呈交日期: 2026年1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) | 02273 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 264,430,287 | USD | | 0.0001 | USD | | 26,443.03 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 264,430,287 | USD | | 0.0001 | USD | | 26,443.03 | 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: 固生堂控股有限公司 本月底法定/註冊 ...

Investment Rating - The report suggests a positive investment outlook for the medical device sector, particularly in brain-computer interface devices, which are expected to see accelerated commercialization due to supportive policies [1][3]. Core Insights - Recent policies have significantly increased support for innovation in medical devices, with the National Medical Products Administration actively promoting faster market entry for brain-computer interface devices, indicating a diverse application landscape and substantial future potential [1][3]. - The pharmaceutical sector is witnessing positive developments, such as GSK's approval of mepolizumab for a new indication in COPD patients, marking it as the first monthly administered biologic in China, which is expected to reduce the annual incidence of severe exacerbations significantly [1][32]. - The report highlights the approval of Wegovy® tablets in the U.S. for weight management, emphasizing its potential impact on the market as the first oral GLP-1 receptor agonist for this purpose [37][40]. Summary by Sections Pharmaceutical Sector - Mepolizumab has been approved for COPD treatment in China, with a monthly dosing schedule, targeting a significant patient population [1][32]. - The A/H share innovation drug sector maintains high activity levels, with new drug approvals and cross-border transactions remaining robust [16][28]. Biologics - Wegovy® tablets have been approved in the U.S. for weight management, showing similar weight loss efficacy to its injectable counterpart, with a significant portion of participants achieving substantial weight loss [37][40]. CXO and Pharmaceutical Supply Chain - The CXO sector continues to show upward momentum, supported by a stable order backlog, with November financing levels slightly above the annual average [44][46]. Medical Devices - The centralized procurement process for high-value medical consumables is progressing steadily, with high selection rates in multiple rounds of bidding, indicating a favorable environment for leading domestic companies [2][52]. Retail Pharmacy - The industry is undergoing a consolidation phase, with leading companies expected to benefit from increased market share through mergers and acquisitions [2][3]. Medical Services and Consumer Healthcare - Aier Eye Hospital's acquisition of 39 institutions for 960 million yuan strengthens its market position, with the acquired entities showing signs of financial recovery [2][3].

Core Viewpoint - The conference on the high-quality development path of Traditional Chinese Medicine (TCM) medical alliances was held in Guangzhou, emphasizing the importance of collaboration between educational institutions and healthcare providers to enhance TCM services and accessibility [1][4]. Group 1: Conference Highlights - The conference was organized by the World Federation of Chinese Medicine Societies and attended by leaders from various healthcare and educational institutions, focusing on the expansion of quality medical resources [1]. - Solidarity in TCM medical alliances was showcased, with Solidarity Hall announcing partnerships with 13 new high-level medical alliance units, including top hospitals and universities [1][2]. Group 2: Educational Initiatives - Solidarity Hall launched the "Rising Talent Scholarship" in collaboration with Guangzhou University of Chinese Medicine to support students in nursing and related fields, aiming to align educational outcomes with industry needs [2]. - A strategic cooperation agreement was signed with China Traditional Chinese Medicine News to promote TCM culture and share best practices in medical alliance construction [2]. Group 3: Expert Contributions - The conference featured high-level reports, including insights from the National Medical Insurance Administration on integrating TCM services into the insurance system, and presentations on innovative TCM techniques [3]. - The event marked a new phase in TCM medical alliance construction, focusing on consensus building and collaborative efforts for effective outcomes [4].

Core Insights - Tencent Holdings (00700), Alibaba-W (09988), and Hong Kong Exchanges (00388) led the market in net inflows, with amounts of 1.115 billion, 1.055 billion, and 309 million respectively [1] - China Mobile (00941), Luoyang Molybdenum (03993), and CICC (03908) experienced the highest net outflows, with amounts of -1.053 billion, -184 million, and -181 million respectively [1] - In terms of net inflow ratios, China Telecom Services (00552), Yihua Tong (02402), and Sunshine Insurance (06963) topped the list with ratios of 167.31%, 126.18%, and 118.17% respectively [1] Net Inflow Rankings - Tencent Holdings (00700) had a net inflow of 1.115 billion, representing a 13.09% increase, closing at 614.500 [2] - Alibaba-W (09988) saw a net inflow of 1.055 billion, with a 12.23% increase, closing at 146.400 [2] - Hong Kong Exchanges (00388) recorded a net inflow of 309 million, with a 24.77% increase, closing at 407.000 [2] Net Outflow Rankings - China Mobile (00941) faced a net outflow of -1.053 billion, a decrease of -54.21%, closing at 83.700 [2] - Luoyang Molybdenum (03993) had a net outflow of -184 million, down by -29.82%, closing at 19.100 [2] - CICC (03908) experienced a net outflow of -181 million, a decrease of -30.22%, closing at 20.540 [2] Net Inflow Ratio Rankings - China Telecom Services (00552) achieved a net inflow ratio of 167.31%, with a net inflow of 26.5926 million, closing at 4.520 [3] - Yihua Tong (02402) had a net inflow ratio of 126.18%, with a net inflow of 26.5481 million, closing at 23.980 [3] - Sunshine Insurance (06963) recorded a net inflow ratio of 118.17%, with a net inflow of 31.5558 million, closing at 3.940 [3]

