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 revenue drop of 1.7 million HKD or 6.9% 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 Beihai Kangcheng products in mainland China, Hong Kong, and Macau [2] - Beihai Kangcheng's three rare disease products were included in the preliminary list of innovative drugs for commercial insurance published by the National Healthcare Security Administration on August 12, including the recently approved long-term enzyme replacement product for Gaucher disease [2]

FF301 截至月份: 2025年8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9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/註冊股本總額： USD 50,000 第 1 頁 ...

[Overview of 2024 Annual Report Supplemental Announcement](index=1&type=section&id=2024%E5%B9%B4%E5%B9%B4%E5%A0%B1%E8%A3%9C%E5%85%85%E5%85%AC%E5%91%8A%E6%A6%82%E8%A7%88) This announcement supplements CANbridge Pharmaceuticals Inc.'s 2024 annual report, detailing asset write-offs and share schemes - This announcement supplements CANbridge Pharmaceuticals Inc.'s 2024 annual report, providing additional information on right-of-use asset write-offs and share schemes[2](index=2&type=chunk)[3](index=3&type=chunk) [Write-off of Right-of-Use Assets](index=1&type=section&id=%E6%92%BF%E9%8A%B7) The company disclosed write-offs of U.S. right-of-use assets due to business scaling, recognizing lease liabilities at year-end - The company negotiated with the landlord of its U.S. Boston office and laboratory due to a U.S. scaling-down plan and vacated in the second half of 2024[4](index=4&type=chunk) - The company began defaulting on rent in August 2024[4](index=4&type=chunk) - Despite vacating, the lease agreement remained legally binding as of December 31, 2024, until the termination agreement became effective on February 8, 2025, thus lease liabilities were recognized at carrying value and not derecognized or reassessed[4](index=4&type=chunk) [Details of Share Schemes](index=2&type=section&id=%E8%82%A1%E4%BB%BD%E8%A8%88%E5%8A%83) Supplementary details were provided for pre-IPO and post-IPO share schemes, covering exercise, vesting, grants, limits, and a disclosure clarification - Supplementary information pertains to the pre-IPO equity incentive scheme, post-IPO restricted share unit scheme, and post-IPO share option scheme[5](index=5&type=chunk) [Exercise and Vesting of Share Incentives During the Reporting Period](index=2&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%82%A1%E4%BB%BD%E6%BF%80%E5%8A%B1%E8%A1%8C%E4%BD%BF%E4%B8%8E%E5%BD%92%E5%B1%9E) The company disclosed pre-IPO share option exercises and post-IPO restricted share unit vesting for employees and Dr. Xue Overview of Share Incentive Exercise and Vesting During the Reporting Period | Share Scheme | Participant | Number of Shares | Exercise or Vesting Date | Weighted Average Closing Price Immediately Preceding Date (HKD) | | :--- | :--- | :--- | :--- | :--- | | Pre-IPO Equity Incentive Scheme | Certain Employees | 276,200 | 2023年12月29日 - 2024年1月23日 | 0.87 | | Post-IPO Restricted Share Unit Scheme | Dr. Xue | 75,000 | 2024年1月12日 - 2024年12月12日 | 0.36 | | Post-IPO Restricted Share Unit Scheme | Other Employees | 459,375 | 2024年1月12日 - 2024年11月12日 | 0.30 | [Grant and Grantable Limits of Share Schemes](index=3&type=section&id=%E8%82%A1%E4%BB%BD%E8%AE%A1%E5%88%92%E6%8E%88%E5%87%BA%E5%8F%8A%E5%8F%AF%E6%8E%88%E5%87%BA%E4%B8%8A%E9%99%90) The company granted 19.15 million share incentives (4.51% of issued shares) and disclosed scheme grantable limits - During the reporting period, **6,336,000 restricted share units** were granted under the post-IPO restricted share unit scheme, and **12,815,000 share options** were granted under the post-IPO share option scheme[6](index=6&type=chunk) - The total number of restricted share units and share options granted during the reporting period was **19,151,000 shares**, representing approximately **4.51%** of the weighted average number of relevant class of shares issued during the same period[6](index=6&type=chunk) Grantable Limits of Share Schemes as of 2024 Annual Report Date | Share Scheme | Maximum Number of Shares Grantable | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | | Post-IPO Restricted Share Unit Scheme (Total) | 42,483,832 | 10% | | Post-IPO Restricted Share Unit Scheme (Service Providers) | 4,248,383 | 1% | | Post-IPO Share Option Scheme (Total) | 42,483,832 | 10% | | Post-IPO Share Option Scheme (Service Providers) | 4,248,383 | 1% | [Clarification of 2024 Annual Report Disclosure](index=3&type=section&id=2024%E5%B9%B4%E5%B9%B4%E6%8A%A5%E6%8A%AB%E9%9C%B2%E6%BE%84%E6%B8%85) The company clarified a 2024 annual report error regarding restricted share unit disclosure, stating 'exercise' is inapplicable - Clarification that the column 'Number of relevant shares of restricted share units exercised during the reporting period' in the 2024 annual report, page 46 table, is not applicable to restricted share units and should be deleted[6](index=6&type=chunk) - The total number of relevant shares for restricted share units during the reporting period was **534,375 shares**[6](index=6&type=chunk) [Concluding Remarks of the Announcement](index=4&type=section&id=%E5%85%AC%E5%91%8A%E7%BB%93%E8%AF%AD) This supplemental announcement provides additional information, with all other 2024 annual report content unchanged - This supplementary information does not affect other information contained in the 2024 annual report, and all other information remains unchanged[7](index=7&type=chunk) - Board members include Executive Director Dr. Xue Qun, Non-executive Directors Ms. Zhao Wei and Mr. Wang Tingwei, and Independent Non-executive Directors Dr. Richard James Gregory, Mr. James Arthur Geraghty, Mr. Chen Bingjun, and Dr. Hu Lan[8](index=8&type=chunk)

