Core Viewpoint - WuXi AppTec (02359) announced the cancellation of 11.8608 million A-shares that have been repurchased, effective on August 28, 2025 [1] Group 1 - The company is set to cancel a significant number of shares, which may impact its share structure and market perception [1]

FF305 公司名稱： 無錫藥明康德新藥開發股份有限公司 呈交日期： 2025年8月28日 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 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 A | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | | 說明 | 於上海證券交易所上市 | | | | | | 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 ...

Group 1 - The A-share market has seen a continuous increase in stock buyback activities since 2025, with 197 companies having repurchased over 100 million yuan, and 28 companies exceeding 500 million yuan, indicating strong confidence in their own value and positive future outlook [1] - In January, the People's Bank of China and the China Securities Regulatory Commission held a meeting to promote stock buyback and increase loans, emphasizing that companies actively managing their market value are typically high-quality firms with good operational performance [2] - Companies are increasingly using diverse methods for buybacks, such as employee stock ownership plans and share cancellations, which help align management interests with long-term company performance and signal positive market sentiment [3] Group 2 - The regulatory environment has been optimized to support stock buybacks, with measures to lower implementation thresholds and encourage companies to cancel shares, enhancing value realization efficiency [2][4] - WuXi AppTec announced the completion of a 1 billion yuan A-share buyback plan, bringing its total buyback to 2 billion yuan this year, with all repurchased shares set to be canceled [3] - On August 28, 27 companies reported progress on stock buybacks, with 18 companies disclosing new buyback plans, indicating a growing trend in the market [3]

Market Performance - The Hang Seng Healthcare Index (HSHCI) decreased by 1.23% as of August 28, 2025, with mixed performance among constituent stocks [3] - The Hang Seng Medical ETF (513060) fell by 1.15%, with a latest price of 0.69 yuan, but showed a 6.26% increase over the past month, ranking in the top third among comparable funds [3] - The Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index (HSSCPB) dropped by 1.02%, with the Hong Kong Innovative Drug Selection ETF (520690) down by 0.81% to 0.98 yuan [4] Company Highlights - Innovent Biologics reported a 50.6% year-on-year revenue increase to 5.95 billion yuan for the first half of 2025, achieving a gross margin of 86% and a net profit of 830 million yuan, driven by pipeline expansion in oncology and new product launches [4] - The company has over 2 billion USD in cash reserves to support future innovation pipeline advancements [4] Policy and Industry Developments - The Ministry of Commerce and Jiangsu Provincial Government issued a plan to enhance the biopharmaceutical industry in Jiangsu Free Trade Zone by 2030, focusing on large molecule biologics, cell and gene therapy, and innovative medical devices [5] - Recent market pressure on the pharmaceutical sector was noted, with the Hang Seng Healthcare Index dropping over 2.1%, influenced by U.S. tariff proposals on imported drugs that could disrupt the global pharmaceutical industry [5] Analyst Insights - Analysts suggest that the recent decline in the Hong Kong pharmaceutical sector is a short-term fluctuation and does not alter the long-term industry outlook, with ongoing favorable policies expected to drive more cross-border business development transactions [6] - The Chinese innovative drug assets are gaining international recognition, presenting structural opportunities in the medium to long term [6] ETF Performance and Metrics - The Hang Seng Medical ETF has seen a significant increase in scale by 46.87 million yuan this month, ranking in the top third among comparable funds [8] - The ETF's share count increased by 92.5 million shares over the past week, also ranking in the top third [9] - The ETF recorded a net inflow of 74.96 million yuan recently, with a total of 65.92 million yuan accumulated over the last five trading days [10] - The ETF's financing net purchase reached 2.5072 million yuan this month, with a financing balance of 268 million yuan [11] Risk and Return Metrics - The Hang Seng Medical ETF has achieved a 48.60% net value increase over the past two years, with a maximum monthly return of 28.34% since inception [11] - The ETF's Sharpe ratio for the past year is 2.41, indicating strong risk-adjusted returns [12] - The ETF has the lowest relative drawdown among comparable funds, with a drawdown of 0.63% year-to-date [13] Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the Hang Seng Medical ETF is 30.9, which is below the historical average, indicating a potentially undervalued position [15]

