21世纪经济报道记者 韩利明 12月以来，港股生物医药板块IPO市场热度持续攀升：嘉和生物、翰思艾泰、明基医院、华芢生物相继 通过聆讯，和美药业、高光制药、石药创新、君赛生物陆续递交上市申请，中国证监会国际合作司亦于 近期披露英矽智能境外发行上市的备案通知书。 市场表现同步释放积极信号。12月10日率先在港股敲钟的宝济药业，上市首日高开129%，报60.5港元/ 股，截至12月11日收盘，该股续涨9.52%，收于69港元/股，总市值攀升至224.93亿港元。 回溯全年表现，医药魔方《2025Q1-Q3医药交易趋势》数据显示，今年前三季度，国内医疗健康领域共 有28家企业成功上市，同比增长100%，其中超四成为创新药企，16家选择港交所。 对于市场前景，有生物医药一级市场资深投资人向21世纪经济报道记者指出，当前港股医疗保健企业 IPO融资额已位居全球医疗板块首位，预计2026年港股仍将是中国Biotech（创新药企）的首要上市选择 地，"Biotech应提前布局BD（商务拓展）与全球多中心临床，合理把握上市窗口期。但IPO并非终点， 企业上市后的持续发展质量同样关键。" 值得关注的是，香港证监会与港交所近日联 ...

来源：子弹财经 11月6日，科兴生物制药股份有限公司（以下简称"科兴制药"）正式向港交所递交招股书，拟于主板上 市。这也是公司继2020年12月登陆科创板后，启动"A+H"双平台布局的关键一步。 提及科兴制药，市场常将其与"疫苗之王"科兴生物混淆——两者虽名称相近，但目前已无任何股权关 联，业务领域更是截然不同。 科兴制药与科兴生物： 同源异路的二十年 提及科兴制药，不少人会自然联想到科兴生物。事实上，两者虽有着共同的历史源头，却早已完成彻底 拆分，如今在股权、业务上无任何实质关联。 两者的同源起点可追溯至1989年——为推动"中国干扰素之父"侯云德院士研发的"干扰素 α1b"产业化， 国内首个生物制药产业化平台"深圳科兴生物工程有限公司"正式成立，这是二者最初的共同母体。 同年，作为该平台核心产业化载体的深圳科兴生物制品公司成立，以干扰素生产产业基地的定位正式投 入运营。 科兴生物聚焦预防用疫苗领域，科兴制药则作为一家聚焦重组蛋白药物与微生态制剂的生物制药企业， 核心业务集中于抗病毒、肿瘤等治疗领域。 但科兴制药的核心产品均已上市多年，近年来在国内集采降价与国际市场竞争加剧的双重压力下，增长 动能持续减弱。 ...

机构：东吴证券 研究员：袁理/陈孜文 事件：2025 年11 月14 日，公司公告董事会批准可能进行发行人民币股份及将该等人民币股份在深交所 上市的初步建议。 固废龙头现金流价值持续凸显，理性拓展海外高质量项目，价值重估正当时！ 1）资本开支理性，审慎拓展海外项目，保障高质量增长：公司严选项目回报，资本开支可控，25 年在 乌兹别克斯坦新增2 个垃圾发电项目，合计3000 吨/日，总投资约22 亿元人民币，光大环境持股88%， 与当地政府合作有保障。此外，公司在泰国、印度等承接设备采购、设备供货等轻资产服务，计划在印 度尼西亚、越南、中亚等国家和地区设立代表处，建立并完善海外项目储备池。2）国补回收加速+财 务费用下降，分红提升空间大：24 年公司自由现金流首次转正，24 年还原后真实的经营性现金流净额 89.1 亿元人民币，资本开支48.7 亿元人民币，自由现金流40.4 亿元人民币，同比增加43 亿元人民币。 24 年公司每股股息23 港仙（同比+5%），分红比例42%（同比+11pct）。25H1 资本开支降至15.4 亿元 人民币，自由现金流20 亿元人民币，每股股息15 港仙（同比+7%），分红比例 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is initiating the "Back to A" process to diversify its financing channels, which will support long-term development. The company plans to issue up to 800 million shares in RMB and list them on the Shenzhen Stock Exchange, aiming to enhance its H+A dual-platform layout [7][8] - The company has shown a significant improvement in free cash flow, which turned positive in 2024, and has increased its dividend payout ratio to 42% [7][8] - The report highlights the company's strategic focus on rational capital expenditure and careful expansion into overseas high-quality projects, ensuring sustainable growth [7][8] Financial Summary - Total revenue (in million HKD) is projected to decline from 32,495 in 2023 to 28,089 in 2027, with a year-on-year decrease of 13.92% in 2023 and a gradual decline thereafter [1] - Net profit attributable to the parent company (in million HKD) is forecasted to decrease from 4,429 in 2023 to 4,036 in 2027, with a notable drop of 23.75% in 2024, followed by a recovery in subsequent years [1] - The earnings per share (EPS) is expected to rise from 0.72 in 2023 to 0.66 in 2027, reflecting a gradual improvement in profitability [1] Capital Expenditure and Cash Flow - The company has controlled capital expenditure, with a projected decrease to 40 billion RMB in 2025, while free cash flow is expected to exceed 10 billion HKD [7][8] - The report indicates that the company received government subsidies of 2.064 billion RMB in July-August 2025, which is significantly higher than the previous year's amount [7][8] Valuation Metrics - The current price-to-earnings (P/E) ratio is 8.5x for 2025, with a price-to-book (P/B) ratio of 0.59x, indicating potential undervaluation compared to industry peers [1][7] - The report suggests that the company's A-share valuation is likely to be higher than its H-share valuation, with historical premiums observed in similar companies [7][8]

