国证国际港股晨报-20250811

Core Insights - The report emphasizes the importance of monitoring US inflation data this week, as it may influence market sentiment and interest rate decisions [2][7]. Company Overview - The specific company, Silver诺医药 B (2591.HK), has developed a pipeline targeting diabetes and other metabolic diseases, with its core product, Isupatide α, recently approved for treating Type 2 diabetes in China [9]. - As of May 31, 2025, the company generated revenue of 381 million CNY from Isupatide α sales, but reported losses of 733.4 million CNY, 174.7 million CNY, 61.9 million CNY, and 97.9 million CNY for the years 2023, 2024, and up to May 31, 2025 respectively [9]. Industry Status and Outlook - The market for metabolic disease drugs in China is projected to grow from 12.3 billion USD in 2018 to 16.4 billion USD by 2024, with a CAGR of 4.6%. It is expected to reach 24.5 billion USD by 2028, reflecting a CAGR of 10.6% from 2024 to 2028, and 38.7 billion USD by 2034, with a CAGR of 7.9% from 2028 to 2034 [10]. Strengths and Opportunities - Silver诺医药 is the first in Asia and the third globally to commercialize a long-acting GLP-1 receptor agonist. The company is expanding its global strategy, having received BLA approval in Macau and submitted applications in Southeast Asia and plans for Latin America [11]. - The company’s technology and R&D platform support the continuous discovery and development of high-quality innovative candidates [11]. IPO Information - The IPO subscription period is from August 7 to August 12, 2025, with trading commencing on August 15, 2025 [13]. - Five cornerstone investors have collectively subscribed approximately 10 million USD [14]. Fundraising and Use of Proceeds - Approximately 90% of the funds raised will be allocated to ongoing and planned clinical trials and the commercialization of Isupatide α, while about 10% will be used for working capital and other general corporate purposes [15]. Investment Recommendation - The core product Isupatide α has potential for future indications expansion, and the company’s market valuation is estimated at around 8.5 billion HKD, which is higher than similar companies in the diabetes and MASH indications [16]. - The IPO score assigned to the company is 5.3, considering factors such as cornerstone investors, company valuation, market position, and high interest in the pharmaceutical market [17].