致：香港交易及結算所有限公司 公司名稱: 和黃醫藥（中國）有限公司 呈交日期: 2025年8月1日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00013 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | USD | | 0.1 | USD | | 150,000,000 | | 增加 / 減少 (-) | | | | 0 | | | USD | | | | 本月底結存 | | | 1,500,000,000 | USD | | 0.1 | USD | | 150,000,000 | 本月底法定/註冊股本總額： USD 1 ...

Group 1 - The core point of the article is that the Li Ka-shing family's company has significantly reduced the selling prices of properties in Huizhou, indicating a strategic shift in response to market conditions [1][3] - The sales personnel at the Longpu Garden project reported that the price for a 51 square meter unit has dropped from approximately 1.17 million yuan per square meter to around 7,800 yuan per square meter, representing a discount of about 34% [1] - The current selling price for the duplex units is reported to be between 12,000 and 13,000 yuan per square meter, which is a notable decrease from the previous average price of 16,400 yuan per square meter [2] Group 2 - The developer of the Longpu Garden project is Hutchison Whampoa Properties (Huizhou) Limited, part of the Li Ka-shing family business [3] - Other projects under Hutchison Whampoa, including those in Zhongshan, Guangzhou, and Dongguan, have also seen significant price reductions, indicating a broader trend in the company's pricing strategy [3] - Market analysts suggest that the price cuts are a response to increased competition and a shift in market dynamics, with new projects offering more competitive features and pricing [3]

Core Viewpoint - The article highlights the strong performance of brokerage "gold stocks" in July, with all 30 brokerage gold stock combinations showing positive returns, indicating a robust recovery in the A-share market [2][9]. Brokerage Performance - Ping An Securities' gold stock combination achieved the highest return of 16.57% in July, followed by Kaiyuan Securities at 13.57% and Caitong Securities at 12.93% [3][9][10]. - Notably, all brokerage gold stock combinations recorded positive returns, with several brokerages, including China Merchants Securities and Galaxy Securities, also exceeding 10% returns [9][10]. Top Performing Stocks - The best-performing stock was Kangchen Pharmaceutical, recommended by Ping An Securities, which surged by 106.74% in July [4][6]. - Other notable stocks included Borui Pharmaceutical (82.05%), Kangfang Biotech (68.13%), and Yuandong Biotech (56.60%), all showing significant monthly gains [6][7]. August Strategy - Brokerages are adopting an aggressive strategy for August, focusing on technology growth stocks and cyclical stocks benefiting from mid-year performance reports [12][15]. - The market outlook is optimistic, driven by expectations of recovering corporate ROE and a favorable policy environment, suggesting a continued upward trend in A-shares [15]. Common Recommendations - Several stocks received multiple recommendations from brokerages for August, including Dongfang Caifu, Muyuan Foods, and Wanhua Chemical, each recommended by four different brokerages [16][19]. - The rationale for recommending Dongfang Caifu includes the potential for the securities sector to enter a main upward trend, while Muyuan Foods is recognized for its leading position in the pig farming industry [16][19].

Core Viewpoint - The article discusses significant price reductions in real estate projects developed by Li Ka-shing's family business, specifically in Huizhou, indicating a strategic shift in response to market conditions and increased competition in the Greater Bay Area [1][3]. Group 1: Price Adjustments - The sales prices of high-rise and stacked villa units at the "Longpu Garden" project have been notably reduced, with the price of a 51 square meter unit dropping from approximately 1.17 million yuan per unit to around 780,000 yuan, reflecting a discount of about 34% [1]. - The current sales price for stacked villas is reported to be between 12,000 and 13,000 yuan per square meter, down from an average price of 16,400 yuan per square meter in July 2022, indicating a significant price adjustment [2]. Group 2: Market Context - The developer, Hutchison Whampoa (Huizhou) Limited, is not the only entity reducing prices; other projects in the Greater Bay Area, including those in Dongguan and Zhongshan, are also experiencing price cuts [3]. - Market analysts suggest that the price reductions are a response to a cooling market, characterized by increased inventory and declining prices for both new and second-hand homes, necessitating aggressive pricing strategies to maintain sales volume [3].

