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]

Financial Performance - Total revenue for the six months ended June 30, 2025, was RMB 638.8 million, a decrease of 9.1% year-on-year[5]. - Net profit for the same period was RMB 90.2 million, down 14.4% compared to the previous year[5]. - Revenue for the period was RMB 638.8 million, a decrease of 9.1% compared to RMB 702.4 million in the same period of 2024[19]. - Gross profit for the first half of 2025 was RMB 525,219,000, down from RMB 540,560,000 in the previous year, reflecting a gross margin of approximately 82.2%[49]. - The group reported a pre-tax profit of RMB 90,174,000 for the period, compared to RMB 105,348,000 in 2024, reflecting a decrease of about 14.38%[67]. - The group incurred a total tax expense of RMB 14,089,000 for the period, down from RMB 24,485,000 in 2024, a decrease of approximately 42.06%[63]. - The company reported a total comprehensive income of RMB 90,174,000 for the first half of 2025, compared to RMB 105,348,000 in the previous year, reflecting overall performance challenges[49]. Profitability and Margins - Gross profit margin improved to 82.2% from 77.0% year-on-year[4]. - Gross profit decreased by 2.8% to RMB 525.2 million, while gross margin increased from 77.0% to 82.2%, driven by lower raw material costs and a higher sales volume of more profitable products[23]. - Basic and diluted earnings per share for the first half of 2025 were RMB 0.37, down from RMB 0.53 in the same period of 2024[49]. - Basic earnings per share for the six months ended June 30, 2025, was RMB 0.37, down from RMB 0.53 in 2024, a decline of approximately 30.19%[66]. Sales and Market Performance - Sales volume of orthopedic products increased by over 10% year-on-year, with continuous improvement in hospital penetration rates[6]. - Revenue from mainland China was RMB 613,541,000, down from RMB 671,829,000 in the previous year, indicating a decrease of about 8.66%[60]. - Major customers contributing over 10% of total revenue included Customer A with RMB 160,559,000 and Customer B with RMB 29,935,000, totaling RMB 190,494,000, down from RMB 232,946,000 in 2024, a decline of approximately 18.19%[58]. - Sales revenue from goods decreased by 3.6% to RMB 621.8 million, down from RMB 645.2 million, mainly due to a decline in revenue from bone health products[20]. - Pharmaceutical services revenue plummeted by 70.3% to RMB 17.0 million from RMB 57.2 million, attributed to a smaller production volume scheduled for the first half of the year[21]. Research and Development - The product pipeline includes multiple innovative drugs, biosimilars, and biopharmaceutical combination products in the fields of orthopedics, oncology, and hematology[7]. - Research and development costs increased to RMB 49.6 million from RMB 37.3 million, reflecting higher investments in ongoing R&D projects[27]. - Research and development expenses increased to RMB 49,627,000 in the first half of 2025, up from RMB 37,288,000 in 2024, indicating a focus on innovation[49]. - The company presented findings on GLP-1 targeted diabetes and weight loss drug development at Bio China 2025, showcasing progress in this area[9]. Product Development and Pipeline - The company has submitted the NDA for JY29-2 (Glycopyrrolate Injection) for type 2 diabetes on March 24, 2024, and expects NMPA approval[8]. - JY29-2 (Glycopyrrolate Injection) for obesity has completed patient enrollment by December 2024, continuing clinical research as per the clinical plan[9]. - The company has initiated the development of a long-acting insulin analog JY54-2, which has shown excellent pharmacological activity and safety in cell and animal models[9]. - JY47 (SIRPα monoclonal antibody) has potential for treating metabolic dysfunction-related fatty liver disease (MASH), with plans to apply for this new indication in clinical trials[9]. - JY23 (rhBMP-2) is expected to submit registration data by the first half of 2026, targeting bone repair applications[8]. - JY56 (Emicizumab) is set to submit an IND application in 2026, with a patent expiration date in November 2031[8]. - JY54 and JY54-2 are expected to submit IND applications in Q4 2025 and Q2 2026, respectively[8]. Operational Strategies - The company is focusing on stabilizing existing markets and cultivating new markets to achieve steady annual revenue growth[6]. - Adjustments in sales models from direct sales to commercial distribution were made to strengthen cash flow[5]. - The company aims to fully cover provincial medical insurance catalogs to enhance product competitiveness[6]. - The company is actively pursuing international business expansion strategies centered around core products, with plans to submit market applications in Brazil within the year[14]. - The company aims to strengthen external collaborations through licensing and joint ventures to expand its product pipeline[18]. - The company is committed to improving its marketing network and commercialization team to expand its global business footprint[18]. Human Resources and Governance - As of June 30, 2025, the company has 1,629 employees, focusing on talent development as a core driver for high-quality growth[15]. - The company has applied for three new invention patents and one PCT international patent, enhancing its intellectual property portfolio[13]. - The company's debt-to-asset ratio was 21.7% as of June 30, 2025, compared to 21.1% at the end of 2024[31]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period, and as of June 30, 2025, it holds no treasury shares[39]. - The company has adopted the corporate governance code and has complied with its principles, except for the separation of the roles of Chairman and CEO, which are held by the same individual[40][41]. - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited interim financial information and discussed issues related to internal controls and financial reporting[44]. Future Outlook - The company plans to enhance production capacity for orthopedic products and large molecules, aiming to reduce costs through increased efficiency[18]. - The company has established a commercialization team for the Glycopyrrolate biosimilar, focusing on recruitment, training, and market education activities[9]. - The company expresses gratitude to shareholders, management, employees, business partners, and customers for their support and contributions, reflecting a strong stakeholder relationship[76].