Group 1: Hong Kong Stocks Performance - BYD Electronics (00285) rose over 7%, reporting a nearly 14% year-on-year increase in net profit for the first half of 2025, with positive progress in AI data center business [1] - Beihai Kangcheng-B (01228) surged over 11%, achieving profitability in the first half of the year and recently forming a strategic partnership with Baiyang Pharmaceutical [1] - MicroPort Medical (00853) increased over 11%, with a reported loss of $46.602 million for the first half of 2025, a 51.9% reduction in loss year-on-year [1] - Bank of China Hong Kong (02388) rose over 6%, reporting a net profit of HKD 22.12 billion for the first half of 2025, with an increase in net trading income year-on-year [1] - UBTECH (09880) increased over 4%, announcing a strategic partnership agreement worth $1 billion with international investment firm Infini Capital [1] - Gold stocks performed well, with China Silver Group (00815) up over 8%, Zhaojin Mining (01818) up over 7%, Shandong Gold (01787) up over 6%, Chifeng Jilong Gold (06693) up over 6%, and Zijin Mining (02899) up over 6%, driven by rising gold prices due to increased interest rate cut expectations [1] Group 2: Chinese Companies' Financial Results - China Communications Construction (01800) fell over 5%, reporting a 16.9% year-on-year decrease in net profit for the first half of 2025 and not declaring an interim dividend [2] - Evergrande Property (06666) declined over 3%, with a 5.6% year-on-year drop in net profit for the first half of the year, with management expressing pessimism about economic benefits from Evergrande Group [2] - Zoomlion Heavy Industry (01157) rose over 2%, reporting a more than 20% year-on-year increase in net profit for the first half of 2025, with institutions optimistic about export growth in the second half [2] - Midea Group (00300) increased over 2%, reporting a 25.04% year-on-year increase in net profit for the first half of 2025 and proposing an interim dividend of HKD 5 per 10 shares [2] Group 3: US Stocks Performance - Autodesk (ADSK.US) rose 9.09%, reporting a 17% year-on-year revenue increase for the second fiscal quarter and raising its full-year revenue and adjusted EPS guidance [3] - Gap (GAP.US) increased 1.52%, with revenue slightly below market expectations for the second fiscal quarter, and management indicated that tariffs may pressure annual gross margins [3] - Marvell Technology (MRVL.US) fell 18.60%, reporting record revenue of $2.01 billion for the second quarter, a 58% year-on-year increase, but provided a Q3 revenue guidance slightly below expectations [3] - Alibaba (BABA.US) surged 12.90%, with a market value increase of $36.7 billion overnight, reporting an 18% year-on-year decline in Non-GAAP net profit, but strong resilience in core business [3] - Ambarella (AMBA.US) rose 16.78%, providing strong guidance for Q3 revenue, expected to be between $100 million and $108 million, reflecting continued growth in edge AI demand [3] - IREN Ltd (IREN.US) increased 14.93%, exceeding expectations in its fourth-quarter earnings report and announcing a priority partnership with NVIDIA [3] Group 4: Other Notable Stocks - Dell Technologies (DELL.US) fell 8.88%, reporting that its infrastructure division's operating profit margin was below expectations [4] - Affirm Holdings (AFRM.US) rose 10.59%, reporting better-than-expected revenue and profit for the fourth fiscal quarter [4] - TryHard Holdings (THH.US) declined 9.80%, issuing 1.5 million shares at $4 each, at the lower end of the pricing range [5] - GrowHub (TGHL.US) increased 1.48%, issuing 3.8 million shares at $4 each, also at the lower end of the pre-set pricing range [5]

