Core Viewpoint - Weigao International Holding Corporation Pte. Ltd. has entered into a joint venture agreement with PT Oneject Indonesia to establish Oneject Wego Medical in Indonesia, aiming to manufacture and sell medical consumables locally, reducing reliance on imports [1][2] Group 1: Joint Venture Details - The joint venture will be owned 45% by Weigao International and 55% by the joint venture partner [1] - The joint venture will not consolidate its financial performance into the company's accounts [1] - The business activities will focus on manufacturing and selling intravenous catheters, infusion sets, and other medical consumables in Indonesia [1] Group 2: Strategic Rationale - The establishment of the joint venture is expected to allow the company to enter emerging overseas markets and expand its customer base [2] - The joint venture is anticipated to create synergies with the company's existing operations [2] - The board believes that the joint venture aligns with the overall interests of the company and its shareholders [2] Group 3: Partner Profile - The joint venture partner is a subsidiary of GDK Company, a leading manufacturing and sales group in Indonesia [1] - The partner specializes in producing standard syringes, safety and smart auto-disable syringes, blood bags, dialysis products, and blood collection tubes [1] - The partner's established resources, network, and market knowledge will help identify suitable opportunities in the Indonesian market [1]

董事会认为，成立合营企业将使集团得以进军新兴海外市场、扩大客户群并与集团的现有业务产生协同 效益。监 合营企业的业务活动包括在印尼制造及销售静脉留置针、输液器及其他医疗耗材，其将继续专注于本地 化生产，目标产品为印尼目前高度依赖进口的产品。 合营伙伴为一家于印尼注册成立的公司，为GDK Company(一家集制造及销售业务于一体的印尼领先企 业集团)之附属公司。合营伙伴主要生产标准注射器、安全与智能自动禁用式注射器、血袋、血液透析 及采血管。作为印尼的领先制造商之一，合营伙伴可令合营企业利用其广泛资源、成熟网络及深厚市场 知识物色印尼市场的合适商机。 格隆汇11月10日丨威高股份(01066.HK)宣布，于2025年11月6日，公司全资附属公司Weigao International Holding Corporation Pte. Ltd.("威高国际控股")与PTOneject Indonesia("合营伙伴")就于印尼成立合营企业 Oneject Wego Medica订立合营协议。合营企业将由威高国际控股持有45%权益及由合营伙伴持有55%权 益。合营企业将入账列作公司之合营企业及其财务业绩将不会综合 ...

Core Viewpoint - Southbound funds have significantly reduced their holdings in Hema Medical (03309.HK), indicating a bearish sentiment towards the company in recent trading days [1]. Group 1: Shareholding Changes - On November 6, southbound funds reduced their holdings by 58,000 shares, marking a decrease of 0.07% [2]. - Over the past five trading days, there has been a cumulative net reduction of 1,252,000 shares, with reductions occurring on all five days [1][2]. - In the last twenty trading days, the total net reduction reached 3,934,000 shares, with reductions on all twenty days [1]. Group 2: Current Holdings - As of the latest data, southbound funds hold 77,831,000 shares of Hema Medical, which represents 6.19% of the company's total issued ordinary shares [1][2]. Group 3: Company Overview - Hema Medical Holdings Limited primarily engages in providing medical services through four divisions: Hong Kong medical services, mainland dental services, medical consumables sales, and mainland ophthalmic services [2].

Financial Data and Key Metrics Changes - Total as-reported revenue grew 10% in the second quarter, with constant currency organic revenue growth of 9% driven by volume and a 210 basis points price increase [4] - Gross margin increased by 60 basis points to 44.3%, while EBIT margin rose 90 basis points to 23.1% of revenue, primarily due to operating expense leverage [4] - Adjusted earnings per diluted share from continuing operations were $2.47, reflecting a 15% increase year-over-year [5] - Free cash flow for the first half of fiscal 2026 was $527.7 million, indicating strong performance driven by increased earnings and improvements in working capital [6] Business Line Data and Key Metrics Changes - In the healthcare segment, constant currency organic revenue grew 9%, with services growing 13% and consumables increasing by 10% [7] - For AST, constant currency organic revenue grew 7%, with services up 13% but capital equipment revenue anticipated to decline [8] - Life sciences saw a 12% increase in constant currency organic revenue, driven by a 39% growth in capital equipment shipments [8] Market Data and Key Metrics Changes - The healthcare capital equipment backlog exceeded $400 million, with orders up 3% year-to-date [7] - Capital equipment backlog in life sciences increased over 50% to $114 million [8] Company Strategy and Development Direction - The company is increasing its revenue growth outlook to approximately 8%-9% for fiscal 2026, with constant currency organic revenue growth now expected to be 7%-8% [9] - The earnings outlook has been revised to a range of $10.15-$10.30, with EBIT margins expected to improve by 10-20 basis points [10] - Free cash flow outlook has been increased by $30 million to $850 million for fiscal 2026, indicating confidence in meeting revised expectations [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth trends, particularly in services, driven by stable volumes from medtech customers and recovery in bioprocessing [14] - The company acknowledged headwinds from tariffs and inflation, estimating a 90 basis point impact from tariffs and 130 basis points from material and labor inflation on margins [17] - Management noted that while there is some noise in customer volume due to manufacturing location shifts, the overall global footprint remains strong [14] Other Important Information - The company highlighted that the strong first half cash flow was due to improved working capital and faster collections [32] - Management indicated that the expansion of capacity in AST is a long-term process, taking two to three years from decision to operational status [38] Q&A Session Summary Question: What drove the second consecutive quarter of double-digit growth in AST services? - Management noted stable volume from medtech customers and recovery in bioprocessing as key drivers, with confidence in the 9%-10% outlook going forward [14] Question: Can you elaborate on the operating margins despite headwinds? - Management confirmed that tariffs and inflation were significant headwinds, with tariffs impacting margins by 90 basis points and material and labor inflation by 130 basis points [17] Question: What is the outlook for healthcare subsegments? - Management expects service growth to remain strong, with consumables performing well and capital equipment growth being a bit of a wild card due to timing [30] Question: How is the company addressing capacity constraints in AST? - Management stated that capacity expansion is a long process, with ongoing and planned expansions to meet demand [38] Question: What is the state of the single-use scopes trend? - Management indicated that while there is a place for single-use scopes, particularly small diameter ones, the bulk of the business remains with large diameter scopes [48]

