Industry Rating - The industry investment rating is maintained as "Outperform" [1] Core Views - The domestic demand for the research service sector is recovering, supported by national policies and increased market activity in innovative drugs, leading to stable revenue and profit growth [2][6] - The overseas business environment is showing steady recovery, with domestic companies making significant progress in international markets, enhancing their profit margins [3][19] - The overall performance of the research service sector is improving, with a notable increase in both domestic and overseas business contributions [6][41] Summary by Sections Financial Performance - For the first three quarters of 2025, the overall revenue of the research service sector increased by 6.61% year-on-year, with net profit rising by 13.30% and non-recurring net profit up by 20.89% [5][6] - In Q3 2025 alone, the sector's revenue grew by 8.53% year-on-year, with net profit increasing by 17.97% and non-recurring net profit by 36.37% [6] - The gross profit margin for the sector was 49.95%, reflecting a 1.64 percentage point increase year-on-year, attributed to improved product quality and effective cost control [6] Market Trends - The demand for innovative drug research is driving growth in the sector, with a significant increase in the number of projects and investments in high-value services [2][14] - The trend of domestic companies replacing imported products is gaining momentum, with leading firms expected to capture a larger market share [2][7] Company Recommendations - Companies to watch include Haoyuan Pharmaceutical, Baiao Saitou-H, Naimi Technology, Aopumai, Yaokang Biological, and Saifen Technology, which are likely to benefit from improved industry demand [4] - New business opportunities are emerging for Haoyuan Pharmaceutical and Baiao Saitou-H, particularly in ADC CDMO services [4][27] Segment Performance - The research service sector consists of 18 listed companies, with stable growth across various segments, including model animals, biological reagents, and chromatography materials [6][7] - Companies like Naimi Technology and Yaokang Biological are experiencing significant growth in their respective fields, driven by strong domestic and international demand [30][36]

Core Viewpoint - Bailitianheng has decided to delay its H-share listing on the Hong Kong Stock Exchange due to current market conditions, marking it as the first pharmaceutical company to reverse its decision just three working days before the planned listing [1][3]. Company Summary - Bailitianheng's stock price on the A-share market closed at 372 CNY per share on November 13, 2023, reflecting a 3.09% increase and a total market capitalization of 153.6 billion CNY [1]. - The company went public on the STAR Market in January 2023, raising 990 million CNY primarily for innovative drug development, with its stock price increasing over 200% in the first month [1][3]. - The company has a strong cash reserve of 5.546 billion CNY as of the end of Q3 2023, despite reporting a significant revenue decline of 96.92% year-on-year to 171 million CNY in the first half of the year [6]. Industry Summary - The Hong Kong IPO market has seen 87 new listings since the beginning of the year, raising over 240 billion HKD, with 16 A-share companies successfully listing in Hong Kong and over 300 companies having submitted applications [4]. - Recent trends indicate a cooling in the "new stock speculation" environment, as evidenced by the poor performance of newly listed companies, including a notable drop in the stock price of the electric vehicle company, Seres [5]. - The delay in Bailitianheng's listing reflects a cautious approach by the company and its sponsors towards the current market environment, as high valuation offerings are facing increased scrutiny from investors [5][6].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Insights - The company is planning to list on the Hong Kong Stock Exchange and has submitted supplementary materials for NL003, which is currently under technical review [3][5] - The company reported a revenue of 52.62 million yuan for Q1-Q3 2025, a year-on-year decline of 3.36%, with a net profit attributable to the parent company of -36.81 million yuan [4] - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 89 million yuan, 271 million yuan, and 611 million yuan respectively, and a turnaround to positive net profit in 2027 [4][7] Financial Performance Summary - For Q1-Q3 2025, the company achieved a revenue of 52.62 million yuan, down 3.36% year-on-year, and a net profit of -36.81 million yuan [4] - The company’s revenue for 2025 is projected to be 89 million yuan, with a net profit of -44 million yuan, improving to a profit of 73 million yuan by 2027 [7] - The gross margin is expected to improve from 49.2% in 2023 to 71.7% in 2027, indicating better cost management and pricing power [7] Market and Product Development - The company has initiated the commercialization of NL003 and is actively building its market and sales teams, focusing on product positioning and market research [6] - A new single-dose eye drop production line has passed GMP inspection, with an annual capacity of 150 million units, enhancing the company's ability to meet market demand [5][6]

