Policy Developments - The National Healthcare Security Administration and the National Administration of Traditional Chinese Medicine announced the inclusion of Beijing and other regions in a pilot program for disease-based payment for traditional Chinese medicine [2] Drug and Device Approvals - Heng Rui Medicine received acceptance for a new indication application for its innovative drug, injection of Carrelizumab combined with Apatinib, for the treatment of unresectable hepatocellular carcinoma [4] - Lifesun Pharmaceutical announced that its Aminophylline tablets passed the consistency evaluation for generic drugs, which is expected to enhance market competitiveness [5] - Eli Lilly's Metabolically Associated Fatty Liver Disease indication for Tirzepatide has been included in the list of breakthrough therapies by the National Medical Products Administration [6] Financial Reports - Yiming Pharmaceutical projected a net profit increase of 61.12% to 122.08% for 2025, driven by the growth of its core product, Miglitol tablets [8] - Innovation Medical forecasted a net loss of 26 million to 33 million yuan for 2025, primarily due to tax expenses and adjustments in healthcare policies [9] Capital Markets - Kangchen Pharmaceutical upgraded its share repurchase plan to a total of 300 million Hong Kong dollars, extending the buyback period until the next annual general meeting [11] Industry Developments - Huawei Cloud is set to launch a smart healthcare section as part of its AI "Dream Factory" initiative, aiming to integrate top medical resources and advanced technology [14] - AstraZeneca announced plans to invest 15 billion USD in China by 2030 to expand research and production capabilities [16]

康臣药业(01681)发布公告，于2025年6月13日，董事局决议执行股份回购计划，以资金总数不超过2亿 港元为限，于公开市场适时回购股份(先前股份回购计划)。于2026年1月29日，董事局决议根据购回授 权进一步执行另一项股份回购计划，以于公开市场适时回购股份，除先前股份回购计划的资金总数外， 额外增加最多1亿港元(股份回购计划)。据此股份回购计划合计拟动用资金总额将不超过3亿港元。股份 回购计划之期限自本公告日期起至公司下届股东周年大会结束时止或股东于股东大会上撤回或修订购回 授权为止。 董事局对公司的业务发展及前景充满信心，认为公司目前的股价并未充分反映其内在价值及长期增长潜 力。董事局相信，取决于当时的市况及筹资安排，股份回购计划符合公司长期发展战略。实施股份回购 计划将会优化公司资本结构的管理，并提高每股资产净值及╱或每股盈利，符合公司和股东的整体利 益。 ...

格隆汇1月29日丨康臣药业(01681.HK)公布，于2025年6月13日，董事局决议执行股份回购计划，以资金 总数不超过2亿港元为限，于公开市场适时回购股份。于2026年1月29日，董事局决议根据购回授权进一 步执行另一项股份回购计划，以于公开市场适时回购股份，除先前股份回购计划的资金总数外，额外增 加最多1亿港元。据此股份回购计划合计拟动用资金总额将不超过3亿港元。股份回购计划之期限自公告 日期起至公司下届股东周年大会结束时止或股东于股东大会上撤回或修订购回授权为止。 ...

董事局对公司的业务发展及前景充满信心，认为公司目前的股价并未充分反映其内在价值及长期增长潜 力。董事局相信，取决于当时的市况及筹资安排，股份回购计划符合公司长期发展战略。实施股份回购 计划将会优化公司资本结构的管理，并提高每股资产净值及╱或每股盈利，符合公司和股东的整体利 益。 智通财经APP讯，康臣药业(01681)发布公告，于2025年6月13日，董事局决议执行股份回购计划，以资 金总数不超过2亿港元为限，于公开市场适时回购股份(先前股份回购计划)。于2026年1月29日，董事局 决议根据购回授权进一步执行另一项股份回购计划，以于公开市场适时回购股份，除先前股份回购计划 的资金总数外，额外增加最多1亿港元(股份回购计划)。据此股份回购计划合计拟动用资金总额将不超 过3亿港元。股份回购计划之期限自本公告日期起至公司下届股东周年大会结束时止或股东于股东大会 上撤回或修订购回授权为止。 ...

