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: 2026年1月31日 狀態: 新提交 FF301 第 1 頁 共 10 頁 v 1.2.0 致：香港交易及結算所有限公司 公司名稱: 上海寶濟藥業股份有限公司 呈交日期: 2026年2月4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) | 02659 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 154,327,250 | RMB | | 0.2 | RMB | | 30,865,450 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 154,327,250 | RMB | | 0.2 | RMB | | 30 ...

Investment Rating - The report assigns a "Buy" rating to Shanghai Baoji Pharmaceutical with a target price of HK$ 111.30 [2][6]. Core Insights - Shanghai Baoji Pharmaceutical (02659.HK) is a biotechnology company focused on developing and providing recombinant biopharmaceuticals using synthetic biology technology, targeting complex diseases with limited treatment options [3][12]. - The company has established a product pipeline consisting of one approved drug and seven candidates in clinical stages, along with four preclinical assets [3][12]. - The company aims to address the pain points of traditional pharmaceuticals by producing biopharmaceuticals that can replace biochemical extraction products derived from animal organs, blood, or urine [5][12]. Business Overview - The company is currently focused on four strategic therapeutic areas: i) large-volume subcutaneous administration, ii) antibody-mediated autoimmune diseases, iii) assisted reproductive drugs, and iv) other recombinant bioproducts [3][12]. - The company has a clear commercialization model and timeline, expecting significant revenue contributions starting in 2026 from its core products KJ017 and SJ02, with KJ103 anticipated to contribute from 2027 [4][12]. Product Development - KJ017, a key product, is a highly glycosylated recombinant hyaluronidase designed for subcutaneous drug delivery, expected to receive NDA approval in Q1 2026 [8][22]. - KJ103, a recombinant IgG degrading enzyme, is the only product of its kind expected to be launched in China, targeting autoimmune diseases and transplant desensitization [8][31]. - SJ02, a long-acting recombinant FSH product, has been approved for marketing and is expected to significantly improve patient outcomes in assisted reproduction [39][40]. Financial Projections - The company forecasts revenues of HK$ 6.9 million in 2024, increasing to HK$ 530 million by 2027, with a gross margin projected to decline from 97.8% in 2024 to 82.7% in 2027 [6][10]. - The company is expected to incur net losses in the coming years, with projected losses of HK$ 160.4 million in 2024 and HK$ 30.8 million in 2027 [6][10]. Market Position - The company has a first-mover advantage in China for its core products, which have already been commercialized in some foreign markets, indicating a strong market demand [4][12]. - The company has established partnerships with other pharmaceutical and biotechnology firms to develop subcutaneous drug delivery solutions, enhancing its market presence [26][29].

(A joint stock company established in the People's Republic of China with limited liability) （於中華人民共和國成立的股份有限公司） (Stock Code 股份代號 : 2659) Dear registered shareholder(s), 16 January 2026 Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into effect on 31 December 2 ...

Please note that both the English and Chinese versions of all future Corporate Communications will be available electronically on the website of the Company at www.baopharma.com and the HKEXnews website at www.hkexnews.hk in place of printed copies. You need to proactively check the Company's website and the HKEXnews website to keep up with the publication of Corporate Communications. As a non-registered shareholder, if you wish to receive Corporate Communications from the Company pursuant to the Listing Ru ...

Core Viewpoint - As of January 15, a total of 105 stocks reached their 52-week highs, with notable performers including 德莱建业 (01546), 东曜药业－Ｂ (01875), and 大森控股 (01580) achieving high rates of 78.00%, 51.36%, and 37.61% respectively [1]. Summary by Category 52-Week Highs - 德莱建业 (01546) closed at 0.355, with a peak of 0.445, marking a high rate of 78.00% [1]. - 东曜药业－Ｂ (01875) closed at 4.190, reaching a high of 4.450, with a high rate of 51.36% [1]. - 大森控股 (01580) closed at 0.275, with a peak of 0.300, achieving a high rate of 37.61% [1]. - 顺兴集团控股 (01637) and 怡园酒业 (08146) also showed significant increases, with high rates of 36.36% and 24.74% respectively [1]. Additional Notable Stocks - JBB BUILDERS (01903) reached a high rate of 24.12% with a closing price of 2.830 [1]. - 天臣控股 (01201) and 江苏创新 (02116) had high rates of 15.38% and 15.00% respectively [1]. - 万国黄金集团 (03939) and 竣球控股 (01481) also performed well, with high rates of 12.95% and 12.44% respectively [1]. 52-Week Lows - The report also noted stocks reaching 52-week lows, with 天彩控股 (03882) showing a low rate of -14.42% [3]. - 中国智慧能源 (01004) and 基石控股 (01592) followed with low rates of -13.64% and -12.86% respectively [3]. - 弘毅文化集团－旧 (02990) and 中原建业 (09982) also reported significant declines of -9.09% and -6.06% respectively [3].