Core Viewpoint - Baili Tianheng has decided to delay its H-share global offering and listing due to current market conditions, which has been in preparation for over a year [1][4] Company Overview - Baili Tianheng, originally established as Baili Pharmaceutical in 1996, shifted its R&D focus to innovative cancer treatments around 2011, including ADCs and bispecific antibodies [5] - The company has faced significant challenges in drug development, adhering to the "double ten rule," which states that new drug development takes an average of ten years and costs around $1 billion [5] Financial Performance - R&D expenses increased from 181 million yuan in 2019 to 375 million yuan in 2022, with the proportion of R&D expenses to revenue rising from 15.03% to 53.32% [5] - In 2023, R&D expenses reached 746 million yuan, accounting for 132.82% of revenue, leading to cash flow issues with only 404 million yuan remaining by year-end [6] - A significant turnaround occurred in 2024, with revenue soaring by 936.31% to 5.823 billion yuan and net profit turning positive at 3.708 billion yuan, following a licensing agreement with Bristol-Myers Squibb worth up to $8.4 billion [6] Market Context - The delay in H-share listing is seen as a strategic adjustment, with expectations of revising pricing and offering scales to enhance market reception [4][7] - The trend of dual listings ("A+H") is gaining traction among innovative pharmaceutical companies, with 22 biopharmaceutical firms having listed in Hong Kong this year [8] - The market for innovative drug companies remains volatile, with some newly listed firms experiencing significant price fluctuations shortly after their IPOs [9] Future Outlook - Baili Tianheng aims to become a leading multinational company focused on oncology within ten years, with ongoing assessments of its global offering timeline [7] - The company is actively managing its R&D pipeline, with 90 clinical trials underway, and has plans to raise up to 3.764 billion yuan for further innovation projects [6][7]

Core Viewpoint - The company, Haishi Ke (002653), has received approval from the National Medical Products Administration for its new drug HSK39297, aimed at treating age-related macular degeneration (AMD) [1] Group 1: Drug Development - HSK39297 is a novel drug developed independently by the company, possessing its own intellectual property rights [1] - Preclinical research indicates that the drug has a clear target, confirmed efficacy, and good safety profile, making it a promising small molecule drug [1] - The drug is expected to have a high benefit/risk ratio in clinical applications, indicating its potential for successful treatment outcomes [1] Group 2: Market Potential - The approval of HSK39297 addresses the current shortage of effective clinical treatments for AMD, highlighting its broad clinical application prospects [1] - The drug is anticipated to become an effective treatment option for AMD, which is a significant unmet medical need in the market [1]

Core Viewpoint - The company has received approval from the National Medical Products Administration for clinical trials of its innovative drug HSK39297, aimed at treating age-related macular degeneration (AMD) [1] Company Summary - HSK39297 is an innovative drug developed by the company, specifically targeting age-related macular degeneration [1] - The drug has a clear target, proven efficacy, and good safety profile, which may address existing challenges in clinical treatment options for AMD [1] Industry Summary - In 2015, the prevalence of AMD in China was approximately 5.2%, affecting nearly 26.65 million people, with projections indicating nearly 300 million cases by 2040 [1] - Current treatment options for AMD are limited, highlighting the potential market opportunity for new therapies like HSK39297 [1]

Core Viewpoint - The company has received approval from the National Medical Products Administration for clinical trials of HSK39297 tablets, a new drug for age-related macular degeneration (AMD) with independent intellectual property rights [1] Group 1: Drug Development - HSK39297 tablets are independently developed by the company and target age-related macular degeneration [1] - Preclinical research indicates that the drug has a clear target, definite efficacy, and good safety profile, making it a promising small molecule drug [1] - The drug is expected to have a high benefit/risk ratio in clinical applications, indicating a broad clinical application prospect [1] Group 2: Market Potential - HSK39297 tablets aim to address the current shortage of effective clinical treatments for AMD, potentially becoming a viable therapeutic option [1]

