作为专注抗体偶联药物（ADC）研发的生物科技企业，映恩生物（9606.HK）正陷入"亏损与负债"的双重困局。 数据显示，截至2024年末，公司累计亏损已达17.95亿元，其中2024年单年亏损10.5亿元，同比激增近2倍；同时 总负债膨胀至41.12亿元，资产负债率高达196.7%，短期偿债缺口超27亿元，现金流压力逼近临界点。 资料显示，映恩生物的收入高度依赖"License-out"模式，即通过授权自主研发的ADC候选药物获取首付款、里程 碑付款及销售分成。2024年该模式收入占比近100%，但这一模式的脆弱性显著——收入完全依赖合作方付款节 奏，缺乏自主商业化能力；且2024年毛利率较前一年骤降35.64个百分点至40.42%，盈利能力持续走弱。 在研发端，映恩生物的核心产品面临"疗效竞争与商业化不确定性"双重挑战。其主打药物DB-1303在HER2阳性乳 腺癌适应症的ORR（客观缓解率）数据逊于竞品DS-8201、SHR-A1811；另一款B7-H3靶点药物DB-1311尚无获批 先例，临床数据尚未成熟，研发失败或延迟风险高企。公司招股书亦坦言，若候选药物无法完成临床开发、获批 或商业化，业务将受重大 ...

15 May 2025 | 12:57AM HKT China Healthcare Pulse Biotech led valuation re-rating YTD; eyeing on inflection for domestic recovery As we note earlier (Feb 25 and Nov 24), a recovery for China healthcare is underway, with improving investor sentiment and bottoming valuation. China offshore HC saw a pickup at +21% YTD, vs MXCN +12% and is now trading at 15x, 36%tile over last 5y. The YTD strong performance of Biotech (+37%) was driven by licensing-out theme and relative resilience to geopolitical uncertainty, w ...

港股创新药迎来翻盘时刻。创新药板块已成为今年以来港股市场中股价翻倍最多的板块。 "这波行情来得突然，机器人AI研究员群里都开始讨论创新药了。"华南某一级行业投资经理向21世纪经 济报道记者说道。 据21世纪经济报道记者不完全统计，截至目前港股有20余只创新药相关股票年内涨幅超过或接近 100%，其中有6只年内涨幅超过2倍，另有近10只接近翻倍。多只个股开启短期翻倍式飙涨，持续引爆 全市场的热情。 不过值得注意的是，截至5日收盘，股价高于发行价的企业为科伦博泰、信达生物、康方生物、映恩生 物，较发行价涨幅分别为447.6% 、417.1%、406.5%、 116.8%。其中复宏汉霖5日收盘价45.45港元/股略 低于发行价49.6港元/股。 值得一提的是，此前复星医药拟以不超过约54.07亿港元，低于发行价一半价格私有化复宏汉霖，但最 终搁浅。 截至6月5日收盘，德琪医药、和铂医药、加科思年内涨幅均超300%，分别为467.69%、324.19%、 305.51%，堃博医疗、荣昌生物年内涨幅也超200%，不过除荣昌生物低于发行价9.21%外，其他各股仍 大幅度远低于发行价。 2018年4月，香港联合交易所在《主 ...

Core Viewpoint - The recent surge in the Hong Kong innovative drug sector, particularly for Xiansheng Pharmaceutical, is driven by favorable factors such as the cyclical resurgence of COVID-19 and record-breaking domestic innovative drug business development (BD) deals [1] Group 1: Stock Performance - Xiansheng Pharmaceutical's stock price has experienced a continuous rise since May 16, achieving a maximum increase of 28.33% by May 21, with a cumulative increase of nearly 50% year-to-date [1] - The stock has shown significant trading activity, with over 25 million shares traded on three consecutive days from May 19 to 21, indicating strong market interest [4] Group 2: Business Development Potential - The recent $60.5 billion BD deal between Innovent Biologics and Pfizer has spotlighted the potential of Chinese innovative drugs, with Xiansheng Pharmaceutical being a key player in this growth [2] - Xiansheng Pharmaceutical has developed multiple ADC (antibody-drug conjugate) candidates targeting various biomarkers, with products like SCR-A006 showing Best-in-Class potential [2] Group 3: International Expansion - Xiansheng Pharmaceutical has established a track record in international markets, with its first overseas deal for SIM0278 setting a record for domestic autoimmune drug BD at the time [3] - The company has secured a licensing agreement exceeding $1 billion for SIM0500 with AbbVie, currently undergoing clinical trials in the U.S. and China [3] Group 4: Innovation and R&D - The company has invested over 8.5 billion yuan in R&D over six years, developing over 60 innovative drug candidates across various therapeutic areas [5] - Three new drug molecules are in the NDA approval process, while four are in Phase III clinical trials, indicating a robust pipeline [5] - The anticipated launch of significant new drugs will further enhance the company's position in the global biopharmaceutical market [5]