Core Viewpoint - Dongpeng Beverage is seeking a dual listing on the Hong Kong Stock Exchange after its initial application was invalidated earlier this year, aiming to leverage its market position and expand its capital base [5][18]. Company Overview - Dongpeng Beverage, established in 1987, has become a leading player in China's functional beverage market, with its flagship product, Dongpeng Special Drink, gaining significant market share [11][19]. - The company achieved a market capitalization of approximately 162.08 billion yuan as of October 10, 2025, with its stock price reaching 311.68 yuan per share [6][16]. Financial Performance - In 2024, Dongpeng Beverage reported a revenue of 15.83 billion yuan, a 40.62% increase from the previous year, and a net profit of 3.36 billion yuan, up 63% year-on-year [19]. - For the first half of 2025, the company continued its growth trajectory with revenues of 10.74 billion yuan, a 36.37% increase, and a net profit of 2.38 billion yuan, reflecting a 37.22% growth [20]. Market Position - Dongpeng Beverage has maintained its position as the top player in the Chinese functional beverage market for four consecutive years, with its market share increasing from 15% in 2021 to 26.3% in 2024 [19][22]. - The company's core product, Dongpeng Special Drink, accounted for 84% of total revenue in 2024, highlighting its dominance in the energy drink segment [20]. Product Diversification - To mitigate risks associated with product concentration, Dongpeng Beverage has initiated a diversification strategy, launching new products such as electrolyte drinks and coffee-flavored beverages since 2022 [22][23]. - The revenue contribution from other beverage categories increased from 3.3% in 2022 to 6.5% in 2024, with the electrolyte drink "Dongpeng Water" becoming a significant growth driver [23]. Marketing Strategies - The company has invested heavily in marketing, utilizing various channels including television, social media, and sponsorships to enhance brand visibility and consumer engagement [29][30]. - Promotional activities such as "Scan to Win Red Packets" and "One Yuan Enjoyment" have been implemented to stimulate consumer purchases, although they have faced criticism for complex rules and customer complaints [30][31]. Shareholder Dynamics - Following the lifting of lock-up periods, several major shareholders, including Kunpeng Investment and Junzheng Investment, have initiated share reductions, indicating a potential capital realization strategy [7][40]. - The company has distributed a total of 6.6 billion yuan in cash dividends since its IPO, benefiting major shareholders significantly, including approximately 3.28 billion yuan received by the controlling shareholder Lin Muqin [43][45]. Future Prospects - Dongpeng Beverage plans to raise approximately 10 billion USD (about 71.23 billion yuan) through its Hong Kong listing, primarily for overseas expansion and research and development [45][46]. - The successful listing could further enhance the wealth of the Lin family and associated investors, positioning them for continued capital gains in the beverage market [46].