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： 無錫藥明康德新藥開發股份有限公司 呈交日期： 2025年7月24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 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 目 | 佔有關事件前的現有已發 ...

Group 1: Market Performance - The Hong Kong medical ETF (159366) has seen a significant increase, reflecting a strong market for CXO stocks, with a midday rise of 2.35% [1][2] - Notable component stocks include MicroPort Medical (0853) with a 20.52% increase, and WuXi AppTec (2268) with a 6.52% increase [2][4] Group 2: Corporate Developments - MicroPort Medical is advancing its CRM business listing by injecting it into its subsidiary, HeartLink Medical, which is viewed positively by the market, resulting in stock price increases of 9.4% and 13.2% respectively [3] - WuXi AppTec has forecasted a net profit growth of over 50% for the first half of the year, significantly exceeding market expectations [3] Group 3: Industry Trends - The CXO industry in China has undergone four development stages, evolving from laboratory services to global competition, with significant advantages in the current phase [7][9] - The CXO sector has experienced a compound annual growth rate of 48.02% from 2019 to 2023, highlighting its growing importance in the global supply chain [9] Group 4: Future Outlook - The future of Chinese CXO companies looks promising with ongoing global expansion and capacity enhancement, particularly in small molecule CDMO services [9] - The Hong Kong medical ETF (169366) is noted for having the highest CXO content in the market, tracking the performance of 50 companies in the medical field [9][10]

Summary of WuXi XDC (2268.HK) Conference Call Company Overview - **Company**: WuXi XDC - **Ticker**: 2268.HK - **Industry**: Contract Research and Development Manufacturing Organization (CRDMO) focused on antibody-drug conjugates (ADCs) and bioconjugates Key Financial Highlights - **1H25 Revenue Growth**: +60% year-over-year (y/y), exceeding Goldman Sachs' estimate of +50% y/y [1] - **Net Profit Growth**: Over +50% y/y, resulting in a net profit margin (NPM) of 27%, compared to 29% in 1H24 and 24% in 2H24 [1] - **Backlog**: As of year-end 2024, backlog reached US$991 million, a +71% y/y increase from US$579 million in 1H24 [5][6] - **New Orders**: New orders for 2H24 are projected to reach US$476 million, with a y/y growth of 47% [5][6] Strategic Insights - **Capacity Expansion**: New capacity in Singapore is expected to come online by the end of 2025, which may impact order intake and pricing strategy [5][9] - **Emerging Modalities**: WuXi XDC is positioned to capture growth in emerging modalities such as RDCs and PDCs, with a focus on differentiating its platform [5] - **Commercial Strategy**: Management anticipates that current commercial projects may start contributing revenue from 2026, with a more significant impact expected from 2027 [5] Market Position and Risks - **China Biotech Licensing**: WuXi XDC is benefiting from a surge in biotech licensing in China, servicing 60% of large-scale deals (>US$1 billion) and leading in IND approvals globally in 2024 [5] - **Legislative Risks**: Potential risks include the impact of the proposed BIOSECURE bill, which could affect federal-funded projects and WuXi's revenue from the U.S. and China [7][8] - **Competitive Landscape**: Increasing competition from global peers and geopolitical uncertainties pose risks to WuXi XDC's market position [7][8] Valuation and Price Target - **12-Month Price Target**: HK$49.30, based on a 12-month forward P/E of 31x [10] - **Market Capitalization**: HK$59.2 billion (approximately US$7.5 billion) [10] Conclusion WuXi XDC is experiencing robust growth driven by strong demand in the ADC and bioconjugate markets, with significant order backlog and new order growth. However, the company faces potential risks from legislative changes and increasing competition. The strategic expansion of capacity and focus on emerging modalities may provide further growth opportunities.

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： 無錫藥明康德新藥開發股份有限公司 呈交日期： 2025年7月23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 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 目 | 佔有關事件前的現有已發 ...

