药捷安康作为一家2014年成立的创新药企，主要从事小分子创新药研发，暂无产品获批上市，过去三年累计亏损8.7亿元。公司股价近期的上涨，起始于9 月10日披露核心产品替恩戈替尼一项临床试验获得临床默示许可的公告，此后3个交易日，市值激增近480亿港元。 药捷安康董事长吴永谦，官网截图 一款产品从二期临床试验到获批上市，需要经历多个关键节点，药捷安康的"临床故事"真有这么高的含金量吗？ 一则公告拉动480亿港元市值？ 业内人士：太夸张了 9月12日，药捷安康-B（02617.HK）用最高超130%、单日上涨77.09%的涨幅，诠释了当下港股创新药板块的疯狂。截至当日收盘，药捷安康总市值达到 764亿港元，排在港股创新药板块第12位。药捷安康也是今年港股创新药概念股中唯一的"十倍股"，6月23日挂牌上市以来，在不到3个月时间里股价涨幅 达到1363.88%。 目前，替恩戈替尼还没有对外披露临床数据，只有公司官方微信公众号文章中提到过，临床前试验结果表明，替恩戈替尼与氟维司群的联合用药针对内分 泌治疗耐药的乳腺癌细胞具有药理学协同作用。 替恩戈替尼最受关注的，是在胆管癌方面解决FGFR（成纤维生长因子受体）领域耐药的 ...

Core Viewpoint - The recent surge in the stock price of药捷安康-B (02617.HK) reflects the current frenzy in the Hong Kong innovative drug sector, with a remarkable increase of 1363.88% since its listing on June 23, 2023, making it the only "tenfold stock" in the sector this year [1][2]. Group 1: Stock Performance - On September 12, 2023,药捷安康-B experienced a peak increase of over 130% and a daily rise of 77.09%, reaching a total market capitalization of 764 billion HKD, ranking 12th in the Hong Kong innovative drug sector [1][2]. - From September 10 to September 12, the stock price rose by 172.86%, and the market value increased by approximately 480 billion HKD, with the total market capitalization briefly touching 1 trillion HKD [4][11]. Group 2: Clinical Development - The stock price surge was triggered by the announcement on September 10 that the core product,替恩戈替尼, received clinical implied permission for a Phase II trial targeting hormone receptor-positive, HER2-negative metastatic breast cancer [4][6]. -替恩戈替尼 is a multi-target kinase inhibitor (MTK) that has shown pharmacological synergy in preclinical trials against endocrine-resistant breast cancer cells, although no clinical data has been publicly disclosed yet [6][7]. Group 3: Market Dynamics - The stock's rise is also attributed to its inclusion in the Hong Kong Stock Connect program, which allows mainland investors to participate directly, enhancing market activity [8][9]. - The limited float of shares, with only 15.28 million shares available for trading out of a total of 397 million shares, contributed to the stock's volatility and high trading amplitude of 131.09% with a turnover rate of only 4.74% [11].

每经记者｜金喆 每经编辑｜董兴生 9月12日，药捷安康-B（02617.HK）用最高超130%、单日上涨77.09%的涨幅，诠释了当下港股创新药 板块的疯狂。截至当日收盘，药捷安康总市值达到764亿港元，排在港股创新药板块第12位。药捷安康 也是今年港股创新药概念股中唯一的"十倍股"，6月23日挂牌上市以来，在不到3个月时间里股价涨幅达 到1363.88%。 药捷安康作为一家2014年成立的创新药企，主要从事小分子创新药研发，暂无产品获批上市，过去三年 累计亏损8.7亿元。公司股价近期的上涨，起始于9月10日披露核心产品替恩戈替尼一项临床试验获得临 床默示许可的公告，此后3个交易日，市值激增近480亿港元。 一款产品从二期临床试验到获批上市，需要经历多个关键节点，药捷安康的"临床故事"真有这么高的含 金量吗？ 一则公告拉动480亿港元市值？业内人士：太夸张了 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，已于 2025年9月10日获得国家药品监督管理局的临床默示许可。 ...

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].

Core Viewpoint - The significant stock price surge of药捷安康-B (02617.HK) is closely linked to its core product, Tinengotinib, which has received clinical approval for treating specific breast cancer types, indicating strong market potential and investor interest [1][2]. Company Overview -药捷安康-B's stock price increased by 131.26% at one point on September 12, closing at 192.5 HKD per share, with a market capitalization exceeding 70 billion HKD [1]. - The company went public on June 23, with an initial offering price of 13.15 HKD, and its stock price has risen over 18 times since then [1]. Product Details - Tinengotinib is a unique MTK inhibitor targeting FGFR/VEGFR, JAK, and Aurora kinases, aimed at treating various refractory solid tumors, including cholangiocarcinoma and breast cancer [2]. - It is the first and only FGFR inhibitor in the registration clinical stage for treating refractory cholangiocarcinoma, with significant clinical efficacy evidence for mCRPC [2]. Market Potential - The global cholangiocarcinoma drug market is projected to grow to 3.1 billion USD by 2026 and further to 5.4 billion USD by 2030 [2]. - In China, the cholangiocarcinoma drug market reached 2 billion RMB in 2022, expected to grow to 5.5 billion RMB by 2026 [2]. Financial Performance -药捷安康 has not yet approved any products for market, resulting in continuous financial losses, with reported losses of 252 million RMB in 2022, 343 million RMB in 2023, and 275 million RMB in 2024, totaling 870 million RMB over three years [3]. - As of June 30, 2025, the company had cash and cash equivalents of 449 million RMB, with a significant drop in revenue of 90.4% year-on-year [3]. Competitive Landscape - The core product faces competition from other FGFR-targeting MTK inhibitors, including one that has already received FDA approval [3].

（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].

Core Viewpoint - The stock of药捷安康-B (02617.HK) has experienced a dramatic surge, with a price increase of over 130% in a single day and a total rise of 18 times since its listing, reaching a market capitalization of nearly 997 billion HKD [2][7]. Company Developments - The company announced that its core product, Tinengotinib (TT-00420), in combination with Fulvestrant, has received clinical approval for a Phase II trial targeting HR+/HER2- recurrent or metastatic breast cancer [4][5][7]. - The trial aims to evaluate the safety, efficacy, and pharmacokinetics of the combination treatment in patients who have failed previous therapies, showing promising early results [7]. Financial Performance - In the first half of 2024, the company reported a significant decline in other income and revenue, dropping from 10.4 million to 3.6 million HKD, a decrease of 65.1% [9]. - R&D costs decreased by 30.9% to 98.43 million HKD, attributed to reduced clinical trial expenses for the TT-00420 project [9]. - The company recorded a pre-tax loss of 123 million HKD, an improvement compared to a loss of 160 million HKD in the same period of the previous year [9]. Market Potential - The market valuation of the company is largely driven by the potential of Tinengotinib, which can inhibit multiple key kinase targets, offering unique value in addressing tumor resistance mechanisms [9]. Trading Dynamics - The stock has been included in the Hong Kong Stock Connect program, effective from September 8, which may influence trading activity [10]. - Following the recent surge, the stock price has shown significant volatility, with a drop of nearly 60 HKD from its peak, raising concerns about potential risks associated with such price movements [10].

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 ...