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。 港龍中國地產集團有限公司 港龍中國地產集團有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：6968） 2025 年7月份之未經審核營運數據 港 龍中國地產集團有限公 司（「本 公 司」）董 事 會（「董 事 會」）公 佈，本公司及其附 屬 公 司（「本 集 團」），連 同 其 合 營公司和聯營公司 由2025年1月 至7月 共 實現合同 銷 售 金額約人民 幣3,150.8百 萬 元。 上 述已披露初步數據取自本集團及其合營公司和聯營公司之管理層資 料，或 會 變更並可能與本集團按年度或半年度刊發的經審核或未經審核綜合財務報 表 所呈現的數字存在差 異。這些資料不應被視為本集團現時或將來的經營或 財 務 表現的指標或測量依 據。據 此，本公告披露之資料僅供參閱而不作其他目 的。股東和潛在投資者在買賣本公司證券 ...

一、港股06968：代码背后的行业密码在众多港股上市公司中，股票代码常被认为是识别公司的一把钥 匙。 尤其是在香港市场，6开头的股票代码常与特定行业相关，或体现一定的行业属性。 比如06968. HK这一代码，背后隐藏着鲜明的行业定位。 透过解析代码，我们可以窥见企业的行业特性、发展路径及未来潜力。 从数字"69"出发，香港证券市场的代码编号没有严格的行业对应规则，但一些规律逐渐显现。 06968.HK的"69"部分，可能代表公司所在行业的某种编码或行业类别的标志。 结合行业研究，发 现"69"在某些区域或市场中与金融、科技、或新兴产业相关联。 經由公司公告及市场主题标签分析，06968. HK所归属行业更偏向科技创新或新经济板块。 公司业务可 能涵盖云计算、大数据、人工智能或新型电子金融服务，反映了潮流引领与科技升级的趋势。 二、行业趋势与投资机会：从代码中看未来潜力在明确了06968. HK的行业属性后，下一步便是揭示其 背后的投资价值和未来潜力。 中国乃至全球金融科技的发展已成为驱动行业前行的重要力量。 新一代 支付方式、区块链应用、智能投顾等，正逐步渗透普通消费者生活的每个层面。 值得关注的是，这些新 ...

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。 Ganglong China Property Group Limited 港龍中國地產集團有限公司 呂 明 本 公 司 謹 此 就 該 公 告 補 充 以 下 額 外 資 料： (i) 誠如本公司日期為2025年6月23日 的 公 告 所 披 露，本 公 司 收 到2025年11月 票 據 主 要 票 據 持 有 人 發 出 的 加 速 還 款 通 知，基 於 未 支 付 中 期 利 息 之 故，宣 佈 該 票 據 本 金 及 應 付 未 付 利 息 立 即 到 期 應 付。本 集 團 已 與2025年11月票據的 主要票據持有人及其他三名票據持有人（合 共 持 有 該 票 據 未 償 還 本 金 總 額 超 過98%）進 行 溝 通，並 將 繼 續 與 彼 等 進 行 溝 通，以 尋 求 相 關 債 務 的 整 體 解 決 方 案，以 維 護 ...

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7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: 港龍中國地產集團有限公司 呈交日期: 2025年8月1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) | 06968 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法 ...

Core Viewpoint - The article highlights the significant rise in the stock price of Innovent Biologics, driven by a strategic partnership with GSK, which is expected to enhance the company's revenue and profit potential through licensing agreements and milestone payments [1][2]. Group 1: Company Overview - Innovent Biologics' stock reached a new high of 62.04 CNY per share, with a total market capitalization of 414.5 billion CNY following the announcement of a partnership with GSK [1]. - The partnership involves a $500 million upfront payment from GSK for exclusive global rights to the HRS-9821 project and up to 11 additional projects outside of China [1][2]. - If all milestones are achieved, the potential total payments could reach approximately $12 billion, along with sales royalties [1][2]. Group 2: Product Details - HRS-9821 is a potential best-in-class PDE3/4 inhibitor currently in Phase I clinical development for treating Chronic Obstructive Pulmonary Disease (COPD) [2]. - The product is designed to provide both bronchodilation and anti-inflammatory effects, serving as a maintenance therapy without considering previous treatment regimens [2]. - The only similar product, Ensifentrine, is projected to generate sales of approximately $42 million in 2024 and over $71.3 million in Q1 2025 [2]. Group 3: Financial Performance - Innovent Biologics reported a revenue increase of 22.63% year-on-year to 27.985 billion CNY for 2024, with a net profit of 6.337 billion CNY, marking a 47.28% increase [4]. - The financial growth is attributed to licensing agreements, including a €160 million payment from Merck Healthcare and a $100 million payment from Kailera Therapeutics [4]. - The domestic innovative drug sector has seen a surge in overseas business development (BD) transactions, with over 50 global cooperation agreements totaling more than $48.4 billion in the first half of 2025 [4].

