Financial Performance - For the year ended December 31, 2025, the group's revenue was RMB 494.3 million, an increase of 2.1% compared to RMB 484.3 million in 2024[3]. - The group's gross profit for 2025 was RMB 346.6 million, up 6.4% from RMB 325.8 million in 2024, with a gross margin of 70.1%, an increase of 2.8 percentage points from 67.3% in 2024[3]. - Operating expenses totaled RMB 314.7 million in 2025, a decrease of 1.1% from RMB 318.2 million in 2024[3]. - The total comprehensive income for 2025 was RMB 20.4 million, compared to RMB 16.8 million in 2024[4]. - Basic and diluted earnings per share for 2025 were RMB 0.17, up from RMB 0.12 in 2024[4]. - The total assets as of December 31, 2025, were RMB 563.3 million, slightly up from RMB 560.7 million in 2024[8]. - Cash and cash equivalents increased to RMB 177.9 million in 2025 from RMB 134.2 million in 2024[8]. - The total equity attributable to the company's owners was RMB 468.3 million as of December 31, 2025, down from RMB 475.4 million in 2024[9]. Revenue Segmentation - The tea products segment generated revenue of RMB 297.21 million in 2025, down from RMB 326.18 million in 2024, with the largest decline in the 常潤茶 category, which fell from RMB 79.91 million to RMB 49.80 million[21]. - The weight loss and other pharmaceuticals segment saw revenue increase to RMB 197.12 million in 2025, up from RMB 158.12 million in 2024, primarily driven by the weight loss drug category which rose from RMB 148.00 million to RMB 184.87 million[21]. - Revenue from weight loss products in 2025 reached RMB 184.9 million, a growth of 24.9% from RMB 148.0 million in 2024, driven by a significant increase of 482.9% in sales from a key e-commerce platform[136]. - Revenue from the four health teas decreased by 3.5% to RMB 247.6 million in 2025, primarily due to a contraction in traditional sales channels and a structural decline in overall sales volume[136]. - Other health food revenue fell by 28.6% to RMB 49.6 million in 2025, impacted by market economic conditions and underperformance of newly launched similar products[137]. Investment and Assets - The company recognized a fair value loss of RMB 9,045,000 on financial assets measured at fair value through profit or loss[26]. - The fair value of financial assets measured at fair value through profit or loss increased to RMB 140,960,000 in 2025 from RMB 79,434,000 in 2024, reflecting a growth of approximately 77.4%[37]. - The company’s investment in a fund was valued at RMB 86.51 million as of December 31, 2025, but management reassessed and determined that control over the fund was lost, leading to a reclassification of the investment[49]. - The group has no significant contingent liabilities or guarantees as of December 31, 2025[161]. Operational Efficiency - The company has established a digital content production system based on AI workflows, significantly reducing production costs and improving operational efficiency[87]. - The company successfully established an automated electronic invoice processing system, significantly improving document processing efficiency and reducing labor costs in tax management[118]. - The company upgraded its BI system to handle increasing data volumes, providing precise real-time analysis for business decision-making[117]. - The company installed video monitoring equipment in production workshops, achieving intelligent supervision of production processes and enhancing regulatory compliance[115]. Research and Development - Research and development costs totaled RMB 29,359,000, indicating a focus on innovation and product development[24]. - The company has submitted 4 invention patent applications and received 2 authorizations, enhancing its R&D capabilities[57]. - The company is enhancing its R&D capabilities and accelerating the transformation of technological achievements to support product upgrades and market competitiveness[107]. - The company submitted 4 invention patent applications and 2 utility model patent applications in 2025, enhancing its core technology assets[108]. Market Strategy - The company is focusing on seven strategic initiatives, including deepening omni-channel integration and enhancing international market presence[56]. - The company aims to enhance brand influence and business momentum through a B2B2C model, integrating online traffic, offline experience, and global conversion[127]. - The company plans to strengthen partner autonomy and improve market operations by unifying product pricing across channels to eliminate unhealthy competition[128]. - The international business strategy will shift towards channel expansion and brand building in key regions such as the U.S., Middle East, and Southeast Asia[131]. Compliance and Governance - The independent auditor issued a qualified opinion on the consolidated financial statements due to limitations in the audit scope regarding the valuation of a fund investment[48]. - The company’s financial statements reflect compliance with International Financial Reporting Standards and the Hong Kong Companies Ordinance[48]. - The audit committee consists of three independent non-executive directors and has reviewed the consolidated financial statements for the year ending December 31, 2025[171]. Corporate Social Responsibility - The company has donated over RMB 3.5 million to environmental protection initiatives and established long-term partnerships with professional environmental organizations[121]. - The company plans to invest RMB 100,000 annually from 2023 to 2025 in rural support projects to improve local living conditions[123].

