中国商业保险药品目录首版将于2025年定稿

IndustryChina HealthcareIndustryec 9Set-0ct2025,and theresultswill Cyrus Ng, CFAResearch Analyst+852-22036208 7 July2025Pharmaceuticals /BiotechnologyChina Healthcare IndustryFigure 4: Biotech PE/VC funding (USD mn)30,000Global ex. China25,00020,00015,00010,0005,000Source : Bloomberg Finance LP, Deutsche BankFigure 6: Daily healthcare southbound net inflow (Rmbmn)35003000250020001500100050010001500Source : WindCompany highlights2 Jul 2025Sino Biopharm (1177 HK) - indication of Anlotinib hydrochloride capsules incombinationwith chemotherapyforfirst-line treatmentof soft tissue sarcomaapproved for marketingSource: HKExHenlius (2696 HK) - in-licensed HCB101 (SIRPa-Fc fusion protein)from FBDBiologics for an upfront payment of USD1OmnSource: HKExRecbio (2179 HK) - out-licensed the vaccine formulation,filling and packagingtechnologies of REC603 (HPV 9-valentvaccine)toBECompanySource: HKExCutia(2487HK)-CU-40102 (topical finasteride spray) obtained marketing approvalby the NMPADeutsche Bank AG/Hong Kong 7 July2025Pharmaceuticals / BiotechnologyChina Healthcare IndustrySource: HKExHutchmed (13 HK) - China Approval for ORPATHYS in combination withTAGRISSOfor the treatment of lung cancer patients with MET amplification afterprogression on first-line EGFR inhibitor therapySource: HKEx3 Jul 2025cstone (2616 HK) - unveils two bispecific antibody targets for autoimmunelinflammatory diseases, including (1) CS2013 (BAFF/APRIL) and (2) CS2015(OX40L/TSLP)Source:HKExAscletis (1672 HK) - first participants with obesity or overweight dosed in a US 13-week phase lla study of small molecule oral GLP-1R agonist ASC30Source: HKExImmuneOnco (1541 HK)- clearance of ind application for IMM2510/AXN-2510 bythe US FDASource: HKEx4 Jul 2025Bri (2137 HK) - outlicensed the greater China rights of BRll-693 (syntheticlipopeptide)to JoincareSource: HKExSino Biopharm (1177 HK) - recombinant human coagulation factor Vlla N01 forinjection approved for marketing in ChinaSource:HKExcsPc (1093 HK) - high-concentration hydroxocobalamin hydrochloride injectionobtains clinical trial approval in china for the treatment of methylmalonic acidemiaSource:HKEx7 Jul 2025csPc (1093 HK) - Mesalazine enteric-coated tablets obtain drug registrationapprovalSource: HKExInnovent (1801 HK) - completion of placing of new sharesSource: HKExOur recent reports and share price performance of HK-listedPage 4 7 July2025Pharmaceuticals / BiotechnologyChina Healthcare Industryhealthcare companiesRecent reportsIndustry reportsWhy are we stll optimistic?Tariffs alone to have a limited impact; the problem is the uncertainty aheadYear of recovery - supportive stance from Two Sessions meetingChina Healthcare Industry: What to look for in MayChina Healthcare: Major out-licensing deal boosting sentimentCompany reportsCSPC: R&D collaboration signed with AZ: Maintain BUY and raise PT to HKs9.5Innovent: On track to become a leading biopharmaceutical company; BuyHansoh: Out-licensing GLP-1/GIP receptor agonist to RegeneronCSPC: Weakness continued in 1Q, but mgmt sees 3 major BD deals comingTYK Medicines: Incubating strategically differentiated small-molecule drugs. BUYCSPC: Out-licensing US rights to the Irinotecan Liposome injectionBeiGene: Recorded its first quarterly operating profitInnovent: Strong 1Q25 sales growth supported by new productsRemegen: Business momentum largely reflected in share price. HoldWuxi Apptec: Robust 1Q results but maintain 2025 target amid uncertainenvironmentAkeso: Chilled a bitPharmaron: Momentum continued in 1Q25; Maintained full year guidanceAdicon: To rebound from the troughAkeso: Eyeing sales ramp-up and clinical development of IvonescimabXtalPi: Progress not only in medical industry; cash resources to aid developmentCSPC: Conservative view on core business; sees outlicensing deals as a normRemegen: Breakeven target set for 2026, from product ramp up and cost controlPharmaron: Recovery gained momentum in 4Q24. BUYDeutsche Bank AG/Hong Kong 7 July 2025Pharmaceuticals/BiotechnologyChina Healthcare IndustryInnovent: Momentum to continue and to turn profitable in 2025. BUYWuxi Biologics: Upgrade to BUY with decent recovery momentumCutiaTherapeutics:Bigyearahead with3potentialkey productslaunchHansoh: Innovative drugs portfolio continued to unleash potential; BuySino Biopharm: Growth from innovative drugs; generics as cash cow; improvingmarginsHutchmed: Turning profitable one year earlier than expected, mainly driven byFRUZAQLAWuxi Apptec: Upgrade to Buy: Improved operations and sentiment, undemandingvaluationBeiGene: Strong 2025 guidanceShare price performance of HK-lised healthcare companiesPage 6 Appendix 1Important Disclosures*Other information available upon request*Prices are current as of the end of the ,previous trading session unless otherwise indicated and are sourced from localand other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primaryour website at https://research.db.com/Research