Core Viewpoint - The company, 华领医药-B, announced the granting of stock options to three executive directors and 71 employees, contingent upon acceptance by the grantees [2] Group 1: Stock Option Plan - The stock option plan was conditionally approved and adopted on August 26, 2018, and has been effective since September 14, 2018 [2] - A total of 20 million new shares, each with a par value of $0.001, will be available for subscription under this stock option plan [2]

Core Points - The company announced the grant of stock options to three executive directors and 71 employees as part of its stock option plan approved in August 2018 [1] - The stock options allow the grantees the right to subscribe for a total of 20 million new shares at a par value of $0.001 each [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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 HUA MEDICINE 華領醫藥 （於開曼群島註冊成立的有限公司） （股份代號：2552） 授出購股權 授出日期： 2025年11月28日 所授出購股權的行使價： 每股股份3.38港元，即以下各項中的較高者： iii. 面值每股股份0.001美元。 所授出購股權數目： 20,000,000份購股權。每份購股權賦予其持有人權利 可認購一(1)股股份。 1 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第17.06A條而 作出。 華領醫藥（「本公司」）董事（「董事」）會（「董事會」）宣佈，於2025年11月28日，本 公司根據於2018年8月26日有條件批准及採納，並於2018年9月14日起生效的本 公司購股權計劃（「購股權計劃」），向本公司三名執行董事及71名僱員（統稱「承 授人」）授出購股權（「購股權」），惟須待承授人接納後方可作實。購股權賦予承 授人權利可認購本公司股本中合共20,00 ...

Core Points - The company announced that Mr. Cheung Yiu Leung has been appointed as a member of the Remuneration Committee effective from November 27, 2025 [1] - Mr. Cheung will maintain his other positions on the board [1]

Core Viewpoint - Hualing Pharmaceutical-B (02552) announced the appointment of independent non-executive director Mr. Zhang Yaoliang as a member of the remuneration committee, effective from November 27, 2025. His other positions on the board will remain unchanged [1] Company Summary - The company has made a governance change by appointing Mr. Zhang Yaoliang to the remuneration committee, indicating a focus on enhancing its board structure and oversight [1] - Mr. Zhang will continue to hold his existing roles within the board, suggesting stability in the company's leadership during this transition [1]

HUA MEDICINE 華領醫藥 （於開曼群島註冊成立的有限公司） （股份代號：2552） 董事名單與其角色和職能 自2025年11月27日起，華領醫藥董事會（「董事會」）成員載列如下： 執行董事 陳力先生 林潔誠先生 張怡女士 非執行董事 Robert Taylor NELSEN先生 獨立非執行董事 William Robert KELLER先生 徐耀華先生 張耀樑先生 董事會下設四個委員會。下表載列董事會成員在各委員會中擔任的職位。 | 董事委員會 | 審核 | 薪酬 | 提名 | 戰略 | | --- | --- | --- | --- | --- | | 董事 | 委員會 | 委員會 | 委員會 | 委員會 | | 陳力先生 | – | – | – | C | | 林潔誠先生 | – | – | – | M | | 張怡女士 | – | – | – | – | | Robert Taylor NELSEN先生 | – | – | C | M | | William Robert KELLER先生 | M | C | M | – | | 徐耀華先生 | M | M | M | – | | 張耀樑先生 ...

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，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 HUA MEDICINE 華領醫藥 （於開曼群島註冊成立的有限公司） （股份代號：2552） 薪酬委員會成員變動 於本公告日期，董事會成員包括執行董事陳力博士、林潔誠先生及張怡博士；非 執行董事Robert Taylor Nelsen先生；以及獨立非執行董事William Robert Keller先 生、徐耀華先生及張耀樑先生。 華領醫藥（「本公司」及其附屬公司「本集團」）董事會（「董事會」）茲通告，自2025 年11月27日起，本公司獨立非執行董事張耀樑先生（「張先生」）獲委任為薪酬委員 會成員。張先生於董事會的其他職位維持不變。 有關張先生的履歷詳情及其他根據上市規則須予披露的資料載於本公司2024年 報。於本公告日期，除本公告所披露者外，有關資料並無變動。 經上述變動後，薪酬委員會將由三名成員組成，即William Robert Keller先生（薪 酬委員會主席）、徐耀華先生及張耀樑先生。 董事 ...

