Core Viewpoint - The company Yaojie Ankang (02617.HK) has achieved a market capitalization exceeding HKD 100 billion shortly after its IPO, despite not having any products approved for sale and currently operating at a loss [1][5]. Group 1: Stock Performance - Yaojie Ankang's stock price surged by 115.58% on September 15, reaching a market capitalization of HKD 164.71 billion, with significant price increases of 27.57%, 20.78%, and 77.09% over the preceding three trading days [1]. - The company's IPO price was HKD 13.15 per share, and as of September 15, the closing price had risen to HKD 415 per share, representing a cumulative increase of approximately 30.6 times [1]. Group 2: Company Overview - Yaojie Ankang is an innovative pharmaceutical company focused on developing small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases, currently in the clinical registration phase [3]. - The company's lead product, Tiengogatinib, is a selective multi-kinase inhibitor targeting key pathways including FGFR/VEGFR, JAK, and Aurora kinases, with potential applications in various difficult-to-treat solid tumors [3]. Group 3: Clinical Trials and Market Potential - As of June 30, 2025, Tiengogatinib is involved in nine clinical trials globally, with the fastest progress in cholangiocarcinoma, expected to complete its Phase II registration trial in China by the second half of 2025 [3]. - The global cholangiocarcinoma drug market is projected to reach USD 2 billion in 2024, growing at a CAGR of 16.2% from 2019 to 2024, and is expected to reach USD 3.2 billion by 2027 [4]. Group 4: Financial Performance - In the first half of the year, Yaojie Ankang reported zero revenue and a loss attributable to shareholders of HKD 123 million [5]. - In contrast, other biotech companies like Innovent Biologics and CanSino Biologics have achieved profitability, with Innovent reporting a net profit of HKD 834 million in the same period and multiple products already on the market [5]. Group 5: Market Sentiment - Investors express confusion regarding the rationale behind Yaojie Ankang's stock price surge, questioning whether there are potential licensing opportunities or if the price movement is primarily driven by speculative trading [6][7].

消息面上，上交所、深交所近日发布公告，药捷安康被调入港股通标的名单，自9月8日起生效。公开资 料显示，药捷安康专注于发现及开发肿瘤、炎症及心脏代谢疾病小分子创新疗法。截至2025年6月30 日，该公司主要管线包括六款临床阶段候选产品及多款临床前阶段候选产品。值得注意的是，公司核心 产品替恩戈替尼(TT-00420)近期迎来多重利好。 药捷安康(02617)上周遭资金爆炒，期内累计涨幅超200%。该股今日早盘重挫18%，截至发稿，跌 12.99%，报167.5港元，成交额3.33亿港元，总市值跌穿700亿港元。 值得注意的是，药捷安康此前发布中期业绩，上半年集团未取得主营业务收入，其他收入及收益由2024 年上半年的1040万元下降至360万元，降幅达65.1%。公司表示，此下降主要是由于银行存款利息及理 财收入减少410万元，政府补助减少270万元。公司研发成本下降30.9%至9840万元。此外，药捷安康上 半年录得税前亏损1.23亿元，相较于2024年同期亏损的1.6亿元有所改善。 ...

Group 1 - The core stock of药捷安康 (02617) experienced a significant surge, with a cumulative increase of over 200% recently, followed by a sharp decline of 18% in early trading, currently down 12.99% at HKD 167.5, with a trading volume of HKD 333 million and a total market value dropping below HKD 70 billion [1] - The company has been included in the Hong Kong Stock Connect list effective from September 8, which may influence investor interest and trading activity [1] -药捷安康 focuses on discovering and developing innovative small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases, with a pipeline that includes six clinical-stage candidates and several preclinical candidates as of June 30, 2025 [1] Group 2 - The company reported a significant decline in other income and revenue, dropping from HKD 10.4 million in the first half of 2024 to HKD 3.6 million, a decrease of 65.1%, primarily due to reduced bank deposit interest and government subsidies [1] - Research and development costs decreased by 30.9% to HKD 98.4 million, indicating a potential focus on cost management [1] - The company recorded a pre-tax loss of HKD 123 million for the first half of the year, an improvement compared to a loss of HKD 160 million in the same period of 2024 [1]

