Core Viewpoint - The stock price of药捷安康 (02617.HK) surged over 130% shortly after its listing on the Hong Kong Stock Exchange, reaching a market capitalization of approximately 764.03 billion HKD, despite the company currently having no commercialized products and reporting a loss of 123 million CNY in the first half of the year [1][3]. Company Overview -药捷安康 has no commercialized products and reported zero revenue in the first half of the year, with a loss of 123 million CNY [3]. - The company focuses on small molecule innovative therapies, particularly in oncology, inflammation, and cardiovascular metabolic diseases [9]. Key Product Information - The core product,替恩戈替尼 (TT-00420), is a selective multi-kinase inhibitor targeting three key pathways: FGFR/VEGFR, JAK, and Aurora kinases [4]. -替恩戈替尼 is in the global registration clinical phase and has shown potential in treating various resistant, recurrent, or difficult-to-treat solid tumors, including cholangiocarcinoma and metastatic breast cancer [4][8]. Clinical Trials and Approvals - On September 10, the company announced the approval of a Phase II clinical trial for替恩戈替尼, targeting hormone receptor-positive, HER2-negative recurrent or metastatic breast cancer [3][5]. - As of June 30, the company has initiated or is conducting nine clinical trials for替恩戈替尼, with two trials in healthy subjects and seven in solid tumor patients [4]. Market Position and Future Plans -替恩戈替尼 is the first and only registered clinical candidate for cholangiocarcinoma among FGFR inhibitors, and it has shown clinical efficacy for metastatic castration-resistant prostate cancer [8]. - The company plans to establish an internal commercial team and recruit a marketing director to lead its commercialization strategy within the next five years [10]. Market Growth and Patient Demographics - The incidence of cholangiocarcinoma in China is projected to grow from 94,400 cases in 2019 to 106,600 cases in 2024, with a compound annual growth rate (CAGR) of 2.4% from 2024 to 2027 [10]. - Approximately 62% of patients with advanced unresectable or metastatic cholangiocarcinoma undergo second-line treatment, and 32% have received at least third-line treatment [10].

记者丨 李益文 资料显示，替恩戈替尼是一种自主发现及开发、处于注册临床阶段的独特MTK抑制剂，其主 要靶向三个关键通路为FGFR/VEGFR、JAK和Aurora激酶，可靶向治疗各种复发或难治、耐 药实体瘤，包括胆管癌、肝细胞癌、HER2—乳腺癌及泛FGFR实体瘤等。 据立桥证券介绍，该产品是世界首个且唯一已进入注册临床阶段治疗FGFR抑制剂复发或难治 性胆管癌（CCA）患者的研究药物，它还是全球首个和唯一一个可能同时抑制FGFR/JAK通 路，且针对mCRPC有临床疗效证据的研究药物。 从市场前景来看，仅针对胆管癌适应症一项，就有着巨大的市场潜力。据弗若斯特沙利文数 据，全球胆管癌药物市场规模预计于2026年增长至31亿美元，并进一步增长至2030年的54亿 美元。2022年，中国胆管癌药物市场规模达到人民币20亿元，预期于2026年进一步增长至55 亿元。 而胆管癌只是替恩戈替尼众多适应症之中的一个。目前，替恩戈替尼已在中美两地开展了多项 针对胆管癌、前列腺癌、乳腺癌等实体瘤的临床试验，并被国家药监局批准纳入突破性治疗品 种名单，获得美国FDA授予的用于治疗胆管癌的"孤儿药认证"。 不过，与二级市场的狂热 ...

（原标题：刷屏！暴涨超130%，发生了什么？） 一只港股次新股刷屏了！ 9月12日，药捷安康-B(02617.HK)午后持续冲高，盘中一度涨超130%，最近3个交易日，涨幅达2倍。该 股上市还不到3个月时间，股价已飙升超18倍，市值一度达到997亿港元。 那么，究竟发生了什么？从消息面上看，该公司发布公告称，其核心产品替恩戈替尼（Tinengotinib, TT-00420）联合氟维司群治疗经治失败的激素受体阳性（HR+）且人表皮生长因子受体2阴性或低表达 （HER2-）的复发或转移性乳腺癌Ⅱ期临床试验，已于2025年9月10日获得了中国国家药品监督管理局 的临床默示许可。 又见暴涨 港股次新股——药捷安康-B爆了。该股11日午后一度飙涨超130%，59个交易日内，股价飙升超18倍， 市值接近千亿港元水平。在此之前，该股已经连续2天大涨。3个交易日，股价最多涨了2倍。 昨天，药捷安康发布公告，公司核心产品替恩戈替尼（Tinengotinib, TT-00420）联合氟维司群治疗经治 失败的激素受体阳性（HR+）且人表皮生长因子受体2阴性或低表达（HER2-）的复发或转移性乳腺癌 Ⅱ期临床试验，已于2025年9 ...

