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。 （於開曼群島註冊成立的有限公司） （股份代號：2268） 於2025年12月12日舉行的股東特別大會之投票表決結果 董事會宣佈，於2025年12月12日舉行的股東特別大會上，股東特別大會通知中 所載的所有提呈決議案獲本公司股東以投票表決方式正式通過。 藥 明 合 聯 生 物 技 術 有 限 公 司 *（「 本 公 司 」）董 事（「 董 事 」）會（「 董 事 會 」）宣 佈 ， 於 2025年12月12日舉行之本公司股東特別大會（「股東特別大會」）上，股東特別大會 通知中所載的所有提呈決議案獲本公司股東以投票表決方式正式通過。除另有界 定外，本公告所用詞彙與日期為2025年11月26日的通函（「通函」）所界定者具有相 同涵義。執行董事李錦才博士、張靖偉先生及席曉捷先生；以及非執行董事陳智 勝博士親身或以電子方式出席股東特別大會。 – 1 ...

Group 1 - The stocks of Zhaoyan New Drug (06127.HK) increased by 5.54% [1] - Rongchang Biologics (09995.HK) saw a rise of 3.95% [1] - WuXi AppTec (02268.HK) experienced a growth of 3.05% [1] - Cornerstone Biosciences-B (02616.HK) rose by 2.86% [1]

Core Viewpoint - The release of the 2025 version of the basic medical insurance directory and the first commercial insurance directory is expected to support innovation in the CXO industry, leading to a potential performance recovery in the second half of the year [1] Summary by Categories Industry Outlook - The report indicates that several companies' core innovative products have been included in the medical insurance directory [1] - Despite ongoing pressures on medical insurance revenue due to macroeconomic conditions and aging populations, attention is drawn to the renewal of national centralized procurement [1] Commercial Insurance - The initial commercial insurance directory is expected to have limited short-term impact on product sales due to the small scale of commercial insurance [1] - However, the significance of the commercial insurance directory is highlighted as it may pave the way for the expansion of commercial medical insurance in China, marking the beginning of a diversified payment system development [1] Company Recommendations - The report recommends buying shares in the following companies: - Sanofi (01530) - Genscript Biotech (02273) - WuXi AppTec (02268) - Genor Biopharma (02367) - Innovent Biologics (01801) - China Biologic Products (01177) [1]

Group 1 - Hong Kong pharmaceutical stocks showed strong performance on December 9, with notable gains in several companies [2] - Gilead Sciences-B (01672.HK) experienced a significant increase of 14.93% [2] - Tigermed (03347.HK) rose by 2.91%, while WuXi AppTec (02268.HK) saw a modest increase of 0.97% [2]

Investment Rating - The report maintains a "Buy" rating for certain stocks in the CXO sector, indicating a positive outlook for the industry [58]. Core Insights - The global market is showing signs of recovery, with domestic financing on the rise, particularly in the healthcare sector. In Q3 2025, global financing reached $20.6 billion, marking a 39% increase and the highest in nearly four years. Domestic financing also surged to 18.2 billion yuan, up 97% [2][21]. - The IPO landscape is experiencing a divergence, with overseas markets facing challenges while domestic IPOs are rebounding. The domestic biotech IPOs have seen significant growth, with a 665% year-on-year increase in fundraising [30][34]. - The research and development sector is under pressure globally, but domestic R&D is showing rapid improvement, with new clinical trials reaching historical highs. In the first eleven months of 2025, the number of new clinical trials in China increased by 20% [41][52]. Summary by Sections Financing Sector - Global financing in the healthcare sector is recovering, with Q3 2025 showing a significant rebound. The total financing for the first ten months of 2025 has already surpassed the entire year of 2024 [14][21]. - Domestic financing trends mirror global patterns, with a notable increase in Q3 2025, indicating a clear upward trajectory [21][22]. IPO Trends - The overseas IPO market is stabilizing after a downturn, while domestic IPOs are experiencing a resurgence, particularly in the biotech sector, driven by a favorable secondary market [30][34]. - The first eleven months of 2025 saw a dramatic increase in fundraising from domestic biotech IPOs, highlighting a strong recovery [34][36]. R&D Developments - Globally, the number of new clinical trials is declining, but the domestic market is witnessing a significant turnaround, with new drug IND applications showing stability and growth [41][47]. - The number of new clinical trials in China has reached a historical high, with a notable increase in Phase II trials, indicating a robust pipeline for future drug development [52][53].

