Core Viewpoint - New Qian'an (02573.HK) expects significant growth in its financial performance for the six months ending June 30, 2025, with revenue projected to increase by 50%–60% and profit anticipated to rise by 500%–600% [1] Group 1 - The expected increase in performance is primarily attributed to higher sales of the company's main products, sucralose and food-grade glycine, which have led to increased revenue and gross profit during the period [1]

Group 1: Core Insights - Rongchang Biologics (09995.HK) announced that its innovative drug Taitasip (brand name: Tai Ai®) for treating primary Sjögren's syndrome has met the primary endpoint in a Phase III clinical trial in China [1] - Taitasip is the first BLyS/APRIL dual-target fusion protein drug to complete Phase III research in the field of Sjögren's syndrome globally [1] - The clinical trial was a multi-center, randomized, double-blind, placebo-controlled study aimed at evaluating the efficacy and safety of Taitasip, with the primary endpoint being the change in ESSDAI score at week 24 compared to baseline [1] Group 2: Disease Background and Drug Mechanism - Sjögren's syndrome is a chronic inflammatory autoimmune disease characterized by lymphocytic infiltration and damage to exocrine glands, leading to persistent dry mouth and dry eyes, and can affect multiple organ systems [2] - The prevalence of Sjögren's syndrome in China is estimated to be between 0.3% and 0.7%, with an increasing trend indicating a significant unmet clinical need [2] - Taitasip is a novel dual-target fusion protein developed by the company that simultaneously inhibits the overexpression of BLyS and APRIL, effectively preventing abnormal differentiation and maturation of B cells [2] Group 3: Regulatory and Clinical Recognition - Taitasip has received multiple authoritative guideline recommendations in China, including the "Clinical Practice Guidelines for Sjögren's Syndrome" and the "Expert Consensus on B-cell Targeted Therapy for Rheumatic and Immune Diseases" [2] - Internationally, Taitasip has been granted Fast Track designation by the U.S. FDA for its indication in Sjögren's syndrome and has been approved to conduct global multi-center Phase III clinical trials [2]

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。 新琪安集團股份有限公司 (Newtrend Group Holding Co., Ltd.) （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2573） 盈利預喜 新 琪 安 集 團 股 份 有 限 公 司（「本公司」）根 據 香 港 法 例 第571章證券及期貨條 例 第XIVA部下內幕消息條文及香港聯合交易所有限公司證券上市規則 第13.09條 發 表 本 公 佈。 本 公 司 董 事 會（「董事會」）謹 此 知 會 本 公 司 股 東 及 有 意 投 資 者，根 據 對 本 公 司 及 其 附 屬 公 司（「本集團」）2025年上半年未經審核管理賬目的初步審 閱 及 董 事 會 目 前 可 得 資 料，截 至2025年6月30日止之六個月業績相較2024 年 同 期 增 加，本 集 ...

新 琪 安 集 團 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）兹 通 告 謹 定 於2025 年8月23日（星 期 六）舉 行 董 事 會 會 議，藉 以（其 中 包 括）(i)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 的 中 期 業 績 及 其 發 佈；(ii) 考 慮 派 發 中 期 股 息（如 有）；以 及(iii)處 理 其 他 事 項。 承董事會命 新琪安集團股份有限公司 董事會主席兼執行董事 王小強先生 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2573） 董事會會議召開日期 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。 新琪安集團股份有限公司 (Newtrend Group Holding Co., Ltd.) 中 國 吉 安，2025年8月13日 於 本 公 告 ...

截至月份: 2025年7月31日 狀態: 新提交 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 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) | 02573 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 55,148,894 | RMB | | | 1 RMB | | 55,148,894 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | | | 55,148,894 | RMB | | | 1 RMB | | 55,148,894 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | ...

