Core Insights - The success rate of developing first-in-class innovative drugs globally is low, with only 20%-30% of approved drugs achieving clinical value and market conversion in the US [1] - Biotech companies play a crucial role in overcoming research bottlenecks in the development of first-in-class drugs through deep scientific understanding and flexible application of technology [1][2] Group 1 - The development of innovative drugs is complex, as evidenced by the example of glucose kinase activators, where over 30 related molecules have entered clinical research without success [1] - Biotech companies have integrated new technologies into clinical stages earlier than traditional pharmaceutical companies, leading to breakthroughs in previously deemed "non-druggable" targets [2] - The evolution of drug molecular forms has seen biotech companies transition from small molecules to antibody drugs, and now to antibody-drug conjugates (ADCs), driving innovation in the pharmaceutical industry [2]

Group 1: Company Events and Themes - The company "蜂助手" is focusing on AI edge computing and chip communication through a private placement [3][39] - A deep report on the upstream life sciences industry is scheduled, indicating a focus on healthcare and pharmaceuticals [7][39] - An update on the color metal industry is planned, reflecting ongoing developments in materials science [19][39] Group 2: Financial Analysis and Recommendations - A mid-term report analysis of 兴业银行 (Industrial Bank) will be conducted, highlighting its investment value [22][39] - A discussion on the pharmaceutical industry and updates on 华领医药 (Hualing Pharmaceutical) is set, suggesting potential investment opportunities in healthcare [28][39] - An electronic industry outlook report is scheduled, indicating a focus on technology and electronics sectors [34][39]

Core Insights - The 2025 Fortune Sustainable Development Summit was successfully held in Fuzhou, focusing on the theme "Intelligent Era, Intelligent Coexistence" and gathering nearly 200 global business leaders, policymakers, and academic experts to explore sustainable development paths empowered by technology [1] Group 1: Key Themes and Discussions - The summit featured 40 speakers from various sectors including AI, internet, manufacturing, new energy, finance, and health, discussing how smart technologies can accelerate growth while avoiding excessive environmental consumption [1] - Key topics included the social responsibilities of multinational companies in a fragmented geopolitical landscape and the protection of human creativity and development rights in an algorithm-driven era [1] Group 2: ESG Practices and Globalization - Companies are encouraged to ensure that suppliers meeting ESG standards will gain more orders and global opportunities, highlighting the competitive edge of Chinese suppliers in quality, cost, and delivery [6] - The urgency for green and low-carbon transformation in the chemical industry is emphasized, aligning with national dual carbon goals and the increasing demand for green materials from international brand clients [6] Group 3: Sustainable Consumption and Corporate Responsibility - The importance of circular economy practices is highlighted, where manufacturers must innovate in product design and lifecycle management, while consumers are also encouraged to participate in sustainable practices [30] - The wine industry is recognized as a participant in environmental practices, emphasizing the necessity of establishing a good ecological environment as a fundamental requirement [33] Group 4: Financial Instruments and ESG Integration - Green financial products like green bonds are seen as a driving force for companies to integrate international ESG concepts into their development, effectively addressing regulatory challenges and attracting international capital [41] - Companies are advised to balance production activities with ecological diversity protection, ensuring that sustainable financial tools align with their sustainability goals [45] Group 5: Technological Innovations in ESG - The application of cutting-edge technologies such as AI and big data is crucial for enhancing ESG management, transitioning from compliance to data-driven value creation [62] - Companies are encouraged to leverage technology to improve operational efficiency and sustainability, with a focus on accurate and transparent data for ESG disclosures [68]

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 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 02552 | 說明 | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,056,213,761 | | 0 | | 1,056,213,761 | | 增加 / 減少 (-) | | | 391,255 | | 0 | | | | 本月底結存 | | | 1,056,605,016 | | 0 | | 1,056,605,016 | 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 | 截至月份: | 2025年9月30日 | | | | 狀態: 新提交 | | --- | --- | --- | - ...

Core Viewpoint - The acceptance of the New Drug Application (NDA) for dorzagliatin by the Hong Kong Department of Health marks a significant milestone for the company in expanding its market beyond mainland China, aiming to address the urgent health challenges of diabetes in Asia [2][3]. Group 1: Drug Approval and Market Expansion - The NDA for dorzagliatin has been officially accepted, which is seen as a crucial step in the company's strategy to reach more patients in Asia and eventually the global market [2]. - Over 500,000 people in Hong Kong and nearly 240 million people in Asia suffer from diabetes, highlighting the importance of dorzagliatin in addressing these health issues [2]. - The new "1+" mechanism in Hong Kong's drug approval system allows for a streamlined process, requiring only one reference drug approval instead of two, facilitating faster access to new medications [2]. Group 2: Clinical Value and Future Potential - Dorzagliatin was approved in mainland China in September 2022 and is included in the National Medical Insurance Drug List effective January 1, 2024, for treating type 2 diabetes [3]. - The CEO of the company emphasized that the acceptance of the NDA in Hong Kong is not only a recognition of the drug's clinical value but also a significant step in the company's internationalization process [3]. - Hong Kong's unique position as a medical leader and financial hub makes it an ideal gateway for expanding the influence of dorzagliatin into Southeast Asia and beyond [3].

