Core Insights - 2025 marks a pivotal year for China's innovative pharmaceuticals, with a significant increase in international collaborations and licensing agreements, indicating a shift from a pharmaceutical giant to a stronghold in the industry [1][3] - The total amount of outbound licensing agreements exceeded $100 billion, with upfront payments reaching $8.1 billion, showcasing a transition to multi-layered cooperation models [1][3] - China's biopharmaceutical market remains the second largest globally, with innovative drugs accounting for approximately 30% of global research, reflecting a critical leap from following to competing on a global scale [1][3] Internationalization - The internationalization of China's pharmaceutical industry saw explosive growth in 2025, highlighted by a surge in business development (BD) transactions and the popularity of "A+H" listings [3][4] - The total amount of outbound licensing for innovative drugs reached over $100 billion, a 75% increase from 2024, indicating a shift from merely selling products to actively engaging in global markets [3][4] - Notable BD transactions include significant agreements between major Chinese pharmaceutical companies and international firms, such as a $12.5 billion deal between Hengrui Medicine and GSK [3][4] Innovation - In 2025, advancements in cutting-edge technologies such as antibody-drug conjugates (ADC) and dual antibodies have shown promising results in cancer treatment [7][8] - The third-generation ADC technology has become mainstream, with significant efficacy demonstrated in treating solid tumors [7] - The dual antibody sector continues to lead, with Chinese companies achieving remarkable results in clinical trials, such as a 91% improvement in progression-free survival compared to existing treatments [8] Policy Support - The policy support for innovative drugs in China has reached unprecedented levels, with a notable increase in the number of approved innovative drugs [10][11] - The National Medical Products Administration approved 69 innovative drugs in 2025, a 44% increase from the previous year, covering various therapeutic areas [10] - The payment system for innovative drugs has been significantly upgraded, enhancing accessibility and affordability for patients [10][11] Mergers and Acquisitions - The pharmaceutical sector has seen a surge in mergers and acquisitions, with over 400 transactions announced globally, totaling approximately $111 billion, marking a 50% increase from 2024 [13][14] - Domestic mergers also showed strong activity, with significant deals indicating a shift towards quality improvement and resource consolidation among leading companies [13][14] - The trend reflects a transition from scale expansion to enhancing quality and efficiency, with companies focusing on high-value clinical pipelines [14]

Group 1 - The State Council emphasizes the need for all departments to align their actions with the central government's economic work requirements for the upcoming year, enhancing responsibility and urgency in implementing tasks [1] - The Ministry of Commerce highlights the importance of high-quality business development and international trade coordination, aiming to boost domestic and international economic cycles [2] - Researchers at Shanghai Jiao Tong University have achieved a breakthrough in all-optical computing chips, which could significantly enhance computational efficiency for AI and large-scale data processing [3] Group 2 - The National Internet Information Office and the China Securities Regulatory Commission have taken action against 17 accounts spreading rumors and illegal stock recommendations, emphasizing the need for accurate financial information dissemination [4] - Fujian Province has introduced a comprehensive financial support plan for technology innovation, aiming for a 10% annual growth in loans to technology-related industries by 2025-2027 [5] - The world's first commercial supercritical carbon dioxide power generation unit has successfully commenced operations, marking a significant advancement in energy technology [6] Group 3 - Moore Threads has launched a new GPU architecture, "Huagang," which boasts a 50% increase in computing density and a tenfold improvement in energy efficiency [7][8] - The first L3-level autonomous driving license has been issued to Changan Automobile, marking a significant milestone in the development of autonomous driving technology [9] - Nine U.S. pharmaceutical companies have reached agreements with the government to lower drug prices, indicating a shift towards more affordable healthcare solutions [10] Group 4 - The market has shown signs of recovery with a three-day rebound, although caution is advised as the overall trend has not yet confirmed a sustained upward movement [11] - Samsung has unveiled the world's first 2nm smartphone chip, which is expected to enhance performance significantly, indicating advancements in semiconductor technology [12]