Core Viewpoint - New Qi'an (02573.HK), a food additive manufacturer, experienced a significant stock price fluctuation after its IPO, initially soaring by over 60% but subsequently falling below the issue price within ten trading days, indicating volatility in market performance [1][3]. Group 1: Market Position - New Qi'an, established in 2003, is the leading global producer of food-grade glycine, holding a market share of 5.1% by volume and 3.1% by revenue, and ranks fifth in the sucralose market with a share of approximately 4.8% (volume) and 4.5% (revenue) [5]. - The company serves clients across approximately 40 countries on six continents, highlighting its extensive global reach [5]. Group 2: Revenue and Profit Trends - The company's financial performance has been declining, with revenue dropping from 761 million yuan in 2022 to 447 million yuan in 2023, before a slight recovery to 569 million yuan in 2024. Net profit fell from 122 million yuan to 43.4 million yuan, representing a 64.4% decline from 2022 to 2024 [8]. - The decline in performance is attributed to oversupply in the market, particularly affecting food-grade glycine and sucralose, leading to significant price reductions [10]. Group 3: Product Contribution - Food-grade glycine and sucralose are expected to contribute 42% and 41.8% of the company's revenue in 2024, respectively, indicating their importance as core revenue pillars [7]. Group 4: Strategic Focus and Future Plans - New Qi'an primarily targets overseas markets, with only 20.5% of its revenue coming from mainland China, while North America accounts for 41.1% [13]. - The company plans to use funds raised from its IPO to expand production capacity in Thailand and Indonesia, invest in R&D, and enhance its presence in international markets, aiming to strengthen its global position and overcome current performance challenges [13].

Group 1 - The core viewpoint of the article highlights the current trends in domestic investment and financing activities, indicating a decrease in the number of financing events compared to the previous week [5][6]. - A total of 88 financing events were disclosed in the domestic primary market this week, a decrease of 27 events from the previous week, with a total financing scale of 2.503 billion RMB [5][6]. - The average financing amount per event is approximately 83 million RMB [6]. Group 2 - The most active sectors in terms of financing events this week are intelligent manufacturing, artificial intelligence, and healthcare, with 17, 14, and 8 events respectively [8]. - The highest financing scale among disclosed amounts is in the enterprise services sector, totaling approximately 720 million RMB, with significant funding for the AI infrastructure company "Silicon-based Flow" [8]. - The automotive transportation sector follows with a disclosed financing total of 420 million RMB, highlighted by the A-round financing of "East China Test Field" [8][9]. Group 3 - The regional distribution of disclosed financing events is primarily concentrated in Jiangsu, Shanghai, and Guangdong, with 17, 14, and 14 events respectively [12]. - Jiangsu reported a total financing of 200 million RMB from 5 disclosed events, while Shanghai had 635 million RMB from 6 events [15]. - The early-stage financing events dominate with 68 occurrences, while growth-stage and late-stage events account for 16 and 4 respectively [16]. Group 4 - This week, 7 companies were monitored for IPOs, with the highest market value being "Insta360" at 65.243 billion RMB [27]. - Most of the listed companies had prior investments from VC/PE or CVC, indicating a strong backing from investment firms [27]. - The article details the historical investors for each IPO, showcasing a diverse range of investment firms involved [28]. Group 5 - There were 11 disclosed completed M&A events this week, consistent with the previous week, spanning traditional industries, intelligent manufacturing, and healthcare [30][31]. - A notable transaction includes the acquisition of "China Ocean Shipping Passenger Transport" by Haixia Co. for 2.515 billion RMB [30]. - Other M&A activities include various companies in the intelligent manufacturing sector, with specific financial details provided for each transaction [33].

Group 1 - The core viewpoint of the article highlights the recent trends in domestic investment and financing activities, indicating a decrease in the number of financing events compared to the previous week [5][6]. - A total of 88 financing events were disclosed this week, which is a decrease of 27 events from the previous week [5]. - The total financing amount for disclosed events reached 2.503 billion RMB, with an average financing amount of 83 million RMB per event [6]. Group 2 - The most active sectors in terms of financing events this week were intelligent manufacturing, artificial intelligence, and healthcare, with 17, 14, and 8 events respectively [8]. - In terms of disclosed financing amounts, the enterprise services sector led with a total financing scale of approximately 720 million RMB, including significant funding for the AI infrastructure company "Silicon-based Flow" [9][10]. - The automotive and transportation sector followed with a disclosed financing total of 420 million RMB, highlighted by the A-round financing of "East China Test Field" [11]. Group 3 - The regional distribution of disclosed financing events was primarily concentrated in Jiangsu, Shanghai, and Guangdong, with 17, 14, and 14 events respectively [15]. - The early-stage financing events dominated the market with 68 occurrences, while growth-stage and late-stage events accounted for 16 and 4 events respectively [18][19]. Group 4 - This week, 7 companies were monitored for IPOs across various exchanges, with the highest market value being "Insta360" at 65.243 billion RMB [30]. - Notably, 6 out of the 7 listed companies had previously received VC/PE or CVC investments, indicating a strong backing from investment firms [30]. Group 5 - There were 11 disclosed completed M&A events this week, consistent with the previous week, spanning traditional industries, intelligent manufacturing, and healthcare [33][34]. - A significant transaction included Haixia Co., which acquired 100% of the shares of the maritime passenger service provider COSCO Shipping Passenger for 2.515 billion RMB [33].

