智通财经APP讯，固生堂(02273)发布公告，认购协议项下所有先决条件均已达成，本金总额为1.1亿美 元的可换股债券已于2026年2月12日完成发行。假设所有换股股份按可换股债券本金额及自前一付息日 起直至截至到期日前第7日止换股期的最后一日止的应计利息以初始换股价每股换股股份37.77港元悉数 转换，将发行合共2291.51万股换股股份。 ...

固生堂(02273)发布公告，认购协议项下所有先决条件均已达成，本金总额为1.1亿美元的可换股债券已 于2026年2月12日完成发行。假设所有换股股份按可换股债券本金额及自前一付息日起直至截至到期日 前第7日止换股期的最后一日止的应计利息以初始换股价每股换股股份37.77港元悉数转换，将发行合共 2291.51万股换股股份。 ...

GUSHENGTANG HOLDINGS LIMITED 固 生 堂 控 股 有 限 公 司 （根據開曼群島法律註冊成立的有限公司） （股份代號：2273） 完成根據一般授權發行可換股債券 本公司的財務顧問 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 因依賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券之邀請或要約。 本公告並非亦無意成為於美國或任何其他在根據任何有關司法權區證券法辦理登記或取得 資格前作出有關要約、招攬或銷售即屬違法的司法權區出售本公司證券之要約或招攬購買本 公司證券之要約。本公告所述證券概無且不會根據美國證券法登記，且不可在美國境內發售 或出售，惟根據美國證券法下的豁免或在不受美國證券法規限的交易中除外。本公告及本公 告所載資料不得直接或間接在美國境內分發或分發至美國。本公告所述證券並無亦不會在美 國境內公開發售。 可換股債券將不會在聯交所或任何其他證券交易所上市。本公司已獲得換股 股份在聯交所上市及買賣的批准。 中國證監會 ...

Investment Rating - The report indicates a positive outlook for the pharmaceutical sector, particularly for innovative drugs and companies expected to reach profitability in 2025 [1][9][15]. Core Insights - The innovative drug sector is anticipated to see significant growth due to the commercialization of core products and contributions from business development (BD) revenues, with companies like BeiGene, Innovent Biologics, and others expected to achieve profitability [1][9]. - The Pharma sub-sector is projected to experience a revenue growth rate of 15-20% in 2025, with notable companies such as Hansoh Pharmaceutical and China Biologic Products leading this growth [2][10]. - The CXO sector is also expected to report strong performance, with companies like WuXi AppTec forecasting substantial revenue and profit increases [3][11]. - The medical services sector is currently valued at historical lows, with a projected revenue growth of 13% for Genscript Biotech, highlighting the importance of monitoring industry changes [4][12]. Summary by Sections Innovative Drugs - Companies expected to achieve profitability in 2025 include BeiGene, Innovent Biologics, and others, driven by increased commercialization and BD revenues [1][9]. Pharma - Revenue growth of 15-20% is expected for leading companies such as Hansoh Pharmaceutical and China Biologic Products, with a significant boost anticipated for 3SBio due to a major BD deal with Pfizer [2][10]. CXO - WuXi AppTec is projected to achieve approximately 454.56 billion RMB in revenue, reflecting a year-on-year growth of about 15.84%, with adjusted net profits expected to rise significantly [3][11]. Medical Services - Genscript Biotech is expected to see a revenue increase of 13% in 2025, emphasizing the need to focus on overseas business expansion and AI integration in traditional medicine [4][12].

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [1]. Core Insights - The report highlights that the commercialization of innovative drugs, combined with licensing income, is expected to lead to profitability for several companies in 2025, including BeiGene, Innovent Biologics, and others [1][9]. - The Pharma sub-sector is projected to achieve a revenue growth rate of 15-20% in 2025 for companies like Hansoh Pharmaceutical and China Biologic Products, with a significant revenue increase expected for 3SBio due to a major business development deal with Pfizer [2][10]. - The CXO sector is also expected to show strong performance, with companies like WuXi AppTec forecasting a revenue increase of approximately 15.84% and a net profit growth of about 102.65% in 2025 [3][11]. - In the medical services sector, the report notes that valuations are at historical lows, with a projected revenue growth of 13% for GuoShengTang in 2025, emphasizing the importance of overseas business expansion and AI integration in traditional Chinese medicine [4][12]. Summary by Sections Innovative Drugs - The report anticipates that several innovative drug companies will reach profitability in 2025 due to increased commercialization and business development income [9][15]. Pharma - The Pharma sub-sector is expected to see a revenue growth of 15-20% in 2025 for key players, with 3SBio projected to achieve over 100% growth due to a significant partnership with Pfizer [2][10]. CXO - WuXi AppTec is expected to report a revenue of approximately 454.56 billion RMB in 2025, with a net profit growth of around 102.65% [3][11]. Medical Services - GuoShengTang is projected to have a revenue growth of 13% in 2025, with a focus on overseas acquisitions and AI applications in traditional medicine [4][12].

