Group 1 - The company, Beihai Kangcheng-B (01228), announced plans to issue a total of 9,996,200 subscription shares to three subscribers at a subscription 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 estimated to be HKD 22,591,400, with a net amount of approximately HKD 22,091,400 after expenses [1] - The net proceeds from the subscription will be used for research and development expenses of existing product lines and for the company's daily operations [1]

Core Viewpoint - Beihai Kangcheng-B (01228) plans to issue a total of 9,996,200 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] Summary by Relevant Sections - **Subscription Details** - The company intends to issue shares to three subscribers: Qin Shen, Huang Xiaoting, and Wusong Capital Limited [1] - The total amount raised from the subscription is expected to be HKD 22,591,400, with a net amount of approximately HKD 22,091,400 after expenses [1] - **Use of Proceeds** - The net proceeds from the subscription will be allocated for research and development expenses related to existing product lines and for the company's daily operations [1]

认购事项所得款项总额将为2259万港元，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2209万港元。每股认购股份的净发行价为2.21港元。公司拟将认购事项所得款 项净额用于(i)现有产品线的研发开支；及(ii)集团日常营运。公司将向联交所申请批准认购股份于联交 所上市及买卖。 格隆汇9月15日丨北海康成-B(01228.HK)公告，于2025年9月15日，公司与三名认购人订立三份认购协 议，据此，公司已有条件同意发行及认购人分别已有条件同意认购合共999.6万股认购股份，认购价为 每股认购股份2.26港元。每股认购股份2.26港元的认购价较：(a)股份于2025年9月15日在联交所所报的 收市价每股2.82港元折让约19.86%；及(b)股份于截至2025年9月14日止最后五个连续交易日在联交所所 报的平均收市价每股2.822港元折让约19.91%。 ...

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. 1 認購事項所得款項總額將為22,591,402.96港元，及經扣除就認購事項產生的相關開支後，本公司 根據認購事項應收所得款項淨額估計約為22,091,402.96港元。每股認購股份的淨發 ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of September 15, 2025 [1] Core Insights - The trend of Chinese innovative drugs going overseas continues, with a focus on selective opportunities. The report highlights that the global pharmaceutical transaction volume reached 456 deals in the first half of 2025, a 32% year-on-year increase, with upfront payments totaling $11.8 billion, a 136% surge, and total transaction value hitting $130.4 billion, up 58% year-on-year [2] - The report emphasizes the promising clinical data from Chinese innovative drugs presented at the World Lung Cancer Conference, particularly in the ADC (Antibody-Drug Conjugate) field, showcasing significant efficacy advantages [3] - The report discusses the potential of small nucleic acid drugs and innovative delivery systems, indicating new market opportunities arising from strategic collaborations between Chinese companies and multinational corporations [4] - The CXO (Contract Research Organization) sector is expected to gradually recover, with a notable increase in orders anticipated in the third quarter of 2025, driven by improved innovation environments and funding from license-out transactions [5] - The 2025 medical insurance negotiation and commercial insurance innovative drug directory work has commenced, with a focus on orphan drugs and breakthrough treatment varieties [6] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry underperformed the CSI 300 index by 1.75% in the past week, with a recent one-month increase of 3.32%, lagging behind the CSI 300 by 5.81% [22][26] - The medical device sector showed the highest weekly increase of 2.23%, while the chemical pharmaceutical sector experienced a decline of 2.57% [31] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index's current PE (TTM) stands at 40.60, above the five-year historical average of 31.60 [46] - The report notes that the pharmaceutical sector has shown a 15.06% increase over the past three months, outperforming the CSI 300 by 16.11% [43] 3. Recent Research Achievements - The report outlines recent research achievements by the Huaxin pharmaceutical team, including various in-depth and commentary reports on innovative drug developments and market trends [50] 4. Recent Industry Policies and News - The report details recent policy updates from the National Healthcare Security Administration regarding the 2025 drug directory adjustments and the approval of new drug applications [52][55]

北海康成-B(01228)截至2025年6月30日止6个月中期业绩显示，该集团取得收益2224.8万元，同比减少 50.33%；期内溢利5923.8万元，去年同期则取得亏损2.47亿元；每股盈利0.14元。 智通财经APP获悉，香港联交所最新资料显示，9月10日，北海康成(01228)股东将股票存入浦银国际证 券，存仓市值2.18亿港元，占比15.01%。 ...

