● 本报记者 孟培嘉 乔翔 恒瑞医药领航创新药出海、海澜之家加速海外业务拓展、埃斯顿深化全球化布局……今年以来，随着港 股IPO市场持续回暖、制度创新不断深化，内地优质企业赴港上市热潮涌动，一批批优质江苏企业正以 扎实的业务根基与前瞻的国际视野，积极对接香港资本市场。数据显示，今年1-8月江苏已有11家企业 成功登陆港股、超过20家正在排队候场，呈现出一派踊跃布局、乘势而上的生动景象。 为助力企业赴港上市、抓住国际资本市场发展机遇，9月15日，由中国证券报、江苏省委金融办联合主 办的"通向新机遇之路——港股IPO专业研培"在江苏省苏州市举行。来自券商、律所等机构的多位资深 专家围绕港股最新政策、上市实务、合规风控等关键环节，为与会江苏企业带来一场系统、深入、可操 作性强的专题培训，助力"江苏板块"在国际资本市场上扬帆起航、行稳致远。 多重因素催生赴港上市潮 今年以来，A股、港股联袂上涨，"中国资产"全球瞩目。作为内地企业联系国际资本市场的重要桥梁， 港股市场今年以来呈现出诸多新变化，其中内地企业赴港上市高潮迭起，行业龙头纷纷递表、"A+H"阵 营频频扩围颇受关注。 数据显示，今年前8个月港交所新股融资额达13 ...

Core Viewpoint - The Chinese innovative drug sector has shown remarkable performance in the capital market this year, driven by record-high business development (BD) amounts for overseas expansion and a rapid growth in domestic revenue, indicating a shift from a "cash-burning" model to a "cash cow" model [1][2]. Group 1: Domestic Demand - The demand for high-quality innovative drugs in China is continuously being released, with A-share innovative drug companies achieving a revenue of 28.69 billion yuan in the first half of the year, a year-on-year increase of approximately 42% [2]. - Leading companies like Heng Rui Medicine reported a 14.5% increase in innovative drug sales revenue to 7.57 billion yuan, primarily from the domestic market [2]. - Other companies such as Bai Jie Shen Zhou and Yi Fan Medicine also reported significant revenue growth, with Bai Jie Shen Zhou's flagship product achieving a 36.5% increase in sales [3]. Group 2: Policy Support - The Chinese government has been actively supporting the development of innovative drugs, with 149 innovative drugs included in the national medical insurance directory since 2018 [4]. - The National Healthcare Security Administration has indicated that by May 2025, the cumulative payment for negotiated drugs will reach 410 billion yuan, driving related drug sales to exceed 600 billion yuan [4]. - New policies are being introduced to address pricing and reimbursement challenges for innovative drugs, including the establishment of a commercial health insurance directory for innovative drugs [5]. Group 3: Research and Development Investment - Despite revenue growth, many innovative drug companies are increasing their R&D investments, creating a positive cycle of revenue growth leading to increased R&D and a rich pipeline [7]. - Heng Rui Medicine invested 3.87 billion yuan in R&D, with over 100 innovative products in clinical development [7]. - The overall trend indicates that companies are focusing on building a robust pipeline to sustain future revenue growth [7]. Group 4: Global Positioning - China currently holds nearly 30% of the global drug R&D market share, with a significant number of first-in-class drug pipelines [8]. - The country has become an important source of global pharmaceutical innovation, with a notable increase in technology licensing and overseas expansion [8]. - The past years of investment during the "innovation drug bubble" period are expected to yield significant results in the coming years [8].

Core Viewpoint - BeiGene's stock has shown significant growth this year, with a year-to-date increase of 99.95%, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - As of September 15, BeiGene's stock price reached 321.96 CNY per share, with a trading volume of 8.29 billion CNY and a turnover rate of 2.27%, resulting in a total market capitalization of 496.04 billion CNY [1]. - The stock has experienced a 1.25% increase over the last five trading days, a 32.49% increase over the last 20 days, and a 28.58% increase over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a stock trading list) once this year, with the most recent appearance on September 2 [1]. Group 2: Financial Performance - For the first half of 2025, BeiGene reported a revenue of 17.518 billion CNY, representing a year-on-year growth of 46.03%, and a net profit attributable to shareholders of 450 million CNY, which is a 115.63% increase compared to the previous period [2]. - The number of shareholders decreased by 3.90% to 23,300 as of June 30, 2025, while the average number of circulating shares per person increased by 4.11% to 4,976 shares [2]. Group 3: Shareholder Composition - As of June 30, 2025, the fourth largest shareholder is 中欧医疗健康混合A (China Europe Medical Health Mixed A) with 4.8254 million shares, an increase of 1.2436 million shares from the previous period [2]. - 万家优选 (Wanjia Youxuan) is the sixth largest shareholder with 3 million shares, a decrease of 500,000 shares [2]. - 新进股东 (new shareholder) 南方中证500ETF (Southern CSI 500 ETF) holds 1.7259 million shares [2].

