Group 1 - The core viewpoint of the reports indicates a recovery in domestic innovative drug research and development due to the resurgence of capital market financing and an increase in overseas transactions for innovative drugs [1] - The price of experimental monkeys, essential for innovative drug research, has risen from approximately 85,000 yuan in mid-2024 to about 90,000 yuan [1] - The CXO industry is expected to see performance recovery in the second half of 2025, driven by the continuous upward momentum of innovative drugs primarily from overseas partners pushing clinical pipelines [1] Group 2 - The report highlights a shift in global early-stage drug innovation research from Europe and the US to China, with multinational pharmaceutical companies increasingly sourcing innovative pipelines from Chinese biotech firms [1] - The proposed administrative order by the Trump administration to restrict the import of experimental treatments from China has sparked intense lobbying from two opposing groups: US biotech investors facing competition from Chinese innovations and large pharmaceutical companies benefiting from low-cost Chinese drugs [1] - The report emphasizes that the income and profit scale of large US pharmaceutical companies far exceed that of US biotech firms, suggesting they may have greater lobbying influence [1] Group 3 - The announcement of a 100% tariff on patented drugs unless pharmaceutical companies build factories in the US is expected to have a limited impact on the CXO sector, as many multinational companies already have plans to establish facilities in the US [2] - Significant investment plans have been announced by several multinational pharmaceutical companies for building factories and R&D facilities in the US, including Eli Lilly's $27 billion and Roche's $50 billion investments over the next five years [2] - The report notes that the construction of factories in the US typically takes over five years, and the progress may be affected by political and market uncertainties [2]

Summary of Key Points Core Viewpoint - The company, Guosheng Tang, has been actively repurchasing its shares, indicating a strategy to support its stock price amid a recent decline in share value [2]. Share Buyback Details - On September 26, the company repurchased 100,000 shares at prices ranging from HKD 30.500 to HKD 30.880, totaling HKD 3.064 million [2]. - The stock closed at HKD 30.420 on the same day, reflecting a decrease of 2.25%, with a total trading volume of HKD 58.2646 million [2]. - Since September 10, the company has conducted share buybacks for 13 consecutive days, acquiring a total of 1.4272 million shares for a cumulative amount of HKD 46.2512 million, during which the stock price has dropped by 8.62% [2]. - Year-to-date, the company has executed 36 buybacks, totaling 4.3818 million shares and an aggregate buyback amount of HKD 141 million [2]. Buyback Price Trends - The highest buyback price recorded was HKD 37.700 on June 6, while the lowest was HKD 28.100 on April 7 [3]. - The buyback activity shows a consistent effort to stabilize the stock price, with varying amounts and prices over the months [3].

GUSHENGTANG HOLDINGS LIMITED 固 生 堂 控 股 有 限 公 司 (Incorporated under the laws of the Cayman Islands with limited liability) （根據開曼群島法律註冊成立的有限公司） (Stock Code 股份代號: 2273) NOTIFICATION LETTER 通知信函 29 September 2025 Dear Non-Registered Shareholder(1) , GUSHENGTANG HOLDINGS LIMITED ("Gushengtang") — Notification of publication of 2025 Interim Report ("Current Corporate Communication") on the Company's website The Current Corporate Communication of Gushengtang, in both English and Chinese versions, is available on t ...

Dear Shareholder, 29 September 2025 GUSHENGTANG HOLDINGS LIMITED (the "Company") – Notification of publication of 2025 Interim Report ("Current Corporate Communications") NOTIFICATION LETTER 通知信函 GUSHENGTANG HOLDINGS LIMITED 固 生 堂 控 股 有 限 公 司 (Incorporated under the laws of the Cayman Islands with limited liability) （根據開曼群島法律註冊成立的有限公司） （Stock Code股份代號：2273） Note: Corporate Communications include but not limited to (a) directors' reports, annual accounts together with the auditors' reports and, where applica ...

