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  1. IndustrialGenentechGenentech Announces Manufacturing Expansion in Hillsboro, OregonSOUTH SAN FRANCISCO, Calif., August 20, 2026--Genentech, a member of the Roche Group (SIX: RO, ROP; OTCQX: RHHBY), today announced plans to invest approximately $750 million in a new device fill-finish manufacturing facility at its 75-acre campus in Hillsboro, Oregon. The investment will bring new end-to-end device filling capabilities to the site and expand Genentech’s capacity to support its future pipeline of innovative medicines.
  2. FinanceHua Medicine Announces 2026 Interim Results- Sales of HuaTangNing reached 3.055 million packs in the first half of 2026, representing a 73% year-on-year increase; revenue hit RMB378.9 million, up 74% year-on-year. The in-house commercialization drive maintained robust growth with continuously improved operational efficiency. - Expanded manufacturing scale lifted gross profit margin substantially to 61.8%, a year-on-year rise of 7.6 percentage points. - Profit generated from commercial operations doubled year-on-year, and loss narrowed markedly to RMB30.2 million after excluding one-off income, demonstrating a clear path to full-scale profitability. - Selling expense-to-revenue ratio stabilized at 33.5%, reflecting tangible gains from increased marketing efforts and streamlined operations. - Dorzagliatin secured marketing approvals in both the Hong Kong and Macao Special Administrative Regions of China; demonstrating our innovative business model is showing early success and marking a key milestone for global expansion. - A five-year patent term extension was granted for dorzagliatin, extending core patent protection to April 2034. The National Reimbursement Drug List price of the product will remain unchanged for 2026 and 2027, reinforcing long-term commercial profitability certainty. - Topline results from real-world studies further validated the broad applicability, safety and tolerability of dorzagliatin across diverse real-world patient populations. - Multiple combination therapy studies revealed synergistic metabolic benefits when dorzagliatin is paired with oral small-molecule GLP-1 receptor agonists, THR-β agonists and pan-PPAR agonists, tapping into development therapeutic potential in new disease areas including obesity and MASLD. - Clinical development of the second-generation GKA in the United States proceeded smoothly. R&D initiatives for new indications including MODY-2, diabetes prevention, neurodegenerative diseases and frailty were accelerated across the board. SHANGHAI, August 20, 2026 - Hua Medicine (the “Company”, HKEx: 2552) announced the unaudited consolidated results of the Company and its subsidiaries for the six months ended June 30, 2026 (the “Reporting Period”), as well as the Company's business progress during the first half of the year and future outlook. During the Reporting Period, HuaTangNing, dorzagliatin tablets), the Company’s core globally first-in-class oral anti-diabetic glucokinase activator (GKA), entered a rapid scale-up phase under proprietary commercialization. Revenue and gross profit both recorded substantial growth with sustained gross margin improvement. The Company achieved critical milestones in global expansion through the commercial launch of dorzagliatin in Hong Kong and Macao SARs. Multiple pivotal clinical datasets were presented at leading international academic conferences, delivering continuous breakthroughs across the full product pipeline. Core operating losses narrowed steadily, while robust cash reserves laid a solid foundation for the Group’s long-term sustainable growth. Dr. Li Chen, Founder and CEO of Hua Medicine, stated: “The first half of 2026 represents a pivotal stage for Hua Medicine as we translate original innovation into marketing value realization. Sales volume and revenue of dorzagliatin grew more than 70% year-on-year, gross margin surpassed 60%, and profit from commercial operations doubled compared with the same period last year. It validates the Company’s successful transition from R&D-innovation-driven growth to rapid commercial development in the chronic disease space. It fully demonstrates that domestically developed first-in-class drugs from China possess strong and sustainable market momentum, backed by national policies that support innovative drugs across the full-value chain. Meanwhile, dorzagliatin was successfully launched in Hong Kong and Macao SARs, officially kicking off our internationalization strategy anchored in Greater China with outreach to Southeast Asian, Spanish-speaking and Portuguese-speaking markets. Chinese original innovative medicines are now deeply participating in the global metabolic disease treatment landscape. Moving forward, rooted in glycemic homeostasis regulation, the Company will advance a new paradigm for diabetes homeostasis-targeted therapy featuring next-generation long-acting GKAs, fixed-dose combinations and combination therapies. We will build a human energy-metabolism health pipeline matrix covering disease prevention, special types of diabetes, fatty liver diseases and steatohepatitis, cognitive impairment and frailty. Leveraging artificial intelligence technologies, the Company will continuously expand the clinical boundaries and application scenarios of its glycemic homeostasis technology platform, and strive to bring China-originated innovative therapies to patients with metabolic diseases at home and abroad.” Business Highlights and Operational Progress 1. Accelerated Proprietary Commercialization with Major Operational Efficiency Improvements - Rapid sales expansion. During the Reporting Period, we sold approximately 3,055,000 packs of HuaTangNing in the first half of 2026, up 73% from 1,764,000 packs sold during the same period in 2025. This rapid sales growth trajectory is further supported by the maintenance of China’s National Reimbursement Drug List (NRDL) price for the 2026 and 2027 calendar years. Regions that already led sales in 2025, coastal areas including Shanghai, Tianjin and Guangdong province and Beijing, continued to deliver strong growth during the reporting period, reflecting the substantial market potential for further market penetration and providing a solid basis for sustained strong growth in the future. - Markedly enhanced profitability driven by scale effects. Relying on expanded production capacity and optimized manufacturing processes, gross margin rose significantly from 54.2% in the first half of 2025 to 61.8%, up 7.6 percentage points; gross profit reached RMB234.3 million, a 99% year-on-year surge. Selling expenses totalled RMB126.9 million, with the ratio of selling expense to revenue standing at 33.5%. Our commercialization efforts achieved profit of approximately RMB107.4 million (as defined by gross profits less selling expenses), doubled from RMB53.7 million in the same period of 2025. as profitability from proprietary commercialization continues to materialize. - Normalized financial performance with healthy cash reserves. Loss before tax stood at approximately RMB30.2 million. Excluding the one-off release of contract liabilities in the corresponding period of 2025 following the termination of the Bayer contract, the loss for the current reporting period is expected to narrow by approximately RMB29.4 million as compared with the adjusted loss of approximately RMB59.6 million for the corresponding period in 2025. Fundamental business operations continued to improve. Cash balances were approximately RMB1,072.9 million as of June 30, 2026 a decrease of RMB19.4 million from bank balances and cash position as of December 31, 2025. Ample liquidity supports domestic market expansion, global clinical R&D, and overseas commercialization in Hong Kong, Macao and Southeast Asia. - Our commercialization team continued to scale. The professional sales team expanded to 187 product representatives, and 75 staff actively engaged in marketing, medical affairs and commercial operation as of June 30, 2026, representing growth of 93% and 79% respectively compared with the same period of 2025. 