Core Viewpoint - The article discusses the contrasting trajectories of three pizza brands in China: Pizza Hut, Domino's, and Mister Pizza, highlighting the importance of deep localization in the competitive restaurant market [5][9][56]. Group 1: Pizza Hut's Challenges - Yum China has initiated a comprehensive strategic review of Pizza Hut, considering options such as sale or divestiture, reflecting dissatisfaction with the brand's current performance [6][10][11]. - Pizza Hut's global same-store sales fell by 1% in Q3 2025, with an 8 percentage point decline in operating profit margin, making it the only core brand under Yum to experience growth stagnation [18]. - The brand's market share in the U.S. has decreased from 22.6% in 2019 to 18.7% in 2024, losing its leading position to Domino's [19]. Group 2: Pizza Hut China’s Resilience - Despite global challenges, Pizza Hut China has shown growth, with Q3 2025 revenue increasing by 3.25% and system sales up by 1%, driven by a strategic focus on local operations [20][23]. - The brand's success in China is attributed to a 35-year deep localization strategy, including product innovation and a diverse store model to cater to different consumer segments [24][28]. - Pizza Hut China has effectively utilized a localized supply chain, enhancing operational efficiency and market responsiveness [30][32]. Group 3: Mister Pizza's Decline - Mister Pizza, once a prominent Korean brand in China, has faced significant challenges, including management issues and a decline in consumer interest due to changing cultural trends [36][44]. - The brand's reliance on the "Korean Wave" for expansion has proven unsustainable, leading to a loss of market share as domestic brands gain popularity [48][55]. - By 2025, Mister Pizza had accumulated multiple legal issues and a shrinking store footprint, illustrating the consequences of operational mismanagement [50][52]. Group 4: Domino's Success - Domino's China has experienced remarkable growth, with revenue reaching 4.314 billion yuan in 2024, a 41.4% increase year-on-year, and a net profit surge of 1394.2% [64]. - The brand's strategic shift towards deep localization, including menu innovation and a focus on lower-tier cities, has been pivotal in its turnaround [67][68]. - Domino's has successfully integrated local flavors into its offerings, such as introducing unique products that resonate with Chinese consumers, enhancing its market appeal [73][76]. Group 5: Key Insights - The contrasting fortunes of these brands underscore that past successes do not guarantee future performance in the rapidly evolving Chinese restaurant market [79]. - Deep localization is essential for success, as demonstrated by Domino's and Pizza Hut China, which have adapted their strategies to meet local consumer demands [82][83].

致：香港交易及結算所有限公司 公司名稱: 聖諾醫藥 (*僅供識別) 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 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 | 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) | 02257 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 230,000,000 | USD | | 0.001 | USD | | 230,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 230,000,000 | USD | | 0.001 | USD | | 230,000 | 本月底法定/註冊股本 ...

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。 Sirnaomics Ltd. 聖 諾 醫 藥 * （ 於開曼群島註冊成立的有限公司） （股份代號：2257） 實施針對內部控制弱點及不足的補救行動之最新情況 本公告乃由Sirnaomics Ltd.（「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證券上市規則（「上市規則」）第13.09 (2) (a)條及證券 及 期 貨 條 例（ 香 港 法 例 第 571 章 ）第 XIVA 部 的 內 幕 消 息 條 文（ 定 義 見 上 市 規 則 ）作出。 茲 提 述 本 公 司 日 期 為 2022 年 12 月 29 日 、 2023 年 1 月 12 日 、 2024 年 7 月 8 日 、 2024 年 12 月 13 日 、 ...

Core Points - The company completed the issuance of 1,051,700 new shares on October 22, 2025, following a subscription agreement dated September 7, 2025 [1] Summary by Category - **Company Actions** - The company issued a total of 1,051,700 new shares as part of a general authorization [1]

Core Viewpoint - Saint Noble Pharmaceuticals-B (02257.HK) announced the issuance of 1.05 million subscription shares based on a subscription agreement dated October 22, 2025 [1] Summary by Category - **Company Announcement** - The company will allocate 1.05 million subscription shares according to the subscription agreement [1]

Core Points - The company completed the issuance of 1.0517 million new shares on October 22, 2025, following a subscription agreement dated September 7, 2025 [1] Summary by Category - **Company Actions** - The company has successfully issued 1.0517 million new shares as part of its general authorization [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： 新提交 公司名稱： 聖諾醫藥 (*僅供識別) 呈交日期： 2025年10月22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) | 02257 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（ ...

Sirnaomics Ltd. 聖 諾 醫 藥 * （ 於開曼群島註冊成立的有限公司） （股份代號：2257） 董事名單及其角色及職能 歐陽雲龍先生 殷惠軍博士 獨立非執行董事 黃夢瑩女士 （ 董事會主席 ） 王宇山先生 張鵬博士 盧懿杏女士 – 1 – 董 事 會設 有 三 個 委 員會 。 下 表 載列 各 董 事 在 該等 委 員 會 中 所擔 任 角 色 之資 料。 | 董事 | | 董事委員會 | | | --- | --- | --- | --- | | | 審核委員會 | 提名委員會 | 薪酬委員會 | | 潘洪輝博士 | — | M | — | | 歐陽雲龍先生 | M | — | M | | 黃夢瑩女士 | M | M | C | | 王宇山先生 | C | — | M | | 張鵬博士 | — | M | — | | 盧懿杏女士 | M | C | — | Sirnaomics Ltd.董事（「董事」）會（「董事會」）成員載列如下： 執行董事 潘洪輝博士 （ 首席執行官 ） 非執行董事 C 有關董事委員會的主席 M 有關董事委員會的成員 香港，2025年10月18日 * 僅供識別 – 2 ...

Investment Rating - The report rates the industry as "Overweight" [4] Core Insights - The siRNA drug industry is entering a new era with the maturation of technology platforms and the expansion of indications, focusing on the commercial value of siRNA drugs for common diseases [2][3] - siRNA drugs have transitioned from rare diseases to common diseases, showcasing strong target expansion capabilities, robust research and development extensibility, long-lasting effects, and low resistance [4][12] - The industry is witnessing a surge in business development (BD) transactions, particularly among multinational corporations (MNCs), indicating a vibrant market for siRNA technology [4][31] Summary by Sections 1. Dawn of a New Era for Small Nucleic Acid Drugs - Small nucleic acid drugs, including siRNA and ASO, are becoming a significant path for drug development, with a focus on their ability to regulate protein production [7] - The global approval of small nucleic acid drugs has reached 23, with siRNA drugs leading the way in rare disease applications [12][13] - Alnylam and other leading companies have demonstrated significant market capitalization differences due to their innovative drug development technologies [14][16] 2. Platform Characteristics and Focus on Indications - The siRNA drug industry is characterized by high barriers in modification and delivery, with a focus on breakthroughs in extrahepatic delivery systems [6][29] - The commercialization of siRNA drugs is accelerating, with multiple common diseases nearing market readiness [6][29] - The GalNAc delivery system has become the mainstream strategy for liver-targeted siRNA delivery, while breakthroughs in extrahepatic delivery are still needed [6][29] 3. Related Companies - Listed companies in the siRNA space include Yuyuan Pharmaceutical, Hengrui Medicine, and others, while unlisted companies include Bewang Pharmaceutical and others [4][12]

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9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: 聖諾醫藥 (*僅供識別) 呈交日期: 2025年10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) | 02257 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 230,000,000 | USD | | 0.001 | USD | | 230,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 230,000,000 | USD | | 0.001 | USD | | 230,000 | 本月底法定/註冊股本總 ...