Market Overview - The Hang Seng Index (HSI) has a short-term support reference at 26,000 points, with expectations for policy initiatives in the first quarter of 2026 focusing on expanding domestic demand and achieving technological self-reliance [2] - Despite geopolitical instability affecting risk appetite, the upgrade of AI large models is driving financing activities in the industry, supporting the AI market [2] - The HSI reached a high of 27,381 points but faced downward pressure due to hawkish signals from the Federal Reserve, with initial support seen at 26,000 points [2] Sector Outlook - Macau gaming stocks are favored due to January's gambling revenue exceeding expectations, with the upcoming Spring Festival expected to act as a catalyst [3] Company News - InnoCare Pharma (2577) signed a compliance supply agreement with Google [5] - Pony.ai (2026) expects a narrowing of losses for the previous year, with growth in investment fair value gains [5] - Tianqi Lithium (9696) plans to raise over 5.8 billion yuan through a 9% discounted share placement and convertible bonds to expand its lithium business [5] - HAP Pharmaceuticals (2142) anticipates a profit increase of at least 31 times for the previous year [5] Economic Indicators - The People's Bank of China conducted a 800 billion yuan reverse repurchase operation to maintain liquidity in the banking system [9] - The central government's focus for 2026 includes agricultural technology and mechanisms for increasing farmers' income, emphasizing the integration of AI with agricultural development [9] - The retail sales value in Hong Kong for December rose by 6.6% year-on-year, although it fell short of market expectations [10] - The purchasing managers' index (PMI) for Hong Kong in January rose to 52.3, indicating a continued improvement in the business environment [10]

Core Viewpoint - The company, Heptagon Pharmaceuticals-B (02142), anticipates significant profit growth for the fiscal year ending December 31, 2025, projecting a profit between approximately $88 million (around HKD 685 million) and $95 million (around HKD 739 million), compared to a profit of about $2.7 million for the fiscal year ending December 31, 2024 [1] Group 1: Profit Forecast - The expected adjusted profit for the company ranges from $91 million (approximately HKD 708 million) to $98 million (approximately HKD 763 million) [1] - The profit increase is primarily attributed to the continuous growth of the company's recurring revenue [1] Group 2: Revenue Drivers - The growth in recurring revenue is driven by ongoing research collaborations with partners such as AstraZeneca and Bristol-Myers Squibb [1] - The global partnership network is expanding, leading to revenue from licensing and collaborations, including partnerships with Otsuka Pharmaceutical and Windward Bio [1] - Rapid growth in the business of Nona Bio, including revenue from technology licensing and platform-based services, as well as milestone payments from existing collaborations, such as research and technology licensing with Pfizer [1]

Group 1: Public Fund Industry - In 2026, public fund companies showed strong enthusiasm for self-purchase, with 24 companies implementing self-purchases totaling 406 million yuan, over 80% of which was directed towards equity funds [1] - Among the self-purchases, stock funds received 100 million yuan and mixed funds received 248 million yuan, while bond funds received 30 million yuan [1] - Ruifeng Fund led the self-purchase with 100 million yuan, while several other companies, including GF Fund and China Merchants Fund, each self-purchased 20 million yuan [1] Group 2: Payment Industry - The number of third-party payment licenses is continuously decreasing, with the first company, Henan Jubao Payment, exiting the market in 2026 [2] - The decline in payment institutions is attributed to structural reshuffling and regulatory upgrades within the industry [2] - Traditional payment businesses are under pressure, with many companies reporting declines in net profit after excluding non-recurring gains, prompting a need for transformation towards cross-border payments and AI integration [2] Group 3: Refrigerant Industry - The refrigerant market remains strong despite being in the traditional off-season, with prices for R32 and R134a increasing by approximately 45% and 32% year-on-year, respectively [2] - The industry is expected to see long-term price increases due to strict global supply constraints and growing downstream demand [2] - Major companies are primarily executing long-term contracts, but market prices are expected to exceed contract prices, indicating a robust pricing environment [2] Group 4: Smartphone Market in India - The Indian smartphone market saw a 1% year-on-year increase in shipments in 2025, with sales revenue growing by 8% due to a shift towards high-end devices [3] - However, a single-digit decline in shipments is anticipated for 2026, particularly in the segment priced below 15,000 Indian Rupees, due to rising costs of components [3] - The average selling price (ASP) is expected to increase by 5%-7% as major OEMs focus on high-end strategies [3] Group 5: Nanobody Research - Research indicates that nanobodies extracted from llamas show potential in treating various diseases, including depression, prompting significant investment from pharmaceutical companies [4] - The development of next-generation nanobody drugs is seen as a breakthrough in precision medicine [4] Group 6: Cancer Burden Quantification - The IARC and WHO quantified the global burden of preventable cancers, revealing that nearly 40% of new cancer cases in 2022 were linked to modifiable risk factors [4] - The findings emphasize the importance of reducing smoking, infections, and alcohol consumption in cancer prevention efforts [4] Group 7: PayPal's Financial Performance - PayPal's fourth-quarter earnings and revenue fell short of expectations, leading to a significant drop in stock price and a change in CEO [5] - The company reported earnings of $1.23 per share and total revenue of $8.68 billion, both below analyst forecasts [5] Group 8: Tianqi Lithium Industry - Tianqi Lithium suspended trading in Hong Kong as it plans to dispose of part of its stake in SQM, with a maximum of 3.566 million A shares to be sold [6] - The company has already disposed of 748,500 B shares, and as of the announcement date, it holds 62.556 million A shares, representing 21.90% of SQM's total shares [6] Group 9: Corporate Governance Issues - Gaoxin Retail announced difficulties in contacting its CEO, but the board believes this will not significantly impact operations [7] - The Shanghai Stock Exchange issued a regulatory warning to Pengxin Resources for failing to appoint a board secretary, which has been vacant since January 2022 [8]

