相关上市企业：恒瑞医药（600276）、亚盛医药（06855）、药明康德（603259） 内容概况：中国镰状细胞病治疗行业正处于从"对症治疗"向"根治性治疗"转型的关键阶段。该病作为常 染色体隐性遗传病，主要流行于南方省份。当前治疗手段涵盖药物、输血、造血干细胞移植及基因治疗 四大方向，其中基因编辑技术突破正推动行业从"对症治疗"向"根治性治疗"转型。2024年，中国镰状细 胞病治疗行业市场规模约为42.87亿元，同比增长66.03%。 相关企业：中源协和细胞基因工程股份有限公司、深圳泽医细胞治疗集团有限公司、亿胜生物科技有限 公司、湖北艾普蒂生物工程有限公司、江苏恒瑞医药股份有限公司、澳斯康生物（南通）股份有限公 司、依科赛生物科技（上海）有限公司、山东鲁抗医药股份有限公司、华大基因股份有限公司、和元生 物技术（上海）股份有限公司、锐正基因（苏州）有限公司、上海东富龙科技股份有限公司 关键词：镰状细胞病治疗、镰状细胞病治疗市场规模、镰状细胞病治疗行业现状、镰状细胞病治疗发展 趋势 一、行业概述 镰状细胞病是一种由血红蛋白β-珠蛋白基因突变引起的常染色体隐性遗传病，其核心病理特征为异常血 红蛋白（HbS）在低 ...

具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新日占比增持榜（前20名） | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | GX恆生高股息率(03110) | +0.22% | 2.09% | | 建业新生活(09983) | 0.00% | 2.35% | | 高鑫零售(06808) | 0.00% | 2.82% | | 中国移动(00941) | 0.00% | 13.86% | | 泰格医药(03347) | 0.00% | 49.85% | | 京基金融国际(01468) | 0.00% | 56.49% | | 天津创业环保股份(01065) | 0.00% | 64.71% | | 药明巨诺-B(02126) | 0.00% | 8.93% | | 中国前沿科技集团(01661) | 0.00% | 0.09% | | 珠光控股(01176) | 0.00% | 13.58% | | 建发物业(02156) | 0.00% | 0.21% | | 龙光集团(03380) | 0.00% | 7.92% | | 长城汽车(02333) | ...

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: | 亞盛醫藥集團 | | | | 呈交日期: | 2025年10月8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) | 06855 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 USD | | 0.0001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 500,0 ...

Ascentage Pharma Group International （於開曼群島註冊成立的有限公司） 股份代號 : HKEX: 6855 NASDAQ: AAPG 2025 中期報告 Lisaftoclax 利沙托克拉（利生妥®） APG-2449 Alrizomadlin （APG-115） APG-5918 Pelcitoclax （APG-1252） Olverembatinib 奥雷巴替尼（耐立克®） 目錄 | 釋義 | 2 | | --- | --- | | 公司資料 | 11 | | 財務摘要 | 13 | | 業務摘要 | 14 | | 管理層討論與分析 | 15 | | 其他資料 | 40 | | 獨立審閱報告 | 67 | | 中期簡明綜合損益表 | 68 | | 中期簡明綜合全面收益或虧損表 | 69 | | 中期簡明綜合財務狀況表 | 70 | | 中期簡明綜合權益變動表 | 72 | | 中期簡明綜合現金流量表 | 73 | | 中期簡明綜合財務資料附註 | 74 | 釋義 於本中期報告內，除文義另有所指外，下列詞彙具以下涵義。該等詞彙及其釋義可能與任何行業標準定義不同，故可能無 ...