（於開曼群島註冊成立的有限公司） （股份代號：1681） 自願性公告 根據購回授權進行 股份回購計劃 本公告乃由康臣葯業集團有限公司（「本公司」，連同其附屬公司統稱為「本集團」） 自願刊發，旨在告知本公司股東（「股東」）及潛在投資者有關本集團最新業務發展 情況。 根據股東於2025年5月22日舉行的股東週年大會所授予的一般授權，本公司董事 （「董事」）局（「董事局」）獲授權回購最多85,126,334股本公司股份（「股份」），佔於 2025年5月22日已發行股份總數的10%（「購回授權」）。 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的內容概不負責，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份內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 股份回購計劃將根據購回授權進行並須符合本公司組織章程大綱及組織章程細 則、上市規則、《公司收購、合併及股份回購守則》（「收購守則」）以及所有其他適 用法律法規。本公司其後將於董事局認為合適時註銷或以庫存方式持有根據股份 回購計劃回購的股份。 董事無意行使購回授權至公眾持有的股份數目低於聯交所所規定的最低百分比， 或 ...

Core Insights - The article discusses the evolution of AI commercialization, focusing on the experiences and insights of Yin Qi, founder of Megvii Technology, and his current role at StepFun. It highlights the challenges faced in the AI 1.0 era and the shift towards more viable business models in the AI 2.0 landscape. Group 1: AI Commercialization Challenges - Yin Qi reflects on the difficulties of closing the commercial loop during the AI 1.0 era, which significantly impacted his ventures [3] - He emphasizes that once a business model fails, it is challenging to revert, leading to a lack of scalable profits and viable products [4] - The majority of the "Six Little Tigers" in the AI sector are still in the early stages of commercialization, struggling to find effective business models [4] Group 2: Insights on Competitors and Market Dynamics - Yin Qi expresses skepticism about the commercialization strategies of many AI startups in Silicon Valley, noting that Google has an advantage due to its established revenue streams [4] - He identifies xAI, associated with Tesla, as having a potentially successful commercial model due to its strong integration of software and hardware capabilities [5] Group 3: StepFun's Strategic Direction - StepFun has recently secured over 5 billion RMB in funding, setting a record for single financing rounds in the domestic large model sector [6] - The company aims to combine AI with smart terminals, focusing on hardware development alongside foundational model research [7][10] - StepFun's recent release of the Step3-VL-10B model demonstrates superior performance in benchmarks compared to larger models, indicating a strong position in the market [8] Group 4: Talent and Team Composition - StepFun's team comprises top talents from Megvii and Microsoft, maintaining a high density of expertise and a balanced skill set [12] - Yin Qi hopes to attract back some of the talent that has left for other companies in the sector, emphasizing the importance of a strong team for future success [13] Group 5: Long-term Vision and Philosophy - Yin Qi advocates for a long-term approach to business, focusing on delivering tangible commercial results rather than merely pursuing theoretical advancements [15] - He acknowledges a shift from a passionate to a more pragmatic mindset, prioritizing clear customer and commercial value in AI developments [15]

康臣药业(01681)发布公告，于2025年10月14日至2025年12月17日回购，并于2026年1月16日注销838.5万 股股份。 ...

Core Viewpoint - Kangchen Pharmaceutical (01681) announced a share buyback plan from October 14, 2025, to December 17, 2025, with the intention to cancel 8.385 million shares on January 16, 2026 [1] Summary by Category - **Company Actions** - The company plans to repurchase shares during the specified period [1] - A total of 8.385 million shares will be canceled following the buyback [1] - **Financial Implications** - The share buyback and subsequent cancellation may impact the company's share structure and potentially enhance shareholder value [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 重新提交 公司名稱： 康臣葯業集團有限公司 呈交日期： 2026年1月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | | | 證券代號 (如上市) | 01681 | 說明 | | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | 庫 ...

Core Viewpoint - Kangchen Pharmaceutical (01681) announced the cancellation of 8.385 million repurchased shares on January 16, 2026, alongside the issuance of 191,000 shares through the exercise of stock options under a plan adopted on December 2, 2013 [1] Group 1 - The company will cancel a total of 8.385 million shares that were previously repurchased [1] - On the same date, the company will issue 191,000 shares as a result of exercising stock options [1] - The stock option plan was originally adopted on December 2, 2013 [1]