Investment Rating - The report provides an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, indicating a positive outlook for these stocks [1]. Core Insights - The macro and industry environment is improving due to the resolution of policy uncertainties, the release of significant clinical data, and a resurgence in global M&A activity, leading to a notable increase in investor sentiment towards innovative drugs for 2026 [4][11]. - In oncology, the PD-1/VEGF dual antibody approach is transitioning from "mechanism validation" to "clinical and industrial resonance," with multiple global Phase III trials underway, expected to catalyze approvals and data releases within the year [5][17]. - The metabolic sector is seeing growth in the cash-pay market for GLP-1 drugs, driven by limited insurance coverage and high out-of-pocket costs, prompting companies to enhance accessibility through direct sales and pricing adjustments [6][25]. - In the autoimmune space, there is a growing concentration risk among major products from multinational corporations (MNCs), with new antibody platforms expected to yield significant data in 2026, potentially leading to new business development opportunities [7]. - The central nervous system (CNS) investment focus remains on advancing Aβ monoclonal antibody treatments, with key data expected to open up early intervention market opportunities [9]. Summary by Sections Oncology - The PD-1/VEGF dual antibody's clinical and industrial certainty is strengthening, with major companies conducting multiple global Phase III trials across high-value indications [17]. - The Pan-RAS precision therapy is entering a realization phase, with key Phase III data expected in 2026 for pancreatic cancer and NSCLC [22]. Metabolic - The cash-pay market for GLP-1 drugs is expanding due to limited insurance coverage, with companies like Eli Lilly and Novo Nordisk adopting different direct-to-consumer strategies to enhance accessibility [25][26]. - Small nucleic acid therapies are expected to upgrade treatment paradigms, showing competitive data in weight loss and safety profiles when combined with GLP-1 [30]. Autoimmune - MNCs are increasingly reliant on a few blockbuster products, with structural opportunities arising from new antibody platforms expected to report data in 2026 [7]. - The trend towards oral formulations in autoimmune diseases is gaining traction, offering advantages in adherence and competitive differentiation [7]. CNS - The focus in CNS remains on Aβ monoclonal antibody treatments, with advancements expected to shift treatment towards earlier intervention populations [9]. - New delivery methods, such as systemic administration of small nucleic acids, are being explored as complementary approaches [9].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 固生堂控股有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02273 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 264,430,287 | USD | | 0.0001 | USD | | 26,443.03 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 264,430,287 | USD | | 0.0001 | USD | | 26,443.03 | 本月底法定/註冊股本總額： USD 26,443.03 ...

[Table_Title] 研究报告 Research Report 27 Jan 2026 固生堂 Gushengtang (2273 HK) 固生堂发行 8.57 亿港元可转债，资本加持扩张、AI 中医系统可期 Gushengtang Issues HK$857 Million Convertible Bonds to Fuel Expansion and AI-Powered TCM System Development 孟科含 Kehan Meng 孙旭东 Xudong Sun kh.meng@htisec.com xd.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 固生堂于 1 月 26 日公告，拟发行 1.1 亿美元平价可换股债券（约 8.57 亿港币），票面利率 2%、期限 5 年，初始换 股价溢价 22.23%，募集净额约 8.47 亿港元，定向用于股份回购、AI 诊疗系统研发及营运资金补充。本次发行由 Boyu C ...

2026年1月23日，固生堂中医集团(02273)与新加坡南洋理工大学(简称"南大")正式启动"固生堂中医教育与研究项目"，旨在推动新加坡中 医药人才培养与循证研究发展，助力本地医疗生态系统建设。 新加坡数码发展及新闻部兼卫生部高级政务部长陈杰豪(后排左二)，新加坡中医管理委员会主席张俰宾博士(后排左一)，固生堂中医集团 董事长涂志亮(后排右二)，新加坡南洋理工大学高级副校长(行政)陈逸娜(后排右一)见证签约仪式。 签约仪式在新加坡通讯及新闻部兼卫生部高级政务部长陈杰豪的见证下举行。固生堂中医集团创始人、董事长涂志亮，以及来自新加坡 中医管理局、新加坡南洋理工大学等多方代表共同出席。会议通过线上线下（300959）结合的方式举行，并设立国内分会场同步开展学 术交流。 据悉，此次合作标志着固生堂"学术+科技+资本"立体化出海模式已成体系，形成了相互支撑的战略铁三角。在学术层面，将依托南大在 科研领域的顶尖实力，共同启动中医药循证研究和人才培养。科技层面，固生堂持续推动AI、大数据等前沿技术在中医药领域的创新应 用。资本层面，固生堂已成功引入新加坡知名投资机构AGP的战略投资，为新加坡中医药产业化发展提供强劲动力 ...

Core Viewpoint - The strategic partnership between Guoshengtang Traditional Chinese Medicine Group and Nanyang Technological University marks a significant step in the internationalization of traditional Chinese medicine (TCM) in Singapore, integrating academic, technological, and capital resources to enhance TCM's role in modern healthcare [2][9]. Academic Foundation - The collaboration aims to leverage Nanyang Technological University's research capabilities to initiate evidence-based research and talent development in TCM, addressing the growing demand for preventive medicine and complementary therapies in Singapore [3][4]. - The partnership will establish an international talent cultivation system by inviting top Chinese TCM experts to lecture, setting up doctoral scholarships, and promoting overseas exchange programs [4]. Technological Empowerment - Guoshengtang is utilizing AI and big data to digitize the clinical experiences of top TCM experts, creating an AI-assisted diagnostic system known as "Traditional Chinese Medicine Brain" [6][7]. - This system aims to enhance the efficiency of TCM practitioners and support the training of young physicians both domestically and internationally, thereby improving the quality of TCM services [6][7]. Capital Support - A strategic investment from August Global Partners (AGP) will provide financial backing for Guoshengtang's internationalization strategy and the development of AI technologies in TCM [8]. - Since entering the Singapore market in 2024, Guoshengtang has rapidly expanded, operating 16 clinics by December 2025, with plans to increase this number to 50 by the end of 2026 [8]. Conclusion - The partnership represents a milestone in the internationalization of TCM, combining academic, technological, and capital elements to enhance TCM's credibility and position within Singapore's healthcare system, with aspirations to extend its influence across Southeast Asia and globally [9].