药捷安康股价坐上过山车 “妖股”背后业绩成色几何？

Core Insights - The stock price of Jiangsu Jietian Pharmaceutical Co., Ltd. (2617.HK) surged over 550% within six trading days, reaching a market capitalization of over HKD 100 billion, before experiencing a dramatic drop, losing nearly HKD 1.9 billion in market value in a single day [1][6] - The price increase was primarily driven by the company's core product, Tiengogatin, receiving clinical trial approval from the National Medical Products Administration for treating specific types of breast cancer [1][2] - The stock's rapid inclusion in multiple important indices led to significant passive fund inflows, which played a crucial role in the stock's price surge [2][3] Company Overview - Jiangsu Jietian Pharmaceutical is a clinical-stage biopharmaceutical company focused on developing innovative therapies for oncology, inflammation, and cardiovascular diseases [5] - The company has five clinical-stage candidates and several preclinical candidates, but has not yet achieved commercial profitability, reporting a revenue of only HKD 3.6 million in the first half of the year, a 65.1% decline year-on-year [4][5] - As of mid-2025, the company is projected to incur losses of HKD 343 million, HKD 275 million, and HKD 123 million for the years 2023, 2024, and the first half of 2025, respectively [5] Market Dynamics - The stock is characterized as a small-cap stock with a limited float of approximately 550,000 shares, making it susceptible to significant price fluctuations due to concentrated buying and selling [3][4] - Following its inclusion in the Hong Kong Stock Connect and various Hang Seng indices, the stock experienced a rapid price increase, with daily gains of 27.57%, 20.78%, and 77.09% recorded from September 10 to 12 [2][3] - The current market capitalization has fallen to HKD 59 billion, nearly an 80% decline from its peak, reflecting market skepticism towards unprofitable biotech firms [6]