CONTENTS 目錄 2 Financial Highlights 財務摘要 3 Corporate Profile 公司簡介 7 Management Discussion and Analysis 管理層討論與分析 64 Corporate Governance and Other Information 企業管治及其他資料 80 Review Report 審閱報告 82 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表 84 Consolidated Statement of Financial Position 綜合財務狀況表 86 Consolidated Statement of Changes in Equity 綜合權益變動表 88 Consolidated Cash Flow Statement 綜合現金流量表 90 Notes to the Unaudited Interim Financial Reports 未經審核中期財務報告附註 125 Corporate I ...

Core Viewpoint - Bain Capital has successfully sold its Chinese data center business, Qinhuai Data, to a consortium led by Dongyangguang Group for $4 billion, marking the largest data center acquisition in China to date [2][3][4]. Group 1: Transaction Details - The transaction is valued at approximately 280 billion RMB, making it the largest acquisition in the Chinese data center sector [2]. - The deal involves three parts: Dongyangguang and its controlling shareholder will inject 35 billion RMB and 40 billion RMB into Dongshu Yihua, which will then fund its wholly-owned subsidiary, Dongchuang Weilai Data, to acquire 100% of Qinhuai Data [4][5]. - The total equity of Qinhuai Data China is assessed at 290.93 billion RMB, with the acquisition price set at 280 billion RMB [7]. Group 2: Historical Context - Bain Capital acquired shares of Qinhuai Data for approximately 1 billion RMB six years ago and later invested an additional $570 million, leading to a successful IPO in the U.S. [2][10]. - The company has seen significant growth, with revenue increasing from 98.48 million RMB in 2018 to 4.55 billion RMB in 2022, largely driven by its major client, ByteDance [14]. Group 3: Industry Implications - The data center sector is crucial for AI development, serving as the backbone for computational power and data storage [17]. - The competition in AI is fundamentally a competition for computational power, which is directly linked to the scale and quality of data centers [18]. - The Chinese data center market is projected to grow significantly, with an estimated increase of 2.74 trillion USD (approximately 19 trillion RMB) from 2025 to 2029, reflecting a compound annual growth rate (CAGR) exceeding 38% [20].

Group 1 - The 2025 Venture Capital Conference and Innovation Wenzhou Industry-Finance Matching Conference will be held on September 17, aiming to expand Wenzhou's venture capital network [1] - Wenzhou has been actively building an innovative venture capital ecosystem, including the establishment of the first "Fund Village" in China and attracting quality venture capital institutions [1][2] - As of September 5, the Daluo Mountain Fund Village has over 250 investment institutions with a registered scale exceeding 39 billion, and has conducted nearly 150 investment projects with over 4.5 billion in investment [1] Group 2 - Daluo Mountain Fund Village aims to become a new highland for venture capital in Zhejiang and a global center for investment by overseas Wenzhou merchants, with a goal of establishing a "three hundred billion" foundation [2] - The Fund Village is part of Wenzhou's "Five Cities and Three Parks" initiative and is positioned to strengthen the fund industry ecosystem [2][3] - The Fund Village has hosted numerous roadshow matching events, leading to successful investments in various sectors including military, semiconductors, new energy, and intelligent manufacturing [3] Group 3 - A digital platform called "Venture Capital Wenzhou" was launched to facilitate project matching, online roadshows, industry analysis, and information sharing, aiming to break down information barriers [4] - The Fund Village plans to deepen its venture capital industry and broaden its financial services from 2026 to 2028, focusing on creating a symbiotic ecosystem of capital, data, industry, and innovation [4] Group 4 - The annual venture capital conference will attract more resources and facilitate the signing of various fund and industry investment projects, promoting the theme of "Industry-Finance Synergy" [5]

