Financial Performance - The company reported an operating loss of RMB 205,768 thousand for the year ended December 31, 2025, compared to an operating loss of RMB 280,852 thousand in 2024, representing a 26.7% improvement[3]. - The net loss for the year was RMB 208,547 thousand, a decrease from RMB 283,351 thousand in the previous year, indicating a 26.4% reduction in losses[3]. - The basic and diluted loss per share improved to RMB 0.55 in 2025 from RMB 0.77 in 2024, reflecting a 28.6% decrease in loss per share[3]. - The company reported a total comprehensive loss of RMB 208.55 million for the year ended December 31, 2025, compared to a loss of RMB 283.35 million in 2024[85]. - The adjusted net loss for the year ended December 31, 2025, was RMB 126.1 million, an improvement from RMB 137.9 million in 2024, reflecting a decrease in share-based compensation expenses[38]. - The net loss for the year ended December 31, 2025, decreased by RMB 74.9 million compared to the previous year, primarily due to reduced share-based compensation expenses and lower R&D costs following the approval of PB-119[36]. Assets and Liabilities - Total assets increased significantly to RMB 599,234 thousand in 2025 from RMB 218,357 thousand in 2024, marking a 174.5% growth[4]. - The company achieved a substantial increase in non-current assets, rising to RMB 42,951 thousand in 2025 from RMB 28,063 thousand in 2024, a growth of 53.1%[4]. - Cash and cash equivalents at the end of December 31, 2025, amounted to RMB 467.5 million, an increase of RMB 439.1 million from RMB 28.4 million at the end of 2024, primarily due to net proceeds from the listing[48]. - Total borrowings as of December 31, 2025, were RMB 85.0 million, a decrease of RMB 15.0 million from RMB 100.0 million at the end of 2024[49]. - The company's debt-to-equity ratio as of December 31, 2025, was 20.9%, a significant improvement from 176.6% at the end of 2024[50]. - Total management expenses for the year ended December 31, 2025, were RMB 143.3 million, a decrease of RMB 42.0 million from RMB 185.3 million in 2024, mainly due to reduced share-based compensation expenses[42]. Research and Development - The company successfully developed a pipeline of seven drug candidates targeting chronic diseases, with a focus on metabolic diseases and their complications[5]. - The company is advancing multiple candidates in clinical stages, including ongoing preparations for clinical research and trial optimization[9]. - The company has developed a diversified pipeline of seven candidates, with three in clinical trials and one having received IND approval[12]. - PB-718, a long-acting GLP-1/GCG dual receptor agonist, has completed Phase I clinical trials in the US and is undergoing Ib/IIa trials in China, showing promising safety and preliminary efficacy signals[16]. - PB-1902, an oral selective opioid receptor antagonist for treating opioid-induced constipation (OIC), has completed Phase I trials in China, demonstrating good safety and pharmacokinetic profiles[18]. - The company is evaluating the clinical development strategies for PB-1902 and PB-718, considering their progress and resource allocation for future trials[18]. - The company is conducting internal evaluations of PB-2301's development strategy, considering the overall progress of its product pipeline and resource allocation[21]. - PB-2309, a GLP-1/GIP/GCG tri-receptor agonist, is also in preclinical research for T2DM, NASH, and obesity, with ongoing studies to assess its pharmacological characteristics and safety[22]. - The company is evaluating the clinical development path and submission strategy for PB-2309 based on early research results and overall product pipeline progress[23]. - APGP6, aimed at weight management and muscle mass improvement, is in preclinical research, with ongoing evaluations of its safety and potential efficacy[24]. Commercialization and Market Strategy - The long-acting GLP-1 receptor agonist PB-119 received approval from the National Medical Products Administration in November 2025, entering the commercialization preparation stage[5]. - PB-119 is expected to achieve commercial sales in the first half of 2026, with ongoing preparations for market access and production systems[6]. - The company is preparing for the commercialization of PB-119, including building a production system and optimizing quality management, to ensure stable supply post-launch[14]. - The approval of PB-119 is a significant milestone for the company, enhancing its product pipeline and long-term commercialization potential[15]. - The company is in the process of planning market promotion and channel layout for PB-119 to improve market coverage and patient accessibility post-launch[15]. - A commercialization partnership for PB-119 in mainland China was established on September 13, 2024, but the agreement was terminated in June 2025 due to development progress, and the company is exploring new partnership opportunities[31]. - The company has signed non-binding term sheets with potential partners for the development and commercialization of PB-119 in overseas markets[29]. - The company plans to fully utilize RMB 106.7 million (50.2% of net proceeds) for the commercialization and indication expansion of its core product PB-119 by the end of 2027[74]. Financial Guidance and Future Outlook - The company aims to achieve a compound annual growth rate (CAGR) of over 20% in the next five years[106]. - Financial guidance for the next fiscal year includes projected revenue growth of 15%[106]. - The core product PB-119 is expected to drive significant revenue growth in the upcoming fiscal year[106]. - The company anticipates fluctuations in financial performance due to the development status of its candidate drugs and potential collaboration timelines[35]. - The company is committed to optimizing the development priorities and resource allocation of its pipeline projects to support long-term commercialization opportunities[33]. Governance and Corporate Structure - The company has established an audit committee consisting of three directors to oversee financial reporting and internal controls[70]. - The board of directors includes executive directors Dr. Michael Min XU and Ms. Wang Xiaojun, along with non-executive and independent non-executive directors[111]. - The company is focused on strategic decision-making and governance with a diverse board composition[111]. - The governance structure is designed to support long-term growth and shareholder value[111]. - The presence of independent directors suggests a commitment to corporate governance standards[111]. - The company emphasizes transparency and accountability through its board structure[111]. Risks and Challenges - The company faces significant risks including intense competition, potential patent issues, and the success of its candidate drug PB-119, which is critical for future business performance[63]. - There is uncertainty regarding the successful development and commercialization of PB-119 and PB-718[16][17].