Core Viewpoint - The Hong Kong biotech sector is experiencing a valuation recovery, with Baojie Pharmaceutical-B (02659) recently listed and announcing a plan for H-share full circulation, converting approximately 63.12 million unlisted shares into tradable H-shares, representing 19.36% of the total share capital [1][2]. Group 1: H-share Full Circulation - The H-share full circulation plan addresses the trading qualification of shares rather than the timing of their trading, enhancing the financial attributes and pricing efficiency of previously static domestic shares [2]. - This move allows Baojie Pharmaceutical to improve liquidity and valuation, enabling major shareholders to engage in financing, equity swaps, or mergers and acquisitions [2]. - The existence of a lock-up period acts as a buffer against immediate stock price impacts, ensuring a stable market environment for the increased liquidity [2]. Group 2: Commercialization Considerations - The implementation of full circulation aims to align shareholder interests with the company's long-term performance, supporting its unique "scenario-driven" strategy [3]. - Baojie Pharmaceutical has developed a "pyramid" pipeline, and the full circulation is expected to attract long-term institutional investors who understand the underlying logic of biopharmaceuticals [3]. - The core product KJ017, a hyaluronidase, is the first of its kind in China to enter the NDA stage, representing a strategic platform that can enable significant advancements in drug delivery [4]. Group 3: Strategic Implications - The full circulation plan links the wealth incentives of the domestic entrepreneurial team to the market performance of rare assets, enhancing their strategic focus on overcoming challenges in the industrialization of protein drugs [5]. - This initiative positions Baojie Pharmaceutical to evolve from a technology-focused biotech company to a biopharma with mature operational capabilities, supported by liquidity premiums that stabilize stock performance [5]. - The company aims to demonstrate that true value creation stems from optimizing capital structure and enhancing the efficiency of medical resource allocation, rather than short-term profit-taking [5].

Core Viewpoint - The Hong Kong biotech sector is experiencing a valuation recovery, with Baoyi Pharmaceutical-B (02659) recently listed and announcing a plan for H-share full circulation, converting approximately 63.12 million unlisted shares into tradable H-shares, representing 19.36% of the total share capital [1][2] Group 1: H-share Full Circulation - The H-share full circulation plan addresses the trading qualification of shares rather than the timing of their trading, enhancing the financial attributes and pricing efficiency of previously static domestic shares [2] - This move allows Baoyi Pharmaceutical to improve liquidity, enabling major shareholders to engage in financing, equity swaps, or mergers and acquisitions, while the existing lock-up period mitigates immediate stock price impacts [2][3] Group 2: Commercialization Considerations - The implementation of full circulation aims to align shareholder interests with the company's long-term performance, supporting its unique "scenario-driven" strategy [3] - Baoyi Pharmaceutical's pipeline, including products like SJ02, KJ017, and KJ103, benefits from increased shareholder structure optimization and the introduction of international capital that understands the underlying logic of biopharmaceuticals [3][4] Group 3: Operational Impact - The full circulation plan provides institutional backing for the commercialization of Baoyi Pharmaceutical's core pipeline, particularly KJ017, which is the first and only product in China to enter the NDA stage, breaking global technical monopolies [4][5] - The plan links the wealth incentives of the domestic entrepreneurial team to the market performance of these scarce assets, enhancing their strategic focus in overcoming challenges in the industrialization of protein drugs [5] - Overall, the full circulation enables Baoyi Pharmaceutical to transition from a technology-focused biotech to a mature biopharma, providing flexibility for future mergers or technology licensing through optimized capital structure [5]

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12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: 上海寶濟藥業股份有限公司 呈交日期: 2026年1月5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) | 02659 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 154,327,250 | RMB | | 0.2 | RMB | | 30,865,450 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 154,327,250 | RMB | | 0.2 | RMB | | 30,865,450 | | 2. 股份分類 | 普通股 ...

Core Viewpoint - The company Baoyi Pharmaceutical-B (02659) has seen its stock price surge over 200% within 14 trading days since its listing on the Hong Kong Stock Exchange on December 10. The company announced it has submitted materials to the China Securities Regulatory Commission for the implementation of full circulation of H-shares, converting a total of 63.1163 million unlisted shares into H-shares, which accounts for approximately 19.36% of the total issued shares as of the announcement date [1]. Group 1 - The full circulation mechanism allows unlisted domestic shares to be converted into tradable shares, enhancing the overall liquidity of the Hong Kong stock market [1]. - Increased liquidity is expected to attract more institutional investors, such as funds and pension plans, as large transactions can be executed more easily with reduced price impact [1]. - The ability for all shares to be freely traded will enable the stock price to better reflect the company's true value, minimizing valuation discrepancies caused by illiquid shares [1]. Group 2 - The full circulation is anticipated to significantly enhance the company's market capitalization, potentially attracting attention from major international indices like FTSE Russell and MSCI, which focus on market capitalization [1]. - Governance and transparency of the company are expected to improve, as the wealth of original domestic shareholders will be directly linked to the company's stock price, incentivizing a focus on long-term value and governance structure [2].

Group 1 - The company announced that it has submitted filing materials to the China Securities Regulatory Commission for the implementation of full circulation of H-shares [1] - A total of 63.1163 million unlisted shares will be converted into H-shares, which represents approximately 19.36% of the company's total issued shares as of the announcement date [1]