Core Viewpoint - The stock price of药捷安康 (02617.HK) surged over 130% shortly after its listing on the Hong Kong Stock Exchange, reaching a market capitalization of approximately 764.03 billion HKD, despite the company currently having no commercialized products and reporting a loss of 123 million CNY in the first half of the year [1][3]. Company Overview -药捷安康 has no commercialized products and reported zero revenue in the first half of the year, with a loss of 123 million CNY [3]. - The company focuses on small molecule innovative therapies, particularly in oncology, inflammation, and cardiovascular metabolic diseases [9]. Key Product Information - The core product,替恩戈替尼 (TT-00420), is a selective multi-kinase inhibitor targeting three key pathways: FGFR/VEGFR, JAK, and Aurora kinases [4]. -替恩戈替尼 is in the global registration clinical phase and has shown potential in treating various resistant, recurrent, or difficult-to-treat solid tumors, including cholangiocarcinoma and metastatic breast cancer [4][8]. Clinical Trials and Approvals - On September 10, the company announced the approval of a Phase II clinical trial for替恩戈替尼, targeting hormone receptor-positive, HER2-negative recurrent or metastatic breast cancer [3][5]. - As of June 30, the company has initiated or is conducting nine clinical trials for替恩戈替尼, with two trials in healthy subjects and seven in solid tumor patients [4]. Market Position and Future Plans -替恩戈替尼 is the first and only registered clinical candidate for cholangiocarcinoma among FGFR inhibitors, and it has shown clinical efficacy for metastatic castration-resistant prostate cancer [8]. - The company plans to establish an internal commercial team and recruit a marketing director to lead its commercialization strategy within the next five years [10]. Market Growth and Patient Demographics - The incidence of cholangiocarcinoma in China is projected to grow from 94,400 cases in 2019 to 106,600 cases in 2024, with a compound annual growth rate (CAGR) of 2.4% from 2024 to 2027 [10]. - Approximately 62% of patients with advanced unresectable or metastatic cholangiocarcinoma undergo second-line treatment, and 32% have received at least third-line treatment [10].

Core Viewpoint - The company,药捷安康, has seen significant stock price increases since its IPO, reaching a market capitalization of approximately 764.03 billion HKD, despite currently having no commercialized products and reporting a loss of 1.23 billion CNY in the first half of the year [2]. Group 1: Company Overview -药捷安康's main pipeline includes six clinical-stage candidates and several preclinical candidates, with its core product being替恩戈替尼 (TT-00420) [2][3]. - The company focuses on small molecule innovative therapies, particularly in oncology, inflammation, and cardiovascular metabolic diseases [7]. Group 2: Clinical Trials and Product Development - On September 10, the company announced the approval of a Phase II clinical trial for替恩戈替尼, targeting hormone receptor-positive, HER2-negative recurrent or metastatic breast cancer [2][3]. -替恩戈替尼 is a selective multi-kinase inhibitor targeting three key pathways: FGFR/VEGFR, JAK, and Aurora kinases, with potential applications in various difficult-to-treat solid tumors [3][5]. - As of June 30, the company has initiated or is conducting nine clinical trials for替恩戈替尼 globally, with two trials in healthy subjects and seven in solid tumor patients [3]. Group 3: Market Position and Future Plans -替恩戈替尼 is noted as the first and only registered clinical-stage candidate for treating cholangiocarcinoma among FGFR inhibitors, and it has shown clinical efficacy for metastatic castration-resistant prostate cancer [5]. - The company plans to establish an internal commercial team within the next five years, aiming to recruit a marketing director to lead its commercialization strategy [8]. - The target population for the upcoming Phase II trial includes patients who have relapsed or developed resistance to FGFR inhibitors, with a significant percentage of advanced cholangiocarcinoma patients having undergone multiple lines of treatment [8].

每经记者｜林姿辰 每经编辑｜魏官红 9月12日开盘，药捷安康（02617.HK）一路上涨，盘中最高达到251.40港元/股，总市值一度逼近千亿港元，截至当日收盘，公司市值为764.03亿港元。此 时，距离公司登陆港交所，刚过去不到三个月。 核心产品靶向三个关键通路，有"全球首个"标签 备受关注的替恩戈替尼，是一款处于全球注册性临床阶段的选择性聚焦多激酶抑制剂，主要靶向三个关键通路——FGFR/VEGFR、JAK和Aurora激酶。 药捷安康称，该药物有潜力解决多个耐药、复发或难治实体瘤，包括胆管癌、前列腺癌、肝癌、乳腺癌、胆道癌和泛FGFR实体瘤。截至6月30日，替恩戈替 尼在全球已进行或正在进行共9项公司发起的临床试验，其中2项临床试验在健康受试者中进行，7项临床试验在实体瘤患者中进行。 从时间上看，9月10日获得临床默示许可的针对复发或转移性乳腺癌的Ⅱ期临床试验，进度仅次于替恩戈替尼针对胆管癌（CCA）的两个临床试验——公司 2025年半年报显示，截至6月30日，替恩戈替尼正在中国进行CCA适应证的注册性II期临床试验，预计于今年下半年完成该试验；公司还在全球其他区域进 行国际多中心III期临床试验，预计 ...

