Investment Rating - The report maintains an "Overweight" rating for the overseas pharmaceutical industry, indicating a positive outlook for the sector's performance compared to the overall market [5][10]. Core Insights - The report highlights significant developments in the pharmaceutical sector, including a licensing agreement between China National Pharmaceutical Group (Sinopharm) and Sanofi for the JAK/ROCK inhibitor, and the approval of a new indication for Innovent Biologics' BTK inhibitor in China [1][2]. - Performance forecasts for companies such as Crystal Holding and He Yu indicate substantial revenue growth, with Crystal Holding expected to achieve at least 780 million RMB in revenue for 2025, representing a year-on-year increase of approximately 193% [6][7]. Summary by Sections 1. Overseas Pharmaceuticals - Sinopharm and Sanofi have entered into an exclusive licensing agreement for the global development, production, and commercialization of the JAK/ROCK inhibitor, with potential milestone payments totaling up to 1.395 billion USD [2][7]. - Innovent Biologics' BTK inhibitor, Jiepalit (Pirtobrutinib), has received NMPA approval for a new indication in adult patients with chronic lymphocytic leukemia (CLL) who have previously undergone systemic treatment [2][7]. - Roche's BTK inhibitor Fenebrutinib has successfully met primary endpoints in a Phase III trial for relapsing multiple sclerosis, potentially becoming the first effective oral treatment for both relapsing and primary progressive forms of the disease [3][8]. 2. Performance Updates - Crystal Holding anticipates a revenue of no less than 780 million RMB in 2025, with a net profit of at least 100 million RMB, marking a turnaround from losses [6][7]. - He Yu expects to achieve 612 million RMB in revenue for 2025, reflecting a 21% year-on-year growth, with net profit projected at 55 million RMB, a 95% increase [6][7]. 3. Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and others [10]. - It also highlights the importance of monitoring clinical progress in key pipelines for companies transitioning towards innovation [10].

公司名稱: 中國科培教育集團有限公司 呈交日期: 2026年3月2日 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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 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) | 01890 | 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 ...

Group 1: Industry Investment Rating - The investment rating for the overseas social services industry is positive, with a focus on the record-high visitor numbers during the Macau Spring Festival [6]. Group 2: Core Insights - The total number of inbound visitors to Macau during the Spring Festival reached 1.554 million, with an average daily visitor count of 173,000, marking a year-on-year increase of 5.5% [6][1]. - Among the inbound visitors, mainland tourists averaged 134,000 per day, reflecting a 7% year-on-year growth, while international visitors averaged nearly 7,900 per day, up by 8% [6][1]. - The hotel occupancy rate during the Spring Festival was 95.6%, with the highest rate of 99.2% recorded on the fourth day of the festival [6][1]. Group 3: Summary by Relevant Sections Overseas Pharmaceuticals - The report highlights significant developments in the pharmaceutical sector, including the announcement of clinical trial results for B7-H3 ADC by Yingensheng and the completion of Phase II trials for UBT251 by Lianbang Pharmaceutical [3][10]. - In 2025, BeiGene reported revenues of $5.343 billion, a 40% increase year-on-year, while adjusted net profits reached $917 million, marking a return to profitability [9][21]. - The report also notes that the average weight loss in the UBT251 trial was as high as 19.7% after 24 weeks, compared to a 2.0% loss in the placebo group [11][10]. Overseas Education - The vocational education sector is experiencing an upswing, with promising enrollment data, particularly for China Oriental Education [5][17]. - The education index saw a decline of 4.9% in the recent week, underperforming the Hang Seng National Enterprises Index by 2.1 percentage points [15]. - The report recommends focusing on China Oriental Education, which is expected to see accelerated enrollment growth due to its strategic adjustments in response to market demands [17][15].

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: 2026年1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: 中國科培教育集團有限公司 呈交日期: 2026年2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) | 01890 | 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 ...

執行董事葉念喬先生、李艷女士、查東輝先生、葉潯先生及鄭超然先生；及獨立非執行 董事徐明博士、鄧飛其博士及陸超先生出席股東週年大會。 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 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Kepei Education Group Limited 1890 於2026年1月30日舉行的股東週年大會投票結果 中國科培教育集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈於2026年1月 30日舉行的本公司股東週年大會（「股東週年大會」）表決結果。 茲提述日期為2025年12月31日致本公司股東的通函（「通函」）及股東週年大會通告（「通 告」）。除另有註明者外，本公告所用專有詞彙與通函所界定者具有相同涵義。 於股東週年大會上，通告所載列的決議案的表決均以投票方式進行。投票結果如下： | | 普通決議案 | 票數 | | | --- | --- | --- | --- | | | | （票數概約百分比(%)） | | | | | 贊成 | ...

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: 中國科培教育集團有限公司 呈交日期: 2026年1月7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) | 01890 | 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 ...

China Kepei Education Group Limited 中國科培教育集團有限公司 Please note that both the English and Chinese versions of all future Corporate Communications will be available electronically on the website of the Company at www.chinakepeiedu.com and the HKEXnews website at www.hkexnews.hk in place of printed copies. (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code 股份代號：1890） N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Non-registered shareholders(Note 1) , China Kepei Education G ...

（於開曼群島註冊成立的有限公司） （Stock Code 股份代號：1890） N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Registered Shareholders, China Kepei Education Group Limited (the "Company") – Notice of Publication of Annual Report, Circular including Notice of Annual General Meeting and Proxy Form (the "Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese and are available on the website of The Stock Exchange of Hong Kong Limited at www.hkexnews.hk and the ...

（正楷書寫） 中國科培教育集團有限公司（「本公司」）股本中每股面值0.00001美元的股 股份 （見附註1） 持有人，茲委任 （姓名） China Kepei Education Group Limited 1890 供股東週年大會使用的代表委任表格 本人╱吾等 （姓名） 或如未能出席，則大會主席 （見附註2） 為本人╱吾等的代表，出席本公司謹訂於2026年1月30日（星期五）下午 三時正假座香港銅鑼灣恩平道28號利園二期28樓Jaffe Meeting Room舉行的股東週年大會及其任何續會並於會 上投票，或就會上正式提呈的任何決議案或動議代表本人╱吾等投票。本人╱吾等的受委代表獲授權及指示按 下表所示者（見附註4）就下列決議案投票： | | 普通決議案 | （見附註3） | 贊成 | （見附註4） | 反對 | （見附註4） | | --- | --- | --- | --- | --- | --- | --- | | 1. | | 省覽及採納本公司截至2025年8月31日止年度的經審核綜合財務報 | | | | | | | | 表以及本公司董事（「董事」）會報告及核數師報告。 | | | | | | 2 ...

China Kepei Education Group Limited 1890 建議授出發行股份及購回股份的一般授權 及 宣派末期股息 及 重選退任董事 及 續聘核數師 及 股東週年大會通告 中國科培教育集團有限公司謹訂於2026年1月30日（星期五）下午三時正假座香港銅鑼灣恩平道 28號利園二期28樓Jaffe Meeting Room舉行股東週年大會，召開大會的通告載於本通函第15至 20頁。 此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有疑問，應諮詢 閣下的股票經紀或其他註冊證券交 易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的中國科培教育集團有限公司股份全部出售或轉讓，應立即將本通函連同隨附 的代表委任表格送交買主或承讓人或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉 交買主或承讓人。 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通函的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表明不會就因本通函全部或任何部分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。 隨函亦附奉股東週年大會適用的代表委任表格。該代表委任表格亦刊登於聯交所網 ...