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 對 因 本 公 告 全 部 或 任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的獲豁免有限公司） （股份代號：1873） 有關視作出售及出售維亞上海股權的更新公告 根 據 股 東 協 議，維 亞 上 海 投 資 人（定 義 見 下 文）有 權 且 應 要 求 維 亞 上 海、維 亞 生 物 科 技 及 本 公 司（統 稱「義務人」）在（其 中 包 括）維 亞 上 海 未 能 於 二 零 二 六 年 十 二 月 三 十 一 日 或 之 前 完 成 合 格 首 次 公 開 發 行 或 實 現 合 格 併 購 交 易 的 情 況 下，回 購 其 持 有 的 股權。 於二零二六年一月五日，本公司收到HLC SPV、青島弘熠、Daxue Investments及True Light P及Raed Capital Holdings 2 Ltd（「維亞上海投資人」）各 自 發 出 的 聲 明 函 件，當 中 不 可 ...

截至月份: 2025年12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: 维亚生物科技控股集团 (「本公司」) (於開曼群島註冊成立的獲豁免有限公司) 呈交日期: 2026年1月5日 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 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) | 01873 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | USD | 0.000025 | USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 4,000,000,000 | USD | 0.000025 | USD | ...

Group 1: Core Insights - The report maintains a strong market rating for the pharmaceutical industry, indicating a clear upward trend driven by recovering demand and improved performance in the CXO sector [1][2] - The CXO sector has shown significant stock price increases, with some companies experiencing nearly 100% growth since the beginning of 2025, driven by the innovative drug market and a recovery in orders [3][6] Group 2: CXO Sector Analysis - The CXO sector's overall revenue increased by 11.8% year-on-year in the first three quarters of 2025, with a notable profit increase of 58.1% [13] - External demand for CXO services has rebounded, with significant order growth from leading CDMO companies, indicating a clear recovery trend [22][31] - Internal demand for CXO services has lagged behind external demand, but there are signs of strong growth in domestic innovative drug projects and increased investment in the domestic market [3][22] Group 3: Life Sciences Upstream - The life sciences upstream sector has seen a 37.7% increase in stock prices year-to-date, outperforming the pharmaceutical and biotechnology index by 18% [3] - Revenue for the upstream sector increased by 8.8% year-on-year in the first three quarters of 2025, with net profit rising by 27.7% [3] Group 4: Investment Recommendations - The report suggests a strategic investment focus on companies such as WuXi AppTec, WuXi Biologics, and Tigermed, while also highlighting more flexible investment options like Zhaoyan New Drug and Nossan [3]

本文源自：智通财经网 智通财经获悉，CRO概念股承压走低，截至发稿，康龙化成(03759)跌4.32%，报21.24港元；昭衍新药 (06127)跌3.29%，报21.16港元；凯莱英(06821)跌2.31%，报78.15港元；维亚生物(01873)跌1.98%，报 1.98港元。 消息面上，北京时间12月18日凌晨，搭载修订版《生物安全法案》的美国2026财年《国防授权法案 (2026NDAA)》以77票赞成、20票反对的结果在参议院表决通过，至此已完成参、众两院的主要立法程 序即将送往白宫，由美国总统签署生效。信达证券指，过去两年《生物安全法案》是压制CXO板块估 值的重要原因，和最初版本相比，最终落地的版本没有点名具体企业，整体相对温和。虑到美联储已经 进入降息通道，全球生物医药投融资有望边际改善，随着法案落地，CXO板块有望迎来业绩和估值的 双重修复。 ...

CRO概念股承压走低，截至发稿，康龙化成（300759）(03759)跌4.32%，报21.24港元；昭衍新药 （603127）(06127)跌3.29%，报21.16港元；凯莱英（002821）(06821)跌2.31%，报78.15港元；维亚生物 (01873)跌1.98%，报1.98港元。 消息面上，北京时间12月18日凌晨，搭载修订版《生物安全法案》的美国2026财年《国防授权法案 (2026NDAA)》以77票赞成、20票反对的结果在参议院表决通过，至此已完成参、众两院的主要立法程 序即将送往白宫，由美国总统签署生效。信达证券（601059）指，过去两年《生物安全法案》是压制 CXO板块估值的重要原因，和最初版本相比，最终落地的版本没有点名具体企业，整体相对温和。虑 到美联储已经进入降息通道，全球生物医药投融资有望边际改善，随着法案落地，CXO板块有望迎来 业绩和估值的双重修复。 ...

