Core Viewpoint - Kexing Biopharmaceutical Co., Ltd. (referred to as "Kexing Pharmaceutical") has officially listed in Hong Kong after nearly five years of being on the A-share market, marking the beginning of its "A+H" dual-platform financing strategy. However, the company faces multiple challenges, including operational bottlenecks, increasing debt pressure, and governance issues that have raised market confidence concerns [1][2]. Financial Performance - Kexing Pharmaceutical's revenue has shown limited growth in recent years, with significant fluctuations in net profit. The operating revenues for 2022, 2023, 2024, and the first half of 2025 were 1.316 billion, 1.259 billion, 1.407 billion, and 700 million respectively, while net profits were -93 million, -195 million, 27 million, and 79 million respectively. Notably, in the first three quarters of 2025, the revenue reached 1.148 billion, a year-on-year increase of 10.54%, with a net profit of 111 million, marking a staggering year-on-year growth of 547.7% [3][5]. Product and Market Dynamics - The sustainability of Kexing Pharmaceutical's growth is questioned, as 80% of its revenue comes from four core products. The revenue from these products has remained stagnant between 1.2 billion and 1.3 billion from 2022 to 2024. The company's gross margin has also been declining, from 75.4% in 2022 to 63.6% in the first half of 2025 [7][8]. Governance and Compliance Issues - Kexing Pharmaceutical has faced significant governance and compliance issues, including receiving a regulatory warning for inaccurate information disclosure. The company had discrepancies in its earnings forecasts and failed to maintain consistent voluntary disclosures. Additionally, it mismanaged raised funds by investing in non-principal-protected products, which is against regulatory guidelines [9][10]. Shareholder Actions - Prior to the IPO, Kexing Pharmaceutical's controlling shareholder, Deng Xueqin, significantly reduced his holdings, cashing out over 1 billion in just five months. This raised concerns about shareholder intentions and market trust, especially as the company's total market value is only 6.78 billion [11][15].

来源丨凤凰网财经《IPO观察哨》 在登陆A股近五年后，科兴生物制药股份有限公司（下称"科兴制药"）正式赴港上市，开启"A+H"双平台融资。 然而，其港股IPO之路面临多重考验。在经营层面，公司核心产品在国内增长面临瓶颈，同时债务压力与日俱增。在公司治理与市场信心层面，问题 则更突出，2024年科兴制药收到监管警示函，暴露了其内控瑕疵；控股股东在上市前密集套现超10亿元，进一步影响着市场的信任——要知道，这 家公司目前总市值也仅67.8亿元。 2025年10月，胡润百富发布《2025年胡润百富榜》，科兴制药实控人邓学勤（及其夫人）以60亿收入，位列榜单第1168位。 2025年6月，公司股价创下63.91元/股的历史新高，截至11月25日，股价34.1元/股，较高峰时期跌去47%。 此次赴港IPO，科兴制药能否赢得市场的信任，仍是一个问号。 01 "吃老本"背后，核心产品已增长乏力 近年，科兴制药收入增幅不大，但净利润波动剧烈。 根据招股书，科兴制药在2022年、2023年、2024年、2025年上半年的营业收入分别为13.16亿元、12.59亿元、14.07亿元和7亿元；同期净利润 分别为-0.93亿元、-1 ...

Core Insights - The article highlights the successful international approval of Liraglutide injection by Tonghua Dongbao Pharmaceutical Co., Ltd. in Peru, marking a significant milestone in the company's global expansion strategy in the GLP-1 product category [4] - Liraglutide, a GLP-1 analog, is recognized for its efficacy in improving blood sugar levels, cardiovascular protection, and weight loss, gaining global acceptance [4] Market Growth and Strategy - The International Diabetes Federation (IDF) projects that the number of adults aged 20-79 with diabetes will reach 589 million in 2024, with a prevalence rate of 11.1%, and is expected to rise to 853 million by 2050, indicating a growing market for diabetes treatments [6] - The company, in collaboration with Sinovac Biotech, is targeting emerging markets with high diabetes prevalence, covering 17 countries across Latin America, the Middle East and North Africa, Southeast Asia, and South Africa [6] Product Development and Internationalization - The company has achieved significant progress in international registrations for multiple products, including Liraglutide and insulin formulations, with approvals in Indonesia, Uzbekistan, and other emerging markets [7] - The internationalization strategy is set to accelerate, aiming to expand overseas sales and provide accessible diabetes treatment options to a broader patient base [7]

