股 票 研 究 股票研究 /[Table_Date] 2025.10.10 小核酸，大时代，靶向治疗新纪元 [Table_Industry] 医药 siRNA 药物行业深度报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 彭娉(分析师) | 021-23185619 | pengping@gtht.com | S0880525040080 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | 本报告导读： 小核酸药物行业近期 BD 和数据催化密集，随着技术平台的成熟和适应症的不断拓 展，属于小核酸药物的治疗时代将逐步开启，我们重点关注 siRNA 药物在常见病大 适应症的商业价值。 投资要点： [Table_Report] 相关报告 医药《景气延续，继续推荐创新药械产业链》 2025.10.09 医药《集采优化，持续看好创新药械产业链》 2025.09.21 医药《继续看好创新药械产业链》2025.09.14 医药《设备更新政策持续落地，医疗 ...

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 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 聖諾醫藥 (*僅供識別) 呈交日期: 2025年10月6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) | 02257 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 230,000,000 | USD | | 0.001 | USD | | 230,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 230,000,000 | USD | | 0.001 | USD | | 230,000 | 本月底法定/註冊股本總 ...

本报（chinatimes.net.cn）记者于娜 见习记者 赵文娟 北京报道 近日，圣诺医药宣布与华熙生物科技（香港）有限公司等四家投资者签订认购协议，以每股12港元的价 格配售约1735.24万股新股。此次配售股份数量相当于公司当前已发行股本约16.50%，配发完成后预计 占总股本约14.16%。 参与本次认购的投资者包括华熙生物科技（香港）有限公司（华熙生物全资子公司）、谢硕豪、 BambooBloomLimited及CapstoneResourcesHoldingLimited。配售价较圣诺医药9月5日收盘价14.97港元/ 股折让约19.84%。通过此次配股，圣诺医药预计可募集资金总额约2.08亿港元，净额约2.06亿港元。此 次交易完成后，股权结构将发生显著变化。华熙生物科技的持股比例将达到9.44%，正式成为圣诺医药 的第二大股东。 圣诺医药的商业化难题：资金短缺+未盈利 作为中国核酸药物领域的先行者，圣诺医药自2007年成立，于2021年登陆港交所，享有"中国核酸药物 第一股"之称。公司核心聚焦于RNAi技术的新药研发，其核心候选药物STP705是一种针对两种肿瘤适 应症的多靶点siRNA疗法 ...

Core Viewpoint - The investment in Saint Nor Pharmaceutical is a strategic move for the company to enhance its position in the biopharmaceutical sector, particularly in innovative drug development and to leverage synergies in its core business areas [1][2]. Investment Strategy - The investment amount is approximately HKD 138 million, funded entirely from the company's own resources, and will be paid in installments as per the agreement [2]. - The company recognizes the long development cycles and high risks associated with small nucleic acid drug research and has established risk control and exit arrangements through the investment agreement [2]. Business Development - The company reported a steady increase in sales revenue from its innovative hyaluronic acid products and other bioactive substances, accounting for over 23% of total sales in the first half of 2025 [3]. - Six new bioactive raw material products have been launched, including Hyatrue® cross-linked sodium hyaluronate and BloomColla® recombinant type III humanized collagen [3]. Operational Adjustments - The company has undergone systematic adjustments in its operational philosophy and business direction since March 2025, leading to a significant reduction in sales expense ratio by 12.46 percentage points year-on-year in Q2 [4]. - The focus is on transforming consumer products based on long-term technological barriers and scientific assets, particularly in the fields of cell biology and glycoscience [5]. Organizational Changes - The company is shifting away from hiring external "professional operators" and is instead selecting and training entrepreneurial talents who align with the company's values for management positions [6]. - A one-time management expense of approximately CNY 29 million was incurred during this transition, aimed at laying a solid foundation for long-term development [6]. Scientific Communication - The company is committed to reshaping its scientific image and defending scientific values, aiming to establish a rigorous scientific communication system to counter misinformation in the industry [6].

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 的 邀 請 或要 約。 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 部份 內 容 而 產生 或 因 倚 賴 該等 內 容 而 引 致的 任 何 損 失承 擔任何責任。 Sirnaomics Ltd. 聖 諾 醫 藥 * 於開曼群島註冊成立的有限公司） （股份代號：2257） 補充公告 根據一般授權認購新股份 本公司財務顧問 茲提述Sirnaomics Ltd.（「本公司」）日期為2025年9月7日的公告（「該公告」）， 內 容 有關 認 購 事 項 。除 另 有 界 定外 ， 本 公 告 所用 詞 彙 與 該 公告 所 界 定 者具 有相同涵義。 本補充公告旨在進一步提供有關認購事項所得款項用途的補充資料。 認購事項所得款項淨額用途 誠如該公告所述，認購事項所得款項總額將約為208.2百萬港元及認 ...