Core Insights - Since August, the A-share market has seen increased trading enthusiasm and activity, with a significant rise in margin financing balances [1] - Nearly 600 stocks have experienced net financing purchases exceeding 100 million yuan, with the top five stocks closely related to the AI sector [1] - Among stocks with net financing purchases over 100 million yuan, 31 stocks are identified as having high growth potential and low valuations, with projected net profit growth exceeding 20% for the first half of 2025 and a rolling P/E ratio below 30 [1] Summary of Low Valuation High-Performance Stocks - The stock with the lowest rolling P/E ratio is Wuchan Zhongda at 8.93, achieving a net profit of 2.04 billion yuan in the first half of the year, a year-on-year increase of 29.65% [4] - Jiuan Medical follows with a rolling P/E ratio of 9.54, reporting a net profit of 920 million yuan, up 52.91% year-on-year [4] - Darentang has a rolling P/E ratio of 9.56, with a net profit of 1.928 billion yuan, reflecting a year-on-year growth of 193.08% [4] - The stock with the highest number of "positive" ratings from institutions is Ningde Times, with a total of 43 institutions rating it positively [4]

8月28日，药明康德宣布已完成今年第二轮人民币10亿元A股回购方案，并将实施相关股份的全部注 销。今年以来，药明康德已累计完成人民币20亿元的A股回购，且所有回购股份将全部注销。公司今年 已实施的回购股份及现金分红合计达到人民币58.4亿元，占公司2024年归母净利润的60%以上。 ...

北京商报讯（记者 丁宁）8月27日晚间，药明康德（603259）发布公告称，8月26日，公司实施完毕 2025年第一次股份回购，累计通过集中竞价交易方式回购A股股份1186.08万股，占公司截至8月27日总 股本的0.4%，回购最高价格102.23元/股，回购最低价格65.53元/股，回购均价84.31元/股，使用资金总 额10亿元。 药明康德表示，经公司申请，公司将于8月28日在中国证券登记结算有限责任公司上海分公司注销本次 回购股份方案项下回购的全部A股股份1186.08万股，并及时办理变更登记手续等相关事宜。 ...

Core Viewpoint - WuXi AppTec (603259) has completed its first share repurchase plan for 2025, indicating a commitment to returning value to shareholders through buybacks [1] Summary by Relevant Sections Share Repurchase Details - The company repurchased a total of 11.8608 million A-shares, which represents 0.40% of its total issued share capital as of the announcement date [1] - The highest price for the repurchase was RMB 102.23 per share, while the lowest price was RMB 65.53 per share, with an average repurchase price of RMB 84.31 per share [1] - The total funds used for the repurchase amounted to RMB 1 billion, excluding transaction costs [1] Cancellation and Registration - The company will cancel all 11.8608 million A-shares repurchased under this plan on August 28, 2025, at the Shanghai branch of China Securities Depository and Clearing Corporation Limited [1] - The company will also handle the necessary registration changes and related matters promptly [1]

经本公司申请，本公司将于2025年8月28日在中国证券登记结算有限责任公司上海分公司注销2025年第 一次股份回购方案项下回购的全部1186.08万股A股，并及时办理变更登记手续等相关事宜。 智通财经APP讯，药明康德(02359)发布公告，2025年8月26日，本公司实施完毕2025年第一次股份回购 方案，已通过集中竞价交易方式回购A股股份共1186.08万股，占本公司截至本公告日期已发行总股本的 0.40%。2025年第一次股份回购最高价格为每股A股人民币102.23元，2025年第一次股份回购最低价格 为每股A股人民币65.53元，2025年第一次股份回购均价为每股A股人民币84.31元。使用资金总额为人民 币10亿元(不含交易费用)。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 WUXI APPTEC CO., LTD. * 無錫藥明康德新藥開發股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2359） 有關完成2025年第一次回購本公司A股 及註銷本公司A股的公告 茲提述(i)無錫藥明康德新藥開發股份有限公司（「本公司」）於2025年3月17日、 2025年5月14日及2025年7月29日刊發的公告（「該等公告」）；(ii)本公司於2025年 3月26日刊發的通函；(iii)於2025年3月26日刊發的2024年股東週年大會（「2024年 股東週年大會」）通告；及(iv)於2025年4月29日刊發的2024年股東週年大會投票 結果公告，內容有關（其中包括）2025年以集中競價交易方式回購本公司A股股 份方案（「2025年第一次股份回購方案」）以及調整A股回購價格上限。除非文義 另有所指，否則本公告已界定的詞語在通函及該等公告中具有相同涵義。 本公司於2025年 ...