以下文章来源于猛犸资本局 ，作者闫晓寒 导语："玻尿酸女王"赵燕重回华熙生物业务一线已经半年，公司业绩尚未走出低迷。 近日，华熙生物 （688363.SH） 发布2025年第三季度报告显示，前三季度，公司实现营收31.63亿元，同比下降18.36%；归属于上司公司股 东的净利润为2.52亿元，同比下降30.29%。今年前三季度利润的下滑同样受皮肤科学创新转化业务（原功能性护肤品）收入同比下降影响。 穿越产业周期，洞察资本玄机。互联网新闻信息服务许可证编号：44120230006 图源：图虫创意 在2024年华熙生物遭遇上市以来"最差业绩"后，华熙生物董事长赵燕在今年3月宣布从研发端重回经营一线、重返创业状态，并在内部开启"刮骨 疗毒"式的变革。 "对经营理念、业务方向及人才组织模式进行了系统性调整。"华熙生物在财报中表示，从过去一年的表现来看，这些调整包括管理层调整、压缩销 售费用、战略转型等。 创始人回归，华熙生物业绩自今年第二季度开始出现改善。上半年公司营收、净利润仍在下滑，但第二季度归属于上市公司股东的净利润同比增长 20.89%，这是自2024年第二季度以来首次实现增长。今年第三季度利润恢复趋势延续， ...

Core Viewpoint - Lepu Biopharma-B (02157) experienced a significant increase in stock price, rising by 7.34% to HKD 6.87, with a trading volume of HKD 13.97 million following the approval of its drug Meiyouheng (injectable Vebrecatinib) by the National Medical Products Administration in China [1] Group 1 - The National Medical Products Administration has approved Meiyouheng (injectable Vebrecatinib) for market entry in China, marking it as the first approved EGFR-targeted antibody-drug conjugate (ADC) in the country [1] - Meiyouheng is designed for the treatment of recurrent or metastatic nasopharyngeal carcinoma (R/M NPC), representing a significant advancement in targeted cancer therapy [1] - The approval of Meiyouheng is considered a major milestone for the company, enhancing treatment efficacy for patients and paving the way for the expansion of its indications and commercial potential [1]

星标 ★ IPO日报 精彩文章第一时间推送 江西生物是中国最大的人用破伤风抗毒素（"人用TAT"）提供商和出口商，也是全产业链贯通的抗血清平台商。 资料显示，破伤风抗毒素是一种抗血清，通过中和破伤风梭菌（导致破伤风的细菌）产生的毒素，为破伤风感染提供即时保护及治疗。抗血清是 指一类含有免疫球蛋白（也称为抗体，即主要由浆细胞产生的蛋白质，被免疫系统用来识别及中和病原体或毒素）或免疫球蛋白F(ab')2片段的生 物制品，由免疫的血浆制备而成。抗血清被用于通过直接给予抗体和即时保护来提供被动免疫，并提供针对多种严重医疗状况（包括破伤风、蛇 伤中毒及狂犬病，该等疾病需立即干预以消灭病原体或中和毒素并挽救生命）的治疗。该等疾病持续构成重大公共卫生挑战，尤其是于医疗资源 相对有限的发展中国家及地区。 10月26日，江西生物制品研究所股份有限公司（下称"江西生物"）向港交所递交招股书，拟在主板上市，中金公司、招商证券国际为联席保荐 人。这是继其于2025年4月11日递表失效后的再一次申请。 作为人用破伤风抗毒素龙头，江西生物占据中国及全球人用TAT市场65.8%及36.6%的份额，近年来业绩增长迅猛，但九成多的收入来自人用 ...

Core Insights - Hualan Vaccine reported a significant decline in revenue and profit for the first three quarters of 2025, with total revenue of 806 million yuan, down 15.8% year-on-year, and a net profit of 132 million yuan, down 50.5% [1][2] Financial Performance - For the first three quarters of 2025, the company's operating cash flow net amount was 182 million yuan, a decrease of 48.1% year-on-year [1] - The gross profit margin for the first three quarters was 76.99%, down 4.06 percentage points year-on-year, while the net profit margin was 16.42%, down 11.51 percentage points [1] - In Q3 2025, revenue was 746 million yuan, a decline of 19.1% year-on-year, and net profit was 112 million yuan, down 53.9% [1] - The gross profit margin for Q3 2025 was 77.13%, down 4.14 percentage points year-on-year, and the net profit margin was 14.95%, down 11.31 percentage points [1] Asset and Shareholder Information - As of the end of Q3 2025, total assets were 7.179 billion yuan, a decrease of 4.6% from the end of the previous year, and net assets attributable to shareholders were 5.675 billion yuan, down 5.6% [1] - The company's cash and cash equivalents amounted to 854 million yuan, an increase of 37.09% year-on-year [1] - Accounts receivable stood at 1.348 billion yuan, indicating significant collection pressure [1] - By the end of Q3 2025, the total number of shareholders was 17,100, an increase of 273 from the end of the first half of the year, with an average holding value per shareholder rising to 605,700 yuan, an increase of 0.86% [2]

