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 FF301 第 1 頁 共 10 頁 v 1.1.1 公司名稱: 藥捷安康 (南京 )科技股份有限公司 呈交日期: 2025年10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) | 02617 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 301,666,673 | RMB | | 1 | RMB | | 301,666,673 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 301,666,673 | RMB | | 1 | RM ...

Core Viewpoint - The Hong Kong pharmaceutical sector has experienced a significant surge in stock prices, with many companies seeing increases of over 600%, yet most of these companies remain unprofitable, raising questions about whether this is a genuine market correction or speculative trading [1][3][11]. Group 1: Market Performance - In the period from July 1 to September 18, 2018, 201 out of 264 pharmaceutical companies listed in Hong Kong saw their stock prices rise, with 69 companies increasing by over 50% and 21 companies doubling their stock prices [3]. - Notable stock performances include New Wave Pharma (06108.HK) with a 928.71% increase, Beihai Kangcheng-B (01228.HK) at 802.70%, and Clover Biopharma-B (02197.HK) at 629.77% [4]. Group 2: Individual Company Analysis - Yaojie Ankang-B (02617.HK) saw its stock price soar from an IPO price of 13.15 HKD to a peak of 679.5 HKD, before experiencing a dramatic drop to 165.1 HKD, resulting in a market capitalization decline from nearly 270 billion HKD to 65.5 billion HKD [1][5]. - Beihai Kangcheng reported a revenue of 0.92 million HKD for 2024, a decrease of 17.27%, with a net loss of 478 million HKD [7]. - Clover Biopharma reported a revenue of 41.49 million HKD for 2024, a decrease of 2.13%, and a net loss of 976 million HKD, which is an increase of 550% year-on-year [9]. Group 3: Investment Strategies - Investors have adopted various strategies, with some achieving high returns through direct investments in innovative drugs, while others prefer ETFs for a more stable approach [10]. - One investor reported a 110% return on an ETF investment in innovative drugs, while another faced a 30% loss after investing heavily in Yaojie Ankang [10]. Group 4: Market Dynamics - The surge in the Hong Kong pharmaceutical sector is attributed to its inherent characteristics, such as high speculative value and event-driven dynamics, which attract short-term capital [11][12]. - The market's structure, including a lack of price limits and low liquidity, facilitates significant price volatility, making it easier for small amounts of capital to influence stock prices [25][19]. Group 5: Regulatory Considerations - Experts suggest that the index inclusion rules should be optimized to focus more on a company's fundamentals and liquidity, reducing the likelihood of stocks being manipulated [28]. - The current index inclusion criteria heavily rely on quantitative metrics, often overlooking the underlying business stability and profitability of companies [26].

Group 1 - The recent stock price volatility of Hong Kong innovative drug company Yaojie Ankang (02617.HK) has drawn attention to the ETF tracking the Hong Kong Stock Connect Innovative Drug Index, highlighting issues within the ETF ecosystem [1] - The interconnected nature of the ETF ecosystem means that any minor flaw in index compilation, product management, liquidity provision, or investor education can lead to significant repercussions [1] - This incident emphasizes the new challenges and responsibilities faced by fund companies as key market participants in the era of rapid index investment development, necessitating proactive risk management even for passive products [1] Group 2 - The rapid growth of the ETF market has led to an influx of homogeneous ETFs, as many fund companies launch products tracking the same index, increasing investor selection difficulty and potentially causing short-term impacts on index constituent stocks [2] - Fund companies are encouraged to adopt a forward-looking approach, reducing blind issuance of products and focusing on long-term value, while enhancing research capabilities and service quality for differentiated development [2] - The improvement of the ETF ecosystem requires collaboration among regulators, index companies, fund companies, and sales institutions [2] Group 3 - Index providers are urged to optimize their methodologies, particularly regarding liquidity considerations for Hong Kong stocks, to minimize the impact of passive investment trading on small float stocks [3] - Enhancing pre-announcement and information disclosure transparency for index adjustments is crucial for maintaining market fairness and allowing all participants to respond timely [3] - Investors need to deepen their understanding of index investments, recognizing the specific risks associated with passive products, and fund companies should take responsibility for educating investors on risk-return characteristics [3]