Group 1 - The core viewpoint of the article highlights the recent stock deposit by shareholders of Beihai Kangcheng (01228) into Puyin International Securities, with a market value of HKD 218 million, representing 15.01% of the total [1] - Beihai Kangcheng-B (01228) reported a revenue of HKD 22.248 million for the six months ending June 30, 2025, reflecting a year-on-year decrease of 50.33% [1] - The company achieved a profit of HKD 59.238 million during the same period, contrasting with a loss of HKD 247 million in the previous year, resulting in an earnings per share of HKD 0.14 [1]

Core Viewpoint - Beihai Kangcheng (01228) has seen a significant stock price increase, with a year-to-date rise exceeding 2000% as of the latest report, reflecting strong market interest and potential growth opportunities for the company [1] Group 1: Stock Performance - Beihai Kangcheng's stock price rose by over 19%, currently trading at 2.83 HKD, with a trading volume of 66.91 million HKD [1] - The cumulative increase in stock price for the year has surpassed 2000% [1] Group 2: Regulatory Developments - The National Healthcare Security Administration has established a new commercial insurance innovative drug directory, initiating the application process on July 11 [1] - Three of Beihai Kangcheng's products passed the initial review on August 12, which could expedite their market access [1] Group 3: Market Impact - Inclusion in the commercial insurance innovative drug directory would provide commercial insurance support for Beihai Kangcheng's drugs, potentially reducing the economic burden on patients and improving drug accessibility [1] Group 4: Strategic Partnerships - On August 13, Beihai Kangcheng announced a share subscription agreement with Baiyang Pharmaceutical, with Baiyang investing 100 million HKD in Beihai Kangcheng [1] - The agreement includes an exclusive commercialization service contract, allowing Baiyang's subsidiaries to promote specific Beihai Kangcheng products in mainland China, Hong Kong, and Macau [1]

消息面上，国家医保局首次设立商保创新药目录，并于7月11日正式启动申报工作。北海康成的3款产品 戈芮宁（注射用维拉苷酶β）、迈芮倍（氯马昔巴特口服溶液）、海芮思（艾度硫酸酯酶β注射液）于8 月12日通过初审，有望加速市场准入。市场人士称，通过初审名单，对于北海康成意义重大。假设进入 商保创新药目录，药品将获得商业保险的支持，患者用药的经济负担有望减轻，从而提高产品的可及 性。 智通财经APP获悉，北海康成(01228)再涨超19%，年内累计涨幅已超2000%。截至发稿，涨15.51%，报 2.83港元，成交额6691.49万港元。 此外，8月13日，北海康成宣布与百洋医药达成股份认购协议，根据协议，百洋医药将斥资1亿港元认购 北海康成股份。与此同时，北海康成与百洋医药双方通过签订独家商业化服务协议，进一步深化战略协 同。根据协议，百洋医药旗下子公司将获得北海康成旗下特定产品在中国内地、香港及澳门地区的推广 权。 ...

Group 1 - The stock of Beihai Kangcheng-B (01228) has surged over 9%, with a remarkable year-to-date increase of 16 times, currently trading at 2.4 HKD with a transaction volume of 16.13 million HKD [1] - In the first half of the year, Beihai Kangcheng reported revenues of 22.248 million HKD, a decrease of 50.33% year-on-year, while achieving a profit of 59.238 million HKD, compared to a loss of 247 million HKD in the same period last year [1] - The revenue decline is attributed to the company's strategic focus on rare diseases since 2021, with the termination of the distribution agreement for the product He Li An in Taiwan by the end of 2024, leading to a 170,000 HKD or 6.9% decrease in revenue excluding sales in Taiwan [1] Group 2 - In August, Beihai Kangcheng announced a share subscription agreement with Baiyang Pharmaceutical, where Baiyang will invest 100 million HKD to acquire shares in Beihai Kangcheng [2] - The agreement includes a commercial service contract that grants Baiyang's subsidiary promotional rights for specific products of Beihai Kangcheng in mainland China, Hong Kong, and Macau [2] - Beihai Kangcheng's three rare disease products have passed the preliminary review for the commercial insurance innovative drug directory announced by the National Healthcare Security Administration, including the recently approved long-term enzyme replacement product for Gaucher disease patients [2]