Summary of Beihai Kangcheng Conference Call Company Overview - **Company**: Beihai Kangcheng - **Focus**: Rare disease sector, with five products launched including Haier Si, Mai Rui Bei, and Wei La Gan En Zhi Bei Ta, covering mainland China, Taiwan, and Hong Kong-Macau regions [2][5][10] Strategic Partnerships - **Collaboration with Baiyang Pharmaceutical**: - Baiyang's exclusive CFO has joined and acquired nearly 15% equity, indicating a new development phase for the company [2][4] - This partnership is expected to influence future adjustments in medical insurance and commercial insurance directories [2][4][7] Product Development and Market Position - **Haier Si**: - The only enzyme replacement therapy globally for Mucopolysaccharidosis Type II, included in the initial selection list for innovative drug insurance payment [2][10] - Significant market potential with a high incidence rate in East Asian populations [10] - **Ge Rui Ning**: - First domestically developed enzyme replacement therapy for Gaucher disease types I and III, aiming to reduce annual treatment costs by at least 50% [2][12][13] - Plans for large-scale promotion starting in early 2026 and discussions for international market entry [2][17] - **CAN204**: - A gene therapy for Duchenne Muscular Dystrophy (DMD) that has passed animal testing and is in talks for international collaboration [2][21][22] Financial Goals and Projections - **Sales Targets**: - Aiming for sales of 200 million, 500 million, and even 1 billion RMB, with expectations of positive cash flow by 2026 [3][23][25] - **Commercialization Outlook**: - No specific sales forecasts for 2025 and 2026 yet, but significant growth is anticipated if innovative drug insurance payments are implemented [20] Market Trends and Global Strategy - **International Market Entry**: - The trend of Chinese innovative drugs entering global markets is irreversible, with a focus on rare diseases [6][9] - Plans to leverage partnerships for regulatory navigation and market entry [14][17] Research and Development - **R&D Focus**: - Continuous innovation in rare disease treatments, with a strategy to develop products with global market potential [9][21] - Emphasis on patient education, diagnostic technology, and updating treatment guidelines [18][19] Future Plans - **Ecosystem Development**: - Building a rare disease ecosystem in collaboration with CROs and CDMOs, and leveraging genetic testing technologies [24][26] - **Financial Management**: - Aiming for cash flow positivity by 2026, with a focus on balancing funding for new projects and operational sustainability [25][26] Conclusion - Beihai Kangcheng is positioned to capitalize on its strategic partnerships and innovative product pipeline in the rare disease sector, with ambitious sales targets and a clear path towards international market expansion and financial sustainability [2][3][6][17][25]

格隆汇8月19日丨北海康成-B(01228.HK)宣布，本公司将于2025年8月29日（星期五）举行董事会会议， 藉以（其中包括）考虑及批准本公司及其附属公司截至2025年6月30日止六个月的未经审计中期业绩及 其发布。 ...

格隆汇8月19日丨北海康成-B(01228.HK)公告，公司将于2025年8月29日(星期五)举行董事会会议，藉以 (其中包括)考虑及批准公司及其附属公司截至2025年6月30日止6个月的未经审计中期业绩及其发布。 ...

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，概不就因本公告全部或任何部份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。 CANbridge Pharmaceuticals Inc. 北海康成製藥有限公司 （於開曼群島註冊成立的有限公司） 董事會會議召開日期 北海康成製藥有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司將於2025年8月29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2025年6月30日止六 個月的未經審計中期業績及其發佈。 承董事會命 北海康成製藥有限公司 董事長 薛群博士 香港，2025年8月19日 於本公告日期，董事會包括執行董事薛群博士；非執行董事趙瑋女士；以及獨立非執行董事Richard James Gregory博士、James Arthur Geraghty先生、陳炳鈞先生及胡瀾博士。 （股份代號：1228） ...

Group 1 - Midea Real Estate (03990) expects a profit increase to 350 million yuan for the first half of the year, driven by new business segments from asset distribution and development services [1] - Tongcheng Travel (00780) reported a 6.3% rise post-earnings, with adjusted net profit of 770 million yuan, exceeding expectations by 33% [1] - Country Garden (02007) shares rose over 4% following strong support for its offshore debt restructuring, with the coordination committee holding 49% of the total loan principal [1] - Kelun-Botai Biopharmaceutical (06990) saw a 4% increase in shares after reporting mid-year revenue of 950 million yuan, with efficient cash collection from receivables [1] Group 2 - Dongfang Zhenxuan (01797) shares surged nearly 12%, with a 300% increase since early July, despite a 30% year-on-year revenue decline in Q4 FY25 [2] - Zhihu-W (02390) shares rose over 16% ahead of its earnings announcement, with long-term funds increasing their holdings [2] - Jinyang New Energy (01121) shares increased nearly 1% as profitability for BC products is expected to improve with the ongoing recovery in the photovoltaic industry [2] - China Rare Earth Holdings (03788) shares jumped over 11% after announcing plans to spin off its gold business for a Hong Kong listing [2] Group 3 - Weimob Group (02013) shares rose over 7.5% ahead of its mid-term earnings report, with expectations of business recovery by 2025 due to improved consumer sentiment [3] Group 4 - iQIYI (IQ.US) shares surged 17.09% following the release of a new drama series, achieving significant viewership [4] - NIO (NIO.US) shares increased by 1.25% ahead of the launch of the new ES8 model and expansion into new markets [5] - Weibo (WB.US) shares rose 3.3% after exceeding earnings expectations, with revenue growth of 1.6% year-on-year [5] - Kingsoft Cloud (KC.US) shares increased by 5.38% as it prepares to release its earnings report, with expectations of revenue growth [5]

