Core Viewpoint - Beihai Kangcheng-B (01228) has seen a significant stock price increase of over 35%, with a cumulative rise exceeding 13 times this year, currently trading at 1.71 HKD with a transaction volume of 30.39 million HKD [1] Group 1: Company Developments - On May 15, the National Medical Products Administration approved the injection of Velaglucerase beta (brand name: Gorenin) for long-term enzyme replacement therapy for patients aged 12 and above with Type I and III Gaucher disease [1] - On July 3, Gorenin was prescribed for the first time, with the first patient receiving treatment at Xinhua Hospital [1] - The founder, chairman, and CEO of Beihai Kangcheng stated that rare diseases differ from common diseases, and relying solely on basic national medical insurance is insufficient to address patients' payment challenges [1] Group 2: Industry Context - Beihai Kangcheng is actively communicating with medical insurance payment departments to establish a more feasible payment mechanism for rare diseases, aiming to pave the way for the commercialization environment of rare diseases in China [1]

Group 1 - The Hang Seng Index fell by 0.66%, down 165 points, closing at 24,916 points, while the Hang Seng Tech Index dropped by 0.99% [1] - The early trading volume in Hong Kong stocks reached HKD 112.6 billion [1] - President Trump signed an executive order allowing alternative assets like private equity, real estate, and cryptocurrencies to enter 401K retirement savings plans, potentially opening up about USD 12.5 trillion in retirement account funds [1] Group 2 - Cryptocurrency-related stocks surged, with notable increases in prices: 嘉实以太币 (03179) up 6.48%, 博时以太币 (03009) up 6.24%, 华夏以太币 (03046) up 6.13%, and 博雅互动 (00434) up 6.46% [1] - 阜博集团 (03738) saw a significant rise of over 16%, with its stock price increasing by over 50% this week as the company expands into content industry RWA business [1] - 歌礼制药-B (01672) increased by 7.65% as ASC30 completed patient enrollment in Phase IIa, with strong business development expectations [1] - 君实生物 (01877) rose by 6.5% due to improved market conditions in the PD-(L)1/VEGF sector [1] Group 3 - RAFFLESINTERIOR (01376) resumed trading with an 80% surge after a change in controlling interest and a 43.1% discount on a full acquisition offer [2] - 老铺黄金 (06181) increased by 2.96% after being included in the MSCI China Index, with changes effective at the end of the month [2] Group 4 - 北海康成-B (01228) rose by over 30%, with a cumulative increase of nearly 9 times since early June, driven by the potential of the drug维拉苷酶β for significant business development opportunities [3] - 东风集团股份 (00489) saw an early morning increase of over 8%, despite a more than 90% year-on-year decline in net profit for the first half, managing to turn a profit compared to the previous quarter [4] - 和黄医药 (00013) dropped over 15% in early trading, with a 9.2% year-on-year decline in mid-term revenue, although selling joint venture equity led to a more than 16-fold increase in net profit [4]

Core Viewpoint - Beihai Kangcheng-B (01228) has seen a significant stock price increase of nearly 900% since early June, with a current price of 1.3 HKD and a trading volume of 15.1764 million HKD, following the approval of its innovative drug for Gaucher disease treatment [1][1][1] Company Summary - On May 15, the National Medical Products Administration approved Beihai Kangcheng's application for the injectable Velaglucerase beta (brand name: Gorening) for long-term enzyme replacement therapy in adolescents and adults aged 12 and above with Type I and III Gaucher disease [1][1][1] - On July 3, Beihai Kangcheng announced that the first prescription for Gorening had been issued, with the first patient receiving treatment at Xinhua Hospital [1][1][1] Industry Summary - The launch of Velaglucerase beta is expected to create a competitive landscape in the domestic Gaucher disease treatment market, with both imported and domestic drugs vying for market share [1][1][1] - Although other companies are also focusing on Gaucher disease treatment drug development, their progress is relatively slow, which may allow Velaglucerase beta to establish a strong foothold in the domestic market due to its domestic and first-mover advantages [1][1][1] - The market accessibility for Gaucher disease treatment is anticipated to improve significantly, and there is potential for future global expansion, indicating possible significant business development opportunities [1][1][1]

