Core Viewpoint - Via Biotechnology (01873) announced the granting of stock options to several qualified participants, allowing the subscription of a total of 8.58 million ordinary shares, based on its stock option plan adopted on April 14, 2019 [1] Summary by Relevant Categories - **Company Announcement** - The company will grant stock options on December 2, 2025, under its stock option plan [1] - A total of 8.58 million ordinary shares will be available for subscription [1]

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） 授出購股權 本公告由 維 亞 生物科技控股 集 團（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）根 據 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則（「上市規則」）第17.06A條作出。 本 公 司 董 事（「董 事」）會（「董事會」）宣 佈，本 公 司 根 據 其 於 二 零 一 九 年 四 月 十 四 日 採 納 的 購 股 權 計 劃（「首次公開發售後購股權計劃」）於 二 零 二 五 年 十 二 月 二 日 向 若 干 合資格參與者授出購股權（「購股權」），以認購本公司合共8,580,000股普通股（「股份」）。 已授出之購股權之詳情載列如下： 授出日期： 二 零 二 五 年 十 二 月 二 日（「授出日期」） – 1 – 購 ...

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 呈交日期: 2025年12月2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) | 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 | | | 100,000 | 本月底法定/註冊股本總額： USD 100,000 第 ...

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21% [1][2]. Sector Performance - The pharmaceutical sector faced the largest declines, with notable drops in internet healthcare, AI healthcare, biopharmaceuticals, pharmaceutical outsourcing, and innovative drug concepts. Key stocks included: - 3SBio (01530.HK) down 9.44% - WuXi Biologics (01873.HK) down 6.09% - Kingsoft Cloud (01548.HK) down 6.05% - Innovent Biologics (02696.HK) down 5.62% - CanSino Biologics (09926.HK) down 5.39% - JD Health (06618.HK) down 8.6% - Ping An Good Doctor (01833.HK) down 4.28% - Alibaba Health (00241.HK) down 4.46% - Crystal International (02228.HK) down 4.82% - MicroPort Scientific (02252.HK) down 3.55% [3]. Impact of Economic Data - The recent U.S. non-farm payroll data exceeded expectations, leading to a decrease in the likelihood of a Federal Reserve rate cut in December. This has implications for the valuation and financing of innovative drugs, as the cooling expectations for rate cuts may impact investment sentiment [3]. Commodity and Energy Sector - The weakening expectations for a December rate cut have also affected the U.S. dollar index, which surpassed the 100-point mark, putting pressure on the commodities sector. Key declines included: - Ganfeng Lithium (01772.HK) down 12.47% - Tianqi Lithium (09696.HK) down 11.93% - Jinchuan Group (06680.HK) down 6.63% - Lingbao Gold (03330.HK) down 5.47% - China Aluminum (02600.HK) down 4.85% - Chalco International (02068.HK) down 4.74% [4]. Renewable Energy Sector - The power equipment, photovoltaic, and wind power sectors also performed poorly, with significant declines in: - Northeast Electric (00042.HK) down 7.02% - Xinyi Solar (00968.HK) down 7.51% - GCL-Poly Energy (03800.HK) down 5.83% - Yihua Energy (02402.HK) down 6.27% - Flat Glass Group (06865.HK) down 6.02% [4]. Semiconductor Sector - The semiconductor sector saw notable declines, with: - SMIC (00981.HK) down 6.39% - Hua Hong Semiconductor (01347.HK) down 6.09% - Shanghai Fudan (01385.HK) down 3.78% - Beike Micro (02149.HK) down 5.2% [5]. Technology Sector - Other technology-related sectors, including cloud computing and AI, also faced downward pressure, with significant drops in: - Tencent Music (01698.HK) down 5.98% - Baidu (09888.HK) down 5.79% - Alibaba Group (09988.HK) down 4.65% - NetEase (09999.HK) down 3.76% [5].

Group 1 - CRO concept stocks collectively declined, with Kingsray Biotechnology down 6.05% at HKD 14.92, Kanglong Chemical down 4.67% at HKD 20.8, Viatris down 4.57% at HKD 1.88, and Tigermed down 3.71% at HKD 36.9 [1] - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of a Federal Reserve rate cut in December [1] - Zhongtai Securities anticipates that while there may be fluctuations in overseas CPI data, there is a gradual shift towards a rate cut cycle in 2024, which could improve investment and financing expectations [1] Group 2 - Some companies have already seen a recovery in orders, indicating potential valuation recovery opportunities for overseas CRO/CDMO and domestic preclinical CRO sectors [1] - The CRO sector has been significantly impacted by domestic and international investment and financing environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected [1] - Continuous focus on clinical CRO investment opportunities is recommended as the sector shows signs of gradual recovery [1]

