在资本市场获得高度认可的背后，是宝济药业清晰的业务定位与硬核的研发实力作为支撑。招股书显 示，宝济药业是一家处于临床和商业化阶段的生物技术公司，利用合成生物技术在中国开发及提供重组 生物药物，专注于攻克治疗选择有限且药物制造工艺复杂的目标病症。 宝济药业通过技术差异化的产品，勇闯四个独立且高价值的治疗市场，包括大容量皮下给药、抗体介导 的自身免疫性疾病、辅助生殖药物及重组生物制药取代传统生化产品的变革性产品。宝济药业拥有中国 首款报产的重组人透明质酸酶的KJ017，用于大容量皮下给药; 全球首款在低预存抗体和给药次数方面 具备"同类最佳"潜力的IgG降解酶KJ103，用于抗体介导的自身免疫性疾病; 以及一款已获得合作验证的 长效促卵泡激素药物SJ02，用于辅助生殖。这三大核心产品已在中国进入商业化、新药上市申请(NDA) 注册或后期临床阶段，预示着宝济药业即将从纯研发阶段向商业化阶段过渡。 稳健的财务表现亦为此次上市提供强有力支撑，财务数据显示，于2023年、2024年及2025年截至6月30 日止六个月，宝济药业收入分别为693万元、616万元、4199万元人民币。公司的同期的毛利分别为678 万元、502 ...

此次上市还引入了包括安科生物香港、DC Alpha SPC、国泰君安证券投资等多家知名机构作为基石投 资者。基石投资者合计认购2.006亿港元，约占募集资金总额20.06%。长线资本的入驻，有助于稳定上 市初期的股价，并与公司共同成长。 在资本市场获得高度认可的背后，是宝济药业清晰的业务定位与硬核的研发实力作为支撑。招股书显 示，宝济药业是一家处于临床和商业化阶段的生物技术公司，利用合成生物技术在中国开发及提供重组 生物药物，专注于攻克治疗选择有限且药物制造工艺复杂的目标病症。 智通财经APP获悉，12月9日，宝济药业-B(02659)顺利完成约10亿港元新股发售，此次发售引发资本市 场广泛关注，市场反响尤为热烈。从具体认购数据来看，IPO国际配售获6.59倍认购，香港公开发售获 得3526.34倍认购，市场参与度火热。宝济药业预期将于2025年12月10日在香港联交所开始挂牌正式买 卖。此外，宝济药业暗盘交易涨势如虹，截至收盘，富途证券暗盘交易显示报价56港元，较招股价 26.38港元上涨112.28%。 宝济药业通过技术差异化的产品，勇闯四个独立且高价值的治疗市场，包括大容量皮下给药、抗体介导 的自身免疫 ...

Core Viewpoint - Baoyi Pharmaceutical-B (02659) has shown strong performance in the dark market, with a trading price of HKD 54, representing a 104.7% increase from the IPO price of HKD 26.38, indicating strong investor interest and confidence in the company's future prospects [1] Group 1: Company Overview - Baoyi Pharmaceutical was established in 2019 and is headquartered in Shanghai, China, focusing on developing and providing recombinant biopharmaceuticals using advanced synthetic biotechnology [2] - The company has a pipeline of 12 self-developed products, including three core products (KJ017, KJ103, and SJ02), four other clinical candidates, and five preclinical assets [2] Group 2: Product and Market Potential - The core products and major assets of Baoyi Pharmaceutical are focused on four key therapeutic areas, including high-volume subcutaneous administration, antibody-mediated autoimmune diseases, assisted reproductive drugs, and innovative recombinant biopharmaceuticals [3] - The total clinical addressable market size for Baoyi Pharmaceutical's four strategic therapeutic areas in China is projected to reach approximately RMB 50 billion by 2033, with significant contributions from various segments [4] - The company has established a GMP-compliant production facility in Shanghai, covering approximately 63,000 square meters, equipped with specialized production lines for complex biopharmaceuticals [4] Group 3: Investment and Future Outlook - The IPO has attracted a strong lineup of cornerstone investors, with three well-known investment institutions participating, collectively subscribing to HKD 200.6 million, accounting for 20.06% of the total fundraising [1] - With sufficient funding and a clear strategy, Baoyi Pharmaceutical is expected to accelerate the commercialization of its core products and translate its technological advantages into tangible performance growth [4]

证券日报网讯 12月8日，鲁抗医药（600789）在互动平台回答投资者提问时表示，2025年5月全球首个 乌头酸生物制造项目在鲁抗投产运行，通过合成生物技术，系统构建起了"反式乌头酸微生物绿色制 造"新路线，这一跨越标志着我国率先突破了反式乌头酸量产的技术壁垒，为我国橡塑行业高质量发展 提供了更环保、安全的解决方案。产品凭借"高效增塑、无毒环保"等优势，可广泛应用于特种橡胶、医 用PVC、儿童用品、生物农药等行业。 ...