Core Viewpoint - The company, HAPO Pharmaceuticals-B (02142), has announced a significant increase in expected profits for the fiscal year ending December 31, 2025, leading to a stock price increase of over 3% following the announcement [1] Financial Performance - The expected profit for the fiscal year ending December 31, 2025, is projected to be between approximately $88 million (around HKD 685 million) and $95 million (around HKD 739 million), compared to an expected profit of about $2.7 million for the fiscal year ending December 31, 2024 [1] - The adjusted total profit is anticipated to be between $91 million (approximately HKD 708 million) and $98 million (approximately HKD 763 million) [1] Revenue Drivers - The increase in expected profits is primarily attributed to the continuous growth of the company's recurring revenue, including research collaborations with AstraZeneca and Bristol-Myers Squibb [1] - The global partnership network is expanding rapidly, with revenue from innovative product licensing and collaborations contributing to the company's recurring income, such as licensing agreements with Otsuka Pharmaceutical and Windward Bio [1] - The rapid growth of the business at Nona Bio, including revenue from technology licensing and platform-based services, as well as milestone payments from existing collaborations, such as research and technology licensing agreements with Pfizer, is also a significant factor [1]

Core Viewpoint - The company, Heptagon Pharmaceuticals-B (02142), anticipates a significant increase in profits for the fiscal year ending December 31, 2025, projecting earnings between approximately $88 million (around HKD 685 million) and $95 million (around HKD 739 million), compared to an estimated profit of about $2.7 million for the fiscal year ending December 31, 2024 [1]. Financial Projections - The adjusted total profit is expected to range from $91 million (approximately HKD 708 million) to $98 million (approximately HKD 763 million) [1]. - The profit increase is primarily attributed to the continuous growth of the company's recurring revenue [1]. Revenue Drivers - Revenue growth is supported by research collaborations with AstraZeneca and Bristol-Myers Squibb [1]. - The accelerated expansion of the global partnership network has also contributed to revenue growth, including licensing collaborations with Otsuka Pharmaceutical and Windward Bio [1]. - Rapid growth in the business of Nona Bio, including revenue from technology licensing and platform-based services, as well as milestone payments from research and technology licensing collaborations with Pfizer, has further enhanced revenue [1].