Core Viewpoint - The company is experiencing significant growth in sales of Orelabrutinib, with a projected revenue increase of 93% year-on-year to 217 million yuan in the first half of 2025, driven by effective hospital access and chronic disease management strategies [1] Group 1: Orelabrutinib Sales and Market Position - Orelabrutinib's sales are expected to continue growing due to its inclusion in the medical insurance directory, expanding the patient population eligible for reimbursement [1] - The number of hospitals administering Orelabrutinib increased by 47% year-on-year in the first half of 2025, with extended treatment duration for patients [1] - The long-term follow-up data from the 2022 ASH conference indicates a progression-free survival (PFS) rate of 88.6% at 48 months for Orelabrutinib in treating CML-CP, suggesting its potential for long-term management [1] Group 2: APG-2575 Development and Market Potential - APG-2575 is expected to be approved for domestic market launch in mid-2025, further solidifying the company's position in the hematological oncology sector [1] - APG-2575 is positioned as a potential second BCL-2 inhibitor globally, with a unique daily dose escalation design that allows for rapid achievement of therapeutic doses [1] - Early clinical data suggests that APG-2575 combined with azacitidine shows comparable efficacy to venetoclax while significantly improving safety profiles [1] Group 3: Future Pipeline and Clinical Trials - The company has a robust pipeline with multiple promising candidates, including APG-2449, which is undergoing Phase III trials for ALK-positive NSCLC [2] - APG-5918, an EED inhibitor for anemia-related indications, is in Phase I trials, with a unique mechanism that may provide a competitive edge in the market [4] - Upcoming milestones include the completion of several Phase III clinical trials for key products, which could lead to significant market expansions [5] Group 4: Financial Projections - Revenue projections for the company are estimated at 589 million yuan, 1.509 billion yuan, and 1.449 billion yuan for 2025-2027, reflecting a growth trajectory despite a projected decline in 2025 [6] - The company is transitioning from a biotech to a biopharma entity, with a focus on Orelabrutinib and the high-potential APG-2575 as core products [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [23]. Core Insights - The company is transitioning from a biotech to a biopharma entity, with a focus on its first commercialized product, Aorebatinib, and the promising APG-2575, which is expected to partially replace and surpass Venetoclax in the large MDS and MM markets [4][21]. - APG-2575 is positioned as a potential "Best-in-Class" BCL-2 inhibitor, with unique clinical data supporting its convenient dosing regimen and improved safety profile compared to existing treatments [14][18]. - The company has a robust pipeline with multiple promising candidates, including APG-2449 and various apoptosis pathway inhibitors, which are expected to enhance its market position and growth potential [15][18]. Summary by Sections Financial Forecasts and Valuation - The company is projected to achieve revenues of 589 million, 1.509 billion, and 1.449 billion yuan for the years 2025 to 2027, with growth rates of -40%, 156%, and -4% respectively [4][21]. - The net profit attributable to the parent company is expected to be -681 million, 196 million, and 156 million yuan for the same period, indicating a significant turnaround [4][21]. - Earnings per share (EPS) are forecasted to improve from -1.83 yuan in 2025 to 0.42 yuan in 2027 [4][21]. Product and Market Insights - Aorebatinib's sales are expected to continue growing, with a 93% year-on-year increase to 217 million yuan in the first half of 2025, driven by effective hospital access and chronic disease management strategies [7][11]. - APG-2575 is anticipated to receive regulatory approval in mid-2025, further solidifying the company's leadership in the domestic hematological oncology market [11][12]. - The report highlights the potential of APG-2575 to achieve rapid relief and improved safety in treating high-risk myelodysplastic syndromes (HR MDS) compared to existing therapies [14][18]. Pipeline and Future Developments - The company has several promising candidates in its pipeline, including APG-2449, which is undergoing Phase III trials for ALK-positive NSCLC, and various apoptosis inhibitors that are expected to provide competitive advantages in the oncology market [15][18]. - Upcoming milestones include the completion of several Phase III clinical trials for key products, which are expected to enhance the company's market presence and revenue potential [20].

信达生物的全球首款双靶点减肥药刚获批上市，亚盛医药的创新药就同时获得美欧监管"绿卡"…… 今年以来，苏州生物医药企业捷报频传，创新成果呈现"井喷"之势。随着8月下旬国务院正式批复同意 在医疗器械领域，苏州三个臭皮匠生物科技有限公司的"硬性接触镜护理消毒仪"获得国家药监局批 准上市。这个看似小巧的产品，来头却不小——它是视光领域截至目前唯一获批进入三类创新医疗器械 绿色通道的产品，解决了硬性接触镜护理的行业痛点。 "苏州把生物医药确定为长期重点打造的主导产业之一，以二十年磨一剑的韧性，持之以恒加大产 业扶持，推动产业发展走在全国前列。"8月25日召开的全市生物医药产业专题工作推进会上，进一步释 放了支持生物医药产业做大做强的鲜明信号。着眼未来，从实验室到生产线，从本土创新到全球合作， 苏州生物医药产业将积极抢抓成果集中爆发的有利契机，加速推动产品上市，不断扩大产业规模和行业 话语权。 稳基固本：外资加码与本土创新双轮驱动 苏州工业园区的生物医药产业园内，一幢幢研发大楼，一座座总部基地，展现出浓厚的国际化创新 氛围。这里汇聚的来自全球各地的顶尖人才和企业，构筑起了苏州生物医药产业的坚实底盘。 数据显示，今年1至7 ...