Core Viewpoint - Beihai Kangcheng-B (01228) reported a significant increase in stock price following its interim results, with a rise of over 12% and a current price of 2.54 HKD, reflecting a trading volume of 10.31 million HKD [1] Financial Performance - The company reported a revenue of 22.248 million HKD for the first half of the year, a decrease of 50.33% year-on-year [1] - The net profit for the period was 59.238 million HKD, a turnaround from a loss of 247 million HKD in the same period last year [1] - Revenue decline was primarily attributed to the strategic focus on rare diseases initiated in 2021, with the termination of the distribution agreement for the product He Li An in Taiwan by the end of 2024 [1] - Excluding the sales of He Li An in Taiwan, the company's revenue decreased by 1.7 million HKD or 6.9% compared to the same period in 2024, mainly due to proactive inventory management and reduced stock of Mai Ruibei in the channels [1] Strategic Developments - In August 2025, Beihai Kangcheng announced a share subscription agreement with Baiyang Pharmaceutical, with Baiyang investing 100 million HKD in the company [1] - The agreement includes an exclusive commercialization service contract, enhancing strategic collaboration between Beihai Kangcheng and Baiyang Pharmaceutical [1] - A subsidiary of Baiyang Pharmaceutical will gain promotional rights for specific products of Beihai Kangcheng in mainland China, Hong Kong, and Macau [1]

Core Viewpoint - Beihai Kangcheng-B (01228) experienced a significant stock price increase of over 12% following the release of its interim results, indicating positive market sentiment despite a decline in revenue [1] Financial Performance - For the first half of the year, the company reported revenue of 22.248 million, a decrease of 50.33% year-on-year [1] - The company achieved a profit of 59.238 million, compared to a loss of 247 million in the same period last year, marking a turnaround to profitability [1] - Revenue decline was primarily attributed to the company's strategic focus on rare diseases initiated in 2021, with the termination of the distribution agreement for the product "He Li An" in Taiwan by the end of 2024 [1] - Excluding the sales of "He Li An" in Taiwan, the company's revenue decreased by 1.7 million or 6.9% compared to the same period in 2024, mainly due to proactive inventory management and reduced stock of "Mai Ru Bei" in the channels [1] Strategic Developments - In August 2025, the company announced a share subscription agreement with Baiyang Pharmaceutical, where Baiyang will invest 100 million Hong Kong dollars to subscribe for shares in Beihai Kangcheng [1] - The agreement includes an exclusive commercialization service contract, enhancing strategic collaboration between the two companies [1] - A subsidiary of Baiyang Pharmaceutical will gain promotional rights for specific products of Beihai Kangcheng in mainland China, Hong Kong, and Macau [1]

