证券代码：300765 证券简称：新诺威 公告编号：2025-096 石药创新制药股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 石药创新制药股份有限公司（以下简称"公司"）于 2025 年 3 月 19 日召开第 六届董事会第二十二次会议、第六届监事会第十七次会议，于 2025 年 4 月 15 日召开 2024 年年度股东大会，会议审议并通过了《关于使用部分闲置募集资金 及自有资金进行现金管理的议案》。在不影响募集资金投资项目建设和公司正常 经营的情况下，公司及子公司使用不超过人民币 8.00 亿元（含本数）额度的闲 置募集资金及不超过人民币 8.00 亿元（含本数）的自有资金进行现金管理，投 资安全性高、流动性好的保本型产品（包括结构性存款、大额存单等），使用期 限自股东大会审议通过之日起 12 个月内有效。在上述额度及决议有效期内，业 务可循环滚动开展。具体内容详见巨潮资讯网（http://www.cninfo.com.cn）披露 的《关于使用部分闲置募集资金及自有资金进行现金管理的公告》（ ...

Group 1 - The Hong Kong stock market for biopharmaceutical IPOs has seen a significant increase in activity, with multiple companies like Jiahe Biotech and Haisong Pharmaceutical submitting listing applications [2] - On December 10, Baoji Pharmaceutical's stock opened 129% higher on its first trading day, closing at HKD 69 per share, with a total market capitalization of HKD 22.493 billion [2] - In the first three quarters of this year, 28 healthcare companies successfully went public in China, a 100% increase year-on-year, with over 60% choosing the Hong Kong Stock Exchange [2] Group 2 - The quality assessment criteria for innovative biopharmaceutical companies are becoming more diverse, focusing on core R&D pipeline competitiveness, product commercialization progress, and profitability [4] - Companies like Junshi Biosciences and Gaohong Pharmaceutical are advancing in business development (BD) partnerships, while others like Haisong Pharmaceutical have entered the commercialization phase [4] - The global market for Tumor Infiltrating Lymphocyte (TIL) therapy is projected to grow from USD 104 million in 2024 to USD 1.692 billion by 2030, with China's first TIL therapy expected to enter the market around 2027 [4] Group 3 - The competition in the oncology drug development sector is intensifying, with Chinese companies conducting 39% of global clinical trials in this area, a significant increase from 24% five years ago [5] - Despite the influx of new entrants in the oncology space, achieving successful product development remains a challenge due to the need for substantial funding and resources [5] - Haisong Pharmaceutical is focusing on autoimmune diseases, with its drug Mufemilast expected to receive NDA approval in September 2025 for treating moderate to severe plaque psoriasis [5] Group 4 - Gaohong Pharmaceutical has established a partnership with Biohaven Therapeutics, receiving USD 10 million upfront and potential milestone payments totaling up to USD 2 billion [6] - Financial data indicates that Haisong Pharmaceutical reported a pre-tax loss of CNY 73 million, while Gaohong Pharmaceutical had a total revenue loss of CNY 190 million for the first half of 2025 [6] - The ongoing financial challenges highlight the need for effective commercialization strategies and BD collaborations to improve profitability and enhance company valuations [6] Group 5 - Shiyao Innovation is exploring a dual listing strategy ("A+H") to diversify its capital market presence, focusing on biopharmaceuticals and health products [8] - The company aims to commercialize two antibody drugs by the second half of 2024, while also developing mRNA vaccines that have been included for emergency use in China [8] - Financially, Shiyao Innovation recorded a net loss of CNY 226 million in the first seven months of 2025, emphasizing the need for substantial funding for ongoing R&D [8] Group 6 - The trend of "A+H" listings is becoming more common among biopharmaceutical companies, as seen with Baiyao Saitou's successful listing on the STAR Market after its previous IPO on the Hong Kong Stock Exchange [9] - However, some companies like Baili Tianheng have delayed their IPOs due to unfavorable market conditions, indicating a cautious approach to capital raising [10] - Investors are increasingly focusing on pipeline concentration, data differentiation, and cash flow management, shifting from storytelling to data-driven strategies for product development [10]