Core Viewpoint - Beihai Kangcheng-B (01228) has seen a significant stock price increase of over 25%, with a cumulative rise of nearly 900% since early June, indicating strong market interest and potential growth in the biopharmaceutical sector [1] Group 1: Company Developments - On May 15, the National Medical Products Administration approved the injection of Velaglucerase beta (brand name: Gorening) for long-term enzyme replacement therapy in patients aged 12 and above with Type I and III Gaucher disease [1] - As of July 3, Beihai Kangcheng reported that the first prescription for Gorening has been issued, with the first patient receiving treatment at Xinhua Hospital [1] Group 2: Market Implications - The launch of Velaglucerase beta is expected to create a competitive landscape in the domestic Gaucher disease treatment market, with both imported and domestic drugs vying for market share [1] - Although other companies are also focusing on Gaucher disease treatment drug development, their progress is relatively slow, suggesting that Velaglucerase beta may leverage its domestic and first-mover advantages to establish a strong foothold in the market [1] - There is potential for significant market accessibility improvements and future opportunities for global expansion in the Gaucher disease treatment sector, indicating possible major business development (BD) prospects [1]

Core Viewpoint - Beihai Kangcheng-B (01228) has seen a significant stock price increase of nearly 900% since early June, with a current rise of 22.64% to HKD 1.3, indicating strong market interest and potential in the biopharmaceutical sector [1] Company Summary - On May 15, the National Medical Products Administration approved the injection of Velaglucerase beta (brand name: Gorenin) for long-term enzyme replacement therapy in patients aged 12 and above with Type I and III Gaucher disease [1] - On July 3, Beihai Kangcheng announced that the first prescription for Gorenin was issued, with the first patient receiving treatment at Xinhua Hospital [1] Industry Summary - The launch of Velaglucerase beta is expected to create a competitive landscape in the domestic Gaucher disease treatment market, with both imported and domestic drugs vying for market share [1] - Although other companies are also focusing on Gaucher disease treatment drug development, their progress is relatively slow, suggesting that Velaglucerase beta may establish a strong foothold in the market due to its domestic and first-mover advantages [1] - The market accessibility for Gaucher disease treatment is anticipated to improve significantly, with potential for future global expansion, indicating a possibility for substantial business development opportunities [1]

FF301 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 致：香港交易及結算所有限公司 公司名稱: 北海康成製藥有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年8月6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) | 01228 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | 本月底法定/註冊 ...

Group 1 - The Hong Kong biotechnology stocks collectively rose, with notable increases in several companies' stock prices [1][2] - Beihai Kangcheng-B saw a rise of nearly 19%, while other companies like Gilead Sciences-B and Ascentage Pharma-B also experienced significant gains of over 15% and 9% respectively [1][2] - The overall trend indicates a positive sentiment in the biotechnology sector, with multiple companies achieving gains of over 5% [1][2] Group 2 - Specific stock performance includes: Beihai Kangcheng-B at 18.99% increase, Gilead Sciences-B at 15.30%, and Ascentage Pharma-B at 9.48% [2] - The market capitalization of these companies varies significantly, with Gilead Sciences-B at approximately 11.477 billion and Ascentage Pharma-B at about 29.86 billion [2] - Other notable performers include Jiahua Bio-B and Beikang Medical-B, both showing increases of over 7% [1][2]

