Financial Performance - CANbridge Pharmaceuticals reported a revenue of RMB 150 million for the first half of 2025, representing a 25% increase compared to the same period last year[9]. - The company reported a revenue decrease of RMB 22.5 million or 50.3% to RMB 22.2 million for the six months ending June 30, 2025, primarily due to the termination of the distribution agreement for HeLianAn® in Taiwan[16]. - The company achieved a profit of RMB 59.2 million for the six months ending June 30, 2025, reversing a loss of RMB 247.3 million in the same period of the previous year[16]. - The company reported a net loss attributable to equity holders of RMB 409,080,000, compared to a loss of RMB 474,488,000 in the previous year[174]. - The total comprehensive income for the period was RMB 61,662,000, compared to a comprehensive loss of RMB 245,244,000 in 2024[176]. Research and Development - The company has allocated RMB 30 million for R&D in new technologies aimed at improving drug delivery systems[9]. - R&D expenses decreased by RMB 155.3 million or 89.6% to RMB 18.0 million, attributed to the approval of the new drug application for GoReNing®[16]. - The company is investing in next-generation gene therapy technologies, with a focus on providing potential one-time, durable treatments for rare genetic diseases[22]. - Research and development expenses for the six months were RMB 17,990,000, significantly reduced from RMB 173,256,000 in 2024[172]. Product Development and Launches - The company is actively developing two new products expected to launch in Q4 2025, which are anticipated to contribute an additional RMB 50 million in revenue[9]. - The company launched MaiRuibei® in January 2024, identifying 874 ALGS patients by June 30, 2025, with commercial insurance plans covering 196 million people in 39 cities[11]. - The company achieved significant progress in its drug product line and business operations since its listing on December 10, 2021[32]. - The commercialization of the product Gorenin, approved for sale in China on May 15, 2025, is expected to enhance profitability[187]. Strategic Partnerships and Collaborations - CANbridge Pharmaceuticals is exploring strategic partnerships to enhance market expansion in Southeast Asia, targeting a 15% market share by 2026[9]. - The company entered a strategic partnership with Baiyang Pharmaceutical, receiving a strategic cooperation fee of RMB 50 million and raising approximately HKD 100 million through the subscription of 74,971,468 shares by a subsidiary of Baiyang Pharmaceutical, representing 14.99% of the enlarged issued share capital[11]. - The company has established a partnership with WuXi Biologics for the development of Ge Ruining, addressing the high treatment costs that limit access for many GD patients in China[38]. Market and Industry Insights - The Chinese rare disease drug market was approximately $1.3 billion in 2020, with projections to reach $25.9 billion by 2030, reflecting a compound annual growth rate (CAGR) of 34.5%[20]. - The National Rare Disease Catalog in China now includes 207 rare diseases, with the second batch announced in 2023 adding 86 new diseases, enhancing the regulatory environment for rare disease treatments[21]. Financial Position and Liquidity - Cash and bank balances as of June 30, 2025, were RMB 1,960,000, insufficient to cover the upcoming bank and other borrowings of RMB 24,173,000 due within the next 12 months[172]. - The company has a current liability net amount of approximately RMB 462,681,000, raising concerns about its ability to meet short-term obligations[183]. - The company is actively taking measures to alleviate liquidity pressure and improve its financial position, although specific strategies were not detailed in the provided content[183]. Employee and Corporate Governance - The group had a total employee cost of approximately RMB 27.7 million for the reporting period, a decrease from RMB 54.1 million as of December 31, 2024, representing a reduction of about 48.8%[162]. - The company has streamlined its workforce to 45 full-time employees as of June 30, 2025, focusing on key projects amid challenging macroeconomic conditions[17]. - The company has adhered to the corporate governance code principles and has maintained high standards of corporate governance[152]. Shareholder Information and Equity Incentives - The company has a maximum of 54,549,230 shares involved in the pre-IPO equity incentive plan, with 55,708,000 stock options granted, of which 6,244,823 have expired as of the report date[73]. - The maximum number of shares that may be involved in the pre-IPO equity incentive plan is 54,549,230 shares, with 55,708,000 stock options granted[96]. - The board has decided not to declare an interim dividend for the six months ending June 30, 2025[81].