Company Background - Hualing Pharmaceutical has been focused on developing glucose kinase activators (GKA) since 2003, with its first product, Daglitin, approved in 2022, marking the first GKA drug to be approved globally after decades of research failures [1][2] - The company initiated its Daglitin research project in 2012, achieving successful Phase II and Phase III clinical trials by 2020, leading to its market approval in 2022 [1] Sales Growth and Commercialization - After 2025, the company will take over the commercialization of Huadongning from Bayer, leading to rapid sales growth [2] - In the first half of 2025, the company reported revenue of 217 million yuan, a year-on-year increase of 110.17%, and received a one-time deferred income from Bayer of 1.244 billion yuan, resulting in a pre-tax profit of 1.184 billion yuan [2] Second-Generation GKA Development - The company is developing a second-generation GKA using sustained-release technology to extend the drug's action time in the body [3] - A clinical research application for the second-generation GKA has been submitted to the FDA and accepted, with early clinical data indicating that HM-002-1005 can quickly convert to Daglitin in the body, enhancing patient compliance [3] Profit Forecast - The company is considered a rare innovative drug stock in the Hong Kong market, with a strong sales team and a gradually forming pipeline of innovative drug products [4] - Revenue projections for 2025-2027 are 543 million yuan, 862 million yuan, and 1.142 billion yuan, respectively, with net profits of 1.113 billion yuan, 77 million yuan, and 114 million yuan [4] - The company is valued at 8.586 billion HKD for 2025, with a "buy" rating recommended [4]

Company Background - Hualing Pharmaceutical has been focused on developing glucose kinase activators (GKA) since 2003, with its first product, Daglitin, approved in 2022, marking the first GKA drug to be approved after decades of research failures [1][2] - The company successfully completed Phase II and Phase III clinical trials for Daglitin, leading to its approval by the National Medical Products Administration of China [1] Sales Growth and Commercialization - After taking over the commercialization rights from Bayer in 2025, the company expects rapid sales growth, with H1 2025 revenue projected at 217 million yuan, a year-on-year increase of 110.17% [2] - The company received a one-time deferred income of 1.244 billion yuan from Bayer, resulting in a pre-tax profit of 1.184 billion yuan [2] Second-Generation GKA Development - The company is developing a second-generation GKA using sustained-release technology to extend the drug's action time in the body, with a clinical research application submitted to the FDA by the end of 2023 [3] - Early clinical data indicates that HM-002-1005 can quickly convert to Daglitin in the body, enhancing patient compliance and effectively controlling blood sugar within 24 hours [3] Profit Forecast - The company is considered a rare innovative drug stock in the Hong Kong market, with a strong sales team and a gradually forming pipeline of innovative drug products [4] - Revenue projections for 2025-2027 are 543 million yuan, 862 million yuan, and 1.142 billion yuan, respectively, with net profits of 1.113 billion yuan, 77 million yuan, and 114 million yuan [4] - The initial coverage gives a reasonable valuation of 8.586 billion HKD for Hualing Pharmaceutical in 2025, with a "buy" rating [4]

Investment Rating - The report gives a "Buy" rating for the company, with a target valuation of HKD 85.86 billion for 2025 [3]. Core Insights - The company is a leader in the global glucokinase activator (GKA) market, having successfully developed the first approved GKA drug, Dorzagliatin, after years of research and development [1][12]. - The company has seen rapid sales growth, with a 110.17% year-on-year increase in revenue for the first half of 2025, reaching RMB 217 million [2][15]. - The second-generation GKA is being developed to extend the drug's action time and has received FDA acceptance for clinical research [2][12]. Summary by Sections Company History - The company has focused on glucokinase as a target for diabetes treatment for 14 years and achieved the first drug approval in this category in 2022 [1][12]. Management Team - The management team has extensive experience from multinational corporations, with a strong focus on diabetes drug development [13][14]. Financial Performance - The company has established its own sales team, leading to significant revenue growth, with a projected revenue of RMB 5.43 billion in 2025 [3][15]. - The company reported a tax profit of RMB 1.184 billion in the first half of 2025, marking a turnaround from previous losses [2][15]. Diabetes Market - The global diabetes drug market is substantial, with an expected value of USD 883.2 billion in 2024, growing to USD 2.338 trillion by 2032 [24][25]. - There is a significant need for new therapeutic mechanisms in diabetes treatment due to the limitations of existing drug targets [23][27]. Core Product - Dorzagliatin - Dorzagliatin is the only approved GKA drug globally, showing unique molecular mechanisms that differentiate it from competitors [30][34]. - Clinical trials have demonstrated its efficacy without severe hypoglycemia side effects, making it a promising treatment option [37][42].