Core Insights - Hualing Pharmaceutical's drug Huatangning, the world's first glucose kinase activator (GKA) for diabetes, was approved in 2022, marking a significant milestone in China's biopharmaceutical industry [1][4] - Despite initial expectations, Huatangning's sales performance was underwhelming while partnered with Bayer, leading to a strategic shift to self-commercialization in 2025, resulting in a significant sales increase [1][8][15] - The drug's development faced challenges, with previous GKA candidates failing due to a lack of understanding of glucose kinase's role as a blood sugar sensor, which Hualing addressed by focusing on blood sugar variability rather than just lowering blood sugar levels [5][6][9] Company Performance - After taking back commercialization rights from Bayer, Hualing Pharmaceutical's sales team expanded significantly, achieving a 108% year-on-year increase in Huatangning's sales volume to 1.764 million boxes in the first half of 2025 [15] - The company reported a revenue of 2.174 billion yuan from Huatangning, with a net profit of 11.839 billion yuan, largely due to a one-time payment from terminating the agreement with Bayer [15][16] - Hualing's performance is part of a broader trend in the Chinese innovative drug sector, which saw a 7.26% revenue growth among 84 innovative drug companies in the first half of 2025 [15] Industry Trends - The Chinese innovative drug market is experiencing a surge, with domestic drugs accounting for 38% of global new drug approvals in 2024, expected to exceed 50% in 2025 [17] - The ongoing business development (BD) trend indicates a growing alignment between domestic biotech companies and international pharmaceutical firms, with a significant portion of FDA-approved drugs originating from biotech [17][18] - Future opportunities in the biotech sector are anticipated as new modalities like ADCs and bispecific antibodies emerge, suggesting that the market for innovative drugs will continue to expand [18]

Core Insights - Hualing Pharmaceutical's drug Huatangning, the world's first glucose kinase activator (GKA) for diabetes, was approved in 2022, marking a significant milestone in China's biopharmaceutical industry [2] - Despite initial expectations, Huatangning's sales performance was underwhelming while partnered with Bayer, leading to a strategic shift to self-commercialization in 2025, resulting in a sales volume increase of 108% in the first half of 2025 [2][14] - The company emphasizes the importance of glucose kinase's "glucose-dependence" in its drug development, aiming to stabilize blood sugar levels rather than merely lowering them [5][8] Company Development - Huatangning's development began in 1995, inspired by the discovery of glucose kinase, which regulates blood sugar levels [3][4] - The drug faced significant challenges, with over 20 candidates failing before Huatangning's success, attributed to a misunderstanding of glucose kinase's role [5] - The drug's clinical trials showed a low incidence of hypoglycemia, maintaining below 1% during trials and post-market surveillance [6] Commercial Strategy - Initially, Hualing partnered with Bayer for commercialization, which included a prepayment of 300 million yuan and potential milestone payments up to 4.18 billion yuan [7] - The partnership was seen as a model for collaboration between domestic biotech firms and multinational pharmaceutical companies, leveraging Bayer's market presence [7][12] - However, Bayer's internal restructuring and management inefficiencies hindered the drug's market performance, prompting Hualing to take over commercialization [12] Financial Performance - After taking back commercialization rights, Hualing's sales team expanded significantly, achieving a sales volume of 1.764 million boxes in the first half of 2025, with revenue reaching 217.4 million yuan [14] - The company reported a one-time income of 1.2435 billion yuan from terminating the agreement with Bayer, leading to a net profit of 1.1839 billion yuan, marking its first profitable quarter since going public [14] Industry Trends - The Chinese innovative drug market is experiencing rapid growth, with domestic drugs accounting for 38% of global new drug approvals in 2024, projected to exceed 50% [15][16] - The surge in interest in innovative drugs is linked to improved R&D efficiency and a growing trend of business development (BD) collaborations between biotech firms and multinational companies [15][16] - Future opportunities in the biotech sector are expected to arise from new modalities and technologies, indicating a continuous demand for innovative drug development [17]

HUA MEDICINE 華領醫藥 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock code 股份代號： 2552) NOTIFICATION LETTER 通知信函 26 September 2025 Dear Non-registered Holder(s)(Note 1), Hua Medicine (the "Company") – Notice of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.huamedicine.com and the website of The Stock Exchange of Hong Kong Limited (th ...

