Group 1: Market Performance - The Hang Seng Healthcare Index (HSHCI) decreased by 0.18% as of July 10, 2025, with mixed performance among constituent stocks [3] - Major gainers included Giant Bio (02367) up 4.24%, Yaoshi Bang (09885) up 4.13%, and Dongyangguang Changjiang Pharmaceutical (01558) up 3.48% [3] - The Hang Seng Healthcare ETF (513060) fell by 0.17%, with a latest price of 0.58 yuan, but saw a 2.48% increase over the past week [3] Group 2: Regulatory Developments - The National Medical Products Administration (NMPA) announced measures to optimize lifecycle regulation to support high-end medical device innovation, particularly benefiting the in vitro diagnostics (IVD) industry [4] - Policies include accelerated approvals and international registration facilitation, which will enhance the global competitiveness of IVD companies [4] - The document from NMPA is expected to directly benefit the IVD sector, with domestic biochemical diagnostics largely free from foreign constraints [4] Group 3: ETF Performance Metrics - The Hang Seng Healthcare ETF recorded a financing buy-in of 220 million yuan and a financing balance of 267 million yuan [5] - Over the past two years, the ETF's net value increased by 20.23%, with a maximum monthly return of 28.34% and an average monthly return of 6.82% [5] - As of July 4, 2025, the ETF's one-year Sharpe ratio was 2.07, indicating strong risk-adjusted returns [5] Group 4: Valuation and Tracking - The Hang Seng Healthcare ETF has a current price-to-earnings ratio (PE-TTM) of 27.84, which is below the historical average, indicating a low valuation compared to the past three years [6] - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.069% over the past year [5][6] - The ETF's management fee is 0.50%, and the custody fee is 0.15%, contributing to its overall cost structure [5]

Core Viewpoint - Huatai United Securities is acting as the sponsor for Beijing Innotech Biotechnology Co., Ltd. during its initial public offering, providing continuous supervision and guidance to ensure compliance with relevant regulations and standards. Group 1: Continuous Supervision Work - The sponsor has established and effectively implemented a continuous supervision work system, including a detailed work plan [1] - A continuous supervision agreement has been signed with Innotech, clarifying the rights and obligations of both parties during the supervision period [1] - The sponsor has conducted regular communication, site inspections, and due diligence to carry out continuous supervision [2] Group 2: Compliance and Governance - Innotech has not reported any violations or breaches of commitments during the supervision period [1][2] - The company has established and effectively executed its corporate governance system, including rules for shareholder meetings and board meetings [2] - The sponsor has verified that Innotech's internal control systems comply with relevant regulations [2] Group 3: Financial Performance - Innotech's operating income for the reporting period reached approximately RMB 621.39 million, a year-on-year increase of 29.99% [16] - The net profit attributable to shareholders was approximately RMB 246.86 million, reflecting a growth of 41.92% compared to the previous year [16] - The gross profit margin for the main business was 80.12%, indicating a strong position in the market [15] Group 4: Research and Development - The company has increased its R&D investment, with total R&D expenditures amounting to approximately RMB 97.17 million, an increase of 82.95% year-on-year [22] - Innotech has established multiple R&D centers and developed six major technology platforms to enhance its innovation capabilities [18] - The company has obtained several domestic and international medical device registration certificates, indicating progress in its product development [22] Group 5: Market Position and Risks - Innotech focuses on the in vitro diagnostic industry, which is characterized by rapid technological advancements and high competition [9] - The company has a strong product line in respiratory pathogen detection, which constitutes a significant portion of its revenue [12] - Potential risks include technological obsolescence, regulatory changes, and market competition, which could impact the company's future performance [10][11][12]