Core Viewpoint - The company expects a significant increase in profit for the fiscal year ending December 31, 2025, projecting a profit between approximately $88 million (around HKD 685 million) and $95 million (around HKD 739 million), compared to a profit of about $2.7 million for the fiscal year ending December 31, 2024 [1] Financial Projections - The anticipated adjusted profit totals are expected to range from $91 million (approximately HKD 708 million) to $98 million (approximately HKD 763 million) [1] - The expected profit increase is primarily attributed to the continuous growth of the company's recurring revenue [1] Revenue Drivers - Recurring revenue growth is driven by ongoing research collaborations with partners such as AstraZeneca and Bristol-Myers Squibb [1] - The global partnership network is expanding, with revenue from innovative product licensing and collaborations becoming a significant source of recurring income, including licensing agreements with Otsuka Pharmaceutical and Windward Bio [1] - Rapid growth in the business of Nona Bio is noted, including revenue from technology licensing and platform-based services, as well as milestone payments from existing collaborations, such as research and technology licensing agreements with Pfizer [1]

Core Viewpoint - The company expects a significant increase in profit for the fiscal year ending December 31, 2025, projecting a profit between approximately $88 million (around HKD 685 million) and $95 million (around HKD 739 million), compared to a profit of about $2.7 million for the fiscal year ending December 31, 2024 [1] Group 1: Profit Projections - Expected profit for the fiscal year ending December 31, 2025, is projected to be between $88 million and $95 million [1] - For the fiscal year ending December 31, 2024, the expected profit is approximately $2.7 million [1] - Adjusted total profit is anticipated to be between $91 million (approximately HKD 708 million) and $98 million (approximately HKD 763 million) [1] Group 2: Revenue Growth Drivers - The increase in expected profit is primarily attributed to the continuous growth of the company's recurring revenue [1] - Collaborations with AstraZeneca and Bristol-Myers Squibb are contributing to the recurring revenue through platform-based research partnerships [1] - The global partner network is expanding, leading to revenue from licensing and collaborations, such as partnerships with Otsuka Pharmaceutical and Windward Bio [1] Group 3: Business Expansion - The rapid growth of Nona Bio's business is contributing to revenue through technology licensing and platform-based services [1] - Revenue from milestone payments from existing collaborations, including research and technology licensing with Pfizer, is also a significant factor [1]

Core Viewpoint - The company, Heptares Therapeutics, expects a significant increase in profits for the fiscal year ending December 31, 2025, projecting a profit between approximately $88 million and $95 million, compared to a modest profit of about $2.7 million for the fiscal year ending December 31, 2024 [1] Financial Projections - The anticipated profit for the fiscal year ending December 31, 2025, is estimated to be between $88 million (approximately HKD 685 million) and $95 million (approximately HKD 739 million) [1] - For the fiscal year ending December 31, 2024, the expected profit is around $2.7 million [1] - The adjusted total profit is projected to be between $91 million (approximately HKD 708 million) and $98 million (approximately HKD 763 million) [1]

Core Viewpoint - The company, Heptagon Pharmaceuticals-B (02142.HK), anticipates a significant increase in profit for the fiscal year ending December 31, 2025, projecting earnings between approximately $88 million (around HKD 685 million) and $95 million (around HKD 739 million), compared to an estimated profit of about $2.7 million for the fiscal year ending December 31, 2024 [1] Group 1 - The expected increase in profit is primarily attributed to the continuous growth of the company's recurring revenue [1] - The company has expanded its global partnership network, which has accelerated due to revenue generated from licensing and collaboration on innovative products [1] - Notable collaborations include partnerships with AstraZeneca, Bristol-Myers Squibb, Otsuka Pharmaceutical, and Windward Bio, contributing to the recurring revenue stream [1] Group 2 - The rapid growth of the business segment related to Nona Bio is highlighted, including revenue from technology licensing and platform-based services [1] - Milestone payments from existing collaborations, such as research and technology licensing agreements with Pfizer, are also contributing to revenue growth [1]

和鉑醫藥控股有限公司 HBM Holdings Limited （於開曼群島註冊成立的有限公司） 附註： 1. 溢利調整項目為員工持股計劃相關費用。 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倚 賴該等內容而引致的任何損失承擔任何責任。 （股份代號：02142） 正面盈利警告 本公告乃由和鉑醫藥控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）遵 照香港聯合交易所有限公司《證券上市規則》（「上市規則」）第13.09條及證券及期 貨條例（「證券及期貨條例」）（香港法例第571章）第XIVA部的規定而作出。 本公司董事（「董事」）會（「董事會」）欣然知會本公司股東（「股東」）及潛在投資 者，根據對本集團截至2025年12月31日止年度未經審計管理賬目之初步審閱，預 期截至2025年12月31日止年度的溢利介乎約88百萬美元（相當於約685百萬港元） 至約95百萬美元（相當於約739百萬港元），而截至2024年12月31日止年度則為 溢利約2.7百萬美元。預期經調整溢利總額1介乎91百萬美 ...