Core Viewpoint - The article discusses the journey and insights of Lü Qiang, the founder of Jinfang Pharmaceutical, highlighting the challenges and strategies in the innovative drug development landscape in China, particularly focusing on the RAS target and the company's approach to commercialization and investor relations. Group 1: Company Overview - Jinfang Pharmaceutical was founded in August 2017 by Lü Qiang in Shanghai Zhangjiang, capitalizing on the favorable conditions for innovative drug development in China [1] - The company successfully listed on the Hong Kong Stock Exchange, with its stock price increasing over 100% on the first day, but faced a subsequent decline of over 30% due to market adjustments [6] - Jinfang's lead drug, Dabotinib, is set to be the first RAS-targeted drug approved in China by August 2024, marking a significant milestone in the company's pipeline [3] Group 2: R&D Focus and Innovation - Jinfang is heavily invested in the RAS target, which has historically been considered "undruggable," with no approved drugs for over 40 years until Amgen's Lumakras received FDA approval in May 2021 [2] - The company aims to cover 80% to 90% of pancreatic cancer patients with its four RAS drugs, addressing a significant unmet need in the oncology market [11] - Lü Qiang emphasizes the importance of innovation beyond just targeting new mechanisms, advocating for a comprehensive understanding of existing research to drive breakthroughs [7][8] Group 3: Commercialization Strategy - Lü Qiang believes that the era of "single product dominance" is over, and that a product matrix approach is necessary for successful commercialization in the competitive oncology market [12] - The company has opted to partner with larger pharmaceutical firms for commercialization rather than pursuing independent sales, reflecting a strategic decision to leverage collective strengths [10] - Jinfang's strategy focuses on creating a "small but beautiful" commercial portfolio, aligning with clinical market gaps and technological advancements [12] Group 4: Market Dynamics and Future Outlook - The article notes that the Chinese biotech sector is increasingly scrutinized by professional capital, which now values the progress and breadth of R&D pipelines more than before [6] - Lü Qiang acknowledges the challenges of balancing innovation with market demands, indicating that the pressures of entrepreneurship are often underestimated [4] - The article concludes with insights on the evolving landscape of biotech and biopharma, suggesting that both sectors have distinct roles and that the current trend of high financial expectations in business development may require recalibration [13][14]

"南京仙林大学城将紧扣'三区融合'发展理念，从搭建'长效协同平台'、优化'成果转化生态'和强化'人才 引育联动'等方面着手，让更多智库资源与创新要素汇聚仙林，为优秀创业项目提供孵化与产业链对接 服务，吸引更多青年才俊扎根栖霞，全力支持财经高校创新创业生态建设。"南京市栖霞区区长王承江 说。 在第十届全国财经院校创新创业大赛决赛现场，89支团队在创业、创意和公益三个赛道激烈角逐，共产 生特等奖3个、一等奖30个、二等奖56个。 据悉，全国财经院校创新创业联盟是由全国财经类高校发起组成的非营利性教育行业联合体，旨在共同 打造财经高校创新创业教育资源融合平台，加快培养创新创业人才，促进国家经济发展，为建设创新型 国家作出贡献。目前已有成员单位65家。本次赛会由全国财经院校创新创业联盟主办，南京财经大学、 南京市仙林大学城管委会联合承办，数智新财经高校联盟提供支持。(经济日报记者蒋波) 近日，全国财经院校创新创业联盟2025年年会暨第十届全国财经院校创新创业大赛决赛在南京财经大学 举办。来自中央财经大学、上海财经大学等46所高校的350余名师生参加会议和决赛。 在主旨报告环节，浙江大学教授张克俊、西南财经大学教授明海 ...

创业投资是资本市场服务科技型企业的"最先一公里"。在国内大型创投机构深创投集团有关负责人看 来，科技型企业具有研发投入高、成长周期长、成果转化难度大等特征，而创业投资可以为企业提供启 动资金或早期发展的关键资金与资源赋能。 "发挥好创业投资功能，是资本市场加强对科技型企业全生命周期金融服务的重要一环。"该负责人表 示，推动创业投资发展壮大，有助于补齐资本市场服务企业全生命周期融资功能，为科技企业技术研发 提供持续的资金支持，助力企业加速实现技术商业化落地。 近年来，我国股权创投行业规模稳步增长。截至今年10月末，私募股权创投基金规模合计达14.74万亿 元，较"十三五"末增长27.46%。企业风险投资（CVC）、并购基金、私募股权二级市场基金（S基金） 相继兴起，股权投资业态更加丰富。 目前，创业投资投早、投小、投硬科技属性更加鲜明。截至今年二季度末，私募股权创投基金投资中小 企业项目数量占比达66.6%；投资初创科技企业项目数量占比达24.9%；投资高新技术企业项目数量占 比达47.9%。 就更好发挥创业投资功能，田利辉建议，对创业投资基金实施分类监管，支持S基金发展，拓宽耐心资 本来源，健全考核评价机制， ...