Group 1 - Pearl Holdings (01176) experienced a significant drop of over 33% during trading, currently down 25.64%, due to the inability of independent valuers and auditors to complete their valuation and audit work for the fiscal year 2025, affecting various financial aspects including investment properties and receivables [1] - Some gold stocks showed recovery, with Zijin Mining International (02259) up 6.89%, Lingbao Gold (03330) up 7.31%, and China Gold International (02099) up 2.59%, as the precious metals market rebounded after a sharp decline, with spot gold rising above $4,700 [1] - Paig BioPharma-B (02565) rose over 6% following the announcement of a strategic cooperation agreement with Shanghai Tengrui Pharmaceutical for the commercialization of its core product in mainland China [1] Group 2 - Crystal International (02232) saw a post-earnings decline of over 4%, currently down 2.03%, despite reporting revenues of $2.641 billion for the year ending December 31, 2025, a 6.95% increase year-on-year, and a profit attributable to shareholders of $225 million, up 12.05% [2] - Oil and gas stocks fell sharply, with Shandong Molong (00568) down 4.49% and Sinopec Oilfield Service (01033) down 4.81%, as international oil prices dropped sharply, with Brent crude down 3% to $100 [2] Group 3 - China Duty Free Group (01880) rose over 2% after announcing an agreement to acquire the entire issued share capital of DFS Cotai Limitada and related business assets from DFS Group, which is ultimately owned by LVMH [3] - Weisheng Holdings (03393) increased over 5% following a visit from the Hungarian ambassador, discussing cooperation opportunities in the energy digitalization sector [3] Group 4 - Bolecon Vision Cloud-B (02592) fell over 6%, hitting a new low since its listing, after announcing plans for clinical trials of its eye drop product for treating myopia, with the application for clinical trials submitted in December 2025 [4] - Jiaxin International Resources (03858) surged over 12%, currently up 10.65%, as tungsten concentrate prices rose significantly, reflecting a 124% increase since the beginning of the year [4] Group 5 - Aerospace Holdings (00031) dropped over 14% after issuing a profit warning, expecting a net loss of approximately HKD 270 million to 290 million for the year ending December 31, 2025, compared to a loss of HKD 83.85 million in 2024 [5] Group 6 - U.S. oil stocks saw a general increase, with Occidental Petroleum (OXY.US) up 2.06% and Chevron (CVX.US) up 1.42%, as analysts predict Brent crude prices could reach an average of $130 per barrel in Q2 and Q3 if energy infrastructure is attacked [6] - Tesla (TSLA.US) fell 3.18% following an investigation by the NHTSA into its "Full Self-Driving" system due to multiple accidents [6] Group 7 - Gold and silver stocks initially experienced a sharp decline but later rebounded, with Gold Fields (GFI.US) and AngloGold Ashanti (AU.US) seeing reduced losses after significant drops in spot gold and silver prices [7] - Alibaba (BABA.US) fell over 7% after reporting Q3 revenue of RMB 28.4843 billion, a 2% year-on-year increase, but a 67% decline in adjusted net profit [7]