在更换保荐机构5个月之后，国产创新药"独角兽"苏州信诺维医药科技股份有限公司（以下简称"信诺 维"）IPO辅导状态变更为"辅导验收"。 证监会网上办事服务平台显示了上述信息。辅导券商国泰海通证券在这份11月5日的报告中称，经辅 导，公司认为辅导对象具备成为上市公司应有的公司治理结构、会计基础工作、内部控制制度，充分了 解多层次资本市场各板块的特点和属性。 国泰海通证券的这份报告显示，2021年11月，信诺维与中国国际金融股份有限公司（以下简称"中金公 司"）签署了辅导协议，江苏证监局予以备案。此后中金公司向江苏证监局报送了第一期至第十期辅导 工作进展报告。2025年5月，经信诺维与中金公司协商，双方一致同意终止上市辅导并签署了终止协 议。2025年6月11日，国泰海通证券与信诺维签署了辅导协议。 2024年，信诺维获江苏省"独角兽"企业称号。 2024年2月20日，信诺维成功完成了7亿元的E轮系列融资。本轮融资由腾讯投资和国鑫投资联合领投， 济南产发、华控投资、粤开资本、辰海资本、浦东创投、卓璞资本等多家知名机构共同参与，老股东正 心谷资本持续支持，行远致同担任本轮融资的独家财务顾问。 据公开报道称，信诺维董 ...

Core Viewpoint - WuXi AppTec (02268) has shown a strong performance with a stock price increase of 4.89% to HKD 70.8, amid a broader recovery in the healthcare sector, despite a recent pullback in the pharmaceutical market [1] Group 1: Market Performance - WuXi AppTec's stock rose over 5% in the morning session, with a trading volume of HKD 145 million [1] - The MSCI China Healthcare Index has increased by 59.5% year-to-date, outperforming the MSCI China Index by 24% [1] Group 2: Analyst Insights - CCB International's latest report highlights that despite a 10% pullback in the pharmaceutical sector since early October, undervalued pharmaceutical companies like WuXi AppTec remain attractive [1] - The firm anticipates a recovery in capital market financing activities and an expansion in the overseas trading scale of innovative drugs, alongside a rebound in domestic R&D demand for innovative drugs [1] Group 3: Company Performance and Prospects - Goldman Sachs reports that WuXi AppTec's order momentum remains strong, particularly from U.S. clients, with a target of 45% year-on-year revenue growth on track [1] - The company is actively negotiating contracts for its Singapore facility, expecting to sign several agreements by year-end, although revenue contributions from this facility will be limited until 2027 due to capacity expansion timelines [1]

多个产品已进入临床一期和二期。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 扬厉医药联合创始人兼董事长丁照中博士表示："感谢各投资机构对扬厉医药的一贯信任与支持。公 司自从成立之初一直围绕未满足的临床需求从源头研发差异化的产品，遵循立足中国，惠及全球（In China，For Global）的研发理念，利用公司优势的小分子和小核酸技术平台打造了肿瘤和慢性病管 线。 本 轮融资的顺利完成，充分体现了投资人对我们管线临床竞争力和市场潜力的高度认可。此次 融资为公司肿瘤产品线进入注册性临床，慢性病产品获得临床验证铺平了道路，它标志着扬厉医药进 入快速发展阶段，距离创新药商业化更近一步。我们将把为投资人追求价值提升，为患者的健康带来 福祉作为目标和使命。" 启明创投合伙人、医疗创新行业共同负责人陈侃博士表示："扬厉医药凭借前瞻性的靶点立项与高效 的化合物优化平台，从源头打造差异化创新，开发出一系列高活性、高特异性且安全性优异的候选分 子。我们相信，在公司强大临床开发能力的推动下，这些分子将快速从管线走向市场，其巨大的临床 价值与市场潜力将得以释放，最终满足全球患者迫切的临 ...