Core Viewpoint - The Hong Kong stock market for biopharmaceutical IPOs has seen a significant increase in activity, with multiple companies successfully listing and others submitting applications, indicating a strong market outlook for biotech firms in the region [1][3]. Group 1: Market Performance - The biopharmaceutical sector in Hong Kong has experienced a surge in IPO activity, with 28 companies successfully listed in the first three quarters of the year, a 100% increase year-on-year, with over 60% being innovative drug companies [1]. - The IPO of Baoji Pharmaceutical on December 10 saw a first-day increase of 129%, closing at 69 HKD per share, leading to a market capitalization of 22.493 billion HKD [1]. - The Hong Kong stock market is currently the leading global venue for IPO financing in the healthcare sector, with expectations that it will remain the primary listing choice for Chinese biotech companies through 2026 [1][3]. Group 2: Company Developments - Companies like Junshi Biosciences and Gaohong Pharmaceutical have submitted IPO applications despite not having products approved for market, while He Mei Pharmaceutical and Shiyao Innovation have entered the commercialization phase [3]. - Junshi Biosciences is focused on innovative cell therapies for solid tumors, with its core product expected to be the first TIL therapy approved in China [3][4]. - He Mei Pharmaceutical is targeting autoimmune diseases, with its drug Mufemilast expected to receive NDA approval in September 2025 for treating moderate to severe plaque psoriasis [5]. Group 3: Financial Insights - Gaohong Pharmaceutical has entered a collaboration with Biohaven Ltd., receiving 10 million USD in cash and shares, with potential milestone payments totaling up to 2 billion USD based on product development and sales [6]. - Despite advancements in commercialization, both He Mei Pharmaceutical and Gaohong Pharmaceutical reported significant losses, with He Mei showing a pre-tax loss of 73 million CNY and Gaohong reporting a loss of 190 million CNY for the first half of 2025 [6]. Group 4: Industry Trends - The trend of "A+H" dual listing is becoming more common among biopharmaceutical companies, as seen with Shiyao Innovation's strategy to tap into multiple capital markets [7][8]. - The competitive landscape for TIL therapies is intensifying, with the global market expected to grow from 104 million USD in 2024 to 1.692 billion USD by 2030, and the Chinese market projected to reach 200 million USD by 2030 [4]. - The overall sentiment in the Hong Kong biopharmaceutical sector remains cautious, with companies focusing on pipeline quality and financial management to navigate the current market challenges [9].

Core Viewpoint - Newway, the world's largest caffeine producer, is facing transformation anxiety as it seeks external financing through an IPO on the Hong Kong Stock Exchange to address performance challenges and transition pressures [1] Group 1: Financial Performance - Newway's overall performance has been declining, with revenue shrinking year by year. The company's revenue for 2022, 2023, and 2024 was 2.838 billion, 2.539 billion, and 1.981 billion respectively, reflecting year-on-year declines of 10.55% and 21.98% in 2023 and 2024 [2] - The net profit has also worsened, with figures of 294 million and 126 million for 2022 and 2023, and a projected net loss of 304 million for 2024 [2] - In the first seven months of 2025, revenue showed a slight increase of 8.74%, but losses expanded to 226 million compared to 38.79 million in the same period of 2024 [2] Group 2: Traditional Business Challenges - The core reason for the performance pressure is the sluggish growth of traditional business, which includes functional raw materials and health foods, contributing over 90% of revenue [2] - Revenue from functional raw materials and health foods was 2.571 billion in 2022, declining by 4.7% in 2023 and further by 24.9% in 2024, with a corresponding drop in gross margin to 39.6% [3] Group 3: Innovation Drug Transition - Newway's transition to innovative drugs has not yet yielded significant results, with the biopharmaceutical segment contributing less than 5% of revenue in 2024 [5] - The company invested 1.871 billion to acquire a 51% stake in Giant Bio, gaining access to antibody drugs and mRNA vaccines, but the revenue contribution from this segment remains low [5] - R&D expenses surged to 843 million in 2024, accounting for 42.5% of revenue, exacerbating losses [6] Group 4: Future Outlook - The success of Newway's IPO and its ability to alleviate financial pressure during the transition will depend on the efficiency of R&D conversion and commercialization capabilities post-funding [7] - If the core pipeline can progress smoothly through clinical trials and gain approval, it may open up revenue growth opportunities; otherwise, the challenges may intensify [7]

