上市即破发，股价从15.6港元的发行价，一路暴跌至8.68港元。当时市场流传着这样一句话："没有人能从 派格生物医药-B（02565.HK）的投资中获利"。 然而时至今日，不知又有多少投资人在为自己当初的离场懊悔。截至撰稿，派格生物股价已高达66港 元，半年内最大涨幅逼近800%！ 上市之初，派格生物只有一家基石投资人——益泽康瑞医药，至11月26日限售解禁之日，益泽康瑞医药 已净赚4个多亿。然而出人意料的是，巨额收益在前，益泽康瑞医药不仅没有选择落袋为安，反而已经 两次自愿延长限售期至2026年4月30日。 这一举动，也被市场解读为强烈的看好信号，极大提振了市场信心。不过值得玩味儿的是，益泽康瑞医 药背靠杭州拱墅国资，而派格生物于2025年2月完成了名称和地址变更，已从"苏州派格"正式变为"杭州 派格"。 显然这背后，还是存在一些非市场因素的。那么抛开这些因素，作为普通投资人到底该如何审视派格生 物的真实价值？ 派格生物扎根在GLP-1赛道，但GLP-1已成内卷红海。前几年PD-1从疯狂追捧到价值回归的惨烈洗牌还 历历在目，GLP-1是否会成为下一个PD-1？ 此前派格生物坎坷的上市历程，已经印证过资本市场 ...

21世纪经济报道记者季媛媛 头部跨国药企在2025年经历了天差地别的命运分化。 从财报数据中就可看出其中的端倪。根据财报显示，诺和诺德公布的2025年第三季度业绩报告显示，第 三季度总营收749.76亿丹麦克朗（约112.76亿美元），同比增长11%；2025年前三季度总营收达2299.20 亿丹麦克朗（约345.8亿美元），同比增长15%。司美格鲁肽系列产品持续领跑业绩，三大品牌销售额 表现亮眼：Ozempic（降糖版）：952.64亿丹麦克朗（约143.28亿美元），增长13%；Rybelsus（口服片 剂）：167.90亿丹麦克朗（约25.25亿美元），增长5%；Wegovy（减肥版）：572.42亿丹麦克朗（约 86.09亿美元），大幅增长54%。三大品牌销售额总计约1692.96亿丹麦克朗（约254.62亿美元），同比 增长24%，贡献了公司大部分营收。其销售业绩现已高于替尔泊肽（248.37亿美元）与帕博利珠单抗 （233.03亿美元）。 相比之下，尽管默沙东拥有"网红"产品PD - 1单抗K药（Keytruda，帕博利珠单抗）以及九价HPV疫苗， 但其2025年前三个季度制药业务收入为432.9 ...

12月30日，泰德医药(03880)即将迎来基石解禁。而就此前，这家公司股价才经历了一轮为期3个月的下 行周期并触及了上市新低。 智通财经APP观察到，今年6月30日挂牌上市以来，泰德医药在前2个月乘着港股创新药牛市与CXO板块 复苏的东风走出了一波拉升行情。8月21日，泰德医药盘中股价达到最高41.72港元，刷新其上市以来股 价新高。 但在接下来的板块震荡影响下，泰德医药后续出现明显回落，日均股价在11月末至12月初阶段几乎稳定 低于公司发行价。直到12月15日，泰德医药股价开始止跌反弹，并在小步快走中走出了一个"八连阳"， 而此时距离其基石解禁仅剩15天。 离发行价只剩一步之遥 虽然仅上市半年时间，泰德医药的盘面便已走出了典型的"V字形态"，形成了前半段上涨、后半段下行 的两个形态分明的阶段。 从前半段来看，泰德医药的第一波行情始于7月14日，当日公司股价大幅收涨18.24%，仅一天时间便将 其股价抬升至超买区间。由于当时港股创新药和CXO板块的市场情绪高涨，因此泰德医药股价仅回调 了3个交易日便迅速止跌横盘震荡，整体股价基本处于BOLL线上轨与中轨之间。 并且经过8月1日至5日的三个交易日回调后，泰德医 ...