Group 1 - The performance evaluation methods for state-owned insurance companies have been continuously optimized since the beginning of the year, leading to an improved policy environment for insurance fund equity investments, which has accelerated the entry of insurance capital into the market [1] - In the second quarter, insurance companies further increased their stock allocations by approximately 200 billion yuan, with the proportion of stocks held rising by 0.4 percentage points to 8.8% compared to Q1 [1] - It is estimated that insurance capital will continue to increase allocations to A+H stocks by 300 to 400 billion yuan in the second half of the year, based on a 30% investment of new premium income [5] Group 2 - Insurance capital's participation in equity assets is gradually shifting from external management to direct investment, with a notable increase in stock holdings since Q4 2024, while fund holdings have decreased [8] - In the second quarter, insurance capital increased allocations to dividend-paying stocks while reducing holdings in energy sectors, with a focus on technology and high-end manufacturing [11] - The average dividend yield of the top 20 stocks increased to 3.80%, indicating a preference for high-dividend assets [13] Group 3 - Insurance capital has accelerated its stake acquisitions in listed companies, particularly in Hong Kong stocks, with 28 stake acquisitions recorded by August 31, surpassing the total for the previous year [16] - The preference for Hong Kong assets has made insurance capital a core driver of the rise in Hong Kong dividend assets [19] Group 4 - In the first half of 2025, insurance capital's holdings in ETFs saw a slowdown, with a total of 214.9 billion yuan held, reflecting a shift towards direct investments [23] - Despite the slowdown in total ETF allocations, there has been a significant internal structural adjustment, with increased allocations to TMT, manufacturing, and financial real estate sector ETFs [29] Group 5 - The five listed insurance companies in A-shares increased their stock holdings by 411.9 billion yuan in the first half of the year, representing a 28.7% increase [33] - The proportion of FVOCI stocks held by listed insurance companies has significantly increased, with a 62.2% rise in holdings [36]

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 之 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，概不就因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 SUNSHINE LAKE PHARMA CO., LTD. 廣 東 東 陽 光 藥 業 股 份 有 限 公 司 （在中華人民共和國註冊成立之股份有限公司） （股份代號：6887） 有關通函、通告及代表委任表格之澄清 及 於二零二五年九月五日舉行之 二零二五年第一次臨時股東大會投票表決結果 茲提述(i)廣東東陽光藥業股份有限公司（「本公司」）日期為二零二五年八月十九日 的通函（「通函」）；(ii)日期為二零二五年八月十九日的二零二五年第一次臨時股東 大 會通 告（「通 告」）；及 (iii) 本公 司於 臨時 股 東大 會上 使用 的代 表委 任 表格（「代 表 委任表格」）。除文義另有所指外，本公告所用詞彙與通函、通告及代表委任表格 所界定者具相同涵義。 有關通函、通告及代表委任表格之澄清 本 公 司 謹 此 澄 清 ， 截 至 本 公 ...

Core Insights - The Hong Kong Stock Exchange (HKEX) has seen a slowdown in IPO activities, with only 6 new stocks listed in August 2025, raising a total of 53.86 billion HKD [1][2] - As of August 31, 2025, there are 234 companies waiting for IPO approval, with 124 on the main board and 5 having passed the hearing [1][4] Group 1: IPO Performance - In August 2025, Tianyue Advanced raised 20.44 billion HKD, making it the largest IPO, followed by Jiaxin International Resources with 13.79 billion HKD [2][3] - The total amount raised from IPOs from January to August 2025 exceeded 134.1 billion HKD, indicating a significant drop in the number of IPOs since June 2025 [1][2] Group 2: Market Trends - The IPO issuance pace has been continuously slowing since June 2025, with only 6 new listings in August compared to 15 and 9 in June and July respectively [1][4] - The stock price of Tianyue Advanced, which debuted at 42.8 HKD, peaked at 48.2 HKD on its first day but has since declined to 44.1 HKD [4] Group 3: Upcoming IPOs - As of late August 2025, 229 companies have submitted their IPO applications, with 5 having passed the hearing, including Daxing Technology expected to list on September 9, 2025 [4][6] - Companies like Yangguang Electric and Huajin Technology have announced plans for IPO applications in Hong Kong, indicating ongoing interest in the "A+H" market strategy [6]