Group 1 - The core viewpoint of the article highlights a general increase in the pharmaceutical outsourcing sector, with notable stock price rises for companies such as WuXi Biologics (6.11%), Kelun Pharmaceutical (5.52%), and others [1] - According to a report from Century Securities, the recent NDAA legislation has led to a reduction in geopolitical risks, positively impacting the industry [1] - In the first three quarters, the total amount of license-out agreements for innovative drugs in China reached a historical high, indicating a continuous improvement in the innovation drug sector [1] Group 2 - The CXO sector is experiencing a recovery in performance and new orders, with market attention shifting towards preclinical safety evaluation assets [1] - The CXO industry, as an upstream segment of the innovative drug supply chain, is expected to benefit from the enhanced competitiveness of domestic innovative drugs, leading to a rebound in industry prosperity [1] - The outlook for CXO is positive, with expectations for both performance and valuation recovery following a complete industry cycle [1]

Group 1 - The pharmaceutical outsourcing sector is experiencing a general increase, with notable stock price rises for companies such as WuXi Biologics (6.11%), Kelun Pharmaceutical (5.52%), and others [1] - A recent report from Century Securities indicates that the NDAA bill has been implemented, leading to a reduction in geopolitical risks [1] - In the first three quarters, the total amount of license-out agreements for innovative drugs in China reached a historical high, indicating a continuous improvement in the innovative drug industry [1] Group 2 - The performance and new orders for CXO companies are showing signs of improvement, with the market beginning to focus on preclinical safety evaluation assets [1] - CXO companies, as part of the upstream of the innovative drug industry chain, are expected to benefit from the enhanced competitiveness of domestic innovative drugs, leading to a recovery in industry prosperity [1] - The industry is anticipated to see a dual recovery in both performance and valuation for CXO companies [1]

Market Overview - US inflation slowdown supports interest rate cut expectations, while the Bank of Japan raised rates by 25 basis points, leading to a rise in Hong Kong's three major indices. The Hang Seng Index increased by 0.75% to 25,690.53 points, with a total turnover of HKD 221.186 billion. The Hang Seng China Enterprises Index rose by 0.68%, and the Hang Seng Tech Index increased by 1.12% [1] Blue Chip Performance - Shenzhou International (02313) led the decline among blue chips, falling by 3.18% to HKD 60.95, with a turnover of HKD 490 million. Despite exceeding revenue and profit expectations, its net profit dropped by 32% year-on-year due to declining profit margins and ongoing pressures in direct sales [2] - Other blue chips included WuXi Biologics (02269), which rose by 4.4%, and Li Auto-W (02015), which increased by 3.81% [2] Sector Highlights - Large tech stocks mostly rose, with Tencent, Kuaishou, and Meituan gaining over 1%. The L3-level autonomous driving sector saw significant activity, with stocks like Xiaopeng Motors rising over 7% [3] - The pharmaceutical sector rebounded significantly, with companies like Kelun Pharmaceutical (06821) rising by 10.42% and WuXi Biologics (02269) increasing by 4.4% [4] - Lithium stocks also saw gains, with Ganfeng Lithium (01772) up by 1.87% and Tianqi Lithium (09696) rising by 1.72% [4] New Listings - New stocks showed a clear divergence, with Zhihui Mining (02546) soaring by 90.69% to HKD 8.6, while Xidi Intelligent Driving (03881) fell by 13.69% to HKD 227 [7] Company Developments - CIMC Group (02039) saw a strong performance, rising by 15.47% to HKD 8.88 after announcing a buyback plan for H-shares [8] - Changfei Optical Fiber (06869) surged by 12.01% to HKD 51.75, driven by signs of recovery in the optical fiber market [9] - China Duty Free Group (01880) saw its A and H shares rise by 6.88% to HKD 70.7, with expectations of increased sales due to optimized offshore duty-free shopping policies [10] - China Tobacco Hong Kong (06055) rose by 6.68% to HKD 34.48, supported by new regulations aimed at strengthening electronic cigarette oversight [11]

