Core Viewpoint - The company anticipates a decrease in net profit attributable to shareholders for the six months ending June 30, 2025, to approximately HKD 39.7 million, down from HKD 47.4 million for the same period in 2024 [1] Financial Performance - The expected reduction in net profit is primarily due to a decrease in total revenue of approximately HKD 37.8 million compared to the same period in 2024, leading to a decline in overall profitability [1] - The company reported a reduction in unrealized fair value losses on investment properties to approximately HKD 7.1 million, compared to HKD 14.8 million in the same period of 2024 [1] - Tax expenses decreased by approximately HKD 4.7 million, mainly due to a reduction in taxable profits [1]

Group 1 - The company expects to achieve revenue of no less than RMB 1.1 billion and net profit of no less than RMB 50 million for the six months ending June 30, 2025 [1] - Key factors influencing the financial performance include a high growth rate in the medical aesthetics business, with an increase of 50%-60% compared to the same period last year [1] - The innovative drug business is entering a harvest period, with a gradual reduction in R&D expenses and a steady stream of new product approvals contributing to revenue growth [1] Group 2 - A total of 41 new medical aesthetics and pharmaceutical products have been approved for market launch from January 2024 to July 2025, including nine medical aesthetics products and 32 pharmaceutical products [2] - The launch of multiple heavyweight new products is expected to provide strong momentum for future revenue and profit growth, instilling confidence in the company's development prospects [2]

Group 1 - The core index of the CSI Hong Kong Stock Connect Innovative Drug Index (931250) experienced a decline of 1.42%, closing at 1114.48 points with a trading volume of 16.63 billion yuan [1] - Over the past month, the index has increased by 22.12%, by 65.37% over the last three months, and has risen 94.38% year-to-date [1] - The index comprises 50 listed companies involved in innovative drug research and development, reflecting the overall performance of innovative drug companies within the Hong Kong Stock Connect [1] Group 2 - The top ten weighted companies in the index include: CanSino Biologics (10.0%), Innovent Biologics (9.88%), BeiGene (8.97%), WuXi Biologics (8.93%), China Biologic Products (7.69%), CSPC Pharmaceutical Group (7.19%), 3SBio (5.66%), Hansoh Pharmaceutical (4.23%), WuXi AppTec (3.5%), and Kelun-Biotech (3.05%) [1] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Group 3 - In terms of industry composition, the index's sample holdings consist of 40.89% in drug formulations, 40.00% in other biopharmaceuticals, 18.70% in pharmaceutical and biotechnology services, and 0.41% in vaccines [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Special circumstances may lead to temporary adjustments to the index, such as delisting of samples or corporate actions like mergers and acquisitions [2]

Core Viewpoint - Shanxi Province is implementing several measures to promote high-quality development in the pharmaceutical and medical device industry through technological innovation and regulatory reforms [1] Group 1: Measures for Technological Innovation - The Shanxi Provincial Science and Technology Department has introduced six specific measures to support the research and innovation of pharmaceuticals and medical devices, including strengthening core technology research and accelerating drug development [1][2] - A total of 63 major special projects and key research plans have been initiated to address critical technology issues, with over 90 research platforms established to enhance collaborative innovation [2] Group 2: Talent and Funding Support - The Shanxi Provincial Science and Technology Department has recognized several innovative talent teams and appointed technology deputies to medical enterprises, providing essential talent support for core technology breakthroughs [2] - The government has allocated 69.11 million yuan in guiding funds, which has leveraged an additional 243.71 million yuan from social funds for technological innovation [2] Group 3: Innovation Incentives - A technology award subsidy program has been established to reward organizations and individuals contributing to technological innovation in the province [3] - High-tech enterprises that pass the recognition for the first time receive a reward of 100,000 yuan, while those that pass twice receive 200,000 yuan, reinforcing their role as innovation leaders [3]

