Group 1 - Goldman Sachs increased its stake in Aikang Medical (01789) by 298,000 shares at a price of HKD 5.9301 per share, totaling approximately HKD 1.7672 million [1] - Following the increase, Goldman Sachs' total shareholding in Aikang Medical is approximately 56.2055 million shares, representing a stake of 5.00% [1]

Summary of Conference Call on Northeast Medical Health Industry Industry Overview - The conference call discusses the Northeast Medical Health industry, specifically focusing on the recent developments in surgical robotics and innovative medical technologies. Key Points and Arguments 1. **National Pricing Guidelines**: On January 20, the National Healthcare Security Administration (NHSA) released the "Guidelines for the Establishment of Pricing Projects for Surgical and Treatment Auxiliary Medical Services (Trial)" which establishes a unified pricing framework for surgical robots, energy equipment consumables, and remote surgery technologies across the country [1][3]. 2. **Provincial Implementation Timeline**: Historical data suggests that it typically takes between six months to a year for provinces to implement specific projects and pricing after the NHSA's announcement [2]. 3. **Benefits of Pricing Directory**: The establishment of a clear pricing directory is expected to facilitate the entry of innovative devices into hospitals and increase the sales volume of consumables [4]. 4. **Impact on Clinical Promotion**: Previously, the need for medical institutions to apply for self-pricing or provincial pricing led to reduced enthusiasm for clinical promotion. The new pricing directory aims to streamline the final pricing model across provinces, enhancing the accessibility of advanced medical technologies and promoting a shift from traditional to precision medicine [5]. 5. **Tiered Pricing System for Surgical Robots**: A tiered pricing system based on the clinical value and participation level of surgical robots has been introduced. Prices will be set in three tiers: navigation, participation in execution, and precise execution. The guidelines also include specific consumables in the pricing structure [5]. 6. **Independent Pricing for Remote Surgery**: Remote surgery has been given independent pricing status, which is expected to benefit leading hospitals and increase surgical volumes [6]. 7. **Clarification on Consumable Charges**: The guidelines clarify the charging logic for disposable and reusable consumables, stating that disposable consumables will be sold at zero markup, while reusable consumables will incur an auxiliary operation fee [7]. Key Beneficiaries 1. **MicroPort Robotics**: A leading domestic surgical robot company with over 160 cumulative orders for laparoscopic robots expected by December 2025. The company is positioned to capitalize on the commercialization of surgical robots and expand market share through innovative procedures [8]. 2. **JinFeng Medical**: Among the top two domestic surgical robot manufacturers, it is rapidly increasing the volume of multi-port and single-port laparoscopic robots, leading in domestic procurement bids [8]. 3. **Tianzhihang**: A leader in orthopedic surgical robots, the company has developed a comprehensive business model that includes equipment, consumables, and technical services [8]. 4. **Sanyou Medical**: Focused on developing three-arm spinal surgical robots and ultrasonic bone knives, benefiting from the new pricing regulations for energy equipment consumables [8]. 5. **Aikang Medical**: Set to launch a second-generation knee joint surgical robot in collaboration with Peking University Third Hospital, aiming to provide a complete digital orthopedic solution [8]. 6. **Chunli Medical**: Innovating with handheld robotic technology, the company plans to establish multiple surgical training centers overseas to accelerate international expansion [9].

FF301 致：香港交易及結算所有限公司 公司名稱: 愛康醫療控股有限公司 (於開曼群島註冊成立的有限責任公司) 呈交日期: 2026年1月6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) | 01789 | 說明 | 愛康醫療 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註冊股本總額： HKD 20,000,000 第 1 頁 共 10 頁 v 1 ...