Overall Situation - The pharmaceutical sector experienced a revenue decline of 2% and a net profit drop of 1% in the first three quarters of 2025, with a further decline in net profit of 3% in Q3 2025 [1][2] - The innovative drug segment showed strong revenue growth in Q3 2025, particularly in Bio-Pharma, CXO, and upstream sectors, while overall revenue growth has remained flat or slightly declining since Q1 2023 [1][3] Performance by Sub-Sectors - **Pharma**: Revenue decreased by 1% YoY in Q3 2025, with a significant drop in net profit by 13% [2] - **Bio-Tech**: Revenue surged by 61% YoY in Q3 2025, indicating strong performance despite a net profit decline of 32% [2] - **Bio-Pharma**: Revenue growth of 18% YoY in Q3 2025, with net profit increasing by 151% [2] - **CXO**: Revenue growth of 10% YoY in Q3 2025, with net profit up by 51% [2] - **Upstream**: Revenue increased by 13% YoY in Q3 2025, with net profit rising by 49% [2] - **Medical Devices**: Revenue grew by 11% YoY in Q3 2025, while net profit increased by 8% [2] - **IVD**: Revenue declined by 11% YoY in Q3 2025, with a net profit drop of 17% [2] - **High-value Consumables**: Revenue growth of 8% YoY in Q3 2025, with net profit up by 3% [2] - **Low-value Consumables**: Revenue decreased by 6% YoY in Q3 2025, with a net profit decline of 19% [2] Future Outlook - **Innovative Drugs**: Q3 2025 is expected to be the most challenging quarter for many Pharma companies, but upcoming clinical data releases and new drug approvals in 2026 are anticipated to drive revenue and profit growth [3] - **CXO**: The sector is expected to recover, with external demand for CDMO services improving and domestic CRO demand stabilizing [5] - **Upstream Research Services**: Revenue growth is expected to continue as industry demand accelerates [6][7] - **Medical Devices**: The sector is projected to see continued improvement in Q4 2025, with inventory levels returning to normal and potential growth in high-value products [8] Investment Insights - The focus is shifting back to the fundamentals of the innovative drug industry, with a need for tangible actions from multinational corporations (MNCs) to validate their partnerships [4] - Investment opportunities may arise from companies with strong collaborations with MNCs, as their clinical pipelines gain recognition and valuation [4] - A diversified index-based approach is recommended for participating in the pharmaceutical sector, with specific ETFs focusing on innovative drugs and medical devices [9][10]

Group 1 - The core viewpoint of the news is that Huakang Clean experienced a decline in stock price, dropping by 5.09% to 31.15 CNY per share, with a trading volume of 160 million CNY and a turnover rate of 6.99%, resulting in a total market capitalization of 3.357 billion CNY [1] - Huakang Clean, established on November 12, 2008, and listed on January 28, 2022, specializes in the research, design, implementation, and operation of medical purification systems, along with the sale of related medical equipment and consumables [1] - The revenue composition of Huakang Clean includes: 85.24% from purification system integration, 8.53% from medical consumables sales, 3.74% from medical equipment sales, 1.88% from operation and maintenance services, and 0.61% from other sources [1] Group 2 - Among the top ten circulating shareholders of Huakang Clean, a fund under China Merchants Fund, specifically the China Merchants Quantitative Selected Stock A (001917), has newly entered the list in the third quarter, holding 470,000 shares, which accounts for 0.65% of the circulating shares [2] - The estimated floating loss for the fund today is approximately 784,800 CNY [2] - The China Merchants Quantitative Selected Stock A fund, established on March 15, 2016, has a latest scale of 3.663 billion CNY, with a year-to-date return of 43.95%, ranking 1030 out of 4218 in its category, and a one-year return of 48.62%, ranking 670 out of 3878 [2]