2. Strengthened Core Intellectual Property Rights and Breakthroughs in Overseas Market Development - Marketing approvals secured and commercialization rolled out in Hong Kong and Macao. Dorzagliatin (brand names: MYHOMSIS(R) was approved for marketing in Hong Kong on February 2026 and in Macao on June 2026. The product has been distributed to hospitals and pharmacies in Hong Kong, with the first prescription issued in August 2026, providing a new treatment option for patients with Type 2 diabetes outside mainland China. - Patent term extension secured to boost long-term commercial certainty. In February 2026, the China National Intellectual Property Administration granted a five year patent term extension for dorzagliatin, extending core patent protection to April 2034. 3. Real-World Clinical Evidence Reinforces the Product’s Differentiated Value The Group continued advancing post-marketing real-world studies of dorzagliatin to further validate its efficacy and safety profiles in complex patient cohorts. - Topline data released from large-scale multi-centre post-marketing real-world study HMM0601. At the 2026 ADA Scientific Sessions, the Company presented results from HMM0601, a large-scale post-marketing real-world study. Across 80 clinical centres in China, HMM0601 enrolled 2024 patients with Type 2 diabetes with mean disease duration of 7.9 years. Over the 52-week treatment period, no drug-related serious adverse events (SAEs) or episodes of severe hypoglycemia were observed; the incidence of clinically meaningful hypoglycemia was below 1%, and no new safety signals were identified compared with the Phase III clinical trials; HbA1c was significantly reduced from baseline, and the proportion of patients achieving HbA1c<7% increased markedly. This provides robust evidence of dorzagliatin’s strong safety and tolerability profile and consistent glycemic control efficacy. - Interim findings disclosed from prospective real-world observational study HMM0701. This study enrolled 255 patients with Type 2 diabetes, the majority of whom had long disease duration and were already receiving multi-drug regimens including insulin. The 6-month interim results of subgroup analysis indicates that dorzagliatin provides meaningful efficacy in glycemic control. Even in patients with severely compromised baseline TIR, clinically meaningful reductions in HbA1c, improved TIR, enhanced β-cell function, and reduced insulin resistance were observed, collectively indicating the restoration of glucose homeostasis. This study provides a solid rationale for a novel glycemic management option in complex T2D cases. - Preparations remain underway for post-marketing study HMM0602. The study is designed to generate further clinical evidence regarding the role of dorzagliatin in restoring glucose homeostasis and its potential contribution to diabetes remission. Research and Development Pipeline and Future Outlook 1. Multiple R&D Innovation Breakthroughs Usher in New Chapters for First-in-Disease Indications - Dorzagliatin for Patients with GCK-MODY Medical experts in mainland China and Hong Kong have conducted independent clinical and preclinical studies of dorzagliatin for MODY-2 treatment. MODY-2, also called GCK-MODY, is a monogenic disease in which patients have a genetic defect of glucokinase gene (GCK) which results in elevated blood glucose and significant reduction of the second phase release of insulin. The population of GCK-MODY patients is approximately 1.7 million in China. These patients are diagnosed with diabetes at a young age and represent an unmet medical need given currently available medications are not effective. In clinical studies with MODY-2 patients, a single dose of dorzagliatin improved overall glucose sensitivity and second phase insulin secretion significantly in GCK-MODY patients, suggesting a unique mechanism of action of dorzagliatin to regulate glucagon like peptide 1 (GLP-1) secretion. During the Reporting Period, we continued to advance the regulatory development of dorzagliatin for GCK-MODY in China. Following prior communications with the Center for Drug Evaluation of the National Medical Products Administration, we completed the proposed clinical protocol. We plan to submit an IND application for dorzagliatin in GCK-MODY by December 2026. - Dorzagliatin for Diabetes Prevention Prevention of diabetes is an important focus at Hua Medicine. There are approximately 1.12 billion people living with prediabetes worldwide. We have initiated the SENSITIZE 3 clinical study in Hong Kong in pre-diabetic (IGT) subjects and in early diabetes patients under the leadership of Dr Juliana Chan and Dr Elaine Chow of the Chinese University of Hong Kong. These studies represent first-in-disease studies. In this double-blinded placebo-controlled study, we will evaluate the blood glucose management and pancreatic function under intravenous glucose tolerance test and oral glucose tolerance test conditions to better define the clinical treatment baseline and endpoints. We expect to complete this study in 2026 and file IND applications of dorzagliatin for diabetes prevention in China and Asia-Pacific regions thereafter. - Dorzagliatin for Neurodegenerative Diseases MCI shows approximately 15.5% prevalence among elderly people in China and approximately 22% in the United States, and is common in T2D patients with a 45% incidence rate. Development of dorzagliatin for neurodegenerative disease is a new focus in our drug discovery efforts. Through the Genome-Wide Association Study (GWAS) and Mendelian Randomization (MR) study, we have realized the important role of GCK gene activation in prevention of memory loss and cognitive impairment in humans. It has also come to our attention that post-meal glucose excursion is closely related to Alzheimer disease and dementia. Impaired glucose homeostasis and diabetes conditions result in a reduction of glucose transporter expression and insulin receptor expression in the brain, which can be prevented by low dose dorzagliatin. We have realized the potential of dorzagliatin in the treatment of MCI and are initiating these first-in-disease clinical studies. Preparation of the clinical study protocol and clinical development plan has been initiated. We expect to launch pre-IND communications with the relevant regulatory authority in the fourth quarter of 2026. - Dorzagliatin for Frailty Frailty is an age-related geriatric syndrome characterized by reduced tolerance to internal and external stressors. Approximately 17% of American older adults and 11% of Asian older adults suffer from frailty, while pre-frailty affects roughly 50% and 47% of these populations, respectively. It is not a single-organ disease, but the consequence of dysregulated multisystem homeostasis. Genetic evidence has suggested a potential relationship between glucokinase activation and a reduced risk of frailty, supporting further investigation of dorzagliatin in this area. We intend to progress the regulatory preparations for an IND submission in 2026. 