Group 1: Market Overview - The Hang Seng Index rose by 1.88%, gaining 470 points to close at 25,439 points, while the Hang Seng Tech Index increased by 2.35% [1] - The early trading volume in the Hong Kong stock market reached HKD 143.8 billion [1] Group 2: Biotechnology Sector - The Hang Seng Biotechnology Index surged by 3.77%, driven by a collective rise in pharmaceutical stocks following the debut of the "dual directory" for drug applications [1] - Zhonghui Biotech-B (02627) saw a significant increase of 24%, while Jiuyuan Gene (02566) rose by 8.99%, and Kintor Pharmaceutical (09939) increased by 5.7% [1] - Innovent Biologics (01801) experienced a rise of 7.27%, and He Yu-B (02256) reached a new high with a 7.38% increase, reporting a 59% year-on-year growth in net profit for the first half of the year [1] Group 3: Pharmaceutical Developments - Daqi Pharmaceutical-B (06996) rose over 15% as Claudin 18.2 ADC was proposed for inclusion as a breakthrough therapy [2] Group 4: Technology Sector - Tencent's subsidiaries reported generally better-than-expected earnings, with Tencent Music-SW (01698) rising by 15%, and Reading Group (00772) also increasing by over 15% [2] - Weimeng Group (02013) saw an increase of over 7% [2] Group 5: Industrial and Manufacturing Sector - Chongqing Machinery (02722) rose by 8.9%, with an expected 50% year-on-year growth in net profit due to rapid growth in AIDC engine demand [3] - Zhongyan Hong Kong (06055) increased by over 7%, maintaining its position in the domestic cigarette export tax-free business, with earnings to be announced next Friday [3] Group 6: Technology and Electronics - Qiu Tai Technology (01478) rose by over 8%, reporting a 167% year-on-year increase in net profit for the first half of the year, leading to target price upgrades from multiple institutions [4] - Hong Teng Precision (06088) increased by over 9% post-earnings, with a cumulative rise of over 60% in the month, reporting an 11% revenue growth but a 3% decline in net profit [5] - Minmetals Resources (01208) rose by over 9% after reporting a 15-fold increase in net profit for the first half of the year and lowering cost guidance for its mines [6] Group 7: Performance Review - 361 Degrees (01361) fell by over 10% post-earnings, with institutions stating that the first half performance met expectations, but net profit growth was slightly lower than revenue growth [7]

Group 1 - Pharmaceutical stocks collectively surged, with notable increases in companies such as Deqi Pharmaceutical-B (up 13.53% to HKD 6.04), Jiuyuan Gene (up 7.89% to HKD 11.76), and others [1] - The National Healthcare Security Administration announced the preliminary review results for the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalogs, revealing that 534 drugs passed the basic insurance catalog review and 121 drug generic names passed the commercial insurance innovative drug catalog review [1] - High-priced innovative drugs, including CAR-T therapies, are seeking inclusion in the commercial insurance innovative drug catalog, aiming for diversified payment methods for innovative drugs [1] Group 2 - The core breakthrough of the 2025 plan is the establishment of a "Basic Insurance + Commercial Insurance Innovative Drug" dual-track system, which aims to alleviate pressure on basic insurance funds while meeting multi-tiered demands [2] - The plan includes a new price negotiation mechanism and a team of commercial insurance experts, reflecting policy coordination for innovative drug development, although it also increases process complexity [2] - Overall, this represents a strategic shift in healthcare policy from "basic coverage" to "multi-tiered + innovative support," balancing accessibility and sustainability [2]

Group 1 - Pharmaceutical stocks collectively surged, with notable increases in shares of companies such as Deqi Pharmaceutical-B (up 13.53% to HKD 6.04), Jiuyuan Gene (up 7.89% to HKD 11.76), and others [1] - The National Healthcare Security Administration announced the preliminary review results for the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalogs, revealing that 534 drugs passed the basic medical insurance review and 121 drugs passed the commercial insurance innovative drug catalog review [1] - High-priced innovative drugs, including CAR-T therapies, are seeking inclusion in the commercial insurance innovative drug catalog, aiming for diversified payment methods for innovative drugs [1] Group 2 - The core breakthrough of the 2025 plan is the establishment of a "basic medical insurance + commercial insurance innovative drug" dual-track system, which aims to alleviate pressure on basic medical insurance funds while meeting multi-tiered demands [2] - The new pricing negotiation mechanism and the establishment of a commercial insurance expert team reflect policy coordination for innovative drug development, although the complexity of the process has increased [2] - Overall, this represents a strategic shift in medical insurance from "basic coverage" to "multi-tiered + innovative support," balancing accessibility and sustainability [2]

九源基因(02566.HK)公告，董事会会议将于2025年8月18日(星期一)举行，藉以(其中包括)考虑及批准公 司及其附属公司截至2025年6月30日止6个月中期业绩及其刊发，以及考虑中期股息建议(如有)。 ...