[Corporate Information](index=3&type=section&id=Corporate%20Information) This section provides an overview of the company's governance structure, including board composition, committees, and fundamental corporate details [Directors and Committees](index=3&type=section&id=Directors%20and%20Committees) The Board of Directors comprises executive, non-executive, and independent non-executive directors, with established audit, remuneration, and nomination committees - Executive Director Mr. Tu Zhiliang serves as Chairman[6](index=6&type=chunk)[8](index=8&type=chunk) - Mr. Gao Jian ceased to be a non-executive director effective June 20, 2025[6](index=6&type=chunk)[8](index=8&type=chunk) - Ms. Wang Lan was appointed as an independent non-executive director and Chairman of the Remuneration Committee effective March 31, 2025[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) - Ms. Jin Xu resigned as an independent non-executive director and member of the Remuneration/Nomination Committee effective March 31, 2025[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) [Company Details](index=4&type=section&id=Company%20Details) The company is registered in the Cayman Islands, with its China headquarters in Guangzhou and principal place of business in Hong Kong - Registered office in the Cayman Islands, China headquarters in Nansha District, Guangzhou City, and principal place of business in Wan Chai, Queen's Road East, Hong Kong[10](index=10&type=chunk)[11](index=11&type=chunk) - Principal bankers are Industrial and Commercial Bank of China and Shanghai Pudong Development Bank[13](index=13&type=chunk)[14](index=14&type=chunk) - Auditor is Ernst & Young, and Hong Kong legal counsel is Tian Yuan Law Firm[13](index=13&type=chunk)[14](index=14&type=chunk) - Stock code is 2273, and the company website is www.gstzy.cn[14](index=14&type=chunk) [Financial Highlights](index=6&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, the Group's revenue increased by 9.5% year-on-year to **RMB 1,494.9 million**, with net profit growing by 41.6% to **RMB 152.0 million** Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,494,891 | 1,364,979 | 129,912 | 9.5% | | Gross Profit | 457,856 | 401,212 | 56,644 | 14.1% | | EBITDA | 265,003 | 193,047 | 71,956 | 37.3% | | Profit Before Tax | 179,992 | 125,085 | 54,907 | 43.9% | | Net Profit | 151,954 | 107,275 | 44,679 | 41.6% | | Adjusted Net Profit | 170,389 | 147,888 | 22,501 | 15.2% | | Basic Earnings Per Share (RMB) | 0.63 | 0.44 | 0.19 | 43.2% | | Diluted Earnings Per Share (RMB) | 0.62 | 0.43 | 0.19 | 44.2% | | Gross Profit Margin | 30.6% | 29.4% | N/A | 1.2% | | Net Profit Margin | 10.2% | 7.9% | N/A | 2.3% | | Adjusted Net Profit Margin | 11.4% | 10.8% | N/A | 0.6% | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the Group's operational performance, financial position, and future strategic outlook [BUSINESS REVIEW](index=7&type=section&id=BUSINESS%20REVIEW) The Group, a Chinese Traditional Chinese Medicine (TCM) healthcare service provider, offers comprehensive services and products through its online and offline network - The Group is committed to providing comprehensive TCM healthcare services and products through its offline medical institutions and online healthcare platform network, emphasizing basic medical care[17](index=17&type=chunk)[20](index=20&type=chunk) - The Group combines TCM and Western medicine diagnostics to offer comprehensive healthcare solutions, focusing on chronic disease management and long-term follow-up and health management for customers[23](index=23&type=chunk)[25](index=25&type=chunk) [Digitalization & AI Empowerment](index=8&type=section&id=Digitalization%20%26%20AI%20Empowerment) The Group continuously strengthens operational standardization and digitalization, implementing various systems and launching AI-powered services to enhance efficiency and customer experience - Established a digital clerk system, presenting operational data in digital reports to enhance interaction between offline medical institutions and customers, increasing patient visits and return rates[27](index=27&type=chunk) - Developed a medical CRM system, integrating the development and management of medical professional teams, utilizing digital statistics for daily operations and management analysis to improve operational efficiency[27](index=27&type=chunk) - Built an intelligent prescription review and compliance platform, embedding national medical insurance reimbursement schemes and local medical insurance bureau regulations, utilizing information technology for compliance control[31](index=31&type=chunk) - Constructed a closed-loop ERP system for the entire business process, enhancing management