Core Viewpoint - The successful completion of the GMP audit for the liraglutide injection by Tonghua Dongbao and its partner Sinovac Biotech marks a significant step in the company's internationalization strategy and paves the way for market entry in Brazil and expansion in South America [1][2]. Group 1: Company Developments - Tonghua Dongbao and Sinovac Biotech have collaborated to obtain exclusive commercialization rights for liraglutide injection in 17 emerging markets [1]. - The GMP audit conducted by Brazil's ANVISA was based on PIC/S guidelines, covering the entire production and quality management chain, and resulted in a "zero defect" outcome [1][2]. - The successful audit is seen as a key breakthrough for the company's international strategy, facilitating rapid entry into the Brazilian market [2]. Group 2: Market Context - Brazil has seen an increase in diabetes prevalence, with 16.62 million patients aged 20-79 and a prevalence rate of 10.7% [2]. - The country has established itself as a benchmark in the emerging pharmaceutical market since joining PIC/S in 2021, known for its stringent GMP standards [2]. - The company plans to accelerate the commercialization of more high-value products globally, enhancing treatment options for patients and driving long-term growth [2].

科兴制药所属申万行业为：医药生物-生物制品-其他生物制品。所属概念板块包括：创新药、生物医 药、基金重仓、细胞治疗、增持回购等。 截至9月30日，科兴制药股东户数1.18万，较上期增加25.03%；人均流通股17102股，较上期减少 19.37%。2025年1月-9月，科兴制药实现营业收入11.48亿元，同比增长10.54%；归母净利润1.11亿元， 同比增长547.70%。 11月26日，科兴制药盘中上涨2.02%，截至09:47，报34.38元/股，成交1462.65万元，换手率0.21%，总 市值69.19亿元。 资金流向方面，主力资金净流入89.29万元，特大单买入102.77万元，占比7.03%，卖出0.00元，占比 0.00%；大单买入225.10万元，占比15.39%，卖出238.58万元，占比16.31%。 科兴制药今年以来股价涨57.84%，近5个交易日涨2.63%，近20日跌9.76%，近60日跌23.02%。 今年以来科兴制药已经6次登上龙虎榜，最近一次登上龙虎榜为7月3日。 资料显示，科兴生物制药股份有限公司位于山东省济南市章丘区埠村街道创业路2666号,广东省深圳市 南山区高新中一道 ...

Core Viewpoint - The company, Kexing Pharmaceutical, is attempting to balance innovation and commercialization as it aims to launch an "A+H" dual-platform financing strategy by submitting its IPO application to the Hong Kong Stock Exchange, with the funds primarily allocated for R&D and high-value drug pipeline development [2] Group 1: Product Portfolio and Market Position - Kexing Pharmaceutical focuses on the development, production, and commercialization of recombinant proteins, antibodies, and targeted delivery therapies, particularly in oncology and autoimmune therapy, utilizing a "self-research + licensing" dual development model [3] - The company currently has 9 commercialized products and 15 projects in the pipeline, with 2 in Phase III clinical trials and 3 in Phase II or I, covering various treatment areas including antiviral, hematology, and oncology [3] - The core product, SINOGEN (Interferon α1b injection), is projected to dominate the Chinese short-acting interferon α1b market with a 55.2% market share in 2024, maintaining the top position for six consecutive years since 2019 [5] - EPOSINO (Erythropoietin injection) is expected to achieve a 16.7% market share in 2024, ranking second in the domestic market since 2021, with sales covering over 30 countries [5] Group 2: Financial Performance and Revenue Concentration - Kexing Pharmaceutical's revenue has shown significant volatility, with 99.6% of its income reliant on six core products, indicating a highly concentrated revenue structure [7][9] - Revenue figures for 2022 to 2024 are projected at RMB 1.316 billion, RMB 1.259 billion, and RMB 1.407 billion respectively, with net profits fluctuating from a loss of RMB 92.8 million in 2022 to a profit of RMB 27 million in 2024 [7][8] - The core products are in markets with limited growth potential, with the interferon α market expected to reach RMB 3.1 billion in 2024, growing at a compound annual growth rate (CAGR) of only 4.5% from 2019 to 2024 [9] Group 3: International Expansion and Future Prospects - The company has been expanding internationally since 2000 and is now one of the Chinese biopharmaceutical firms with the broadest overseas coverage, with overseas sales projected to reach RMB 224 million in 2024, accounting for 16% of total revenue [11] - The successful fundraising from the Hong Kong IPO could provide essential support for Kexing Pharmaceutical's R&D and international expansion efforts, but the ability to overcome growth bottlenecks will depend on the progress of innovative drug development and commercialization [12]