Core Viewpoint - The CRO sector has experienced a collective decline in stock prices, influenced by recent economic data and expectations regarding interest rate changes in the U.S. [1] Group 1: Stock Performance - King’s Ray Biotechnology (01548) fell by 6.05%, trading at 14.92 HKD - Kanglong Chemical (03759) decreased by 4.67%, trading at 20.8 HKD - Via Biotechnology (01873) dropped by 4.57%, trading at 1.88 HKD - Tigermed (03347) declined by 3.71%, trading at 36.9 HKD [1] Group 2: Economic Context - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of interest rate cuts by the Federal Reserve in December - Despite fluctuations in overseas CPI data, there is an expectation for a gradual shift towards interest rate cuts starting in 2024, which may improve investment and financing conditions [1] Group 3: Future Outlook - Zhongtai Securities anticipates that the CRO/CDMO sector may see a valuation recovery due to improving external demand and some companies already observing order recovery - The CRO sector has been significantly affected by domestic and international investment environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected, particularly in clinical CRO investment opportunities [1]

Core Viewpoint - The CRO sector experienced a collective decline in stock prices, influenced by recent economic data and expectations regarding interest rate changes in the U.S. [1] Group 1: Stock Performance - King’s Ray Biotechnology (01548) fell by 6.05%, trading at 14.92 HKD [1] - Kanglong Chemical (300759) decreased by 4.67%, trading at 20.8 HKD [1] - Via Biotechnology (01873) dropped by 4.57%, trading at 1.88 HKD [1] - Tigermed (300347) declined by 3.71%, trading at 36.9 HKD [1] Group 2: Economic Context - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of interest rate cuts by the Federal Reserve in December [1] - Despite fluctuations in overseas CPI data, there is an expectation for a gradual shift towards interest rate cuts starting in 2024, which may improve investment and financing conditions [1] Group 3: Industry Outlook - Zhongtai Securities (600918) anticipates a recovery in external demand for CRO/CDMO services and domestic preclinical CROs, suggesting potential valuation recovery opportunities [1] - The CRO sector has been significantly impacted by domestic and international financing environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected [1] - Continuous focus on investment opportunities in clinical CROs is recommended as the sector shows signs of recovery [1]

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10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: 2025年11月5日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： USD 100,000 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,128,434,305 | | | 0 | | 2,128,434,305 | | 增加 / 減少 (-) | | ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company experienced a revenue decline of 15.3% year-on-year in the first half of 2025, with total revenue reaching 832 million yuan, while net profit attributable to shareholders increased by 4.3% to 122 million yuan [1] - The CRO business showed a recovery with a revenue increase of 9.6% year-on-year, driven by strong domestic market performance and advancements in AI and new molecular modalities [2] - The CDMO business faced short-term challenges with a revenue drop of 31.4% year-on-year, but significant commercial projects are expected to drive growth starting in 2026 [3] - The investment incubation (EFS) business is entering a harvest phase, contributing cash returns of approximately 76.5 million yuan [4] - The overall gross margin improved significantly to 40.8%, reflecting operational efficiency and revenue structure optimization [5] - Revenue projections for 2025-2027 are 1.886 billion, 2.237 billion, and 2.688 billion yuan, with corresponding net profit estimates of 244 million, 323 million, and 422 million yuan [6] Summary by Sections Performance Overview - In the first half of 2025, the company achieved revenue of 832 million yuan, a decrease of 15.3% year-on-year, while net profit attributable to shareholders was 122 million yuan, an increase of 4.3% [1] CRO Business - The CRO segment generated revenue of 423 million yuan, up 9.6% year-on-year, with domestic market revenue increasing by 46.6% [2] CDMO Business - The CDMO segment reported revenue of 409 million yuan, down 31.4% year-on-year, primarily due to facility upgrades and geopolitical supply chain disruptions [3] Investment Incubation (EFS) Business - The EFS business generated cash returns of nearly 76.5 million yuan through exits from incubated companies, with a total of 93 startups in the portfolio [4] Profitability - The overall gross margin reached 40.8%, a significant increase of 6.3 percentage points year-on-year, with the CRO business achieving a gross margin of 46% [5] Earnings Forecast and Valuation - The company is projected to achieve revenues of 1.886 billion, 2.237 billion, and 2.688 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 244 million, 323 million, and 422 million yuan [6]

Core Viewpoint - The article highlights the recent stock performance of several companies in the biopharmaceutical sector, indicating positive market sentiment towards these stocks. Group 1: Company Performance - WuXi AppTec (02359.HK) saw a stock increase of 4.33% [1] - Kanglong Chemical (03759.HK) experienced a rise of 3.67% [1] - Kelai Ying (06821.HK) reported a stock increase of 3.21% [1] - Viatris (01873.HK) had a stock rise of 2.92% [1]