登陆港交所的宝济药业，上市首日高开129.34%，开盘价为60.5港元/股；截至收盘，宝济药业报63港元/ 股，收涨138.8%，全天成交金额为4.49亿港元，总市值为205.4亿港元。 资料显示，百奥赛图为一家创新药临床前CRO及生物技术公司，主营为创新药企业提供抗体药物发现 及临床前研发服务，具体包括创新模式动物销售、临床前药理药效评价服务及抗体开发等。 宝济药业则为一家处于临床和商业化阶段的生物技术公司，公司战略性聚焦四大领域，分别为大容量皮 下给药、抗体介导的自身免疫性疾病、辅助生殖及重组生物制药。 12月10日，科创板、港交所18A板块分别迎来一只医药新股上市，其中百奥赛图登陆科创板，实 现"A+H"两地上市；宝济药业-B登陆港交所。上市首日，百奥赛图、宝济药业双双大涨，其中百奥赛图 收涨146.6%，宝济药业收涨138.8%。从经营情况来看，去年百奥赛图刚刚扭亏，宝济药业目前则尚未 盈利。 两只医药新股大涨背后，今年以来，医药股新股上市首日表现总体喜人。东方财富Choice数据显示，今 年以来，A股共有8只医药股上市，除威高血净、必贝特外，上市首日涨幅均超100%，未有新股出现破 发情况，其中北交 ...

12月10日，科创板、港交所18A板块分别迎来一只医药新股上市，其中百奥赛图（688796）登陆科创 板，实现"A+H"两地上市；宝济药业-B（02659.HK）登陆港交所。上市首日，百奥赛图、宝济药业双 双大涨，其中百奥赛图收涨146.6%，宝济药业收涨138.8%。从经营情况来看，百奥赛图于2024年刚刚 实现扭亏，而宝济药业目前尚未实现盈利。 两只医药新股大涨背后，今年以来，医药股新股上市首日表现总体喜人。东方财富Choice数据显示，今 年以来，A股共有8只医药股上市，除威高血净、必贝特外，上市首日涨幅均超过100%，未有新股出现 破发情况，其中北交所个股丹娜生物上市首日涨幅最猛，为497.08%。港股方面，今年以来共有24只医 药新股上市，其中有9只医药股涨幅超过100%，银诺医药涨幅最大，为206.48%。 上市首日大涨 12月10日，A股、H股各有一只新股上市，上市首日两只新股双双大涨。 苏商银行特约研究员武泽伟表示，相关新股大涨的背后逻辑，主要源于市场对生物医药行业高成长性的 乐观预期以及新股稀缺性带来的情绪驱动。投资者看好这些企业创新产品未来商业化潜力，认为其可能 带来超额回报。尽管存在估值 ...

Core Insights - The first batch of newly registered companies in the Sci-Tech Innovation Board's growth layer was listed on October 28, with two of the three companies being biopharmaceutical firms, He Yuan Bio (688765) and Biobetter (688759) [1][4] - Both companies experienced significant stock price increases on their first trading day, with He Yuan Bio rising by 213.49% and Biobetter by 74.41% [2][3] Company Performance - He Yuan Bio opened at 88 CNY per share, reaching a high of 91.32 CNY before closing at 91.1 CNY, resulting in a total market capitalization of 32.57 billion CNY and a trading volume of 2.782 billion CNY [2][3] - Biobetter opened at 48.9 CNY per share, with a peak increase of 175.03%, ultimately closing at 31.01 CNY, leading to a market capitalization of 13.96 billion CNY and a trading volume of 1.107 billion CNY [2][3] Financial Status - Both He Yuan Bio and Biobetter have not yet achieved profitability, with projected net losses for 2022 to 2025 ranging from approximately -144 million CNY to -1.87 billion CNY for He Yuan Bio and -188 million CNY to -1.73 billion CNY for Biobetter [5][6] Product Pipeline and Innovation - He Yuan Bio has a robust product pipeline with eight drugs under development, including a recombinant human albumin injection that has received regulatory approval, while two drugs are in Phase II clinical trials [6][7] - Biobetter focuses on innovative drug development for major diseases, with one breakthrough therapy already approved and several others in various stages of clinical trials [6][7] Market Sentiment - The significant stock price increases are attributed to optimistic market expectations regarding the high growth potential of the biopharmaceutical industry and the scarcity of new stocks, which has driven investor sentiment [4][6] - The capital market's acceptance of unprofitable biopharmaceutical companies reflects a supportive environment for technology-driven enterprises, facilitating funding for long development cycles and high capital needs [6][7]