Zhitong Hong Kong Stocks Early Insight | Several regions plan to raise coke market prices; WuXi AppTec (02359) net profit attributable to parent increased by 105.2% year-over-year in 2025

【Today’s Headlines】

Multiple regions including Shandong plan to raise coke market prices

Markets in Weifang, Binzhou, Dezhou, Jining, Zaozhuang, Heze, Rizhao, Tai’an, Linyi, and other areas in Shandong plan to increase coke prices, with wet quench coke up by 50 yuan/ton and dry quench coke up by 55 yuan/ton; Xingtai market also plans to raise coke prices, with wet quench coke up by 50 yuan/ton and dry quench coke up by 55 yuan/ton; Yuncheng market’s individual coke companies plan to adjust coke prices, with dry quench coke up by 55 yuan/ton, all effective from March 25 at 0:00.

Guangfa Securities released a research report stating that, supported by expectations of tightening Indonesian coal exports and Middle Eastern geopolitical risks, overseas coal prices are already trending upward. If crude oil and natural gas prices continue to rise due to geopolitical conflicts, global coal demand will be boosted through coal chemical and coal power pathways, widening the domestic and international coal price gap. The upward trend in international coal prices will strongly support domestic coal prices, and the domestic market is expected to be characterized by easy increases and difficult decreases.

【Market Outlook】

WTI crude oil futures close at $88.87 per barrel, down 9.53%

Overnight, U.S. stocks closed with the Dow Jones Industrial Average up 631.0 points at 46,208.47, a 1.38% increase; the S&P 500 rose 74.52 points to 6,581.0, up 1.15%; the Nasdaq Composite gained 299.15 points to 21,946.76, up 1.38%. Tech stocks rose across the board, with Broadcom up over 4%, Oracle and Tesla up over 3%, while storage concept stocks declined, with Micron Technology down over 4%.

Most popular Chinese concept stocks closed higher, with the Nasdaq Golden Dragon China Index up 0.86%. XPeng Motors and NIO rose over 7%. Hang Seng Index ADRs increased, with the index closing at 25,001.99 points, up 619.52 points or 2.54% from Hong Kong market close.

NYMEX WTI crude oil futures for the current month fell $9.36 to close at $88.87 per barrel, down 9.53%. COMEX gold futures for the current month declined $164.50, a 3.60% drop, to $4,410.4 per ounce.

【Hot Topics Preview】

Connaissance-B (02162): Holding company Ouro Medicines acquired by Gilead, expected to gain up to approximately $320 million

Zhitong Finance APP reports that Connaissance-B (02162) announced that its wholly owned subsidiary, One Bridge Hong Kong, holds about 15% minority equity in Ouro Medicines, which is recorded in the company’s consolidated financial statements as a financial asset measured at fair value with changes recognized in profit or loss.

Zhongao Daojia (01538) issues profit forecast, expects 2025 net profit attributable to shareholders of about RMB 97 million to 100 million, an increase of over 9% year-on-year

Zhongao Daojia (01538) announced that the group expects to achieve a net profit attributable to the parent company’s owners of about RMB 97 million to RMB 100 million for fiscal year 2025, an increase of over 9% compared to RMB 89 million for the year ending December 31, 2024. The increase is mainly due to gross profit growth driven by higher revenue and improved gross margin; the group’s ongoing cost management efforts have effectively controlled administrative, sales, and distribution expenses; and a reduction in net impairment losses on financial assets. These effects were partly offset by decreases in interest income, rental income, and government subsidies.

Rongchang Biotech (09995) approved by China NMPA for listing of Vedicitumab for HER2-low expressing breast cancer with liver metastasis

Rongchang Biotech (09995) announced that it received the drug registration certificate issued by the China National Medical Products Administration (NMPA). The listing application for Vedicitumab (code: RC48, brand name: AidiXi®, approval number: Guoyao Zhunzi S20210017, certificate number: 2026S00808) for the treatment of HER2-low expressing breast cancer with liver metastasis has been approved. This is the fourth approved indication for Vedicitumab domestically.

BOE Technology (00710) reports 2025 performance, net profit attributable to shareholders of HKD 345 million, down about 12%, final dividend of 15.3 HK cents per share

BOE Technology (00710) announced its 2025 results, with revenue of approximately HKD 13.957 billion, up about 4%. Net profit attributable to shareholders was HKD 345 million, down about 12%. Basic earnings per share were 43.9 HK cents, with a proposed final dividend of 15.3 HK cents per share. The sales growth was mainly driven by TFT products, touch screen display modules, and automotive system sales, benefiting from increased demand from major customers in China and Europe.

