格隆汇1月4日丨益方生物(688382.SH)公布，公司于2026年1月1日向香港联合交易所有限公司（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资料。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。 ...

益方生物表示，该申请材料为公司按照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。 北京商报讯（记者 丁宁）1月4日晚间，益方生物（688382）发布公告称，公司于1月1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 上市的申请资料。 ...

证券代码：688382 证券简称：益方生物 公告编号：2026-001 益方生物科技（上海）股份有限公司 关于向香港联合交易所有限公司递交 H 股发行上市 申请并刊发申请资料的公告 https://www1.hkexnews.hk/app/sehk/2026/108029/documents/sehk26010100565 _c.pdf 英文： https://www1.hkexnews.hk/app/sehk/2026/108029/documents/sehk26010100566. 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。 益方生物科技（上海）股份有限公司董事会 本公司董事 ...

Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [4][8]. Core Viewpoints - The report continues to recommend the innovative pharmaceutical and medical device industry chain, highlighting a selection of A-share and H-share stocks with an "Overweight" rating [2][8][11]. - The performance of the pharmaceutical sector in December 2025 was weaker than the broader market, with the SW Pharmaceutical Biotechnology index declining by 4.1% compared to a 2.1% increase in the Shanghai Composite Index [18][30]. - The report notes that the premium level of the pharmaceutical sector relative to the entire A-share market is currently at a normal level, with a relative premium rate of 63.2% as of December 31, 2025 [29][32]. Summary by Sections A-Share Recommendations - The report lists the following A-share stocks with an "Overweight" rating: - 恒瑞医药 (Hengrui Medicine) - 科伦药业 (Kelun Pharmaceutical) - 华东医药 (East China Pharmaceutical) - 恩华药业 (Enhua Pharmaceutical) - 特宝生物 (Tebao Biological) - 京新药业 (Jingxin Pharmaceutical) - 益方生物 (Yifang Biological) - 药明康德 (WuXi AppTec) - 泰格医药 (Tigermed) - 乐普医疗 (Lepu Medical) - 联影医疗 (United Imaging) - 微电生理 (Microelectrophysiology) [8][9]. H-Share Recommendations - The report maintains an "Overweight" rating for the following H-share stocks: - 翰森制药 (Hansoh Pharmaceutical) - 三生制药 (3SBio) - 科伦博泰生物 (Kelun-Botai Biological) - 康方生物 (CanSino Biologics) - 映恩生物 (InnoCare Pharma) - 百济神州 (BeiGene) [11][12]. Performance Analysis - The report indicates that the 国泰海通医药 monthly portfolio outperformed the pharmaceutical index in December 2025, with an average decline of 1.8% compared to a 3.9% decline in the overall pharmaceutical index [14][15]. - The report highlights the best-performing stocks in December 2025, with 泰格医药 (Tigermed) increasing by 11.2%, 特宝生物 (Tebao Biological) by 7.5%, and 惠泰医疗 (Huitai Medical) by 3.9% [15][18].

Group 1: Innovation in Pharmaceuticals - In 2025, China approved a record 76 innovative drugs, significantly surpassing the 48 approved in 2024, marking a historical high [1] - The total amount of foreign licensing transactions for innovative drugs in China exceeded $130 billion in 2025, with over 150 transactions, also a historical high [1] - Among the 76 approved innovative drugs, 47 are chemical drugs, 23 are biological products, and 6 are traditional Chinese medicines, with a high proportion of domestic innovations [1] Group 2: Drug Approval and Clinical Trials - China Medical's subsidiary Tianfang Pharmaceutical received approval for clarithromycin tablets, which passed the consistency evaluation for generic drugs [2] - Microchip Biotech announced that its CS08399 tablets for treating tumors with MTAP deficiency have had their clinical trial application accepted [3] - Frontier Biotech's FB7013 injection, targeting MASP-2 for IgA nephropathy, received acceptance for its clinical trial application, marking it as a first-in-class drug [4] Group 3: Capital Market Activities - Yifang Biotechnology submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [5] - Wanyi Medical also submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan International as the exclusive sponsor [6] Group 4: Corporate Investments and Acquisitions - Yunnan Baiyao plans to invest up to 45% of its net assets in financial products in 2026 [7] - Haili Biological's subsidiary intends to acquire 51% stakes in seven dental chain companies for 61.2 million yuan, expecting to increase revenue by approximately 100 million yuan [9] Group 5: Corporate Restructuring and Legal Matters - *ST Chang Pharmaceutical announced that its restructuring investors intend to terminate the restructuring investment agreement [10] - Zai Lab entered a global strategic cooperation and licensing agreement with AbbVie for the development and commercialization of ZG006, with potential milestone payments totaling up to $10.75 billion [11] - Tianyu Biotech's actual controller received a notice from the China Securities Regulatory Commission regarding an investigation into alleged illegal stock reduction [13]

