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: 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 2: Market Trends - The healthcare sector has recently experienced a pullback, with the MSCI China Healthcare Index declining by 14% since October [1] - The recent pullback is attributed to the digestion and rebalancing of valuations and expectations, creating a better investment window for the future [1] Group 3: Future Outlook - Looking ahead to 2026, the trend of innovative drugs entering international markets is expected to continue [1] - The focus will be on the clinical progress and data validation of pipelines that have already entered international markets [1] Group 4: Policy Impact - The recently signed and effective "Biological Safety Law" is anticipated to have limited practical impact on the operations of Chinese CXO companies [1]

Core Viewpoint - The Hong Kong government has officially released the "Traditional Chinese Medicine Development Blueprint," which aims to promote comprehensive, high-quality, and high-level development of traditional Chinese medicine (TCM) in Hong Kong [1][2] Group 1: Development Goals - The blueprint includes eight goals, such as optimizing clinical services, establishing a cross-professional service system, and leading the development of TCM professionals [1][2] - Goals also focus on enhancing the quality of Chinese medicine, establishing international standards, driving research and innovation, promoting TCM culture, and facilitating the global outreach of TCM services [2] Group 2: Industry Outlook - CITIC Securities indicates that the short-term pressure on the Chinese medicine industry is expected to ease, with channel inventory clearing accelerating and demand expected to recover by year-end [1][3] - Huajin Securities emphasizes the importance of the "premium + innovation" strategy in the Chinese medicine sector, highlighting the strong brand effect and pricing power of premium Chinese medicine products [3] Group 3: Company Highlights - China Traditional Chinese Medicine (00570) reported a revenue of approximately 7.46 billion RMB for the first half of 2025, a year-on-year decrease of 11.0%, with a gross profit of about 3.63 billion RMB, down 10.5% [5] - Tong Ren Tang (03613) is a historic brand in the Chinese medicine industry, producing over 400 types of traditional Chinese medicine products [6] - Guo Sheng Tang (02273) is actively expanding its presence in Singapore through a strategy of mergers, partnerships, and self-built initiatives [6] - Baiyunshan (00874) reported a revenue of 61.606 billion RMB for the first three quarters of 2025, an increase of 4.31% year-on-year, with a net profit of 3.31 billion RMB, up 4.78% [6]

Core Viewpoint - The Hong Kong government has officially released the "Traditional Chinese Medicine Development Blueprint," aiming to promote comprehensive, high-quality, and high-level development of traditional Chinese medicine (TCM) in Hong Kong, encompassing five areas, eight goals, and twenty actions [1][2]. Group 1: Development Goals - The eight goals include optimizing clinical services, establishing a cross-professional service system, leading the development of TCM professions, enhancing the quality of TCM, building international standards for TCM, driving research and innovation in the industry, promoting TCM culture, and facilitating the global outreach of TCM [1][2]. - The government aims to enhance the quality of TCM services and integrate them into the healthcare system, thereby improving public health and establishing Hong Kong as a bridge for TCM to the world [2][3]. Group 2: Industry Outlook - CITIC Securities indicates that the short-term pressure on the TCM industry is expected to ease, with channel inventory clearing accelerating, and anticipates a demand rebound by year-end, along with opportunities for fundamental and valuation improvements [1][3]. - Huajin Securities emphasizes the importance of the "premium + innovation" strategy in the TCM sector, highlighting that premium TCM products possess significant medical value and consumer attributes, while innovative TCM is gradually entering a harvest period supported by favorable policies [3][4]. Group 3: Company Highlights - China Traditional Chinese Medicine (00570) reported a revenue of approximately 7.46 billion RMB for the first half of 2025, a year-on-year decrease of 11.0%, with a gross profit of about 3.63 billion RMB, down 10.5%, but with a gross margin of 48.7%, up 0.3 percentage points from the previous year [5]. - Tong Ren Tang (03613), a historic brand in the TCM industry, produces over 400 types of traditional Chinese medicine, covering various medical fields [5][6]. - Guo Sheng Tang (02273) is actively expanding its TCM services in Singapore through a strategy of mergers, partnerships, and self-built initiatives, including a recent joint venture with a digital healthcare platform [6]. - Baiyunshan (00874) reported a revenue of 61.606 billion RMB for the first three quarters of 2025, an increase of 4.31% year-on-year, with a net profit of 3.31 billion RMB, up 4.78% [6].

固生堂回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.17 | 13.44 | 28.720 | 28.260 | 383.73 | | 2025.12.16 | 36.67 | 28.680 | 28.040 | 1042.05 | | 2025.12.12 | 27.75 | 28.220 | 27.540 | 777.61 | | 2025.12.11 | 43.51 | 28.440 | 27.620 | 1217.99 | | 2025.12.10 | 15.02 | 28.500 | 28.200 | 426.29 | | 2025.12.09 | 34.01 | 28.400 | 28.020 | 959.73 | | 2025.12.08 | 22.06 | 28.480 | 27.860 | 622.16 | | 2025.12.05 | 18.60 | 28.460 | 28.460 | 529.36 | | 2025.12.04 | 2 ...

固生堂(02273.HK)公告，12月17日耗资383.7万港元回购13.44万股。 ...

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： 固生堂控股有限公司 呈交日期： 2025年12月17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) | 02273 | 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（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存 ...

| 2025.10.31 | 58.20 | 28.680 | 28.340 | 1658.74 | | --- | --- | --- | --- | --- | | 2025.10.30 | 29.01 | 29.080 | 28.460 | 832.54 | | 2025.10.28 | 8.94 | 29.320 | 29.160 | 261.29 | | 2025.10.27 | 24.44 | 29.660 | 29.220 | 718.99 | | 2025.10.24 | 14.06 | 29.900 | 29.520 | 417.67 | | 2025.10.23 | 19.86 | 29.800 | 29.240 | 586.34 | | 2025.10.22 | 9.13 | 30.200 | 30.000 | 274.93 | | 2025.10.21 | 14.96 | 29.800 | 29.540 | 444.38 | | 2025.10.20 | 23.20 | 29.600 | 29.220 | 683.52 | | 2025.10.17 | 20.00 | 29.940 | ...

Core Viewpoint - The company, Guoshengtang (02273), announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Relevant Categories Company Actions - Guoshengtang plans to repurchase 366,700 shares at a total cost of HKD 10.42 million [1] - The buyback price per share ranges from HKD 28.04 to HKD 28.68 [1] Financial Implications - The total expenditure for the share buyback reflects the company's strategy to enhance shareholder value [1]

Core Viewpoint - The company, Gushengtang (02273), announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Buyback Details - The company will repurchase 366,700 shares at a total cost of HKD 10.4205 million [1] - The buyback price per share ranges from HKD 28.04 to HKD 28.68 [1] - The buyback is scheduled to take place on December 16, 2025 [1]

Group 1 - The company, Guoshengtang (02273.HK), announced a share buyback on December 16, spending HKD 10.42 million to repurchase 366,700 shares [1]