Core Insights - Targeted protein degradation technology has seen significant development in China, providing new strategies for treating diseases such as cancer, neurodegenerative diseases, and autoimmune diseases [1][8] - The market size for targeted protein degradation in China is projected to reach approximately 102 million yuan in 2024, reflecting a year-on-year growth of 112.50% [1][8] - The increasing demand for novel drugs is driven by an aging population and the rise of chronic diseases, highlighting the technology's potential to meet unmet clinical needs [1][8] Industry Overview - Targeted protein degradation involves hijacking cellular degradation mechanisms to specifically degrade target proteins, addressing diseases caused by protein accumulation or dysfunction [2][4] - The technology overcomes limitations of traditional small molecule inhibitors, enabling the targeting of "undruggable" proteins [2][4] Industry Development History - The industry has evolved over two decades, starting from basic research to global competition, with significant milestones including the introduction of PROTAC concepts and the establishment of early technology platforms [4][5] - Recent years have seen a surge in clinical trials and the establishment of a robust pipeline, with 35 clinical programs reported as of 2024 [4][5] Industry Value Chain - The upstream of the industry includes raw materials such as E3 ubiquitin ligase ligands and various production equipment [5][6] - The midstream focuses on research and development, while the downstream applications target oncology and neurodegenerative diseases [5][6] Key Companies and Performance - Leading companies in the PROTAC space include HaiChuang Pharmaceutical and KaiTou Pharmaceutical, with significant clinical advancements in prostate and breast cancer treatments [8][10] - Jiangsu Hengrui Medicine has adopted a "fast-follow + innovation" strategy, achieving a 22.63% increase in revenue in 2024 [10][11] Industry Trends - Continuous technological innovation is expected to break through core technical bottlenecks in PROTAC, molecular glue, and LYTAC/AUTAC technologies [12][13] - The market is expanding into rare disease applications, with targeted protein degradation strategies being developed for conditions like Alzheimer's disease [13] - The industry ecosystem is being restructured with deepening international collaborations, positioning China as a key player in global biopharmaceutical innovation [14]

Core Viewpoint - Shanghai Fosun Pharmaceutical's subsidiary, Fuhong Hanlin, has received approval from the National Medical Products Administration to conduct clinical trials for HLX43 in combination with HLX07 for the treatment of advanced/metastatic solid tumors [1] Group 1: Clinical Trials and Drug Development - The clinical trials will be conducted domestically, focusing on Phase Ib/II studies [1] - HLX43 is a targeted PD-L1 antibody-drug conjugate, while HLX07 is an innovative biopharmaceutical targeting the EGFR [1] - As of September 30, 2025, multiple clinical studies for HLX43 are being conducted globally, and several Phase II clinical studies for HLX07 are underway in China [1] Group 2: Financial Investment and Market Context - Cumulative research and development investment for this treatment regimen has reached approximately 150,000 yuan as of August [1] - There are currently no similar combination therapies approved for market globally [1]

证券日报网讯 9月26日晚间，海创药业发布公告称，本次股票上市类型为首发限售股份；股票认购方式 为网下，上市股数为17，500，478股。本次股票上市流通总数为17，500，478股。本次股票上市流通日 期为2025年10月13日（因2025年10月12日为非交易日，故顺延至下一交易日）。 （编辑 楚丽君） ...

证券代码：688302 证券简称：海创药业 公告编号：2025-040 海创药业股份有限公司 首次公开发行部分限售股上市流通公告 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。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 17,500,478股。 本次股票上市流通总数为17,500,478股。 本次股票上市流通日期为2025 年 10 月 13 日（因 2025 年 10 月 12 日为非 交易日，故顺延至下一交易日）。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 1 月 28 日出具的《关于同意海创药 业股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕250 号），同意 海创药业股份有限公司（以下简称"公司"或"海创药业"）首次公开发行股票的 注册申请。公司首次向社会公众公开发行人民币普通股（A 股）股票 24,760,000 股，并于 2022 年 4 月 12 日在上海证券交易所科创板上市交易。发行完成后总股 本为 99,015,598 ...

中信证券股份有限公司 关于海创药业股份有限公司 首次公开发行部分限售股上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为海创 药业股份有限公司（以下简称"海创药业"或"公司"）首次公开发行股票并在 科创板上市的保荐机构，根据《科创板首次公开发行股票注册管理办法（试 行）》、《证券发行上市保荐业务管理办法》及《上海证券交易所科创板股票上市 规则》等有关法律法规和规范性文件的要求，对海创药业首次公开发行部分限 售股上市流通事项进行了审慎核查，核查情况及发表意见如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 1 月 28 日出具的《关于同意海创药 业股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕250号），同 意海创药业股份有限公司（以下简称"公司"或"海创药业"）首次公开发行股 票的注册申请。公司首次向社会公众公开发行人民币普通股（A 股）股票 24,760,000 股，并于 2022 年 4 月 12 日在上海证券交易所科创板上市交易。发行 完成后总股本为 99,015,598股，有限售条件流通股 76,381,945股，占公司股 ...

数据显示，中航基金旗下1只基金重仓海创药业。中航优选领航混合发起A（022852）二季度持有股数 20.38万股，占基金净值比例为3.25%，位居第十大重仓股。根据测算，今日浮亏损失约55.43万元。 中航优选领航混合发起A（022852）成立日期2024年12月24日，最新规模5806.55万。今年以来收益 100.33%，同类排名74/8172；成立以来收益100.27%。 9月23日，海创药业跌5.05%，截至发稿，报51.13元/股，成交8179.77万元，换手率1.93%，总市值50.63 亿元。 资料显示，海创药业股份有限公司位于四川省成都市高新区科园南路5号蓉药大厦1栋4层附2,3号，成立 日期2013年2月5日，上市日期2022年4月12日，公司主营业务涉及基于氘代技术和PROTAC靶向蛋白降 解等技术平台,以开发具有重大临床需求的Best-in-class(同类最佳)、First-in-class(国际首创)药物为目标。 主营业务收入构成为：药品99.25%，材料及研发中间体销售0.75%。 从基金十大重仓股角度 截至发稿，王森累计任职时间1年363天，现任基金资产总规模15.6亿元，任职期 ...

