Summary of Key Points Core Viewpoint - As of July 3, a total of 120 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - 富誉控股 (Fuyou Holdings) at 90.76%, closing at 0.435 with a peak of 0.475 [1] - 信义能源 (Xinyi Energy) at 65.00%, closing at 1.200 with a peak of 1.980 [1] - 中国三三传媒 (China San San Media) at 42.86%, closing at 1.710 with a peak of 1.900 [1] Group 2: Additional Notable Stocks - Other notable stocks include: - ITE HOLDINGS at 34.21% increase, closing at 0.047 with a peak of 0.051 [1] - 星凯控股 (Xingkai Holdings) at 30.00%, closing at 0.480 with a peak of 0.650 [1] - 北京北辰实业股份 (Beijing Beichen Industrial) at 26.47%, closing at 0.940 with a peak of 1.290 [1] Group 3: Overall Market Trends - The overall trend shows a significant number of stocks achieving new highs, reflecting positive investor sentiment and market conditions [1].

Summary of 康哲药业 Conference Call Company Overview - 康哲药业 is undergoing a strategic transformation from original research drugs to innovative drugs, driven by both collaborative development and independent research. The company has received approval for 5 innovative drugs covering 6 indications and is actively expanding internationally, including a secondary listing in Singapore without involving financing or equity dilution [2][4]. Key Business Segments - The company operates four main business segments: - Cardiovascular and Digestive Health: Stabilized after the impact of the National Volume-Based Procurement (VBP) - Ophthalmology: Strong profitability - Skin Health: 德美医药 is set for a spin-off listing - International Business: Focused on Southeast Asia, expected to contribute to future growth [2][5]. Financial Performance - The core products' revenue has declined due to VBP, with projected revenue of 2.6 billion yuan for three core products in 2024. However, the impact of centralized procurement is expected to be cleared, leading to a phase of rapid growth as innovative drugs are approved [2][7]. - The company’s key product portfolio includes: - Existing national procurement products (波依定, 黛力新, 优思弗) expected to contribute 2.6 billion yuan in 2024 - Exclusive and brand drugs anticipated to maintain around 10% growth [8]. Innovative Product Pipeline - 康哲药业 has nearly 20 self-researched projects, with 5-6 in clinical development. Key upcoming products include: - Y3 injection for stroke treatment, expected to exceed 3 billion yuan in sales - ABP671 for hyperuricemia, with NDA submission expected in mid-2025 - 德西度司他片 for chronic kidney disease anemia, expected to be approved this year [3][10][12][13]. Impact of VBP - The company faced significant impacts from VBP, with core products previously accounting for over 50% of sales. The sales retention rate post-VBP was around 50% [6][7]. Spin-off of 德美医药 - The spin-off of 德美医药 is expected to be completed by the end of 2025, which will not significantly affect 康哲药业's overall financial status but will help improve its valuation. 康哲 will distribute 90.8% of 德美 shares to shareholders [3][15]. Market Expansion and Internationalization - 康哲药业 is expanding into Southeast Asia, establishing a regional headquarters in Singapore and planning a secondary listing. This move aims to explore new growth avenues without limiting business development [20][21]. R&D and Sales Expenses - In 2025, 康哲's R&D and sales expenses are expected to rise due to high costs associated with marketing and brand building for newly launched innovative drugs. Profit growth is anticipated to lag behind revenue growth this year, but significant profit increases are expected starting in 2026 as 德美 is no longer consolidated [22][23]. Conclusion - 康哲药业 is positioned for growth through its innovative drug pipeline and international expansion, despite facing challenges from VBP. The upcoming spin-off of 德美医药 and the focus on Southeast Asian markets are strategic moves to enhance overall company valuation and market presence.

康哲藥業控股有限公司* （於開曼群島註冊成立的有限公司） 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，並表明概不就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。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券的邀請或要約。 CHINA MEDICAL SYSTEM HOLDINGS LIMITED 承董事會命 China Medical System Holdings Limited 主席 林剛 (股份代號：867) 建議於新加坡交易所作第二上市之最新消息 接獲新交所上市資格函 茲提述China Medical System Holdings Limited（「本公司」，連同其附屬公司統稱為「本 集團」）日期為二零二五年六月二十四日之公告，內容有關公司普通股（「股份」）以 介紹方式於新加坡證券交易所有限公司（「新交所」）作第二上市（「建議第二上市」）， 於二零二五年六月二十五日，本公司接獲新交所有關建議第二上市之上市資格函（「上 市資格函」），待當中所載條件達成後，預期股份將於二零二五年七月十五日前後在 ...

Core Viewpoint - China Medical System Holdings Limited (康哲药业控股有限公司) has received approval from the China Securities Regulatory Commission (中国证监会) for its overseas issuance and listing, indicating a significant step towards its planned IPO on the Singapore Stock Exchange [1]. Group 1 - The company is planning to list through an introduction method on the Singapore Stock Exchange [1].

