CANbridge Pharmaceuticals Inc. 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，概不就因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 本公告僅作參考用途，並不構成收購、購買或認購本公司任何證券之邀請或要約。 北海康成製藥有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1228） 建議更新一般授權 獨立董事委員會及獨立股東的獨立財務顧問 董事會建議更新現有一般授權，以供董事配發、發行及買賣最多相當於股東特別大會通過相關決 議案當日本公司已發行股本20%的新股份（不包括以庫存形式持有的任何股份）。根據上市規則第 13.36(4)條，授出新一般授權須經獨立股東於股東特別大會上以普通決議案批准，方可作實。 本公司將舉行股東特別大會以考慮及酌情通過一項普通決議案以批准授出新一般授權。由全體獨 立非執行董事（即Richard James Gregory博士、James Arthur Geraghty先生、陳炳鈞先生及胡瀾博 士）組成的獨立董事委員會已告成立，以就授出新一般授權向 ...

Core Viewpoint - Beihai Kangcheng-B (01228.HK) experienced a significant intraday increase of nearly 18%, with a current rise of 11.76%, trading at HKD 2.09, and a transaction volume of HKD 10.2188 million [2] Summary by Category - **Stock Performance** - The stock price of Beihai Kangcheng-B rose by 11.76% to HKD 2.09 [2] - The intraday increase reached nearly 18% at one point [2] - The trading volume was recorded at HKD 10.2188 million [2]

Core Viewpoint - Beihai Kangcheng-B (01228) experienced a significant stock price increase, rising nearly 18% during trading, with a current increase of 11.76% to HKD 2.09, and a trading volume of HKD 10.2188 million [1] Group 1: Company Developments - The details of the "Beijing Universal Health Insurance" for the year 2026 have recently been announced, with three rare disease products from Beihai Kangcheng included [1] - The drug Goreni, which was approved for market on May 13 this year, made its debut in the "Universal Health Insurance" [1] - Goreni was first prescribed at the Xinhua Hospital affiliated with Shanghai Jiao Tong University School of Medicine on July 2, marking its official entry into clinical application, which is expected to significantly enhance drug accessibility for domestic patients [1]

Core Viewpoint - Beihai Kangcheng-B (01228) experienced a significant stock price increase, rising nearly 18% during trading, with a current increase of 11.76% to HKD 2.09, and a trading volume of HKD 10.2188 million [1] Group 1: Company Developments - The details of the "Beijing Universal Health Insurance" for the year 2026 have recently been announced, with three rare disease products from Beihai Kangcheng included [1] - The drug Goreni, which was approved for market release on May 13 this year, made its debut in the "Universal Health Insurance" [1] - Goreni was first prescribed on July 2 at the Xinhua Hospital affiliated with Shanghai Jiao Tong University School of Medicine, marking its official entry into clinical application, which is expected to significantly enhance drug accessibility for domestic patients [1]

Core Viewpoint - The article highlights a significant discount on the "CROCODILE" down jacket series, emphasizing its quality and historical significance as a well-known Hong Kong brand, available at a price starting from ¥169, which is substantially lower than the retail price of ¥1958 [3][5][43]. Brand Overview - "CROCODILE" is a century-old brand, registered in Hong Kong in 1911, and is recognized as a leading Chinese brand with a strong reputation [9][11][49]. - The brand has a rich history, being the first to tailor clothing for Chinese individuals and has maintained a loyal customer base across various demographics in Hong Kong [13][17][49]. Product Features - The "CROCODILE" down jackets are made with 90% white duck down, providing warmth without bulkiness, and are designed to be lightweight and comfortable [21][27][70]. - The jackets feature a classic 3D cut that flatters various body types, enhancing the wearer's appearance while ensuring comfort [35][37]. - The down jackets are constructed with high-quality materials that resist cold air and maintain warmth, making them suitable for winter wear [63][72]. Market Position - The brand has over 1600 retail locations across China, indicating its strong market presence and consumer trust [39]. - The article notes that many brands are increasing their prices for down jackets, making the current offer from "CROCODILE" particularly attractive [41][43]. Promotional Offer - The article promotes a limited-time offer for the "CROCODILE" down jackets, encouraging readers to take advantage of the low prices before stock runs out [43][45][115].

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10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11月5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/ ...

