Group 1 - The core viewpoint is that the recent tightening of liquidity in Hong Kong stocks has shown signs of marginal improvement, supported by rising Hibor rates stabilizing and a dovish shift in Powell's statements [1] - The improvement in liquidity is sufficient to support a phase of rebound in Hong Kong stocks, narrowing the gap with the rapidly rising A-shares [1] - The earnings pre-joy rate for Hong Kong stocks is at its highest since 2022, indicating positive performance expectations [1] Group 2 - In previous bull markets, the Hong Kong stock index has underperformed compared to A-shares, suggesting a need for differentiated investment strategies in the current cycle [1] - The recommendation is to focus on innovative pharmaceuticals first (due to loose liquidity and positive BD data), followed by the internet sector (where earnings pressure is fully priced in), and finally new consumption (awaiting macroeconomic and profit turning points) [1]

Investment Rating - The report maintains an "Outperform" rating for Hansoh Pharma with a target price of HKD 44.32, based on a current price of HKD 37.66 [2][7]. Core Insights - Hansoh Pharma's revenue for 1H25 reached CNY 7.4 billion, representing a year-on-year growth of 14%, with innovative drug sales contributing CNY 6.1 billion, up 22% year-on-year. Collaboration revenue was CNY 1.66 billion, an 18% increase year-on-year [3][12]. - The management has raised the full-year revenue guidance to high double digits, reflecting strong performance and expectations for continued growth [3][12]. Financial Performance - Revenue projections for FY25, FY26, and FY27 have been adjusted to CNY 14.7 billion, CNY 16.0 billion, and CNY 17.7 billion respectively, with net profit estimates of CNY 5.0 billion, CNY 5.1 billion, and CNY 5.7 billion [7][13]. - The gross profit margin (GPM) for 1H25 was reported at 91.1%, remaining stable compared to the previous year [3][12]. Segment Performance - The oncology segment generated CNY 4.5 billion, accounting for 61% of total revenue, driven by the strong sales of Aumolertinib, which received approvals for new indications [4][15]. - The anti-infection segment contributed CNY 740 million, while the central nervous system segment generated CNY 770 million, and the metabolism and other diseases segment accounted for CNY 1.4 billion [15][13]. Key Catalysts - Upcoming catalysts for Hansoh Pharma include the inclusion of Aumolertinib in the National Reimbursement Drug List (NRDL) and the anticipated approval of its combination with chemotherapy for NSCLC [4][15]. - The company has received approximately CNY 850 million in milestone revenue, exceeding previous management guidance, indicating a potential for sustainable revenue growth from future milestones [15][13].

Group 1 - The State Council has issued opinions on the implementation of "Artificial Intelligence +" actions, focusing on six key areas [2][3] - By 2027, the goal is to achieve over 70% penetration of new generation intelligent terminals and intelligent applications [2] - The plan emphasizes the integration of AI with various fields such as biomanufacturing, quantum technology, and 6G [2] Group 2 - The initiative aims to promote the intelligent transformation of traditional industries and develop new strategic emerging industries [2][3] - There is a strong push for the development of AI-native technologies, products, and service systems [2][3] - The plan includes the acceleration of intelligent applications like smart assistants and the development of new intelligent terminals such as smart cars and smart home devices [2][3] Group 3 - AI will be integrated into all aspects of education and training, with a focus on skill development [2][3] - The initiative supports the application of AI in various sectors, including healthcare and cultural content creation [2][3] - There is a commitment to enhancing the safety and security of AI applications, addressing issues like algorithmic bias and data privacy [2][3][4] Group 4 - The plan includes the establishment of national AI application pilot bases and common platforms for industry applications [6][7] - Financial and fiscal support for the AI sector will be increased to foster long-term and strategic capital [8][9] - The initiative encourages the development of AI service providers and the creation of a service chain for AI applications [7][8]

Group 1 - The stock price of Kangtai Biological reported at 19.58 yuan as of August 26, 2025, with a decrease of 0.42 yuan, representing a decline of 2.10% from the previous trading day [1] - The opening price for the day was 20.01 yuan, with a highest point of 20.42 yuan and a lowest point of 19.51 yuan, resulting in a trading volume of 384,900 hands and a transaction amount of 763 million yuan [1] - The main business of Kangtai Biological includes research, production, and sales of vaccines, covering products such as hepatitis B vaccine, Hib vaccine, and pneumonia vaccine [1] Group 2 - The company operates in the biopharmaceutical industry, also involving concepts related to innovative drugs and smallpox virus prevention [1] - On August 26, the net outflow of main funds was 43.3053 million yuan, accounting for 0.25% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds reached 75.9675 million yuan, representing 0.43% of the circulating market value [1]

Group 1 - The stock price of Anglikang experienced volatility on August 26, closing at 52.88 yuan, a decrease of 4.93% from the previous trading day [1] - Intraday, the stock reached a high of 58.93 yuan and a low of 52.69 yuan, with a total fluctuation of 11.22% [1] - The trading volume for the day was 191,000 hands, with a total transaction value of 1.055 billion yuan [1] Group 2 - Anglikang operates in the chemical pharmaceutical sector, focusing on the research, production, and sales of pharmaceutical products [1] - The company has made investments in synthetic biology and innovative drugs, positioning itself within the Zhejiang region's pharmaceutical industry [1] Group 3 - On August 26, the net outflow of main funds was 58.0946 million yuan, accounting for 0.59% of the circulating market value [1] - However, over the past five trading days, there has been an overall net inflow of 55.3316 million yuan [1]