Core Viewpoint - The stock price of Hyaluronic Acid leader, Huaxi Biological (688363.SH), has fallen below its issue price, reflecting concerns over its performance and market conditions [1][3]. Financial Performance - For the first three quarters of 2025, Huaxi Biological reported revenue of 3.163 billion yuan, a year-on-year decline of 18.36% [3]. - The net profit attributable to shareholders was 252 million yuan, down 30.29% year-on-year, continuing the downward trend from 2024 [3]. - In Q3 2025, despite a 55.63% increase in net profit to 32 million yuan, revenue of 900 million yuan still represented a 15.16% year-on-year decline, indicating a situation of "profit increase without revenue increase" [3]. Market Capitalization and Stock Performance - The company's market capitalization has decreased to approximately 22 billion yuan, down over 118 billion yuan from its peak value of over 140 billion yuan [3]. - The stock has seen a cumulative decline of 10.53% this year, with a historical low of 42.42 yuan per share [3]. Shareholder Actions - The second-largest shareholder, Guoshou Chengda, plans to reduce its holdings by up to 9.6336 million shares, representing no more than 2% of the total share capital, with an estimated market value of around 500 million yuan based on the closing price of 52.05 yuan per share on November 4 [4]. - This marks the second reduction by Guoshou Chengda in the past year, having previously sold 549.68 million shares [4]. Index Exclusions - Huaxi Biological has been removed from two major indices: the STAR 50 Index and the FTSE China A400 Index, which will take effect on December 12 and December 19, respectively [4]. Industry Competition - The competitive landscape is shifting, with a debate over the relevance of hyaluronic acid versus collagen in skincare. Market trends suggest that collagen-based skincare may surpass hyaluronic acid, with a projected compound annual growth rate of 52.6% [4]. Strategic Initiatives - In response to these pressures, Huaxi Biological has initiated organizational restructuring and is focusing on strategic investments in new biotechnologies, such as PDRN and ergothioneine, which are expected to contribute to revenue growth in 2026 [5].

记者丨李益文 编辑丨叶映橙 事实上，华熙生物的股价压力与业绩表现密切相关。华熙生物2025年前三季度实现营业收入 31.63亿元，同比下降18.36%；归母净利润2.52亿元，同比下滑30.29%，延续了2024年以来的 业绩下滑态势。单季度来看，尽管第三季度单季净利润同比增长55.63%至0.32亿元，但9.03 亿元的营收仍同比下降15.16%，呈现"增利不增收"的局面。 作为2019年11月登陆科创板的"玻尿酸第一股"，华熙生物曾创下辉煌战绩。上市后股价最高 飙涨至308.77元/股，2021年市值峰值超1400亿元。然而截至12月4日， 公司市值已缩水至 220亿元左右，较峰值蒸发超1180亿元 ，今年以来股价累计跌幅达10.53%，期间一度下探至 42.42元/股的历史新低。 股东减持进一步加剧了市场担忧。11月4日华熙生物公告显示，公司第二大股东、原始股东国 寿成达计划在2025年11月26日至2026年2月23日期间，通过集中竞价或大宗交易方式减持不超 过963.36万股，占公司总股本比例不超过2%，以11月4日52.05元/股的收盘价计算，此次减持 市值约达5亿元。 这已是国寿成达近一年来的第 ...

Core Viewpoint - Shanghai Baoji Pharmaceutical Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, with funds primarily allocated for the development and commercialization of core products and expansion of production capacity [1][2]. Group 1: IPO Details - The company has submitted its hearing materials and is expected to list soon, with CITIC Securities and Cathay Securities acting as joint sponsors [1]. - The funds raised will support clinical trials and regulatory filings for core products KJ017, KJ103, and SJ02 in various regions [1]. Group 2: Product Development - The company focuses on four strategic areas: large-volume subcutaneous delivery, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biopharmaceuticals [2]. - It has developed 12 research products, including three core products, with SJ02 already approved by the National Medical Products Administration (NMPA) [2]. - KJ017 is in the NDA stage, while KJ103 is in Phase III clinical trials [2]. Group 3: Technology and Production - The company aims to optimize its proprietary synthetic biology technology platform to develop new drug candidates [1]. - Plans include enhancing and expanding production capacity, including the construction of a new production base in Shanghai and upgrading existing facilities [1].