Group 1 - The Hong Kong biotechnology stocks experienced a collective increase, with Beihai Kangcheng-B rising nearly 19% [1] - Gilead Sciences-B surged over 15%, while Ascentage Pharma-B increased by more than 9% [1] - Other notable gainers include Jiahe Biopharma-B up over 8%, and Beikang Medical-B, Fuhong Hanlin, and Kangnuo Ya-B each rising over 7% [1] Group 2 - Huakang Biomedical, Basilea Pharmaceutica-B, Lepu Biopharma-B, and Hualing Pharmaceutical-B all saw increases of over 6% [1] - Yiming Anke-B, Nocera Health, Zai Lab, and CanSino Biologics rose by more than 5% [1]

Market Performance - A-shares steadily advanced this week, with the ChiNext Index reaching a new high for the year and the Shenzhen Component Index hitting a four-month high, approaching its highest point of the year [1] - Weekly trading volume increased to 7.73 trillion yuan, marking the largest weekly trading volume in three months [1] Fund Inflows - Leverage funds actively entered the market, with most industries under the Shenwan first-level industry classification seeing net buying, particularly the computer industry with over 4.4 billion yuan and the electronics industry with over 3 billion yuan [2] - The electronic, biopharmaceutical, and automotive sectors each received over 20 billion yuan in net inflows, while the non-bank financial sector saw a net outflow of over 8.3 billion yuan [2] Rare Earth Demand - The rare earth sector performed strongly, with the rare earth permanent magnet index reaching a three-and-a-half-year high [3] - Demand for rare earths is expected to grow rapidly due to advancements in humanoid robots and electric vehicles, with estimates suggesting a demand of at least 70,000 tons of neodymium-iron-boron by 2025 [3] Energy Metals - The energy metals sector, including lithium and cobalt, reached a two-year high, with lithium carbonate futures breaking 70,000 yuan/ton, marking a 20% increase from recent lows [4] - Short-term lithium salt supply may decline due to reduced exports from Chile and domestic production halts, leading to a potential price stabilization [4] Biopharmaceutical Sector - The biopharmaceutical sector saw significant gains, with the innovative drug index hitting record highs multiple times this week [6] - Notable stocks in the sector, such as Lianhuan Pharmaceutical and Aosaikang, experienced consecutive trading halts, with some stocks showing year-to-date gains exceeding 200% [6][7] Earnings Forecasts - Several pharmaceutical companies have recently forecasted substantial profit increases for the first half of 2025, with estimates suggesting net profit growth exceeding 19 times for some firms [7]

Core Viewpoint - The stock price of Beihai Kangcheng-B (01228) has experienced a significant surge, with a maximum increase of 165.63% over three trading days, indicating strong investor optimism regarding its innovative value and potential business development (BD) achievements [1][2][9]. Price Movement and Technical Analysis - After reaching a peak of 0.48 HKD on June 16, the stock showed signs of overbuying and subsequently underwent a technical correction, with a drop to 0.28 HKD by June 27, representing a decline of 41.67% from the high [2][4]. - The decline in stock price from June 18 to June 27 occurred without a corresponding increase in trading volume, indicating a lack of panic selling and a potential for recovery [4][5]. - On June 30, the stock began to recover, with a notable increase in trading volume, suggesting a shift in market sentiment and the potential for a new upward trend [5][6]. Market Sentiment and Trading Activity - The trading activity from July 2 to July 8 showed a consistent increase in volume alongside rising stock prices, indicating a strong buying interest from investors [5][7]. - The top net buyers among brokerage firms included Futu Securities and Yao Cai, reflecting a clear trend of domestic investors accumulating shares [7]. Policy and Market Impact - Recent policy measures from the National Healthcare Security Administration and the National Health Commission aimed at supporting innovative drug development have positively influenced market sentiment towards Beihai Kangcheng [9]. - The launch of the domestically developed enzyme replacement therapy for Gaucher disease, known as Velaglucerase beta (Goreining), marks a significant milestone for the company, potentially disrupting the market dominated by imported drugs [9][10]. Valuation Perspective - Despite the substantial price increases, the company's current price-to-sales (PS) ratio stands at 3.15, significantly lower than the industry average of 7.98, suggesting room for further valuation recovery [11].