致：香港交易及結算所有限公司 公司名稱: 杭州九源基因生物醫藥股份有限公司 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 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10月31日 狀態: 新提交 | 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) | 02566 | 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 | | | 109,096,785 | RMB | | 1 RMB | | 109,096,785 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 109,096,785 | RMB | | 1 RMB | | 109,096,785 | | 2. 股份分類 | 普通股 | 股份類別 | ...

呈交日期: 2025年10月6日 I. 法定/註冊股本變動 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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 杭州九源基因生物醫藥股份有限公司 | 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) | 02566 | 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 | | | 109,096,785 | RMB | | 1 RMB | | 109,096,785 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 109,096,785 | RMB | | 1 RMB | | 109,096,785 | | 2. 股份分類 | 普通股 | 股份類別 | 其 ...

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2025, representing a 15% increase compared to the same period last year[8]. - For the six months ended June 30, 2025, the company reported total revenue of RMB 638.78 million, a decrease of 9.1% year-on-year[14]. - Revenue for the six months ended June 30, 2025, was RMB 638,778,000, a decrease of 9.06% compared to RMB 702,360,000 for the same period in 2024[90][93]. - The gross profit for the same period was RMB 525.22 million, with a gross margin of 82.2%, compared to 77.0% in the previous year[14][15]. - Gross profit for the same period was RMB 525,219,000, down from RMB 540,560,000, reflecting a gross margin of approximately 82.2%[80]. - Net profit attributable to shareholders was RMB 90.17 million, down 14.4% from RMB 105.35 million in the prior year[14][15]. - Net profit for the six months was RMB 90,174,000, down 14.4% from RMB 105,348,000 in the same period last year[80]. - Basic and diluted earnings per share decreased to RMB 0.37 from RMB 0.53, representing a decline of 30.2%[80]. - Profit before tax for the period was RMB 104,263,000, a decrease of 19.7% from RMB 129,833,000 in 2024[80]. - The company did not recommend an interim dividend for the reporting period[77]. User Growth and Market Expansion - User data showed a growth of 25% in active users, reaching 5 million by June 30, 2025[8]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2026[8]. - The company is focusing on stabilizing existing markets and cultivating new markets through differentiated commercial policies to achieve steady revenue growth[16]. Research and Development - Research and development expenses increased by 30% to RMB 150 million, focusing on advanced biopharmaceutical technologies[8]. - R&D costs increased from RMB 37.3 million for the six months ended June 30, 2024, to RMB 49.6 million for the six months ended June 30, 2025, due to increased investments in ongoing R&D projects[40]. - The product pipeline includes multiple innovative drugs, biosimilars, and biopharmaceutical combination products in the fields of metabolism, orthopedics, oncology, and hematology[17]. - The company has submitted the NDA for JY29-2 (Glycemic Control) on March 24, 2024, and expects NMPA approval in the second half of 2025[18]. - JY29-2 (Glycemic Control) has completed Phase I clinical trials, allowing JY29-2 (Glycemic Control) to directly enter Phase III clinical trials, with enrollment completed by December 19, 2024[18]. - The company has initiated a phase IV clinical project for bone-guided materials, with patient enrollment currently underway[25]. - The company is actively conducting research on the combination strategies of GLP-1 and insulin drugs, sharing innovative pathways and project progress at international conferences[21]. Strategic Initiatives - The company provided a forward guidance of 20% revenue growth for the next fiscal year, projecting revenues to reach RMB 1.44 billion[8]. - New product launches included two innovative drugs expected to enter the market by Q4 2025, with projected sales of RMB 300 million in the first year[8]. - A new strategic partnership was formed with a leading healthcare provider to co-develop telemedicine solutions, expected to launch in early 2026[8]. - The company plans to invest RMB 200 million in digital transformation initiatives to enhance operational efficiency[8]. - The company completed an acquisition of a local biotech firm for RMB 500 million, enhancing its product pipeline[8]. Financial Position and Cash Flow - As of June 30, 2025, cash and cash equivalents amounted to RMB 217.6 million, down from RMB 537.6 million as of December 31, 2024[44]. - The debt-to-asset ratio as of June 30, 2025, was 21.7%, compared to 21.1% as of December 31, 2024[44]. - Cash flow from operating activities for the six months ended June 30, 2025, was a net inflow of RMB 12,518 thousand, compared to an outflow of RMB 12,537 thousand in 2024[84]. - The net cash used in investing activities for the six months ended June 30, 2025, was RMB 346,143 thousand, significantly higher than RMB 32,723 thousand in 2024[85]. - Trade receivables increased to RMB 649,056,000 as of June 30, 2025, from RMB 594,344,000 at the end of 2024[105]. Shareholder Information - Major shareholders include Zhongmei Huadong with 21.63% of non-listed shares and 11.58% of H-shares, and Hu Kaijun with similar holdings[55]. - The total number of non-listed shares issued as of June 30, 2025, is 136,302,015, while H-shares total 109,096,785[58]. - The largest single shareholder, Li Bangliang, has 20.79% of non-listed shares and 5.96% of H-shares[56]. - The company has not disclosed any other individuals with significant shareholdings exceeding 5% as of the reporting date[61]. Corporate Governance - The company has adopted the corporate governance code and has complied with its provisions, except for the separation of the roles of Chairman and CEO[71]. - The board will continue to review and monitor the company's operations to maintain high standards of corporate governance[72].

