2025年以来，港股医药板块在经历此前多年的深度调整后，走出了一轮亮眼的估值修复行情。伴随一系列创新药支持政策 持续出台，以及美联储降息周期带来的流动性改善，市场对生物科技公司的风险偏好逐步修复。 而当下随着中国资产牛市行情的持续演绎，市场资金也正积极寻找具备核心技术壁垒、商业化路径清晰且具长期价值潜力 的差异化标的。近日，专注于吸入制剂这一高技术壁垒赛道的长风药业成功登陆港交所，不妨就此来看看公司的机会所 在。 1、锚定吸入制剂高壁垒赛道，财务表现彰显竞争力 长风药业是一家专注于治疗呼吸系统疾病的生物医药公司，业务聚焦吸入技术及吸入药物的研发、生产及商业化。 吸入制剂作为一种特殊的药物剂型，主要用于治疗呼吸系统疾病，如治疗哮喘、慢性阻塞性肺病(COPD)和过敏性鼻炎等。 其由于技术壁垒高、供应链复杂，长期被葛兰素史克、阿斯利康等国际巨头垄断，国产化率相对较低。 从2024年全球前十大最畅销吸入制剂药物来看，可以发现其呈现两个明显的特征。其一，市场集中度高，前十大药物占据 了较大的市场份额，且厂家均为海外医药巨头，这也意味着国产化空间巨大。其二，尽管市场由少数主导，但畅销产品覆 盖了多种不同的治疗领域，这显示 ...

点评：赵叶青作为公司董事长，其个人严重违法行为必然会影响公司声誉和市场信心，暴露出公司在治 理和内控方面可能存在一些问题。这对于所有上市公司的"关键少数"都是一次严肃的警示。 NO.3 诺思格高级管理人员变动 每经记者｜陈星 每经编辑｜张海妮 丨 2025年10月10日 星期五 丨 NO.1 何氏眼科披露收购日本医道医疗株式会社进展 何氏眼科披露，近日，公司全资子公司广东横琴澳星启明国际医疗管理有限公司正式与株式会社医道メ ディカル及阴山泰成签署了《股份认购协议》。本次对株式会社医道メディカル投资事项涉及海外投 资，资金的汇出尚需经过国内的发改委、商务主管部门、外汇主管部门等境内主管机关以及日本相关政 府部门的批准或备案。 点评：何氏眼科跨境投资医道メディカル，是眼科医疗国际化布局的关键一步。交易需中日两国多部门 审批，凸显跨境医疗投资的高门槛与合规复杂性。 NO.2 金城医药实际控制人收到行政处罚事先告知书 近日，金城医药实际控制人、董事长赵叶青等人因违反证券法相关规定，被处以300万元罚款。其中， 赵叶青承担150万元，并被实施4年市场禁入措施。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请 ...

Core Insights - The collaboration between East China Pharmaceutical and Hangzhou Changxi Pharmaceutical focuses on the exclusive commercialization of the inhalation drug CXG87 in mainland China, marking a significant step in the high-barrier inhalation formulation sector [1][2] - CXG87 is a modified inhalation powder combining budesonide and formoterol, aimed at treating asthma and other respiratory diseases, with its Phase III clinical trials completed and a new drug application expected in the first half of 2026 [2][3] - The inhalation formulation market in China is projected to reach approximately 23.9 billion yuan by 2025, with a potential market space of up to 60 billion yuan due to unmet medical needs among respiratory disease patients [3] Company Overview - East China Pharmaceutical will leverage its extensive market resources to lead the commercialization of CXG87, supported by a professional marketing team and a multi-channel sales network across over 30 provinces in China [4][6] - The company has demonstrated strong commercial capabilities, with its innovative product segment achieving a revenue of 1.084 billion yuan in the first half of 2025, reflecting a significant year-on-year growth of 59% [4][5] - East China Pharmaceutical has successfully commercialized several innovative products, including CAR-T therapies and monoclonal antibodies, establishing a solid foundation for managing complex inhalation products like CXG87 [5][6]

10月9日，华东医药（000963）股份有限公司(000963.SZ，简称"华东医药")正式宣布，与杭州畅溪制药 有限公司(简称"畅溪制药")就其改良型呼吸系统药物CXG87(改良型布地奈德/福莫特罗吸入粉雾剂)达成 在中国大陆地区的独家商业化合作。 根据协议，畅溪制药作为药品上市许可持有人，将全面负责CXG87的研发、注册、生产和供应链管 理；华东医药则将凭借其深厚的市场资源，主导该产品在中国大陆的商业化推广。此次合作通过首付 款、注册里程碑及销售里程碑等付款方式，实现了双方利益的深度绑定。 这一合作标志着国内药企在技术壁垒极高的吸入制剂领域迈出了关键一步，旨在将一款更具临床优势的 创新疗法引入市场，以满足广大呼吸系统疾病患者尚未被满足的医疗需求。 CXG87突破技术壁垒，助推国产吸入新药惠及气流受限患者 本次合作的核心产品CXG87，其本质是一种吸入用布地奈德/福莫特罗干粉吸入剂，是畅溪制药自主开 发的2.2类新药，用于治疗哮喘等呼吸系统疾病。目前，该药物针对哮喘适应症的III期临床试验已完成 全部受试者入组，预计将于2026年上半年递交新药上市申请。 CXG87产品的创新之处在于实现了制剂与给药装置的双 ...

