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]

Summary of Key Points Core Viewpoint - On December 8, 49 Hong Kong-listed companies conducted share buybacks, totaling 45.44 million shares and an aggregate amount of HKD 1.089 billion [1]. Group 1: Share Buyback Details - Tencent Holdings repurchased 1.049 million shares for HKD 636 million, with a highest price of HKD 608.50 and a lowest price of HKD 604.50, bringing its total buyback amount for the year to HKD 70.501 billion [1][2]. - Xiaomi Group-W repurchased 4.8 million shares for HKD 204 million, with a highest price of HKD 42.72 and a lowest price of HKD 42.14, totaling HKD 4.147 billion for the year [1][2]. - China COSCO Shipping repurchased 3 million shares for HKD 41.21 million, with a highest price of HKD 13.89 and a lowest price of HKD 13.67, totaling HKD 6.155 billion for the year [1][2]. Group 2: Notable Buybacks - The largest buyback amount on December 8 was by Tencent Holdings at HKD 636 million, followed by Xiaomi Group-W at HKD 204 million [1][2]. - The highest number of shares repurchased on December 8 was by China Feihe, with 7 million shares, followed by Jinxin Fertility and Xiaomi Group-W with 5.9285 million and 4.8 million shares, respectively [1][2]. Group 3: Other Companies Involved - Geely Automobile conducted its first buyback of the year, repurchasing shares for HKD 27.12 million [2]. - Other companies with significant buybacks included Kuaishou-W and Jinxin Fertility, with respective amounts of HKD 2.995 million and HKD 1.484 million [2].

Core Viewpoint - The company, Guosheng Tang, has been actively repurchasing its shares, indicating a strategy to support its stock price amidst recent declines [2][3]. Share Buyback Summary - On December 8, the company repurchased 220,600 shares at a price range of HKD 27.860 to HKD 28.480, totaling HKD 6.2216 million [2]. - The stock closed at HKD 28.460 on the same day, with a total trading volume of HKD 41.1739 million [2]. - Since December 2, the company has conducted buybacks for five consecutive days, acquiring a total of 1.305 million shares for a cumulative amount of HKD 37.3729 million, during which the stock price fell by 2.13% [2]. Year-to-Date Buyback Activity - Year-to-date, the company has executed 73 buybacks, acquiring a total of 14.0028 million shares for a total expenditure of HKD 425 million [3].

Group 1 - The company, Guoshengtang (02273), announced a share buyback plan on December 8, 2025, involving an expenditure of approximately HKD 6.22 million to repurchase 220,600 shares [1]

格隆汇12月8日丨固生堂(02273.HK)公告，12月8日耗资622.2万港元回购22万股。 ...

Group 1 - The company, Gushengtang (02273), announced a share buyback plan on December 8, 2025, involving an expenditure of approximately HKD 6.2216 million to repurchase 220,600 shares [1]

FF305 | 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（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年12月5日 | 231,641,451 | | 2,729,600 | | 234,371,051 | | 1). 購回股份 (股份被持作庫存股份) | | | -220,600 0.0952 % | 220,600 HKD | 28.2032 | | | 變動日期 2025年12月8日 | | | | | | | ...

Core Insights - Multiple companies, including Tencent Holdings and China Petroleum & Chemical Corporation, conducted share buybacks on December 5, 2025, with Tencent leading in both volume and monetary value [1][2] Company Summaries - **Tencent Holdings (00700)**: Repurchased 1.046 million shares for a total of 636 million, with a year-to-date total of 85.148 million shares, representing 0.927% of total share capital [2] - **China National Offshore Oil Corporation (01919)**: Bought back 3 million shares for 41.6745 million, with a cumulative total of 6.9543 million shares, accounting for 2.415% of total share capital [2] - **Kuaishou-W (01024)**: Acquired 438,000 shares for 29.9859 million, with a year-to-date total of 682,460 shares, representing 0.159% of total share capital [2] - **Fenbi (02469)**: Conducted a buyback of 6.657 million shares for 21.0954 million, with a cumulative total of 26.657 million shares, accounting for 1.193% of total share capital [2] - **Jinxin Fertility (01951)**: Repurchased 7.722 million shares for 19.7977 million, with a total of 7.722 million shares year-to-date, representing 0.280% of total share capital [2] - **Yum China (09987)**: Engaged in two buybacks, totaling 57,000 shares for 19.1905 million, with a cumulative total of 16.2024 million shares, accounting for 4.350% of total share capital [2] - **China Feihe (06186)**: Bought back 3 million shares for 12.3 million, with a cumulative total of 208 million shares, representing 2.295% of total share capital [2] - **Haier Smart Home (06690)**: Acquired 450,000 shares for 12.1991 million, with a total of 330,000 shares year-to-date, representing 0.116% of total share capital [2] - **Vitasoy International (00345)**: Repurchased 1.302 million shares for 8.6504 million, with a cumulative total of 1.928 million shares, accounting for 1.837% of total share capital [2] - **Coolpad Group (02369)**: Conducted a buyback of 4.144 million shares for 5.5725 million, with a total of 15.048 million shares year-to-date, representing 3.925% of total share capital [2]

Summary of Key Points Core Viewpoint - The company, Guoshengtang, has been actively repurchasing its shares, indicating a strategy to support its stock price amidst recent declines [2]. Share Buyback Details - On December 5, Guoshengtang repurchased 186,000 shares at a price of HKD 28.46 per share, totaling HKD 5.2936 million [2]. - The stock closed at HKD 28.46 on the same day, reflecting a decrease of 0.63%, with a total trading volume of HKD 29.4431 million [2]. - Since December 2, the company has conducted buybacks for four consecutive days, acquiring a total of 1.0844 million shares for a cumulative amount of HKD 31.1513 million, during which the stock price fell by 2.13% [2]. - Year-to-date, Guoshengtang has executed 72 buybacks, totaling 13.7822 million shares and an aggregate buyback amount of HKD 419 million [2]. Historical Buyback Data - The buyback history shows varying amounts and prices, with the highest buyback price recorded at HKD 31.86 on October 10, 2025, and the lowest at HKD 27.74 on November 6, 2025 [3][4]. - The company has consistently engaged in buybacks over the past months, with significant transactions occurring in late November and early December [2][3][4].

固生堂(02273)发布公告，该公司于2025年12月5日斥资529.36万港元回购18.6万股股份，每股回购价格 为28.46港元。 ...