近日，苏州旺山旺水生物医药股份有限公司（下称 "旺山旺水"）因一款 "国产伟哥" TPN171（商品名 "昂伟达"）获批上市引发资本市场关注，同时公司 火速向港交所递交招股书，估值达 44 亿元。周鸿祎旗下中财奇虎的早期投资已浮盈数倍，更让这家创新药企热度攀升。但在 "新药获批 + IPO 冲刺" 的热 闹背后，其业绩暴跌、现金流告急、家族治理等问题，为上市之路蒙上阴影。 新获批的 "昂伟达" 被视为 IPO 重要筹码，其主打 "30 分钟起效、可与酒精同服" 的差异化卖点，但所处的 ED 市场已呈红海态势。辉瑞万艾可、白云山金 戈等早期产品，因大量仿制药入局引发价格战，集采价低至 24.98 元 / 12 片，性价比堪比奶茶，利润空间被严重压缩。 同时，"第二代伟哥" 他达拉非凭借长效优势抢占市场，2023 年零售额突破 29 亿元，占据 ED 市场半壁江山，而该赛道玩家已从数家增至数十家，叠加集 采压价、医保回款周期压缩等因素，"黄金市场" 已成 "薄利战场"。旺山旺水试图以差异化切入高端市场，但在渠道、成本、运营能力为王的当下，其前 景存疑。 产能利用率问题同样棘手。招股书显示，连云港工厂胶囊产能利用率 ...

百利天恒 20250722 摘要 百利天恒战略转型创新药企，通过中美研发中心联动，构建双抗、多抗 ADC 技术平台，尤其在 C8 双抗平台和 GNC 多抗平台方面具备全球领 先优势，为成为跨国创新药企业奠定基础。 与 BMS 达成 80 多亿美元的合作协议，标志着中国 ADC 药物出海最高 价值交易，获得 8 亿美金启动资金，用于全球及中国临床推进，体现了 公司领导层高效的资金管理能力。 Isarbrand 作为 EGFR-HER2 双抗 ADC，通过独特的设计实现广覆盖和 减少靶向毒性，在实体瘤后线治疗中展现出显著有效性，尤其针对耐药 患者，有望成为重磅炸弹级产品。 公司已有近 20 款创新药进入临床阶段，Isarbrand 已启动多个注册性 临床，鼻咽癌适应症达到三期阶段性终点，预计明年起多个适应症将获 批上市，为公司带来销售增长。 在非小细胞肺癌领域，Isarbrand 对比安罗替尼 ORR 从 10%提升至 52%，PFS 达 6.8 个月，无需靶点检测即可广谱应用，有效性显著，有 望改变后线治疗格局。 Q&A 百利天恒公司在创新药领域的核心产品和研发管线有哪些？ 百利天恒公司的核心产品是双抗 ADC ...

文 | 沈素明 最近，创投圈子里有件事挺魔幻。 事情发生在2025年的港股市场，主角是来自苏州的旺山旺水生物医药股份有限公司。这家公司，顶着高 达44.5亿的估值，手握一款"国产伟哥"的新药批文，正全力冲刺IPO。但如果你深扒数据，会发现，它 在2023年营收还有近2亿元，现在竟然暴跌到区区1000万，足足缩水了95%！ 这不是什么阴谋论，而是深植于当下资本市场的一种通病。 营收暴跌95%： 你没看错，这家公司最风光的时候，营收能做到17个亿，但现在，营收只剩下区 区1000万。这不是业绩波动，这简直是商业上的"休克"。一个营收几乎归零的公司，凭什么估值 44亿？ 44亿估值，谁在买单？ 估值这个东西，不是自己喊出来的。它背后有投资人，有资本的真金白 银。比如，互联网大佬周鸿祎旗下的中财奇虎当年投了2000万，现在账面价值就变成了1.29亿， 直接翻了6倍多。这钱，赚得比印钞机还快。 IPO备案与"伟哥"批文的"精准节奏"： 更让人拍案叫绝的是，2025年6月26日，证监会刚刚放行了 旺山旺水的IPO备案，仅仅12天后，也就是2025年7月11日，他们用于治疗勃起功能障碍（ED）的 核心产品TPN171新药" ...