Group 1 - The company, Longfor China, announced it is unable to pay the interest on its $180 million notes due in November 2025, signaling a potential debt default [1][3] - As of December 31, 2024, Longfor China has approximately 1.93 billion RMB in interest-bearing bank and other borrowings that are overdue, triggering a default event on the November 2025 notes [1][3] - The company has a 30-day grace period to pay the $858,000 interest that was due on May 18, 2025, but is facing liquidity pressures [1][3] Group 2 - Longfor China reported a contract sales amount of approximately 5.409 billion RMB in 2024, with 2.25 billion RMB in the first five months of the current year [5] - The company's total revenue for 2024 was 8.265 billion RMB, representing a year-on-year decline of 53.06%, and it recorded a net loss of 658 million RMB compared to a profit of 148 million RMB in the same period last year [5][6] Group 3 - Longfor China is headquartered in Shanghai and holds a national first-class real estate development qualification, having been listed on the Hong Kong Stock Exchange since July 2020 [3] - The company has strategically focused on cities in the Yangtze River Delta region, including Shanghai, Hangzhou, Suzhou, Nanjing, and Hefei, as well as the Guangdong-Hong Kong-Macau Greater Bay Area and the Chengdu-Chongqing region [3]

Important News - The US has adjusted tariffs on China as of May 14, 00:01 Eastern Time [1] - China Securities Depository and Clearing Corporation clarified that account verification is a routine operation, not a special arrangement for "off-market financing" [1] - The People's Bank of China reported that from January to April, the total social financing increased by 16.34 trillion yuan, with new loans amounting to 10.06 trillion yuan, and M2 growth year-on-year at 8% [1] Company News - Tencent (00700.HK) reported Q1 revenue of 180 billion yuan, a year-on-year increase of 13% [1] - China Petroleum & Chemical Corporation (00386.HK) received an increase of approximately 302 million H-shares from Sinopec Group [1] - Longfor Properties (06968.HK) reported contract sales of approximately 1.804 billion yuan in the first four months, a year-on-year decrease of 0.3% [1] - Oceanwide Holdings (03377.HK) reported cumulative contract sales of approximately 8.09 billion yuan in the first four months, a year-on-year increase of 13.62% [1] - New China Life Insurance (01336.HK) reported original insurance premium income of 85.3791 billion yuan in the first four months, a year-on-year increase of 27% [1] - China Pacific Insurance (02601.HK) reported original insurance premium income of 115.359 billion yuan from Pacific Life Insurance in the first four months, a year-on-year increase of 10.4% [1] - Heng Rui Medicine plans to issue 224.5 million shares in Hong Kong, with an issue price not exceeding 44.05 HKD [1] - Vanke Enterprises (02202.HK) announced that its largest shareholder, Shenzhen Metro Group, plans to provide a loan to the company not exceeding 1.552 billion yuan [1] - Greentown China Holdings (00095.HK) has postponed the hearing for its liquidation application to July 9 [1]

