首药控股(688197.SH)发布公告，公司为进一步提升核心竞争力与品牌影响力，充分借助国际资本市场 的资源与机制优势，优化资本结构，拓宽多元融资渠道，正在筹划发行境外股份(H股)并在香港联合交 易所有限公司(以下简称"香港联交所")上市事宜。 ...

证券代码：688197 证券简称：首药控股 公告编号：2025-030 首药控股（北京）股份有限公司董事会 2025年12月13日 2 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 本次发行H股并上市能否通过审议、备案和审核程序并最终实施存在较大 不确定性，敬请广大投资者理性投资，注意投资风险。 特此公告。 首药控股（北京）股份有限公司 关于筹划境外发行股份（H股）并在香港联合交易所有限公 司上市相关事项的提示性公告 1 首药控股（北京）股份有限公司（以下简称"公司"）为进一步提升核心 竞争力与品牌影响力，充分借助国际资本市场的资源与机制优势，优化资本结 构，拓宽多元融资渠道，正在筹划发行境外股份（H股）并在香港联合交易所 有限公司（以下简称"香港联交所"）上市事宜（以下简称"本次H股上 市"）。公司正与中介机构就本次H股上市的具体推进工作进行商讨，相关细 节尚未确定。本次H股上市不会导致公司控股股东和实际控制人发生变化。 根据《中华人民共和国证券法》《上海证券交易所科创板股票上市规则》 《境内企业境外发行证券和上市管 ...

格隆汇12月12日丨首药控股(688197.SH)公布，公司为进一步提升核心竞争力与品牌影响力，充分借助 国际资本市场的资源与机制优势，优化资本结构，拓宽多元融资渠道，正在筹划发行境外股份(H股)并 在香港联合交易所有限公司(以下简称"香港联交所")上市事宜(以下简称"本次H股上市")。公司正与中介 机构就本次H股上市的具体推进工作进行商讨，相关细节尚未确定。本次H股上市不会导致公司控股股 东和实际控制人发生变化。 ...

南方财经12月12日电，首药控股12月12日公告，正在筹划发行境外股份（H股）并在香港联合交易所有 限公司上市事宜。公司正与中介机构就本次H股上市的具体推进工作进行商讨，相关细节尚未确定。本 次H股上市不会导致公司控股股东和实际控制人发生变化。待确定具体方案后，本次H股上市工作尚需 提交公司董事会及股东会审议，并需取得中国证券监督管理委员会、香港联交所和香港证券及期货事务 监察委员会等监管机构的备案、批准或者核准。 ...

人民财讯12月12日电，首药控股(688197)12月12日公告，公司正在筹划发行H股股份并在香港联交所上 市事宜。公司正与中介机构就本次H股上市的具体推进工作进行商讨，相关细节尚未确定。本次H股上 市不会导致公司控股股东和实际控制人发生变化。 转自：证券时报 ...

2025年前三季度，公司实现营业收入200万元，同比下滑47.37%；归属于上市公司股东的净利 润-1.55亿元；归属于上市公司股东的扣除非经常性损益的净利润-1.69亿元；经营活动产生的现金流量 净额为-1.72亿元。 | | | 本报告期比 上年同期增 | | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | | 年初至报告期末 | | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | | 不适用 | 2,000,000.00 | -47.37 | | 利润总额 | -50.395.389.71 | 不适用 | -154.767.127.09 | 不适用 | | 归属于上市公司股东的 | -50,395,389.71 | 不适用 | -154.767.127.09 | 不适用 | | 净利润 | | | | | | 归属于上市公司股东的 扣除非经常性损益的净 | -54,587,829.93 | 不适用 | -168.841.741.16 | 不适用 | | 利润 | | | ...

Investment Rating - The investment rating for the industry is "Positive" and the rating has been maintained [2] Core Views - The pharmaceutical and biotechnology industry index experienced a decline of 4.40%, ranking 23rd among 31 primary industries, underperforming the CSI 300 index which fell by 2.19% [6][18] - The valuation of the pharmaceutical and biotechnology industry as of November 28, 2025, is a PE (TTM overall method, excluding negative values) of 29.46x, down from 30.89x in the previous period, indicating a downward trend and below the average [22] - The report highlights potential beneficiaries from the upcoming ASH data, particularly in blood diseases and companies with solid grassroots channels, as well as those with differentiated advantages in oncology, autoimmune, and rare disease products [10] Summary by Sections Industry Review - The pharmaceutical and biotechnology industry index fell by 4.40%, with chemical preparations and medical devices showing declines of 2.86% and 2.95% respectively, while offline pharmacies and vaccines saw larger declines of 8.22% and 6.42% [6][18] - The PE ratio for the pharmaceutical and biotechnology industry is 29.46x, with the highest valuations in the vaccine (47.56x), hospital (41.17x), and medical device (36.77x) sectors, while pharmaceutical circulation has the lowest at 14.58x [22] Important Industry News - The National Administration of Traditional Chinese Medicine and the National Healthcare Security Administration released a directory for traditional Chinese medicine diseases suitable for disease-based payment [26][27] - AstraZeneca's drug "Durvalumab" received FDA approval for a new indication in perioperative treatment of gastric cancer [32] - Otsuka Pharmaceutical's new drug for IgA nephropathy, "Sibeprenlimab," has been approved by the FDA [38] - Bayer's first-in-class lung cancer drug "Sevabertinib" has been approved by the FDA for specific patient populations [40] Investment Recommendations - Focus on innovative pharmaceutical companies that may benefit from the medical insurance or commercial insurance directories, blood cancer targets with imminent ASH data releases, and biotech and CXO leaders with solid technology platforms and international collaboration expectations [10]