Core Points - North Sea Kangcheng-B (01228.HK) announced that the conditions of the subscription agreement have been met, and the delivery of the subscription matter was completed on September 26, 2025, in accordance with the terms and conditions of the subscription agreement [1] - On the delivery date, the company issued a total of 9.996 million subscription shares to the subscribers at a subscription price of HKD 2.26 per share, resulting in total proceeds of HKD 22.5914 million [1]

Core Viewpoint - Beihai Kangcheng-B (01228) has successfully completed the conditions outlined in the subscription agreement, with the delivery of the subscription matter taking place on September 26, 2025 [1] Group 1 - The company issued a total of 9.996 million subscription shares at a price of HKD 2.26 per share [1] - The total amount raised from the subscription is HKD 22.5914 million [1]

Core Viewpoint - Beihai Kangcheng-B (01228) has successfully completed the conditions outlined in the subscription agreement, with the delivery of the subscription matter executed on September 26, 2025 [1] Group 1: Subscription Details - The company issued a total of 9.996 million subscription shares at a subscription price of HKD 2.26 per share on the delivery date [1] - The total proceeds from the subscription amounted to HKD 22.5914 million [1]

北海康成製藥有限公司 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。 本公告或其任何副本概不得直接或間接於美國境內或有關刊發或派發屬違法的任何其他司法權區刊 發或派發。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。 本公告並不構成或組成於美國境內或有關發售屬違法的任何其他司法權區出售證券的任何要約或 招攬購買或認購證券的一部分。本公告所述本公司股份並無亦不會根據1933年美國證券法（經修訂） （「美國證券法」）登記，且不得於美國境內提呈發售或出售，惟根據美國證券法登記規定進行登記者 或獲豁免遵守該等登記規定者除外。本公司無意根據美國證券法登記本公告內所指之任何證券，或 在美國境內進行證券公開發售。 CANbridge Pharmaceuticals Inc. （於開曼群島註冊成立的有限公司） （股份代號：1228） 完成根據一般授權認購新股份 誠如該公告所載，認購人C為若干基金及獨立管理賬戶的全權投資管理人。其主要從事全球資 ...

Core Viewpoint - The Hong Kong pharmaceutical sector has experienced a significant surge in stock prices, with many companies seeing increases of over 600%, yet most of these companies remain unprofitable, raising questions about whether this is a genuine market correction or speculative trading [1][3][11]. Group 1: Market Performance - In the period from July 1 to September 18, 2018, 201 out of 264 pharmaceutical companies listed in Hong Kong saw their stock prices rise, with 69 companies increasing by over 50% and 21 companies doubling their stock prices [3]. - Notable stock performances include New Wave Pharma (06108.HK) with a 928.71% increase, Beihai Kangcheng-B (01228.HK) at 802.70%, and Clover Biopharma-B (02197.HK) at 629.77% [4]. Group 2: Individual Company Analysis - Yaojie Ankang-B (02617.HK) saw its stock price soar from an IPO price of 13.15 HKD to a peak of 679.5 HKD, before experiencing a dramatic drop to 165.1 HKD, resulting in a market capitalization decline from nearly 270 billion HKD to 65.5 billion HKD [1][5]. - Beihai Kangcheng reported a revenue of 0.92 million HKD for 2024, a decrease of 17.27%, with a net loss of 478 million HKD [7]. - Clover Biopharma reported a revenue of 41.49 million HKD for 2024, a decrease of 2.13%, and a net loss of 976 million HKD, which is an increase of 550% year-on-year [9]. Group 3: Investment Strategies - Investors have adopted various strategies, with some achieving high returns through direct investments in innovative drugs, while others prefer ETFs for a more stable approach [10]. - One investor reported a 110% return on an ETF investment in innovative drugs, while another faced a 30% loss after investing heavily in Yaojie Ankang [10]. Group 4: Market Dynamics - The surge in the Hong Kong pharmaceutical sector is attributed to its inherent characteristics, such as high speculative value and event-driven dynamics, which attract short-term capital [11][12]. - The market's structure, including a lack of price limits and low liquidity, facilitates significant price volatility, making it easier for small amounts of capital to influence stock prices [25][19]. Group 5: Regulatory Considerations - Experts suggest that the index inclusion rules should be optimized to focus more on a company's fundamentals and liquidity, reducing the likelihood of stocks being manipulated [28]. - The current index inclusion criteria heavily rely on quantitative metrics, often overlooking the underlying business stability and profitability of companies [26].