Group 1 - The National Healthcare Security Administration has issued guidelines for the adjustment of the basic medical insurance catalog and the commercial health insurance innovative drug catalog for 2025, marking the first inclusion of commercial health insurance innovative drug catalog in the adjustment plan [1] - The Hang Seng Innovative Drug ETF (159316) has shown impressive performance, with a year-to-date increase of 67%, following the completion of a "purity revolution" that removed five CXO companies, focusing entirely on leading innovative drug firms [1][2] - The new index ensures "purity" through a three-tier screening process: excluding CXO companies, scoring based on R&D investment, and semi-annual rebalancing [1] Group 2 - The policy environment is favorable, with accelerated pilot programs for Class B medical insurance catalogs and CAR-T drugs included in "Huibao" for three consecutive years, with a maximum reimbursement of 500,000 yuan; nearly 40 innovative drugs are expected to be approved in the first half of 2025, potentially exceeding 50 for the entire year [2] - In the first five months of 2025, the total amount of license-out transactions by Chinese innovative drug companies reached 45.5 billion USD, surpassing the total for the first half of 2024, indicating a global revaluation of innovative drug value [2] Group 3 - The Hang Seng Innovative Drug ETF (159316) has significant holdings in companies like BeiGene and CanSino Biologics, with recent net inflows exceeding 17 million yuan and a 120% year-on-year increase in overseas sales for its holdings [3] - The EasyGo Innovative Drug ETF (516080) covers leading firms like HengRui Medicine, with a scale exceeding 400 million yuan, while the Medical ETF (512010) has a scale of over 20 billion yuan, with 35% allocated to innovative drugs, suitable for conservative investors [3] Group 4 - The innovative drug development success rate is below 10%, and some individual stocks may experience increased volatility due to speculative trading [4] - A "core + satellite" strategy is recommended, focusing 60%-70% on the Hang Seng Innovative Drug ETF and EasyGo Innovative Drug ETF, complemented by a diversified approach through the Hong Kong Stock Connect Medical ETF [4] - The combination of policy support and industry upgrades presents a historic opportunity for innovative drugs in 2025, with EasyGo providing efficient access for investors to participate in this transformation [4]

Core Viewpoint - Company aims to list on the Hong Kong Stock Exchange under Chapter 18A, focusing on T-cell engagers for cancer and autoimmune diseases, with significant overseas business development (BD) achievements [1][10]. Company Overview - Founded in 2015, the company is a clinical-stage biopharmaceutical firm specializing in T-cell engagers for various cancers and autoimmune diseases [1]. - The company has established multiple overseas licensing agreements since late 2023, with a total transaction value exceeding $2.1 billion [1]. Product Pipeline - The company has eight pipeline assets, including three clinical-stage candidates: EMB-01 (targeting EGFR/cMET), EMB-06 (targeting BCMA/CD3), and EMB-07 (targeting ROR1/CD3) [2]. - EMB-01 is the most advanced, currently in Phase II clinical trials for gastrointestinal cancers, with a focus on metastatic colorectal cancer [4][5]. Clinical Data - In a Phase Ib/II trial for EMB-01, the overall response rate (ORR) was 24.1% and the disease control rate (DCR) was 82.8% among 29 patients with heavily pre-treated metastatic colorectal cancer [4]. - The company emphasizes the potential of EMB-01 for colorectal cancer treatment, although the efficacy remains to be fully validated due to small sample sizes and lack of survival data [5]. Financial Overview - The company reported a cumulative loss of RMB 2.355 billion, with no revenue in 2023 and a loss of RMB 595 million for the same year [6]. - The company has entered into several global licensing agreements, with potential total transaction values exceeding $2.1 billion, ranking second globally in the T-cell engager field [6]. Capital Structure - As of the end of 2024, the company's net debt was RMB 2.344 billion, primarily due to convertible redeemable preferred shares amounting to RMB 2.747 billion [7]. - The company has issued convertible notes totaling $12 million, which were converted into preferred shares, leading to a post-investment valuation of $492 million [8]. IPO Considerations - The company faces significant challenges, including early-stage clinical pipelines, the uncertainty of EMB-01's efficacy, and the potential redemption of preferred shares if the IPO fails [10].