2. Robust Pipeline Gains Momentum, AI Powers Collaborative Innovation - Fixed Dose Combination of Dorzagliatin and Metformin We are fast forwarding the development of the FDC of dorzagliatin with metformin. An IND with the NMPA has been filed for our FDC with metformin in China in 2025, with an NDA submission planned for 2027. - The 2nd Generation of GKA under Development in the United States HM1005 is our second-generation GKA program based on a sustained-release formulation of dorzagliatin and is being developed as a once-daily oral therapy. In 2025, we successfully initiated MAD clinical study in T2D patients in the United States. As of the date of this report, five cohorts have been completed as planned in the Phase Ib multiple ascending dose study. HM1005 was generally well tolerated across the completed cohorts. We are conducting a subsequent cohort evaluating two 246 mg tablets in the United States. Topline data are expected to be published in the second half of 2026, and we will pursue partnerships to develop the 2nd generation GKA for global markets. - Development of Combination Therapies for Diabetes and Metabolic Diseases We presented three combination therapy studies in animal models of metabolic disorder at 2026 ADA. The combination of dorzagliatin and orforglipron, an oral small-molecule GLP-1 receptor agonist, demonstrated synergistic glycemic control, significantly enhanced β-cell function, and maintained weight loss and lipid-lowering benefits in diet-induced obese (DIO) mice. Notably, the data revealed a compelling dose-sparing effect which directly reduces the overall side-effect burden – particularly common GLP-1-related gastrointestinal adverse events – thereby meaningfully improving long-term patient adherence. These complementary mechanisms across glycemic control, weight loss, and lipid improvement, position the potential combination as a highly effective, well-tolerated, and differentiated oral option for T2D patients with obesity. In the study combining dorzagliatin with the THR-β agonist resmetirom, the combination synergistically improved systemic metabolism and exerted hepatoprotective effects, optimizing glycemic control, regulating lipids, reducing uric acid, and alleviating hepatic fibrosis. This supports the clinical potential of dorzagliatin for T2D patients with MASLD. Additionally, the combination of dorzagliatin with chiglitazar, a pan-PPAR agonist, improves glucose tolerance, reduces insulin resistance, enhances insulin sensitivity and β-cell function, and elevates high-density lipoprotein cholesterol levels in DIO mice model of MASLD. - Integration of AI, LLMs and Clinical Big Data Alongside the continued development of dorzagliatin in research and clinical practice, the Company has continued to invest in the integration of AI, large language models (LLMs) and clinical big data, and has achieved concrete outcomes. We launched our proprietary GK education platform (GK Charger) in 2025. The platform uses natural language interaction to present complex glucokinase relevant knowledge in evidence-based, clinically relevant format that is easy for both physicians and patients to understand. It enables doctors to obtain up to date diagnostic and treatment information, make accurate clinical decisions, and develop individualized treatment plans for patients. Since the launch of GK Charger, the platform has cumulatively responded to more than 3,700 queries. Financial Summary As of June 30, 2026 - Sales volume of HuaTangNing reached approximately 3.055 million packs, up 73% year-on-year, generating revenue of approximately RMB378.9 million, representing a 74% year-on-year increase. - Gross profit totalled approximately RMB234.3 million, up 99% year-on-year, with gross margin rising to 61.8%. - Loss before tax stood at approximately RMB30.2 million, representing a substantial narrowing compared with adjusted loss recorded in the same period of 2025. - Bank balances and cash position were approximately RMB1,072.9 million, maintaining a healthy liquidity profile. - Total expenditures amounted to approximately RMB265.4 million, including selling expenses of approximately RMB126.9 million and research and development expenses of approximately RMB66.8 million. Forward-Looking Statements This document contains statements regarding Hua Medicine’s future expectations, plans, and prospects for the Company and its products. These forward-looking statements pertain only to events or information as of the date they are made and may change due to future developments. Unless required by law, we are not obligated to update or publicly revise any forward-looking statements or unexpected events after the date of such statements, regardless of new information, future events, or other circumstances. Please read this document carefully and understand that our actual future performance or results may differ materially from expectations due to various risks, uncertainties, or other legal requirements. About Hua Medicine Hua Medicine (the “Company”) is an innovative drug development and commercialization company based in Shanghai, China, with companies in the United States and Hong Kong. Hua Medicine focuses on developing novel therapies for patients with unmet medical needs worldwide. Drawing on global resources, Hua Medicine partners with high-calibre talent worldwide to develop breakthrough technologies and products that advance innovation in diabetes care. Hua Medicine's cornerstone product HuaTangNing (dorzagliatin tablets) targets the glucose sensor glucokinase, restores glucose sensitivity in patients with type 2 diabetes (T2D), and stabilizes imbalances in blood glucose levels in patients. HuaTangNing was approved by the National Medical Products Administration (NMPA) of China on September 30, 2022. It can be used alone or in combination with metformin for adult patients with T2D. For patients with chronic kidney disease (CKD), no dose adjustment is required. It is an oral glucose-lowering drug that can be used in patients with T2D with renal function impairment. In February 2026, dorzagliatin (brand name: MYHOMSIS(R), was approved for marketing by the Pharmaceutical Service of the Department of Health of the Government of the Hong Kong Special Administrative Region of the People's Republic of China. In June 2026, dorzagliatin (brand name: MYHOMSIS(R), was approved for marketing by the Pharmaceutical Administration Bureau of the Macao Special Administrative Region of the People's Republic of China. Based on the International Diabetes Federation’s 2025 Diabetes Atlas – 11th Edition, there are approximately 148 million diabetic patients in mainland China, 706,000 diabetic patients in Hong Kong SAR, and 52,000 diabetic patients in Macao SAR as of 2024. For more information Website: www.huamedicine.com Investors Email: [email protected] Media Email: [email protected] Press Disclaimer For accuracy and completeness in context, information related to products marketed in China in this material, especially those identified or required, should comply with documents approved by Chinese regulatory authorities. Additionally, such information should not be interpreted as a recommendation or promotion of any drug or treatment, nor should it replace medical advice from healthcare professionals. For medical-related matters, please consult a healthcare professional.
  3. FinanceAGCO CorporationAGCO Brings Fendt and Massey Ferguson Machinery to SquadBuilt's 'American Farming 2' Mobile GameCompanies: AGCOFrom lifelong farmers to first-time gamers, AGCO meets new audiences where they play—putting true-to-life equipment to work in the free, Iowa-inspired game. — AGCO Corporation (NYSE: AGCO), today announced officially licensed equipment from its...
  4. IndustrialIttihad Grows EBITDA 37 Per Cent in H1 2026, Despite Regional DisruptionIttihad International Investment LLC ("Ittihad" or "the Group"), a leading diversified industrial conglomerate in the UAE, today announced its financial results for the six months ended June 30, 2026.
  5. EnergyElectric Construction Equipment Market to Grow from USD 3.81 billion in 2026 to USD 13.81 billion by 2033, at a CAGR of 20.2% — MarketsandMarkets™Delray Beach, FL , Aug. 20, 2026 -- MarketsandMarkets™ projects the electric construction equipment market is projected to grow from USD 3.81 billion in 2026 and to reach USD 13.81 billion by 2033, at a Compound Annual Growth Rate (CAGR) of 20.2% during the forecast period. The market for electric construction equipment is rapidly growing, driven by new EU targets that require a 55% reduction in greenhouse gas emissions by 2030. Additionally, major cities like Oslo aim for zero-emission construction sites by the same year. Recent noise regulations in Europe and North America are also influencing this shift; for example, the EU's Outdoor Noise Directive restricts construction equipment noise to under 80 dB(A) for many machine classes.
  6. AIIndustrial Info Resources: The Answer Age Starts with Trusted DataSUGAR LAND, Texas, August 20, 2026--For decades, the defining challenge of business intelligence was access. Companies needed better ways to collect information, organize it, and turn enormous datasets into something useful. Artificial intelligence (AI) is changing that equation by making it possible to move from a question to an answer almost immediately.