Core Viewpoint - The extreme volatility of the stock price of Yaojie Ankang is attributed to its recent inclusion in the Hong Kong Stock Connect and the announcement of a significant clinical trial progress for its core product, Tinengotinib, leading to substantial market reactions [4][5][6]. Group 1: Stock Performance - On September 12, Yaojie Ankang's stock surged by 77.09%, followed by a 115.58% increase on September 15, before plummeting by 53.73% on September 16 [1]. - The maximum drawdown from the peak price of 679.5 HKD reached 78% [3]. Group 2: Market Reactions and ETF Impact - The stock's extreme fluctuations negatively impacted the net asset values of related ETFs [3]. - Following the volatility, ETF managers took decisive actions to significantly reduce Yaojie Ankang's weight in their portfolios, which was initially 2.6% [7][8]. Group 3: Regulatory and Structural Issues - The incident highlighted issues in index compilation rules, particularly the insufficient prudence in including new stocks and inadequate assessment of liquidity risks [5]. - There was a lack of timely and transparent information disclosure regarding adjustments to index constituents [6]. Group 4: Company Overview - Yaojie Ankang reported zero revenue in its mid-2025 financials, with high R&D expenditures and reliance on financing, typical characteristics of a biotech company [9]. - The company's primary product, Tinengotinib, targets multiple resistant solid tumors, with the fastest progress in cholangiocarcinoma, which has a limited market size of 2 billion USD globally in 2024 [11]. Group 5: Future Considerations - The current valuation of Yaojie Ankang appears to have discounted all optimistic assumptions, with potential risks from clinical failures, financing challenges, or increased competition [11]. - The event is expected to prompt a reevaluation of index compilation rules, including conditions for new stock inclusion, liquidity considerations, and transparency in information disclosure [11].

Group 1 - The stock price of Yaojie Ankang (02617.HK) closed at 149.9 HKD, reflecting a decline of 18.18% [1]