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 FF301 致：香港交易及結算所有限公司 公司名稱: WuXi XDC Cayman Inc. 藥明合聯生物技術有限公司*（「本公司」） *僅供識別 呈交日期: 2025年12月4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) | 02268 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | 0.00005 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | 0.00005 | ...

Market Overview - The Hong Kong stock market showed a rebound in sentiment, with the Hang Seng Technology Index rising by 1.45% to above 5600 points, while the Hang Seng Index increased by 0.68% to 25935 points, and the National Enterprises Index rose by 0.86% to 9106 points [1][2]. Sector Performance - Large technology stocks collectively rose, with notable gains from Xiaomi (over 4%) and Meituan (over 2%). The pharmaceutical sector saw a surge in orders for flu medications, with some stocks in this category performing strongly [2][4]. - The semiconductor sector was active, with companies like Cambrian increasing chip production by three times, leading to a rise in semiconductor stocks [2][9]. - The biopharmaceutical sector experienced significant gains, with WuXi AppTec rising over 9% and other related stocks also showing strong performance due to increased demand for flu medications [6][8]. - The automotive, real estate, and pharmaceutical sectors showed positive movements, while the restaurant and gaming sectors faced declines [3][13][15]. Notable Stocks - Horizon Robotics saw a rise of over 6%, while Xiaomi and Trip.com also reported gains of over 4% and 3%, respectively [4][5]. - In the biopharmaceutical space, WuXi AppTec and other related stocks saw increases of over 8% [6]. - The robotics sector was strong, with companies like CloudMinds and others showing significant gains [7][8]. - The entertainment sector also saw some upward movement, with Lemon Films rising over 5% [11][12]. Capital Flows - Southbound funds recorded a net inflow of 1.48 billion HKD, indicating positive investor sentiment towards Hong Kong stocks [19]. Future Outlook - Analysts predict that the Hong Kong stock market may experience fluctuations in the coming months, with the Hang Seng Index expected to range between 23500 and 30500 points in 2026. Recommendations include buying on dips and focusing on sectors such as technology, high-end manufacturing, and renewable energy [21].

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index falling by 1.28% to close at 25,760.73 points, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index dropped by 1.68% and 1.58%, respectively [1][2]. Sector Performance - Major technology stocks and large financial stocks collectively dragged down market sentiment, with notable declines in companies like Bilibili (-3%), NetEase (-2.94%), and Alibaba (-2.17%) [4][5]. - The financial sector also faced losses, particularly in insurance stocks, with China Pacific Insurance down by 4% and China Life Insurance down by over 3% [6]. - The biopharmaceutical sector saw declines, with WuXi AppTec falling by over 3% and other major players like BeiGene and WuXi Biologics also experiencing losses [7]. Commodity and Other Stocks - In contrast, stocks in the non-ferrous metals and precious metals sectors performed well, with China Molybdenum and China Aluminum rising by over 2% [8]. - Airline stocks strengthened, with China Eastern Airlines and China Southern Airlines both gaining over 2%, supported by a new action plan promoting the integration of cultural tourism and civil aviation [9]. Capital Flows - Southbound capital saw a net inflow of 2.279 billion HKD, indicating continued interest in Hong Kong stocks from mainland investors [9]. Future Outlook - Analysts suggest that the current market adjustments may create opportunities for recovery in 2026, with expectations of a necessary interest rate cut in December due to rising unemployment and declining real wages [11].

Group 1 - The Hong Kong biotechnology sector experienced a widespread decline, with notable drops in several companies' stock prices [1] - Specifically, Gilead Sciences-B fell over 13%, while Sanofi-B dropped more than 10% [1] - Other companies such as Crystal Technology Holdings and Hualing Pharmaceutical-B also saw declines exceeding 6% [1] Group 2 - Gilead Sciences-B's latest price is 11.750, with a market capitalization of 116.56 billion and a year-to-date increase of 290.37% [2] - Sanofi-B's latest price is 7.000, with a market capitalization of 7.44 billion and a year-to-date increase of 102.31% [2] - Crystal Technology Holdings has a latest price of 9.330, a market capitalization of 401.48 billion, and a year-to-date increase of 56.02% [2] - Hualing Pharmaceutical-B's latest price is 3.230, with a market capitalization of 34.13 billion and a year-to-date increase of 121.23% [2] - Other companies like Wangshan Wangshui-B and Sanleaf Biotech-B also reported significant declines, with year-to-date increases of 123.25% and 920.75% respectively [2]

每经AI快讯，港股生物医药板块延续走低，药明合联跌超3%，百济神州跌近2%，药明康德、君实生物 等跟跌。 ...