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8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: 杭州九源基因生物醫藥股份有限公司 呈交日期: 2025年9月3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) | 02566 | 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 | | | 109,096,785 | RMB | | 1 RMB | | 109,096,785 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 109,096,785 | RMB | | 1 RMB | | 109,096,785 | | 2. 股份分類 | 普通股 | 股份類別 | 其他 ...

Core Viewpoint - Jiuyuan Gene (02566) experienced a stock price increase of over 7% following the release of its interim results, indicating market optimism despite a decline in financial performance [1] Financial Performance - For the six months ending June 30, 2025, the company reported revenue of RMB 639 million, a year-on-year decrease of 9.05% [1] - Gross profit was RMB 525 million, down 2.84% year-on-year [1] - Net profit attributable to shareholders was RMB 90.17 million, reflecting a 14.4% decline compared to the previous year [1] - Earnings per share stood at RMB 0.37 [1] Market Dynamics - The overall revenue decline of 9.1% was attributed to a combination of internal and external factors [1] - Sales of orthopedic products increased by over 10% year-on-year, indicating growth in this segment [1] - The company is focusing on stabilizing existing markets and cultivating new ones through differentiated commercial policies to achieve steady growth in annual business revenue [1]

Core Viewpoint - Jiuyuan Gene (02566) experienced a stock price increase of over 7% following the release of its interim results, indicating market optimism despite a decline in financial performance [1] Financial Performance - For the six months ending June 30, 2025, Jiuyuan Gene reported revenue of RMB 639 million, a year-on-year decrease of 9.05% [1] - Gross profit was RMB 525 million, down 2.84% year-on-year [1] - Net profit attributable to shareholders was RMB 90.17 million, reflecting a decline of 14.4% compared to the previous year [1] - Earnings per share stood at RMB 0.37 [1] Market Dynamics - The overall revenue decline of 9.1% was attributed to a combination of internal and external factors [1] - Sales of orthopedic products increased by over 10% year-on-year, indicating growth in this segment [1] - The company is focusing on stabilizing existing markets and cultivating new ones through differentiated commercial policies to achieve steady annual revenue growth [1]

Core Viewpoint - The significant rise of Jiuyuan Gene (02566) in the Hong Kong biotech sector, with a price increase of over 218% from a low of 5.119 HKD to a peak of 16.29 HKD, driven by the anticipation of its GLP-1 drug, Semaglutide biosimilar (JY29-2), which is expected to submit a drug application in the first half of 2026 [1][20]. Group 1: Company Performance and Market Dynamics - Jiuyuan Gene's market capitalization surpassed 30 billion HKD during this surge, indicating strong investor interest and market confidence [1]. - The company plans to enhance its market presence by leveraging hospital networks and e-commerce partnerships to improve accessibility and brand recognition [1]. - The stock experienced a classic trading pattern characterized by accumulation, distribution, and subsequent price surges, reflecting a strategic capital game [1][20]. Group 2: Trading Phases and Price Movements - The trading phases included a "building position" period from November 28, 2024, to January 17, 2025, where the stock saw a price drop of 26.62% and a high volatility of 52.7% [2][5]. - The "first surge" phase from January 20 to February 21, 2025, recorded a 30.04% increase, indicating strong market support despite low trading volume [7][8]. - The "main surge" phase from June 5 to June 12, 2025, saw a dramatic 72.08% increase, showcasing aggressive buying behavior and a lack of selling pressure [11][12]. Group 3: Strategic Partnerships and Market Potential - Jiuyuan Gene has secured exclusive licensing agreements for Semaglutide in key international markets, including partnerships with Kexing Bio and Fosun Pharma, which are expected to enhance its market reach [18]. - The GLP-1 drug market is projected to grow significantly, with estimates suggesting a potential market size exceeding 150 billion USD by 2030, highlighting the strategic importance of Jiuyuan Gene's product offerings [19][20]. Group 4: Investor Sentiment and Market Trends - Recent reports from multiple brokerages express positive sentiment towards weight-loss concept stocks, indicating a growing interest in the GLP-1 sector as a new investment frontier [19]. - The rise in Jiuyuan Gene's stock price is attributed to a combination of product growth potential, favorable market conditions, and a reassessment of its valuation, reflecting a broader trend in the biotech industry [20].