Core Viewpoint - Malaysia's palm oil exports increased by 3% in the period from December 1 to December 25, reaching 1,017,897 tons compared to 987,978 tons in the same period last month [1] Group 1 - The export volume of palm oil from Malaysia for the specified period was 1,017,897 tons [1] - The increase in export volume reflects a positive trend in the palm oil industry [1]

Group 1 - China Merchants Securities (Hong Kong) downgraded the rating of Giant Bio to neutral due to challenges such as a reputation crisis and a decline in sales during the Double Eleven shopping festival, indicating a potential strategic adjustment period in 2026 with no clear catalysts for rebound [1] Group 2 - CICC maintained a "outperform" rating for He Yu-B, setting a target price of 20 HKD, highlighting the approval of its first self-developed innovative drug, with an overall response rate (ORR) of 54%, which could provide new growth momentum for the company [2] Group 3 - CICC maintained a "outperform" rating for Mixue Group with a target price of 555 HKD, noting the brand's resilience in growth despite reduced delivery subsidies and the rapid expansion of its stores, indicating strong growth potential [3] Group 4 - CICC maintained a "outperform" rating for Tmall with a target price of 3.88 HKD, reporting that Q3 sales met expectations with healthy inventory and stable discounts, suggesting a potential stabilization in the channel [4] Group 5 - Huachuang Securities maintained a "strong buy" rating for Geely Automobile with a target price of 27.01 HKD, citing the completion of the Zeekr privatization significantly enhancing profits and brand synergy, with multiple flagship new models driving sales and average selling price (ASP) increases [5] Group 6 - Changjiang Securities maintained a "buy" rating for Aikang Medical, emphasizing its leading position in orthopedics and revenue surpassing pre-collection levels, with effective overseas expansion strategies [6] Group 7 - Changjiang Securities maintained a "buy" rating for Genscript Biotech, highlighting the establishment of a high-barrier pipeline in tumor vaccines and CAR-T therapies, with significant clinical trials expected to start soon [7] Group 8 - Shenwan Hongyuan maintained a "buy" rating for Tmall, noting improvements in channel efficiency and the end of a large-scale store closure phase, with a clear trend of recovery in the terminal market [8] Group 9 - Shenwan Hongyuan initiated coverage on China Railway with a "buy" rating, citing a substantial order backlog of 7.54 trillion, a high gross margin of 59.45% in its resource segment, and attractive valuation due to significant H-share discounts [9] Group 10 - Guosen Securities maintained an "outperform" rating for Zhongxin Innovation, reporting that the company's power battery installation volume ranked among the top three globally in October, with a year-on-year increase of over 75% in energy storage battery shipments [10]

提名委員會的 職權範圍 成員 秘書 會議次數及議事程序 AK Medical Holdings Limited 愛康醫療控股有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：1789） 責任、職責、權力及職能 2 10. 會議可以親身出席或採用電話或視像會議等電子方式舉行。提名委員會成員 可透過會議電話或類似通訊設備（所有參與會議之人士均能夠透過該設備聆聽 對方）參與會議。 11. 提名委員會之決議案須以出席委員的過半數票數通過。 12. 由提名委員會全體成員書面簽署之決議案亦為有效，猶如其已於提名委員會 正式召開及舉行之會議上獲通過一樣。 13. 提名委員會的完整會議紀錄應由正式委任的提名委員會秘書保存，若有任何 公司董事發出合理通知，應公開有關會議紀錄供其在任何合理的時段查閱。 提名委員會的會議紀錄，應對會議上所考慮事項及達致的決定作足夠詳細的 記錄，其中應該包括董事提出的任何疑慮或表達的反對意見。會議紀錄之草 稿及最終定稿應在會議結束後一段合理時間內先後發送委員會全體成員，初 稿供成員表達意見，最終稿作其紀錄之用。 14. 在提名委員會之邀請下，董事會主席及╱或總經理或行政總裁、外聘顧問及 其 ...

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11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: 愛康醫療控股有限公司 (於開曼群島註冊成立的有限責任公司) 呈交日期: 2025年12月3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) | 01789 | 說明 | 愛康醫療 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 HKD | | 20,000,00 ...

