Core Viewpoint - Jinfang Pharmaceutical Technology (Shanghai) Co., Ltd. successfully listed on the Hong Kong Stock Exchange, achieving a significant increase in share price and setting a new fundraising record for the Hong Kong 18A sector since 2022 [1][4] Company Overview - Jinfang Pharmaceutical was established in 2017, focusing on innovative and effective treatments for oncology, autoimmune, and inflammatory diseases. The company has not yet achieved profitability [2] - The company has a unique advantage in its forward-looking layout and deep cultivation of RAS therapy, which is a common mutation gene family driving about one-third of tumor occurrences [2] Product Pipeline - The core of Jinfang Pharmaceutical's research and development pipeline is RAS-targeted drugs, with eight candidate drugs in total. GFH925 is the first KRAS G12C selective inhibitor approved in China, and GFH375 targets KRAS G12D mutations, filling a treatment gap [3] - The company has established a highly integrated R&D platform covering target discovery, molecular design and evaluation, translational science, and global clinical development, with a research efficiency higher than industry peers [3] Financial Performance - Due to significant investment in innovative drug development, Jinfang Pharmaceutical faces substantial debt pressure. R&D expenses from 2022 to 2024 are projected to exceed revenues, with losses increasing each year [4] - The company's debt-to-asset ratio is projected to reach 422.38% by 2024, indicating a challenging financial landscape [4] Strategic Vision - The chairman of Jinfang Pharmaceutical emphasized the creation of a "compound" pipeline, focusing on major unmet clinical needs in global markets such as pancreatic cancer, lung cancer, and colorectal cancer [4] - The CEO stated that the listing marks an important milestone for the company, aiming to build closer and more trusting relationships with investors while continuing to create value for shareholders and society [4]

值得一提的是， 劲方医药 在本次发行过程中刷新了多项港股 18 A 纪录 —— 劲方医药 本次 IPO 超额配售权行使后 的募资规模达 2.68亿美元，创2022年以来港股18A板块之最 ； 1亿美元的基石 投资认购同样 创 2022年以来港股18A生物科技公司新高。 同时， 劲方医药 还是 港股 IPO阶段首 个同时手握上市新药与多个BD授 权收入的Biotech。 港股IPO阶段首个同时手握上市新药与多个BD授权收入的Biotech。 本文为IPO早知道原创 作者｜ Stone Jin、罗宾 微信公众号｜ipozaozhidao 据 IPO早知道消息， 劲方医药科技（上海）股份有限公司 （以下简称 " 劲方医药 "）于2025年9 月19日正式以"2595"为股票代码在港交所主板挂牌上市。 截至9:35，劲方医药报于每股48.30港元，较发行价上涨136.88%，市值166.64亿港元。 目前，劲方医药已建立了全面且差异化的 RAS（传统的"不可成药"靶点）产品矩阵，管线涵盖8款 候选药物，其中5款进入临床阶段，针对于多款晚期实体瘤的治疗需求。 其中， 核心产品 GFH925（氟泽雷塞片，商品名：达伯特） ...