Financial Performance - For the year ended 31 December 2024, the Group achieved contracted sales of approximately RMB5,409 million, with a contracted gross floor area sold of approximately 529,789 sq.m and an average selling price of approximately RMB10,210 per sq.m[24]. - The total revenue for the year ended 31 December 2024 was approximately RMB8,254 million, representing a year-on-year decrease of approximately 56% due to lower contracted sales and recognition of properties sold[37]. - The Group recorded a gross loss of approximately RMB125 million for the year ended 31 December 2024, resulting in a gross loss margin of approximately 2%, compared to a gross profit margin of approximately 14% in 2023[40]. - The Group's total revenue for the year ended December 31, 2024, was approximately RMB 8,254 million, representing a year-on-year decrease of about 56%[42]. - The Group's cost of sales for the year ended December 31, 2024, was approximately RMB 8,380 million, down from RMB 15,190 million in 2023, with impairment provisions for properties amounting to approximately RMB 610 million[43]. - The Group's loss and total comprehensive expenses for the year ended December 31, 2024, were approximately RMB 982 million, compared to a profit of RMB 718 million in 2023[61]. Market Conditions - The real estate market in China is expected to continue facing adjustment pressure in 2025, with the new housing market likely remaining at the bottom stage[15]. - The overall new housing market has not shown significant improvement, indicating a need for time for policies to take effect[11]. - The Group emphasizes stability in the property market, focusing on stabilizing land prices and housing prices to ensure healthy market development[100]. - The real estate industry is facing increased demands for quality, professionalism, and services, necessitating a united and pragmatic approach to navigate challenges[101]. Strategic Focus - The Group aims to enhance marketing strategies and inventory management to achieve sales targets amidst ongoing market challenges[12]. - The Group plans to focus on product development and customer service, ensuring quality delivery while controlling expenses within revenue limits[15]. - The Group plans to focus on enhancing operational capabilities and product quality to create value for customers amidst ongoing market challenges[17]. - The Group will continue to seek opportunities for business development to reward shareholders despite the difficult market conditions[21]. Cost Management - Cost control measures have been expanded to include marketing and administration, optimizing procurement costs through centralized purchasing[12]. - The Group aims to maintain cash flow by strictly controlling expenses and adjusting financing structures to reduce costs[17]. - Selling and marketing expenses decreased by approximately 50% year-on-year, from approximately RMB 368 million in 2023 to approximately RMB 184 million in 2024[48]. - General and administrative expenses decreased by approximately 32% year-on-year, from approximately RMB 312 million in 2023 to approximately RMB 213 million in 2024[49]. Financing and Cash Flow - The Group emphasizes the importance of cash collection to ensure cash flow stability[15]. - As of December 31, 2024, the Group had total cash of approximately RMB 839 million, down from approximately RMB 1,836 million as of December 31, 2023[68]. - The Group's total bank and other borrowings amounted to approximately RMB 4,552 million as of December 31, 2024, representing a decrease of approximately 6% from RMB 4,824 million in 2023[69]. - The net gearing ratio increased to 46% as of December 31, 2024, compared to 26% as of December 31, 2023[76]. - The liabilities to assets ratio, excluding contract liabilities, was approximately 61% as of December 31, 2024, up from 50% as of December 31, 2023[76]. - The total cash to short-term debt ratio was 0.3 times as of December 31, 2024, down from 0.7 times as of December 31, 2023[76]. Land Reserves and Development Projects - The Group had land reserves amounting to approximately 4,018,441 sq.m across 55 projects, with 40% located in Guangdong and 30% in Jiangsu[31]. - The total land reserve of the Group includes completed properties, properties under development, and estimated GFA for future development[102]. - The Group has developed a total of 55 property projects, with a completed Gross Floor Area (GFA) of 1,919,610 sq.m., representing 48% of the total land reserve of 4,018,441 sq.m.[109]. - The planned GFA for future developments is 1,454,822 sq.m., which accounts for 36% of the total land reserve[109]. - The Group is actively expanding its property portfolio across multiple provinces, including Anhui, Guangdong, Guizhou, and Henan, indicating a strategic focus on regional growth[111][112][113]. Corporate Governance and Leadership - The Board of Directors consists of 8 members, including 3 executive Directors, 2 non-executive Directors, and 3 independent non-executive Directors[125]. - Mr. Lui Ming, aged 62, has over 16 years of experience in the property development industry and serves as the chairman and CEO of the Group[126]. - The Group's strategic planning and overall development are overseen by the executive Directors, ensuring a cohesive approach to management[126][138]. - The independent non-executive Director, Mr. Chan, is also the chairman of the audit committee, enhancing corporate governance[145]. Employee Relations and Corporate Responsibility - The Group recognizes the importance of relationships with employees, customers, and business partners for sustainable development[171]. - The Group is committed to providing a fair and safe workplace, promoting diversity, and offering competitive remuneration and benefits[172]. - The Group is committed to fulfilling social responsibilities and enhancing brand strength[15].