GigaMedia (03918) reports 2025 performance, net profit of about USD 310 million, up approximately 1.83 times, final dividend of 1.09 US cents per share

GigaMedia (03918) announced its 2025 results, with total gaming revenue of USD 691.6 million, up 27.4%; net gaming income of USD 611 million, up 27.2%; total revenue of about USD 710 million, up 26.16%; gross profit of USD 577 million, up 26.3%; net profit of USD 310 million, up about 1.83 times; basic earnings per share of 7.01 US cents, and a final dividend of 1.09 US cents per share.

China Oriental Group (00581) issues profit forecast, expects 2025 net profit of about RMB 270 million to 315 million, an increase of about 20%-40%

Despite continued weak demand for downstream steel products leading to a decline in average selling prices, the expected increase in net profit for the year is due to a combination of factors, including (i) a faster decline in raw material prices compared to steel product prices; (ii) ongoing comprehensive lean management strategies, including cost reduction, efficiency improvements, management optimization, and technological upgrades; and (iii) a year-on-year increase in steel product output and sales, collectively improving overall gross profit.

Kelun Biotech-B (06990) releases annual results, revenue of RMB 2.058 billion, up 6.46% year-on-year

The company announced that it has obtained marketing approval for sac-TMT (Jatai Lai®), Targoli monoclonal antibody (Ketai Lai®), Cetuximab N01 (Datai Lai®), and Botulocutuzumab (Shutai Lai®), and has begun commercialization. It has also submitted NDA for Famotidine Bortezomib capsules (Ningtai Lai®), expected to start commercialization in the first half of 2027 after regulatory approval. The three commercialized products—sac-TMT (Jatai Lai®), Targoli monoclonal antibody (Ketai Lai®), and Cetuximab N01 (Datai Lai®)—have been successfully included in the National Medical Insurance Drug List, effective from January 1, 2026.

YaoShibang (09885) reports annual results, net profit of RMB 153 million, up 409.66%

YaoShibang (09885) announced its annual results for the year ending December 31, 2025, with revenue of RMB 20.97 billion, up 17.13%; net profit attributable to owners of the company of RMB 153 million, up 409.66%; basic earnings per share of RMB 0.224; proposed final dividend of RMB 0.110 per share.

WuXi AppTec (02359) releases 2025 results, net profit of RMB 19.195 billion, up 105.2%

WuXi AppTec (02359) announced its 2025 annual results, with revenue of RMB 45.456 billion, up 15.8%; net profit attributable to the parent of RMB 19.195 billion, up 105.2%; basic earnings per share of RMB 6.72, and a proposed cash dividend of RMB 15.79 per 10 shares (tax included).

New stock dark trading | Zejing Holdings (02632): closes up 1.04%, earning HKD 23 per lot

Zhitong Finance APP reports that Zejing Holdings (02632) will be listed in Hong Kong on March 24 (Tuesday). As of the close, the dark trading quote from Liquor Moore Securities was HKD 44.66, up 1.04% from the IPO price of HKD 44.2, with a lot size of 50 shares, earning HKD 23 per lot before fees.

New stock dark trading | Kailsi Technology (02729): surges over 82%, earning HKD 2752 per lot

Zhitong Finance APP reports that Kailsi Technology (02729) will be listed in Hong Kong on March 24 (Tuesday). As of the close, Liquor Moore Securities’ dark trading quote was HKD 30.42, up 82.59% from the IPO price of HKD 16.66, with a lot size of 200 shares, earning HKD 2752 per lot before fees.

【Stock Highlights】

Zhongchuang Xinhang (03931): Benefiting from steady growth in global energy storage demand

Morgan Stanley’s recent research report states that the real bottleneck in AI development is shifting from computing power to electricity, and energy storage systems (ESS) will become the core infrastructure to solve this bottleneck.

Recently, Zhongchuang Xinhang made major progress on two billion-level energy storage battery projects. The second phase of the Jiangmen base received energy-saving approval, and the Handan base entered the steel structure construction stage. After commissioning, the project will achieve an annual production capacity of 86 GWh for power and energy storage batteries, with a total investment exceeding 22 billion yuan.

The global energy storage industry remains highly prosperous, with new energy storage included in the national emerging pillar industries for the first time. 2026 will be a major year for Zhongchuang Xinhang’s capacity release. In addition to the Jiangmen and Handan projects, the Chengdu second phase will start production in Q2 2026, adding about 30 GWh of capacity. Combined with the layout in Changzhou, Xiamen, and Europe, the total new capacity will exceed 75 GWh.