Core Insights - The Shanghai Stock Exchange emphasizes its mission to support technological innovation and enhance its role as a capital market hub, particularly through the STAR Market [1] - The STAR Market has established five sets of listing standards, with the second to fifth sets not requiring profitability, thus providing diverse listing pathways for unprofitable companies [1][2] - As of now, 54 unprofitable companies have collectively raised over 200 billion yuan through IPOs, demonstrating effective transformation of R&D capabilities into operational performance [1][3] Listing Standards - The STAR Market's second to fourth listing standards focus on revenue scale combined with R&D intensity, cash flow, or market capitalization, catering to hard-tech companies with specific characteristics [1][2] - The fifth standard does not set performance requirements but emphasizes market capitalization and developmental achievements, suitable for innovative companies with clear market prospects [1][2] Company Performance - Among the 54 unprofitable companies, 40% have achieved profitability, with a total revenue of 1,745 billion yuan in 2024, marking a 24% year-on-year increase [3] - Notable companies like BeiGene and Cambricon have shown significant R&D investments, with BeiGene's R&D expenditure reaching 7.278 billion yuan, accounting for 42% of its revenue [2][3] - The semiconductor sector, led by companies like SMIC, has seen substantial advancements, enhancing the industry's self-sufficiency and innovation capabilities [3][4] Market Developments - The STAR Market's fifth standard companies are entering a new phase of commercial development, with 46 drugs/vaccines approved for market entry, showcasing rapid commercialization [4] - The introduction of the "1+6" policy framework aims to further support unprofitable companies in high-tech sectors, balancing innovation support with market risk management [4][5] - Since the implementation of the "1+6" policy, 15 new IPO applications have been accepted, including four from unprofitable companies, indicating ongoing market dynamism [5]

Core Viewpoint - The Sci-Tech Innovation Board (STAR Market) has successfully created a multi-path listing approach for unprofitable companies, allowing them to access capital markets without the traditional profit threshold, thus promoting the transformation of R&D capabilities into operational performance and industrial value [1][2]. Group 1: Listing Standards - The STAR Market has five sets of listing standards, with the second to fifth sets not requiring profit, instead focusing on revenue scale and R&D intensity, cash flow, and market capitalization [2]. - The second to fourth sets cater to "hard technology" companies with characteristics such as R&D strength and stable business models, while the fifth set evaluates companies based on market capitalization and developmental achievements, suitable for innovative firms with clear market prospects [2][4]. Group 2: Performance of Unprofitable Companies - Among the 54 unprofitable companies listed, 40% have achieved profitability, with a total revenue of 1,745 billion yuan in 2024, marking a 24% year-on-year increase, and a net loss of 136 billion yuan, reduced by 36% [3]. - By the first half of 2025, these companies reported a revenue of 999 billion yuan, an 8% increase year-on-year, with a net loss of 15 billion yuan, a 70% reduction compared to the previous year [3][6]. Group 3: Industry Innovations - Leading companies like Cambricon and SMIC are driving significant advancements in the semiconductor sector, enhancing the self-sufficiency of the supply chain and breaking foreign monopolies [4]. - The fifth set of standards has enabled unprofitable companies to transition into a new phase of commercial development, with 46 drugs/vaccines approved for market, including 20 innovative drugs that have not been previously launched domestically or internationally [4]. Group 4: Policy Impact - The introduction of the "1+6" policy and the establishment of the "Sci-Tech Growth Layer" aim to support unprofitable companies in high-tech sectors, balancing innovation support with market risk prevention [5][6]. - Since the policy's implementation, 15 new IPO applications have been accepted, including four from unprofitable companies, indicating a positive response to the new listing standards [6].