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。 PegBio Co., Ltd. 派格生物醫藥（杭州）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2565） 自願性公告 派格生物與騰瑞製藥達成派達康中國大陸獨家商業化合作 商業化目標累計銷售規模超過人民幣100億元並獲得約1.4億港幣權益金 本公告乃派格生物醫藥（杭州）股份有限公司（「本公司」）自願作出，以使本公司股 東及潛在投資者了解本集團的最新業務發展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，近日與上海騰瑞製藥股份有限公 司（「騰瑞製藥」）就本公司核心產品派達康（「目標產品」）在中國大陸地區的商業 化合作簽署戰略合作協議。根據合作安排，雙方將整合各自在研發及商業化方面 的資源優勢，共同推進目標產品在中國大陸地區的市場推廣與商業化佈局。本次 合作標誌著公司核心產品商業化進程邁入新的階段。 根據合作協議的商業化規劃，雙方將依託騰瑞製藥覆蓋全國的商業化網絡與學術 推廣能 ...

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。 PegBio Co., Ltd. 派格生物醫藥（杭州）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 董事會會議日期 派格生物醫藥（杭州）股份有限公司（「本公司」，連同其附屬公司統稱「本集團」） 董事（「董事」）會（「董事會」）謹此宣佈，本公司將於2026年3月23日（星期一）舉 行董事會會議，藉以（其中包括）考慮及批准本集團截至2025年12月31日止年度 的年度業績及其刊發，以及處理任何其他事項。 承董事會命 派格生物醫藥（杭州）股份有限公司 Michael Min XU 董事長、執行董事兼總經理 香港，2026年3月11日 於本公告日期，本公司董事會包括：(i)執行董事Michael Min XU博士及王小軍女 士；(ii)非執行董事Xiangjun ZHOU博士、徐宇虹博士、翟婷女士及李宏凱先生； 以及(iii)獨立非執行董事Jiancun ZHANG博士、陳秧秧博士及范新鵬女士。 （股 ...

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。 H股目前按每手500股H股的買賣單位進行買賣。董事會預期，減少每手買賣單位 將降低投資者購買H股的門檻，從而促進H股的買賣及提高其流通性。於更改每手 買賣單位生效後，H股將按每手50股H股的買賣單位進行買賣。根據於本公告日 期每股股份在聯交所所報收市價51.8港元計算，於更改每手買賣單位生效後，當 時每手50股H股買賣單位的市值將為2,590港元。 更改每手買賣單位不會導致本公司股東的相對權利出現任何變動。由於上述更改 每手買賣單位不會產生H股零碎股份，故無須就零碎股份的買賣對盤作出碎股安 排。董事會認為，更改每手買賣單位符合本公司及其股東的整體利益。 預期時間表 事件 香港日期及時間 PegBio Co., Ltd. 派格生物醫藥（杭州）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2565） 更改每手買賣單位 派格生物醫藥（杭州）股份有限公司（「本公司」）董事會（「董事會」）宣 ...

