%，截至发稿，涨2.69%，报12.61港元，成交额2201.87万港元。 消息面上，近日，先声药业发布公告，内容有关集团附属公司已与AbbVie Inc.附属公司就研究性新候选 药物SIM0500订立海外许可选择权协议。根据该协议条款，集团将从AbbVie收取首付款，以及最高可达 10.55亿美元的选择性权益及里程碑付款，同时双方约定就净销售额收取分级特许权使用费。 ...

Market Overview - The A-share pharmaceutical and biotechnology index rose by 0.14%, outperforming the CSI 300 index by 1.47 percentage points and the ChiNext index by 2.06 percentage points, ranking 15th among 31 sub-industries [4] - The Hong Kong Hang Seng Healthcare Index fell by 1.41%, outperforming the Hang Seng Index by 1.65 percentage points [4] R&D Progress - Heng Rui Medicine submitted an NDA for HRS-9531; He Yu Bio's ABSK043 clinical application is under new undertaking [5] - Xianwei's Enogrelide is in Phase III clinical trials; Xiansheng Pharmaceutical's SIM0278 is in Phase II clinical trials; Yingxi Intelligent's ISM-4808 is in Phase I clinical trials [5] Investment Outlook - Continuous attention to AI healthcare-related investment opportunities is advised [6] - The Ministry of Industry and Information Technology, along with eight other ministries, issued the "Implementation Plan for High-Quality Development of Traditional Chinese Medicine Industry (2026-2030)", aiming to establish a collaborative development system for the entire industry chain by 2030 [6] - The plan focuses on enhancing the stable supply of key traditional Chinese medicine raw materials, improving digital and green levels, and optimizing the structure of the traditional Chinese medicine industry, which is expected to benefit the sector through policy dividends [6] Investment Strategy for 2026 - Future investments in the pharmaceutical sector should increasingly focus on the intrinsic clinical value of medicines, addressing clinical needs of patients [7] - Both domestic medical insurance policies and global expansion strategies are placing higher premiums on clinical value [7]

Investment Rating - The report maintains a "Buy" rating for key companies in the pharmaceutical sector, including Innovent Biologics, Efang Biologics, Tianshili, WuXi AppTec, and Mindray Medical [4][28]. Core Insights - The policy-driven upgrade of traditional Chinese medicine (TCM) industry is expected to enhance industry concentration in the medium to long term, benefiting companies with strong quality control and innovative capabilities [2][24]. - The implementation plan for high-quality development of the TCM industry aims to establish a collaborative development system by 2030, focusing on raw material supply, innovation, production quality control, and internationalization [2][23]. - The investment strategy emphasizes the importance of clinical value in the pharmaceutical sector, recommending a focus on innovative drugs and high-end medical devices [3][26]. Summary by Sections Market Review - The A-share pharmaceutical index rose by 0.14%, outperforming the CSI 300 index by 1.47 percentage points [1][16]. - The Hong Kong Hang Seng Medical Health Index fell by 1.41%, but still outperformed the Hang Seng Index by 1.65 percentage points [1][16]. Policy Insights - The Ministry of Industry and Information Technology and other departments issued a plan to enhance the TCM industry, which includes fostering leading enterprises and establishing high-standard raw material production bases [2][24]. - The plan emphasizes digitalization and sustainability, aiming to raise compliance standards and accelerate the exit of smaller companies from the market [2][25]. Company Updates - Recent clinical progress includes the NDA submission for HRS-9531 by Heng Rui Medicine and the initiation of clinical trials for various drugs by other companies [1][31][32]. - Key companies such as Yunnan Baiyao, Baiyunshan, and Taiji Group are highlighted for their strong positions in raw material supply [2][25]. Financial Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with Innovent Biologics projected to have an EPS of 0.49 in 2025 and WuXi AppTec expected to reach an EPS of 5.07 in the same year [4][28]. - The pharmaceutical manufacturing industry reported a revenue decline of 1.2% year-on-year for 2025, with total revenue reaching 2,487 billion yuan [51].

Investment Rating - The report indicates a positive outlook for the pharmaceutical sector, particularly for innovative drugs and companies expected to reach profitability in 2025 [1][9][15]. Core Insights - The innovative drug sector is anticipated to see significant growth due to the commercialization of core products and contributions from business development (BD) revenues, with companies like BeiGene, Innovent Biologics, and others expected to achieve profitability [1][9]. - The Pharma sub-sector is projected to experience a revenue growth rate of 15-20% in 2025, with notable companies such as Hansoh Pharmaceutical and China Biologic Products leading this growth [2][10]. - The CXO sector is also expected to report strong performance, with companies like WuXi AppTec forecasting substantial revenue and profit increases [3][11]. - The medical services sector is currently valued at historical lows, with a projected revenue growth of 13% for Genscript Biotech, highlighting the importance of monitoring industry changes [4][12]. Summary by Sections Innovative Drugs - Companies expected to achieve profitability in 2025 include BeiGene, Innovent Biologics, and others, driven by increased commercialization and BD revenues [1][9]. Pharma - Revenue growth of 15-20% is expected for leading companies such as Hansoh Pharmaceutical and China Biologic Products, with a significant boost anticipated for 3SBio due to a major BD deal with Pfizer [2][10]. CXO - WuXi AppTec is projected to achieve approximately 454.56 billion RMB in revenue, reflecting a year-on-year growth of about 15.84%, with adjusted net profits expected to rise significantly [3][11]. Medical Services - Genscript Biotech is expected to see a revenue increase of 13% in 2025, emphasizing the need to focus on overseas business expansion and AI integration in traditional medicine [4][12].

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [1]. Core Insights - The report highlights that the commercialization of innovative drugs, combined with licensing income, is expected to lead to profitability for several companies in 2025, including BeiGene, Innovent Biologics, and others [1][9]. - The Pharma sub-sector is projected to achieve a revenue growth rate of 15-20% in 2025 for companies like Hansoh Pharmaceutical and China Biologic Products, with a significant revenue increase expected for 3SBio due to a major business development deal with Pfizer [2][10]. - The CXO sector is also expected to show strong performance, with companies like WuXi AppTec forecasting a revenue increase of approximately 15.84% and a net profit growth of about 102.65% in 2025 [3][11]. - In the medical services sector, the report notes that valuations are at historical lows, with a projected revenue growth of 13% for GuoShengTang in 2025, emphasizing the importance of overseas business expansion and AI integration in traditional Chinese medicine [4][12]. Summary by Sections Innovative Drugs - The report anticipates that several innovative drug companies will reach profitability in 2025 due to increased commercialization and business development income [9][15]. Pharma - The Pharma sub-sector is expected to see a revenue growth of 15-20% in 2025 for key players, with 3SBio projected to achieve over 100% growth due to a significant partnership with Pfizer [2][10]. CXO - WuXi AppTec is expected to report a revenue of approximately 454.56 billion RMB in 2025, with a net profit growth of around 102.65% [3][11]. Medical Services - GuoShengTang is projected to have a revenue growth of 13% in 2025, with a focus on overseas acquisitions and AI applications in traditional medicine [4][12].

Group 1 - The Hong Kong stock market for innovative drug concept stocks has experienced a significant upward trend, with notable gains in several companies [1] - Nocare Pharma (09969.HK) has seen an increase of over 10%, while Genscript Biotech (01672.HK) has risen by more than 7% [1] - Other companies such as Kelun-Biotech (06990.HK), Sihuan Pharmaceutical (02096.HK), and WuXi AppTec (02359.HK) have also followed suit with upward movements in their stock prices [1]