Core Viewpoint - The innovative drug sector in Hong Kong has become a market focus again, with significant stock price increases following a prolonged period of adjustment and low valuations [2][3]. Group 1: Market Performance - Beihai Kangcheng-B (01228.HK) has surged nearly 19 times, while other companies like Deqi Pharmaceutical-B (06996.HK) and Hengrui Medicine (01276.HK) have also shown impressive gains, with some stocks increasing over four times [2]. - The overall profitability of the Hong Kong innovative drug sector has significantly improved in 2025, with many companies reporting substantial increases in net profit [6][7]. Group 2: Policy Support - The Chinese government has included "innovative drugs" in key emerging industries, with policies introduced to support the development of innovative drugs, including price management and financing [3]. - In June 2025, the National Healthcare Security Administration and the National Health Commission launched measures to support the high-quality development of innovative drugs, providing robust policy backing [3]. Group 3: Company Performance - Hengrui Medicine reported a 29.67% increase in net profit to 4.45 billion RMB in the first half of the year, achieving record highs in revenue and profit [4]. - Baijie Shenzhou's net profit increased by 115.63% to 450 million RMB, marking its first half-year profit, primarily due to the strong performance of its core product [5]. Group 4: Financing Trends - Many innovative drug companies are launching placement financing plans to raise funds for ongoing research and daily operations, driven by improved stock prices [8][10]. - As of 2025, nearly 60 companies in the Hong Kong medical and biopharmaceutical sectors have announced placement financing plans, with innovative drug companies being the main contributors [8]. Group 5: Future Outlook - The innovative drug sector is expected to continue its rapid development, supported by favorable external conditions and ongoing policy support [12][14]. - The recent interest rate cuts by the Federal Reserve may facilitate easier financing for innovative drug companies, which is crucial for those yet to achieve commercialization [13].

Core Viewpoint - Beihai Kangcheng-B (01228) experienced a significant stock price increase of over 8%, reaching HKD 3.05 with a trading volume of HKD 20.58 million following the announcement of a share subscription plan [1] Group 1: Share Subscription Details - The company plans to issue a total of 9.9962 million subscription shares to three subscribers at a price of HKD 2.26 per share, representing a discount of approximately 19.86% compared to the closing price of HKD 2.82 on September 15 [1] - The total amount raised from the subscription is expected to be HKD 22.59 million, with a net amount of approximately HKD 22.09 million after expenses [1] Group 2: Use of Proceeds - The net proceeds from the subscription will be allocated to research and development expenses for existing product lines and for the company's daily operations [1]

消息面上，北海康成-B发布公告，于2025年9月15日，公司拟向3名认购人(覃深、黄晓婷、雾凇资本有 限公司)发行合共999.62万股认购股份。每股认购股份2.26港元的认购价，较9月15日收市价每股2.82港 元折让约19.86%。 公告称，认购事项所得款项总额将为2259.14万港元，所得款项净额估计约为2209.14万港元。公司拟将 认购事项所得款项净额用于现有产品线的研发开支；及集团日常营运。 智通财经APP获悉，北海康成-B(01228)午前涨超8%，截至发稿，涨8.16%，报3.05港元，成交额2058.77 万港元。 ...

Group 1 - The company, Beihai Kangcheng-B, announced the issuance of a total of 9,996,200 subscription shares to three subscribers: Qin Shen, Huang Xiaoting, and Wusong Capital Limited [1] - The subscription price per share is set at HKD 2.26, representing a discount of approximately 19.86% compared to the closing price of HKD 2.82 on September 15 [1] - The total funds raised from this issuance amount to HKD 22.5914 million, with net proceeds estimated at approximately HKD 22.0914 million [1] Group 2 - The company plans to utilize the net proceeds for research and development of existing product lines as well as for the group's daily operations [1]