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony were held in Shanghai, gathering over 300 industry experts to discuss future opportunities in the Chinese capital market [1] - The top honor for the 7th Sina Finance Golden Unicorn Elite Analyst in the innovative drug sector was awarded to the Zheshang Securities research team, led by Chief Analyst Wu Tianhao [1] Group 2 - The strategy for the high-value consumables sector in 2026 indicates optimism due to policy optimization, with expectations for revenue recovery and new product launches [2] - The medical device sector is expected to see performance recovery driven by the resumption of in-hospital bidding and the "Belt and Road" initiative, despite a decline in profit in the first three quarters of 2025 [2] - The home medical sector is anticipated to regain growth, supported by overseas expansion and recovery in revenue and profit growth in 2025 [2] Group 3 - Investment recommendations include high-value consumables companies with cleared procurement risks and new product launches, such as Microelectrophysiology, Aikang Medical, and Weikang Medical [3] - Medical device and home medical companies expected to see steady revenue growth include Mindray Medical, Meihua Medical, and Yuyue Medical, among others [3]

Core Viewpoint - Aikang Medical is a leading enterprise in the domestic artificial joint market, expected to maintain rapid growth in orthopedic implant business due to domestic procurement price increases and successful overseas dual-brand expansion [1] Group 1: Domestic Market Dynamics - The company is leveraging the opportunities presented by domestic procurement, gradually replacing imported products, leading to increased hospital coverage and market share [1] - In the 2024 procurement cycle, the company achieved price increases for its products, which is anticipated to enhance profitability and support profit recovery [1] Group 2: International Market Strategy - The company employs a dual-brand strategy to cater to different market demands, using the "JRI" brand for high-end markets in Europe and America, while the "AK" brand focuses on emerging markets with production scale advantages [1] - As the dual-brand strategy continues to gain traction in overseas markets, foreign revenue is expected to grow rapidly [1] Group 3: Technological Advancements - The company is a pioneer in smart orthopedic solutions, establishing a comprehensive digital ecosystem that includes pre-surgical planning, intraoperative navigation, robotic precision, and personalized implant solutions [2] - The K3 knee surgery robot is set to launch in 2024, expected to compete with the Mako surgical robot while offering localized responsiveness and cost advantages [2] Group 4: Financial Projections - Revenue forecasts for the company are projected at 1.548 billion yuan, 1.811 billion yuan, and 2.148 billion yuan for 2025-2027, with year-on-year growth rates of 15.0%, 17.0%, and 19.0% respectively [3] - Expected net profits for the same period are 322 million yuan, 370 million yuan, and 437 million yuan, with year-on-year growth rates of 18.0%, 15.0%, and 18.0% respectively [3] - The company is rated as a "buy" with corresponding price-to-earnings ratios of 18, 16, and 13 for 2025 [3]

Core Viewpoint - The report from Cinda Securities initiates coverage on Aikang Medical (01789) with a "Buy" rating, highlighting its leadership in the domestic artificial joint market and potential for rapid growth in orthopedic implant business due to domestic procurement price increases and successful international brand expansion [1] Group 1: Domestic Market Dynamics - The company is leveraging the opportunities presented by domestic procurement, gradually replacing imported products, which is leading to increased hospital coverage and market share. In the upcoming procurement for 2024, the company has achieved price increases in its bids, which is expected to enhance profitability and support profit recovery [1] - The company’s international strategy involves a dual-brand approach to cater to different market demands, utilizing the "JRI" brand for high-end markets in Europe and the US, while the "AK" brand focuses on production scale advantages in emerging markets. This strategy is anticipated to drive significant growth in overseas revenue [1] Group 2: Technological Advancements and Market Potential - The company is recognized as a pioneer in digital orthopedic solutions in China, having established a comprehensive digital ecosystem for orthopedic surgeries, which includes pre-operative planning, intra-operative navigation, robotic precision, and personalized implant solutions. The K3 knee surgery robot is set to launch in 2024, expected to compete with the Mako surgical robot while offering localized responsiveness and cost advantages [2] - The market for robotic-assisted joint replacement surgeries in China is projected to grow significantly, with penetration rates expected to rise from 0.03% in 2020 to 3.05% by 2026, and the market size forecasted to increase from $1.48 million in 2020 to $332 million by 2026, reflecting a compound annual growth rate of 45.6% [2]