Core Insights - The stock price of Yaojie Ankang surged over 130% on September 12, reaching a peak of 251.4 HKD, with a closing increase of approximately 77.09%, bringing its market capitalization close to 100 billion HKD [1] - Yaojie Ankang, established in 2014, went public in June 2023, raising 161 million HKD through the issuance of 15.28 million shares at an IPO price of 13.15 HKD [1] - The company focuses on innovative small molecule therapies for oncology and inflammatory diseases, with its core product being Tiengogatinib, the first FGFR inhibitor in the registration clinical stage for treating recurrent or refractory cholangiocarcinoma [1][2] Company Developments - The significant rise in Yaojie Ankang's stock price is attributed to the recent announcement regarding Tiengogatinib's II phase clinical trial for HR+ and HER2- metastatic breast cancer, which received clinical implicit approval from the NMPA on September 10, 2025 [2] - Tiengogatinib has also been recognized as a breakthrough therapy for cholangiocarcinoma by the NMPA and has received fast track designation from the FDA for both cholangiocarcinoma and metastatic castration-resistant prostate cancer [2] Financial Performance - Yaojie Ankang has not yet commercialized any products, resulting in no profitability; in 2023, the company reported revenues of 1.181 million HKD and a net loss of 343 million HKD [3] - For 2024, the company anticipates zero revenue and a net loss of 275 million HKD; in the first half of 2025, it reported other income of 3.6 million HKD, a 65.1% year-over-year decline, and a net loss of 123 million HKD, slightly narrowing from 160 million HKD in the previous year [3] - Research and development expenses for the first half of 2025 were 98.43 million HKD, down 30.1% year-over-year [3]

Core Insights - The opening price of Yaojie Ankang on its first trading day was HKD 21.65 per share, representing a 64.64% increase from the IPO price, and it closed at HKD 23.50 per share, a rise of 78.71%, with a market capitalization of approximately HKD 9.3 billion [2] - The company experienced over-subscription in its public offering, achieving a 25.92 times subscription rate in the Hong Kong public offering phase, while the international offering had a subscription rate of only 0.98 times [2] - Yaojie Ankang is a clinical demand-driven biopharmaceutical company focused on discovering and developing innovative small molecule therapies for oncology, inflammation, and cardiovascular diseases [4] Company Overview - Founded in April 2014, Yaojie Ankang was previously known as Nanjing Yaojie Ankang Biotechnology Co., Ltd., with a registered capital of approximately RMB 380 million [2] - The company has developed a pipeline that includes one core product and five clinical-stage candidates, along with one preclinical candidate [4] - The core product, Tinengotinib, is a unique multi-target kinase inhibitor aimed at three key pathways and is currently undergoing two pivotal registration clinical trials for treating cholangiocarcinoma that has progressed after FGFR inhibitor treatment [4] Financial Performance - In 2023 and 2024, Yaojie Ankang recorded net losses of approximately RMB 343.39 million and RMB 274.61 million, respectively [5] - The research and development costs for 2023 and 2024 were approximately RMB 344.48 million and RMB 244.00 million, accounting for 89.8% and 83.6% of total operating expenses, respectively [4][5] - The company incurred significant expenses related to contract research organizations (CRO), with costs of approximately RMB 192 million in 2023 and RMB 146 million in 2024, primarily attributed to the development of Tinengotinib [4]

转自：PharmaBlock药石科技 【中国，南京，2025年6月23日】药捷安康（南京）科技股份有限公司（「药捷安康」或「公司」；股 份代号：2617.HK），今日正式于香港联合交易所有限公司（「联交所」）主板挂牌上市。公司管理层 代表及重要嘉宾共同出席上市仪式，敲响了开市锣，标志着公司迈入资本市场的崭新阶段。 祝贺参股公司药捷安康（南京）科技股份有限公司在香港交易所成功上市！作为药捷安康的股东与合作 伙伴，药石科技始终关注并支持其创新研发的成长轨迹。我们欣喜见证药捷安康在吴永谦博士的领导 下，凭借卓越的技术实力迈向国际资本市场，期待其以港股上市为契机，加速全球商业化进程，为患者 带来更多突破性治疗方案。 【免责】 本新闻稿中提供的信息包含前瞻性陈述，其中涉及许多已知和未知的风险、不确定性和假设。此处包含 的前瞻性陈述反映了药捷安康（南京）科技股份有限公司截至本新闻稿发布之日的判断和观点。此类前 瞻性陈述既不是承诺也不是保证，而是受到各种风险和不确定性的影响，其中许多风险和不确定性超出 了我们的控制范围，或可能无法实现，并且可能导致实际结果与这些前瞻性陈述中的预期结果存在重大 差异。我们明确表示不承担任何义 ...

Core Viewpoint - The company,药捷安康, is set to launch an IPO with a global offering of 15.281 million H-shares at a price of HKD 13.15 per share, aiming to raise approximately HKD 201 million, with listing expected on June 23, 2025 [1][3]. Company Overview -药捷安康, established in April 2014, focuses on discovering and developing innovative small molecule therapies for oncology, inflammation, and cardiovascular diseases [5]. - The company has developed a pipeline that includes one core product and five clinical-stage candidates, along with one preclinical candidate [5]. Financial Highlights - The total amount raised from cornerstone investors is approximately HKD 149 million, with notable investors including Jiangbei Pharmaceutical and Kangfang Biotech [3]. - For the years 2023 and 2024, the company reported net losses of approximately RMB 343.39 million and RMB 274.61 million, respectively [7]. Research and Development - The core product, Tinengotinib, is a multi-target kinase inhibitor currently undergoing two pivotal clinical trials for cholangiocarcinoma [5][6]. - The R&D costs for 2023 and 2024 are estimated at RMB 344.75 million and RMB 244.00 million, representing 89.8% and 83.6% of total operating expenses, respectively [6].