香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本公 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，並明確表示概不就因本公告全 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Immvira Bioscience Inc. 亦諾微醫藥* （於開曼群島註冊成立的有限公司） 警告 本公告乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委 員會（「委員會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 閣下閱覽 本公告，即代表 閣下知悉、接納並向Immvira Bioscience Inc.（「本公司」）、其保 薦人、整體協調人、顧問或承銷團成員表示同意： 香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本公 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，並明確表示概不就因本公告全 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本公告並非向任何司法管轄區的公眾人士提呈出售任何證券的招股章程、發售通函、通知、 通函、小冊子或廣告，亦非出售要約或邀請公眾人士以誘導或招攬收購、購買或認購證券 ...

本公司董事会谨此澄清，上述资料乃摘录自证监会公告，除上文第(i)及(ii)段所载资料外，本公司并无 独立核实有关资料。更多详情请参阅证监会公告。 根据可得资料及就董事经作出一切合理查询后所深知，本公司确认，于2025年12月31日及于本公告日 期，本公司已发行股份中不少于25%乃由公众人士持有，且本公司能够遵守联交所证券上市规则项下的 公众持股量规定。 信铭生命科技(00474)发布公告，本公司注意到证券及期货事务监察委员会(证监会"于2026年1月13日刊 发公告(证监会公告)。诚如证监会公告所披露，证监会最近曾就本公司的股权分佈进行查讯。证监会的 查讯结果显示本公司于2025年12月31日，有二十名股东及其相关人士合共持有13.87亿股股份，相当于 已发行股份的18.79%。有关股权连同由三名主要股东持有的53.1亿股(占已发行股份的71.94%)，相当于 已发行股份的90.73%。因此，本公司只有6.84亿股(占已发行股份的9.27%)由其他股东持有。 诚如证监会公告所述：(i)股份的收市价由2025年9月10日的0.019港元上升489%至2025年12月31日的 0.112港元。(ii)于2026年 ...

Core Viewpoint - The article highlights the recognition of seven individuals and groups with the "New Era New Lei Feng" title, showcasing their contributions to various fields and embodying the spirit of dedication and service in contemporary society [1][2]. Group 1: Recognized Individuals and Their Contributions - The Digital Innovation Team of Hunan Museum has made significant breakthroughs in the application of digital technology for cultural heritage, enhancing the transformation of the cultural sector and promoting the sharing of cultural resources [2]. - Zuo Guofeng, a senior engineer at Hunan Steel Group, has led over ten major technological innovations in seamless pipe research, achieving key technology localization and breaking foreign monopolies [2]. - Wen Xiaoyan, an athlete from the Hunan Disabled Athletics Team, has won nine gold medals across three Paralympic Games, exemplifying resilience and determination in sports [3]. - Zhang Di, the director of the Children's Medical Center at Hunan University of Traditional Chinese Medicine, has dedicated over 30 years to pediatric care using traditional Chinese medicine, emphasizing effective treatment and community service [3]. - Mo Bocheng, a postdoctoral researcher and founder of Hunan Orange Friend Biotechnology Co., has focused on agricultural innovation, winning multiple national awards and contributing to rural revitalization [4]. - Ma Shiguang, a courier at YTO Express, has maintained a service record of over one million packages with zero complaints, actively engaging in community service and social responsibility [4]. - Huang Hua, a former editor and chief reporter at Chenzhou Daily, dedicated 33 years to journalism, producing impactful stories and demonstrating professional integrity until her passing [5].

