经济观察网 派格生物医药-B（02565.HK）股价于2月13日下跌5.54%，收报63.05港元。此次下跌主要受 市场整体走弱、纳入指数利好兑现、技术面承压、资金面分歧及高估值压力等多重因素影响。 从技术指标看，2月13日收盘价63.05港元低于5日均线（65.27港元）和20日均线（65.515港元），且 MACD柱状图虽转正但仍处于零轴下方，短期均线呈空头排列。当日振幅达9.51%，股价一度下探至 61.05港元，触及布林带下轨（58.974港元）附近，反映抛压较强。尽管当日资金整体净流入335.67万港 元，但主要为散户资金推动（净流入335.67万港元），主力资金净流入为0，显示机构观望情绪较浓。 换手率仅0.08%，成交额约1523万港元，流动性相对偏低，放大了个股波动。 公司最新估值 截至2月13日，公司市盈率（TTM）为-101.56倍，市净率达42.84倍，估值水平较高。根据2025年中期业 绩，公司研发开支为2629.4万元，持续投入压力较大。市场可能担忧其盈利前景与当前估值匹配度。 股票近期走势 2月13日，港股主要指数普遍下跌，恒生指数下跌1.72%，生物技术板块整体下跌0.95%。市 ...

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of December 31, 2025, with Pagoda Biopharma-B (02565) being included in the Hang Seng Composite Index [1] - The changes will be implemented after the market closes on March 6, 2026, and will take effect on March 9, 2026, leading to adjustments in the eligible stocks for the Hong Kong Stock Connect [1] - According to a report by CICC, Pagoda Biopharma is likely to be included in the Hong Kong Stock Connect due to meeting various criteria, including market capitalization, liquidity, and listing time [1] Group 2 - Pagoda Biopharma previously announced that all conditions of the placement agreement had been met, with the placement completed on December 22, 2025 [1] - Under the terms of the placement agreement, the joint placement agents sold a total of 5.136 million shares at a price of HKD 58.41 per share to no fewer than six subscribers, representing approximately 1.81% of the enlarged H-shares and about 1.31% of the total shares after the placement [1]

智通财经APP获悉，2月13日，恒生指数公司宣布截至2025年12月31日之恒生指数系列季度检讨结果， 其中派格生物医药-B(02565)获纳入恒生综合指数。变动将于2026年3月6日(星期五)收市后实施并于2026 年3月9日(星期一)起生效，届时沪深交易所会相应调整港股通可投资标的范围。据中金研报，派格生物 医药有可能被调入港股通，因其满足了包括市值、流动性和上市时间等在内的一系列标准。 派格生物医药此前发布公告，配售协议的所有条件已获达成，配售已于2025年12月22日完成。根据配售 协议的条款及条件，联席配售代理已以每股配售股份58.41港元的价格向不少于6名承配人配售合共513.6 万股配售股份，相当于紧随配售完成后，经配发及发行配售股份扩大的H股的约1.81%及股份总数的约 1.31%。 ...

FF301 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: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 派格生物醫藥 ( 杭州 ) 股份有限公司 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 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02565 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 284,300,339 | RMB | | | 1 RMB | | 284,300,339 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 284,300,339 | RMB | | | 1 RMB | | 284,300,339 ...

FF301 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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 派格生物醫藥 ( 杭州 ) 股份有限公司 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02565 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 279,164,339 RMB | | | 1 RMB | | 279,164,339 | | 增加 / 減少 (-) | | | 5,136,000 | | | RMB | | 5,136,000 | | 本月底結存 | | | 284,300,339 RMB | | | 1 RMB | | 284,300,339 ...

Core Insights - The innovative drug sector is experiencing a significant bull market, with the entry threshold for top-performing stocks raised considerably [1] - In 2024, the median stock price increase for the top 10 innovative drug companies was 57.9%, while in 2025, this surged to a median increase of 495.41%, with the highest increase reaching 1824% [2] Group 1: Top Performing Companies - The top-performing stock in 2025 was Beihai Kangcheng, with an astonishing annual increase of 1824%, surprising many in the market [4] - Following Beihai Kangcheng, the second highest was Sanleaf Biotech, which saw an increase of 870%, despite facing significant operational challenges [10] - Yaojie Ankang ranked third with a 773% increase, although its valuation raised concerns due to its limited clinical progress [12] - Heber Pharmaceuticals achieved a 553% increase, driven by its dual-engine model of R&D and business development [16] - Xuan Bamboo Biotech, a newly listed company, experienced a 507% increase, attributed to its new stock status and positive clinical data [20] Group 2: Market Dynamics and Trends - The market has seen a trend of speculative trading, with some companies experiencing price surges not necessarily backed by fundamental improvements [4] - The rise of companies like Heber Pharmaceuticals and Rongchang Biotech illustrates that long-term undervalued firms can achieve significant valuation recovery through continuous R&D and commercialization breakthroughs [4][30] - The innovative drug sector's growth is heavily influenced by liquidity and market sentiment, with many price increases based on speculative expectations rather than solid fundamentals [39] Group 3: Company-Specific Developments - Beihai Kangcheng's stock price recovery was linked to strategic capital injections, resolving its cash flow crisis [7] - Sanleaf Biotech's stock price rebound was primarily driven by its RSV vaccine pipeline, despite facing significant financial pressures [10][11] - Yaojie Ankang's rapid valuation increase raised questions about its sustainability, given its limited clinical advancements [13][14] - Heber Pharmaceuticals' growth was supported by strategic partnerships and a robust technology platform, enhancing investor confidence [18][19] - Rongchang Biotech's stock performance was bolstered by successful product approvals and strategic financing, improving its market outlook [31]