Core Viewpoint - The journey of Sinovation has shifted from a grand vision of building an "innovative pharmaceutical empire" to facing harsh realities, particularly after the termination of a significant acquisition deal, leading to a deteriorating financial situation and challenges in the Hong Kong IPO market [1][2]. Group 1: Company Transformation and Challenges - Sinovation, initially a functional raw material producer, aimed to transform into an innovative pharmaceutical company by acquiring assets in cutting-edge fields like ADC and mRNA vaccines [1]. - The planned acquisition of Shiyao Baike for 7.6 billion yuan was halted due to a drastic price drop of its core product, "Jin You Li," from approximately 1,600 yuan to about 666 yuan, alongside stagnant sales and increased market competition [1]. - The anticipated GLP-1 weight loss drug pipeline lacks competitive advantages, failing to fill the revenue gap [1]. Group 2: Financial Deterioration - The cessation of external funding from the halted acquisition has led to a rapid decline in Sinovation's financial health, characterized by a struggling caffeine business and escalating R&D costs, which surged by 81% year-on-year in the first half of 2025 [2]. - The IPO in Hong Kong is perceived more as a necessity to address a significant funding gap rather than a strategic global expansion [2]. Group 3: Market Environment and IPO Challenges - Sinovation's IPO faces a challenging market environment, with a rising post-listing failure rate of 42.10% since November, compared to 30.23% in the first half of 2025 and 35.71% for the entire year of 2024, indicating a shift towards selective investment by investors [3]. - The valuation conflict in the "A+H" model poses a significant challenge, as Hong Kong investors prioritize cash flow and dividend returns, while Sinovation is currently unprofitable with negative cash flow [3]. Group 4: Liquidity Concerns and Funding Utilization - New IPO regulations in Hong Kong allow issuers to set public offering ratios between 10% and 60%, leading to potential liquidity issues as over 90% of shares may be concentrated among a few cornerstone and institutional investors [4]. - The ambiguity surrounding the use of funds raised from the IPO raises concerns about whether they will be effectively utilized for breakthrough projects or diluted across broad R&D investments [5][6]. Group 5: Future Prospects and Commercialization Challenges - The future value of Sinovation hinges on its ability to commercialize its innovative drug pipeline, with existing products lacking competitive advantages and future prospects in ADC and mRNA vaccine platforms facing intense competition [6]. - Successfully entering the Hong Kong market is only the first step; the real challenge lies in demonstrating to a more rational international market that the company is not only in need of funds but also worthy of investment [6].

Core Viewpoint - Newnovel (300765), the world's largest caffeine producer, is facing transformation anxiety as it seeks external financing through an IPO on the Hong Kong Stock Exchange to address performance challenges and transition pressures [1] Financial Performance - Newnovel's revenue has been declining, with figures dropping from 28.38 billion yuan in 2022 to 19.81 billion yuan in 2024, representing a year-on-year decline of 10.55% in 2023 and 21.98% in 2024 [3][4] - The company reported a net profit of 2.94 billion yuan in 2022, which fell to 1.26 billion yuan in 2023, and turned into a net loss of 3.04 billion yuan in 2024 [3][4] - In the first seven months of 2025, Newnovel's revenue showed a slight increase of 8.74%, but losses expanded to 2.26 billion yuan compared to the same period in 2024 [3] Traditional Business Struggles - The traditional business, which includes functional raw materials and health foods, has been the main revenue contributor, accounting for over 90% of total revenue, but has shown weak growth [4] - Revenue from functional raw materials and health foods decreased from 25.71 billion yuan in 2022 to 19.81 billion yuan in 2024, with a decline of 4.7% in 2023 and 24.9% in 2024 [4] - The gross margin for this segment also fell from 45.6% in 2023 to 39.6% in 2024, indicating increasing pressure on profitability [4] Transition to Innovative Drugs - Newnovel's transition to innovative drugs has not yet yielded significant results, despite high gross margins of over 90% for biopharmaceuticals [5][6] - The company acquired a 51% stake in Jushi Biotech for 18.71 billion yuan in 2023, aiming to enhance its innovative drug pipeline, which includes antibody drugs and mRNA vaccines [5] - However, the revenue contribution from biopharmaceuticals remains low, accounting for less than 5% in 2024 and only 9.5% in the first seven months of 2025 [5][6] R&D Investment and Future Outlook - R&D expenses surged to 8.43 billion yuan in 2024, a 25.51% increase from 2023, representing 42.5% of total revenue, which has exacerbated the company's losses [6] - The upcoming IPO aims to raise funds primarily for biopharmaceutical R&D, asset acquisitions, product commercialization, and operational capital [6] - The success of Newnovel's transformation will depend on the efficiency of R&D conversion and commercialization capabilities post-funding [6]

