8月25日，InxMed Limited-B（简称：应世生物）向港交所主板递交招股书，保荐人为中信证券、建银 国际。 应世生物是一家处于临床后期阶段的生物科技公司，致力于改进目前疗效有限的肿瘤治疗方案，以解决 肿瘤治疗的核心挑战－由肿瘤防御所引起的耐药为使命。 近年来，科技发展带来癌症疗法的进步显著改善了患者预后及总体生存率，然而耐药性仍是肿瘤治疗领 域面临的巨大挑战，在此情况下，针对多重耐药机制的联合疗法应运而生，并被多家医疗科技公司纳入 开发范围。 应世生物聚焦于FAK抑制剂的研究。FAK（黏着斑激酶）在肿瘤细胞和CAFs（肿瘤相关成纤维细胞） 中均过度表达和激活，在调节细胞增殖、迁移和侵袭中起关键作用，共同为癌细胞创造生存优势。抑制 FAK信号通路，有望破坏肿瘤防御系统，尤其是适应性耐药机制。 同时，公司通过靶向CAFs来拆除肿瘤细胞周围的保护屏障。 来源：洞察IPO 近期，继劲方医药、轩竹生物等公司港交所敲钟后，资本市场的大门再一次被生物科技公司叩响。 应世生物的治疗策略旨在破坏纤维化间质，增强T细胞及生物疗法对TME的渗透，延迟或预防治疗耐药 性。 FAK等新兴药物靶点（即耐药节点）的研究对于延缓耐 ...

Core Viewpoint - Changchun Gaoxin announced that its subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd., received written notification from the FDA regarding the acceptance of the clinical trial application for its drug GenSci143, which is a dual-specific antibody-drug conjugate targeting B7-H3 and PSMA, indicating potential dual therapeutic effects in chemotherapy and tumor immunotherapy [1]. Company Summary - Changchun Gaoxin's subsidiary, Changchun Jinsai Pharmaceutical, has developed GenSci143, which is a novel drug designed to target specific cancer markers [1]. - The acceptance of the clinical trial application by the FDA is a significant milestone for the company, potentially paving the way for further development and commercialization of GenSci143 [1]. Industry Summary - The drug GenSci143 represents advancements in the field of targeted cancer therapies, particularly in the area of dual-specific antibody-drug conjugates, which may enhance treatment efficacy [1]. - The FDA's acceptance of clinical trial applications is a critical step in the drug development process, reflecting regulatory confidence in innovative cancer therapies [1].

Investment Rating - The report assigns an "Accumulate" rating to the company [5]. Core Insights - The company is a leading domestic innovative pharmaceutical enterprise focusing on ADC combined with IO, with expectations for rapid growth following the approval of MRG003 [2]. - The product pipeline includes plans for international business development, indicating a positive long-term outlook for the company [2]. Financial Summary - Projected total revenue for 2024A is 368 million RMB, with a growth rate of 63%. By 2027E, revenue is expected to reach 1,665 million RMB, with a growth rate of 38% [4]. - The company is projected to achieve a net profit of -411 million RMB in 2024A, improving to -29 million RMB by 2027E [4]. - The price-to-earnings (PE) ratio is expected to improve from -10.04 in 2024A to -389.49 in 2027E, while the price-to-book (PB) ratio is projected to increase from 5.87 to 18.86 over the same period [4]. Company Overview - The company was established in January 2018 and focuses on innovative treatments for cancer, particularly targeted therapies and immunotherapies [13]. - The company has built a robust product pipeline through acquisitions and partnerships, including PD-1 antibodies and ADC drugs [13][15]. - The management team is experienced, with a high concentration of ownership, ensuring stability and strategic direction [15][19]. Market Potential - The global and Chinese cancer immunotherapy market is expected to grow significantly, with a projected CAGR of 16.3% and 25.1% respectively from 2025 to 2030 [30]. - The PD-1 therapy market in China is anticipated to reach 582 billion RMB by 2030, with a CAGR of 30.5% from 2020 to 2025 [33]. Product Pipeline and Development - The company has multiple tumor product pipelines covering immunotherapy, ADC targeted therapy, and oncolytic virus drugs [20]. - MRG003 is currently under NDA review for treating R/M NPC, with potential for significant market impact [22]. - The company is also exploring combination therapies with PD-1 antibodies, which may enhance treatment efficacy [20]. Sales Growth - The company's first commercial product, the PD-1 antibody, has seen rapid sales growth, achieving 300 million RMB in revenue in 2024, three times the revenue of 2023 [23][36]. - The company has expanded its sales network across 118 cities in China, enhancing its market presence [36].

Group 1 - The core point of the article is that Hualan Vaccine announced a cash dividend distribution plan for the first half of 2025, proposing to distribute 6 RMB per 10 shares to all shareholders [1] - The record date for the dividend distribution is set for October 24, 2025, and the ex-dividend date is October 27, 2025 [1]

Core Insights - The article reports the completion of the second phase of a large-scale production line cluster and the first "Blue Whale Project" by Bibor Biological in the Lingang area [1] Company Developments - Bibor Biological has successfully completed the construction of a significant production facility, which is part of its strategy to provide customized large-scale production line services to clients [1]

证券日报网讯沃森生物（300142）10月17日在互动平台回答投资者提问时表示，公司密切关注新技术在 产品研发、制造等领域的应用，关于公司研发投入的相关情况请以公司披露的公告为准。 ...

Core Viewpoint - Watson Bio (300142) will disclose its Q3 2025 report by the end of this month, as per regulations, and investors are encouraged to stay tuned for updates [1] Company Information - Watson Bio is set to release its Q3 2025 financial report by the end of October 2023 [1]

Core Viewpoint - Shanghai Laishi (002252) reported that as of October 10, 2025, the total number of shareholders is 110,316 [1] Summary by Relevant Sections - Company Information - The total number of shareholders for Shanghai Laishi is 110,316 as of the specified date [1]

Core Viewpoint - Watson Bio (300142) emphasizes its commitment to comply with shareholder information disclosure regulations and aims to build a self-sufficient vaccine industry in China while supplying high-quality products to the global market [1] Group 1: Company Strategy - The company is increasing resource investment across various areas including talent development, project introduction, market marketing, international product registration, clinical trials, international certification, and cooperative production to diversify its international business [1] - Watson Bio is exploring new cooperation models based on its extensive experience to deepen and broaden overseas collaborations, aiming to make innovative vaccines accessible to more people [1] Group 2: Market Positioning - The company aims to enhance its influence in the international market and contribute to global vaccine accessibility [1] - Investors are encouraged to follow the company's announcements for updates on product exports and overseas collaborations [1]

Core Viewpoint - Watson Bio emphasizes the broad application prospects of mRNA technology, highlighting its advantages such as shorter R&D cycles, rapid iteration, and high efficacy [1] Company Developments - The company has been actively developing mRNA vaccines in collaboration with partners, gradually building and solidifying its mRNA vaccine technology platform over the past few years [1] - Recently, Watson Bio submitted clinical trial applications for respiratory syncytial virus mRNA vaccine and lyophilized varicella-zoster virus mRNA vaccine to the National Medical Products Administration, which has accepted these applications [1] Investment and Financial Impact - Watson Bio holds shares in Hong Kong-listed companies Saint No Pharmaceutical and Jiahe Biotech, with the impact on its net profit and related indicators being influenced by the stock price fluctuations of these companies [1]