Core Viewpoint - The stock performance of Qiming Medical-B (02500.HK) has been weak, with a recent price of HKD 2.81, down 2.43% from the previous day, and a cumulative decline of 6.02% over five days, indicating a price below the 20-day moving average [1] Group 1: Company Performance - As of February 13, Qiming Medical-B's stock price is HKD 2.81, reflecting a decline of 2.43% from the previous day and a total drop of 6.02% over the past five days [1] - The stock is currently trading below the 20-day moving average, indicating a bearish trend [1] Group 2: Industry Insights - The ADC (Antibody-Drug Conjugate) commercialization process is accelerating, with expectations of rapid growth in the next 3-5 years, highlighting potential investment opportunities in innovative pharmaceutical companies and CXO firms [2] - The overall activity in the medical device sector remains robust, suggesting a favorable environment for companies in this space [2] Group 3: Recent Events - Recent developments in the pharmaceutical and biotechnology industry, particularly in the ADC drug sector, include the acceptance of the dual-antibody ADC listing application by Bai Li Tian Heng and updates to the Drug Administration Law that support segmented contract manufacturing, providing policy support for industry collaboration [3] - These dynamics may indirectly influence the long-term development environment for medical device companies [3]

Group 1 - The core point of the article highlights that southbound funds have reduced their holdings in Qiming Medical-B (02500.HK) by 23,000 shares on February 11, with a total net reduction of 111,500 shares over the past five trading days and 636,000 shares over the past twenty trading days [1] - As of now, southbound funds hold 52,088,100 shares of Qiming Medical-B, accounting for 11.8% of the company's total issued ordinary shares [1] Group 2 - Qiming Medical Co., Ltd. is primarily engaged in the research, development, production, and sales of biological heart valves, focusing on minimally invasive medical devices and auxiliary instruments for treating heart valve diseases [1] - The company's product line includes devices for interventional treatment of aortic valve, pulmonary valve, mitral valve, tricuspid valve diseases, as well as systems for radiofrequency ablation for hypertrophic cardiomyopathy and ultrasound ablation systems for renal denervation in hypertension [1] - Key products include the VenusA-Valve system, VenusA-Plus system, VenusA-Pilot system, VenusP-Valve system, TMVR valve, TTVR valve, balloon for valve repair V8/TAV8, and TriGUARD3 cerebral embolism protection device, with operations in both domestic and overseas markets [1]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [3] Core Insights - The commercialization of ADC (Antibody-Drug Conjugates) is accelerating, with 20 ADC drugs approved globally, and 6 of them have been in the "billion-dollar club" for two consecutive years [30][31] - The report highlights the increasing competition in the ADC sector, with approximately 60 ADC drugs currently in clinical phase 3 and application stages [30] - Domestic innovative pharmaceutical companies are adopting various strategies for ADC capacity layout, with companies like Rongchang Biopharma transitioning from outsourcing to in-house production, while others like Kelong Biotechnology are building their own production bases [31][32] Summary by Sections Market Review - The pharmaceutical index rose by 0.14% this week, outperforming the CSI 300 index by 1.47 percentage points, ranking 15th in industry performance [10] - Year-to-date, the pharmaceutical index has increased by 3.28%, also outperforming the CSI 300 index by 2.99 percentage points, ranking 23rd [10] Individual Stock Performance - In the A-share market, 255 out of 479 pharmaceutical stocks rose, with the top five performers being Guangshengtang (+29.83%), Haixiang Pharmaceutical (+18.64%), and Meidixi (+18.04%) [20] - In the Hong Kong market, 38 out of 116 pharmaceutical stocks rose, with the top performers including Yiteng Jiahe (+14%) and Kedi-B (+9.96%) [24] Industry News and Policies - The newly revised "Regulations on the Implementation of the Drug Administration Law" supports segmented contract manufacturing and commercial-scale drug sales, providing a foundation for ADC commercialization cooperation [32] - Notable industry developments include Novartis's application for Ianalumab in China and Johnson & Johnson's approval of Daratumumab injection for multiple myeloma treatment [27][28] Weekly Insights - The ADC commercialization battle has begun, with a significant increase in demand for ADC production capacity, leading to a supply-demand imbalance [30] - Major CXO companies are expanding ADC production capacity, with companies like WuXi AppTec acquiring East Yao Pharmaceutical to meet rising orders [31]