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7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8月5日 I. 法定/註冊股本變動 FF301 | | 法定/註冊股份數目 | 面值 | | 法定/註冊股本 | | | --- | --- | --- | --- | --- | --- | | 上月底結存 | 31,000,000 | RMB | 1 | RMB | 31,000,000 | | 增加 / 減少 (-) | | 0 | | RMB | | | 本月底結存 | 31,000,000 | RMB | 1 | RMB | 31,000,000 | | 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 ...

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 對 因 本 公 告 全部或任何部份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。 HANGZHOU JIUYUAN GENETIC BIOPHARMACEUTICAL CO., LTD. 杭州九源基因生物醫藥股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2566） 董事會會議召開日期 杭州九源基因生物醫藥股份有限公司（「本公司」）董事會（「董事會」）謹 此 宣 佈， 董事會會議將於2025年8月18日（星 期 一）舉 行，藉 以（其 中 包 括）考慮及批准本公 司及其附屬公司截至2025年6月30日 止 六 個 月 之 中 期 業 績 及 其 刊 發，以 及 考 慮 中期股息建議（如 有）。 承董事會命 Hangzhou Jiuyuan Genetic Biopharmaceutical Co., Ltd. 杭州九源基因生物醫藥股份有限公司 執 行 董 事、董 事 ...

但在今年6月后，九源基因股价突然直线拉升，6月份公司股价累计涨幅达26.52%，而在7月份，截至7月21日，其单月股价累涨已达35.03%。也就是说，在 不到两个月时间，九源基因股价已拉升逾70%。虽然九源基因的月度股价涨幅喜人，但从其每日股价涨幅的走势来看，资金潜入的迹象似乎较为明显。 "旱地拔葱"后的量价背离 虽然从月度股价波动来看，九源基因在去年12月和今年1月分别下跌了16.35%和11.50%，但其实在股价触及上市新低后的第三个交易日即1月16日，九源基 因便开始了今年的第一波止跌反弹。 从技术面来看，由于九源基因挂牌上市后股价基本都处在下行区间，因此基本都紧贴BOLL线下轨运行，直到今年1月10日当天股价收跌7.12%，股价击穿 BOLL线下轨，并在次日创下公司上市股价新低，从技术面上确认股票低估，因而引发场内惜售以及持币者的集中入场。 然而这段技术性回弹仅持续了2个月时间，期间九源基因股价基本沿BOLL线上下运行，并最终在3月14日冲高击穿当日BOLL线上轨后回落，当日股价最高 7.46港元。 去年11月28日，手握号称"国产司美格鲁肽"重磅减重药的九源基因(02566)正式登陆港交所。然而其踏 ...

