1月30日，新诺威（300765）及其间接控股股东石药集团相继公告，宣布与全球生物制药巨头阿斯利康 (AstraZeneca)签署战略研发合作与授权协议，将在创新多肽分子发现和长效递送产品的开发领域开展全 面战略合作。 合作总金额 最高可达185亿美元 根据石药集团公告，在中国以外，阿斯利康将获得该集团"每月一次注射用体重管理产品组合"的全球独 家权利——包括一个临床准备就绪的项目SYH2082(长效GLP1R/GIPR激动剂，正推进至I期临床)，以及 三个处于临床前阶段、具备不同作用机制的研发项目。 根据石药集团公告，阿斯利康将向石药集团支付12亿美元预付款。此外，石药集团有权获得最高35亿美 元的潜在研发里程碑付款和最高138亿美元的潜在销售里程碑付款，以及基于相关授权产品年净销售额 的最高达双位数比例的销售提成。若所有里程碑均达成，该合作总金额最高可达185亿美元。 针对此次合作，添翼数字经济智库高级研究员吴婉莹对记者表示，此次石药集团与阿斯利康创纪录的战 略合作，标志着其"创新+国际化"战略取得里程碑式突破，不仅以巨额合作金额强力验证了其AI药物发 现与缓释给药等前沿技术平台的全球竞争力，为正处于传统 ...

Core Viewpoint - Heng Rui Medicine officially launched its H-share global public offering on May 15, aiming to issue 225 million H-shares with a price range of HKD 41.45 to HKD 44.05, potentially raising up to HKD 130.8 billion, which could be the largest IPO in the Hong Kong pharmaceutical sector in the past five years [1][3][4] Group 1: IPO Details - The offering consists of 5.5% for public sale in Hong Kong and 94.5% for international placement, with a potential total issuance of 297 million shares if the over-allotment option is fully exercised [3] - The net proceeds from the fundraising will be used for R&D plans, building new production and R&D facilities in China and overseas, upgrading existing facilities, and general corporate purposes [3][4] - The cornerstone investors include notable international institutions such as GIC, Invesco, and UBS-GAM, securing nearly HKD 41 billion in subscriptions, accounting for 43.04% of the offering size [1][4] Group 2: Strategic Importance - The IPO is a critical step in Heng Rui Medicine's "innovation + internationalization" dual-drive strategy, enhancing its brand influence in the global pharmaceutical industry [4][5] - The listing is expected to optimize the company's capital structure and open new financing channels, aiding in the diversification of funding sources [5] - It will also facilitate the expansion of overseas business and international R&D collaborations, thereby enhancing global competitiveness [5] Group 3: Future Prospects - Heng Rui Medicine anticipates 47 innovative products to be approved for market launch in the next three years, including significant products like HER2ADC and GLP-1 drugs [6] - The company has established various technology platforms and is conducting over 400 clinical trials, with 19 innovative drugs already approved in China [6] - The IPO is expected to broaden financing channels, accelerate new drug development, and enhance international competitiveness, creating favorable conditions for the commercialization of key products [7]

Core Viewpoint - The company has demonstrated significant growth and profitability in 2024, achieving a revenue of 5.16 billion yuan and a net profit of 386 million yuan, driven by its "innovation + internationalization" strategy [1][2]. Group 1: Financial Performance - In 2024, the company reported a total revenue of 5.16 billion yuan, marking a year-on-year increase of 26.84% [1]. - The net profit attributable to shareholders reached 386 million yuan, successfully turning around from a loss [1]. - The pharmaceutical segment generated 4.26 billion yuan in revenue, accounting for 82.56% of total revenue, with a significant year-on-year growth [2]. Group 2: Product and Market Performance - The company's proprietary pharmaceutical products (including imports) achieved revenue of 3.66 billion yuan, a substantial increase of 50.64% year-on-year [2]. - In the domestic market, 30 proprietary products generated over 10 million yuan in sales, totaling 2.998 billion yuan, which is 95.16% of domestic proprietary revenue [2]. - The company’s international sales reached 735 million yuan, reflecting an 18.82% increase year-on-year, with 13 products exceeding 10 million yuan in sales [2]. Group 3: Innovation and R&D - The company has established a robust international R&D and production system, with its first large molecule innovative drug, Yili Shu, approved in multiple countries [3]. - Over the past decade, the company has invested 4.465 billion yuan in drug innovation and R&D [4]. - The company has 17 ongoing projects in traditional Chinese medicine and has completed 85 key milestones in small molecule drug development, a 13.3% increase from 2023 [5]. Group 4: Global Marketing and Future Strategy - The company has built a comprehensive marketing network, with 332 drug approvals in the domestic market and 43 product rights in international markets [6]. - The company plans to enhance its global presence by focusing on the U.S., Brazil, and Middle Eastern markets for its innovative products [7]. - In 2025, the company aims to deepen its focus on chronic diseases and expand its product offerings while optimizing its global production platform [8].