Core Insights - The innovative drug sector is experiencing a significant bull market, with the entry threshold for top-performing stocks raised considerably [1] - In 2024, the median increase for the top 10 innovative drug companies was 57.9%, with the highest increase reaching 132.6%. In 2025, this trend intensified, with the median increase for the top 10 soaring to 495.41% and the highest increase hitting 1824% [2] Group 1: Top Performing Companies - Beihai Kangcheng-B achieved the highest increase in 2025, with a staggering 1824% rise, surprising many in the market [5] - Sanleaf Biotech-B followed with an impressive 870% increase, despite facing significant operational challenges, including a cash flow crisis and a major refund demand from GAVI [10][11] - Yaojie Ankang-B, despite being controversial, saw its stock price rise nearly ninefold in a short period, reaching a market cap close to 270 billion HKD [12][13] - Heptagon Pharmaceuticals-B ranked fourth with a 553% increase, driven by its dual-engine model of R&D and business development [14][15] - Xuan Bamboo Biotech-B, a newly listed company, achieved a 507% increase, benefiting from positive clinical trial results and inclusion in national insurance directories [17][18] - Deqi Pharmaceuticals-B saw a 483% increase, attributed to its innovative AI-driven T-cell connector platform [19][20] - Jike Si-B experienced a 401% increase, driven by its advancements in KRAS-targeted therapies [22][23] - Rongchang Biotech achieved a 400% increase, with its product Taite Xip demonstrating significant potential across multiple indications [24][25] - Paige Biotech saw a 342% increase, largely due to its GLP-1 pipeline's market momentum [27] - Baiaosaitu-B rounded out the top ten with a 315% increase, supported by strong revenue growth and positive market expectations for its upcoming H+A listing [28][30] Group 2: Market Dynamics - The surge in stock prices for many companies is not solely based on fundamental improvements but also reflects speculative trading behaviors [4] - The innovative drug sector's long-term health relies on the emergence of stocks driven by genuine innovation rather than short-term speculation [4] - The market's focus on liquidity and sentiment has led to significant price increases, but these may not be sustainable as market conditions change [31]

Core Viewpoint - The stock price of Paig Bio (02565.HK) has surged nearly 800% from its initial public offering (IPO) price of 15.6 HKD to 66 HKD, despite an initial drop to 8.68 HKD, indicating a significant turnaround in market sentiment and investor confidence [1][10]. Company Analysis - Paig Bio initially faced skepticism due to its lack of products and revenue at the time of its IPO, being labeled a "three-no player" [8]. - The company’s core product, PB-119, is expected to enter the market soon, which has contributed to the recent surge in stock price [10]. - The company has successfully extended the lock-up period for its cornerstone investor, Yizhe Kangrui Pharmaceutical, signaling strong confidence in its future prospects [1][11]. Industry Context - The GLP-1 market is becoming increasingly competitive, with numerous companies vying for market share, raising concerns about potential over-saturation similar to the PD-1 market [5][6]. - Despite the competitive landscape, there are still opportunities for differentiation in the GLP-1 space, particularly in addressing unmet clinical needs and optimizing drug delivery methods [7][14]. - The upcoming expiration of key patents in the GLP-1 sector may lead to a surge in generic competition, further complicating the market dynamics [5]. Future Outlook - The sustainability of Paig Bio's high valuation, currently exceeding 250 billion HKD, will depend on the commercial success of PB-119 and the performance of its pipeline products [12][14]. - The company is also developing next-generation products like PB-718, which may provide additional growth avenues if successful [14][15]. - The market's reaction to the actual performance of PB-119 post-launch will be critical, as high expectations may not align with actual sales figures, potentially leading to volatility in stock price [11][12].

Core Viewpoint - The stock of Peijia Bio-Medical (02565) has seen an increase of over 6%, currently trading at 65.95 HKD with a transaction volume of 5.08 million HKD, following the announcement of an extension of the lock-up period for cornerstone investors until April 30, 2026 [1] Group 1: Lock-up Period Extension - The original lock-up period's last day has been extended to December 31, 2025, after an initial extension [1] - Cornerstone investors collectively hold 9.5845 million H-shares, representing approximately 3.43% of the company's total issued H-shares [1] - Cornerstone investors have agreed not to reduce their holdings of related H-shares from the end of the original lock-up period until April 30, 2026 [1] Group 2: Investor Confidence - The company interprets the second extension of the lock-up period as a sign of confidence from cornerstone investors in the company's technological development and significant progress in major clinical milestones [1] - Cornerstone investors will continue to review the company's performance and may consider further extending the lock-up period based on real-time developments and achieved milestones [1]

Core Viewpoint - The stock of Peijia Medical-B (02565) has risen over 6%, reflecting positive market sentiment following the announcement of an extension of the lock-up period for cornerstone investors [1] Group 1: Stock Performance - Peijia Medical-B's stock price increased by 5.94%, reaching HKD 65.95, with a trading volume of HKD 5.0822 million [1] Group 2: Lock-up Period Announcement - The original end date of the lock-up period has been extended to December 31, 2025, following a previous extension [1] - As of the announcement date, cornerstone investors hold a total of 9.5845 million H-shares, representing approximately 3.43% of the company's total issued H-shares [1] Group 3: Investor Confidence - Cornerstone investors have agreed not to reduce their holdings of H-shares from the end of the original lock-up period until April 30, 2026, indicating their confidence in the company's future prospects [1] - The company believes that the second extension of the lock-up period reflects the cornerstone investors' confidence in its technological development and significant progress in major clinical milestones [1] - Cornerstone investors will continue to review the company's performance and may consider further extending the lock-up period based on real-time developments and achieved milestones [1]