  7. IndustrialSaga Metals Corp.SAGA Metals Approved to Join the Defense Industrial Base Consortium (DIBC) to Support Critical Mineral Supply Chain Security in North AmericaSAGA Metals Corp. (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) ("SAGA" or the "Company"), a North American exploration company focused on critical mineral discoveries, is pleased to announce that it has been approved as a member of the Defense Industrial Base Consortium ("DIBC"), a U.S. Department of Defense-supported initiative managed by Advanced Technology International ("ATI").Membership in the DIBC strengthens SAGA's position...
  8. FinanceGuoquan Reports 22% Revenue Growth in 1H2026, Existing Franchised Stores Sales up 7.4%, Farm GMV Soars Over SixfoldRecently, Guoquan Food (02517) announced its interim results for the six months ended 30 June 2026. The Group recorded revenue of RMB3,947 million, representing an increase of 21.8% year-on-year. Gross profit was RMB849 million, up 18.3% year-on-year, and net profit was RMB213 million, up 12.1% year-on-year. Core operating profit (non-IFRS measure) amounted to RMB225 million, up 18.3% year-on-year, representing a core operating profit margin of 5.7%. Existing Franchised Stores Sales up 7.4%; Large-Store Remodelling Reshapes Per-Store Value When assessing the operational quality of a chain retail enterprise, sales of products to existing franchised stores are a more meaningful metric than new store opening numbers. As of 30 June, the Group had a total of 12,198 stores, representing a net increase of 1,798 stores. During the period, 365 stores were closed, with a store closure rate of below 3%. Revenue from existing franchised stores amounted to RMB2,581 million, representing a year-on-year increase of 7.4%. Excluding the impact of new store ramp-up, this indicates that the existing franchised store network still possesses organic growth momentum. Behind the growth of existing franchised stores, large-store remodelling served as the primary driver. In the first half of the year, 684 stores completed the upgrade to the large-store model. This upgrade is not simply about expanding floor space, but rather about using larger physical space to accommodate a wider range of categories and extended operating hours – expanding consumption scenarios from hotpot and barbecue to cover all daily meal occasions, and upgrading stores from mere ingredient sales points into comprehensive community family dining entry points. Penetration into lower-tier markets progressed simultaneously. The number of stores in township markets reached 3,377. By precisely targeting these markets with high-cost-performance bulk-sale items and large-pack family packs, the “one store per town” strategy taps into the vast hinterland of approximately 38,000 townships nationwide, with penetration potential far from being exhausted. Farm Business Grows Over Sixfold, New Growth Engine Takes Shape Online and membership data also recorded rapid growth. Registered members reached approximately 82 million, representing a year-on-year increase of 63.0%. Member consumption accounted for 73.2% of total sales, up 12 percentage points year-on-year, indicating that the revenue structure is increasingly concentrated among highly loyal customer groups. The Douyin channel saw significant growth: platform exposure exceeded 6.97 billion views, up 117.8% year-on-year; store GMV on Douyin reached RMB910 million, up 97.2%, initially forming a closed loop between online traffic and offline conversion. Guoquan Farm was the fastest-growing business segment during the period. Its omni-channel paid GMV reached RMB240 million, up over 600% year-on-year, and it brought in over 1.92 million new members for the stores. This model does not set up an independent e-commerce platform; instead, it leverages the existing store network as front-end warehouses and pickup points, while online content seeding and traceability livestreams drive traffic, forming a closed loop of “direct sourcing – content seeding – online ordering – in-store pickup”, which theoretically reduces marginal costs. Among best-selling products, the Golden Pillow Durian Pulp attracted a total of 1.559 million buyers, with a repurchase rate of 22.06%, and also boosted sales of related categories such as durian mille-crêpe cakes, Beihai cooked salted duck eggs, and crispy ice cream. In August, the “Grassland Sheep Traceability” livestream achieved over 8.09 million total exposures within three hours, with a peak concurrent viewership of 173,000. The Farm model completely removes the physical constraints of store floor space and freezer capacity from Guoquan’s category boundaries – the “infinite shelf” combined with a 10,000-store fulfilment network represents a critical leap forward in its transformation from a hotpot ingredient retailer to a full-category platform for home dining. Institutionalised Return Mechanisms; Hong Kong Flagship Store Launched The Board proposed the payment of an interim dividend of RMB0.0503 per ordinary share (tax inclusive), totalling approximately RMB128 million. During the period, the Group repurchased a total of 82,201,200 H shares on the Stock Exchange at an aggregate consideration of approximately HK$192 million. The dividend together with the share buybacks amounted to approximately RMB296 million, equivalent to 139.9% of the profit attributable to owners of the parent for the period (RMB211 million). The shareholder return ratio increased from 5.6% in 2024 and 2025 to 7.1%. In addition to the amount, the Board also approved the 2026 H-Share Equity Incentive Plan, which adopts core operating profit as the performance indicator. The reference target values for the years 2026 to 2030 are set to gradually increase from no less than RMB600 million to no less than RMB1.2 billion. By anchoring the assessment to profit rather than revenue or store count, the plan helps guide management to focus on profitability, better aligning management’s interests with those of shareholders. The high dividend payout provides immediate returns, while the equity incentive focuses on long-term growth. The Hong Kong flagship store opened on 18 August, serving as the first stop for the brand’s overseas expansion. Its positioning is not rapid replication, but rather validating the large-store model in high-tier cities and localised supply chain capabilities. According to publicly available data, the Greater Bay Area, with a population of 87 million and an economic aggregate of RMB15 trillion, coupled with the logistics efficiency of the “one-hour living circle”, provides ample room for subsequent regional deepening. Integrated Manufacturing-Retail Closed Loop; Synergies Gradually Unfolding Linking these strategies together is the “manufacturing-retail integration” capability that Guoquan has built over the years. On the front-end “retail” ecosystem – community stores, township stores, large stores, camping stores, stir-fry stores, flash delivery, and Farm – it reaches consumers, understands scenarios, and accumulates member data. On the back-end “manufacturing” ecosystem – seven ingredient production facilities covering core categories such as seasonings, beef, surimi, and aquatic products, with a “single product, single factory” strategy complemented by digitalised central warehouses – it converts front-end demand into scaled product supply. During the period, external sales from the industrial end increased by 20.7% year-on-year, reflecting the potential for the supply chain capability to be externally deployed. The Danzhou Industrial Park in Hainan was topped out, Heyi Meat’s Phase II commenced production, and the Daixiaji Zhangzhou factory was contracted, indicating that the production capacity landscape continues to expand. Looking ahead to the second half of 2026, with the continued replication of the large-store model, the regular operation of the Farm traceability IP, and the gradual accumulation of operating data from the Hong Kong flagship store, Guoquan is expected to gain clearer market recognition of its positioning as a “home dining infrastructure platform”. From a 10,000-store scale to an ecosystem platform, Guoquan’s strategic transformation is entering a substantive realisation phase.