Core Viewpoint - CSPC Innovation Pharmaceutical Co., Ltd. (formerly known as CSPC New Drug Co., Ltd.) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage its strong market position in the biopharmaceutical and health supplement sectors [2][18]. Company Overview - Established in 2006, CSPC Innovation focuses on research, development, and manufacturing of biopharmaceuticals, functional raw materials, and health supplements, positioning itself as a leader in the health sector [3][19]. - The company is the world's largest producer of synthetic caffeine, supplying major beverage companies like Coca-Cola, PepsiCo, and Red Bull, with products distributed in over 65 countries [3][19]. Business Expansion - In 2016, CSPC Innovation expanded into the health supplement market, offering a diverse range of products aimed at enhancing immunity, improving bone density, and providing antioxidant support [4][20]. - The acquisition of 100% of CSPC Saint Snow in 2022 allowed the company to diversify its product offerings to include other functional raw materials, such as acarbose and anhydrous glucose [4][20]. Biopharmaceutical Development - In 2024, CSPC Innovation gained control of Giant Bio, marking its entry into the biopharmaceutical sector with a focus on innovative therapies targeting unmet clinical needs in oncology, autoimmune diseases, and infectious diseases [5][21]. - The company has commercialized two antibody drugs and developed mRNA vaccines, including the first domestically developed COVID-19 mRNA vaccine in China [5][21]. Research and Development Pipeline - CSPC Innovation has 15 drugs in clinical or late-stage development, including 9 antibody-drug conjugates (ADCs) and 1 mRNA vaccine, targeting high-incidence cancers and other significant unmet medical needs [6][22]. - The ADC pipeline focuses on indications such as lung cancer, breast cancer, gastric cancer, colorectal cancer, and esophageal squamous cell carcinoma, with key targets including EGFR and HER2 [6][22]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first seven months of 2025 were approximately RMB 2.84 billion, RMB 2.54 billion, RMB 1.98 billion, and RMB 1.24 billion, respectively, with net profits showing a decline in 2024 and 2025 [12][13]. - The revenue breakdown indicates that functional raw materials and health supplements accounted for the majority of sales, while biopharmaceutical products contributed a smaller portion [12][13]. Shareholder Structure - Prior to the IPO, CSPC Innovation's major shareholders include CSPC Group, which holds approximately 75.30% of the shares, with the remaining 24.70% held by other A-share shareholders [9][25]. Management Team - The board of directors consists of 10 members, including 3 executive directors and 5 independent non-executive directors, ensuring a diverse governance structure [10][27].

Core Viewpoint - Shiyao Innovation Pharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, marking a significant step in its corporate development strategy transformation [4]. Company Overview - Established in 2006, Shiyao Innovation focuses on the research, production, and commercialization of biopharmaceuticals, functional raw materials, and health foods [4]. - The company was listed on the ChiNext board in 2019, with a current market capitalization of approximately 48 billion RMB [4]. - Shiyao Innovation has commercialized two antibody drugs and two mRNA vaccines, with a robust pipeline of 15 drugs in clinical or late-stage development, including 9 ADC drugs and 1 mRNA vaccine [4]. Market Position - According to Frost & Sullivan, Shiyao Innovation has maintained its position as the world's largest producer of chemically synthesized caffeine by revenue and shipment volume from 2020 to 2024 [4]. Strategic Developments - In 2024, Shiyao Innovation acquired control of Jushi Biopharmaceuticals, expanding its main business into the biopharmaceutical sector, which is a key milestone in its strategic transformation [4]. - The company plans to acquire an additional 29% stake in Jushi Biopharmaceuticals from Enbipu Pharmaceuticals for a cash consideration of 1.1 billion RMB, increasing its ownership to 80% [5]. Financial Performance - For the fiscal years 2022, 2023, and the first seven months of 2024, Shiyao Innovation reported revenues of 2.838 billion RMB, 2.539 billion RMB, and 1.981 billion RMB, respectively [6]. - The company's profits for the same periods were 293.85 million RMB, 125.67 million RMB, and a loss of 303.71 million RMB [6]. - The revenue and profit trends indicate a decline, with a significant loss projected for 2024 [6]. Shareholding Structure - As of the last practicable date, Enbipu Pharmaceuticals holds approximately 75.30% of Shiyao Innovation's issued shares, with 74.47% directly held and 0.83% indirectly through its wholly-owned subsidiary [7]. - Enbipu Pharmaceuticals is owned by Jiaxi and Shiyao Group, with respective ownership stakes of 45.94% and 54.06% [7].

③海融科技：公司拟变更募投资项目"科技研发中心建设项目"投资总额。变更后，该项目投资总额为 6342.96万元，较变更前减少5559.47万元。其中，使用募集资金6342.96万元，较变更前减少5559.47万 元。 ②明阳电路(300739)：截至公告披露时，距离"明电转02"停止转股仅剩最后半个交易日(即12月11日下午 交易时段)，收市后未实施转股的"明电转02"将停止转股，剩余可转债将按照100.44元/张的价格被强制 赎回。若被强制赎回，投资者可能面临投资损失。 格隆汇12月11日｜①新诺威(300765)：公司已于2025年12月10日向香港联交所递交了发行境外上市股份 (H股)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。 ...

新诺威12月11日午间公告，公司已于2025年12月10日向香港联合交易所有限公司递交了发行境外上市股 份（H股）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。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部 门、监管机构、证券交易所的备案、批准和/或核准，并需综合考虑市场情况以及其他因素方可实施， 该事项仍存在不确定性。 ...