Group 1 - The stock price of Kangchen Pharmaceutical closed at 50.65 yuan on August 26, 2025, down by 2.30 yuan, representing a decline of 4.34% from the previous trading day [1] - The trading volume on that day was 240 million yuan, with a turnover rate of 2.97% [1] - Kangchen Pharmaceutical's main business includes the research, production, and sales of innovative drugs, covering areas such as anti-tumor and hematological diseases [1] Group 2 - The company is part of concept sectors including biopharmaceuticals, innovative drugs, and specialized new products [1] - On August 27, 2025, Kangchen Pharmaceutical will hold its second extraordinary general meeting to review proposals for changes in registered capital and amendments to the company’s articles of association [1] - On August 26, 2025, there was a net outflow of 30.71 million yuan in main funds, with a cumulative net outflow of 137 million yuan over the past five days [1]

Core Viewpoint - Shanghai Fosun Pharmaceutical Group Co., Ltd. reported a decrease in revenue but an increase in net profit for the first half of 2025, indicating a focus on innovation and operational efficiency despite challenges in the pharmaceutical market [4][5][6]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately CNY 19.51 billion, a decrease of 4.63% compared to the same period last year [4]. - Total profit for the period was approximately CNY 2.72 billion, reflecting a 40.77% increase year-on-year [4]. - Net profit attributable to shareholders was approximately CNY 1.70 billion, up 38.96% from the previous year [4]. - The net cash flow from operating activities increased by 11.90% to approximately CNY 2.13 billion [4]. Business Overview - The company operates in pharmaceuticals, medical devices, and healthcare services, with a focus on innovative drugs and high-value medical equipment [6][7]. - The pharmaceutical segment remains the core business, emphasizing the development of innovative drugs targeting various diseases [6][7]. - The company has established a comprehensive manufacturing system, with all domestic production lines certified by GMP [7]. Industry Context - The Chinese pharmaceutical industry is undergoing a transformation towards high-quality development, supported by government policies aimed at fostering innovation [6][10]. - The market for medical devices is expanding due to policies promoting equipment updates and compliance with international standards [10]. - The healthcare sector is experiencing growth driven by an aging population and increasing demand for chronic disease management [6][10]. Innovation and R&D - The company is committed to developing "Best-in-class" and "First-in-class" products, with several innovative drugs approved for the Chinese market [11][12]. - The introduction of CAR-T cell therapy and other advanced treatments highlights the company's focus on cutting-edge medical solutions [12]. - The company has also made strides in AI, being recognized for its PharmAID decision-making platform [13]. Market Position - Shanghai Fosun Pharmaceutical ranked 5th in the 2024 China Pharmaceutical Industry Top 100 list, indicating a strong market presence [13]. - The company is actively expanding its international footprint, particularly in emerging markets [8][9]. ESG and Compliance - The company has joined the Pharmaceutical Supply Chain Initiative (PSCI) to enhance supply chain responsibility and align with international standards [13]. - It has received an upgraded MSCI ESG rating of AA, reflecting its commitment to environmental, social, and governance practices [13].

Core Viewpoint - The Hong Kong stock market experienced fluctuations and a slight decline, while southbound funds recorded a net inflow exceeding 16.5 billion HKD, indicating continued interest from investors [1]. Group 1: Market Performance - The Hang Seng Technology Index fell by 0.7%, and the Hang Seng New Economy Index decreased by 1.0%, reflecting a general downturn in the market [1]. - The CSI Hong Kong Stock Connect Internet Index and the CSI Hong Kong Stock Connect Consumer Theme Index both declined by 0.6% [1]. - The E Fund Hang Seng Technology ETF (513010) had a trading volume of nearly 1.5 billion HKD, with a net inflow of over 2 billion HKD in the past month, reaching a historical high in scale [1]. Group 2: Investment Insights - According to Founder Securities, the performance of the Hong Kong stock market in the past two months has been slightly weaker than that of the A-share market, with the Hang Seng Index and Hang Seng Technology Index showing lower growth rates compared to the overall A-share market [1]. - The Hong Kong stock market is considered to have attractive valuations, particularly in sectors like artificial intelligence and innovative pharmaceuticals, which are seen as representative and scarce [1]. - There is an expectation for continued inflow from southbound funds and foreign capital, suggesting a positive outlook for the Hong Kong stock market in the future [1].

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。 上 海 復 星 醫 藥（ 集 團 ）股 份 有 限 公 司 Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：02196） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列上海復星醫藥（集團）股份有限公司（「本公司」）在上海證券交易所網站刊登的《2025 年半年度報告》，僅供參閱。 承董事會命 上海復星醫藥（集團）股份有限公司 董事長 陳玉卿 中國，上海 2025 年8 月2 6 日 於本公告日期，本公司之執行董事為陳玉卿先生、關曉暉女士、文德鏞先生及王可心先生；本公司之非執 行董事為陳啟宇先生、潘東輝先生及吳以芳先生；本公司之獨立非執行董事為余梓山先生、王全弟先生、 Chen Penghui先生及楊玉成先生；以及本公司之職工董事為嚴佳女士。 * 僅供識別 ...

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。 承董事會命 北京昭衍新藥研究中心股份有限公司 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 海外監管公告 本公告乃北京昭衍新藥研究中心股份有限公司（「本公司」）根據香港聯合交易 所有限公司證券上市規則第13.10B條 而 作 出。 附件為本公司於上海證券交易所網站刊登之 北京昭衍新藥研究中心股份有限公司 (1) 關於召開2025年半年度業績說明會的公告 (2) 2025年半年度報告 (3) 2025年半年度報告摘要 馮宇霞 董事長 中 國 北 京，2025年8月26日 於 本 公 告 日 期，董 事 會 包 括 主 席 兼 執 行 董 事 馮 宇 霞 女 士、執 行 董 事 高 ...