efficiency through comprehensive system management of supply chain, sales, inventory, and accounting[31](index=31&type=chunk) - Launched the first "National TCM AI Avatar" in June 2025, followed by 10 major AI avatars by August, covering 8 core TCM specialties such as oncology and dermatology, and introduced an AI health assistant to empower TCM services with AI technology[31](index=31&type=chunk) [Policy Support & Industry Trends](index=9&type=section&id=Policy%20Support%20%26%20Industry%20Trends) The Chinese government continues to introduce favorable policies supporting the inheritance and innovative development of Traditional Chinese Medicine (TCM) - In February 2021, the Chinese government issued "Several Policy Measures on Accelerating the Characteristic Development of Traditional Chinese Medicine," encouraging social forces to establish chain-operated renowned TCM clinics to provide first-class TCM services[29](index=29&type=chunk)[30](index=30&type=chunk) - In December 2021, the National Healthcare Security Administration and the National Administration of Traditional Chinese Medicine jointly issued "Guiding Opinions on Medical Insurance Support for the Inheritance and Innovative Development of Traditional Chinese Medicine," supporting the development of "Internet+" TCM and its inclusion in medical insurance, adjusting TCM medical service prices, and allowing TCM medical institutions to independently price their in-house preparations[33](index=33&type=chunk)[35](index=35&type=chunk) - In March 2022, the "Physicians Law of the People's Republic of China" came into effect, encouraging physicians to regularly provide services at medical and health institutions below the county level; in the same year, the "14th Five-Year Plan for the Improvement of Grassroots Traditional Chinese Medicine Service Capacity" was released, encouraging social forces to establish TCM medical institutions at the grassroots level[34](index=34&type=chunk)[36](index=36&type=chunk) - In February 2023, the General Office of the State Council issued the "Implementation Plan for Major Projects to Revitalize and Develop Traditional Chinese Medicine," focusing on enhancing TCM capabilities at grassroots medical institutions and cultivating high-quality TCM talents[37](index=37&type=chunk)[38](index=38&type=chunk) - In June 2024, the General Office of the State Council issued "Key Tasks for Deepening the Reform of the Medical and Health System in 2024," supporting pilot programs for advantageous TCM therapies, integrated medical group reforms, inheritance and innovative development of TCM, talent cultivation, and productization of in-house preparations[40](index=40&type=chunk)[42](index=42&type=chunk) - In July 2024, the National Administration of Traditional Chinese Medicine and the National Data Administration jointly issued "Several Opinions on Promoting the Development of Digital Traditional Chinese Medicine," planning to integrate big data, artificial intelligence, and other emerging digital technologies into the inheritance and innovation of TCM within the next three to five years, accelerating intelligent transformation[41](index=41&type=chunk)[43](index=43&type=chunk) - In March 2025, the General Office of the State Council issued "Opinions on Improving the Quality of Traditional Chinese Medicine and Promoting the High-Quality Development of the Traditional Chinese Medicine Industry," aiming to comprehensively enhance the quality of TCM and promote its high-quality industrial development, bringing new opportunities for the Group[44](index=44&type=chunk)[46](index=46&type=chunk) [Revenue Sources & Network Expansion](index=13&type=section&id=Revenue%20Sources%20%26%20Network%20Expansion) During the reporting period, the Group's revenue primarily stemmed from providing healthcare solutions and selling healthcare products - During the reporting period, the Group's revenue primarily came from providing healthcare solutions and selling healthcare products[45](index=45&type=chunk)[47](index=47&type=chunk) - As of June 30, 2025, the Group owned and operated 83 medical institutions in 20 cities in China and 1 medical institution in Singapore, all operating under the "Gushengtang" brand[49](index=49&type=chunk)[51](index=51&type=chunk) - During the reporting period, the Group expanded its business footprint through strategic acquisitions and organic growth, including acquiring 90% equity in Wuhan Future TCM Hospital, 100% in Wuxi Tongkang TCM Hospital, 100% in Beijing Bohua Jingkang TCM Hospital, 100% in Changshu Guangren Hospital, and controlling stakes in Tianjin Pingan Comprehensive Clinic and Shenzhen Tianyuan TCM Anorectal Hospital[50](index=50&type=chunk)[52](index