Financial Performance - For the fiscal year ending December 31, 2024, revenue was approximately RMB 8,254 million, a decrease of about 53% compared to RMB 17,579 million for the fiscal year ending December 31, 2023[3]. - The net loss for the fiscal year ending December 31, 2024, was approximately RMB 982 million, compared to a net profit of RMB 718 million for the previous year[4]. - The company reported a gross loss of approximately RMB 125 million for the fiscal year ending December 31, 2024, compared to a gross profit of RMB 2,389 million for the previous year[4]. - The total revenue for the year ended December 31, 2024, was approximately RMB 8,254 million, representing a decrease of about 56% compared to the previous year[49]. - The company reported a loss attributable to owners of the company of RMB 658,244,000 in 2024 compared to a profit of RMB 147,972,000 in 2023, indicating a significant shift in performance[33]. - The total loss and comprehensive expenses for the year ended December 31, 2024, were approximately RMB 982 million, compared to a profit of RMB 718 million in 2023[61]. Expenses and Cost Management - Sales and marketing expenses were approximately RMB 184 million, and general and administrative expenses were approximately RMB 213 million, representing decreases of about 50% and 32% respectively compared to the previous year[3]. - Total sales, marketing, and administrative expenses decreased to RMB 8,776,955,000 in 2024 from RMB 15,870,559,000 in 2023, a decline of about 44.3%[25]. - The cost of properties sold decreased to RMB 7,753,001,000 in 2024 from RMB 14,430,210,000 in 2023, representing a reduction of approximately 46.3%[25]. - The income tax expense for 2024 was RMB 302,544,000, down from RMB 827,694,000 in 2023, a decrease of about 63.5%[27]. - Employee compensation and benefits expenses were approximately RMB 111 million for the year ended December 31, 2024, down from about RMB 202 million in 2023[78]. Assets and Liabilities - As of December 31, 2024, the group's bank and other borrowings amounted to approximately RMB 4,552 million, a decrease of about 6% from RMB 4,844 million as of December 31, 2023[3]. - Total liabilities decreased from RMB 20,260,215 thousand in 2023 to RMB 15,235,843 thousand in 2024, a reduction of about 24.8%[6]. - Total assets increased to approximately RMB 31,608 million as of December 31, 2024, compared to RMB 23,313 million as of December 31, 2023[5]. - The company's cash and cash equivalents decreased to RMB 265 million as of December 31, 2024, from RMB 570 million as of December 31, 2023[5]. - The total financial guarantees amounted to approximately RMB 6,276.9 million as of December 31, 2024, down from RMB 7,887.8 million in 2023[73]. Corporate Governance and Compliance - The company acknowledges the importance of good corporate governance to enhance management and protect shareholder interests[85]. - The company has adopted the Corporate Governance Code as its own guidelines for corporate governance practices[85]. - The company has not engaged in any purchase, sale, or redemption of its listed securities during the year[80]. - The company’s chairman and CEO roles are currently held by the same individual, which deviates from the corporate governance code[86]. Future Outlook and Strategies - The company plans to focus on market expansion and new product development in the upcoming fiscal year[4]. - The group aims to continue seeking opportunities to develop its business and provide returns to shareholders in the coming year[41]. - The group is actively seeking opportunities to sell equity in certain project development companies to generate additional cash flow[17]. - The group has taken multiple measures to improve its liquidity and financial condition, including negotiations with major noteholders who hold 89.7% of the group's outstanding preferred notes[92]. Challenges and Risks - The company is facing significant challenges in the real estate market, which has undergone profound changes[79]. - There is significant uncertainty regarding the company's ability to continue as a going concern due to its financial situation[91]. - There is significant uncertainty regarding the effectiveness of these measures, including obtaining waivers for default events and securing additional financing if necessary[93]. Employee and Operational Metrics - The group employed 299 staff as of December 31, 2024, a decrease from 402 employees in 2023[78]. - The weighted average number of ordinary shares issued remained constant at 1,621,799,000 shares for both 2024 and 2023[33].