FF301 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: 2025年12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: 派格生物醫藥 ( 杭州 ) 股份有限公司 呈交日期: 2026年1月6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) | 02565 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 279,164,339 RMB | | | 1 RMB | | 279,164,339 | | 增加 / 減少 (-) | | | 5,136,000 | | | RMB | | 5,136,000 | | 本月底結存 | | | 284,300,339 RMB | | | 1 RMB | | 284,300,339 ...

Core Insights - The innovative drug sector is experiencing a significant bull market, with the entry threshold for top-performing stocks raised considerably [1] - In 2024, the median stock price increase for the top 10 innovative drug companies was 57.9%, while in 2025, this surged to a median increase of 495.41%, with the highest increase reaching 1824% [2] Group 1: Top Performing Companies - The top-performing stock in 2025 was Beihai Kangcheng, with an astonishing annual increase of 1824%, surprising many in the market [4] - Following Beihai Kangcheng, the second highest was Sanleaf Biotech, which saw an increase of 870%, despite facing significant operational challenges [10] - Yaojie Ankang ranked third with a 773% increase, although its valuation raised concerns due to its limited clinical progress [12] - Heber Pharmaceuticals achieved a 553% increase, driven by its dual-engine model of R&D and business development [16] - Xuan Bamboo Biotech, a newly listed company, experienced a 507% increase, attributed to its new stock status and positive clinical data [20] Group 2: Market Dynamics and Trends - The market has seen a trend of speculative trading, with some companies experiencing price surges not necessarily backed by fundamental improvements [4] - The rise of companies like Heber Pharmaceuticals and Rongchang Biotech illustrates that long-term undervalued firms can achieve significant valuation recovery through continuous R&D and commercialization breakthroughs [4][30] - The innovative drug sector's growth is heavily influenced by liquidity and market sentiment, with many price increases based on speculative expectations rather than solid fundamentals [39] Group 3: Company-Specific Developments - Beihai Kangcheng's stock price recovery was linked to strategic capital injections, resolving its cash flow crisis [7] - Sanleaf Biotech's stock price rebound was primarily driven by its RSV vaccine pipeline, despite facing significant financial pressures [10][11] - Yaojie Ankang's rapid valuation increase raised questions about its sustainability, given its limited clinical advancements [13][14] - Heber Pharmaceuticals' growth was supported by strategic partnerships and a robust technology platform, enhancing investor confidence [18][19] - Rongchang Biotech's stock performance was bolstered by successful product approvals and strategic financing, improving its market outlook [31]

Core Insights - The innovative drug sector is experiencing a significant bull market, with the entry threshold for top-performing stocks raised considerably [1] - In 2024, the median increase for the top 10 innovative drug companies was 57.9%, with the highest increase reaching 132.6%. In 2025, this trend intensified, with the median increase for the top 10 soaring to 495.41% and the highest increase hitting 1824% [2] Group 1: Top Performing Companies - Beihai Kangcheng-B achieved the highest increase in 2025, with a staggering 1824% rise, surprising many in the market [5] - Sanleaf Biotech-B followed with an impressive 870% increase, despite facing significant operational challenges, including a cash flow crisis and a major refund demand from GAVI [10][11] - Yaojie Ankang-B, despite being controversial, saw its stock price rise nearly ninefold in a short period, reaching a market cap close to 270 billion HKD [12][13] - Heptagon Pharmaceuticals-B ranked fourth with a 553% increase, driven by its dual-engine model of R&D and business development [14][15] - Xuan Bamboo Biotech-B, a newly listed company, achieved a 507% increase, benefiting from positive clinical trial results and inclusion in national insurance directories [17][18] - Deqi Pharmaceuticals-B saw a 483% increase, attributed to its innovative AI-driven T-cell connector platform [19][20] - Jike Si-B experienced a 401% increase, driven by its advancements in KRAS-targeted therapies [22][23] - Rongchang Biotech achieved a 400% increase, with its product Taite Xip demonstrating significant potential across multiple indications [24][25] - Paige Biotech saw a 342% increase, largely due to its GLP-1 pipeline's market momentum [27] - Baiaosaitu-B rounded out the top ten with a 315% increase, supported by strong revenue growth and positive market expectations for its upcoming H+A listing [28][30] Group 2: Market Dynamics - The surge in stock prices for many companies is not solely based on fundamental improvements but also reflects speculative trading behaviors [4] - The innovative drug sector's long-term health relies on the emergence of stocks driven by genuine innovation rather than short-term speculation [4] - The market's focus on liquidity and sentiment has led to significant price increases, but these may not be sustainable as market conditions change [31]