  9. AIFrost & Sullivan、アジア太平洋地域のOTサイバーセキュリティ分野でのKasperskyのリーダーシップを評価東京, 2026年8月20日 - Kasperskyはこのたび、顧客価値の提供、製品イノベーション、そしてミッションクリティカルな産業環境における統合型サイバーセキュリティの推進において優れた成果を上げたことが評価され、「2026 Asia-Pacific OT Security Customer Value Leadership Recognition」および「2026 Asia-Pacific Converged IT and OT Security Product Leadership Recognition」を受賞しました。 Frost & Sullivanによる今回の表彰は、KasperskyがOTネイティブな統合アプローチを実践しながら、絶えず変化する産業組織のニーズに合わせてサイバーセキュリティ戦略を展開してきたことが評価されたものです。急速なデジタル化、レガシーインフラ、拡大するサイバーフィジカル攻撃対象領域、そしてITとOTの統合により形作られる市場において、Kasperskyは事業の継続性を損なうことなく保護を強化できる独自の能力を示しています。 Frost & Sullivanでは、戦略の有効性から戦略の実行力について厳格なベンチマーキングプロセスにより企業の評価を実施しています。これらの評価項目において、専用の産業用サイバーセキュリティ、地域に最適化された実行、パートナー主導による提供、組織の基本的なOT保護からより広範なIT / OT統合までの支援を目的としたプラットフォーム戦略を組み合わせることで、Kasperskyは極めて優れた成果を挙げました。 Frost & Sullivanのディレクターである新原徹也（Tetsuya Niihara）氏は次のようにコメントしています。「Kasperskyは、個別機能ではなく完全性を中心に据えたプラットフォーム戦略を通じて、極めて優れたカスタマーオーナーシップを示しています。この価値提案の中核となっているのが統合アプローチで、エンドポイント保護、異常検知、セキュアなリモートアクセス、資産の可視化、一元管理をひとつにまとめて提供しています。この一貫性のある運用モデルの価値が特に高いのが産業環境です。そういった場では資産を十分に把握できていなかったりツールが互いに連携していなかったりすると、対応が遅れ、効率が下がり、セキュリティチームがリスクの全容を把握できなくなることがあります」 Kasperskyの戦略が重視しているのは産業環境や重要インフラ環境の実情であり、セキュリティソリューションをレガシーシステムや異種混合型のアーキテクチャ、厳格な稼働時間の要求に適合させることが求められます。Kaspersky Industrial CyberSecurity（KICS）では、エンドポイント保護、OTネットワーク監視、異常検知、資産の可視化を組み合わせると同時に、より広範なITセキュリティポートフォリオによってこのアプローチを企業環境全体へ広げています。さらに、Open Single Management Platformにより、監視の一元化とクロスドメインの脅威相関も可能になります。 イノベーションも、Kasperskyの製品戦略において中心であり続けています。ソリューションは、最小限のシステム環境で動作するとともに、レガシーのオペレーティングシステム、独自の産業用プロトコル、エアギャップ環境、受動監視にも対応するように設計されています。また、AI駆動型機能、行動分析、アラートの自動要約、そしてKaspersky Investigation and Response Assistant（KIRA）により、アナリストの調査と意思決定の迅速化を支援し、セキュリティ運用を強化しています。 Kaspersky APACのマネージングディレクターであるエイドリアン・ヒア（Adrian Hia）は、次のようにコメントしています。「APACこそ、世界の産業の未来が築かれようとしている地域です。また、サイバーセキュリティの成熟度に最もバラつきがある地域でもあります。先進的なメーカーと、OTセキュリティを初めて導入する企業が、しばしば同じサプライチェーンで事業を行っています。この地域におけるKasperskyの役割は、現地チーム、認定パートナーエコシステム、および可視性の確保から始まり全面的な保護へと、組織が各自のペースで展開していける導入モデルを通じ、エンタープライズグレードの産業保護をあらゆる属性の企業が実際に使用できるものとすることです。Frost & Sullivanによる今回の評価は、私たちがAPAC全域で工場単位、市場単位で獲得してきた信頼を反映しています」 Kasperskyの顧客価値提案をより強固なものとしているのが、業務を妨げない保護と事業継続性です。再起動不要の更新、高精度なアラート、ポータブルスキャン、OTを考慮したサポートなどの機能により、組織は製造環境への混乱を最小限に抑えながらセキュリティ態勢を強化できます。また、主要なAPAC市場における地域に最適化されたエンゲージメントモデルとパートナーエコシステムによって、実践的な導入と長期的な顧客価値の提供を支援しています。 Frost & Sullivanのセキュリティアドバイザリープラクティスでアソシエートディレクターを務めるラジャルシ・ダール（Rajarshi Dhar）氏は、次のようにコメントしています。「産業環境で求められる運用上の規律を維持しながら、包括的なOT保護、可視性、管理をひとつにまとめるという点において、Kasperskyのアプローチは突出しています。KICSと広範なITセキュリティ機能を連携させることで、Kasperskyは以前ならばサイロ化されていた環境においても顧客がリスクを一元的に把握できるようにしたほか、セキュリティの有効性と事業効率の両方を強化できるようにしています」 KasperskyはOTサイバーセキュリティ、IT / OT統合、サイバーフィジカルシステムのセキュリティ、そしてサイバーレジリエンスが絡み合う交点に強固な地位を確立したと、Frost & Sullivanは高く評価しています。KasperskyはIT/OTの可視性と管理を一元化し、OTネイティブの保護と組み合わせることができるため、組織は安定した運用を維持しつつ、相互に結び付いた産業エコシステムの安全を確保することができます。 レポートの全文は、こちらのWebサイトでご覧いただけます。 Frost & Sullivan Best Practices Recognitionについて Frost & SullivanのBest Practices Recognitionは、リーダーシップ、技術的イノベーション、顧客エクスペリエンス、戦略的な製品開発などの分野で極めて優れた成果を残し、継続的に卓越性を示している、地域およびグローバル市場における企業を表彰するものです。それぞれの賞は、Frost & Sullivanの産業エキスパートが包括的なインタビュー、詳細な分析、徹底的な二次調査により業績を評価する、厳格な分析プロセスを経て決定されます。革新的な成長を促進し、新たな業界標準を打ち立てている、真にクラス最高峰の組織を特定することを目的としています。お問い合わせはこちら。 Kasperskyについて Kasperskyは1997年に設立されたサイバーセキュリティとデジタルプライバシーを専門とするグローバル企業です。「サイバーイミュニティ」というアプローチによって業界に革新をもたらし、これまでに10億台以上のデバイスを保護し、個人、企業、重要インフラ、政府機関をサイバー脅威から守っています。 Kasperskyは「Cybersecurity True to Business」（ビジネスに寄り添うサイバーセキュリティ）を掲げ、明確な成果の提供、収益の保護、業務負荷の軽減、ダウンタイムの防止に注力しています。また、高度な脅威インテリジェンスとセキュリティの専門知識を活かし、中小企業から大企業まであらゆる規模の組織を対象に、実績あるAI駆動型保護技術とシンプルな管理機能、専門的なサポートを組み合わせた革新的なソリューションとサービスを継続的に提供しています。 第三者機関によるテストでも高い評価を受け、何百万人という世界中のユーザーと約20万の組織から信頼されているKasperskyは、脅威の早期検知と迅速な対応を可能にし、より高い信頼性と自由度をもって運用できる環境を提供することで、お客様にとって最も重要なものを守ります。詳細は、www.kaspersky.com をご覧ください。 メディア連絡先: Hao Yung [email protected] 免責事項：本プレスリリースに含まれる情報は、発行会社から提供されたものです。すべての記述、意見、およびデータは、情報提供元の会社のものであり、必ずしもJCN Newswireの見解を反映するものではありません。JCN Newswireによる本プレスリリースの配信は、本プレスリリースに含まれる製品、サービス、または主張を推奨または推薦するものではありません。
  10. HealthcareHELP Therapeutics Announces Nature Medicine Has Published HiCM-188 Clinical Trial Data for Advanced Ischemic Heart FailureAug 19, HELP Therapeutics today announced the Nature Medicine publication of 12-month results from the HEAL-CHF clinical trial evaluating HiCM-188, an investigational allogeneic human iPSC-derived cardiomyocyte (hiPSC-CM) therapy for the treatment of severe ischemic heart failure. The randomized controlled trial enrolled 20 patients, assigned 1:1 to receive either coronary artery bypass grafting (CABG) alone or CABG combined with transepicardial HiCM-188 injection. The study achieved both pre-specified primary safety endpoints, demonstrating no treatment-related tumor formation through 12 months and no sustained ventricular tachycardia through 6 months. At 12 months, 90% of patients receiving transepicardial HiCM-188 injection combined with (CABG improved to NYHA Class II, versus 60% of patients in the CABG-only group.. "HEAL-CHF provides the first clinical evidence that delivering HiCM-188 intraoperatively during CABG may combine the benefits of revascularization with myocardial regeneration," said Professor Dongjin Wang, Lead Author and Director of the Department of Cardiothoracic Surgery at Nanjing Drum Tower Hospital. "Over 12 months, we observed no serious cell-related adverse events alongside encouraging signs of reverse cardiac remodeling. Given the substantial global burden of heart failure and the persistent shortage of donor hearts, regenerative approaches like HiCM-188 have the potential to fill a critical unmet need for patients living with end-stage disease." "The publication of the HEAL-CHF study in Nature Medicine reflects years of dedication to advancing breakthrough stem cell technologies into clinically validated therapies," said Dr. Eugene Jiaxian Wang, Chief Executive Officer of HELP Therapeutics. "With our pivotal Phase III trial now enrolling patients in China and our Phase I program initiating in the U.S., we are