Group 1 - The conference titled "World Traditional Chinese Medicine Union Medical Consortium Working Committee 2025 Annual Meeting and 'Inheritance·Innovation·Development' Medical Consortium Innovation Development Seminar" was successfully held in Guangzhou, focusing on high-quality development paths for Traditional Chinese Medicine (TCM) medical consortia and promoting the expansion of quality medical resources [1] - The conference was attended by leaders from the National Administration of Traditional Chinese Medicine, National Healthcare Security Administration, and top TCM hospital directors, as well as nearly a hundred experts and scholars in the TCM field [1] Group 2 - During the conference, the company signed a strategic cooperation agreement with the China Traditional Chinese Medicine News Agency and launched the "Rising Sun Talent Scholarship" with Guangzhou University of Chinese Medicine Nursing College, reflecting its commitment to deepening industry-education integration and building an industry ecosystem [5][8] Group 3 - The company has established a high-level medical consortium network, adding 13 new cooperative units since 2025, including top public hospitals and TCM universities, totaling over 40 partnerships with public tertiary hospitals and TCM institutions [7] - The company’s model has been recognized by the public healthcare system, facilitating the introduction of top expert resources to grassroots communities, thereby enhancing the accessibility of TCM services [7] Group 4 - The "Rising Sun Talent Scholarship" aims to encourage outstanding students in nursing and related fields to pursue careers in TCM, ensuring a seamless connection between educational institutions and industry needs [8] - The partnership with Guangzhou University of Chinese Medicine focuses on building clinical internship bases, collaborative research on key disciplines, and promoting TCM culture [8] Group 5 - The company signed a strategic cooperation agreement with the China Traditional Chinese Medicine News Agency to enhance the dissemination of TCM culture and share experiences in building medical consortia [9] - This collaboration aims to create a high-quality content dissemination platform, promoting public awareness of TCM health concepts and sharing innovative achievements in medical consortia [9] Group 6 - The conference featured high-level thematic reports providing insights into medical consortium construction, including interpretations of national healthcare policies and innovations in TCM techniques [12] - The successful hosting of the conference marks a new phase in the construction of TCM medical consortia, emphasizing consensus building, collaborative efforts, and practical outcomes [12]

Core Insights - The conference on "Inheritance, Innovation, and Development" for the World Traditional Chinese Medicine Alliance was successfully held in Guangzhou, focusing on high-quality development paths for TCM medical alliances and promoting the expansion of quality medical resources [1] Group 1: Solidifying Medical Alliances - The company has established 13 new high-level medical alliance cooperation units since 2025, including top public hospitals and TCM universities, reflecting strong recognition of its business model and medical service capabilities [5] - The company has formed close medical alliance cooperation with over 40 public tertiary hospitals and TCM institutions, including deep collaborations with 9 of the top 20 TCM universities in the country [5] - The company aims to enhance accessibility to TCM services by integrating top expert resources into community healthcare through various methods, effectively breaking the time and space limitations of expert resources [5] Group 2: Talent Development - The launch of the "Rising Sun Talent Scholarship" aims to encourage outstanding students in nursing and related fields to engage in the TCM industry, facilitating seamless integration between educational institutions and industry needs [6][4] - The partnership between the company and Guangzhou University of Chinese Medicine focuses on building a multi-dimensional collaborative framework, including clinical internship bases and research on key disciplines [7] Group 3: Industry Collaboration - The company signed a strategic cooperation agreement with the authoritative media outlet, China Traditional Chinese Medicine News, to enhance the dissemination of TCM culture and share experiences in medical alliance construction [8] - This collaboration aims to create a high-quality content dissemination platform, promoting public awareness of TCM health concepts and sharing innovative achievements in medical alliances [8] Group 4: Conference Highlights - The conference featured multiple high-level thematic reports providing insights into medical alliance construction, including interpretations of national medical insurance policies and the promotion of standardized TCM techniques [10] - The successful hosting of this conference marks a new phase in the construction of TCM medical alliances, emphasizing consensus building, collaborative efforts, and practical outcomes [10]

