前知名药企高管携手赴港IPO 劲方医药国产首款新药获批，却存在市场与专利困局

Core Viewpoint - Jinfang Pharmaceutical Technology (Shanghai) Co., Ltd. is reapplying for a listing on the Hong Kong Stock Exchange under Rule 18A, with CITIC Securities as the sole sponsor, following the expiration of its previous application submitted in January 2023 [1] Company Overview - Founded in 2017 by two experienced executives, Lyu Qiang and Lan Jiong, Jinfang focuses on the development of innovative drugs for oncology, autoimmune, and inflammatory diseases [1][2] - Lyu Qiang has a strong academic background with degrees from Peking University and Brandeis University, and has held senior positions in several pharmaceutical companies [2] - Lan Jiong, a PhD from Lanzhou University, also has over 20 years of industry experience [2] Financial Background - Since its establishment, Jinfang has completed seven rounds of financing, raising a total of 1.421 billion yuan [3] - The C round financing in 2022 raised nearly 500 million yuan, significantly exceeding previous rounds [3] - The share price in the C round was 124.03 yuan per share, while the C+ round in March 2024 saw a decrease to 116.68 yuan per share [3] Product Development - Jinfang's core product, GFH925 (Dabert®), is the first approved KRAS G12C inhibitor in China, launched in August 2023 [1][5] - Despite its approval, GFH925 faces intense competition with four other KRAS G12C inhibitors already on the market and over 20 candidates in clinical development [6][7] - The company has encountered significant patent challenges, necessitating payments for non-exclusive licenses to third-party patents [6][7] Strategic Partnerships - In 2021, Jinfang entered a significant collaboration with Innovent Biologics for GFH925, which included an upfront payment of 22 million USD and potential milestone payments totaling 132 million USD [5] - However, this partnership was terminated in January 2024, requiring Jinfang to pay a non-refundable termination fee of 20 million USD [7] Sales Performance - Sales revenue for GFH925 was reported at 14.668 million yuan in 2024, but dropped to 12.7 thousand yuan in the first four months of 2025, with high costs associated with sales [7] - The company aims to leverage its product's status to enter the national medical insurance directory by 2026 to boost sales [7]