格隆汇12月21日｜泽璟生物公告称，公司于2025年12月19日向香港联合交易所有限公司递交了发行H股 股票并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行上市的申请材 料。该申请材料为公司按照香港证券及期货事务监察委员会及香港联交所的要求编制和刊发，为草拟版 本，其所载资料可能会适时作出更新及修订。公司本次发行上市尚需取得中国证券监督管理委员会、香 港证监会和香港联交所等相关政府机关、监管机构、证券交易所的备案、批准或核准，该事项仍存在不 确定性。 ...

本文源自：格隆汇 格隆汇12月21日丨泽璟制药(688266.SH)公布，公司于2025年12月19日向香港联合交易所有限公司（以 下简称"香港联交所"）递交了发行H股股票并在香港联交所主板挂牌上市（以下简称"本次发行上市"） 的申请，并于同日在香港联交所网站刊登了本次发行上市的申请材料。该申请材料为公司按照香港证券 及期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所 载资料可能会适时作出更新及修订，投资者不应根据其中的资料作出任何投资决定。 ...

证券代码：688266 证券简称：泽璟制药 公告编号：2025-058 苏州泽璟生物制药股份有限公司 关于向香港联交所递交 H 股发行上市申请 并刊发申请资料的公告 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、准确性和完整性依法承担法律责任。 苏州泽璟生物制药股份有限公司（以下简称"公司"）于 2025 年 12 月 19 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行 H 股股票 并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请，并于同日 在香港联交所网站刊登了本次发行上市的申请材料。该申请材料为公司按照香港 证券及期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求编 制和刊发，为草拟版本，其所载资料可能会适时作出更新及修订，投资者不应根 据其中的资料作出任何投资决定。 公司本次发行上市尚需取得中国证券监督管理委员会、香港证监会和香港联 交所等相关政府机关、监管机构、证券交易所的备案、批准或核准，该事项仍存 在不确定性。公司将根据该事项的进展情况依法及时履行信息披露义务，敬请广 大投资者注意投资风险。 特此公告 ...

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]

泽璟制药(688266.SH)发布公告，公司于2025年12月19日向香港联交所递交了发行H股股票并在香港联交 所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行上市的申请材料。该申请材料为公 司按照香港证券及期货事务监察委员会(简称"香港证监会")及香港联交所的要求编制和刊发，为草拟版 本，其所载资料可能会适时作出更新及修订，投资者不应根据其中的资料作出任何投资决定。 ...

Core Viewpoint - Suzhou Zelgen Biopharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC as its sole sponsor, indicating its intent to expand its capital base for further development in the biopharmaceutical sector [1] Group 1: Company Overview - Zelgen Biopharmaceutical is a comprehensive biopharmaceutical company focused on the discovery, research and development, and commercialization of innovative small molecules and biological agents [1] - The company strategically focuses on three therapeutic areas: oncology, autoimmune diseases, and hemostasis/blood disorders [1] Group 2: Product Portfolio - Zelgen Biopharmaceutical has a product portfolio that includes marketed drugs, late-stage clinical candidates, and early-stage innovative discovery projects [1] - The company currently has three marketed drugs: - Zepu Sheng, the first domestically developed small molecule multi-target drug for first-line treatment of advanced liver cancer in China - Zepu Ping, the first domestically developed innovative JAK inhibitor for the treatment of myelofibrosis - Zepu Ning, the only recombinant human thrombin developed and successfully commercialized using recombinant DNA technology in China [1]

Group 1 - The core point of the article is that Suzhou Zelgen Biopharmaceuticals Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] - Zelgen Biopharmaceuticals is a comprehensive biopharmaceutical company focused on the discovery, research and commercialization of innovative small molecules and biological agents, with strategic focus on oncology, autoimmune diseases, and hemostasis/blood diseases [1] - The product portfolio includes three marketed drugs: Zepsu, the first domestically developed small molecule multi-target drug for first-line treatment of advanced liver cancer in China; Zepsin, the first innovative JAK inhibitor for treating myelofibrosis developed in China; and Zepsinogen, the only recombinant human thrombin developed and commercialized using recombinant DNA technology in China [1]

Group 1 - Suzhou Zelgen Biopharmaceuticals Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor [1][3] - The company is a comprehensive biopharmaceutical enterprise focused on the discovery of innovative small molecules and biological therapies, with strategic emphasis on oncology, autoimmune diseases, and hemostatic blood disorders [1] - Zelgen Biopharmaceuticals has a product portfolio that includes three marketed drugs: Zepsin, the first domestically developed small molecule multi-target drug for first-line treatment of advanced liver cancer in China; Zeppin, the first domestically developed innovative JAK3 formulation for treating myelofibrosis; and Zeplin, the only recombinant human thrombin developed and commercialized using recombinant DNA technology in China [1]

据港交所文件，苏州泽璟生物制药股份有限公司向港交所提交上市申请书，独家保荐人为中金公司。 ...

Group 1 - The core viewpoint of the news highlights a significant increase in the Shanghai Stock Exchange's Sci-Tech Innovation Board Innovative Drug Index, with a rise of 3.26% as of December 19, 2025, driven by strong performances from constituent stocks such as Chengdu Xian Dao (up 10.44%) and Yifang Bio (up 9.82%) [1] - The recent announcement by the National Healthcare Security Administration and the Ministry of Human Resources and Social Security regarding the 2025 National Basic Medical Insurance Drug List includes 114 new drugs, of which 50 are innovative drugs, marking an 88% success rate, a 12 percentage point increase from 2024 [3] - The total R&D investment by innovative drug companies on the Sci-Tech Innovation Board reached a new high in the first three quarters of 2025, with a year-on-year increase of over 10% and an R&D intensity of 42%, significantly surpassing the overall level of A-shares [4] Group 2 - The collaboration between Innovent Biologics and Takeda Pharmaceutical regarding three innovative cancer drugs has been completed, with Innovent receiving a total upfront payment of $1.2 billion, including a strategic investment of $100 million, and potential milestone payments of up to $10.2 billion [5] - The CXO industry is entering a new high prosperity cycle, driven by external improvements, including overseas interest rate cuts and domestic recovery, with a focus on innovative drug companies benefiting from policy support and innovation upgrades [6] - The implementation of the "Medicare + Commercial Insurance" multi-layered medical security system is seen as a substantial breakthrough, with nearly 90% of new drugs approved by Sci-Tech Board biopharmaceutical companies included in the insurance list [3][4]