Core Viewpoint - The article highlights the increasing demand from Hong Kong buyers for properties in mainland China, particularly in the Guangdong province, driven by lower prices and better living conditions compared to Hong Kong [1][9]. Group 1: Market Trends - The four projects promoted by Cheung Kong Property include Huizhou Longbo Garden, Zhongshan Longbo Garden, Guangzhou Yicui Garden, and Dongguan Haiyi Haoting, totaling 400 units with prices starting from 400,000 RMB [1][3]. - The trend of Hong Kong residents purchasing properties in mainland China has become significant, with 3,341 transactions recorded by the People's Bank of China in Guangdong, generating cross-border income of 3.08 billion RMB as of June [1][10]. - The demand for properties in the Greater Bay Area is attributed to its improved connectivity and public services, making it a preferred destination for Hong Kong residents [1][9]. Group 2: Property Details - Huizhou Longbo Garden is the largest project with 300 units available, while Dongguan Haiyi Haoting targets high-end buyers with villas priced between 7 million to 8 million RMB [3][5]. - The properties being sold are primarily from earlier low-cost land acquisitions, with significant sales already recorded, such as nearly 600 units sold in Huizhou Longbo Garden, mostly to Hong Kong buyers [3][5]. - The average price per square meter for Huizhou Longbo Garden is approximately 8,632 RMB, which is less than one-tenth of the average new home price in Hong Kong, making it attractive to the middle class [9][10]. Group 3: Buyer Motivations - The shift in Hong Kong buyers' motivations from investment to self-occupation is noted, with a focus on living conditions and long-term value rather than just asset allocation [12]. - The aging population in Hong Kong and the establishment of businesses and universities in the Greater Bay Area are contributing to the increasing demand for housing among Hong Kong residents [9][12]. - The development of a "one-hour living circle" in the Greater Bay Area is facilitating a more normalized cross-border living and working environment, enhancing the appeal of mainland properties [12].

Core Insights - The Chinese life sciences industry is undergoing rapid transformation driven by policy relaxation, technological innovation, the rise of domestic companies, and the development of specialized real estate ecosystems [9][18][39] - The report "Trends in China's Life Sciences" provides a comprehensive overview of current market dynamics, regulatory changes, and future development directions [9] Policy Environment - Nationally, China has relaxed foreign investment restrictions in gene and cell therapy, allowing foreign-owned hospitals in major cities [10][20] - Local governments in cities like Beijing, Shanghai, and Shenzhen are offering targeted subsidies and fast-track approval processes to support biotechnology development [10][27] Industry Innovation and Company Growth - Chinese life sciences companies are shifting from generic drug production to innovative therapies, with firms like CanSino Biologics and BeiGene leading in CAR-T cell therapy and bispecific antibodies [11][29] - These companies are attracting international investment and licensing agreements, enhancing China's position in the global life sciences sector [11][39] Real Estate Development and Regional Hubs - Innovation hubs such as Suzhou BioBay and Shanghai Zhangjiang Hi-Tech Park provide end-to-end support, including shared laboratories and GMP-compliant facilities [12][35] - Second-tier cities like Chengdu and Ningbo are emerging as new growth centers, expanding the life sciences ecosystem [12][35] Owner Perspective - Real estate developers are adapting to industry-specific needs through light-asset models and flexible leasing arrangements [14][45] - While first-tier cities face saturation, demand remains robust in central and western regions, with a focus on sustainability and compliance [14][45] Tenant Perspective - Life sciences tenants are responding to regulatory reforms and increased compliance requirements, seeking flexibility and proximity to talent and infrastructure [15][46] - The highest demand is for GMP-certified laboratories and modular production facilities, emphasizing location advantages and sustainability certifications [15][46] Future Outlook - Growth opportunities lie in AI-driven drug development, personalized medicine, and advanced therapies, supported by government policies [16][39] - Life sciences real estate is evolving from generic parks to specialized, digitally-enabled facilities with high compliance and flexibility [16][39]