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之內容概不負責，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之任何損失承擔任何責任。 碧生源控股有限公司 於本公告日期，本公司執行董事為趙一弘先生(董事長及首席戰略官)、高雁女士(副董事長)、 馮兵先生(首席執行官)及于洪江先生(常務副總裁、首席運營官及首席財務官)；而本公司獨立 非執行董事為何願平先生、石向欣先生及陳陽博士。 (股份代號：926) 董事會召開日期 碧生源控股有限公司(「本公司」)之董事會(「董事會」)謹此宣佈，將於二零二六年 三月二十日(星期五)舉行董事會會議，藉以(其中包括)考慮及批准本公司及其附屬公 司截至二零二五年十二月三十一日止之全年業績，以及考慮建議宣派及派發末期股息 (如有)。 承董事會命 碧生源控股有限公司 公司秘書 于洪江 香港，二零二六年三月九日 BESUNYEN HOLDINGS COMPANY LIMITED ( 於開曼群島註冊成立的有限公司 ) ...

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 公司名稱: 碧生源控股有限公司 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 | 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) | 00926 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 150,000,000 | USD | 0.0003333332 | USD | | 49,999.98 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 150,000,000 | USD | 0.0003333332 | USD | | 49,999.98 | 本月底法定/註冊股本總額： USD 49,999.98 FF301 第 1 頁 共 10 頁 v 1.2.0 ...

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: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 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) | 00926 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 150,000,000 | USD | 0.0003333332 | USD | | 49,999.98 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 150,000,000 | USD | 0.0003333332 | USD | | 49,999.98 | 本月底法定/註冊股本總額： USD 49,999.98 FF3 ...

公司名稱: 碧生源控股有限公司 呈交日期: 2026年1月2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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 I. 法定/註冊股本變動 | 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) | 00926 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 150,000,000 USD | | 0.0003333332 | USD | | 49,999.98 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 150,000,000 USD | | 0.0003333332 | USD | | 49,999.98 | 本月底法定/註冊股本總額： ...

Market Overview - The Hong Kong stock market experienced fluctuations and adjustments, with the Hang Seng Index down 0.92% to 25,737.85 points, the Hang Seng Tech Index down 1.79% to 5,537.11 points, the National Enterprises Index down 1.2% to 8,970.29 points, and the Red Chip Index down 0.3% to 4,137.97 points due to the significant drop in US stocks last Friday [1] - Major technology stocks saw declines, with Alibaba down 2.73%, Tencent Holdings down 1.54%, JD Group down 1.12%, Xiaomi down 2.28%, NetEase down 0.18%, Meituan down 1.07%, Kuaishou down 3.85%, and Bilibili down 1.12% [1] - Insurance stocks performed well, with China Ping An reaching a four-year high, while the biopharmaceutical sector weakened, with Baijiazhensheng down over 6% [1] - Semiconductor stocks faced significant declines, with Huahong Semiconductor down over 6% [1] Company News - China Merchants Energy (01138.HK) signed shipbuilding contracts with Dalian China Merchants Heavy Industry, Yangzhou China Merchants Heavy Industry, and Guangdong China Merchants Heavy Industry for the construction of one ethylene ship and eighteen oil tankers, with a total cost of RMB 7.882 billion [2] - ZhongAn Online (06060.HK) reported a cumulative original insurance premium income of approximately RMB 32.904 billion for the first eleven months [3] - R&F Properties (02777.HK) achieved total sales revenue of approximately RMB 12.7 billion in the first eleven months, representing a year-on-year increase of 24.63% [4] - Yida China (03639.HK) reported a contract sales amount of approximately RMB 681 million for the first eleven months, a year-on-year decrease of 23.22% [5] - Kason International (00496.HK) signed a steel structure procurement contract with suppliers, involving an investment of RMB 43.5366 million [5] Clinical and Regulatory Updates - Boke Vision Cloud-B (02592.HK) successfully held a meeting after the second phase of clinical trials for CBT-004 [6] - Fuhong Hanlin (02696.HK) received acceptance from the National Medical Products Administration for the listing registration application of Hanshuo® in combination with chemotherapy for neoadjuvant/adjuvant treatment of gastric cancer, which has been included in priority review [6] - Shijiazhuang Pharmaceutical Group (01093.HK) received approval for a new indication for Donyi® (liposomal irinotecan injection) for first-line treatment in patients with metastatic pancreatic cancer [6] - Hengrui Medicine (01276) received a clinical trial approval notice for HRS-1780 tablets [8] Investment Insights - Guosen Securities indicated that the short-term adjustment in the Hong Kong stock market opens up space for a market rise in 2026, with net inflows from southbound funds exceeding RMB 110 billion in November [13] - Dongwu Securities highlighted that the main focus for Hong Kong stocks is on technology and cyclical sectors, while also paying attention to innovative drugs, suggesting a barbell allocation strategy due to potential macro and political risks [13] - CITIC Securities projected that the Hong Kong stock market will benefit from internal "14th Five-Year Plan" catalysts and external fiscal and monetary easing from major economies, expecting a sustainable upward trend in revenue and profit [13] - Dongwu Securities also forecasted a continued recovery in the Hong Kong stock market in 2026, citing expected interest rate cuts by the Federal Reserve and a temporary easing of Sino-US relations [14]