Group 1 - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Pharmaceutical and Biotechnology Index reported at 7798.06 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has increased by 4.26% in the past month, 2.71% in the past three months, and 4.75% year-to-date [1] - The CSI 300 Index samples are categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (25.23%), WuXi AppTec (16.45%), Pian Zai Huang (6.51%), Yunnan Baiyao (5.3%), Kelun Pharmaceutical (5.04%), East China Pharmaceutical (3.91%), New Horizon (3.59%), Changchun High-tech (3.57%), Shanghai Raist (3.34%), and Fosun Pharmaceutical (3.18%) [1] - The market share of the CSI 300 Pharmaceutical and Biotechnology Index is 63.57% from the Shanghai Stock Exchange and 36.43% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes: Chemical drugs (43.24%), Pharmaceutical and Biotechnology services (21.56%), Traditional Chinese medicine (18.83%), and Biological drugs (16.37%) [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2] - Special events affecting sample companies may lead to changes in industry classification and subsequent adjustments to the CSI 300 industry index samples [2]

Financial Data and Key Metrics Changes - Revenues associated with the BARDA contract were $1,600,000 in Q1 2025 compared to zero in Q1 2024, as the contract began in June 2024 [17] - The overall net loss for Q1 2025 was approximately $5,400,000 or $0.45 per share, compared to a net loss of $5,900,000 or $2.47 per share in Q1 2024 [19] - Cash balances at March 31, 2025, were $7,400,000, up from $5,500,000 at December 31, 2024 [20] Business Line Data and Key Metrics Changes - Research and development expenses increased to $5,400,000 in Q1 2025 from $4,400,000 in Q1 2024, representing a 21% increase [18] - General and administrative expenses rose to $1,700,000 in Q1 2025 from $1,500,000 in Q1 2024, a 16% increase [19] Market Data and Key Metrics Changes - The company estimates that over 40 million adults in the United States and over 400 million worldwide have medical conditions rendering them inadequately responsive to first-generation vaccines [10] Company Strategy and Development Direction - The company aims to advance its product candidates, including GEO CM04S1 and GEO MVA, to address unmet healthcare needs and expedite registration paths [6][13] - There is a focus on establishing US-based manufacturing for MVA vaccines to reduce dependence on non-US suppliers [14][51] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the BARDA Project NextGen stop work order but remains committed to the development of the CM04S1 vaccine [8][9] - The company anticipates multiple presentations of clinical results for CM04S1 throughout 2025, which may serve as catalysts for strategic partnerships [11] Other Important Information - The company is actively exploring various funding strategies, including strategic partnerships and non-dilutive funding, to support its development programs [21] - The advanced MVA manufacturing process is expected to provide a competitive advantage in the production of MVA-based vaccines and therapies [7] Q&A Session Summary Question: Comparison with Vaxart's program and implications of the stop work order - Management highlighted distinct differences between their program and Vaxart's, noting that Vaxart had already dosed patients before the halt [24][25] Question: Impact of recent comments by HHS on vaccine trials - Management confirmed ongoing phase two trials and expressed confidence in the value of multi-antigen vaccines [31][34] Question: Next steps for trials based on healthy volunteers' results - The focus remains on immunocompromised populations, with plans for expanded trials if results are encouraging [40][43] Question: Safety and efficacy of the MPOXX vaccine - Management confirmed no adverse safety issues have been observed with the MVA vaccine, emphasizing its historical safety profile [48][49] Question: Support for US-based manufacturing - Management indicated ongoing discussions with government representatives regarding US-based manufacturing and expressed optimism for future funding [51][53]

Group 1 - The core viewpoint of the article highlights the significant inflow of southbound funds into the Hong Kong stock market, driven primarily by ETF investments, with over 600 billion HKD accumulated this year [1][6] - In March, the net inflow of funds into mainland investable Hong Kong stock ETFs reached a record 23.4 billion HKD, followed by nearly 35 billion HKD in April, indicating strong investor interest [2][6] - The overall scale of Hong Kong stock ETFs reached 178.99 billion HKD by the end of Q1 2025, reflecting a 45% increase from the previous quarter [7] Group 2 - Active equity funds have increased their allocation to Hong Kong stocks, with the allocation ratio exceeding 30%, the highest in nearly five years [10] - The top stocks favored by active equity funds include Tencent Holdings, Alibaba-W, and Pop Mart, with significant increases in their holdings [11] - The inflow of southbound funds is expected to continue, with estimates suggesting an additional 200 to 300 billion HKD for the year, driven by both active equity funds and insurance capital [14][15] Group 3 - The article discusses the performance of Hong Kong stock ETFs during market fluctuations, noting that despite a decline in indices, ETF investments have remained robust [4][5] - The analysis indicates that the current valuation of Hong Kong stocks is attractive compared to A-shares and US stocks, which is a key factor in attracting investment [5][6] - The outlook for the technology sector in Hong Kong remains positive, with expectations of continued growth driven by AI and other technological advancements [15][16]