9月18日，海创药业涨1.52%，成交额1.47亿元。两融数据显示，当日海创药业获融资买入额2478.05万 元，融资偿还1776.32万元，融资净买入701.73万元。截至9月18日，海创药业融资融券余额合计3.35亿 元。 融资方面，海创药业当日融资买入2478.05万元。当前融资余额3.35亿元，占流通市值的7.51%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，海创药业9月18日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年70%分位水平，处于较高位。 资料显示，海创药业股份有限公司位于四川省成都市高新区科园南路5号蓉药大厦1栋4层附2,3号，成立 日期2013年2月5日，上市日期2022年4月12日，公司主营业务涉及基于氘代技术和PROTAC靶向蛋白降 解等技术平台,以开发具有重大临床需求的Best-in-class(同类最佳)、First-in-class(国际首创)药物为目标。 主营业务收入构成为：药品99.25%，材料及研发中间体销售0.75%。 截至6月30日，海创药业股东户数6555.00，较 ...

Group 1 - Fuhong Hanlin's CDK4/6 inhibitor, citric acid voraselis, has received approval for a new indication in China for HR+/HER2- locally advanced or metastatic breast cancer in adults, in combination with aromatase inhibitors as initial endocrine therapy [1] - The approval expands the usage scenarios for HR+/HER2- breast cancer patients, enhancing market competitiveness and enriching treatment options for breast cancer [1] Group 2 - Xuan Zhu Bio has passed the Hong Kong Stock Exchange hearing and is set to go public, with CICC as the sole sponsor [2] - The company has established a comprehensive internal R&D platform supporting a diverse and balanced pipeline, including products in the fields of digestion, oncology, and NASH [2] - The upcoming IPO is expected to accelerate its R&D process and help capture opportunities in a competitive pharmaceutical market [2] Group 3 - Hongxing Xianghe has completed nearly 100 million RMB in Pre-A round financing, led by Northern Light Venture Capital [3] - The funds will be used to advance existing pipelines in preclinical and clinical POC research, as well as to develop AI and organ-like platforms for drug development and evaluation [3] - The successful financing indicates strong interest from international capital, industry funds, and local governments in the company's innovative R&D model and early-stage results [3]

Core Insights - The innovation drug industry in China is experiencing significant advancements in product research and development, with companies actively discussing their progress and strategies during the recent performance briefing session [1][2][3]. Group 1: Product Innovation and R&D Progress - Companies like Fudan Zhangjiang and Olin Bio are making notable advancements in their product pipelines, focusing on photodynamic therapy and vaccines for "super bacteria" [1][2]. - Fudan Zhangjiang is developing several drugs targeting conditions such as severe acne and bladder cancer, with ongoing clinical studies [2]. - Olin Bio is researching multiple vaccines for "super bacteria," aiming to initiate clinical trials for flu vaccines by mid-2025 [2]. Group 2: Business Expansion and Market Strategy - Companies are planning to expand their production capacity to support product commercialization, with Baiyao Tai focusing on launching several products that have completed Phase III clinical trials [3][4]. - Shian Bio is set to contribute significant revenue from its various vaccine products, including those for swine fever and other diseases [4]. Group 3: Internationalization and Market Entry - The trend of "going global" is a major focus for the domestic biopharmaceutical industry, with companies exploring diverse international pathways [5]. - Yuantong Bio is awaiting FDA approval for its naloxone nasal spray, marking a step towards international market entry [5]. - Aidi Pharmaceutical has received regulatory approval for its HIV treatment in Zanzibar, highlighting its international expansion efforts [6]. - Companies like Ailis and Haichuang Pharmaceutical are actively pursuing overseas partnerships and clinical trials to enhance their global presence [6][7].

在全球生物制药行业竞争日益激烈的大环境下，复宏汉霖始终坚守初心，凭借自身的专业优势与不懈努 力，积极推动业务发展，在行业内逐步崭露头角。 复宏汉霖自成立以来，便致力于为全球患者提供高质量、可负担的生物药。公司以创新为驱动，不断加 大在研发领域的投入，搭建起了完善的一体化生物制药平台。从生物类似药的深入钻研，到创新药的积 极探索，复宏汉霖的研发管线日益丰富。在研发过程中，公司注重与国际先进水平接轨，严格遵循相关 法规和标准，确保每一个研发项目都具备科学性与可靠性。 在产品布局方面，复宏汉霖取得了一系列重要进展。截至目前，已有多款产品在中国成功获批上市，为 国内患者带来了更多治疗选择。同时，部分产品也成功获得全球市场准入，其覆盖范围不断扩大，惠及 众多不同地区的患者群体。在拓展全球市场的进程中，复宏汉霖通过与全球合作伙伴紧密协作，充分发 挥各自优势，加速产品的上市与推广。目前，已与 20 余家全球企业建立起稳固的合作关系，依托合作 伙伴的渠道与资源，推动产品能够更快、更广泛地触达全球患者。 在创新研发层面，复宏汉霖从未停下脚步。近期，公司自主开发的帕博利珠单抗生物类似药 HLX17 取 得重大突破。2025 年 ...