Core Viewpoint - The article highlights significant stock movements in the Hong Kong and US markets, indicating various companies experiencing notable gains due to specific events or developments. Hong Kong Market Highlights - Li Auto (02015) saw a rise of over 3% as the launch of the Li i8 is set for July 29 [1] - Chinese banks experienced gains, with Zhengzhou Bank (06196) up 6.06%, Minsheng Bank (01988) up 4.97%, CITIC Bank (00998) up 3.24%, and Industrial and Commercial Bank of China (01398) up 1.8% [1] - Jiuyuan Gene (02566) increased by over 6% following the approval of its drug by the National Medical Products Administration [1] - Conant Optical (02276) rose over 6% as its net profit is expected to increase by over 30% year-on-year [1] - Puxing Energy (00090) surged over 220% after acquiring equity in HashKey Holdings Limited, entering the digital asset finance sector [1] - Blucube (00325) saw a rise of over 8% as it faced its first share unlock, with an accelerated pace of new product launches [1] - InnoCare Pharma (02577) rose over 5% as TSMC exited the GaN business, prompting cornerstone investors to extend their lock-up period [2] - Jitu Express (01519) increased over 4% due to strong package volume performance in Southeast Asia [2] - Apple-related stocks saw gains, with Cowell (01478) up 5.14%, Sunny Optical (02382) up 4.99%, BYD Electronics (00285) up 4.67%, and AAC Technologies (02018) up 1.89% [2] - From Yuzhi Agriculture (00875) surged over 13% as the company aims to build a comprehensive modern agriculture flagship group [2] - Fenbi (02469) rose over 5% following an upgrade to its AI question-answering system, which is expected to drive performance growth [2] - E-Surfing (02550) increased over 16% after Barclays acquired a 280 million stake and partnered with Huawei Cloud [2] - Cryptocurrency ETF and related stocks rose, with New Fire Technology Holdings (01611) up 10.82%, Xiong'an Technology (01647) up 10.23%, and others [2] - Superstar Legend (06683) surged over 20% as Jay Chou joined Douyin, gaining over 10 million followers [3] - Cornerstone Pharmaceuticals (02616) rose over 4% after its drug production application was approved by NMPA [3] - Longguang Group (03380) opened over 4% higher as its debt restructuring plan was approved by creditors [3] - Saijing Technology (00580) opened over 8% after announcing a projected net profit of approximately 90 million, a 167% year-on-year increase [3] - Derin Holdings (01709) opened nearly 15% higher as it plans to tokenize up to 500 million HKD in assets for distribution to shareholders [3] US Market Highlights - Deutsche Bank (DB.US) rose over 3% as it restructures its wealth management business in Germany to improve profitability [4] - UnitedHealth (UNH.US) fell over 1% amid reports of a US Department of Justice investigation into its medical insurance billing [4] - Futu Holdings (FUTU.US) increased over 9% after Morgan Stanley raised its target price to 160 USD [4] - Boeing (BA.US) rose over 3% as June aircraft deliveries reached an 18-month high [4] - Meta (META.US) increased nearly 2% as it reportedly invested 3.5 billion USD to enhance its AI smart glasses business [4] - Nvidia (NVDA.US) rose nearly 2%, reaching a historic high with a market capitalization of 4 trillion USD [4] - Microsoft (MSFT.US) hit a historic high with a market capitalization of 3.74 trillion USD, following an upgrade from Oppenheimer [4]

Financial Performance - The company reported a revenue increase of 25% year-over-year, reaching RMB 1.5 billion for the fiscal year ending December 31, 2023[10]. - The company achieved a total revenue of RMB 1,369.2 million in 2024, representing a year-on-year growth of 6.4% compared to RMB 1,287.4 million in 2023[16]. - Revenue for the year ended December 31, 2024, was RMB 1,369.2 million, an increase of 6.4% from RMB 1,287.4 million in 2023, primarily due to an increase in product sales revenue of RMB 80.5 million[67]. - Product sales revenue increased by 6.6% from RMB 1,218.5 million in 2023 to RMB 1,299.0 million in 2024, driven by a 19.1% increase in sales from Bone Yodao, which rose from RMB 708.9 million to RMB 844.0 million[68]. - The net profit attributable to the company's shareholders for 2024 was RMB 138.6 million, an increase of RMB 18.8 million from RMB 119.8 million in 2023[16]. - The company achieved a net profit of RMB 138.6 million in 2024, representing a year-on-year growth of 15.7%[20]. - Gross profit increased by 9.2% from RMB 990.7 million in 2023 to RMB 1,081.7 million in 2024, with gross margin rising from 77.0% to 79.0%[71]. - The gross margin improved to 60%, up from 55% in the previous year, reflecting better cost management and pricing strategies[10]. Research and Development - Investment in R&D increased by 15%, amounting to RMB 300 million, focusing on new drug development and innovative technologies[10]. - The company has multiple competitive products in development, with significant progress reported for JY06 and JY23[12]. - The company aims to be the first domestic producer to obtain approval for the GLP-1 class drug, semaglutide, in 2025[14]. - The company plans to submit an IND application for the innovative drug JY54 (long-acting insulin analog) in 2025[21]. - JY29-2, a treatment for diabetes, became the first domestic product to submit a production license application in April 2024, and is currently in Phase III clinical trials for obesity[19]. - The company is developing JY23-2, an injectable bone repair material, with plans to submit an IND application in 2026[62]. - The company has established a diversified product portfolio with nine marketed products and nine in development as of the report date[24]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[10]. - A strategic acquisition of a biotech firm was announced, expected to enhance the company's product pipeline and increase market competitiveness[10]. - The company launched two new products in Q4 2023, contributing to a 5% increase in market share in the domestic market[10]. - The company plans to continue expanding its orthopedic product matrix and enhance market share through innovative initiatives[14]. Corporate Governance - The company has adopted the corporate governance code as its own governance practices, ensuring adherence to standards for enhancing management and protecting shareholder interests[114]. - The board consists of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors, ensuring a diverse governance structure[121]. - The company has complied with the listing rules regarding the appointment of at least three independent non-executive directors, maintaining independence in governance[123]. - The board actively supervises business performance and strategic decisions, ensuring objective decision-making in the best interests of the company[118]. - The company has established a code of conduct for directors and supervisors regarding insider trading, ensuring compliance with securities trading standards[117]. Risk Management and Compliance - The company has implemented a comprehensive risk management system to identify, assess, monitor, and mitigate risks, including strategic, operational, financial, and legal risks[158]. - The company has engaged an independent internal control consultant to evaluate its internal control system, focusing on financial reporting, enterprise-level controls, and information systems control management[159]. - The company conducts regular training for senior management and employees on anti-corruption and compliance to enhance knowledge of applicable laws and regulations[160]. - The board has established comprehensive internal controls against corruption and bribery, ensuring compliance with relevant laws during the reporting period[129]. Human Resources and Diversity - The company has achieved a gender diversity ratio of 2 female directors and 2 female senior management members, with a total of 742 female employees[164]. - As of December 31, 2024, approximately 48.15% of the company's full-time employees, including senior management, are women[163]. - The company is actively seeking female candidates with diverse skills and experiences to maintain board diversity[138]. - The board's composition reflects diversity in age, ranging from 28 to 65 years[138]. Future Outlook - The company provided a positive outlook, projecting a revenue growth of 20% for the next fiscal year, aiming for RMB 1.8 billion[10]. - The company aims to reduce operational costs by 10% through efficiency improvements and automation initiatives[10]. - The company is focusing on expanding its product offerings in metabolic diseases and oncology[24].