Core Insights - The article highlights the significant collaboration between Shanghai Fosun Pharmaceutical and Pfizer regarding the oral GLP-1 receptor agonist YP05002, with a potential total deal value exceeding $2.085 billion [2][4][6]. Group 1: Company Developments - Fosun Pharma's innovative drug business revenue grew by 18.09% year-on-year in the first three quarters, becoming a crucial growth engine for the company [2][8]. - The collaboration with Pfizer is seen as a milestone in Fosun Pharma's strategy for innovation and internationalization, enhancing its brand influence in the global market [8]. Group 2: Product and Market Insights - YP05002 is designed to treat type 2 diabetes and obesity by activating GLP-1 receptors, promoting insulin secretion, and reducing appetite, with potential indications including long-term weight management and metabolic disorders [4][5]. - The GLP-1 drug class is gaining traction due to its effectiveness in controlling blood sugar and weight loss, with significant sales growth reported by competitors like Novo Nordisk and Eli Lilly [6]. Group 3: Financial Performance - Fosun Pharma reported a revenue decline of 4.91% to 29.393 billion yuan in the first three quarters, while net profit increased by 25.50% due to the sale of non-core assets [7]. - The company's current price-to-earnings ratio is approximately 17 times, indicating potential valuation recovery compared to peers like Hengrui Medicine, which has a P/E ratio of about 59 times [8].

12月9日，上海复星医药（600196）(集团)股份有限公司(以下简称"复星医药")公告称，将控股子公司重 庆药友制药有限责任公司(以下简称"药友制药")的口服小分子胰高血糖素样肽-1受体(GLP-1R)激动剂(包 括YP05002)及含有该活性成分的产品(以下统称"GLP-1药物")在全球范围内的独家开发、使用、生产及 商业化权利授予跨国药企辉瑞。 这是中国创新药通过与跨国药企合作进行"出海"开出的又一大单。据公告，该笔交易的首付款达1.5亿 美元，后续的特定开发、注册和商业里程碑付款有望高达19.35亿美元，复星医药还可获得该产品获批 销售后的分层特许权使用费。据此推算，该笔交易的潜在成交总额或超20亿美元。"总交易金额属于一 线水平，说明GLP-1药物赛道持续火热。"一位行业人士表示。 资料显示，GLP-1是人体肠道分泌的一种激素，可起到抑制食欲、促进胰岛素分泌等作用；GLP-1药物 旨在模仿该激素的作用机制，起到糖尿病控制、减重等治疗效果，对脂肪肝等代谢性疾病也存在潜在治 疗效果。该药物兼具药品及消费属性，吸引全球医药企业竞相布局。有数据显示，截至目前，国内已有 4款国产GLP-1药物获批上市，另有近 ...

上海证券指出，国内GLP-1赛道角逐激烈，多家药企积极布局，关注相关创新靶点/剂型、临床数据 及商业化推进情况。恒瑞医药的GLP-1/GIP双重受体激动剂HRS9531注射液III期临床试验达到优效性， 上市申请已获受理；众生药业的RAY1225注射液在II期临床试验中表现出积极疗效和优秀安全性，胃肠 道不良反应和低血糖风险低于替尔泊肽数据；华东医药的口服小分子GLP-1受体激动剂HDM1002已完 成体重管理适应症III期受试者入组，多项适应症临床进展顺利。信达生物的玛仕度肽注射液III期研究达 成主要终点，在不合并2型糖尿病的受试者中平均体重降幅达20.08%，肝脏脂肪含量显著改善。此外， GLP-1R/GIPR双靶点及三靶点激动剂等创新疗法持续推进，行业创新活力显著。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 生物医药ETF（512290）跟踪的是CS生医指数（9307 ...

Group 1 - The China Vaccine Industry Association has issued an initiative to prohibit bidding below cost, aiming to combat "involution" competition and ensure product and service quality standards in the vaccine industry [1] - The initiative is expected to improve the industry ecosystem and create a fair and orderly competitive environment [1] Group 2 - Bailitianheng has signed a strategic cooperation agreement with the Bank of China Sichuan Branch, which promises to provide comprehensive credit support of no less than 8 billion RMB over five years [2] - This large credit line is expected to alleviate the company's short-term financial pressure from high R&D expenditures and reflects the financial institution's recognition of its industry position and business prospects [2] Group 3 - Haizheng Pharmaceutical's subsidiary plans to invest 100 million RMB in a pet prescription food project, aiming for an annual production capacity of 10,000 tons upon reaching full capacity [3] - The company's diversification strategy includes investments in pet nutrition and synthetic biology, though the conversion to revenue growth remains to be seen [3] Group 4 - Saintno Biological has received a marketing approval notification for the raw material drug Weipena peptide, which is used to treat type 2 diabetes and obesity [4] - This approval reflects the company's comprehensive strength in R&D, production, and quality management, positively impacting its business development [4] - The approval comes amid the expansion of the GLP-1 market, indicating a positive outlook for the company's future growth [4]