Group 1: Acquisition Announcement - Via Biotechnology (01873) announced that Swedish Orphan Biovitrum AB (Sobi) has reached an acquisition agreement for Arthrosi, with a total transaction value of up to $1.5 billion, including $950 million upfront and up to $550 million in regulatory and commercial milestone payments, expected to be completed in the first half of 2026 [1] - Via Biotechnology anticipates a maximum investment return of approximately $40 million from this transaction, contingent on subsequent regulatory approvals and commercialization milestones [6] Group 2: Stock Performance - Following the announcement, Via Biotechnology's stock opened high on December 15, reaching a peak of HKD 2.21, a 13.92% increase, but the market sentiment quickly reversed, leading to a significant drop in stock price later in the day [6] - The stock has been in a downward trend for two months, with a peak of HKD 3.27 on October 8, followed by a decline to a low of HKD 1.80 on November 24, representing a maximum drop of 44.95% [7] - The stock's trading volume during the recent price increases was significantly higher than during previous periods, indicating a "volume-price rise" characteristic, but the October rally showed signs of weakness with declining trading volumes [8][9] Group 3: Market Sentiment and Valuation - The stock's profit-taking behavior has been observed, with the proportion of profitable shares dropping from 100% on October 8 to 24.69% by December 12, while the average cost remains at HKD 2.30 [11] - The current market sentiment reflects a cautious approach towards AI investments, with a shift from enthusiasm to prudence, impacting Via Biotechnology as an AI concept stock [13] - Despite recent declines, Via Biotechnology's price-to-sales (PS) ratio is currently at 2.05, significantly lower than the industry average of 8.66, suggesting that the company may be undervalued [18] Group 4: Business Model and Financial Performance - Via Biotechnology has been actively investing in and incubating high-potential biotech startups through an "Equity for Service" model, exchanging early drug development services for equity stakes, with 93 companies incubated and 18 achieving partial or full exits [15] - The company's AI-driven drug development services are becoming a significant revenue driver, with AI-related orders accounting for 12% of new signed orders [14] - For the first half of 2025, the company reported revenues of RMB 832 million, a 15.27% decrease year-on-year, while net profit attributable to shareholders increased by 4.28% to RMB 122 million, with a gross margin of 40.8% [14]

Core Viewpoint - Via Biotechnology (01873) announced a $1.5 billion acquisition agreement with Swedish Orphan Biovitrum AB (Sobi) for Arthrosi, with an upfront payment of $950 million and up to $550 million in regulatory and commercial milestone payments, expected to close in the first half of 2026 [1] Group 1: Financial Impact and Stock Performance - Via Biotechnology anticipates a maximum investment return of approximately $40 million from the transaction, contingent on regulatory approvals and commercialization milestones [6] - Following the announcement, Via Biotechnology's stock opened at a high of HKD 2.21, reflecting a 13.92% increase, but the stock price later declined, indicating market volatility [6][10] - The stock has experienced a significant decline of 44.95% since reaching a high of HKD 3.27 on October 8, with a minimum price of HKD 1.8 on November 24 [6][10] Group 2: Market Sentiment and Trading Volume - The recent stock price increase was characterized by a "volume-price rise" pattern, with daily trading volumes exceeding 20 million shares during the price increase phase [7] - However, the October rally showed signs of weakness, with declining trading volumes, indicating a lack of market confidence and leading to subsequent price drops [7][8] - The proportion of profitable shares held by investors decreased from 100% on October 8 to 24.69% by December 12, suggesting a shift in market sentiment [10] Group 3: AI and Business Model Developments - Via Biotechnology has been integrating AI into its drug development services, with AI-related orders now accounting for 12% of new signed orders, reflecting a growing trend [13] - The company has adopted an "Equity for Service" model, investing in high-potential biotech startups in exchange for equity, which has resulted in significant returns and a robust product pipeline [14] - As of the first half of 2025, Via Biotechnology has invested in 93 companies, with 18 achieving partial or full exits, and a total of 228 product pipelines, indicating a strong growth trajectory [14] Group 4: Valuation and Investment Considerations - After two months of declining stock prices, Via Biotechnology's price-to-sales (PS) ratio stands at 2.05, significantly below the industry average of 8.66, suggesting it is undervalued [17] - The company’s fundamentals are improving, and the current valuation presents an opportunity for investors to consider [17]