Group 1 - In August 2025, the Hong Kong Stock Exchange (HKEX) saw 6 new IPOs raising a total of 53.86 billion HKD, with Tianyue Advanced and Jiaxin International Resources leading the fundraising efforts at 20.44 billion HKD and 13.79 billion HKD respectively [1][2] - The overall trend indicates a slowdown in IPO activity since June 2025, with only 58 new IPOs raising over 134.1 billion HKD from January to August 2025 [2][6] - As of August 31, 2025, there are 234 companies in the IPO queue on HKEX, with 124 on the main board and 5 having passed the hearing [1][6] Group 2 - Tianyue Advanced, listed on August 20, 2025, had an issue price of 42.8 HKD per share and saw a first-day closing increase of 6.4%, although its stock price has since declined to 44.1 HKD [5] - Silver Pharmaceutical, which focuses on diabetes and metabolic disease treatments, had an issue price of 18.68 HKD per share and experienced a first-day price surge of over 200%, but has since dropped to around 42 HKD [5] - Major companies like Luxshare Precision and others are continuing to pursue IPOs in Hong Kong, indicating ongoing interest in the "A+H" market strategy [9]

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8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: 廣東東陽光藥業股份有限公司 呈交日期: 2025年9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) | 06887 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 112,712,832 RMB | | | 1 RMB | | 112,712,832 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 112,712,832 RMB | | | 1 RMB | | 112,712,832 | 備註： 第 1 頁 共 11 頁 v 1.1.1 FF3 ...

Group 1 - The Hang Seng Index fell by 0.4%, while the Hang Seng Tech Index decreased by 0.54%, with a total turnover of 152 billion HKD in the Hong Kong stock market during the morning session [1] - The Hang Seng Biotechnology Index rose by 1%, with notable gains from companies such as MicroPort Scientific Corporation (02252) up by 10%, and Four Seasons Medicine (00460) up by 8% [1] Group 2 - MicroPort Scientific Corporation (02252) saw a rise of over 10%, indicating renewed interest in the robotics industry and steady progress in the company's commercialization efforts [2] - Dongyang Sunshine Pharmaceutical (06887) increased by nearly 7%, reporting a mid-term gross profit of 1.468 billion HKD, with key data on Ifenprodil presented at the US IPF summit [2] - Chuangsheng Group-B (06628) surged over 28%, with a mid-term net loss narrowing by 17.9%, and TST001 research data making its debut at ASCO [2] - Kingsoft Holdings (03918) rose by over 6%, with first-half performance exceeding market expectations, although uncertainties remain regarding the Naga3 project according to Citigroup [2] - Green Power Environmental (01330) increased by over 7%, with a 24.49% year-on-year increase in net profit attributable to shareholders, driven by its gas supply business [2] - Hylink Technology (01860) rose by 7.9%, with first-half revenue increasing by 40% year-on-year, and institutions optimistic about the continued release of the Mintegral platform's flywheel effect [2] - Zhi Zi Cheng Technology (09911) rose by over 6%, with first-half net profit nearly doubling, and the group's gross profit margin expected to improve significantly year-on-year [2] - Four Seasons Medicine (00460) rose by over 7%, achieving profitability in the first half and making substantial progress in its AI + medical beauty strategic layout [2] - Guofu Quantum (00290) increased by 6.86%, with a cumulative increase of nearly 1.8 times this year, collaborating with Huajian Medical to advance RWA ecosystem construction [2] - New Idea Network Group (01686) fell by over 17% post-results, with annual net profit increasing by 8% to 979 million HKD [2]

Core Viewpoint - Dongyang Sunshine Pharmaceutical (06887) reported a revenue of 1.938 billion RMB for the first half of 2025, with a gross profit of 1.468 billion RMB, indicating a significant impact from the reduced flu epidemic compared to the previous year [1] Group 1: Financial Performance - The company achieved a revenue of 1.938 billion RMB and a gross profit of 1.468 billion RMB for the first half of 2025 [1] - The sales revenue from the oseltamivir product, a preferred flu medication, was 1.301 billion RMB, reflecting a decline due to the flu epidemic's slowdown [1] Group 2: Product Development and Innovation - Dongyang Sunshine Pharmaceutical showcased its innovative anti-fibrotic drug, HEC585, at the 9th Idiopathic Pulmonary Fibrosis (IPF) Summit held in Boston from August 19 to 21, 2025 [1] - HEC585 is the first domestically developed IPF new drug to enter Phase III clinical trials and has potential applications for progressive fibrosing interstitial lung disease (PF-ILD), hepatitis B liver fibrosis, and interstitial pneumonia [2] - The drug works by simultaneously inhibiting the release of TNF-α and TGF-β1, blocking the TGF-β1-Smad signaling pathway, and regulating various signaling pathways to form a comprehensive anti-fibrotic network [2]