Company Information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section details the company's board composition, including executive, non-executive, and independent non-executive directors, and board committees - The Board of Directors comprises executive directors (including Chairman Dr. Wu Yongqian), non-executive directors, and independent non-executive directors[4](index=4&type=chunk) - Board committees, including audit, remuneration and appraisal, nomination, and strategy, are established, each with a designated chairman[4](index=4&type=chunk) [Company Contact and Legal Information](index=3&type=section&id=Company%20Contact%20and%20Legal%20Information) This section provides key contact and legal information, including the registered office, headquarters, principal banks, legal advisors, auditors, and compliance advisors - The company's registered office and headquarters are located in Building 9, 3rd Floor, Phase II, Biomedical Valley Accelerator, Jiangbei New Area, Nanjing, Jiangsu Province, China[4](index=4&type=chunk) - Principal banks are Bank of China and Bank of Nanjing[5](index=5&type=chunk) - Legal advisors include O'Melveny & Myers LLP (Hong Kong and US law) and Jingtian & Gongcheng (PRC law), with Ernst & Young as auditors[5](index=5&type=chunk) Independent Review Report [Introduction](index=5&type=section&id=Introduction) The introduction to the independent review report states that the interim financial information for the six months ended June 30, 2025, prepared under IAS 34, has been reviewed - The review scope covers the interim financial information for the six months ended June 30, 2025[6](index=6&type=chunk) - The interim financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[6](index=6&type=chunk) - The reviewer only provides a conclusion based on the review, not an audit opinion[6](index=6&type=chunk) [Scope of Review](index=5&type=section&id=Scope%20of%20Review) The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, involving inquiries and analytical procedures, and does not constitute an audit - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants[7](index=7&type=chunk) - The scope of a review is substantially less than an audit, thus no audit opinion is expressed[7](index=7&type=chunk) [Conclusion](index=5&type=section&id=Conclusion) Based on the review, no matters were found to indicate that the interim financial information was not prepared in all material respects in accordance with IAS 34 - The review concludes that the interim financial information is prepared in all material respects in accordance with IAS 34[8](index=8&type=chunk) - The report was issued by Ernst & Young on August 25, 2025[8](index=8&type=chunk) Interim Condensed Consolidated Financial Information [Interim Condensed Consolidated Statement of Profit or Loss](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company recorded a loss of **RMB 122.87 million**, a reduction from **RMB 160.39 million** in the prior year, primarily due to a significant decrease in research and development costs Interim Condensed Consolidated Statement of Profit or Loss Key Data | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | – | – | 0 | | Other income | 986 | 4,197 | -76.5% | | Other gains | 2,652 | 6,221 | -57.4% | | Research and development costs | (98,432) | (142,494) | -30.9% | | Administrative expenses | (27,471) | (28,080) | -2.2% | | Loss before tax | (122,866) | (160,387) | -23.4% | | Loss for the period | (122,866) | (160,387) | -23.4% | | Loss per share (RMB) | (0.32) | (0.42) | -23.8% | [Interim Condensed Consolidated Statement of Comprehensive Income](index=7&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company reported a total comprehensive loss of **RMB 122.89 million**, a decrease from **RMB 160.34 million** in the prior year, reflecting the narrowed loss for the period Interim Condensed Consolidated Statement of Comprehensive Income Key Data | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Loss for the period | (122,866) | (160,387) | -23.4% | | Exchange differences on translation of foreign operations | (28) | 48 | N/A | | Total comprehensive loss for the period | (122,894) | (160,339) | -23.4% | [Interim Condensed Consolidated Statement of Financial Position](index=8&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets increased, driven by a significant rise in financial assets at fair value through profit or loss, while net assets rose due to new share issuance from the IPO Interim Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total non-current assets | 43,768 | 44,350 | -1.3% | | Total current assets | 649,092 | 585,251 | +10.9% | | Total current liabilities | 110,248 | 103,361 | +6.7% | | Net current assets | 538,844 | 481,890 | +11.8% | | Total assets less current liabilities | 582,612 | 526,240 | +10.7% | | Total non-current liabilities | 411 | 1,207 | -65.9% | | Net assets | 582,201 | 525,033 | +10.9% | | Total equity | 582,201 | 525,033 | +10.9% | - Financial assets at fair value through profit or loss significantly increased from **RMB 3.03 million** to **RMB 186.79 million**[13](index=13&type=chunk) - Cash and cash equivalents decreased from **RMB 569.51 million** to **RMB 449.07 million**[13](index=13&type=chunk) - Total equity increased due to the issuance of shares from the initial public offering[15](index=15&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=10&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total equity increased from **RMB 525.03 million** at the beginning of the year to **RMB 582.20 million**, primarily driven by share issuance from the IPO, despite a loss for the period Interim Condensed Consolidated Statement of Changes in Equity Key Data | Indicator | January 1, 2025 (RMB thousands) | June 30, 2025 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Share capital | 381,617 | 396,898 | +4.0% | | Other reserves | 1,542,595 | 1,707,376 | +10.7% | | Accumulated losses | (1,399,251) | (1,522,117) | -8.8% | | Total equity | 525,033 | 582,201 | +10.9% | - Issuance of shares from the initial public offering contributed **RMB 172.53 million** to equity[16](index=16&type=chunk) - Equity-settled share-based payment transactions increased by **RMB 7.53 million**[16](index=16&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=12&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities decreased, while net cash used in investing activities significantly increased due to financial asset purchases, and financing activities generated substantial cash inflows from share issuance Interim Condensed Consolidated Statement of Cash Flows Key Data | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Net cash used in operating activities | (108,716) | (123,018) | -11.6% | | Net cash used in investing activities | (181,199) | (15,620) | +1060.0% | | Net cash from/(used in) financing activities | 170,626 | (2,163) | N/A | | Net increase/(decrease) in cash and cash equivalents | (119,289) | (140,801) | -15.3% | |