Core Viewpoint - The Shanghai Stock Exchange emphasizes its mission to support the real economy and enhance its capacity to support technological innovation through the STAR Market, which has established inclusive listing standards for unprofitable companies [1][5]. Group 1: Listing Standards - The STAR Market has developed five sets of listing standards, with the second to fifth sets not imposing profit thresholds, thereby creating diverse pathways for unprofitable companies to access the capital market [1][2]. - The second to fourth sets of standards assess companies based on "revenue scale + R&D intensity," "revenue scale + cash flow," and "revenue scale + market capitalization," respectively, catering to hard technology enterprises with strong R&D capabilities [1][2]. - The fifth set of standards evaluates companies based on "market capitalization + stage of R&D achievements," allowing innovative firms with promising technologies but no commercialization to list [2]. Group 2: Performance of Unprofitable Companies - As of 2024, 54 unprofitable companies listed on the STAR Market achieved a total revenue of 1,745 billion, a 24% year-on-year increase, with 26 companies exceeding 100 million in revenue [3]. - These companies collectively reduced their net losses by 36% to 136 billion, with 22 companies achieving profitability and "delisting" from the unprofitable category [3]. - In the first half of 2025, these companies reported a total revenue of 999 billion, an 8% increase, and reduced net losses by 70% to 15 billion [3]. Group 3: Industry Highlights - Leading companies in the innovative drug sector, such as BeiGene and Baillie Gifford, have achieved significant sales milestones, with BeiGene's new drug generating over 10 billion in sales in just six months [4]. - In the semiconductor sector, companies like SMIC and Cambrian are breaking foreign monopolies and enhancing domestic capabilities in AI chip development [4]. - The STAR Market has facilitated the approval of 46 drugs/vaccines, with 20 new innovative drugs launched domestically, showcasing the rapid advancement of unprofitable companies towards commercialization [6]. Group 4: Policy Impact - The STAR Market's "1+6" policy framework aims to further support unprofitable companies by creating a "STAR Growth Layer" that focuses on emerging sectors like AI and commercial aerospace [6]. - Since the implementation of this policy, 15 new IPO applications have been accepted, including four from unprofitable companies, indicating a positive market response [6]. - Companies in the STAR Growth Layer reported a 38% year-on-year revenue growth and a significant reduction in net losses by 71 billion in the first half of 2025 [6]. Group 5: Future Outlook - The STAR Market is positioned to assist unprofitable hard technology companies in transitioning from research to market, reinforcing the importance of capital support for technological self-reliance [7].

Core Viewpoint - The Sci-Tech Innovation Board (STAR Market) has successfully created a multi-path listing approach for unprofitable companies, allowing them to access capital markets without the traditional profit threshold, thus facilitating the transformation of R&D capabilities into operational performance and industrial value [1][2]. Group 1: Listing Standards - The STAR Market has five sets of listing standards, with the second to fifth sets not requiring profit, instead focusing on revenue scale combined with various factors such as R&D intensity, cash flow, and market capitalization [2]. - The second to fourth sets cater to "hard technology" companies with strong R&D capabilities, while the fifth set targets innovative companies with leading technologies but no commercialized products yet, based on market capitalization and R&D achievements [2][4]. Group 2: Performance of Unprofitable Companies - Among the 54 unprofitable companies listed, 40% have achieved profitability, with a total revenue of 1,745 billion yuan in 2024, marking a 24% year-on-year increase, and a net loss reduction of 36% [3]. - By the first half of 2025, these companies reported a revenue of 999 billion yuan, an 8% increase year-on-year, with a significant reduction in net loss by 70% [3]. Group 3: Industry Leaders and Innovations - Leading companies like BeiGene and Cambricon have achieved significant milestones, with BeiGene's new cancer drug generating over 10 billion yuan in half-year sales, and Baillie Gifford's ADC drug achieving record overseas licensing deals [3][4]. - In the semiconductor sector, companies like SMIC and Cambrian are driving innovation and breaking foreign monopolies, enhancing the self-sufficiency of the industry [4]. Group 4: Policy Support and Market Dynamics - The introduction of the "1+6" policy and the establishment of the "Sci-Tech Growth Layer" aim to support unprofitable companies in emerging fields like AI and commercial aerospace, balancing innovation support with market risk management [5][6]. - Since the policy's implementation, 15 new IPO applications have been accepted, including four from unprofitable companies, indicating a positive trend in capital market access for innovative firms [6].