Core Viewpoint - Yifang Biotechnology (Shanghai) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] Company Overview - Yifang Biotechnology is a research-driven biopharmaceutical company based in China, focusing on significant unmet medical needs in oncology, autoimmune diseases, and metabolic disorders [4] - As of December 24, 2025, the company has established a comprehensive and differentiated product pipeline, including two commercialized products (BPI-D0316 and D-1553), two core clinical-stage products (D-2570 and D-0502), one clinical-stage candidate (D-0120), and three preclinical candidates (YF087, YF550, and YF057) [4] - The two key products, BPI-D0316 (a third-generation EGFR inhibitor) and D-1553 (a KRAS G12C inhibitor), have been approved for marketing in China and included in the National Reimbursement Drug List (NRDL) [4][5] Financial Information - For the fiscal year ending December 31, 2024, the company reported revenues of approximately RMB 168.79 million, with a gross profit of RMB 164.77 million [7][8] - The company recorded a net loss of approximately RMB 240.20 million for the fiscal year ending December 31, 2024 [9] - The revenue from the largest customer accounted for 90.3% of total revenue for the fiscal year ending December 31, 2024, and 73.6% for the nine months ending September 30, 2025 [6] Industry Overview - The global oncology drug market has grown from USD 143.5 billion in 2019 to an estimated USD 253.3 billion in 2024, with a compound annual growth rate (CAGR) of 12.0% [11] - The Chinese oncology drug market has increased from USD 26.5 billion in 2019 to USD 35.9 billion in 2024, with a CAGR of 6.3% [11] - The global targeted oncology drug market is projected to grow from USD 85.5 billion in 2019 to USD 154 billion in 2024, with a CAGR of 12.5% [14] - The Chinese targeted oncology drug market is expected to rise from USD 6.2 billion in 2019 to USD 16.6 billion in 2024, with a CAGR of 21.8% [14] Product Pipeline Insights - D-2570 is a TYK2 allosteric inhibitor in development for treating plaque psoriasis and ulcerative colitis (UC) [16] - The global market for psoriasis drugs is projected to reach USD 23.9 billion in 2024, with the Chinese market expected to grow to USD 2.5 billion [17] - The global UC drug market is anticipated to grow from USD 5.1 billion in 2019 to USD 9 billion in 2024 [18] - The global SERD drug market is expected to reach USD 10 billion in 2024, with the Chinese market projected to grow to USD 2 billion [19]

Company Overview - Yifang Biotechnology (Shanghai) Co., Ltd. is a research-driven biopharmaceutical company based in China, focusing on significant unmet medical needs in oncology, autoimmune diseases, and metabolic disorders [5] - The company has established a comprehensive and differentiated product pipeline, including two commercialized products (BPI-D0316 and D-1553), two core clinical-stage products (D-2570 and D-0502), one clinical-stage candidate (D-0120), and three preclinical candidates (YF087, YF550, and YF057) [5][6] - BPI-D0316, a third-generation EGFR inhibitor, and D-1553, a KRAS G12C inhibitor, have been approved for marketing in China and included in the National Reimbursement Drug List (NRDL) [5][6] Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenues of approximately RMB 168.79 million, with a gross profit of RMB 164.77 million [8][9] - The company recorded a net loss of approximately RMB 240.20 million for the same period [10] - As of September 30, 2025, the company achieved revenues of approximately RMB 30.89 million, with a gross profit of RMB 26.74 million, and a net loss of approximately RMB 181.39 million [8][10] Customer Dependency - The company has a high customer dependency, with revenues from its largest customer accounting for 90.3% and 73.6% of total revenues for the fiscal years ending December 31, 2024, and September 30, 2025, respectively [7] Industry Overview - The global oncology drug market is projected to grow from USD 143.5 billion in 2019 to USD 253.3 billion by 2024, with a compound annual growth rate (CAGR) of 12.0%, and expected to reach USD 702.7 billion by 2035 [12] - The Chinese oncology drug market is expected to grow from USD 26.5 billion in 2019 to USD 35.9 billion by 2024, with a CAGR of 6.3%, and projected to reach USD 145 billion by 2035 [12] - The global targeted oncology drug market is anticipated to grow from USD 85.5 billion in 2019 to USD 154 billion by 2024, with a CAGR of 12.5%, and expected to reach USD 320.5 billion by 2035 [14] - The Chinese targeted oncology drug market is expected to grow from USD 6.2 billion in 2019 to USD 16.6 billion by 2024, with a CAGR of 21.8%, and projected to reach USD 61.6 billion by 2035 [14]

Group 1 - The core viewpoint of the news is that Yifang Biotechnology (Shanghai) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] - Yifang Biotechnology is a research-driven biopharmaceutical company based in China, focusing on significant diseases with unmet needs, including oncology, autoimmune diseases, and metabolic diseases [1] - As of December 24, 2025, the company has established a comprehensive and differentiated product pipeline, which includes two commercialized products (BPI-D0316 and D 1553), two core products in clinical stages (D-2570 and D-0502), one clinical candidate (D-0120), and three preclinical candidates (YF087, YF550, and YF057) [1]

Group 1 - The core viewpoint of the news is that Yifang Biotechnology (Shanghai) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] - Yifang Biotechnology is a research-driven biopharmaceutical company based in China, focusing on significant diseases with unmet needs, including oncology, autoimmune diseases, and metabolic diseases [1] - As of December 24, 2025, the company has established a comprehensive and differentiated product pipeline, which includes two commercialized products (BPI-D0316 and D 1553), two core products in clinical stages (D-2570 and D-0502), one clinical candidate (D-0120), and three preclinical candidates (YF087, YF550, and YF057) [1]

Group 1 - The core point of the article is that Eifang Biotechnology (Shanghai) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [1] Group 2 - The listing application indicates the company's intention to enter the public market, which may provide it with additional capital for growth and expansion [1] - The involvement of CITIC Securities as the exclusive sponsor suggests a strong backing and confidence in the company's potential [1]