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Pharmaceutical and Biotechnology Index reported 7459.13 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has decreased by 3.80% over the past month, increased by 3.37% over the past three months, and has risen by 0.20% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten holdings in the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (24.67%), WuXi AppTec (16.06%), Pian Zai Huang (6.84%), Yunnan Baiyao (5.71%), Kelun Pharmaceutical (4.69%), New Horizon (3.81%), East China Pharmaceutical (3.6%), Shanghai Raist (3.44%), Fosun Pharma (3.37%), and Changchun High-tech (3.18%) [1] - The market share of the CSI 300 Pharmaceutical and Biotechnology Index is 63.43% from the Shanghai Stock Exchange and 36.57% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes: chemical drugs (42.67%), pharmaceutical and biotechnology services (21.27%), traditional Chinese medicine (19.68%), and biological drugs (16.38%) [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted along with the sample adjustments, which are generally fixed until the next scheduled adjustment [2] - Temporary adjustments occur when the CSI 300 Index samples are modified, and changes in industry classification due to special events will also lead to corresponding adjustments in the CSI 300 industry index [2]

Core Points - The Shanghai Composite Index opened lower and the CSI 300 Pharmaceutical and Biotechnology Index reported 7479.61 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has decreased by 0.64% in the past month, increased by 3.66% over the last three months, and has risen by 0.48% year-to-date [1] Industry Composition - The CSI 300 Pharmaceutical and Biotechnology Index is composed of 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The index is based on the performance of all securities in the CSI 300 Index classified by industry, with a base date of December 31, 2004, and a base point of 1000.0 [1] Index Holdings - The top ten holdings in the CSI 300 Pharmaceutical and Biotechnology Index are: - Heng Rui Medicine (24.75%) - WuXi AppTec (15.82%) - Pian Zai Huang (6.85%) - Yunnan Baiyao (5.7%) - Kelun Pharmaceutical (4.68%) - New Horizon (3.79%) - East China Pharmaceutical (3.64%) - Shanghai Raist (3.44%) - Fosun Pharma (3.38%) - Changchun High-tech (3.17%) [1] Market Distribution - The market distribution of the CSI 300 Pharmaceutical and Biotechnology Index shows that the Shanghai Stock Exchange accounts for 63.33% and the Shenzhen Stock Exchange accounts for 36.67% [2] Sector Breakdown - The sector breakdown of the index holdings indicates that: - Chemical drugs account for 42.69% - Pharmaceutical and biotechnology services account for 21.06% - Traditional Chinese medicine accounts for 19.74% - Biological drugs account for 16.51% [2] Sample Adjustment - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with sample changes, and any special events affecting a sample company's industry classification will lead to corresponding adjustments in the index [2]

Group 1 - The Shanghai Composite Index opened high and the CSI 300 Pharmaceutical and Biotechnology Index reported 7370.94 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has decreased by 1.33% in the past month, increased by 5.20% in the past three months, and decreased by 0.98% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (24.17%), WuXi AppTec (14.58%), Pian Zai Huang (6.92%), Yunnan Baiyao (5.68%), Kelun Pharmaceutical (5.11%), East China Pharmaceutical (3.63%), New Hope Liuhe (3.58%), Shanghai Raas (3.57%), Changchun High-tech (3.53%), and Fosun Pharma (3.39%) [1] - The market share of the CSI 300 Pharmaceutical and Biotechnology Index is 61.98% from the Shanghai Stock Exchange and 38.02% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes: chemical drugs (42.08%), traditional Chinese medicine (20.00%), pharmaceutical and biotechnology services (19.84%), and biological drugs (18.08%) [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2] - Special events affecting sample companies may lead to adjustments in the industry classification of the CSI 300 Industry Index [2]