Core Viewpoint - The article emphasizes the investment potential in the domestic high-value medical consumables and innovative pharmaceuticals sectors, highlighting significant growth opportunities and market undervaluation in these areas [1][6][34]. Group 1: Investment Logic of Core Assets - The primary investment direction for the fund is domestic high-value medical consumables, which have substantial growth potential and are currently undervalued in the market. The market capitalization disparity between domestic and international players is significant, with domestic high-value consumables having a maximum market cap of over 30 billion RMB compared to nearly 1 trillion RMB for their international counterparts [1][3]. - The penetration rate of high-value consumables in China is still low, indicating a potential for significant growth as domestic adoption increases and international markets are explored [3]. - The "innovation + internationalization" logic driving the revaluation of innovative drugs also applies to domestic high-value consumables, with rapid growth in overseas revenues for listed cardiovascular high-value consumables companies, indicating increasing international recognition [4]. Group 2: Domestic Innovative Pharmaceuticals - Domestic innovative pharmaceuticals represent the second major investment direction, driven by strong market momentum. The revenue for Hong Kong-listed innovative drugs is expected to grow from less than 10 billion RMB in 2020 to nearly 100 billion RMB by 2026 [6]. - The deep medical reform initiated in China since 2015 is expected to create a long-term growth cycle for innovative pharmaceuticals, similar to the one experienced in the U.S. after its reforms in the 1980s [6][8]. - The transition from the first half of the cycle (2015-2025) to the second half (2025-2035) will require identifying underpriced potential blockbuster products to sustain excess returns in innovative drug investments [7][8]. Group 3: U.S. Biotechnology - The third major investment direction is U.S. biotechnology, where many early-stage biotech companies have not yet been fully valued despite their significant growth potential. The focus is particularly on intracellular therapies, which have seen dramatic price fluctuations [10][11]. - The fund prioritizes liver-targeted siRNA and gene editing technologies, with the former showing clearer commercialization prospects and rapid valuation recovery [11]. Group 4: Undervalued/Barrier Assets - The fourth major investment direction is undervalued barrier assets, which are currently less popular compared to innovative pharmaceuticals. These assets are expected to experience a trend of recovery in the next three years, making them attractive for investment [13][14]. - The fund has adjusted its structure to focus on undervalued assets in the pharmaceutical distribution sector, which are expected to have clear value propositions due to anticipated performance acceleration [14]. Group 5: Investment Review and Reflection - In 2025, the fund underestimated the revenue growth pressures on non-innovative pharmaceutical assets and the scale of innovative drug licensing deals [16]. - The fund's performance was impacted by lower-than-expected revenue growth in domestic high-value consumables, highlighting the need for better research efficiency and timely coverage of promising stocks [20][21]. Group 6: Industry Trends and Outlook - The pharmaceutical industry's profitability is expected to restart rapid growth, with current market valuations not reflecting this potential, indicating possible investment opportunities [34]. - The overall pharmaceutical sector may shift from being dominated by innovative drugs to a more balanced growth model that includes a wider range of pharmaceutical assets [34][31].

Core Viewpoint - *ST Wanfang (000638.SZ) is expected to face financial difficulties in 2025, with projected operating revenue below 300 million yuan and negative profit metrics, which may lead to delisting from the Shenzhen Stock Exchange due to financial criteria violations [1][2] Financial Projections - The company anticipates that its operating revenue for 2025 will be less than 300 million yuan [1] - Profit total, net profit, or net profit after deducting non-recurring gains and losses is expected to be negative [1] Audit Report Concerns - Zhongxing Caiguanghua Accounting Firm issued a qualified audit report for the company's 2024 financial statements, highlighting uncertainty regarding the recoverability of investments in Jilin Wanfang Baiao Biotechnology Co., Ltd [1] - As of the announcement date, the uncertainty regarding the company's financial situation has not been resolved, and there remains a risk of receiving a qualified audit report for 2025 [2] Delisting Risks - If a qualified audit report is issued for 2025, the company may face delisting risks as per the Shenzhen Stock Exchange regulations [2] - The company’s stock could be subject to delisting if it triggers financial criteria violations in subsequent years following a qualified audit report [2]

2024年4月28日，中兴财光华会计师事务所（特殊普通合伙）对公司2024年度财务报表出具了带强调事 项段的保留意见审计报告（中兴财光华审会字（2025）第207002号），被出具保留意见审计报告的事项 为公司对吉林万方百奥生物科技有限公司的其他权益工具投资的可收回性存在不确定性。截至本公告披 露日，上述不确定性情况尚未消除，公司2025年度审计报告仍存在被出具保留意见审计报告的风险。若 公司2025年度被出具保留意见审计报告，根据《深圳交易所股票上市规则》第9.3.12规定，上市公司因 触及《股票上市规则》第9.3.1条第一款情形，其股票交易被实施退市风险警示后，实际触及退市风险警 示情形相应年度次一年度出现财务会计报告被出具保留意见、无法表示意见或者否定意见的审计报告的 情况，其股票将被终止上市交易。 格隆汇1月13日丨*ST万方(000638.SZ)公布，经公司财务部门初步测算结果，预计公司2025年度营业收 入低于3亿元，且利润总额、净利润或者扣除非经常性损益后的净利润孰低者为负值。根据《深圳证券 交易所股票上市规则》的相关规定，2025年度经审计营业收入低于3亿元且利润总额、净利润或者扣除 非经常性 ...

Core Viewpoint - The Hong Kong Securities and Futures Commission conducted an inquiry into the shareholding distribution of Ximing Life Science Technology Group Limited, revealing a highly concentrated ownership structure with significant implications for stock price volatility [1][4]. Shareholding Distribution - As of December 31, 2025, 20 shareholders and their associates collectively held 1,387,094,033 shares, representing 18.79% of the company's issued share capital [1][3]. - Three major shareholders owned 5,310,485,115 shares, accounting for 71.94% of the issued share capital [1][3]. - Consequently, only 684,197,657 shares, or 9.27% of the issued share capital, were held by other shareholders [1][3]. Stock Price Performance - The closing price of Ximing Life Science shares increased from HKD 0.019 on September 10, 2025, to HKD 0.112 on December 31, 2025, marking a 489% rise [4]. - As of January 12, 2026, the stock price further rose to HKD 0.118, reflecting a 521% increase compared to the closing price on September 10, 2025 [4].