Core Viewpoint - The stock of Yaojie Ankang-B (02617.HK) has surged dramatically, with a price increase of over 130% on September 11 and a total rise of 200% over the last three trading days, reaching a market capitalization of nearly HKD 997 billion within three months of its listing [2][6]. Company Performance - Yaojie Ankang-B's core product, Tinengotinib (TT-00420), has received clinical approval from the National Medical Products Administration of China for a Phase II trial targeting HR+/HER2- breast cancer patients [5][6]. - The company reported a pre-tax loss of HKD 1.23 billion for the first half of 2024, an improvement from a loss of HKD 1.6 billion in the same period of 2023 [9]. - Other income and revenue decreased by 65.1%, from HKD 10.4 million in 2024 to HKD 3.6 million in 2025, primarily due to reduced bank interest and government subsidies [9]. Market Dynamics - The stock was listed on the Hong Kong Stock Exchange on June 23, 2025, with an initial offering price of HKD 13.15 per share, raising HKD 201 million [7]. - The stock has been included in the Hong Kong Stock Connect program, effective September 8, 2025, which may enhance its trading volume and investor interest [10]. Clinical Trial Insights - The Phase II clinical trial aims to evaluate the safety, efficacy, and pharmacokinetics of Tinengotinib in combination with Fulvestrant for patients with HR+/HER2- breast cancer who have previously failed treatment [6][5]. - Early clinical results indicate promising efficacy for Tinengotinib as a monotherapy in this patient population, suggesting potential for significant market impact [9].

一只港股次新股刷屏了！ 9月12日，药捷安康-B(02617.HK)午后持续冲高，盘中一度涨超130%，最近3个交易日，涨幅达2倍。该股上市还不到3个 月时间，股价已飙升超18倍，市值一度达到997亿港元。 那么，究竟发生了什么？从消息面上看，该公司发布公告称，其核心产品替恩戈替尼（Tinengotinib, TT-00420）联合氟维 司群治疗经治失败的激素受体阳性（HR+）且人表皮生长因子受体2阴性或低表达（HER2-）的复发或转移性乳腺癌Ⅱ期 临床试验，已于2025年9月10日获得了中国国家药品监督管理局的临床默示许可。 又见暴涨 港股次新股——药捷安康-B爆了。该股11日午后一度飙涨超130%，59个交易日内，股价飙升超18倍，市值接近千亿港元 水平。在此之前，该股已经连续2天大涨。3个交易日，股价最多涨了2倍。 8月25日，药捷安康发布半年报，该公司在上半年的其他收入及收益由2024年同期的1040万元下降至360万元，降幅达到 65.1%。主要原因是银行存款利息及理财收入减少410万元和政府补助减少270万元。研发成本也有所下降，从2024年上半 年的1.42亿元减少30.9%至9843万元，主要 ...

Core Viewpoint - The company,药捷安康, has seen significant stock price increases since its IPO, reaching a market capitalization of approximately 764.03 billion HKD, despite currently having no commercialized products and reporting a loss of 1.23 billion CNY in the first half of the year [2]. Group 1: Company Overview -药捷安康's main pipeline includes six clinical-stage candidates and several preclinical candidates, with its core product being替恩戈替尼 (TT-00420) [2][3]. - The company focuses on small molecule innovative therapies, particularly in oncology, inflammation, and cardiovascular metabolic diseases [7]. Group 2: Clinical Trials and Product Development - On September 10, the company announced the approval of a Phase II clinical trial for替恩戈替尼, targeting hormone receptor-positive, HER2-negative recurrent or metastatic breast cancer [2][3]. -替恩戈替尼 is a selective multi-kinase inhibitor targeting three key pathways: FGFR/VEGFR, JAK, and Aurora kinases, with potential applications in various difficult-to-treat solid tumors [3][5]. - As of June 30, the company has initiated or is conducting nine clinical trials for替恩戈替尼 globally, with two trials in healthy subjects and seven in solid tumor patients [3]. Group 3: Market Position and Future Plans -替恩戈替尼 is noted as the first and only registered clinical-stage candidate for treating cholangiocarcinoma among FGFR inhibitors, and it has shown clinical efficacy for metastatic castration-resistant prostate cancer [5]. - The company plans to establish an internal commercial team within the next five years, aiming to recruit a marketing director to lead its commercialization strategy [8]. - The target population for the upcoming Phase II trial includes patients who have relapsed or developed resistance to FGFR inhibitors, with a significant percentage of advanced cholangiocarcinoma patients having undergone multiple lines of treatment [8].