（於百慕達註冊成立之有限公司） (Stock code 股份代號： 2552) NOTIFICATION LETTER 通知信函 26 September 2025 Dear Registered Shareholders, HUA MEDICINE 華領醫藥 (Incorporated in Bermuda with limited liability) Actionable Corporate Communications refer to any corporate communications that seek instructions from the Shareholders on how they wish to exercise their rights or make elections as Shareholders. 各位登記股東： 華領醫藥（「本公司」） —中期報告2025（「本次公司通訊」）之刊發通知 Hua Medicine (the "Company") – Notice of publication of Interim Report 2025 (the "Current C ...

Financial Performance - Hua Medicine reported a sales increase of 108% for Huadongning®, selling approximately 1,764,000 boxes in the first half of 2025 compared to 846,000 boxes in the same period of 2024[10]. - Revenue for the first half of 2025 reached approximately RMB 217.4 million, reflecting a year-on-year growth of 112% after transitioning to full self-commercialization[10]. - Gross profit for the first half of 2025 was approximately RMB 117.8 million, an increase of about RMB 70.1 million or 147% compared to the same period in 2024[12]. - The gross margin improved to 54.2% in the first half of 2025, up 7.7 percentage points from 46.5% in the same period of 2024[12]. - The company recorded a half-year profit of RMB 1.18 billion for the first time, marking a key milestone towards sustainable profitability[24]. - Basic earnings per share for the period was RMB 1.20, compared to a loss of RMB 0.15 per share in 2024[72]. - The company reported a net profit attributable to shareholders of RMB 1,183,946,000 for the six months ended June 30, 2025, compared to a loss of RMB 142,241,000 for the same period in 2024[99]. Income and Expenses - Other income surged to approximately RMB 1,254.6 million, a 2,178% increase, primarily due to milestone revenue from Bayer amounting to RMB 1,243.5 million[12]. - Sales expenses increased only 5% to RMB 64.2 million, while the sales expense as a percentage of revenue dropped from 59.5% in 2024 to 29.5% in 2025[12]. - R&D expenses decreased from RMB 1,197.8 million for the six months ended June 30, 2024, to RMB 658.2 million for the six months ended June 30, 2025, with clinical trial costs dropping by RMB 67 million[30]. - Administrative expenses decreased from RMB 611 million for the six months ended June 30, 2024, to RMB 531 million for the six months ended June 30, 2025, mainly due to a reduction in labor costs of RMB 41 million[31]. - The company incurred financing costs of RMB 3,968,000, slightly up from RMB 3,880,000 in the previous year[72]. Cash Flow and Assets - Cash balance as of June 30, 2025, was approximately RMB 1,022.8 million, providing a solid foundation for future R&D and commercialization plans[10]. - Cash used in operating activities was RMB 844 million for the six months ended June 30, 2025, compared to RMB 2,267 million for the same period in 2024[35]. - The company reported cash and cash equivalents of RMB 1,022.8 million as of June 30, 2025[34]. - Total assets decreased to RMB 1,420,001,000 from RMB 1,527,292,000 as of December 31, 2024[73]. - Current liabilities decreased significantly to RMB 159,488,000 from RMB 330,271,000, reflecting improved liquidity[73]. Market Expansion and Product Development - The company submitted a registration application for dorzagliatin 75mg in Hong Kong, aiming to expand its business in Greater China and Southeast Asia[10]. - Ongoing post-marketing studies are evaluating the long-term safety and efficacy of dorzagliatin in various patient populations, further supporting its potential as a diabetes treatment[11]. - The company plans to initiate bioequivalence studies for the fixed-dose combination of dorzagliatin and metformin in early 2026, following the completion of pre-IND data submission in August 2025[18]. - The company is exploring partnerships in Southeast Asia and countries along the Belt and Road Initiative to expand the market for dorzagliatin and second-generation GKAs[21]. Employee and Shareholder Information - As of June 30, 2025, the company has a total of 285 employees, with 52% in sales and marketing, 22% in R&D, and 4% in production[56]. - Employee costs for the six months ending June 30, 2025, were approximately RMB 97.0 million, an increase of 19.5% from RMB 81.4 million for the same period in 2024[57]. - The company has adopted two share plans: the pre-IPO share incentive plan and the post-IPO share option plan, with 9,700,000 shares available for issuance under these plans during the reporting period[58]. - The company has established an employee trust to manage the pre-IPO share incentive plan, issuing a total of 117,000,000 shares to the trustee[59]. - The company’s directors hold a total of 74,436,450 unexercised options as of June 30, 2025, which includes 3,410,000 options granted during the period[113]. Corporate Governance and Compliance - The company has adopted the corporate governance code and confirmed compliance with all applicable provisions during the six months ending June 30, 2025[135]. - The company's interim financial performance for the six months ending June 30, 2025, has been reviewed by Deloitte, confirming compliance with applicable accounting principles and sufficient disclosure[139]. - The company has maintained high levels of corporate governance to protect shareholder interests and enhance corporate value[134].