Group 1: Company Developments - Transpire Bio, a wholly-owned subsidiary of Smoore International, has submitted an Abbreviated New Drug Application (ANDA) for Breo® Ellipta® and received acceptance from the FDA on September 23 [1][1] - If approved, Transpire Bio will have a 180-day exclusivity period in the U.S. market for Breo® Ellipta®, which is used for the maintenance treatment of asthma and COPD, with projected sales of $2.02 billion in 2024 [1][1] - This breakthrough highlights Transpire Bio's strategic positioning in the complex generic drug sector and strengthens Smoore International's innovative advantage in the global inhalation drug market [1][1] Group 2: Industry Trends - The FDA has launched a pilot program to enhance the efficiency of pre-market tobacco product applications (PMTAs) for nicotine pouch products, aiming for more frequent feedback and shorter review times [2][2] - The pilot program reflects the FDA's commitment to improving regulatory efficiency while maintaining scientific standards for tobacco product reviews [2][2] - As of now, the FDA has authorized 20 nicotine pouch products, with potential for more varieties in the future [2][2] Group 3: Export Data - In the first eight months of 2025, the export value of e-cigarettes and similar personal vaporizing devices reached $2.116 billion, a year-on-year increase of 14.55%, while other non-combustible nicotine products saw a decrease of 18.31% [3][3] - In August 2025, the export value of e-cigarettes was $301 million, up 34.01% year-on-year, while other nicotine products reached $635 million, down 5.68% year-on-year [3][3] - The average export price for e-cigarettes was $4.46 per unit, with an overall export price of $45.07 per kilogram in August [3][3] Group 4: Regional Insights - The top five export destinations (U.S., U.K., Germany, South Korea, UAE) accounted for 62.32% of total exports in the first eight months of 2025, a slight decrease of 0.56 percentage points year-on-year [4][4] - The U.S. remains the largest market with an export value of $2.199 billion, down 8.67% year-on-year, representing 33.56% of total exports [4][4] - Notable growth was observed in exports to the UAE and Indonesia, with increases of 60.57% and 67.25% respectively, while South Korea, Russia, and the Netherlands experienced significant declines [4][4]

Company Overview - Changfeng Pharmaceutical Co., Ltd. focuses on inhalation technology and drugs, launching a global offering of 41.198 million H-shares at a price of HKD 14.75 per share, with trading expected to start on October 8, 2025 [1] - The company has received multiple institutional investments but did not introduce cornerstone investors for this listing [1] - It has developed a comprehensive product portfolio targeting respiratory diseases, with six products approved by regulatory authorities, including CF017, which is among the best-selling inhalation drugs in China [1][3] Business Model - The core business revolves around inhalation formulations, creating an integrated "R&D-production-commercialization" model [4] - The company is developing over 20 candidate products for global markets, expanding its focus beyond respiratory diseases to include CNS diseases and infections [4] - Revenue is heavily reliant on CF017, contributing 96.2% to 91.6% of total revenue from 2022 to Q1 2025, while other products like CF018 are gradually increasing their revenue share [5] Financial Analysis - Total revenue grew from RMB 349 million in 2022 to RMB 608 million in 2024, with a compound annual growth rate (CAGR) of 31.9% [6] - The company recorded a net loss of RMB 49.4 million in 2022 but turned profitable in 2023 with a net profit of RMB 31.7 million, further increasing to RMB 12.8 million in Q1 2025 [6][7] - Gross margins remained high, averaging around 79.4% in Q1 2025, driven by the high margins of CF017 [7] Competitive Advantages - The company possesses significant technical capabilities in inhalation formulation development, including particle engineering and device design [9] - Its production facility in Suzhou has a capacity to support the annual production of various inhalation products, with ongoing expansions to increase capacity [9] - The commercial network covers over 31 provinces in China, with a shift from a promotion-heavy model to a distributor-led approach, enhancing market penetration [9] Industry Outlook - The global respiratory drug market is projected to reach USD 157.2 billion by 2033, with inhalation formulations being a key growth area [10] - In China, the inhalation drug market is expected to grow from RMB 831 billion in 2024 to RMB 1.355 trillion by 2033, driven by increased market awareness and application [10] - Changfeng's CF017 has captured approximately 15.7% of the Chinese budesonide inhalation market, indicating a strong position among domestic competitors [11] Valuation Analysis - The company's market capitalization at the IPO price is approximately HKD 60.77 billion (RMB 55.71 billion), with a price-to-earnings (PE) ratio of about 88.9, reflecting growth expectations [12] - Compared to peers like GSK and AstraZeneca, which have lower PE ratios, Changfeng's valuation is considered high but justified by its growth rate and product pipeline [13] - Future performance will depend on the successful launch of new products and maintaining high profitability levels [13]