Group 1: Brain-Computer Interface Standards - The National Standard for Non-Invasive Medical Devices Using Brain-Computer Interface Technology is open for public consultation, aiming to establish performance indicators and testing methods for such devices [1] - The standardization is expected to enhance international cooperation and improve regulatory efficiency, addressing the rapid development in the non-invasive neural modulation sector [1] Group 2: Pharmaceutical Industry Innovation - The head of the National Medical Products Administration emphasized the importance of supporting drug and medical device R&D innovation to strengthen China's pharmaceutical industry [2] - Key strategies include early intervention, tailored guidance for enterprises, and promoting international multi-center clinical trials to synchronize the development and approval of innovative drugs and devices [2][3] Group 3: Clinical Trials and Approvals - Shenzhou Cell announced that its product SCTB39G received approval for clinical trials in advanced solid tumors [4] - Hanyu Pharmaceutical's subsidiary received approval for the listing of the raw material drug Acetate Degarelix, which is used for treating advanced prostate cancer [6] Group 4: Market Expansion and IPOs - Kangzhe Pharmaceutical plans a secondary listing in Singapore, reflecting a trend of pharmaceutical companies expanding into Southeast Asian markets [7] - Lianya Pharmaceutical's IPO application has been accepted, focusing on complex drug formulations and high-end generic drugs [9] Group 5: Strategic Collaborations - Bayer and Tsinghua University signed a strategic cooperation agreement to enhance research in various medical fields, aiming to accelerate drug innovation [11][12] Group 6: Clinical Trial Developments - Fuhong Hanlin announced the first patient enrollment in a bridging clinical trial for its drug H, which is approved for first-line treatment of small cell lung cancer in multiple countries [13] Group 7: Corporate Leadership Changes - Fosun Pharma held a shareholder meeting to elect new board members, appointing Chen Yuqing as chairman and Liu Yi as CEO [14]

Investment Rating - The investment rating for China Medical System Holdings is "Buy" with a 12-month price target of HK$12.57, indicating an upside potential of 2.4% from the current price of HK$12.28 [8][16]. Core Insights - The company anticipates double-digit sales growth for 2025 and positive topline growth for 2026 following the spin-off of its dermatology subsidiary, Dermavon [1][2]. - Key drivers for growth include the expected doubling of new drug sales post NRDL listing, resumption of growth for Xinhuosu, and stable performance of three core drugs [2][6]. - Two potential blockbuster products are highlighted: Y-3 for stroke with peak sales potential exceeding Rmb3 billion and ABP-671 for gout, which is expected to have better safety profiles compared to current standards of care [2][6]. Summary by Sections Sales Growth and Spin-off - The company maintains its guidance for double-digit sales growth in 2025, with positive growth expected in 2026 after the completion of Dermavon's spin-off by the end of 2025 [1][2]. - Growth drivers include new drug sales, diversified hospital coverage for Xinhuosu, and stable performance of core drugs [2][6]. Product Pipeline - The dermatology portfolio has a peak sales potential exceeding Rmb15 billion, with specific products like tildrakizumab targeting Rmb2 billion and ruxolitinib cream targeting at least Rmb6 billion [3][6]. - Other notable products include povorcitinib and comekibart, both with significant sales potential in their respective indications [6]. Financial Projections - Revenue projections for the upcoming years are as follows: Rmb7,469 million for 2024, Rmb8,244 million for 2025, and Rmb9,580 million for 2026 [8]. - The company is expected to maintain a stable EBITDA margin, with projected EBITDA of Rmb2,193 million in 2024 and Rmb2,982 million in 2026 [8].

Company News - JD Logistics (02618.HK) has begun recruiting full-time delivery riders for its food delivery service [1] - Cao Cao Travel (02643.HK) announced the results of its share distribution, with a global offering of 44.1786 million H-shares, and a 21.14 times subscription for the Hong Kong public offering, raising approximately HKD 1.718 billion, with a share price of HKD 41.94 [2][3] - Kangji Medical (00867.HK) proposed to list its ordinary shares on the Singapore Exchange as a secondary listing [4][8] - China Electric Power Technology (00085.HK) expects a mid-term net profit of approximately HKD 135 million to HKD 150 million, compared to HKD 309.5 million in the same period last year [5][6] - Chang Gao Mei Group (08371.HK) reported a net profit attributable to shareholders of HKD 95.533 million for the year ending March 31, 2025, representing a year-on-year increase of 5.61% [7] - Li Ning (02331.HK) saw an increase of 6.4 million shares purchased by Li Jin at a price of approximately HKD 14.96 per share [8] - BOSS Zhipin (02076.HK) plans to issue 30 million new shares, aiming to raise a maximum of approximately HKD 2.2613 billion [9]