Group 1 - The company, Guoshengtang (02273), announced a share buyback plan [1] - The total amount allocated for the buyback is HKD 3.064 million [1] - The company plans to repurchase 100,000 shares at a price range of HKD 30.50 to HKD 30.88 per share [1]

Core Viewpoint - The company, Guoshengtang (02273), announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Categories Company Actions - Guoshengtang plans to repurchase 100,000 shares at a total cost of HKD 3.064 million [1] - The buyback price ranges from HKD 30.50 to HKD 30.88 per share [1]

Group 1 - Company announced a share buyback of 100,000 shares at a cost of HKD 3.064 million on September 26 [1]

FF305 第 1 頁 共 8 頁 v 1.3.0 | 1). | 購回股份 (擬註銷但尚未註銷) | | 100,000 | 0.0424 % | HKD | 33.5652 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年9月1日 | | | | | | 2). | 購回股份（擬註銷但尚未註銷） | | 140,900 | 0.0597 % | HKD | 33.0529 | | | 變動日期 | 2025年9月2日 | | | | | | 3). | 購回股份（擬註銷但尚未註銷） | | 51,400 | 0.0218 % | HKD | 32.9654 | | | 變動日期 | 2025年9月4日 | | | | | | 4). | 購回股份（擬註銷但尚未註銷） | | 80,200 | 0.0340 % | HKD | 33.5761 | | | 變動日期 | 2025年9月10日 | | | | | | 5). | 購回股份（擬註銷但尚未註銷） | | 74,400 | 0.0315 % | HKD | 33.2982 | ...

Summary of Key Points Core Viewpoint - Multiple companies, including Tencent Holdings and Anta Sports, conducted share buybacks on September 25, 2025, with Tencent leading in both the number of shares repurchased and the total amount spent [1]. Company Buyback Details - Tencent Holdings (00700) repurchased 844,000 shares for a total of 550 million, with a year-to-date total of 63.29 million shares, representing 0.689% of its total share capital [2]. - Anta Sports (02020) repurchased 1.065 million shares for 99.82 million, with a year-to-date total of 7.31 million shares, accounting for 0.260% of its total share capital [2]. - China Petroleum & Chemical Corporation (00386) repurchased 8.1 million shares for 32.97 million, with a year-to-date total of 92.44 million shares, representing 0.080% of its total share capital [2]. - China Hongqiao Group (01378) repurchased 1 million shares for 24.87 million, with a year-to-date total of 153 million shares, accounting for 1.630% of its total share capital [2]. - CIMC (02039) repurchased 3.04 million shares for 23.37 million, with a year-to-date total of 24.78 million shares, representing 0.800% of its total share capital [2]. - Hang Seng Bank (00011) repurchased 200,000 shares for 23.13 million, with a year-to-date total of 7.93 million shares, accounting for 0.421% of its total share capital [2]. - MGM China (02282) repurchased 1 million shares for 15.75 million, with a year-to-date total of 2.58 million shares, representing 0.680% of its total share capital [2]. - Haier Smart Home (06690) repurchased 600,000 shares for 15.17 million, with a year-to-date total of 1.65 million shares, accounting for 0.058% of its total share capital [2]. - Other companies such as Coolpad Group (02369) and Xinyi International (00732) also engaged in buybacks, with Coolpad repurchasing 1.088 million shares for 1.38 million, representing 7.166% of its total share capital [2].