eager to maintain this momentum as we work toward bringing a new regenerative medicine breakthrough to heart failure patients worldwide." About HiCM-188 HiCM-188 is an investigational allogeneic human induced pluripotent stem cell-derived cardiomyocyte (hiPSC-CM) therapy designed as a standardized, off-the-shelf product for scalable manufacturing and distribution. HiCM-188 is the first iPSC-derived cardiomyocyte therapy worldwide to obtain Investigational New Drug (IND) clearances from both the U.S. FDA and China's NMPA. It is currently being evaluated in a multicenter Phase III trial in China led by TEDA International Cardiovascular Hospital, and a Phase I trial in the United States at the Texas Heart Institute. About HELP Therapeutics Founded in 2016, HELP Therapeutics is a global clinical-stage biopharmaceutical company developing iPSC-based cell therapies for cardiovascular and other degenerative diseases. The company leverages proprietary off-the-shelf cell therapy platforms and national iPSC bank infrastructure to ensure scalable clinical and commercial delivery. HELP Therapeutics has established a commercialization partnership with China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. (SZSE: 000999) to build out distribution infrastructure in China. For more information, please visit https://en.helptherapeutics.com. Disclosure Notice The information contained in this release is as of August 19, 2026. HiCM-188 is an investigational product and has not been approved for commercial use by the U.S. Food and Drug Administration, China National Medical Products Administration, or any other regulatory authority. This release contains forward-looking statements regarding HiCM-188, including potential clinical benefits and regulatory development timelines, which involve substantial risks and uncertainties that could cause actual results to differ materially. References & Publication Details 1.Journal: Nature Medicine (2026) DOI: 0.1038/s41591-026-04605-1 2.Clinical Trial Registry: ClinicalTrials.gov (NCT03763136) 3.Ethics Approval: Nanjing Drum Tower Hospital IRB (No. SC202000102); National Health Commission of China (MR-32-21-014649)
  11. FinanceBank of Chongqing Stands Alone Among China's 42 A-Share-Listed Banks: What Sets It Apart?1. Revenue: Net Interest Income Drives Growth; Fee-Income Volatility Mirrors Broader Industry Trends Bank of Chongqing's headline revenue figures provide a useful starting point. In 2025, the bank reported revenue of RMB 15.113 billion, up 10.48% year on year, while net profit attributable to shareholders rose 10.49% to RMB 5.654 billion. The momentum carried into the first quarter of 2026. Revenue increased 11.57% to RMB 3.996 billion and net profit rose 11.22% to RMB 1.898 billion, marking another quarter of double-digit growth in both metrics. Preliminary results for the first half of 2026 showed revenue of RMB 8.486 billion, up 10.80% year on year; profit before tax of RMB 4.081 billion, up 7.82%; and net profit attributable to shareholders of RMB 3.518 billion, up 10.28%. This marked a fourth consecutive quarter of double-digit growth in both revenue and attributable net profit, making Bank of Chongqing the only bank among the 42 listed on China's A-share market to do so. A closer look at the revenue mix shows that net interest income has been the principal growth engine. It reached RMB 12.459 billion in 2025, an increase of 22.44%. The momentum remained firm in 2026, with first-quarter net interest income rising 12.83% to RMB 3.548 billion, pointing to another solid first-half performance. As a locally rooted city commercial bank, Bank of Chongqing has played an active role in supporting the Chengdu-Chongqing Economic Circle and the New International Land-Sea Trade Corridor. Growth backed by strong demand from the real economy is more sustainable and gives the bank a defensible revenue base in an increasingly competitive market. Fee and commission income tells a different story. Banks' fee businesses have entered a period of deep adjustment amid tighter enforcement of rules requiring reported bancassurance commission rates to match actual payments, lower mutual-fund distribution fees, and volatility in wealth-management markets. Sharper swings in wealth-management markets produced a marked divergence in fee income among listed city commercial banks in 2025. Against the backdrop of interest-rate liberalization, while a handful of institutions continued to grow on the back of the sector's winner-takes-more dynamics, the industry remained broadly under pressure, with several listed city commercial banks recording declines of around 30% in net fee and commission income. Bank of Chongqing held up relatively well: the decline in its fee income narrowed in 2026, with early signs of stabilization and recovery. The bank has also made headway in improving the quality of its fee income. In 2025, it ranked first in Chongqing by non-financial corporate bond underwriting volume, market share, and number of issues. It also led locally incorporated financial institutions across western China. In trade finance, cross-border renminbi settlement volume increased by more than 120% year on year. These higher-quality fee income streams, underpinned by stronger service capabilities, are gradually displacing traditional conduit business and emerging as a new growth driver. Net interest margin, or NIM, rose to 1.39% in 2025 from 1.35% in 2024, an increase of 4 basis points. A breakdown of asset yields and funding costs shows what drove the improvement: Although the average yield on loans fell by 12 basis points, the average cost of deposits declined by 37 basis points. The larger reduction in funding costs offset downward pressure on asset yields, enabling the bank to deliver a stronger improvement in NIM than the industry average and highlighting more effective management of deposit pricing. Total assets reached RMB 1.034 trillion