股东询价转让结果报告书暨持股5%以上股东权益变动触及5%整数倍的提示性公告 深圳科益医药控股有限公司（以下简称"科益医药"或"转让方"）及其一致行动人邓学勤保证向科兴生物 制药股份有限公司（以下简称"公司"或"科兴制药"）提供的信息真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688136 证券简称：科兴制药 公告编号：2025-097 科兴生物制药股份有限公司 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示: ● 本次询价转让的价格为30.05元/股，转让的股票数量为10,062,800股。 ● 公司控股股东参与本次询价转让。 ● 本次转让不会导致公司控股股东、实际控制人发生变化。 ● 本次权益变动后，科益医药及其一致行动人邓学勤先生合计持有本公司101,389,955股股份，占公司总 股本的比例由权益变动前的55.38%减少至50.38%。累计权益变动比例触及5%的整数倍。 一、转让方情况 (一)转让方基本情况 截至2025年11月14日转让方所持公司股份的数量、比例情况如下： ■ 本次询价转让的转让 ...

科兴生物制药股份有限公司 简式权益变动报告书 截至本报告书签署之日，除本报告书披露的持股信息外，信息披露义务人没 有通过任何其他方式增加或减少其在科兴生物制药股份有限公司中拥有权益的 股份。 上市公司名称：科兴生物制药股份有限公司 股票上市地点：上海证券交易所 股票简称：科兴制药 股票代码：688136 信息披露义务人一：深圳科益医药控股有限公司 通讯地址：深圳市南山区粤海街道科兴科学园 D1 栋 42 层 信息披露义务人二：邓学勤 通讯地址：深圳市南山区粤海街道科兴科学园 D1 栋 42 层 股份变动性质：股份减少 签署日期：2025 年 11 月 20 日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"《证券法》"） 《上市公司收购管理办法》（以下简称"《收购办法》"）《证券期货法律适用意见 第 19 号——<上市公司收购管理办法>第十三条、第十四条的适用意见》《公开 发行证券公司信息披露内容与格式准则第 15 号—权益变动报告书》（以下简称 "准则 15 号"）及相关的法律、法规编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露 ...

证券代码：688136 证券简称：科兴制药 公告编号：2025-097 科兴生物制药股份有限公司 股东询价转让结果报告书暨持股 5%以上股东权益变动 触及 5%整数倍的提示性公告 深圳科益医药控股有限公司（以下简称"科益医药"或"转让方"）及其一致行动 人邓学勤保证向科兴生物制药股份有限公司（以下简称"公司"或"科兴制药"）提供 的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示: 本次询价转让的价格为30.05元/股，转让的股票数量为10,062,800股。 本次权益变动后，科益医药及其一致行动人邓学勤先生合计持有本公司 101,389,955 股股份，占公司总股本的比例由权益变动前的55.38%减少至50.38%。 累计权益变动比例触及 5%的整数倍。 一、 转让方情况 (一)转让方基本情况 | 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 深圳科益医药控股有限公司 | 109,688,630 | 54.50% | 截至 2025 年 11 ...

中国国际金融股份有限公司 关于科兴生物制药股份有限公司 股东向特定机构投资者询价转让股份的核查报告 中国国际金融股份有限公司（以下简称"中金公司""组织券商"）受科兴生物 制药股份有限公司（以下简称"科兴制药""公司""上市公司"）股东深圳科益医 药控股有限公司（以下简称"科益医药""出让方"）委托，组织实施本次科兴制药 股东向特定机构投资者询价转让（以下简称"本次询价转让"）。 （二）本次询价转让数量 本次拟询价转让股数上限为 10,062,800 股，受让方获配后，本次询价转让情况如 下： | 转让股东名称 | 转让股份数量（股） | 占总股本比例 | 占截至2025年9月30日收 盘所持股份比例 | 转让股份来源 | | --- | --- | --- | --- | --- | | 科益医药 | 10,062,800 | 5.00% | 9.17% | 首发前股份 | （三）转让方式 出让方作为上海证券交易所科创板上市公司科兴制药首发前股东，根据《询价转 让和配售指引》有关规定以向特定机构投资者询价转让方式转让股份。 （四）本次询价转让价格下限确定原则 经核查，中金公司就本次询价转让的出让方、受让方是 ...