Core Viewpoint - Sanwei Biotech is actively advancing the industrialization and market expansion of diversified products, including allulose, tagatose, mannitol, and others, to enhance its product structure and overall business resilience [2]. Product Development - Allulose: The company has launched a production capacity of 10,000 tons, with an additional 10,000 tons under construction. Sales from January to September have shown significant year-on-year growth, meeting the needs of domestic clients like Nayuki Tea and steadily increasing overseas demand [2]. - Tagatose: Approved as a new food ingredient in China since 2014 and recognized in multiple countries, the company is optimizing production processes to reduce costs and enhance market potential. Tagatose and allulose both possess health benefits related to blood sugar control and gut microbiota regulation, with ongoing efficacy research in collaboration with Binzhou Medical University [2]. - Mannose: The company has small-scale production capabilities and is in the process of applying for domestic and overseas certifications. Mannose is gaining attention for its applications in medical research and health nutrition [2]. - Mannitol: The company has developed a cost advantage through new production processes and plans to gradually introduce it to the market [2]. - Reb M: The market acceptance of Reb M is increasing through continuous promotion, and the company has also developed sweet tea glycosides from regular steviol glycosides, with mature processing technology [2]. - Cosmetic Ingredients: The company leverages its synthetic biology technology to develop glycerol glycosides, ascorbic acid glucosides, and alpha arbutin, expanding its product applications in the daily chemical sector [2]. Strategic Goals - The gradual advancement of these products will help the company maintain its core competitiveness in erythritol while enhancing product diversity and improving overall business stability and risk resistance [2].

Core Insights - The Ministry of Industry and Information Technology and the National Development and Reform Commission have announced the first batch of biomanufacturing pilot capacity construction platforms, with 43 units selected nationwide [1][2] - The Hangzhou Synthetic Biology Industry Pilot (Validation) Center, operated by Transfar Group in collaboration with state-owned capital, has been recognized as a representative platform in Zhejiang Province [1][2] Group 1: Platform Overview - The pilot center is located in the Xiaoshan Green Manufacturing Industrial Park and focuses on pilot validation and scale-up of synthetic biology technology, covering various fields such as biomanufactured chemicals, enzyme preparations, food, and additives [1][2] - The center aims to create a comprehensive platform integrating technology pilot testing, result validation, process scale-up, and industrial transformation [1][2] Group 2: Technological Capabilities - The center has developed a high-throughput biomanufacturing platform that integrates advanced analytical equipment such as liquid chromatography-mass spectrometry and PCR, enabling core capabilities in strain design, high-throughput testing, and process validation [2] - The application of AI technology in synthetic biology is being actively promoted to support process optimization and parameter control, forming a comprehensive pilot capacity system covering the entire synthetic biology process [2] Group 3: Strategic Goals and Achievements - Transfar Group's Vice President highlighted that being selected as a national pilot platform is a recognition of the company's leading role in continuous innovation and industrial transformation in the biomanufacturing sector [2] - The center has undertaken 11 pilot projects, providing valuable testing grounds for new technologies, processes, and products, effectively accelerating the conversion of scientific research achievements [2] - Future plans include enhancing pilot equipment and services, improving standardization and intelligence levels, and providing replicable models for the industrialization of synthetic biology technology, contributing to the high-quality development of the bio-economy [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested Huaheng Biological (688639.SH) to provide supplementary information regarding its technology export business and compliance over the past three years [1] - Huaheng Biological has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1] - The CSRC has outlined specific areas for Huaheng Biological to clarify, including the status of its technology export business, compliance with regulations, and the use of raised funds for overseas investments [1] Group 2 - Huaheng Biological is a pioneer in synthetic biology, focusing on the research, large-scale production, and commercialization of bio-based products [2] - The company is recognized as one of the most comprehensive enterprises globally in commercial applications of bio-based products through synthetic biology [2] - Huaheng Biological is the first company to industrialize the anaerobic fermentation of a series of amino acids, including L-Alanine and L-Valine, and holds the largest market share for these products globally as of 2024 [2]