Core Viewpoint - Jiuyuan Gene (02566) saw a nearly 24% increase in stock price, attributed to the upcoming board meeting to approve mid-term performance and the potential of its biosimilar drug Semaglutide in the domestic market [1] Company Developments - Jiuyuan Gene's stock rose by 23.72% to HKD 15.28, with a trading volume of HKD 41.215 million [1] - The company plans to hold a board meeting on August 18 to approve its mid-term performance [1] - Jiuyuan Gene is focusing on the metabolic field, particularly with its potential first domestic biosimilar of Semaglutide [1] Market Strategy - The company aims to leverage its first-mover advantage in the hospital market and expand accessibility through pharmacy networks and strategic partnerships with e-commerce platforms [1] - Jiuyuan Gene has granted overseas rights for Semaglutide to other domestic pharmaceutical companies, including a unique licensing agreement with Sinovac Biotech for major Latin American countries [1] - A product licensing agreement with Fosun Pharma allows them exclusive rights for clinical development, registration, and commercialization of Semaglutide and other products in the Middle East, North Africa, sub-Saharan Africa, and parts of ASEAN countries [1] - New drug applications for Semaglutide are expected to be submitted to Brazil and Saudi Arabia by 2025 [1]

Group 1 - Jiuyuan Gene (02566) saw a nearly 24% increase in stock price, reaching HKD 15.28 with a trading volume of HKD 41.215 million [1] - The company plans to hold a board meeting on August 18 to approve its interim results, which is a significant upcoming event [1] - Jiuyuan Gene is focused on the development of the first domestic biosimilar of Semaglutide, with weight loss indications expected to be submitted for market approval in the first half of 2026 [1] Group 2 - The company aims to strengthen its market presence by enhancing its hospital market advantages and expanding accessibility through pharmacy networks and e-commerce partnerships [1] - Jiuyuan Gene has granted overseas rights for Semaglutide to other domestic pharmaceutical companies, including exclusive licensing agreements with Kexing Bio for major Latin American countries and Fosun Pharma for various regions including the Middle East and parts of Africa [1] - New drug applications for Semaglutide are expected to be submitted in Brazil and Saudi Arabia by 2025 [1]

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)。 ...