智通财经APP获悉，创新药投资主线GLP-1赛道再度迎来标志性事件——派格生物(02565)自主研发的周 制剂GLP-1RA维培那肽(派达康®)正式获中国国家药监局批准上市，用于治疗2型糖尿病(T2DM)。这不 仅是一则新药获批消息，更可能是派格生物投资价值的关键转折点，值得投资者高度关注。 当前市场对GLP-1赛道的认知正在经历一场深刻的迭代。最初约500亿美元的市场规模预测，在重新评 估其覆盖的庞大患者群体、长期用药特性及持续拓展的临床获益后，正被全面上修至1500亿美元量级， 约合人民币超1万亿元量级。 这一认知升级主要基于三个维度：其一，目标患者群体的规模远超早期预测;其二，慢性疾病需要长期 管理的特点确保了持续的治疗需求;其三，药物在降糖、减重之外的额外临床价值不断得到验证。这三 个因素共同构成了市场空间被大幅重估的核心逻辑。 在全球范围内，这一赛道正展现出前所未有的增长动能。派格生物所对标的美股企业——礼来 (LLY.US)，正是这一趋势的绝佳例证。礼来专注于以研发为基础，致力于创新药物的开发，业务覆盖 糖尿病、体重管理、肿瘤和神经科学等多个关键治疗领域。作为一家全球领先制药公司，礼来在代谢疾 病 ...

Core Viewpoint - Pfizer has successfully acquired the weight loss startup Metsera after a competitive bidding process, with a final offer of up to $86.25 per share, representing a 159% premium over Metsera's previous closing price [1][2] Group 1: Acquisition Details - Pfizer's acquisition includes an initial cash payment of $65.6 per share and potential milestone payments of up to $20.65 per share [1] - The acquisition aims to strengthen Pfizer's position in the weight loss drug market following setbacks in its own GLP-1 drug development [1][2] - Metsera's innovative approach, combining amylin and GLP-1, positions it as a significant challenger in the metabolic disease sector [3] Group 2: Competitive Landscape - Novo Nordisk has entered the bidding war with a competitive offer that has escalated to a maximum of $10 billion, prompting Pfizer to file a lawsuit against Metsera and Novo Nordisk [2] - The competition in the weight loss drug market is intensifying, with major players like Novo Nordisk and Eli Lilly dominating the landscape [3][4] - The high valuation of Metsera is expected to stimulate further mergers and acquisitions in the biotech sector, particularly among companies with innovative technologies [4][5] Group 3: Market Implications - The ongoing competition indicates a shift from product-based competition to a focus on technological platforms and pipeline ecosystems in the weight loss drug market [4] - The global GLP-1 development race is entering a new phase, emphasizing the importance of deep industry knowledge, technological advancement, and cost control as key competitive factors [5]

Core Viewpoint - Pfizer has reached a revised merger agreement with Metsera, valuing the company at up to $86.25 per share, amidst competition from Novo Nordisk [2][3] Group 1: Merger Agreement Details - The revised agreement includes a cash payment of $65.60 per share and a contingent value right (CVR) that allows for an additional payment of up to $20.65 per share [2] - The valuation of $86.25 per share is significantly higher than Pfizer's initial offer of $47.50 per share and slightly above Novo Nordisk's competing offer of $86.20 per share [3][5] - Metsera's board unanimously supports the revised agreement, stating it provides real, certain, and immediate value to shareholders [3][4] Group 2: Competitive Landscape - Novo Nordisk entered the bidding war with an initial offer of $8.5 billion, later increasing it to a maximum of $10 billion [6] - Pfizer has filed a lawsuit against Metsera and its board, alleging breach of contract and interference, although the court dismissed Pfizer's request [6] - Metsera's stock price has surged from approximately $36 per share in September to $83 per share, indicating strong market interest and potential for further gains [6] Group 3: Industry Context - Metsera is recognized as a rising player in the pharmaceutical market, focusing on obesity and related metabolic disease treatments, with a promising technology platform [5] - The competition in the GLP-1 drug market is intensifying, with major pharmaceutical companies like Pfizer, Eli Lilly, and Novo Nordisk vying for market share [7] - The ongoing mergers and acquisitions in this sector highlight the significant potential and long-term prospects of the obesity treatment market [7]