Core Viewpoint - The Chinese beauty industry is experiencing a significant transformation driven by strategic investments in cutting-edge technology and content-driven brands, indicating a shift towards a more integrated and innovative market structure [4][25][28]. Investment Trends - In the first nine months of 2025, Chinese beauty companies completed 13 investments/acquisitions, with disclosed amounts exceeding 5.5 billion RMB, accounting for nearly 60% of the industry's capital flow [4][6]. - Major funding is concentrated in a few leading projects, indicating a selective investment phase, with the top three projects totaling nearly 5.2 billion RMB [6]. - The focus on technology and raw materials is evident, with regenerative medicine and RNA technology becoming key investment areas [7][24]. Strategic Investments - Huaxi Biological's investment in Saintno Pharmaceutical is a prime example of the focus on small nucleic acid drugs, which have significant potential despite the company currently lacking product sales [7][12]. - Proya's investment in Huazhi Xiao aims to build a business ecosystem, leveraging the brand's influence among young consumers and its potential for overseas expansion [10][13]. International Comparison - International giants like L'Oréal and Unilever are also active in the beauty investment space, with L'Oréal completing eight investments and Unilever seven in the first nine months of the year [14][19]. - The investment logic of international players tends to favor acquiring mature brands, while Chinese companies emphasize strategic collaboration and investment in technology [23][24]. Future Outlook - The current investment trends suggest a restructuring of the Chinese beauty industry, moving towards a model supported by technology, content, and global asset integration [25][30]. - The capital influx is raising industry standards, potentially eliminating smaller players lacking differentiation while providing growth opportunities for niche and innovative brands [24][25]. - The evolving landscape indicates that the future of the global beauty industry may be significantly influenced by the capital dynamics within China, potentially leading to the emergence of new world-class beauty giants from the Chinese capital ecosystem [30].

Group 1 - The stock of Sainteno Pharmaceuticals-B (02257.HK) rose over 5% in the afternoon trading session on September 12, 2023 [2] - As of the time of reporting, the stock was up 3.62%, trading at HKD 19.46 [2] - The trading volume reached HKD 32.4354 million [2]

Group 1 - The core point of the article is that 圣诺医药-B (02257) experienced a significant stock price increase, rising over 5% in the afternoon trading session, with a current price of 19.46 HKD and a trading volume of 32.44 million HKD [1] - 圣诺医药-B received a substantial investment from Bloomage Biotechnology (Hong Kong) Limited and its affiliates, acquiring 11.57 million shares valued at approximately 139 million HKD [1] - 华熙生物, through its wholly-owned subsidiary, subscribed to the strategic placement of shares in 圣诺医药 at a price of 12 HKD per share, amounting to about 138 million HKD, resulting in 华熙生物 holding approximately 9.44% of 圣诺医药's total equity post-placement [1] Group 2 - 华熙生物 plans to leverage 圣诺医药's leading advantages in RNAi technology and PNP platform to explore the industrialization of small nucleic acid drugs in targeted fat reduction [1] - The collaboration will focus on discussing clinical development and commercial cooperation for the STP705 targeted fat reduction project, accelerating the layout in the aesthetic medicine sector [1]

Core Viewpoint - Saint Noble Pharmaceuticals-B (02257) experienced a significant increase in stock price, rising over 5% in the afternoon trading session, with a current price of 19.46 HKD and a trading volume of 32.44 million HKD [1] Group 1: Shareholding and Investment - Bloomage Biotechnology (Hong Kong) Limited and its affiliates have acquired 11.57 million shares of Saint Noble Pharmaceuticals, valued at approximately 139 million HKD [1] - Huaxi Biotechnology, through its wholly-owned subsidiary, subscribed to shares in Saint Noble Pharmaceuticals at a price of 12 HKD per share, totaling around 138 million HKD, resulting in a 9.44% ownership stake in the company [1] Group 2: Strategic Collaboration - Huaxi Biotechnology aims to leverage Saint Noble Pharmaceuticals' leading advantages in RNAi technology and PNP platform to explore the industrialization of small nucleic acid drugs in targeted fat reduction [1] - The focus will be on discussing clinical development and commercial cooperation for the STP705 targeted fat reduction project, accelerating the layout in the aesthetic medicine sector [1]

Core Viewpoint - Sanofi Pharmaceutical-B (02257) has seen a significant stock price increase of over 530% this year, with a current price of HKD 22.12 and a trading volume of HKD 33.0162 million [2] Group 1: Stock Performance - Sanofi Pharmaceutical's stock rose by over 9% during the trading session, reflecting strong market interest [2] - The stock has accumulated a year-to-date increase of over 530% [2] Group 2: Investment and Strategic Partnerships - Sanofi Pharmaceutical announced a placement of 17.3524 million new shares at a discount of 19.84% to four investors, including Huaxi Biotechnology (Hong Kong) [2] - Huaxi Biotechnology plans to invest approximately CNY 138 million to acquire shares in Sanofi Pharmaceutical, resulting in a 9.44% ownership stake post-placement [2] - The investment by Huaxi Biotechnology aims to advance Sanofi Pharmaceutical's research and commercialization in the fields of medical aesthetics, aging intervention, and regenerative medicine, particularly focusing on the STP705 targeted fat reduction project and other siRNA-based medical aesthetic assets [2]