Investment Rating - The report maintains an "Overweight" rating for the overseas pharmaceutical industry, indicating a positive outlook for the sector's performance compared to the overall market [5][10]. Core Insights - The report highlights significant developments in the pharmaceutical sector, including a licensing agreement between China National Pharmaceutical Group (Sinopharm) and Sanofi for the JAK/ROCK inhibitor, and the approval of a new indication for Innovent Biologics' BTK inhibitor in China [1][2]. - Performance forecasts for companies such as Crystal Holding and He Yu indicate substantial revenue growth, with Crystal Holding expected to achieve at least 780 million RMB in revenue for 2025, representing a year-on-year increase of approximately 193% [6][7]. Summary by Sections 1. Overseas Pharmaceuticals - Sinopharm and Sanofi have entered into an exclusive licensing agreement for the global development, production, and commercialization of the JAK/ROCK inhibitor, with potential milestone payments totaling up to 1.395 billion USD [2][7]. - Innovent Biologics' BTK inhibitor, Jiepalit (Pirtobrutinib), has received NMPA approval for a new indication in adult patients with chronic lymphocytic leukemia (CLL) who have previously undergone systemic treatment [2][7]. - Roche's BTK inhibitor Fenebrutinib has successfully met primary endpoints in a Phase III trial for relapsing multiple sclerosis, potentially becoming the first effective oral treatment for both relapsing and primary progressive forms of the disease [3][8]. 2. Performance Updates - Crystal Holding anticipates a revenue of no less than 780 million RMB in 2025, with a net profit of at least 100 million RMB, marking a turnaround from losses [6][7]. - He Yu expects to achieve 612 million RMB in revenue for 2025, reflecting a 21% year-on-year growth, with net profit projected at 55 million RMB, a 95% increase [6][7]. 3. Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and others [10]. - It also highlights the importance of monitoring clinical progress in key pipelines for companies transitioning towards innovation [10].

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2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中国宇华教育集团有限公司 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06169 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.00001 HKD | | | 500,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.00001 HKD | | | 500,000 | 本月底法定/ ...

Group 1: Industry Investment Rating - The investment rating for the overseas social services industry is positive, with a focus on the record-high visitor numbers during the Macau Spring Festival [6]. Group 2: Core Insights - The total number of inbound visitors to Macau during the Spring Festival reached 1.554 million, with an average daily visitor count of 173,000, marking a year-on-year increase of 5.5% [6][1]. - Among the inbound visitors, mainland tourists averaged 134,000 per day, reflecting a 7% year-on-year growth, while international visitors averaged nearly 7,900 per day, up by 8% [6][1]. - The hotel occupancy rate during the Spring Festival was 95.6%, with the highest rate of 99.2% recorded on the fourth day of the festival [6][1]. Group 3: Summary by Relevant Sections Overseas Pharmaceuticals - The report highlights significant developments in the pharmaceutical sector, including the announcement of clinical trial results for B7-H3 ADC by Yingensheng and the completion of Phase II trials for UBT251 by Lianbang Pharmaceutical [3][10]. - In 2025, BeiGene reported revenues of $5.343 billion, a 40% increase year-on-year, while adjusted net profits reached $917 million, marking a return to profitability [9][21]. - The report also notes that the average weight loss in the UBT251 trial was as high as 19.7% after 24 weeks, compared to a 2.0% loss in the placebo group [11][10]. Overseas Education - The vocational education sector is experiencing an upswing, with promising enrollment data, particularly for China Oriental Education [5][17]. - The education index saw a decline of 4.9% in the recent week, underperforming the Hang Seng National Enterprises Index by 2.1 percentage points [15]. - The report recommends focusing on China Oriental Education, which is expected to see accelerated enrollment growth due to its strategic adjustments in response to market demands [17][15].

| 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06169 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.00001 HKD | | 500,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.00001 HKD | | 500,000 | 本月底法定/註冊股本總額： HKD 500,000 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 致：香港交易及結算所有限公司 公司名稱: 中国宇华教育集团有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變 ...

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分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 – 1 – 本公司之香港證劵登記處香港中央證券登記有限公司於股東週年大會上擔任 投票之監票人。於股東週年大會上提呈之各決議案之投票表決結果如下： CHINA YUHUA EDUCATION CORPORATION LIMITED 中國宇華教育集團有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：6169） 於2026年2月2日舉行之 股東週年大會投票表決結果 茲提述中国宇华教育集团有限公司（「本公司」）日期為2025年11月28日之截至 2025年8月31日止年度之年度業績公告及本公司日期為2025年12月22日載有（其 中包括）本公司股東週年大會（「股東週年大會」）通告（「通告」）之通函（「通函」）。 除文義另有所指外，本公告所用之詞彙與通函所界定者具有相同涵義。 於2026年2月2日舉行之股東週年大會上，通告所載之所有所提呈決議案均已進 行投票表決。 於股東週年大會日期，本公司已發行股份總 ...