Group 1 - The company reported a profit of approximately RMB 306.5 million for the first half of 2025, reversing a loss of RMB 247.3 million from the same period in 2024, primarily due to increased other income and reduced sales, distribution, R&D, and administrative expenses, partially offset by decreased revenue [1] - Adjusted loss decreased by RMB 178.9 million or 82.7% to RMB 37.4 million for the first half of 2025, compared to an adjusted loss of RMB 216.2 million for the first half of 2024 [1] - The adjusted loss was derived from the reported profit of RMB 59.2 million, excluding the impact of share-based payment expenses, write-offs of right-of-use assets, and lease termination gains/losses [1] Group 2 - The company began a strategic partnership with Baiyang Pharmaceutical in August 2025, appointing its subsidiaries as exclusive contract sales organizations for marketing services and distribution in mainland China, Hong Kong, and Macau, with a strategic cooperation fee of RMB 50 million [2] - Baiyang Pharmaceutical's subsidiary subscribed for 74,971,468 shares of the company, representing 14.99% of the enlarged issued share capital, for a total consideration of approximately HKD 100 million [2] - Despite challenges in the first half of 2025, the company remains optimistic for the second half, focusing on streamlining its product line and enhancing capital efficiency, expecting improved performance through deeper collaboration with Baiyang Pharmaceutical [2]

Group 1 - The company reported a profit of approximately RMB 306.5 million for the first half of 2025, reversing a loss of RMB 247.3 million from the same period in 2024, primarily due to increased other income and reduced sales, distribution, R&D, and administrative expenses, partially offset by a decrease in revenue [1] - The adjusted loss for the period decreased by RMB 178.9 million or 82.7% to RMB 37.4 million, compared to an adjusted loss of RMB 216.2 million for the first half of 2024 [1] - The adjusted loss was derived from the reported profit of RMB 59.2 million, excluding the impact of share-based payment expenses, write-offs of right-of-use assets, and lease termination gains/losses [1] Group 2 - The company began a strategic partnership with Baiyang Pharmaceutical in August 2025, appointing its subsidiaries as exclusive contract sales organizations for marketing services and as exclusive distributors for specific products in mainland China, Hong Kong, and Macau, with a strategic cooperation fee of RMB 50 million [2] - Baiyang Pharmaceutical's subsidiary subscribed for 74,971,468 shares of the company, representing 14.99% of the enlarged issued share capital, with a total consideration of approximately HKD 100 million [2] - Despite challenges in the first half of 2025, the company remains optimistic about the second half, focusing on streamlining its product line and enhancing capital efficiency, expecting improved operational foundations and performance through the deepened collaboration with Baiyang Pharmaceutical [2]

Core Viewpoint - Beihai Kangcheng-B (01228) reported a significant decrease in revenue for the six months ending June 30, 2025, with earnings of 22.248 million, a year-on-year decline of 50.33% [1] Financial Performance - The company achieved a profit of 59.238 million, contrasting with a loss of 247 million in the same period last year [1] - Earnings per share stood at 0.14 yuan [1] Revenue Drivers - The revenue decline is primarily attributed to the company's strategic focus on rare diseases initiated in 2021, leading to the cessation of sales of He Li An in Taiwan after the distribution agreement ends in late 2024 [1] - Excluding the sales of He Li An in Taiwan, revenue decreased by 1.7 million or 6.9% compared to the same period in 2024 [1] - The company implemented proactive inventory management in the first half of 2025, resulting in reduced inventory levels of Mai Ru Bei in the distribution channels [1]

Core Viewpoint - Beihai Kangcheng-B (01228) reported a significant decline in revenue for the six months ending June 30, 2025, with earnings of 22.248 million, a decrease of 50.33% year-on-year, while net profit reached 59.238 million, contrasting with a loss of 247 million in the same period last year [1] Financial Performance - The company's revenue decreased primarily due to its strategic focus on rare diseases initiated in 2021, leading to the termination of the distribution agreement for He Li An® by the end of 2024, which halted sales in Taiwan [1] - Excluding the sales of He Li An® in Taiwan, revenue decreased by 1.7 million or 6.9% compared to the same period in 2024, attributed to proactive inventory management and reduced stock of Mai Ruibei® in the channels during the first half of 2025 [1]