Core Viewpoint - Beihai Kangcheng-B (01228) has seen a significant stock price increase, with a recent rise of nearly 9% and a current price of 2.09 HKD, reflecting a trading volume of 20.28 million HKD [1] Group 1: Product Approval and Market Impact - The National Healthcare Security Administration announced on August 12 that three rare disease products from Beihai Kangcheng have passed the preliminary review for the commercial insurance innovative drug directory [1] - The approved products include: - Goryning (injectable Velaglucerase beta) for treating type I and III Gaucher disease in adolescents and adults aged 12 and above, which was approved for market in May this year - Mirebai (oral Chlorambucil) for treating cholestatic pruritus associated with ALGS/PFIC - Haier Si (injectable Idursulfase beta) for treating Mucopolysaccharidosis type II [1] Group 2: Financing and Shareholding Changes - Beihai Kangcheng recently announced the issuance of 74.97 million new shares to Baiyang Pharmaceutical (301015) at a price of 1.34 HKD per share, representing a discount of 19.76% compared to the price before suspension [1] - The net proceeds from the subscription, approximately 98.66 million HKD, will be used for the research and development of commercialized products, marketing and promotional activities, loan repayment, and daily operations [1] - Following the completion of this transaction, Baiyang Pharmaceutical will hold 14.99% of Beihai Kangcheng's equity, and has stated that it has no intention to acquire any controlling stake in the company within the next three years [1]

Core Viewpoint - Beihai Kangcheng-B (01228) experienced a decline of over 10%, with a current price of 1.87 HKD and a trading volume of 42.33 million HKD [1] Summary by Relevant Sections Company Announcement - Beihai Kangcheng-B announced a subscription agreement with Baiyang Health Industry International Trade Co., Ltd. to issue 74.9715 million subscription shares at a price of 1.34 HKD per share [1] - The subscription price of 1.34 HKD represents a discount of approximately 19.76% compared to the closing price of 1.67 HKD on August 11, 2025 [1] Financial Implications - The total proceeds from the subscription will amount to 100 million HKD, with a net estimated amount of approximately 98.6618 million HKD after deducting related expenses [1] - The net proceeds are intended for the development of commercialized products, marketing and promotional activities, repayment of loan financing, and daily operations of the group [1]

Core Viewpoint - Beihai Kangcheng-B (01228) experienced a decline of over 10%, with a current drop of 10.95%, trading at HKD 1.87, and a transaction volume of HKD 42.334 million [1] Group 1: Subscription Agreement - Beihai Kangcheng-B announced a subscription agreement with Baiyang Health Industry International Trade Co., Ltd., allowing the company to conditionally issue and the subscriber to conditionally subscribe for 74.9715 million subscription shares at a price of HKD 1.34 per share [1] - The subscription price of HKD 1.34 represents a discount of approximately 19.76% compared to the closing price of HKD 1.67 on the last trading day, August 11, 2025 [1] Group 2: Fund Utilization - The total amount raised from the subscription will be HKD 100 million, with an estimated net amount of approximately HKD 98.6618 million after deducting related expenses [1] - The company plans to use the net proceeds from the subscription for the research and development of commercialized products, marketing and promotional activities, repayment of loan financing and borrowings, and daily operations of the group [1]

消息面上，北海康成-B发布公告，于2025年8月12日(交易时段前)，公司与认购人百洋健康产业国际商 贸有限公司订立认购协议，据此，公司已有条件同意发行及认购人已有条件同意认购7497.15万股认购 股份，认购价为每股认购股份1.34港元。每股认购股份1.34港元的认购价较股份于2025年8月11日(即最 后交易日)在联交所所报的收市价每股1.67港元折让约19.76%。 认购事项所得款项总额将为1亿港元，及经扣除就认购事项产生的相关开支后，公司根据认购事项应收 所得款项净额估计约为9866.18万港元。公司拟将认购事项所得款项净额用于商业化产品的研发；营销 及推广活动；偿还贷款融资及借款；及集团日常营运。 北海康成-B(01228)回落逾10%，截至发稿，跌10.95%，报1.87港元，成交额4233.4万港元。 ...

每经记者｜林姿辰 每经编辑｜陈俊杰 8月13日开盘，北海康成股价大涨，截至收盘涨25.75%。 今日早间，公司宣布了战略融资事项以及与百洋医药的独家商业服务协议，后者的附属公司将作为独家 合同销售组织（CSO），在内地、香港及澳门推广北海康成的若干产品。前一日，公司两款产品一齐出 现在国家医保局公示的商保创新药目录初审名单中。 其中，戈芮宁是目前国内已获批的三个戈谢病治疗产品中，适应证范围最广的产品，且率先覆盖12岁以 上患者群体，但根据《中国戈谢病患者诊疗状况及疾病负担调研报告2023》，国内目前已知的戈谢病患 者仅为462人。 由于目标患者数量较少，罕见病药物定价普遍较高，但海芮思、迈芮倍给北海康成带来的收入相对有 限。2022年至2024年，公司营业收入分别为7897.2万元、1.03亿元和8510.30万元，归母净利润分别 为-4.83亿元、-3.79亿元和-4.43亿元。 股价连涨3月，商保创新药目录能否融化进院难"坚冰"？ 8月13日，百洋医药方面对《每日经济新闻》记者表示，公司非常看好罕见病赛道，公司将与北海康成 一起拓展并丰富罕见病药物管线，同时提升罕见病药物可及性，惠及更多患者。记者注意到， ...