公司名稱: 固生堂控股有限公司 呈交日期: 2025年12月3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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 本月底法定/註 ...

Core Viewpoint - Multiple companies conducted share buybacks on December 2, 2025, with Tencent Holdings leading in both volume and monetary value [1] Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.028 million shares for a total of 636 million [2] - Xiaomi Group-W (01810) repurchased 2.5 million shares for a total of 102 million [2] - COSCO Shipping Holdings (01919) repurchased 3 million shares for a total of 41.053 million [2] - China Feihe (06186) repurchased 4 million shares for a total of 16.74 million [2] - Gushengtang (02273) repurchased 378,400 shares for a total of 10.9452 million [2] Group 2: Cumulative Buyback Data - Tencent Holdings has a cumulative buyback of 82.018 million shares, representing 0.893% of its total share capital [2] - Xiaomi Group-W has a cumulative buyback of 78.2954 million shares, representing 0.300% of its total share capital [2] - COSCO Shipping Holdings has a cumulative buyback of 60.543 million shares, representing 2.102% of its total share capital [2] - China Feihe has a cumulative buyback of 195 million shares, representing 2.149% of its total share capital [2] - Gushengtang has a cumulative buyback of 10.4139 million shares, representing 4.395% of its total share capital [2] Group 3: Other Notable Buybacks - Other companies such as Kingsoft (03888), Fuhua Group (02038), and Weigao Group (01066) also participated in the buyback activities, with varying amounts and percentages of total shares repurchased [2][3] - The buyback activities reflect a trend among companies to return capital to shareholders amid market conditions [1]

Summary of Key Points Core Viewpoint - The company Guoshengtang (02273.HK) has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and confidence in its stock performance. Group 1: Share Buyback Details - On December 2, 2025, Guoshengtang repurchased 378,400 shares at prices ranging from HKD 28.700 to HKD 29.380, totaling HKD 10.9452 million [1] - The stock closed at HKD 29.100 on the same day, reflecting a slight increase of 0.07% with a total trading volume of HKD 28.9905 million [1] Group 2: Cumulative Buyback Activity - Year-to-date, Guoshengtang has conducted 69 buyback transactions, acquiring a total of 13.0762 million shares for a cumulative expenditure of HKD 398 million [2] - The buyback activity demonstrates a consistent approach to managing capital and potentially improving stock liquidity [2] Group 3: Historical Buyback Data - The buyback history includes various transactions with the highest repurchase price recorded at HKD 37.950 and the lowest at HKD 27.000 [3] - Notable buyback transactions include: - November 28, 2025: 287,600 shares at a maximum price of HKD 30.000, totaling HKD 8.5854 million [2] - November 21, 2025: 500,000 shares at a maximum price of HKD 29.180, totaling HKD 14.4424 million [2]

Group 1 - The company, Gushengtang (02273), announced a share buyback plan, intending to repurchase 378,400 shares at a cost of HKD 10.945 million [1]

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2日 FF305 FF305 | 1). | 購回股份（擬註銷但尚未註銷） | | 232,000 | 0.0983 % | HKD | 29.4622 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年10月20日 | | | | | | 2). | 購回股份（擬註銷但尚未註銷） | | 149,600 | 0.0634 % | HKD | 29.7048 | | | 變動日期 | 2025年10月21日 | | | | | | 3). | 購回股份（擬註銷但尚未註銷） | | 91,300 | 0.0387 % | HKD | 30.1128 | | | 變動日期 | 2025年10月22日 | | | | | | 4). | 購回股份（擬註銷但尚未註銷） | | 198,600 | 0.0841 % | HKD | 29.5236 ...

| 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11月28日 | | 229,923,692 | | 1,645,200 | | | | 231,568,892 | | 1). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | | 216,460 | 0.0941 % | | HKD | 2 ...

Core Viewpoint - The company, Guoshengtang (02273), announced the allocation of new shares to eligible participants under a previously restricted share award plan, indicating a commitment to employee incentives and retention strategies [1] Group 1 - On December 1, 2025, the company will distribute 216,500 new shares to 121 eligible participants as part of the share award plan [1] - Additionally, on the same date, the company will allocate 2,585,700 new shares to 95 eligible participants, reflecting a significant distribution of shares under the incentive program [1]

Group 1 - The company, Gushengtang (02273), announced the allocation of 216,500 new shares to 121 qualified participants under a previously restricted share award plan on December 1, 2025 [1] - Additionally, the company will allocate 2,585,700 new shares to 95 qualified participants on the same date under the same restricted share award plan [1]

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1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 ...

Investment Rating - The report maintains a positive outlook on the innovative drug sector, indicating a rebound and potential for further growth in the upcoming months [3][6]. Core Insights - The innovative drug sector is expected to see a rebound after previous adjustments, with significant catalysts anticipated in December and January. The results of the national medical insurance negotiations will be released in early December, which may impact the inclusion of domestic innovative drugs in the insurance catalog [3][14]. - The upcoming American Society of Hematology (ASH) conference from December 6-9 is highlighted as a key event, with multiple differentiated hematology products expected to present new data [3][4][42]. - The CXO sector shows a continuous upward trend, supported by the rapid growth of new orders and backlog, ensuring performance release in the next 1-2 years [4][53]. Summary by Sections Innovative Drugs - The report emphasizes the importance of focusing on dual/multi-target drugs for various cancers and chronic diseases, as well as opportunities in ADCs and small nucleic acid therapies [6][15]. - The report notes that the innovative drug financing data is showing marginal improvement, indicating a potential recovery in the sector [6][15]. Biologics - The report mentions positive preliminary results from the Phase II clinical trial of amycretin for Type 2 diabetes, suggesting continued monitoring of its clinical progress [4][46]. Medical Devices - The report highlights the emergence of innovative domestic medical devices, with expectations for profit margins to stabilize and improve as new products are approved [5]. Traditional Chinese Medicine & Pharmacies - The report suggests monitoring companies with strong brand power and good inventory management, such as China Resources Sanjiu and Jichuan Pharmaceutical, due to rising flu incidence [5]. Medical Services and Consumer Healthcare - The report discusses a collaboration between a traditional Chinese medicine group and a local health bureau to enhance the capabilities of grassroots medical services through technology [5]. Key Investment Targets - The report identifies key companies to watch, including Innovent Biologics, Kintor Pharmaceutical, and others in the innovative drug and medical device sectors [7].