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) | 1). | 購回股份(或其他證券)但沒有註銷 | 302,500 | 0.01 % | RMB | 66.14 | | --- | --- | --- | --- | --- | --- | | | 茲提述本公司於2025年3月17日刊發的公告，於2025年3月26日刊發的 | | | | | | | 通函，及於2025年4月29日刊發的投票結果公告。 | | | | | | | 於2025年6月26日，本公司實施2025年以集中競價交易方式回購本公司 | | | | | | | A股股份方案（"2025年第一次回購"），并回購302,500股A股股份。 | | | | | | | 變動日期 2025年6月26日 | | | | | | | 購回股份(或其他證券)但沒有註銷 | | | | | | 2). | | 303,367 | 0.01 % | RMB | 65.96 | | | 茲提述本公司於2025年3月17日刊發的公告，於2025年3月26日刊發的 | | | | | | | 通函，及於 ...

Group 1 - Nanshan Aluminum International (02610.HK) expects a mid-term net profit of approximately $225 million to $265 million for the six months ending June 30, 2025, compared to a net profit of about $159 million for the same period ending June 30, 2024 [1] - The increase in net profit is primarily attributed to an improvement in gross margin, driven by higher alumina prices and relatively stable unit production costs [1] - The average selling price of the company's products for the first half of 2025 is expected to be around $530 per ton, up from approximately $387 per ton in the first half of 2024, but lower than $561 per ton in the second half of 2024 [1] Group 2 - TCL Electronics (01070.HK) anticipates a year-on-year adjusted net profit growth of approximately 45% to 65% for the first half of 2025 [2] - Renrui Talent (06919.HK) expects a mid-term profit attributable to equity holders to increase by 66.7% to 94.1% [2] - China Rare Earth Holdings (03788.HK) reports an increase in total gold resources to 5.07 million ounces [2]

Core Insights - Public funds continued to increase their holdings in Hong Kong stocks in Q2 2025, with the market value of Hong Kong stocks in the sample of actively managed equity funds rising to 20.0%, up from 19.2% in Q1 2025 [6][10] - The increase in holdings was primarily in small and medium-sized Hong Kong stocks, with the Hang Seng Small Cap Index's component stocks' market value share in the total Hong Kong stock holdings of funds increasing by 5.6 percentage points [6][10] - Sector-wise, public funds mainly increased their positions in the pharmaceutical, light manufacturing, non-bank financials, and banking sectors, corresponding to themes of innovative drugs, new consumption, and dividends [6][10] Fund Holdings Analysis - The report indicates a significant shift in fund holdings, with a reduction in the technology sector, particularly in internet and automotive stocks, which had previously seen substantial gains [6][10] - The technology sector's market value share in fund holdings decreased by 3.7 percentage points, while the media and retail sectors also saw declines [10][12] - Conversely, the consumer sector saw an increase of 3.8 percentage points in market value share, indicating a strategic pivot towards consumer-related investments [10][12] Specific Stock Movements - Notable changes in specific stock holdings include Tencent Holdings decreasing from 21.5% to 17.8%, while Alibaba's share dropped from 10.6% to 6.3% [12] - In contrast, stocks like Kuaishou and Pop Mart saw increases in their holdings, reflecting a shift towards emerging consumer brands [12] - The report highlights a significant increase in holdings for companies like Xinda Biopharmaceuticals, which rose from 1.2% to 3.5%, indicating a growing interest in innovative healthcare solutions [12]

FF305 表格類別： 股票 狀態： 新提交 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) 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7月22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 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 目 | 佔有關事件前的現有已發 ...

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： 無錫藥明康德新藥開發股份有限公司 呈交日期： 2025年7月22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 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 目 | 佔有關事件前的現有已發 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文/新浪财经上海站 陈秀颖 2025年上半年，中国创新药行业在政策红利与国际化突破的双重助力下迎来高光时刻，Wind数据显 示，A股创新药板块80家企业中，16家已发布中报预告。头部企业凭借技术壁垒与商业化能力实现爆发 式增长。 | 证券简称 | 预告净利润同比增长 | | 预告净利润同比增 董事长 | 总经理 | | --- | --- | --- | --- | --- | | | 上限 | 长下限 | | [交易日期] 最新 [交易日期] 最新 | | | [报告期] 今年中报 | [报告期] 今年中报 | | | | | [单位] %↓ | [单位] % | | | | 双鹭药业 | 356.24 | | 237.95 徐明波 | 徐明波 | | 全诺生物 | 332.10 | | 253.54 文永均 | 文永均 | | 步长制药 | 205.94 | | 110.88 赵涛 | #x15 | | 通化东宝 | 194.30 | | 194.30 李佳鸿 | 冷春生 | | 微芯生物 | 173.00 | | 173.00 X ...