Core Viewpoint - The Hong Kong pharmaceutical sector is experiencing active performance, with significant gains in key stocks and positive forecasts for companies like WuXi AppTec, indicating a strong recovery in the CRO and CDMO demand side, alongside a potential "Davis Double Play" for the sector [1] Group 1: Market Performance - As of 15:00 on January 13, the Hang Seng Biotechnology Index and the CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index both rose by 1.0% [1] - Notable stock performances include WuXi AppTec rising over 7%, WuXi Biologics increasing over 5%, and Weigao Group and WuXi AppTec's subsidiary rising over 3% [1] Group 2: Company Forecasts - WuXi AppTec announced a profit forecast for the fiscal year 2025, expecting a net profit attributable to shareholders of 19.151 billion yuan, representing a year-on-year growth of approximately 102.65% [1] - Institutions predict that WuXi AppTec's order growth will continue to outpace global peers in 2026, indicating strong market positioning [1] Group 3: Industry Insights - According to Zhongtai Securities, multiple factors are driving a gradual recovery in the demand side for CRO and CDMO within the pharmaceutical sector, combined with a supply-side clearance over the past three years [1] - The Hang Seng Biotechnology Index focuses on leading biotechnology firms within the Hong Kong Stock Connect, covering various sub-sectors including biotechnology, pharmaceuticals, and medical devices [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index targets leading companies in the pharmaceutical and health industry, encompassing medical devices and innovative drugs [1] Group 4: Investment Tools - The E Fund Hang Seng Biotechnology ETF (159105) and the E Fund Hong Kong Stock Connect Pharmaceutical ETF (513200) track the aforementioned indices, providing diversified investment tools for investors to capitalize on opportunities in the pharmaceutical industry [2]

Company Overview - IDEAYA was founded 10 years ago and has established strategic guideposts including first-in-class targets, predictive biomarkers, rational combinations, and early-stage disease focus areas [3] Clinical Pipeline - The company has four clinical pipeline focus areas, with darovasertib being a key program currently in a registrational study, with top-line results expected this quarter for potential accelerated approval filing in the United States [4] - Darovasertib is considered a unique molecule with the potential to define its indication in uveal melanoma across neoadjuvant, adjuvant, and metastatic settings [4] Research Focus - IDEAYA is also focusing on antibody-drug conjugates (ADCs) and DNA damage repair as part of its research and development strategy [5]

Market Overview - A-shares are experiencing high-level fluctuations with increased trading volume, while Hong Kong stocks show resilience, indicating a shift in market dynamics [1] - As of the morning close, major A-share indices are weakly fluctuating: Shanghai Composite Index down 0.03%, Shenzhen Component down 0.31%, and ChiNext Index down 0.83% [1] - The STAR 50 Index, representing technology innovation, has the largest decline at 1.77%, indicating a deeper adjustment [1] - Trading activity is robust with a half-day turnover of 2.44 trillion yuan, significantly higher than the previous day, suggesting a divergence in market sentiment [1] Sector Performance Leading Sectors - The media sector leads with a gain of 3.42%, driven by the practical application of AI, particularly in content generation and marketing transformation [3] - The non-ferrous metals sector rises by 2.39%, influenced by heightened global risk aversion and a surge in international gold prices, reflecting concerns over the independence of U.S. Federal Reserve policies [3] - The pharmaceutical and biotechnology sector increases by 2.18%, supported by clear domestic policies favoring technological innovation and attractive valuations after a prolonged adjustment [3] Declining Sectors - The defense and military sector sees a significant drop of 4.13%, attributed to the retreat of speculative trading following risk warnings from multiple commercial space companies [4] - The electronics and communications sectors also decline, confirming a withdrawal of funds from previously high-performing growth sectors, indicating a phase of profit-taking and a shift towards lower-valued stocks [4] Market Dynamics - The current market differentiation reflects a phase of logical restructuring, with funds moving from overheated speculative themes to sectors with industrial trends, macroeconomic drivers, or safe valuation margins [4] - The market is expected to enter a consolidation phase, with rapid index increases likely coming to a halt, but structural opportunities remain active [4] Investment Focus - Investors are advised to focus on sectors with confirmed industrial trends, particularly in "AI+" applications, ensuring selection of companies with real business connections and potential for order fulfillment [4] - Resources with hedging attributes, such as gold and silver, are recommended due to their close ties to international macroeconomic sentiments [4] - The pharmaceutical and biotechnology sector, especially innovative drug supply chains resonating with Hong Kong stocks, is highlighted as an area of improvement [4]