at the end of 2025, up 20.67%, taking the bank above the RMB 1 trillion threshold. Expansion continued in 2026: assets rose to RMB 1.108 trillion at the end of March, up 7.20% from year-end, and to RMB 1.109 trillion at the end of June, up 7.27% from end-2025. Market observers see the bank's growth potential at its new scale as evidence that its “Five Highs” operating strategy, centered on ambitious goals, strategic transformation, efficient operations, quality service, and high-quality growth, is gaining traction. Through greater efficiency and higher-value services, Bank of Chongqing has achieved a step-change in scale and built a more differentiated competitive position as it moves toward the ranks of leading listed commercial banks. As a locally rooted financial institution, Bank of Chongqing has anchored its growth in China's Western Development strategy and achieved a step-change in scale as it grew in tandem with the regional economy. Outstanding corporate loans rose 30.95% year on year at the end of 2025. Backed by coordinated execution across the organization, credit was directed to national priorities including the Chengdu-Chongqing Economic Circle and the New International Land-Sea Trade Corridor, as well as Chongqing's '33618' modern manufacturing cluster system. The annual report showed a 60% increase in outstanding loans to technology-based enterprises and 40% growth in green lending. Manufacturing loans posted their largest absolute increase and fastest growth in five years. Outstanding financing in support of the New International Land-Sea Trade Corridor exceeded RMB 55 billion. This lending not only supports the real economy but also embeds the bank more deeply in customers' transaction flows, helping it attract substantial low-cost demand deposits as its balance sheet expands. 2. Risk: Broad-Based Improvement in Forward-Looking Indicators Reinforces Asset Quality Bank of Chongqing has put its belief that 'risk management creates value' into practice by upgrading its risk controls and steadily reducing risk exposure. At the end of 2025, the non-performing loan ratio fell by 11 basis points year on year to 1.14%. More importantly for investors, forward-looking asset-quality indicators improved in tandem: the special-mention loan ratio and overdue loan ratio declined by 70 basis points and 37 basis points from the start of the year to 1.94% and 1.36%, respectively. Asset quality improved further in the first quarter of 2026. At the end of March, the non-performing loan ratio fell by another 2 basis points to 1.12%, while the provision coverage ratio rose by 1.02 percentage points from year-end to 246.60%. The continued improvement in these forward-looking indicators, together with steadily rising provision coverage, reduces the risk of potential problem loans migrating into the non-performing category, strengthens the margin of safety, and highlights the bank's capacity to absorb credit risk. 3. Institutional Views: Capital Replenishment Potential and the Case for a Valuation Re-rating At the end of 2025, the bank's core Tier 1 capital adequacy ratio stood at 8.53%. Rapid asset growth has consumed some capital, but the bank's RMB 13 billion convertible bond is now in its conversion period. Chongqing Expressway Group's decision to convert its holdings into shares may be only the beginning. By the end of March 2026, the bank's core Tier 1 and total capital adequacy ratios had risen to 8.67% and 12.57%, respectively. Institutional estimates suggest that full conversion of the remaining bonds could materially strengthen capital and create room for continued balance-sheet expansion during China's 15th Five-Year Plan period. After Bank of Chongqing released its annual and first-quarter reports, the market response was broadly positive. Analysts at CITIC Securities, China Merchants Securities, Zhongtai Securities, Guotai Haitong Securities, China Galaxy Securities, and Zheshang Securities published a series of follow-up notes, with ratings ranging from Buy and Overweight to Recommend and Outperform. The common thread across the reports was that the bank's move beyond RMB 1 trillion in assets was not simply a story of scale; it was also accompanied by tangible progress in lowering funding costs and improving asset quality. 4. Conclusion: A Clear Case for a Return to a More Reasonable Valuation Taken together, Bank of Chongqing's performance in 2025 and the first half of 2026 points to several positive shifts: assets have crossed RMB 1 trillion, revenue and profit growth have returned to double digits, NIM has bottomed and begun to recover, and risk indicators continue to decline. These stronger fundamentals could increasingly feed through to the bank's market valuation. According to a June 9 report by BOCOM International, the banking sector was trading at between 0.5 and 0.8 times book value, near the bottom of its valuation range. That has sharpened investor focus on listed banks' share-price performance and market-capitalization management practices. Changjiang Securities argues that a turning point in fund flows into bank stocks is already in place. Broad-based index funds tracking the CSI 300 recorded net outflows of nearly RMB 1 trillion in the first half of 2026, while active mutual funds' exposure to banks fell to a record low. The brokerage believes the impact of those reductions has now been fully absorbed, and that bank valuations will enter a slow, gradual recovery from the second half of 2026. With sector NIMs stabilizing and earnings expectations improving, high-quality regional city commercial banks are drawing renewed institutional interest. As confidence in Bank of Chongqing's re-rating case grows, a higher weighting in institutional portfolios, together with the stock's high dividend yield and low valuation, could help the shares move decisively out of undervalued territory and toward a more reasonable valuation.