"发挥好创业投资功能，是资本市场加强对科技型企业全生命周期金融服务的重要一环。"该负责人 表示，推动创业投资发展壮大，有助于补齐资本市场服务企业全生命周期融资功能，为科技企业技术研 发提供持续的资金支持，助力企业加速实现技术商业化落地。 新华社北京12月2日电（记者刘羽佳）《中共中央关于制定国民经济和社会发展第十五个五年规划 的建议》提出，"创新监管方式，发展创业投资"。 当前，新一轮科技革命和产业变革加速突破，呈现技术创新快、融合赋能快、产业升级快的突出特 点，对金融行业支持科技创新提出了更高和更为迫切的要求。 南开大学金融发展研究院院长田利辉表示，创业投资"风险共担、利益共享"的特征，与科技创新的 风险特性高度适配。创业投资能够填补传统金融体系对早期科技项目的支持空白，引导人才、技术等要 素向创新领域集聚，构建良性创新生态，为培育新质生产力提供底层支撑。 创业投资是资本市场服务科技型企业的"最先一公里"。在国内大型创投机构深创投集团有关负责人 看来，科技型企业具有研发投入高、成长周期长、成果转化难度大等特征，而创业投资可以为企业提供 启动资金或早期发展的关键资金与资源赋能。 【纠错】 【责任编辑:吴京泽】 ...

在今年的SaaStr年度大会上，Anthropic的Kelly Loftus、Cursor的Jacob Jackson与fal的Gorkem Yurtseven一 同探讨了这个正在成形的"AI商业世界"。 在他们看来，AI创业已进入一个类似蛮荒但充满机会的时代：规则未定，模型昂贵，速度惊人，传统 SaaS的模式正在快速过期。 以下是这些处于AI一线创业者形成的8个共识。 01 旧的SaaS指标并不适用于AI 在传统的SaaS模式下，每个新用户几乎都能带来纯利润。但对于人工智能原生公司而言，每个新增客户 都会消耗GPU算力、电力和模型推理时间。 即使营收增长迅猛，这些非零边际成本也会压缩毛利率。一些人工智能公司在创纪录的时间内实现了从 零到5000万美元年度经常性收入(ARR)的飞跃，但毛利率却接近40%-50%，而非80%-90%。 在2010年代，SaaS的故事简单而优雅：标准化产品、清晰的销售流程和可预测的订阅收入构成了一套几 乎可以"复刻"的增长机器。创业者们在商业模式、定价和渠道上不断微调，软件行业也逐渐走向成熟， 趋于稳定。 但人工智能的出现，正在把这一切重新洗牌。 Anthropic、Cursor ...

12月2日午后，A股三大指数震荡回调，创业板新能源ETF华夏（159368）午后下跌1.21%。盘面 上，多数成分股回调，先导智能、亿纬锂能等跌超2%，阳光电源、宁德时代等跟跌。截至发文，创业 板新能源ETF华夏（159368）成交额达5914万元，居同类基金首位。 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 创业板新能源ETF华夏（159368）是全市场跟踪创业板新能源指数的规模最大ETF基金。创业板新 能源指数主要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域。创业板新能源ETF华夏 （159368）弹性最大，涨幅可达20cm；费率最低，管理费和托管费合计仅为0.2%；规模最大，截至 2025年10月31日，规模达8.29亿元；成交额最大，近一月日均成交9005万元。其储能含量达59%，固态 电池含量达32%，契合当下市场热点。（联接A：024419联接C：0244 ...

这曾是无数餐饮创业者的噩梦开局。但在2025年，游戏的规则已经彻底改变。那些还在用旧地图寻找新宝藏的人，注定第一个出局。 一、 时代已变：为何"大而全"的重资产模式成为创业头号杀手 2025餐饮创业真相：90后主导、小投资为王 —— 甩开重资产包袱，用轻模型撬动快回本时代 梦想很满，现实很沉。掏空积蓄，甚至背上贷款，换来的是一间两百平的店、顶尖的设备和一笔即将见底的流动资金。你幻想的是门庭若市，日进斗金；现 实却是每天一开门，就在为高昂的固定成本买单——房租、人工、折旧，像三座大山，压得你喘不过气。客人不少，却总觉得没赚到钱；生意不差，但算算 回本周期，遥遥无期。 过去的成功经验，往往是今天失败的根源。餐饮的逻辑，已经从"规模制胜"转向"效率为王"。 1、现金流是命脉，不是账目数字 重资产投入最大的恶果，是瞬间抽干你的现金流。一笔巨资固化在装修和设备上，导致抗风险能力极差。市场稍有风吹草动（比如三个月客流下滑），或者 前期爬坡期比预期长一点，资金链瞬间紧绷。 — 你不是在经营生意，而是在为房东和银行打工，利润被固定成本吞噬殆尽。 2、回本周期漫长，消耗创业热情 投资120万，月净利勉强做到5万，回本周期长达2 ...