Company Overview - Zejing Pharmaceutical is a comprehensive biopharmaceutical company focused on the discovery, research and development, and commercialization of innovative small molecules and biological therapies, with a strategic focus on oncology, autoimmune diseases, and hemostasis/blood disorders [3] - Since its establishment in 2009, the company has built end-to-end capabilities covering drug discovery, R&D, production, and commercialization, resulting in a diversified and multi-layered pipeline [3] - As of the last practicable date, Zejing Pharmaceutical has three marketed drugs: Zepsin (Torenafine), the first locally developed small molecule multi-target drug for first-line treatment of advanced liver cancer in China; Zeppin (JAK inhibitor), the first locally developed innovative JAK inhibitor for treating myelofibrosis; and Zepsin (recombinant human thrombin), the only recombinant human thrombin developed and commercialized using recombinant DNA technology in China [3] Financial Information - The company recorded revenues of RMB 301.67 million, RMB 383.56 million, RMB 531.53 million, and RMB 593.28 million for the years 2022, 2023, 2024, and the nine months ended September 30, 2025, respectively [4] - The gross profit for the same periods was RMB 275.96 million, RMB 355.35 million, RMB 497.25 million, and RMB 533.04 million [4] - The company reported losses of RMB 485.51 million, RMB 295.14 million, RMB 150.30 million, and RMB 95.60 million for the years 2022, 2023, 2024, and the nine months ended September 30, 2025, respectively [5] Profitability Metrics - The gross profit margins for the years 2022, 2023, 2024, and the nine months ended September 30, 2025, were 91.5%, 92.6%, 93.6%, and 89.8%, respectively [6][7] Industry Overview - The global pharmaceutical market, including chemical drugs and biological agents, is expected to reach USD 2.6493 trillion by 2035, with a compound annual growth rate (CAGR) of 5.1% from 2030 to 2035 [8] - In China, driven by strong economic growth and increasing healthcare demand, the market is expected to grow faster than the global rate, reaching RMB 3.1034 trillion by 2035, with a CAGR of 7.8% during the same period [8] - China's outbound licensing activities have rapidly increased, with 94 outbound licensing transactions completed in 2024, disclosing a total transaction value of USD 51.9 billion [8] - The pharmaceutical transaction volume globally has decreased, but the total transaction value has continued to grow, indicating a strategic shift towards value-enhancing and quality-oriented investments [8]

Core Viewpoint - Zai Jian Pharmaceutical has submitted an application for listing on the Hong Kong Stock Exchange, with CICC as its sole sponsor, highlighting its focus on innovative therapies in oncology, autoimmune diseases, and hematology [1] Company Overview - Zai Jian Pharmaceutical is a comprehensive biopharmaceutical company dedicated to the discovery, research and development, and commercialization of innovative small molecules and biologics [1] - The company has a product portfolio that includes marketed drugs, late-stage clinical candidates, and early-stage discovery projects [1] Product Pipeline - Zai Jian Pharmaceutical currently has three marketed drugs: - Zepsu (Zepub) is the first domestically developed small molecule multi-target drug for first-line treatment of advanced liver cancer in China [1] - Zeppin (Zepping) is the first domestically developed innovative JAK inhibitor for the treatment of myelofibrosis in China [1] - Zeplin (Zepeling) is the only recombinant human thrombin developed and successfully commercialized using recombinant DNA technology in China [1]