本公告僅供參考，並不構成收購、購買或認購本公司任何證券的邀請或要約。 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，並表明概不就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。 本公司已按保密基準向新交所遞交建議第二上市之上市申請。截至本公告日期，本公司 尚未自新交所接獲建議第二上市之上市資格函（「上市資格函」）。 於二零二五年六月二十四日，本公司接獲中國證券監督管理委員會（「中國證監會」） 就建議第二上市發出之境外發行上市備案通知書。 董事相信，完成建議第二上市後，將使本公司能夠進入新加坡證券市場。預期此舉將加 強本集團於該市場之地位，並提升本公司的全球知名度，從而助力國際業務拓展。儘管 建議第二上市不會涉及在新加坡進行任何股權籌資，惟本公司預計建議第二上市將擴闊 其股東基礎，及開闢未來額外籌資渠道。長遠而言，預期這將推廣本公司之企業形象及 提升其證券之流動性。 本公司將於必要時根據適用法律及法規就建議第二上市作出進一步公告。 建議於新加坡交易所作第二上市 China Medical System Holding ...

Core Viewpoint - The botulinum toxin industry in China is experiencing rapid growth, with the market size projected to increase from 1.9 billion yuan in 2017 to 9.9 billion yuan by 2024, reflecting a compound annual growth rate (CAGR) of 26.6% [1][13]. Industry Overview - Botulinum toxin, originally used for treating muscle spasms, has become a popular choice in medical aesthetics due to its minimal invasiveness and quick recovery time [3][13]. - The application range of botulinum toxin is expanding beyond traditional uses like wrinkle reduction and facial slimming to include treatments for conditions such as migraines and muscle tension disorders [1][13]. Market Dynamics - The medical aesthetics market in China is projected to reach 288 billion yuan by 2024, with a year-on-year increase of 8.03%, indicating a growing consumer demand for beauty enhancement services [11][13]. - The market is characterized by a "six-way split" among leading products, with brands like Botox, Hengli, and Letyb gaining significant market shares [15][17]. Competitive Landscape - The botulinum toxin market is competitive, with established companies like Fosun Pharma, Haohai Biological Technology, and Lanzhou Biological Products Research Institute leading the industry [17][18]. - New entrants are emerging, leveraging innovative technologies and marketing strategies to capture market share [17]. Development Trends 1. **Increasing Industry Penetration** - As living standards rise, the penetration rate of medical aesthetics is expected to increase, particularly in lower-tier cities and rural areas, driven by a younger consumer base [23]. 2. **Enhanced Regulatory Oversight** - The government is intensifying regulations on botulinum toxin production and distribution to ensure safety and quality, which will promote the healthy development of the market [24]. 3. **Rise of Recombinant Botulinum Toxin** - Recombinant botulinum toxin is anticipated to become a future trend due to its lower biological risks, higher purity, and production efficiency, addressing limitations of traditional products [25].

Core Viewpoint - Kangzheng Pharmaceutical (00867.HK) plans to spin off its skin health business, Demy Pharmaceutical, for a "listing by introduction" on the Hong Kong Stock Exchange, marking it as the first "zero fundraising" IPO case in 2025 [2][5][18] Company Overview - Kangzheng Pharmaceutical has faced declining performance, with revenue dropping from 91.5 billion RMB in 2022 to 80.13 billion RMB in 2023, and further down to 74.69 billion RMB in 2024, representing a year-on-year decline of 12.4% and 6.7% respectively [6][7] - The company experienced a significant drop in net profit, from 23.84 billion RMB in 2023 to 16.13 billion RMB in 2024, a decrease of 27.2% [7] - The decline in performance is attributed to the failure of key products to win bids in national procurement, leading to a loss of market share and revenue [7][8] Demy Pharmaceutical Financials - Demy Pharmaceutical's revenue grew from 384 million RMB in 2022 to 618 million RMB in 2024, but it also reported increasing losses, from 55.17 million RMB in 2022 to 105.63 million RMB in 2024 [8][9] - The company's cost structure is heavily skewed towards sales expenses, which consumed 99% of its gross profit in 2024, leading to a net loss of 106 million RMB [10][12] - Demy Pharmaceutical's research and development expenditure remains low compared to its sales expenses, with a research expenditure rate of only 4% [10][12] Strategic Implications - The spin-off is seen as a strategic move to alleviate financial pressure on Kangzheng Pharmaceutical while allowing Demy Pharmaceutical to seek independent funding and partnerships [18] - The choice of "listing by introduction" allows for a quicker and less costly process, avoiding the dilution of shares and the complexities of traditional IPOs [17][18] - However, Demy Pharmaceutical will still face scrutiny regarding its ongoing losses and the sustainability of its business model post-spin-off [13][15] Market Context - The move reflects a broader trend among Chinese pharmaceutical companies seeking to adapt to the pressures of national procurement policies and increasing competition in the industry [17] - Since 2020, over 20 pharmaceutical companies have pursued similar spin-offs to focus on high-growth areas like medical aesthetics and consumer healthcare [17]