Group 1 - The core viewpoint of the report is that the recent pullback in the pharmaceutical sector is primarily due to the digestion and rebalancing of valuations and expectations, which creates a better investment window for future opportunities [1] - Looking ahead to 2026, the trend of innovative drugs going overseas is expected to continue, with a focus on the clinical progress and data validation of pipelines that have already entered international markets [1] - The impact of the recently signed U.S. Biosecurity Act on Chinese CXO companies is anticipated to be limited, as it does not affect Medicaid and Medicare procurement and has clear definitions regarding related parties, along with the relatively small revenue contribution from U.S. administrative agencies to Chinese CXO firms [1] Group 2 - The industry outlook suggests a more conservative investment approach, emphasizing opportunities in undervalued stocks [1] - Recommended stocks for investment include 3SBio, Genscript Biotech, WuXi AppTec, and China National Pharmaceutical Group [1]

Group 1 - The "Annual Outstanding Healthcare Enterprises" award recognizes companies in the Chinese healthcare industry that excel in innovation, technological leadership, market influence, social value, and sustainable development [4] - The award winners include Alibaba Health (00241.HK), Anxuyuan, Baize Medical (02609.HK), Gushengtang (02273.HK), Haijia Medical (06078.HK), Jinhua Medical Group (01110.HK), Kangchen Pharmaceutical (01681.HK), Ping An Good Doctor (01833.HK), Weitai Medical-B (02235.HK), and Xinwei Medical-B (06609.HK) [1] - The selection process involved quantitative data analysis and an expert review panel to determine the final results [4] Group 2 - The "Jin Ge Award" aims to create a reference for the investment community by highlighting the most valuable listed companies and unicorns in China [4] - The evaluation covers all listed companies and unicorns on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [4]

Core Viewpoint - The "Annual Excellence IR Team (Small and Medium Market Capitalization)" award recognizes outstanding investor relations (IR) teams of listed companies for their significant contributions to industry transformation and development [4]. Group 1: Award Announcement - The "Annual Excellence IR Team (Small and Medium Market Capitalization)" award was presented during the "Technology Empowerment · Capital Breakthrough" sharing session held online by Gelonghui on December 22 [1]. - Ten companies were awarded the "Annual Excellence IR Team (Small and Medium Market Capitalization)" award, including Beikang Medical-B (02170.HK), Gushengtang (02273.HK), Huitongda Network (09878.HK), Jinxin Fertility (01951.HK), Kunbo Medical-B (02216.HK), Lianlian Digital (02598.HK), Qingsi Games (06633.HK), TCL Electronics (01070.HK), Yaxin Technology (01675.HK), and Zhaoke Ophthalmology-B (06622.HK) [1]. Group 2: Evaluation Criteria - The award evaluation focused on the construction of communication channels between IR teams and investors, emphasizing the importance of long-term perspectives on companies' overall performance [4]. - The selection process involved quantitative data analysis and expert review to determine the final results [4]. Group 3: Broader Context - Gelonghui aims to create a reference value ranking of listed companies and unicorns in the investment community, covering all listed companies on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [4].

Core Viewpoint - The MSCI China Healthcare Index has increased by 51.9% from the beginning of 2025 to date, outperforming the MSCI China Index which rose by 24.3% [1] Group 1: Market Performance - The recent pullback in the healthcare sector has seen the MSCI China Healthcare Index decline by 14% since October [1] - The pullback is attributed to the digestion and rebalancing of valuations and expectations, creating a favorable investment window for future opportunities [1] Group 2: Investment Recommendations - The company recommends a cautious investment approach, focusing on undervalued stocks [1] - Specific stocks recommended for purchase include: - 3SBio Inc. (01530) - Genscript Biotech Corporation (02273) - WuXi AppTec Co., Ltd. (02268) - China National Pharmaceutical Group (01177) - All recommended stocks have a "buy" rating [1] Group 3: Future Outlook - The trend of innovative drugs entering international markets is expected to continue into 2026, with a focus on clinical progress and data validation of pipelines that have already gone abroad [1] - The recently enacted "Biosecurity Law" is anticipated to have limited impact on the operational aspects of Chinese CXO companies [1]