Core Viewpoint - The company, Green Biological Technology Co., Ltd., has submitted its third IPO application for the ChiNext board after two previous unsuccessful attempts, facing multiple challenges including regulatory penalties and issues with information disclosure [3][41]. Company Overview - Green Biological was established in 1999 and has developed a product system comprising three main series: turpentine, cedarwood oil, and fully synthetic products. It is a significant supplier of sandalwood fragrance products in China and one of the largest suppliers of methyl cedar ketone [4][41]. - The company has long-term partnerships with major clients such as Givaudan, International Flavors & Fragrances, and Procter & Gamble, with the top five customers accounting for approximately 43.98% to 40.51% of sales from 2022 to 2025 [5][43]. Financial Performance - The company reported revenues of 5.4 billion, 5.94 billion, and 6.31 billion yuan from 2020 to 2022, with net profits of 644.3 million, 407.4 million, and 681.4 million yuan respectively. The gross profit margins ranged from 20.37% to 26.6% during the same period [56][57]. - For the first half of 2025, the company expects to raise 690 million yuan through its IPO, with plans to invest in expanding production capacity and upgrading facilities [41][34]. IPO Attempts and Challenges - The first IPO attempt in December 2020 was withdrawn within two months due to undisclosed environmental penalties and a significant expected drop in net profit for 2021 [9][11][50]. - The second attempt in June 2023 also faced scrutiny, leading to a withdrawal in September 2024 after two rounds of inquiries from the Shenzhen Stock Exchange regarding compliance and governance issues [56][58]. Governance and Succession - The founder, Lu Wencao, is currently 83 years old, raising concerns about the company's governance and succession planning. His daughter, Lu Wei, has been involved in the company since 2016 and is set to inherit a significant portion of shares [20][58]. Research and Development - The company's R&D expenditure has consistently been below 4% of revenue, which is lower than the industry average. The R&D costs from 2017 to 2025 were reported to be between 2.34% and 3.78% of revenue [25][26]. - There has been a notable increase in personnel costs within R&D, with 2024 showing a 109% increase compared to 2023, raising concerns about the allocation of R&D funds [27][29]. Cash Dividends and Financial Health - Despite ongoing cash dividends, the company has a significant amount of short-term debt and a low level of liquid assets, indicating potential liquidity issues. The total cash dividends from 2018 to 2024 amounted to 249 million yuan, which is 46.98% of the total net profit during that period [31][32][34]. - The company has maintained a high dividend payout ratio, with dividends exceeding net profits in some years, raising questions about its financial sustainability [31][32].

Core Insights - The 2025 Xi'an International Entrepreneurship Competition concluded successfully, focusing on enhancing the innovation capabilities of enterprises [1] - The competition emphasized four key sectors: information technology, high-end equipment, biomedicine and health, and new energy and materials [1] - A total prize pool of ten million yuan was established, along with various policy packages to support projects, including "investment before equity" and talent recognition [1] Summary by Categories Competition Structure - The competition utilized a multi-stage format including preliminary, semi-final, and final rounds, resulting in 40 advanced technology projects being selected [1] - The event adopted a "competition instead of evaluation" mechanism to attract talent and innovation [1] Regional Collaboration - The competition expanded its reach through external city tracks, engaging with regions like the Northeast industrial base and the Yangtze River Delta economic zone [1] - It aimed to deepen regional innovation collaboration and enhance the industrial chain [1] Financial Support - Financial institutions such as Xi'an Investment Holdings, Xi'an Financial, and Xi'an Bank provided comprehensive financial services to participating projects [1] - Several partnerships and cooperation agreements were formed during the competition, indicating strong interest from industrial parks and financial institutions [1]

12月2日，A股三大指数集体下跌，截至收盘，沪指跌0.42%报3897点，深证成指跌0.68%，创业板指跌0.69%。全市场成交额1.61万亿 | 代码 | 名称 | 涨幅 现价 | 涨跌 | | --- | --- | --- | --- | | 000001 | 上证指数 | -0.42% 3897.71 | -16.30 | | 399001 | 深证成指 | -0.68% 13056.70 | -90.02 | | 399006 创业板指 | | -0.69% 3071.15 | -21.35 | 元，较前一交易日缩量2822亿元，逾3700股下跌。 盘面上，福建再推12条惠台利民政策措施，福建板块爆发，平潭发展、睿能科技及福建高速等多股涨停；医药商业、SPD概念走高， 人民同泰、开开实业涨停；另一方面，能源金属概念普跌，天齐锂业领跌；影视院线、光伏设备、贵金属及教育等板块跌幅居前。 具体来看： 福建板块走高，嘉戎技术、招标股份20cm涨停，福建高速、海欣食品、太阳电缆等多股涨停，海峡创新涨超13%，恒锋信息涨超 12%。 消息面上，《福建省有序推进算力基础设施发展若干措施》印发。其中提到，优化算力空 ...