Company Overview - Suzhou Zelgen Biopharmaceutical Co., Ltd. (Zelgen) has submitted a listing application to the Hong Kong Stock Exchange, with CICC as its sole sponsor [1] - Zelgen is a comprehensive biopharmaceutical company focused on the discovery, research and development, and commercialization of innovative small molecules and biologics, particularly in oncology, autoimmune diseases, and hemostasis/blood disorders [4] - Since its establishment in 2009, the company has developed a full-spectrum capability covering drug discovery, R&D, production, and commercialization, resulting in a diversified pipeline [4] Product Pipeline - Zelgen has three marketed drugs: - Zepubai® (Tolvaptan), the first domestically developed small molecule multi-target drug for first-line treatment of advanced liver cancer in China - Zepuping® (JAK inhibitor), the first domestically developed innovative JAK inhibitor for treating myelofibrosis - Zepuining® (recombinant human thrombin), the only recombinant human thrombin developed and commercialized using recombinant DNA technology in China [4] - The candidate drug pipeline includes 28 major clinical projects with 11 candidate drugs, of which 3 candidate drugs have 7 indications entering BLA/NDA or pivotal/Phase III clinical trial stages [4] Financial Performance - Revenue for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, were RMB 301.67 million, RMB 383.56 million, RMB 531.53 million, and RMB 593.28 million respectively [6] - The company recorded losses of RMB 485.51 million, RMB 295.14 million, RMB 150.30 million, and RMB 95.60 million for the same periods [7] - Gross profit margins were 91.5%, 92.6%, 93.6%, and 89.8% for the respective years [8] Industry Overview - The global pharmaceutical market, including chemical drugs and biologics, is expected to reach USD 2.6493 trillion by 2035, with a compound annual growth rate (CAGR) of 5.1% from 2030 to 2035 [10] - In China, the pharmaceutical market is projected to grow faster than the global rate, reaching RMB 3.1034 trillion by 2035, with a CAGR of 7.8% [10] - China has seen a rapid increase in outbound licensing activities, with 94 transactions completed in 2024 totaling USD 51.9 billion, and 72 transactions in the first half of 2025 totaling USD 60 billion [10] - The global pharmaceutical transaction volume has decreased, but the total transaction value has increased from USD 177.5 billion in 2021 to USD 187.4 billion in 2024, indicating a strategic shift towards value-driven investments [10]

Company Overview - Suzhou Zelgen Biopharmaceutical Co., Ltd. (Zelgen) has submitted a listing application to the Hong Kong Stock Exchange, with CICC as its sole sponsor [1] - Zelgen is a comprehensive biopharmaceutical company focused on the discovery, research and development, and commercialization of innovative small molecules and biologics, particularly in oncology, autoimmune diseases, and hemostasis/blood disorders [4] - Since its establishment in 2009, the company has developed a full-spectrum capability covering drug discovery, R&D, production, and commercialization, resulting in a diversified pipeline [4] - Zelgen has three marketed drugs: Zepzelca® (donafenib tosylate tablets), the first domestically developed small molecule multi-target drug for first-line treatment of advanced liver cancer in China; Zepzelca® (gilteritinib tablets), the first domestically developed innovative JAK inhibitor for treating myelofibrosis; and Zepzhan® (recombinant human thrombin), the only recombinant human thrombin developed and commercialized using recombinant DNA technology in China [4] Financial Performance - For the fiscal years ending December 31, 2022, 2023, and projected for 2024 and 2025, the company reported revenues of RMB 301.67 million, RMB 383.56 million, RMB 531.53 million, and RMB 593.28 million respectively [6] - The cost of sales for the same periods was RMB 25.71 million, RMB 28.21 million, RMB 34.28 million, and RMB 60.24 million respectively [6] - Gross profit for the fiscal years was RMB 275.96 million, RMB 355.35 million, RMB 497.25 million, and RMB 533.04 million respectively, with corresponding gross profit margins of 91.5%, 92.6%, 93.6%, and 89.8% [6][8] - The company recorded losses of RMB 485.51 million, RMB 295.14 million, RMB 150.30 million, and RMB 95.60 million for the same periods [7] Industry Overview - The global pharmaceutical market, including chemical drugs and biologics, is expected to reach USD 2.6493 trillion by 2035, with a compound annual growth rate (CAGR) of 5.1% from 2030 to 2035 [10] - In China, the pharmaceutical market is projected to grow faster than the global rate, reaching RMB 3.1034 trillion by 2035, with a CAGR of 7.8% during the same period [10] - China has seen a rapid increase in outbound licensing activities, with 94 transactions completed in 2024, totaling USD 51.9 billion, and 72 transactions in the first half of 2025, totaling USD 60 billion [10] - Globally, while the volume of pharmaceutical transactions has declined, the total transaction value has continued to grow, indicating a strategic shift towards value-enhancing and quality-oriented investments [10]

关于向香港联交所递交H股发行上市申请 登录新浪财经APP 搜索【信披】查看更多考评等级 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 英文： https://www1.hkexnews.hk/app/sehk/2025/107980/documents/sehk25121902048.pdf 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行上市的相关信息而作出。本公告以及 本公司刊登于香港联交所网站的申请资料均不构成也不得视作对任何个人或实体收购、购买或认购公司 本次发行上市的H股的要约或要约邀请。 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。 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 ...

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 ...