Core Viewpoint - The stock of药捷安康-B (02617) has experienced a significant decline, dropping over 77% from its peak, indicating volatility and potential concerns in the market [1] Company Overview -药捷安康 was listed on the Hong Kong Stock Exchange on June 23, with an initial offering price of 13.15 HKD and a total market capitalization of approximately 5.2 billion HKD at the time of listing [1] - The total share capital is about 397 million shares, with only around 549 million shares available for trading in the market, indicating a limited float [1] Market Activity - As of the latest report, the stock price fell to 150.4 HKD, with a trading volume of 602 million HKD and a total market capitalization of 59.693 billion HKD [1] - The stock was included in several indices, including the Hang Seng Innovation Drug Index and the Guozhen Hong Kong Stock Connect Innovation Drug Index, which may have influenced its trading dynamics [1] Index Inclusion Impact - The initial weight of药捷安康 in the indices was approximately 2.63%, leading to an estimated passive allocation of over 600 million HKD from related index funds, contributing to the stock's price volatility [1]

Core Viewpoint - The stock of药捷安康-B (02617) has experienced a significant decline, dropping nearly 18% to a low of 150.2 HKD, which represents a decrease of over 77% from its intraday high of 679.5 HKD on Tuesday [1] Company Overview -药捷安康 was listed on the Hong Kong Stock Exchange on June 23, with an initial offering price of 13.15 HKD and a total share capital of approximately 397 million shares, resulting in an initial market capitalization of around 5.2 billion HKD [1] - The IPO involved a public offering of 15.281 million shares, with cornerstone investors subscribing to about 9.79 million shares, leaving only approximately 5.49 million shares available for trading in the market [1] Market Dynamics - The limited market float of药捷安康 indicates that there are very few tradable shares available in the secondary market, which can lead to increased volatility [1] - On September 8,药捷安康 was included in several indices, including the Hang Seng Innovative Drug Index and the Hang Seng Hong Kong Stock Connect Innovative Drug Index, which may have contributed to its stock price fluctuations [1] - The initial weight of药捷安康 in these indices was approximately 2.63%, suggesting that related index funds would need to passively allocate at least over 600 million HKD to this stock, potentially triggering significant price movements [1]

Group 1 - The stock of Jiayuan Health-B (02617.HK) has been experiencing a significant decline, with a daily drop of 16.5%, currently priced at 152.9 HKD [2]

Core Viewpoint - The stock price of pharmaceutical company Yaojie Ankang experienced extreme volatility, with a trading range of nearly 124% on September 16, raising questions about the inclusion of the stock in index funds without prior notice [1][2][6]. Group 1: Stock Performance - Yaojie Ankang's stock price surged by 10 times within seven trading days starting from September 8, reaching a peak of 679.5 HKD per share before plummeting by 53.73% to 192 HKD per share on September 16 [2][3]. - The stock experienced further fluctuations, with an 8.96% increase on September 17, followed by a 12.43% decline on September 18 [2][6]. Group 2: Index Inclusion and ETF Impact - Yaojie Ankang was added to the Hong Kong Stock Connect list on September 8, coinciding with the start of its stock price volatility [3]. - Multiple ETFs tracking the National Index for Hong Kong Stock Connect Innovative Drugs experienced significant declines following Yaojie Ankang's stock price drop, with some ETFs falling over 2% on September 16 and 17 [6][8]. - The National Index's website had not updated the sample adjustments as of September 18, leading to confusion regarding the timing of Yaojie Ankang's inclusion in the index [6][9]. Group 3: Industry Concerns - Industry experts questioned the rapid inclusion of Yaojie Ankang in the index, as it did not meet the criteria of having a significant trading volume over the past year [9][10]. - The lack of prior announcement regarding the stock's inclusion raised concerns about the passive nature of index funds, which could lead to investors inadvertently buying at inflated prices [8][11]. - There is a call for improved index design and communication to prevent similar situations in the future, emphasizing the need for transparency in the inclusion process [10][11].