Core Viewpoint - The pharmaceutical sector in Hong Kong is experiencing a paradox where revenue growth is slowing down while profit growth is accelerating, primarily driven by systemic reforms such as DRG [1][12]. Group 1: Performance of Domestic Innovative Pharmaceutical Companies - The 18A biotech stocks listed in Hong Kong are projected to see sustainable revenue growth from 27.2 billion in the first half of 2024 to 37.6 billion in the first half of 2025, with total annual revenue expected to reach 78-80 billion [2]. - Net losses for these companies are expected to improve significantly, from a loss of 11.2 billion in the first half of 2024 to a loss of 2.5 billion in the first half of 2025, with profitability anticipated by 2026 [2]. Group 2: Overall Pharmaceutical Sector Performance - The overall revenue growth rate for major listed pharmaceutical companies in Hong Kong is expected to decline from 5.7% in 2024 to 2.1% in the first half of 2025, despite strong profit growth [4][5]. - The profit growth is attributed to a shift in operational strategies from aggressive expansion to cost control, leading to improved profit margins [8][9]. Group 3: Reasons for Revenue Slowdown - The slowdown in revenue growth is linked to the DRG reform, which has introduced a competitive pricing mechanism that pressures hospitals and healthcare providers to reduce costs [15][19]. - The DRG reform has resulted in a decrease in average hospitalization costs, which has negatively impacted hospital revenues and, consequently, the upstream pharmaceutical sector [14][15]. Group 4: Impact of DRG Reform - The DRG payment model emphasizes standardized clinical value over individual physician decision-making, which is expected to accelerate the growth of innovative pharmaceuticals while putting pressure on traditional hospital revenue streams [24][25]. - The reform is likely to create a more competitive environment among hospitals, potentially leading to the exit of less efficient operators from the market [23][36]. Group 5: Future Outlook - Despite the current challenges, the pharmaceutical industry is expected to eventually return to a stable growth trajectory as the pressures from the DRG reform ease and new growth drivers emerge [20][36]. - The focus on clinical value is anticipated to foster innovation in pharmaceuticals and medical devices, particularly for those that can demonstrate significant clinical benefits [28][32].

Core Viewpoint - BeiGene (06160) announced that a total of 63,000 American Depositary Shares (ADS) will be purchased by 3,932 participants under the 2018 Employee Stock Purchase Plan during the subscription period from March 3, 2025, to August 29, 2025, representing approximately 0.05% of the company's total issued shares as of the announcement date [1] Summary by Relevant Sections - **Subscription Details** - The subscription period for the purchase of ADS is set from March 3, 2025, to August 29, 2025 [1] - A total of 63,000 ADS will be acquired by 3,932 participants [1] - **Share Representation** - The number of shares involved in the purchase amounts to 818,500 [1] - This represents about 0.05% of the total issued shares of the company as of the announcement date [1]

Investment Rating - The industry rating is "Positive" for the next 12 months, expecting a growth rate exceeding 10% relative to the CSI 300 index [67][79]. Core Insights - The report highlights the impressive research outcomes of Chinese pharmaceutical companies showcased at the 2025 World Lung Cancer Conference (WCLC), emphasizing the strength of innovation in the sector. It also notes that Heng Rui has further advanced its overseas licensing strategy through the NewCo model [9][67]. - The report suggests continuous monitoring of the R&D progress of Chinese pharmaceutical companies, particularly in innovative drugs and related industrial chains, benefiting from optimized procurement rules in the pharmaceutical and medical device sectors, as well as the recovery of traditional Chinese medicine and medical services due to domestic demand [9][67]. Industry News - Bai Li Tian Heng's dual-target ADC for EGFR/HER3 has shown promising results at WCLC, with a 100% overall response rate in a study involving 154 patients [18]. - BeiGene presented the latest findings from its RATIONALE studies at WCLC, demonstrating significant survival benefits for its drug in treating non-small cell lung cancer [19]. - Kangfang Biotech updated data from its HARMONi study, showing improved overall survival rates, particularly in North America [20]. Company Announcements - Heng Rui Pharma signed a licensing agreement with Braveheart Bio for the HRS-1893 project, with an upfront payment of $65 million and potential milestone payments totaling up to $1.013 billion [35]. - The new drug application for KN026 by CSPC has been accepted by the National Medical Products Administration (NMPA) [39]. - Junshi Biosciences reported positive results from its Phase III clinical trial for an anti-IL-17A monoclonal antibody [40]. Market Review - The Shanghai Composite Index rose by 2.91%, while the Shenzhen Component Index increased by 7.11%. The pharmaceutical and biological sector saw a 1.76% increase, with most sub-sectors showing positive performance [53][57]. - As of September 11, 2025, the TTM P/E ratio for the pharmaceutical and biological industry was 31.56, with a valuation premium of 148% relative to the CSI 300 [57]. Weekly Strategy - The report recommends focusing on investment opportunities in innovative drugs and medical devices, as well as sectors benefiting from domestic demand recovery, while maintaining a "Positive" industry rating [67].