Market Overview - The Hong Kong stock market opened lower on December 15, with the Hang Seng Index down 1% at 25,718.14 points, the Hang Seng Tech Index down 1.34% at 5,562.67 points, and the State-Owned Enterprises Index down 1.09% at 8,980.13 points [1] - Major tech stocks declined, including Alibaba down 2.14%, Tencent down 1.62%, and JD.com down 0.61% [1] - The innovative drug sector saw several stocks open lower, with Genscript Biotech down 5.92% and Zai Lab down 3.48% [1] - Chinese brokerage stocks collectively fell, with Everbright Securities dropping over 1% [1] - The automotive sector also experienced declines, with Li Auto down over 2% and XPeng down nearly 2% [1] - However, three-child policy concept stocks and photovoltaic stocks mostly rose, with star stock Jinxin Fertility rising about 3% [1] Company News - China Merchants Energy (01138.HK) signed shipbuilding contracts for one ethylene ship and eighteen oil tankers, totaling RMB 7.882 billion [2] - ZhongAn Online (06060.HK) reported cumulative original insurance premium income of approximately RMB 32.904 billion for the first eleven months [3] - R&F Properties (02777.HK) achieved total sales revenue of approximately RMB 12.7 billion in the first eleven months, a year-on-year increase of 24.63% [4] - Yida China (03639.HK) reported contract sales amounting to approximately RMB 681 million in the first eleven months, a year-on-year decrease of 23.22% [5] - Bole Technology (02592.HK) successfully held a meeting after the second phase of clinical trials for CBT-004 [6] - Junshi Biosciences (02696.HK) received acceptance for its marketing application for Hansizhuang® in combination with chemotherapy for gastric cancer [6] - CSPC Pharmaceutical Group (01093.HK) received approval for a new indication for its drug, Donyin® (liposomal irinotecan injection), for first-line treatment in metastatic pancreatic cancer patients [6] - Biyuan (00926.HK) increased its investment in ERX to maintain a 3% stake to support innovative research and development of non-GLP-1 weight loss therapies [7] - Hengrui Medicine (01276) received approval for clinical trials for HRS-1780 tablets [8] - AVIC Industry (02357.HK) plans to acquire a 59.1816% partnership interest in Hangtou Yuhua for a consideration of RMB 202 million [9] - China Environmental Resources (01130.HK) intends to acquire 90% equity in Sichuan Yuanlai Shun Recycling Resources Co., Ltd. for RMB 9 million [10] - AVIC Industry (02357.HK) proposed to implement full circulation of H-shares [11] - Yabo Technology Holdings (08279.HK) signed a framework agreement with Alipay (Hangzhou) [12] Institutional Insights - Guosen Securities indicated that the short-term adjustment in the Hong Kong stock market opens up space for a market rise in 2026, with net inflows from southbound funds exceeding RMB 110 billion in November [13] - CITIC Securities noted strong performance in gold and silver, while other risk assets were weak, predicting a segmented market for precious metals in 2025 [13] - CITIC Securities also emphasized the importance of resource self-sufficiency in the lithium industry, highlighting the need for low-cost quality resources to navigate market cycles [14]

Core Viewpoint - The company anticipates a significant fair value loss of approximately RMB 16.3 million related to its investment in ERX Pharmaceuticals Inc. due to recent shifts in the U.S. capital market, which have favored AI and tech sectors over traditional drug development [1][2] Group 1: Fair Value Loss and Market Conditions - The fair value loss is primarily attributed to a decline in financing activities for traditional drug development and clinical research, impacting ERX's new drug development due to a lack of external funding [1] - The board believes that this fair value loss will not have a significant adverse effect on the company's existing business, operations, or financial condition, as the group's liquidity remains strong and overall financial health is stable [1] Group 2: Investment in ERX Pharmaceuticals - ERX focuses on innovative drug discovery and clinical development for obesity and related metabolic diseases, which aligns synergistically with the company's core business segments [1] - ERX has recently proposed a capital increase of $6 million to strengthen its financial position and support ongoing operations, and the board has resolved to participate in this capital increase to maintain its approximately 3% stake in ERX [1][2] Group 3: Strategic Importance of Further Investment - The board believes that further investment will prevent dilution and protect the book value of the company's investment, especially given ERX's leading non-GLP-1 therapy for patients who do not respond well to semaglutide [2] - ERX's drug for Prader-Willi syndrome has received orphan drug designation and fast track designation from the FDA, reinforcing the board's confidence in the long-term development of ERX [2] - Maintaining the stake in ERX is seen as crucial for preserving strategic partnerships in core business areas, ensuring consistency in technology, supply chain, and market opportunities, which will benefit the company's strategic development and long-term growth [2]