Group 1 - The core point of the news is that southbound funds have been reducing their holdings in Qiming Medical-B (02500.HK), with a total net reduction of 97,000 shares over the last five trading days and 753,500 shares over the last twenty trading days [1][2] - As of February 5, 2026, southbound funds hold 52,175,600 shares of Qiming Medical-B, which accounts for 11.82% of the company's total issued ordinary shares [1][2] - The daily changes in shareholding show a consistent trend of reduction, with a decrease of 22,000 shares on February 5, 2026, and smaller reductions on previous trading days [2] Group 2 - Qiming Medical Co., Ltd. specializes in the research, development, production, and sales of biological heart valves, focusing on minimally invasive medical devices for treating heart valve diseases [2] - The company's product line includes devices for aortic, pulmonary, mitral, and tricuspid valve interventions, as well as systems for treating hypertrophic cardiomyopathy and renal denervation [2] - Key products include the VenusA-Valve system, VenusA-Plus system, VenusA-Pilot system, VenusP-Valve system, TMVR valve, TTVR valve, and TriGUARD3 embolic protection device [2]

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: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 杭州啓明醫療器械股份有限公司 (「本公司」) 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02500 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 441,010,235 | RMB | | 1 RMB | | 441,010,235 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 441,010,235 | RMB | | 1 RMB | | 441,010,235 | | 2. 股份分類 | 普通股 | 股份類別 ...

Major Events - UBTECH (09880) plans to invest 300 million yuan to establish a partnership for investments in the smart robotics industry chain [1] - Tian Ge Interactive (01980) received a 1.41% discount from Sina Hong Kong for a partial tender offer to acquire 32.5 million shares, with trading resuming on January 22 [1] - Fosun Pharma (02196) received approval for the drug registration application of heavy tartrate norepinephrine injection [1] - Valiant (09887) received orphan drug designation (ODD) from the European Commission for Valiant™ for the treatment of extra-pulmonary neuroendocrine carcinoma [1] - GCL-Poly Energy (01050) secured orders for AI giant server enclosures, accelerating ASIC business production, and commenced construction of a new base in Thailand [1] - China Rare Earth Holdings (03788) plans to raise approximately 783 million HKD to support the development of the Mt Bundy gold mine project [1] - Nanshan Aluminum International (02610) plans to place 31 million shares, aiming to raise approximately 1.9868 billion HKD [1] - Qiming Medical-B (02500) reported a patent infringement lawsuit against Edwards by Cardiovalve Ltd. and MTH IP, L.P. regarding US Patent No. 385 [1] - Minmetals Resources (01208) expects total copper production of 506,900 tons in 2025, a year-on-year increase of 27% [1] - Prudential (02378) invested approximately 375 million USD to increase its stake in PAMB to 70% [1] - Nocoda Technology (00519) successfully implemented innovative smart handling robots in Hong Kong public housing estates [1] - Idali Holdings (00720) B-ON Global S.àr.l. plans to acquire 1.3 billion shares of the company, becoming the major shareholder [1] Bonds and Notes - China Shipbuilding Leasing (03877) subsidiary plans to issue 2.338 billion HKD convertible bonds [2] Buybacks/Reductions - China Communications Construction (01800) repurchased 1.06837 million HKD worth of 1.2588 million A-shares on January 22 [2] - Kuaishou-W (01024) spent approximately 29.9714 million HKD to repurchase 380,000 shares on January 22 [2] - Xiaomi Group-W (01810) repurchased shares worth 201 million HKD, acquiring 5.7138 million shares on January 22 [2] - Xiaomi Group-W (01810) plans to repurchase up to 2.5 billion HKD of Class B ordinary shares [2] - Sanhua Intelligent Control (02050) controlling shareholders, directors, and executives plan to collectively reduce their holdings by up to approximately 10.2037 million A-shares [2] Operating Performance - AsiaInfo Technologies (01675) expects to turn cash flow positive by 2025, driven by rapid growth in AI business [2] - Zhaoyi Innovation (03986) issued a profit warning, expecting a net profit of approximately 1.61 billion yuan in 2025, a year-on-year increase of about 46% [2] - MicroPort Medical (00853) issued a profit warning, expecting a net profit of no less than 20 million USD in 2025, turning profitable year-on-year [2]