  12. FinanceBank of Chongqing Stands Alone Among China's 42 A-Share-Listed Banks: What Sets It Apart?1. Revenue: Net Interest Income Drives Growth; Fee-Income Volatility Mirrors Broader Industry Trends Bank of Chongqing's headline revenue figures provide a useful starting point. In 2025, the bank reported revenue of RMB 15.113 billion, up 10.48% year on year, while net profit attributable to shareholders rose 10.49% to RMB 5.654 billion. The momentum carried into the first quarter of 2026. Revenue increased 11.57% to RMB 3.996 billion and net profit rose 11.22% to RMB 1.898 billion, marking another quarter of double-digit growth in both metrics. Preliminary results for the first half of 2026 showed revenue of RMB 8.486 billion, up 10.80% year on year; profit before tax of RMB 4.081 billion, up 7.82%; and net profit attributable to shareholders of RMB 3.518 billion, up 10.28%. This marked a fourth consecutive quarter of double-digit growth in both revenue and attributable net profit, making Bank of Chongqing the only bank among the 42 listed on China's A-share market to do so. A closer look at the revenue mix shows that net interest income has been the principal growth engine. It reached RMB 12.459 billion in 2025, an increase of 22.44%. The momentum remained firm in 2026, with first-quarter net interest income rising 12.83% to RMB 3.548 billion, pointing to another solid first-half performance. As a locally rooted city commercial bank, Bank of Chongqing has played an active role in supporting the Chengdu-Chongqing Economic Circle and the New International Land-Sea Trade Corridor. Growth backed by strong demand from the real economy is more sustainable and gives the bank a defensible revenue base in an increasingly competitive market. Fee and commission income tells a different story. Banks' fee businesses have entered a period of deep adjustment amid tighter enforcement of rules requiring reported bancassurance commission rates to match actual payments, lower mutual-fund distribution fees, and volatility in wealth-management markets. Sharper swings in wealth-management markets produced a marked divergence in fee income among listed city commercial banks in 2025. Against the backdrop of interest-rate liberalization, while a handful of institutions continued to grow on the back of the sector's winner-takes-more dynamics, the industry remained broadly under pressure, with several listed city commercial banks recording declines of around 30% in net fee and commission income. Bank of Chongqing held up relatively well: the decline in its fee income narrowed in 2026, with early signs of stabilization and recovery. The bank has also made headway in improving the quality of its fee income. In 2025, it ranked first in Chongqing by non-financial corporate bond underwriting volume, market share, and number of issues. It also led locally incorporated financial institutions across western China. In trade finance, cross-border renminbi settlement volume increased by more than 120% year on year. These higher-quality fee income streams, underpinned by stronger service capabilities, are gradually displacing traditional conduit business and emerging as a new growth driver. Net interest margin, or NIM, rose to 1.39% in 2025 from 1.35% in 2024, an increase of 4 basis points. A breakdown of asset yields and funding costs shows what drove the improvement: Although the average yield on loans fell by 12 basis points, the average cost of deposits declined by 37 basis points. The larger reduction in funding costs offset downward pressure on asset yields, enabling the bank to deliver a stronger improvement in NIM than the industry average and highlighting more effective management of deposit pricing. Total assets reached RMB 1.034 trillion at the end of 2025, up 20.67%, taking the bank above the RMB 1 trillion threshold. Expansion continued in 2026: assets rose to RMB 1.108 trillion at the end of March, up 7.20% from year-end, and to RMB 1.109 trillion at the end of June, up 7.27% from end-2025. Market observers see the bank's growth potential at its new scale as evidence that its “Five Highs” operating strategy, centered on ambitious goals, strategic transformation, efficient operations, quality service, and high-quality growth, is gaining traction. Through greater efficiency and higher-value services, Bank of Chongqing has achieved a step-change in scale and built a more differentiated competitive position as it moves toward the ranks of leading listed commercial banks. As a locally rooted financial institution, Bank of Chongqing has anchored its growth in China's Western Development strategy and achieved a step-change in scale as it grew in tandem with the regional economy. Outstanding corporate loans rose 30.95% year on year at the end of 2025. Backed by coordinated execution across the organization, credit was directed to national priorities including the Chengdu-Chongqing Economic Circle and the New International Land-Sea Trade Corridor, as well as Chongqing's '33618' modern manufacturing cluster system. The annual report showed a 60% increase in outstanding loans to technology-based enterprises and 40% growth in green lending. Manufacturing loans posted their largest absolute increase and fastest growth in five years. Outstanding financing in support of the New International Land-Sea Trade Corridor exceeded RMB 55 billion. This lending not only supports the real economy but also embeds the bank more deeply in customers' transaction flows, helping it attract substantial low-cost demand deposits as its balance sheet expands. 2. Risk: Broad-Based Improvement in Forward-Looking Indicators Reinforces Asset Quality Bank of Chongqing has put its belief that 'risk management creates value' into practice by upgrading its risk controls and steadily reducing risk exposure. At the end of 2025, the non-performing loan ratio fell by 11 basis points year on year to 1.14%. More importantly for investors, forward-looking asset-quality indicators improved in tandem: the special-mention loan ratio and overdue loan ratio declined by 70 basis points and 37 basis points from the start of the year to 1.94% and 1.36%, respectively. Asset quality improved further in the first quarter of 2026. At the end of March, the non-performing loan ratio fell by another 2 basis points to 1.12%, while the provision coverage ratio rose by 1.02 percentage points from year-end to 246.60%. The continued improvement in these forward-looking indicators, together with steadily rising provision coverage, reduces the risk of potential problem loans migrating into the non-performing category, strengthens the margin of safety, and highlights the bank's capacity to absorb credit risk. 3. Institutional Views: Capital Replenishment Potential and the Case for a Valuation Re-rating At the end of 2025, the bank's core Tier 1 capital adequacy ratio stood at 8.53%. Rapid asset growth has consumed some capital, but the bank's RMB 13 billion convertible bond is now in its conversion period. Chongqing Expressway Group's decision to convert its holdings into shares may be only the beginning. By the end of March 2026, the bank's core Tier 1 and total capital adequacy ratios had risen to 8.67% and 12.57%, respectively. Institutional estimates suggest that full conversion of the remaining bonds could materially strengthen capital and create room for continued balance-sheet expansion during China's 15th Five-Year Plan period. After Bank of Chongqing released its annual and first-quarter reports, the market response was broadly positive. Analysts at CITIC Securities, China Merchants Securities, Zhongtai Securities, Guotai Haitong Securities, China Galaxy Securities, and Zheshang Securities published a series of follow-up notes, with ratings ranging from Buy and Overweight to Recommend and Outperform. The common thread across the reports was that the bank's move beyond RMB 1 trillion in assets was not simply a story of scale; it was also accompanied by tangible progress in lowering funding costs and improving asset quality. 4. Conclusion: A Clear Case for a Return to a More Reasonable Valuation Taken together, Bank of Chongqing's performance in 2025 and the first half of 2026 points to several positive shifts: assets have crossed RMB 1 trillion, revenue and profit growth have returned to double digits, NIM has bottomed and begun to recover, and risk indicators continue to decline. These stronger fundamentals could increasingly feed through to the bank's market valuation. According to a June 9 report by BOCOM International, the banking sector was trading at between 0.5 and 0.8 times book value, near the bottom of its valuation range. That has sharpened investor focus on listed banks' share-price performance and market-capitalization management practices. Changjiang Securities argues that a turning point in fund flows into bank stocks is already in place. Broad-based index funds tracking the CSI 300 recorded net outflows of nearly RMB 1 trillion in the first half of 2026, while active mutual funds' exposure to banks fell to a record low. The brokerage believes the impact of those reductions has now been fully absorbed, and that bank valuations will enter a slow, gradual recovery from the second half of 2026. With sector NIMs stabilizing and earnings expectations improving, high-quality regional city commercial banks are drawing renewed institutional interest. As confidence in Bank of Chongqing's re-rating case grows, a higher weighting in institutional portfolios, together with the stock's high dividend yield and low valuation, could help the shares move decisively out of undervalued territory and toward a more reasonable valuation.