Core Viewpoint - The significant rise of Jiuyuan Gene (02566) in the Hong Kong biotech sector, with a price increase of over 218% from a low of 5.119 HKD to a peak of 16.29 HKD, driven by the anticipation of the market launch of its GLP-1 drug, JY29-2, in 2026 [1][20]. Company Overview - Jiuyuan Gene specializes in GLP-1 drugs and is preparing to submit a drug application for its biosimilar, Semaglutide, in the first half of 2026 [1][18]. - The company has entered into exclusive licensing agreements for Semaglutide with other domestic pharmaceutical companies, expanding its market reach in Latin America and the Middle East [18]. Market Dynamics - The biotech sector is experiencing a surge in interest, particularly in the GLP-1 drug market, which is projected to exceed 150 billion USD by 2030, indicating a strong growth potential [19]. - Recent reports from multiple brokerages express optimism about weight-loss concept stocks, highlighting the GLP-1 sector as a new capital favorite [19]. Investment Behavior - The stock price movements of Jiuyuan Gene reflect a classic investment strategy involving accumulation, consolidation, and subsequent price increases, characterized by significant volatility and strategic selling [1][9][20]. - The stock saw a massive public offering with a subscription rate of 675.83 times, leading to a high retail investor ownership and a lack of institutional support [2][3]. Trading Phases - The trading phases of Jiuyuan Gene include a "building position" phase characterized by high volatility, a "washing" phase to rebalance shares, and a "main rising wave" phase where the stock price surged dramatically [1][9][10]. - The stock experienced a significant drop of 26.62% during the initial accumulation phase, followed by a 30.04% increase in the first rally phase, indicating a controlled accumulation strategy by major investors [4][7]. Recent Performance - The stock's recent performance includes a notable rebound from 7.85 HKD to 10.58 HKD, followed by a second main rising wave that saw the price increase by 53.88% [13][15]. - The trading volume and price movements suggest a high level of control by major investors, with significant buying activity during price dips and strategic selling at peaks [10][12][20].

Group 1 - The company reported a revenue of RMB 639 million for the six months ending June 30, 2025, representing a year-on-year decline of 9.05% [1] - Gross profit was RMB 525 million, down 2.84% year-on-year, while net profit attributable to shareholders was RMB 90.17 million, a decrease of 14.4% [1] - The decline in revenue was attributed to both internal and external factors, including intensified national healthcare cost control measures and adjustments in drug pricing policies [1] Group 2 - The company experienced over 10% year-on-year growth in sales of orthopedic products, with an increasing hospital penetration rate [2] - The company aims for stable revenue growth by implementing differentiated commercial policies and enhancing professional academic promotion in the orthopedic market [2] - The company is focused on expanding its research and development pipeline in the fields of metabolism, orthopedics, oncology, and hematology, including multiple innovative drugs and biosimilars [2]

Core Viewpoint - Jiuyuan Gene (02566) reported a decline in revenue and profit for the six months ending June 30, 2025, primarily due to external and internal factors affecting the pharmaceutical industry [1] Group 1: Financial Performance - The company achieved revenue of RMB 639 million, a year-on-year decrease of 9.05% [1] - Gross profit was RMB 525 million, down 2.84% year-on-year [1] - Net profit attributable to shareholders was RMB 90.17 million, reflecting a 14.4% decline compared to the previous year [1] - Earnings per share stood at RMB 0.37 [1] Group 2: Industry Challenges - The decline in total revenue was influenced by intensified cost control measures in the pharmaceutical industry, particularly due to the ongoing DRG/DIP reforms [1] - The national medical insurance cost control has increased pressure on the pricing of external medicines, requiring public medical institutions to rebalance their drug pricing strategies [1] - Price adjustments were prompted by the consensus on drug pricing rules and provincial price linkage [1] Group 3: Company Strategies - To enhance cash flow, the company adjusted its sales model from direct sales to commercial distribution for certain products [1] - The company faced challenges in product sales due to a name change, necessitating a re-approval process for market access in some hospitals [1] Group 4: Product Development and Market Strategy - The company reported over 10% growth in sales of orthopedic products, with increasing hospital penetration [2] - The company aims for stable revenue growth by implementing differentiated commercial policies and enhancing professional academic promotion [2] - Efforts are being made to expand coverage in county-level hospitals and improve training for grassroots doctors to enhance recognition of the company's orthopedic products [2] - The company has a rich pipeline of innovative products in the fields of metabolism, orthopedics, oncology, and hematology [2]