Core Viewpoint - The recent promotion of four real estate projects by Cheung Kong Property in the Greater Bay Area has attracted significant attention, particularly among Hong Kong buyers, due to the substantial price differences compared to Hong Kong's real estate market [1][5]. Group 1: Project Details - Cheung Kong Property has introduced a total of 400 units across four projects, with prices starting as low as 400,000 yuan [1]. - The projects include Huizhou Longbo Garden, Zhongshan Longbo Garden, Guangzhou Yicui Garden, and Dongguan Haiyi Haoting, with Huizhou Longbo Garden offering the largest number of units at 300 [1]. - The current price for a 51.44 square meter unit in Huizhou Longbo Garden is approximately 440,000 yuan, translating to about 8,554 yuan per square meter, significantly lower than previous prices which ranged from 10,400 to 14,000 yuan per square meter [1]. Group 2: Market Context - The price of properties in the Greater Bay Area, particularly in Huizhou, is substantially lower than in Hong Kong, where the average new home price is around 196,000 yuan per square meter [5]. - The affordability of properties in the Greater Bay Area is a key factor attracting Hong Kong buyers, as the total price for a small unit is comparable to the down payment for similar-sized properties in Hong Kong [5]. - Cheung Kong Property's strategy of promoting older projects, which were acquired at lower prices in the past, is evident in the current offerings, with many properties having been developed over several years [4]. Group 3: Buyer Demographics - There has been a notable demand from Hong Kong residents for properties in the Greater Bay Area, with nearly 600 units of Huizhou Longbo Garden sold, primarily to buyers from Hong Kong [4]. - Data from the People's Bank of China indicates that from February 28, 2024, to June 30, 2025, there were 3,341 transactions involving Hong Kong and Macau residents purchasing properties in mainland China, generating cross-border income of approximately 3.08 billion yuan [4]. Group 4: Broader Implications - The ongoing development of the Greater Bay Area and improved connectivity with Hong Kong and Macau are increasing the appeal of mainland properties to Hong Kong buyers [6]. - Cheung Kong Holdings continues to maintain a significant presence in the mainland real estate market, with 11 ongoing projects in various cities, including Changsha, Chongqing, Dalian, Dongguan, Wuhan, and Shanghai [6].

7月29日，和黄医药(US ADR)(HCM)开盘上涨5.62%，截至21:30，报18.99美元/股，成交9.37万美元，总 市值33.12亿美元。 财务数据显示，截至2024年12月31日，和黄医药(US ADR)收入总额6.3亿美元，同比减少24.8%；归母 净利润3772.9万美元，同比减少62.56%。 本文源自：金融界 作者：行情君 8月7日，和黄医药(US ADR)将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日 期为美国当地时间，实际披露日期以公司公告为准）。 资料显示，和黄医药(中国)有限公司(原名:和黄中国医药科技有限公司)是中国首家专注于全球市场的创 新型医药研发企业之一。在过去的20年里,公司建立了具有世界一流的发现和开发能力的全面整合的研 发创新平台。自成立以来,公司致力于将自主发现的抗肿瘤候选药物带向全球患者,首三个药物现已在中 国上市,其中首个药物亦于美国上市。公司还在中国市场建立了深入的具盈利的商业平台,在中国生产、 营销及经销自主研发的创新肿瘤药物,以及处方药和消费保健产品。和黄医药于纳斯达克全球精选市 场、香港交易所以及伦敦证交所的AIM市场上市(纳 ...