Group 1 - The core point of the news is that Huakang Clean experienced a decline of 5.42% in its stock price, reaching 33.70 CNY per share, with a trading volume of 53.69 million CNY and a turnover rate of 2.15%, resulting in a total market capitalization of 3.63 billion CNY [1] - Huakang Clean, established on November 12, 2008, and listed on January 28, 2022, is based in Wuhan, Hubei Province, and specializes in the research, design, implementation, and operation of medical purification systems, along with the sale of related medical equipment and consumables [1] - The revenue composition of Huakang Clean includes: 85.24% from purification system integration, 8.53% from medical consumables sales, 3.74% from medical equipment sales, 1.88% from operation and maintenance services, and 0.61% from other supplementary services [1] Group 2 - Among the top ten circulating shareholders of Huakang Clean, a fund under China Merchants Fund, specifically the China Merchants Quantitative Selected Stock A (001917), has newly entered the list in the third quarter, holding 470,000 shares, which accounts for 0.65% of the circulating shares [2] - The China Merchants Quantitative Selected Stock A fund, established on March 15, 2016, has a latest scale of 2.765 billion CNY, with a year-to-date return of 42.35% and a one-year return of 49.25%, ranking 1008 out of 4218 and 673 out of 3876 respectively [2] - The fund manager, Wang Ping, has a cumulative tenure of 15 years and 132 days, with the fund's total asset scale at 16.687 billion CNY, achieving a best return of 282.09% and a worst return of -70.61% during his tenure [2]

Core Viewpoint - Southbound funds have significantly reduced their holdings in Hema Medical (03309.HK), indicating a bearish sentiment towards the company in recent trading days [1]. Summary by Sections Southbound Fund Holdings - On October 22, southbound funds reduced their holdings by 72,000 shares, marking a decrease of 0.09% [2]. - Over the past five trading days, there has been a cumulative net reduction of 634,000 shares, with reductions occurring on all five days [1][2]. - In the last 20 trading days, the total net reduction reached 3,286,000 shares, with reductions on all 20 days [1]. Current Holdings - As of the latest data, southbound funds hold a total of 79,449,000 shares of Hema Medical, which represents 6.32% of the company's total issued ordinary shares [1][2]. Company Overview - Hema Medical Holdings Limited primarily engages in providing medical services through four divisions: - The Hong Kong medical division focuses on ophthalmology, dentistry, and other medical services, as well as the sale of vision aids [2]. - The mainland dental division provides dental services in mainland China [2]. - The medical consumables division sells medical consumables in Hong Kong [2]. - The mainland ophthalmology division offers ophthalmic services and sells vision aids in mainland China [2].

Core Viewpoint - Southbound funds have significantly reduced their holdings in Hema Medical (03309.HK), indicating a bearish sentiment towards the company in recent trading days [1]. Summary by Sections Southbound Fund Holdings - On October 15, southbound funds reduced their holdings by 88,000 shares, marking a decrease of 0.11% [2]. - Over the past five trading days, there has been a cumulative net reduction of 1,242,000 shares, with reductions occurring on all five days [1][2]. - In the last 20 trading days, the total net reduction reached 3,440,000 shares, with reductions on all 20 days [1]. Current Holdings - As of now, southbound funds hold 80,083,000 shares of Hema Medical, which represents 6.37% of the company's total issued ordinary shares [1]. Company Overview - Hema Medical Holdings Limited primarily engages in providing medical services through four divisions: - The Hong Kong medical division focuses on ophthalmology, dentistry, and other medical services, along with the sale of vision aids [2]. - The mainland dental division provides dental services in mainland China [2]. - The medical consumables sales division operates in Hong Kong [2]. - The mainland ophthalmology division offers ophthalmic services and sells vision aids in mainland China [2].

Group 1 - The Trump administration has initiated Section 232 investigations into imported robots, industrial machinery, and medical devices, aiming to encourage domestic manufacturing by increasing import costs [1][2][4] - The investigations are based on the Trade Expansion Act of 1962, which allows the U.S. Department of Commerce to investigate imports that threaten national security, with a deadline of 270 days for policy recommendations [2][3] - The new investigations expand the range of industries potentially facing tariffs, including robots, CNC machining centers, and personal protective equipment (PPE) [2][3] Group 2 - The Trump administration's tariffs on steel, aluminum, and copper have generated significant revenue, with July 2023 tariff income reaching $28.44 billion, a 273% increase year-over-year [4] - Despite the increase in tariff revenue, the core objectives of the tariffs are to reduce the trade deficit and promote the return of manufacturing jobs to the U.S. [4][5] - The manufacturing sector has faced challenges, with job growth in manufacturing being negative since April 2023, indicating difficulties in bringing manufacturing back to the U.S. [5][6] Group 3 - Legal challenges to the Trump administration's tariff measures have emerged, with a ruling stating that the use of the International Emergency Economic Powers Act to impose tariffs was unlawful [6][7] - The ruling may impact the administration's ability to implement tariffs under this act, while Section 232 tariffs could be more enduring despite a longer implementation process [7][8] - The National Economic Council has suggested that if the Supreme Court does not support the Trump administration, other legal bases for imposing tariffs may still be pursued [7]