Major Events - Heng Rui Medicine (01276) has received the clinical trial approval notice for Adalimumab injection [1] - Anjoy Foods (02648) plans to increase capital by 120 million yuan to its subsidiary in Henan [1] - Xuan Zhu Bio-B (02575) has been included in the Hong Kong Stock Connect stock list [1] - Peijie Biopharma-B (02565) reports one-month clinical observation results from the first human trial of its next-generation GLP-1 (CR059) [1] - Changfeng Pharmaceutical (02652) has been included in the Hong Kong Stock Connect eligible securities list [1] - Binhai Investment (02886) has secured financing of up to 45 million USD and 173 million yuan in various currency term loans [1] - He Yu-B (02256) reports results from the global Phase III MANEUVER study of Beijiemai® published in The Lancet [1] Operating Performance - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 7.106 billion yuan in the first two months [1] - Mengniu Dairy (02319) expects annual profit attributable to shareholders to be approximately 1.4 billion to 1.6 billion yuan [1] - Dongfeng Motor Group (00489) reported cumulative automobile sales of 228,518 units in the first two months, a year-on-year increase of approximately 1.2% [1] - Shangmei Co. (02145) issued a profit warning, expecting a profit of approximately 1.14 billion to 1.16 billion yuan for 2025, a year-on-year increase of approximately 41.9% to 44.4% [1] - Longfor Group (00960) achieved a total contract sales amount of 4.45 billion yuan in the first two months [1] - ZTE Corporation (00763) reported a net profit attributable to shareholders of 5.618 billion yuan for 2025, a year-on-year decrease of 33.32% [1] - Huishang Bank (03698) issued a positive profit forecast, expecting a net profit of approximately 16.93 billion yuan for 2025, a year-on-year increase of approximately 6.3% [1] - Sun Hung Kai Properties (00086) issued a profit warning, expecting a consolidated profit attributable to shareholders of no less than 1.5 billion HKD for 2025 [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倚賴 該等內容而引致的任何損失承擔任何責任。 PegBio Co., Ltd. 派格生物醫藥（杭州）股份有限公司 CR059採用脂質納米顆粒(LNP)遞送系統，通過體內持續表達GLP-1受體激動劑以 實現長效代謝干預，預期有助於延長給藥間隔並提升患者治療依從性。 臨床前研究結果 1 － 在db/db小鼠模型中，於以司美格魯肽作為對照的頭對頭研究條件下，CR059 呈現更強的代謝干預效應並顯示明確的劑量－反應關係，支持其基於體內表 達機制實現穩定GLP-1受體激動效應。 － 在自發性2型糖尿病恒河猴模型中，CR059每月一次皮下注射(D1、D32)給藥 後可顯著降低空腹血糖，且代謝改善效應可跨越給藥間隔持續存在；至D88 糖化血紅蛋白(HbA1c)較基線持續改善，顯示基於環狀RNA的體內蛋白持續 表達策略有潛力支持延長給藥間隔的治療模式。 － 在健康恒河猴模型中，CR059單次皮下注射後可在數週內維持代謝干預效應 （單次給藥後5週體重下降約11.8%） ...

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: 2026年2月28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3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) | 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 | | | 284,300,339 | RMB | | 1 RMB | | 284,300,339 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 284,300,339 | RMB | | 1 RMB | | 284,300,339 | | 2. 股份分類 | 普通股 ...

Core Viewpoint - The stock price of Peijia Medical-B (02565.HK) fell by 5.54% to HKD 63.05 on February 13, primarily due to a combination of market weakness, profit-taking after index inclusion, technical pressure, funding discrepancies, and high valuation concerns [1][5]. Stock Performance - On February 13, the Hang Seng Index dropped by 1.72%, and the biotechnology sector declined by 0.95%, indicating increased risk aversion in the market, leading to capital outflows from growth sectors like pharmaceuticals [2]. Reasons for Stock Price Movement - Peijia Medical-B was announced to be included in the Hang Seng Composite Index effective March 9, 2026. However, this positive news was partially anticipated by the market, as the stock had already risen approximately 4.7% over February 11 and 12. On February 13, the stock opened high but fell after reaching a peak of HKD 67.40, suggesting profit-taking by some investors [3]. Funding and Technical Analysis - The closing price of HKD 63.05 on February 13 was below both the 5-day moving average (HKD 65.27) and the 20-day moving average (HKD 65.515). The MACD histogram, while positive, remained below the zero line, indicating a bearish short-term trend. The stock experienced a volatility of 9.51%, with a low of HKD 61.05, near the lower Bollinger Band (HKD 58.974), reflecting strong selling pressure. Although there was a net inflow of HKD 335.67 million, it was primarily driven by retail investors, with institutional investors showing a cautious stance [4]. Company Valuation - As of February 13, the company's trailing twelve months (TTM) price-to-earnings ratio was -101.56, and the price-to-book ratio was 42.84, indicating a high valuation level. The company’s R&D expenditure for the mid-2025 period was HKD 26.294 million, suggesting significant ongoing investment pressure. Market concerns may arise regarding the alignment of its earnings outlook with current valuation levels [5].

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of December 31, 2025, with Pagoda Biopharma-B (02565) being included in the Hang Seng Composite Index [1] - The changes will be implemented after the market closes on March 6, 2026, and will take effect on March 9, 2026, leading to adjustments in the eligible stocks for the Hong Kong Stock Connect [1] - According to a report by CICC, Pagoda Biopharma is likely to be included in the Hong Kong Stock Connect due to meeting various criteria, including market capitalization, liquidity, and listing time [1] Group 2 - Pagoda Biopharma previously announced that all conditions of the placement agreement had been met, with the placement completed on December 22, 2025 [1] - Under the terms of the placement agreement, the joint placement agents sold a total of 5.136 million shares at a price of HKD 58.41 per share to no fewer than six subscribers, representing approximately 1.81% of the enlarged H-shares and about 1.31% of the total shares after the placement [1]