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，概不就因本公告的全部或任何部分內容所產生 或因依賴該等內容而引致的任何損失承擔任何責任。 CHINA YUHUA EDUCATION CORPORATION LIMITED 中國宇華教育集團有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：6169） 中國宇華教育集團有限公司 主席兼執行董事 李光宇 香港，2026年1月15日 於本公告日期，董事會包括執行董事李光宇先生、李花女士及任豔丹女士；及獨立非執行董 事陳磊先生、張志學先生及范楠楠女士。 有關截至2025年8月31日止年度之年報的 更正公告 茲提述中国宇华教育集團有限公司（「本公司」）截至2025年8月31日止年度的年 報（「該年報」）。除文義另有所指外，本公告所用詞彙與該年報所界定者具有相 同涵義。 本公司謹此澄清，由於文書錯誤，有關本公司董事（「董事」）會（「董事會」）主席 李光宇先生（「李先生」）所擔任社會職務的資料並不準確。李先生早已不再擔 任全國人大代表及中國民辦教育協會副會長。 上述更正並不影響該年報載列的其他 ...

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: 中国宇华教育集团有限公司 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 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06169 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.00001 | HKD | | 500,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.00001 | HKD | | 500,000 | 本月底法定 ...

Group 1: Higher Education Sector - The higher education sector is expected to see a reversal of difficulties due to a combination of bottoming fundamentals and policy advancements, with a focus on improving educational quality and encouraging the expansion of high-quality private colleges [5][6] - The reintroduction of profit-oriented classification management in Hunan Province in 2025 may serve as a pilot for nationwide implementation, providing a stable policy environment for private colleges to expand and meet the growing demand for higher education [5][6] - Key indicators of educational quality, such as student-to-teacher ratios and per-student funding, have met standards after five years of increased investment, suggesting that the investment cycle is peaking and operational efficiency in higher education companies is likely to recover [5][6] - Companies to watch in this sector include Yuhua Education, Zhongjiao Holdings, New Higher Education, China Kepei, Neusoft Ruixin, Xijiao International Holdings, and Zhonghui Group [5][6] Group 2: Vocational Education Sector - The demand for vocational training is surging, driven by an increasing number of university graduates and high school students entering the labor market, leading to a projected market size of 80 billion yuan in 2025 with a penetration rate of only 5% [6][7] - The youth unemployment rate, particularly among those aged 16 to 24, is higher than the urban average, indicating a growing need for vocational skills training [6][7] - Companies to focus on in the vocational education sector include China Oriental Education and Fenbi [6][7] Group 3: Education Industry Trends - The education industry has undergone significant changes due to the "double reduction" policy, resulting in a 96% reduction in capacity in the academic training sector, with a limited number of operational licenses being redistributed [7] - The shift towards competency-based training is gaining momentum, with institutions leveraging their operational qualifications to expand their market share through non-academic training services [7] - The industry is moving towards a "franchise" model, which is expected to enhance revenue and profit growth for compliant institutions [7] Group 4: Investment Recommendations - The report recommends focusing on Hong Kong-listed vocational education companies, particularly China Oriental Education, which is adapting its operational strategy to cater to the needs of high school graduates [9] - In the higher education sector, the potential reintroduction of profit-oriented options is expected to enhance the revenue-sharing certainty for private colleges, with companies like Yuhua Education, Zhongjiao Holdings, and China Kepei being highlighted for their growth potential [9] - The report also suggests monitoring Chinese education companies listed in the US, such as New Oriental, TAL Education, and others, which are showing strong enrollment data [9]

(Incorporated in the Cayman Islands with limited libility) Should you have any queries relating to the above, please call the service hotline of the Share Registrar at (852) 2862 8688 during business hours (9:00 a.m. to 6:00 p.m., Monday to Friday, excluding Hong Kong public holidays). （於開曼群島註冊成立的有限責任公司） (Stock Code: 6169) （股份代號：6169） 22 December 2025 Dear Non-registered Holder(s)(Note 1) China YuHua Education Corporation Limited (the "Company") - Notification of publication of the 2025 Annual Report, the N ...

(Incorporated in the Cayman Islands with limited libility) （於開曼群島註冊成立的有限責任公司） (Stock Code: 6169) （股份代號：6169） 22 December 2025 Dear Registered Shareholder(s), China YuHua Education Corporation Limited (the "Company") - Notification of publication of the 2025 Annual Report, the Notice, the Circular and the Form of Proxy for the Annual General Meeting and the Environmental, Social and Governance Report 2025 (collectively, the "Current Corporate Communications") The Current Corporate Communications of the Compa ...