（文章来源：每日经济新闻） 首药控股（688197.SH）11月27日在投资者互动平台表示，康太替尼颗粒（SY-707）新药上市审评工作 目前正在有序推进。其商业化表现敬请关注公司后续披露的定期报告及财务数据。 每经AI快讯，有投资者在投资者互动平台提问：贵司的新药康泰替尼，自从8月上旬后在国家药品评审 中心已经查询不到排队信息，请问相关的进度信息如何，是否已经获批，如果获批对企业的未来经营预 计会产生哪些影响？ ...

Group 1 - The report emphasizes the rapid development of China's innovative pharmaceuticals, highlighting that the number of clinical trials has reached a global leading position, with a significant increase in new drug approvals [3][5][7] - Chinese pharmaceutical companies are transitioning from a "fast follower" to an "innovation leader" model, actively engaging in cutting-edge fields such as ADC, bispecific antibodies, and mRNA vaccines, with a notable increase in the number of products in late-stage development [8][11][18] - The report identifies two main investment directions: the transformation of biotech companies into biopharma and the revaluation of traditional pharmaceutical companies during their innovation transition, suggesting specific companies to watch in both categories [3][4] Group 2 - China's integration into the global innovative drug value chain is deepening, with a growing number of global multi-center clinical trials led by Chinese companies, indicating a shift in the global drug development landscape [3][24] - The report notes that the contribution of Chinese companies to global clinical trials has significantly increased, with a projection of 1,903 innovative drug clinical trials registered in China by 2024 [7][24] - The report highlights the increasing competitiveness of Chinese companies in high-potential therapeutic areas, particularly in oncology, metabolic diseases, and autoimmune diseases, with substantial market shares in these segments [18][19] Group 3 - The report discusses the rising trend of BD (business development) transactions involving Chinese assets, with a notable increase in transaction amounts and numbers, indicating China's growing influence in the global pharmaceutical innovation landscape [33][44] - It highlights that the majority of license-out projects are now in early stages, reflecting the international interest in early-stage Chinese innovations, particularly in oncology and metabolic therapies [39][44] - The report points out that major multinational corporations (MNCs) are increasingly seeking next-generation blockbuster products from China to fill revenue gaps due to impending patent expirations [62][66]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Views - The report emphasizes three core investment directions: 1) Breakthroughs in cutting-edge technologies (e.g., First-in-class drugs in oncology, weight loss, autoimmune fields, and innovative devices like brain-machine interfaces); 2) Clinical validation and commercialization potential (focus on the progress of domestic innovative drugs going abroad and the clinical development progress post-BD transactions); 3) Efficiency advantages in the industry chain (CXO leaders and high-value consumables' global layout) [8] Industry Review - The pharmaceutical and biotechnology industry index increased by 0.81%, ranking 21st among 31 primary industries, outperforming the CSI 300 index which decreased by 0.27% [5][16] - The sub-industries of pharmaceutical circulation and in vitro diagnostics saw significant gains of 7.61% and 5.32% respectively, while medical research outsourcing and medical devices experienced declines of 3.49% and 1.76% [5][16] - As of November 14, 2025, the industry PE (TTM overall method, excluding negative values) was 30.89x, up from 30.67x in the previous period, indicating an upward valuation trend that remains below the average [21] - The top three PE ratios among the sub-industries were for vaccines (50.42x), hospitals (43.67x), and medical devices (37.84x), while pharmaceutical circulation had the lowest valuation at 15.46x [21] Important Industry News - The National Health Commission and others issued implementation opinions to promote and regulate the application of "AI + healthcare" [7] - The NMPA released a new version of the "Medical Device Production Quality Management Specifications" [7] - Novartis received NMPA approval for its first radioligand therapy drug "Pluvicto®" for dual indications [7] - Sanofi's innovative targeted nano-antibody "Cablivi®" was approved by NMPA for treating immune-mediated thrombotic thrombocytopenic purpura [7] - The U.S. government reached a drug price control agreement with Eli Lilly and Novo Nordisk, leading to significant price reductions for GLP-1 drugs [7]