Core Insights - The Chinese pharmaceutical industry is experiencing a resurgence after three years of stagnation, driven by high-value licensing deals from multinational pharmaceutical companies [1][2] - There is a significant interest from overseas investors in Chinese biopharmaceutical companies, with a notable increase in licensing agreements and IPO activities [2][8] - The trend of "licensing out" Chinese drug candidates to foreign companies is becoming more common, providing Chinese firms with milestone payments and a share of sales revenue [4][6] Group 1: Market Dynamics - As of mid-July, approximately 288 companies are waiting for IPOs in Hong Kong, many of which are biopharmaceutical firms seeking to list under the 18A rule [1][8] - The Hong Kong medical sector has seen a 54% increase this year, significantly outperforming the MSCI China Index, which rose by 17% [8] - The average price-to-earnings (PE) ratio for the sector is around 30 times, placing it in the 15th percentile of its valuation range over the past five years [8] Group 2: Investment Trends - U.S. investment banks are playing a crucial role in facilitating these licensing deals and IPOs, with cornerstone investors contributing 42% of IPO financing this year, two-thirds of which comes from overseas [1][12] - The trend of U.S. pharmaceutical companies seeking to lower costs through partnerships with Chinese firms is expected to continue, especially in light of U.S. drug pricing policies [2][6] Group 3: Licensing Agreements - The number of licensing transactions from China has increased significantly, with 35 deals in 2023 and projected to reach 43 in 2024, alongside a total upfront payment of $2.957 billion in 2023 [3][6] - Notable licensing agreements include Akeso's ivonescimab, which was licensed to Summit Therapeutics for a total value of $5 billion, marking one of the largest overseas licensing deals in Chinese biopharmaceutical history [7][6] Group 4: Future Outlook - Chinese biopharmaceutical companies are increasingly able to produce globally recognized clinical data, particularly in competitive fields like oncology and immunology [2][6] - The shift from merely selling drug pipelines to achieving global commercialization is essential for the future growth of Chinese pharmaceutical companies [13][15] - There is a need for Chinese firms to enhance their innovation capabilities and international execution to compete effectively on a global scale [14][15]

Market Overview - Hong Kong stocks experienced a pullback after an initial rise, with the Hang Seng Index closing down 0.29% at 24,517.76 points and a total trading volume of 258.95 billion HKD [1] - The Hang Seng China Enterprises Index fell 0.18% to 8,861.39 points, while the Hang Seng Tech Index decreased by 0.24% to 5,418.4 points [1] - Shenwan Hongyuan remains optimistic about investment opportunities in Hong Kong and A-share markets, predicting that Hong Kong will play a crucial role in the restructuring of the global financial order [1] Blue Chip Performance - Anta Sports (02020) led blue-chip stocks, rising 2.28% to 91.85 HKD, contributing 4.55 points to the Hang Seng Index [2] - Other notable performers included Kuaishou-W (01024) up 2.13% and Trip.com Group-S (09961) up 1.59%, while Shenzhou International (02313) and Zhongsheng Holdings (00881) saw declines of 2.75% and 2.67%, respectively [2] Sector Highlights - Large tech stocks showed mixed results, with Kuaishou rising over 2% and Baidu nearly 1%, while Tencent fell 0.19% [3] - The humanoid robot sector is gaining traction, with Shengye rising nearly 15% following positive developments [3] - The innovative drug sector remains active, with Lijun Pharmaceutical rising 13% amid ongoing interest in new drug procurement [4][5] Innovative Drug Sector - The 11th batch of national drug procurement has started, focusing on mature "old drugs" while excluding innovative drugs [5] - Analysts believe that the current innovative drug market is driven by value reassessment, with domestic investors increasing their positions through Hong Kong Stock Connect [5] Stablecoin Activity - China San San Media (08087) surged 72.73% after announcing plans to apply for a stablecoin license in Hong Kong, which will officially take effect on August 1 [6] - The global regulatory framework for stablecoins is expected to lead to significant industry growth [6] New Consumption Trends - New consumption stocks showed varied performance, with Guoquan (02517) up 7.29% and Hu Shang Ayi (02589) up 1.99%, while Gu Ming (01364) fell 4.26% [7] - Guoquan expects a net profit of approximately 180 to 210 million RMB for the first half of 2025, representing a year-on-year increase of 111% to 146% [7] Notable Stock Movements - Weiyali (00854) saw a dramatic increase of 288.34% after resuming trading, reaching a peak of 33.2 HKD [8] - Chongqing Machinery (02722) rose 14.06% following news of NVIDIA resuming sales of its H20 chip in China [9] - Jiufang Zhitu Holdings (09636) increased by 10.06% as it plans to issue shares for strategic investments [10] - Quzhi Group (00917) fell 12.06% after announcing a share placement at a discount to its market price [11]