Core Viewpoint - The stock price of Paig Bio (02565.HK) has surged nearly 800% from its initial public offering (IPO) price of 15.6 HKD to 66 HKD, despite an initial drop to 8.68 HKD, indicating a significant turnaround in market sentiment and investor confidence [1][10]. Company Analysis - Paig Bio initially faced skepticism due to its lack of products and revenue at the time of its IPO, being labeled a "three-no player" [8]. - The company’s core product, PB-119, is expected to enter the market soon, which has contributed to the recent surge in stock price [10]. - The company has successfully extended the lock-up period for its cornerstone investor, Yizhe Kangrui Pharmaceutical, signaling strong confidence in its future prospects [1][11]. Industry Context - The GLP-1 market is becoming increasingly competitive, with numerous companies vying for market share, raising concerns about potential over-saturation similar to the PD-1 market [5][6]. - Despite the competitive landscape, there are still opportunities for differentiation in the GLP-1 space, particularly in addressing unmet clinical needs and optimizing drug delivery methods [7][14]. - The upcoming expiration of key patents in the GLP-1 sector may lead to a surge in generic competition, further complicating the market dynamics [5]. Future Outlook - The sustainability of Paig Bio's high valuation, currently exceeding 250 billion HKD, will depend on the commercial success of PB-119 and the performance of its pipeline products [12][14]. - The company is also developing next-generation products like PB-718, which may provide additional growth avenues if successful [14][15]. - The market's reaction to the actual performance of PB-119 post-launch will be critical, as high expectations may not align with actual sales figures, potentially leading to volatility in stock price [11][12].

Core Viewpoint - The stock of Peijia Bio-Medical (02565) has seen an increase of over 6%, currently trading at 65.95 HKD with a transaction volume of 5.08 million HKD, following the announcement of an extension of the lock-up period for cornerstone investors until April 30, 2026 [1] Group 1: Lock-up Period Extension - The original lock-up period's last day has been extended to December 31, 2025, after an initial extension [1] - Cornerstone investors collectively hold 9.5845 million H-shares, representing approximately 3.43% of the company's total issued H-shares [1] - Cornerstone investors have agreed not to reduce their holdings of related H-shares from the end of the original lock-up period until April 30, 2026 [1] Group 2: Investor Confidence - The company interprets the second extension of the lock-up period as a sign of confidence from cornerstone investors in the company's technological development and significant progress in major clinical milestones [1] - Cornerstone investors will continue to review the company's performance and may consider further extending the lock-up period based on real-time developments and achieved milestones [1]

Core Viewpoint - The stock of Peijia Medical-B (02565) has risen over 6%, reflecting positive market sentiment following the announcement of an extension of the lock-up period for cornerstone investors [1] Group 1: Stock Performance - Peijia Medical-B's stock price increased by 5.94%, reaching HKD 65.95, with a trading volume of HKD 5.0822 million [1] Group 2: Lock-up Period Announcement - The original end date of the lock-up period has been extended to December 31, 2025, following a previous extension [1] - As of the announcement date, cornerstone investors hold a total of 9.5845 million H-shares, representing approximately 3.43% of the company's total issued H-shares [1] Group 3: Investor Confidence - Cornerstone investors have agreed not to reduce their holdings of H-shares from the end of the original lock-up period until April 30, 2026, indicating their confidence in the company's future prospects [1] - The company believes that the second extension of the lock-up period reflects the cornerstone investors' confidence in its technological development and significant progress in major clinical milestones [1] - Cornerstone investors will continue to review the company's performance and may consider further extending the lock-up period based on real-time developments and achieved milestones [1]

派格生物醫藥（杭州）股份有限公司 董事會提名委員會工作細則 第一章 總則 第一條 為規範派格生物醫藥（杭州）股份有限公司（以下簡稱「公司」）董事 及高級管理人員的產生，優化董事會組成，完善公司治理結構，根據《中華人民 共和國公司法》（以下簡稱「《公司法》」）、《香港聯合交易所有限公司證券上市規 則》（以下簡稱「《上市規則》」）、《上市規則》附錄C1所載的《企業管治守則》等相關 法律、法規、規範性文件及H股發行後適用的《派格生物醫藥（杭州）股份有限公 司章程》（以下簡稱「《公司章程》」），公司設立董事會提名委員會，並結合公司實 際，制定本《派格生物醫藥（杭州）股份有限公司董事會提名委員會工作細則》（以 下簡稱「本細則」）。 第二條 提名委員會是董事會下設的專門工作機構，主要職責是對董事（包 括獨立非執行董事）及高級管理人員的選擇、選擇標準和程序進行研究並向董事 會提出意見和建議。 本細則所稱高級管理人員，是指總經理、副總經理（根據公司需要聘請）、財 務總監、董事會秘書以及由董事會聘任為高級管理人員的其他人員。本細則所稱 「總經理」即《公司法》所稱「經理」。 第四條 委員由董事長或三分之一以上董事聯合提名，並由董 ...

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 呈交日期： 2025年12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 | H | | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 02565 | 說明 | H股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 佔有關事件前的現有已發 | | 庫存股份變動 | 每股發行/出售價 (註4) | | 已發行股份總 ...

Group 1 - The core viewpoint of the article is that Pagoda Biopharmaceuticals-B (02565) has successfully completed a placement agreement on December 22, 2025 [1] - The placement involved the issuance of 5.136 million shares at a price of HKD 58.41 per share [1] - This placement represents approximately 1.81% of the enlarged H-shares and about 1.31% of the total shares post-placement [1]

Core Viewpoint - The company, Pagoda Biopharmaceuticals-B (02565), has successfully completed a placement agreement, with all conditions met as of December 22, 2025 [1] Group 1: Placement Details - The joint placement agents sold a total of 5.136 million shares at a price of HKD 58.41 per share [1] - This placement represents approximately 1.81% of the enlarged H-share capital and about 1.31% of the total share capital post-placement [1]