Core Viewpoint - New Qi'an Technology Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, but its financial data reveals significant concerns regarding its revenue and profit trends [1][2][3]. Financial Performance - In 2022, 2023, and 2024, New Qi'an's revenues were approximately 761.5 million RMB, 447 million RMB, and 569 million RMB, respectively, indicating a recovery in 2024 but still below 2022 levels by about 192 million RMB [3][4]. - The company's net profit for the same years was approximately 122 million RMB, 44.7 million RMB, and 43.4 million RMB, showing a continuous decline [3][4]. - The gross profit margin has been affected by rising costs and competitive pressures, particularly in the sucralose and food-grade glycine markets [5][6]. Market Challenges - The sucralose market is highly concentrated, with the top five producers holding a significant market share, posing challenges for New Qi'an [4][6]. - The food additive market is experiencing intense competition, leading to price wars and overcapacity issues, which have negatively impacted New Qi'an's revenue from sucralose [5][6]. - New Qi'an's reliance on major clients like Coca-Cola and Nestlé has increased its vulnerability, as these clients have reduced their purchases of sucralose [11][15]. Accounts Receivable Issues - New Qi'an's trade receivables have increased from approximately 103 million RMB in 2022 to about 225 million RMB in 2024, despite declining revenues [9][10]. - The average collection period for trade receivables has lengthened from 45 days in 2022 to 113 days in 2024, indicating potential liquidity issues [11]. Global Expansion and Regulatory Challenges - New Qi'an is actively pursuing global expansion, but faces challenges such as varying political, economic, and cultural environments, which complicate management and increase operational costs [17]. - The company has been impacted by high anti-dumping duties and tariffs on glycine exports to the U.S., affecting its North American market, which accounted for approximately 41.1% of its revenue in 2024 [17].

Core Viewpoint - The Hong Kong IPO market has shown signs of recovery since 2025, with a notable increase in investor participation, although the performance of newly listed stocks has been mixed, as evidenced by the case of New Qi An [1][3]. Group 1: Market Performance - As of June 10, 2025, 32 companies have listed on the Hong Kong main board, with 9 of them (28.13%) experiencing a drop in share price on their first trading day, compared to 36.8% for the entire year of 2024 [1]. - New Qi An's stock price surged by 72.49% in the dark market before its listing, but it opened at a 60.05% premium and closed the first day with a gain of only 21.43% [1][3]. - On the second trading day, New Qi An's stock price fell to 17.76 HKD, dropping below its issue price of 18.9 HKD, marking a decline of approximately 6% [3]. Group 2: IPO Structure and Allocation - New Qi An's IPO involved issuing 10,585,400 shares, with 10% allocated for public sale and 90% for international placement. However, the public offering was oversubscribed by 149.37 times, while the international placement was only 0.93 times [5][6]. - The actual allocation for public sale was only 15.7%, significantly lower than the expected 50% due to a "routine reallocation" strategy, indicating a preference to keep shares concentrated among a few investors [5][6]. - The top three underwriters hold 60.52% of the actual tradable shares, suggesting a high concentration of ownership that could influence stock price movements [7][8]. Group 3: Company Overview and Financial Performance - New Qi An is a manufacturer of glycine and sucralose, with a significant portion of its revenue derived from international markets, accounting for nearly 80% of sales in 2024 [10][12]. - The company has experienced revenue fluctuations, with reported revenues of 761.5 million RMB in 2022, 447 million RMB in 2023, and 569 million RMB in 2024, largely due to declining product prices [13]. - Recent trends indicate a recovery in product prices, particularly for sucralose, which has seen a price increase of 150% from July 2024 to March 2025, benefiting New Qi An's financial outlook [14].