每经记者｜林姿辰 每经编辑｜魏官红 9月12日开盘，药捷安康（02617.HK）一路上涨，盘中最高达到251.40港元/股，总市值一度逼近千亿港元，截至当日收盘，公司市值为764.03亿港元。此 时，距离公司登陆港交所，刚过去不到三个月。 核心产品靶向三个关键通路，有"全球首个"标签 备受关注的替恩戈替尼，是一款处于全球注册性临床阶段的选择性聚焦多激酶抑制剂，主要靶向三个关键通路——FGFR/VEGFR、JAK和Aurora激酶。 药捷安康称，该药物有潜力解决多个耐药、复发或难治实体瘤，包括胆管癌、前列腺癌、肝癌、乳腺癌、胆道癌和泛FGFR实体瘤。截至6月30日，替恩戈替 尼在全球已进行或正在进行共9项公司发起的临床试验，其中2项临床试验在健康受试者中进行，7项临床试验在实体瘤患者中进行。 从时间上看，9月10日获得临床默示许可的针对复发或转移性乳腺癌的Ⅱ期临床试验，进度仅次于替恩戈替尼针对胆管癌（CCA）的两个临床试验——公司 2025年半年报显示，截至6月30日，替恩戈替尼正在中国进行CCA适应证的注册性II期临床试验，预计于今年下半年完成该试验；公司还在全球其他区域进 行国际多中心III期临床试验，预计 ...

Market Overview - On September 12, the Hang Seng Index rose by 1.16%, closing at 26,388.16 points, with a net inflow of HKD 7.331 billion through the southbound trading channel [2] - The total trading volume for the southbound trading on that day was HKD 157.992 billion, with a net buying amount of HKD 7.331 billion [2] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 97.259 billion, with a net selling of HKD 1.487 billion; while the Shenzhen Stock Exchange's southbound trading had a transaction amount of HKD 60.733 billion, with a net buying of HKD 8.818 billion [2] - The most actively traded stock in the Shanghai southbound trading was Alibaba-W, with a transaction amount of HKD 87.744 billion and a net buying of HKD 2.076 billion, closing with a price increase of 5.44% [2] - In the Shenzhen southbound trading, Alibaba-W also led with a transaction amount of HKD 63.889 billion and a net buying of HKD 2.304 billion, maintaining the same closing price increase of 5.44% [3] Active Stocks Summary - The top ten actively traded stocks in the southbound trading included Alibaba-W, Meituan-W, and SMIC, with transaction amounts of HKD 87.744 billion, HKD 50.99 billion, and HKD 37.02 billion respectively [2] - Meituan-W had the highest net selling amount of HKD 1.635 billion, closing flat [2] - Other notable stocks included Tencent Holdings and Xiaomi Group, with transaction amounts of HKD 32.17 billion and HKD 23.17 billion respectively, and Tencent saw a net buying of HKD 0.744 billion [3] Additional Stock Performance - The stock performance of various companies showed that 8 out of the top ten stocks had net buying, with Alibaba-W leading at HKD 2.304 billion [3] - The stock of Sanofi had the highest net selling amount of HKD 0.295 billion, while its closing price increased by 1.81% [4]

9月12日，药捷安康-B（02617.HK）股价盘中一度大涨131.26%，尽管尾盘有所回落，但截至收盘仍报 192.5港元/股，日内涨幅达77.09%，推动市值突破700亿港元，这家6月23日刚登陆港交所的生物制药企 业，发行价仅13.15港元，若以今日最高价251.4港元/股计算，药捷安康上市两个多月股价最高涨超18 倍。 药捷安康的市值飙升或与其核心产品替恩戈替尼（Tinengotinib，TT-00420）密切相关。9月10日，药捷 安康发布公告称，公司核心产品替恩戈替尼联合氟维司群治疗经治失败的激素受体阳性（HR+）且人表 皮生长因子受体2阴性或低表达（HER2-）的复发或转移性乳腺癌II期临床试验，已获了中国国家药品监 督管理局的临床默示许可。 财务数据显示，药捷安康在2022年、2023年、2024年分别亏损2.52亿元、3.43亿元、2.75亿元，三年累 计亏损达8.7亿元。2025年上半年仍延续亏损态势，营收仅为98.6万元，同比大跌90.4%，税前亏损1.23 亿元。 截至2025年6月30日，公司的现金及现金等价物仅有4.49亿元。而上半年的研发成本为0.98亿元，管理成 本为2747万 ...

Group 1 - On September 12, 2025, Alibaba-W (09988), Meituan-W (03690), and SMIC (00981) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 87.74 billion, 50.99 billion, and 37.02 billion respectively [1] - In the Southbound Stock Connect for Shenzhen-Hong Kong, Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) led the trading volume, with transaction amounts of 63.89 billion, 32.17 billion, and 23.17 billion respectively [1] Group 2 - In the Southbound Stock Connect (Hong Kong), the top active trading companies included: - Alibaba-W (09988) with a net buy of +20.76 billion - Tencent Holdings (00700) with a net buy of +1.85 billion - Meituan-W (03690) with a net sell of -16.35 billion [2] - In the Southbound Stock Connect (Shenzhen), the top active trading companies included: - Alibaba-W (09988) with a net buy of +23.04 billion - Tencent Holdings (00700) with a net buy of +7.44 billion - Meituan-W (03690) with a net sell of -46.59 million [2]