第 1 頁 共 10 頁 v 1.1.1 FF301 | 證券代號 (如上市) | 06855 | 說明 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 0.0001 USD | | 50,000 | | 增加 / 減少 (-) | | | | 0 | | USD | | 0 | | 本月底結存 | | | 500,000,000 | USD | | 0.0001 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 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8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: | 亞 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 6-month target price of 93.12 HKD [4][6]. Core Insights - The company reported a revenue of 234 million RMB and a net profit loss of 591 million RMB for the first half of 2025. The sales of Aorebatin continued to grow, with a 93% increase in revenue from 113 million RMB in the first half of 2024 to 217 million RMB in the first half of 2025 [2]. - The approval of Lisaftoclax in China is expected to provide a new revenue source, with multiple clinical trials progressing rapidly [3]. - The company anticipates revenues of 520 million RMB, 2.78 billion RMB, and 1.57 billion RMB for 2025, 2026, and 2027, respectively, with net profits projected at -1.04 billion RMB, 700 million RMB, and -520 million RMB for the same years [4]. Financial Performance Summary - Revenue for 2023 was 221.98 million RMB, projected to increase to 980.65 million RMB in 2024, and then to 519.81 million RMB in 2025, followed by 2.78 billion RMB in 2026 and 1.57 billion RMB in 2027 [9]. - The net profit for 2023 was -926.79 million RMB, expected to improve to -405.40 million RMB in 2024, and then to -1.04 billion RMB in 2025, with a forecasted profit of 696.27 million RMB in 2026 and a loss of 520.65 million RMB in 2027 [13]. - The company’s gross margin is expected to remain around 90% from 2025 to 2034, indicating strong profitability potential [10]. Clinical Development Pipeline - Aorebatin is undergoing multiple clinical trials, including the POLARIS-3, POLARIS-2, and POLARIS-1 studies, which are progressing smoothly [2]. - Lisaftoclax has received NMPA approval for treating adult CLL/SLL patients who have undergone prior treatment, with several global clinical trials also in progress [3].

Core Viewpoint - Yasheng Pharmaceutical has transformed from an undervalued entity to a highly sought-after player in the pharmaceutical sector within six months, with its stock price doubling and a significant increase in sales of its core product, Nairike, by over 90% [1] Financial Performance - In the first half of 2025, Yasheng Pharmaceutical reported total revenue of RMB 234 million, a year-on-year decline of 71.6%, primarily due to a high base from significant overseas licensing milestone payments in H1 2024 [2] - Excluding one-time revenues, Nairike's sales reached RMB 217 million, reflecting a 93% year-on-year growth, driven by the inclusion of all approved indications in the national medical insurance catalog [2] - As of June 30, 2025, the company's cash and bank deposits amounted to RMB 1.661 billion, a 31.7% increase, largely due to approximately RMB 970 million raised from its IPO in the U.S. [2] Core Product Driving Growth - Nairike, Yasheng's first commercialized product, is the first third-generation BCR-ABL inhibitor approved in China, targeting patients with TKI resistance and T315I mutations [3] - Since January 2025, all approved indications for Nairike have been included in the national medical insurance drug list, with an annual reimbursement standard of RMB 174,500, enhancing patient affordability and accessibility [3] - By June 30, 2025, Nairike's sales in China increased from RMB 113 million in the previous year to RMB 217 million, with the number of hospitals carrying the product rising by 47% [3] Dual-Engine Commercialization Strategy - On July 10, 2025, Yasheng's second core product, Lishengtuo, was approved for the treatment of adult patients with chronic lymphocytic leukemia/small lymphocytic lymphoma [4] - Lishengtuo is the first domestically approved original Bcl-2 inhibitor in China and the second globally, indicating significant market potential [4] Rapid Commercialization of Lishengtuo - Following its approval, Yasheng quickly signed cooperation agreements with major pharmaceutical distribution companies to advance its commercialization efforts [5] - Within 15 days, the product was prescribed in over 40 hospitals across more than 30 cities, demonstrating swift market entry [6] Global R&D Pipeline - Yasheng is accelerating the global clinical development of its pipeline, with nine Phase III clinical studies underway, three of which have received FDA approval [7] - The Bcl-2 inhibitor APG-2575 is considered a promising candidate, targeting high-value indications such as CLL, AML, and MM [7] - Nairike has three global Phase III studies in progress, with one receiving FDA approval for use in Ph+ALL patients [7] Commercialization Strategy: From Single Product to Multi-curve Layout - Yasheng employs a hybrid model of "self-sales + cooperative licensing" to mitigate risks, optimizing its domestic coverage while sharing market and registration costs with partners abroad [9] - The company is diversifying its pipeline with IAP inhibitors and MDM2 inhibitors, aiming to reduce reliance on single products [10] - In the blood cancer sector, Yasheng aims to replicate the success of AbbVie's Venetoclax, which achieved significant sales through continuous indication expansion [11] Conclusion - The rapid growth of Nairike demonstrates a viable path for Yasheng in the commercialization of original domestic drugs, but future growth will depend on the clinical and registration pace of subsequent pipelines like APG-2575 and the effectiveness of its international expansion strategy [12]