Company News - China COSCO Shipping Energy Transportation Co., Ltd. (中远海能) has signed shipbuilding contracts with Dalian COSCO Shipping Heavy Industry, Yangzhou COSCO Shipping Heavy Industry, and Guangdong COSCO Shipping Heavy Industry for the construction of one ethylene ship and eighteen oil tankers, with a total cost of RMB 7.882 billion [1] - ZhongAn Online P&C Insurance Co., Ltd. (众安在线) reported a total original insurance premium income of approximately RMB 32.904 billion for the first eleven months [2] - R&F Properties Co., Ltd. (富力地产) achieved total sales revenue of approximately RMB 12.7 billion in the first eleven months, representing a year-on-year increase of 24.63% [3] - Yida China Holdings Limited (亿达中国) reported a contracted sales amount of approximately RMB 681 million for the first eleven months, a year-on-year decrease of 23.22% [4] - Karsen International Holdings Limited (卡森国际) has entered into a steel structure procurement contract with suppliers, involving an investment of RMB 43.5366 million [4] Clinical and Regulatory Updates - Bolex Cloud-B (拨康视云-B) successfully held a meeting after the second phase of clinical trials for CBT-004 [5] - Innovent Biologics, Inc. (复宏汉霖) has had its application for the marketing registration of Hansizhuang® combined chemotherapy for gastric cancer accepted by the National Medical Products Administration, and it has been included in the priority review [5] - CSPC Pharmaceutical Group Limited (石药集团) received approval for a new indication for Donyi® (Irinotecan Liposome Injection) for first-line treatment in patients with metastatic pancreatic cancer [5] - Heng Rui Medicine (恒瑞医药) received a clinical trial approval notice for HRS-1780 tablets [7] Investment and Acquisition Activities - AVIC Aviation Industry Corporation (中航科工) plans to acquire a 59.1816% partnership interest in Hangtou Yuhua for a consideration of RMB 202 million [8] - China Environment Resources Holdings Limited (中国环境资源) intends to acquire 90% equity in Sichuan Yuanlai Shun Recycling Resources Co., Ltd. for RMB 9 million [9] - AVIC Aviation Industry Corporation (中航科工) has proposed to implement full circulation of H-shares [10] - Yabo Technology Holdings Limited (亚博科技控股) has entered into a framework agreement with Alipay (Hangzhou) [11] Financing and Buyback Activities - Yum China Holdings, Inc. (百胜中国) has entered into a share buyback agreement with a total repurchase amount of approximately USD 460 million, including about HKD 880 million under the Hong Kong plan, as part of a plan to return USD 1.5 billion to shareholders through dividends and share buybacks by 2026 [12] - Tencent Holdings Limited (腾讯控股) repurchased approximately 1.044 million shares for about HKD 636 million, with repurchase prices ranging from HKD 601.5 to HKD 616 [13] - Xuanwu Cloud (玄武云) repurchased 6,000 shares for a total of HKD 6,467.79, with prices between HKD 1.05 and HKD 1.07 [14] - China COSCO Shipping Holdings Co., Ltd. (中远海控) repurchased approximately 4.461 million shares for about HKD 60.8605 million, with prices ranging from HKD 13.38 to HKD 13.82 [15] - Geely Automobile Holdings Limited (吉利汽车) repurchased approximately 1.362 million shares for about HKD 23.9241 million, with prices between HKD 17.29 and HKD 17.82 [16] - China Anshun Energy (中国安储能源) plans to issue a total of 524 million shares at a discount of approximately 19.12%, aiming to raise about HKD 288.2 million [16]

Group 1 - The company expects to record a significant fair value loss of approximately RMB 16.3 million related to its investment in ERX Pharmaceuticals Inc. due to recent changes in the U.S. capital market environment [1] - The fair value loss is primarily attributed to a shift in investor funding towards AI and technology sectors, leading to a decline in financing activities for traditional drug development and clinical research [1] - The board believes that the fair value loss will not have any significant adverse impact on the company's existing business, operations, or financial condition, as the group's liquidity remains strong and overall financial and operational status is stable [1] Group 2 - The company reported a revenue of RMB 259 million for the first half of 2025, representing a year-on-year increase of 1.8% [1]