長風藥業股份有限公司 C F P h a rm Te ch , I n c . （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2652 全球發售 聯席保薦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：倘 閣下對本招股章程任何內容有任何疑問，應徵詢獨立專業意見。 CF PharmTech, Inc. 長風藥業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 足，多繳股款可予退還） 聯席保薦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 | 10中信证券 | | --- | | | | 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就 因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本招股章程連同本招股章程「附錄八－送呈公司註冊處處長及展示文件」所述的文件均已遵照香港法例第32章《公司（清盤及雜項條文）條例》第342C條的規定送呈香港公司註 冊處處長登記。香港證券 ...

据港交所 9 月 22 日披露，长风药业股份有限公司 (简称 "长风药业") 通过港交所上市聆讯，中信证券及招银国际 为其联席保荐人。 招股书显示，长风药业成立于 2007 年，专注于吸入技术及吸入药物的研发、生产及商业化，专注于治疗呼吸系统 疾病。 招股书显示，公司构建了包含 16 款在研产品的管线组合，其中呼吸科领域占比超 60%，聚焦哮喘、慢性阻塞性肺 疾病（COPD）等高发疾病，匹配中国 2.5 亿呼吸系统疾病患者的临床需求： 后期核心产品：重组人干扰素β1b 雾化吸入溶液（用于病毒性肺炎）处于 III 期临床，为国内首个雾化给药的干扰 素类生物药，较传统注射剂型安全性更优；盐酸左沙丁胺醇吸入粉雾剂（哮喘治疗）已完成 III 期临床，预计 由于哮喘、COPD及过敏性鼻炎等呼吸系统疾病患病率不断上升，全球呼吸系统药物市场巨大。据估计，目前全球 有将近 25 亿人患有慢性呼吸系统疾病，预计该数字日后还会增加。2024 年，全球呼吸系统药物市场规模估值为 999 亿美元 (约人民币 7,292 亿元)，预计到 2033 年将达到 1,572 亿美元 (约人民币 11,474 亿元)，年复合增长率为 5.2% ...

Core Viewpoint - The recent surge in the Hong Kong innovative drug sector, particularly the rise of companies like Health元, indicates a potential value reassessment in the market, especially in the inhalation drug segment, which is gaining renewed attention due to major acquisitions like Merck's purchase of Verona Pharma [1][2]. Group 1: Market Trends - The Hong Kong innovative drug sector has seen a significant increase, with the Shanghai Innovative Drug Index rising over 50% since April, marking it as one of the strongest themes of the year [1]. - Health元's stock price has only increased by about 20%, suggesting a potential undervaluation compared to its peers [1]. Group 2: Company Strategy - Health元 has strategically focused on the inhalation drug market, developing a comprehensive respiratory portfolio that includes PDE4 inhalation agents targeting mild to moderate COPD patients [2]. - The company has established a leading position in the inhalation drug space, with a pipeline that includes PDE4 inhalation agents, oral PREP inhibitors, and next-generation ICS inhalers, providing a robust solution for COPD treatment [2]. Group 3: Partnerships and Innovations - Health元 has partnered with Tsinghua University to gain exclusive rights to BRII-693, a new drug targeting drug-resistant infections, addressing a significant clinical need in China [3]. - The company is also advancing in the monoclonal antibody space, with products targeting IL-17A and PD-1 entering late-stage clinical trials, focusing on autoimmune diseases and cancer treatment [3]. Group 4: Policy Environment - The innovative drug sector is benefiting from favorable policies, with the National Healthcare Security Administration excluding innovative drugs from the latest procurement, alleviating profit margin concerns [4]. - The introduction of a commercial insurance support system for high-value drugs not included in basic medical insurance is expected to enhance payment pathways for innovative drugs [4]. Group 5: Investment Perspective - The market is shifting its preference towards platform and integrated companies rather than single-product firms, as these companies can leverage their pipeline and operational synergies for sustained cash flow and growth [5]. - Health元's current stock price remains below the average increase of most innovative drug indices, indicating that the market may be underestimating its dual identity as a leader in inhalation and integration [5].