Core Viewpoint - The CEO of Vison Pharma, Lu Anbang, stated that the Hong Kong Stock Exchange (HKEX) has a higher compatibility with unprofitable innovative drug companies due to its IPO reform initiated in 2018, which has facilitated the listing process for such companies [1] Group 1: Company Insights - Vison Pharma successfully went public in March this year, becoming the "first stock in growth and development" [1] - The company benefits from the international nature of the Hong Kong market, which enhances its visibility [1] Group 2: Industry Perspective - Lu Anbang expressed hope that HKEX will continue to enrich and refine its support policies for innovative enterprises across different industries and development stages [1] - The aim is to create a more vibrant capital market ecosystem for innovative companies [1]

华鑫证券有限责任公司胡博新近期对一品红（300723）进行研究并发布了研究报告《公司事件点评报告： 持续研发投入，创新转型收获在即》，首次覆盖一品红给予买入评级。 一品红 AR882是公司向创新药企转型升级最关键的品种，有望成为治疗痛风和高尿酸领域的BestinClass，其溶解 痛风石临床试验成果已亮相2024年欧洲抗风湿病联盟(EULAR)大会。2025年公司持续增加对AR882的研发 投入，至2025年3月4日，AR882国内Ⅲ期临床试验完成首例患者入组，3月6日，AR882全球关键性Ⅲ期 REDUCE2试验完成全部患者入组，3月17日，AR882全球关键性Ⅲ期REDUCE1试验完成首例患者入组。 2025年我们预计会持续新增Ⅲ期临床数据读出，为对外授权提供数据支持。 事件 一品红药业发布2024年年报及2025年1季报：2024年实现营收14.50亿元，同比下降42.07%；实现归母净利 润-5.40亿元，2025年Q1实现收入3.77亿元，同比下降39.48%，实现归母净利润0.57亿元，同比下降 43.70%。 投资要点 集采和销售模式变化致收入和利润大幅变化 2023年公司对营销模式进行调整，2 ...

Core Viewpoint - Jiayou Bio-B (06998) has submitted a listing application to the Hong Kong Stock Exchange, marking the first reverse acquisition case of an innovative pharmaceutical company since the implementation of Rule 18A by the Hong Kong Stock Exchange [1] Group 1: Company Overview - Yiteng Pharmaceutical is a comprehensive professional biopharmaceutical company that has established a competitive and market-potential portfolio of original and innovative drugs through acquisitions of brand drug assets from multinational companies [1] - The product portfolio of Yiteng Pharmaceutical includes five main products, three of which are original products (Wenkexin, Xikelai, and Yirui Ping) and two innovative products (Vascepa and Mulpleta), all of which have been commercialized [1][2] Group 2: Financial Performance - Yiteng Pharmaceutical's revenue for the years ending December 31, 2022, 2023, and 2024 is projected to be 2.0738 billion, 2.3038 billion, and 2.5460 billion respectively, indicating steady sales growth driven by the strong performance and potential of its product portfolio [5] Group 3: Strategic Implications - The integration of Jiayou Bio's innovative R&D resources will enable Yiteng Pharmaceutical to accelerate the development and market promotion of innovative drugs, particularly the upcoming CDK4/6 inhibitor, which can synergize with Yiteng's existing HDAC inhibitor to explore broader market opportunities [5]

以下文章来源于范范爱养基 ，作者范范 范范爱养基 . 专注基金投资分享，说人话，不拽词！不保证说的都对，但都是当下我最最真实的想法。（雪球号同 名） 长按即可参与 作者：范范爱养基 来源：雪球 近期的创新药，强得没朋友。 规 模 最 大 的 $ 创 新 药 ETF(SZ159992)$ 周 二 单 日 涨 幅 就 有 4.19% ， 更 强 的 还 有 $ 港 股 创 新 药 ETF(SZ159567)$ 同日更是收涨6.57%！ 趁大涨，最近看了不少研报，大都把"创新药"与"主线"放在一起。 信达证券研报（2025年3月10日）： 国金证券研报（2025年3月23日）： 截至2024年12月31日，中国企业在海外获批的原研创新药数量累计已达到18款，尤其是在欧洲、 东南亚、中亚等地区，创新药获批数量均取得突破。 2015-2024年间，中国药企的对外授权( License-out)交易数量与交易金额也持续上升2024年达到了 新的高峰，总交易金额达519 亿美元。 那么，加速全球化进程，给我们创新药企带来最核心的利好是什么？ 就最近，创新药这个涨幅，确实有"主线"的架势。 看了几份最新研报，给大家梳理出创新 ...