Summary of the Conference Call Company Overview - The company, Jiuyuan Gene, was established in 1993 and has over 30 years of experience in the biopharmaceutical field, particularly in biological products and sterile injectors [1][2] - The company focuses on four major areas: oncology, orthopedics, hematology, and metabolism [1][2] Key Products and Innovations - The company has nine commercialized products, with a significant focus on orthopedic products, including the innovative bone repair product "Bone Island," which is the first in China to use RHBMP2 [2][3] - In the metabolic field, the company is developing "Semaglutide," which is expected to be the first of its kind in China for treating obesity and diabetes [4][5] - The company has a strong pipeline with ongoing research in various innovative drug-device combination products [10][11] Financial Performance - For 2024, the company reported a revenue of 1.369 billion RMB, a 6.4% increase from the previous year, with an average growth rate exceeding 10% over the past two years [6][7] - The gross profit margin increased from 72% in 2021 to 79% in 2024, attributed to a shift in product mix towards higher-margin biological products [7] - The company faced challenges due to centralized procurement, which impacted revenue by approximately 400-500 million RMB over the past three years [6][7] Operational Highlights - The company is enhancing its operational efficiency by improving management practices and expanding its commercial team by 20% in 2024 [8][19] - The average collection period for medical device products exceeds 200 days, compared to under 60 days for pharmaceuticals, which has affected accounts receivable [7][27] - The company is focusing on third-party promotional partnerships to improve cash flow and reduce collection times [8][27] Market Expansion and Strategy - Jiuyuan Gene plans to expand its international market presence, particularly in regions like the Middle East and North Africa, with strategic partnerships for product commercialization [21][31] - The company aims to leverage the growing demand for orthopedic products driven by an aging population and increasing incidence of bone-related injuries [22][23] - The introduction of national weight management policies is expected to create new opportunities for the company's metabolic products [35][40] Research and Development - The company has established six technology development platforms, focusing on protein drugs and innovative drug-device combinations [10][11] - Ongoing projects include the development of new formulations and delivery methods for existing products, enhancing their efficacy and market competitiveness [12][13] Conclusion - Jiuyuan Gene is positioned for growth with a robust product pipeline, strategic market expansion plans, and a focus on operational efficiency. The company is optimistic about its future prospects, particularly in the metabolic and orthopedic sectors, as it continues to innovate and adapt to market demands [6][22][35]