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [5] Core Insights - The report highlights the significant performance of domestic new drugs showcased at the ESMO 2025 conference, with several companies presenting excellent clinical data [3][21] - The report emphasizes the importance of academic conferences as key catalysts for the innovative drug sector, particularly mentioning ESMO, ASCO, and WCLC as critical events for Chinese pharmaceutical companies [20] Weekly New Drug Market Review - From October 20 to October 26, 2025, the top five gainers in the new drug sector were: - 欧康维视 (+8.87%) - 君圣泰 (+8.21%) - 诺思兰德 (+7.07%) - 友芝友 (+4.42%) - 海创药业 (+3.73%) - The top five losers were: - 康宁杰瑞 (-17.72%) - 北海康成 (-14.42%) - 创胜集团 (-14.29%) - 宜明昂科 (-13.40%) - 来凯医药 (-12.40%) [16][17] Recommended Focus Stocks - The report suggests focusing on several stocks with potential catalysts, including: 1. Products with high overseas volume certainty after MNC certification: - PD-1 upgraded product: 三生制药 - GLP-1 asset: 联邦制药 - ADC assets: 科伦博泰, 百利天恒 2. Potential heavyweights for overseas MNC authorization: - PD-1 upgraded products: 康方生物, 信达生物 - Breakthroughs in autoimmune fields: 益方生物, 中国抗体 - Innovative target ADC: 复宏汉霖, 石药集团 3. Stocks likely to benefit from medical insurance negotiations and commercial insurance innovative drug directories: - Beneficiaries of medical insurance directory: 恒瑞医药, 康诺亚, 迈威生物, 智翔金泰, 海创药业 - Beneficiaries of commercial insurance innovative drug directory: 药明巨诺, 科济药业 [2][20] New Drug Approval and Acceptance - This week, four new drug or new indication applications were approved, and five new drug or new indication applications were accepted in the domestic market [9] - A total of 46 new drug clinical applications were approved, and 31 new drug clinical applications were accepted [10] Key Domestic Market Events - 信达生物 announced a global strategic partnership with Takeda to accelerate the development of new generation tumor immunotherapy and antibody-drug conjugate therapies [11] - 康宁杰瑞 and 石药集团 announced that their HER2 bispecific antibody-drug conjugate JSKN003 received breakthrough therapy designation from the CDE [11] - 和黄医药 presented clinical data for HMPL-A251 at the AACR-NCI-EORTC conference [11] Key Overseas Market Events - 罗氏 received FDA approval for Gazyva/Gazyvaro for the treatment of active lupus nephritis in adult patients [12] - Electra Therapeutics announced that its therapy ELA026 received breakthrough therapy designation from the FDA and PRIME qualification from the EMA [12] - 安斯泰来 announced that the FDA accepted its supplemental biologics license application for the antibody-drug conjugate Padcev in combination with Keytruda [12]

Market Overview - The Hong Kong stock market saw a rebound with the Hang Seng Index rising by 0.72% to close at 25,967 points, the National Enterprises Index up 0.83% returning to 9,300 points, and the Hang Seng Technology Index increasing by 0.48% to 5,951 points [1] - Major technology stocks experienced gains, with Meituan leading at a 4.06% increase, Alibaba up 1.67%, Tencent and JD.com both up 1.5%, and Baidu rising by 1.22% [1][3] - Financial stocks also contributed to the market's rise, with Agricultural Bank of China increasing by approximately 2% to reach a new high [1] Technology Sector - Alibaba announced the pre-sale of its AI-powered smart glasses, Quark AI Glasses, priced at 4,699 RMB, set to start delivery in December [3] - The technology sector showed a mixed performance, with major players like Meituan, Alibaba, Tencent, and JD.com seeing positive movements, while Apple-related stocks remained sluggish [1][3] Energy Sector - The energy sector saw a broad increase, with notable gains in oil and gas stocks, particularly Yanchang Petroleum International rising over 6% [6] - The U.S. government imposed sanctions on Russian oil companies, which may impact global oil supply dynamics [5] Gambling Sector - The gambling sector showed strong performance, with Sands China rising over 4% and other companies like MGM China and Galaxy Entertainment also experiencing gains [8] - Sands China reported a 7.5% increase in net revenue for Q3 2025 compared to Q3 2024, with total gaming revenue in Macau expected to grow by 9% and 5% in the next two years [7] Aluminum Sector - The aluminum sector was active, with companies like China Hongqiao and Nanshan Aluminum International both rising over 4% [10] - Citic Securities noted supply constraints in the aluminum industry, particularly due to production cuts at Century Aluminum's Grundartangi smelter, which could lead to increased prices [9] Semiconductor Sector - The semiconductor sector faced declines, with stocks like Qorvo and North Sea Kangcheng dropping significantly [12] - Ansys Semiconductor China issued a statement opposing misinformation from its current management and reaffirmed compliance with Chinese regulations [11] Biopharmaceutical Sector - The biopharmaceutical sector underperformed, with stocks like Qianxin Biopharmaceutical dropping over 13% [14] - Analysts noted that the pharmaceutical index lagged behind the market due to tariff impacts and underwhelming external authorizations [13] Apple-Related Stocks - Apple-related stocks declined, with companies like FIH Mobile and Lens Technology experiencing significant drops [16] - Analyst Ming-Chi Kuo indicated that demand for iPhone Air is below expectations, leading to reduced shipments and production capacity [15] Investment Trends - Southbound funds recorded a net inflow of 5.345 billion HKD, indicating strong interest in Hong Kong stocks [19] - Goldman Sachs projected a fundamental shift in investment logic in the Chinese stock market, predicting a potential 30% increase in key indices by the end of 2027 [21]

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9月30日 狀態: 重新提交 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10月14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 ...

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9月30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10月8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 ...