Core Viewpoint - The U.S. Federal Circuit Court confirmed the validity of certain claims of U.S. Patent No. 10,702,385 owned by Cardiovalve Ltd., which relates to heart valve implants, amidst challenges from Edwards Lifesciences Corp. and Edwards Lifesciences LLC [1] Group 1 - Cardiovalve Ltd. filed a patent infringement lawsuit against Edwards on January 14, 2026, in the U.S. District Court for the District of Delaware, alleging that Edwards' core product, the PASCAL Precision transcatheter valve repair system, infringes on the U.S. Patent No. 10,702,385 [1] - The lawsuit is still in its preliminary stages, and further details, including potential claims for damages, will depend on the outcome of the litigation [1] - The company will make further announcements regarding any substantial developments in the lawsuit in accordance with the rules of the Hong Kong Stock Exchange [1]

Core Viewpoint - The announcement by Qiming Medical-B (02500) highlights a legal ruling regarding the validity of a patent owned by Cardiovalve Ltd., which may impact the competitive landscape in the heart valve implant market [1] Group 1: Patent Litigation - On June 9, 2025, the U.S. Court of Appeals confirmed the validity of several claims of U.S. Patent No. 10,702,385 (heart valve implant) owned by Cardiovalve Ltd. [1] - Edwards Lifesciences Corp. and Edwards Lifesciences LLC challenged this patent in a reexamination process in June 2021 [1] - Cardiovalve Ltd. and MTH IP, L.P. filed a patent infringement lawsuit against Edwards on January 14, 2026, claiming that Edwards' core product, the PASCAL Precision transcatheter valve repair system, infringes on the patent [1] Group 2: Legal Proceedings - The litigation is still in its preliminary stages, and further details, including potential claims for damages, will depend on the outcome of the lawsuit [1] - The company will provide further announcements regarding any substantial developments in the lawsuit in accordance with the rules of the Hong Kong Stock Exchange [1]

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之內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 杭州啓明醫療器械股份有限公司 Venus Medtech (Hangzhou) Inc. （股份代號：2500） （於中華人民共和國註冊成立的股份有限公司） 本 公 告 乃 應 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）之 要 求 並 根 據 聯 交 所 證 券 上 市 規 則（「上市規則」）第13.10條而作出。 謹此提述近日有關Cardiovalve Ltd.（杭州啓明醫療 器 械 股 份 有 限 公 司（「本公司」） 的全資附屬公司）與MTH IP, L.P.（本公司的合營企業）於美國特拉華州地區法院對 Edwards Lifesciences Corp.及Edwards Lifesciences LLC提起專利侵權訴訟的新聞文章。 經 本 公 司 作 出 在 有 關 情 況 下 屬 合 理 的 查 詢 後，本 公 司 確 ...

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之內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 於 二 零 二 六 年 一 月 十 四 日，Cardiovalve Ltd.與MTH IP, L.P.就美國第385號專利於美 國特拉華州地區法院對Edwards提 起 專 利 侵 權 訴 訟（「訴 訟」），指 控Edwards的核心產 品PASCAL Precision經導管瓣膜修復系統侵犯Cardiovalve Ltd.所持有的美國第385號 專利。 由於訴訟仍處於初步階段，進一步詳情（包括可能索償金額）仍須視乎訴訟結果而定。 本公司將根據香港聯合交易所有限公司證券上市規則的規定於適當時候就訴訟的 任何實質進展作出進一步公告。 本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 杭州啓明醫療器械股份有限公司 執行董事 林浩昇先生 杭州啓明醫療器械股份有限公司 Venus Medtech (Hangzhou) Inc. （股份 ...