市值约1300万美元的生物制药公司Intensity Therapeutics(INTS.US)，周四公布其转移性或难治性癌症候 选药物INT230-6的1/2期临床试验结果后，股价收盘暴涨近395%。 候选药物INT230-6的作用机制与临床数据亮点方面，该药物通过向肿瘤内直接注射，实现细胞毒性药物 顺铂(cisplatin)与硫酸长春碱(vinblastine sulfate)的扩散渗透;同时，药物中还包含一种细胞穿透增强分子 ("SHAO")，可与这两种化疗药物结合。 公司表示，试验结果显示，肿瘤微环境中活化的CD4+T细胞与CD8+T细胞数量有所增加。临床研究关 键数据方面，共64名患者参与研究，涵盖20多种不同癌症类型，且所有患者均接受过大量前期治疗(即 经多线治疗后病情进展或不耐受)。疾病控制率达75%。 安全性数据上，未报告4级或5级治疗相关不良事件(最严重级别)，仅7名患者报告3级不良事件;同时，试 验中未出现剂量限制性毒性反应。 公司首席执行官兼创始人刘易斯.本德(Lewis Bender)表示："显然，市场对本次数据和结果反应积极…… 这向我们表明，这一研究领域(实体瘤治疗)——也希望包括 ...

智通财经APP讯，君圣泰医药-B(02511)公布，HTD1801在2型糖尿病(T2DM)患者中开展的两项 III期临 床试验(SYMPHONY-1和SYMPHONY-2)已顺利完成，52周研究(含开放标签延长期(OLE))取得积极的疗 效与安全性结果。 两项III期临床研究的52周数据充分验证了HTD1801疗效的持久性，并进一步凸显其为T2DM患者带来的 长期综合临床获益。君圣泰医药计划于今年内向国家药品监督管理局(NMPA)药品审评中心(CDE)递交 HTD1801治疗T2DM适应症的新药上市申请(NDA)。 两项研究中，双盲期HbA1c达标(HbA1c <7.0%)的患者比例在第52周时仍保持稳定。与此同时， HTD1801在降低血脂方面的疗效亦长期稳定，包括低密度脂蛋白胆固醇(LDL-C)与非高密度脂蛋白胆固 醇(non-HDL-C)均显着下降。HTD1801长期治疗还可持续降低与心血管事件及T2DM患者临床结局密切 相关的炎症标记物 γ-谷氨酰转移酶(GGT)和超敏C反应蛋白(hs-CRP)。 HTD1801在长期治疗中展现出良好的安全性与耐受性，与双盲期结果保持一致。对于接受HTD1801治 疗 ...

据港交所10月31日披露，新桥生物向港交所主板提交上市申请书，高盛和中信证券为联席保荐人。 | [编纂]的[编纂]股份數目 | ： | [编纂](視乎[编纂]行使與否而定) | | --- | --- | --- | | [編纂]數目 | : | [编纂](可予調整) | | [编纂]數目 | .. | [編纂](可予調整及視乎[編纂] | | | | 行使與否而定) | | 最高[编纂] : 编奏 | | | 根据弗若斯特沙利文报告，2024年GEA、BTC和PDAC(不包括大中华区及韩国)的一线治疗全球市场规模估计分别为89亿美 元、18亿美元和44亿美元，预计到2034年将分别达到130亿美元、29亿美元及64亿美元。公司已完成了I期临床研究的1a期部分 以及1b期剂量递增研究的安全性评估。公司将于2026年初启动一项随机II期研究，于2025年 8月提交临床试验方案后，公司未 收到美国FDA对givastomig用于CLDN18.2阳性及PD-L1阳性GEA患者的II期联合治疗试验的任何反对或担忧。 除givastomig外，截至最后实际可行日期， 新桥生物已建立包含三个临床阶段项目的管线，包括两个肿 ...

Core Viewpoint - The company reported a significant increase in revenue for the first nine months of 2025, driven primarily by the sales of its products, with notable growth in specific product lines [3]. Financial Performance - The company's revenue for the period from January to September 2025 grew by 40.12%, attributed to increased sales of its products, particularly: - Sales revenue from Sidabamine increased by 18.76% - Sales revenue from Siglecatin surged by 136.13% [3]. Audit Status - The financial statements for the third quarter were not audited [3][6]. Shareholder Information - There were no changes reported in the top ten shareholders or any significant movements in shareholding due to stock lending activities [5][6]. Other Important Information - The company confirmed that the financial report is accurate and complete, with no significant omissions or misleading statements [2][4].

Group 1: HPV Vaccine Inclusion in National Immunization Program - The Chinese government has decided to include the HPV vaccine in the national immunization program starting from November 10, 2025, allowing eligible girls to receive the vaccine for free [1][2] - This initiative is a significant step towards China's commitment to eliminate cervical cancer by 2030, as outlined in the global strategy by the World Health Organization [1][3] Group 2: Target Population and Vaccination Details - Girls born after November 10, 2011, who are at least 13 years old will be eligible for two doses of the bivalent HPV vaccine, with a six-month interval between doses [2] - Local health authorities are required to assess the number of eligible girls and their previous vaccination status, and to set up vaccination units accordingly [6] Group 3: Market Dynamics and Production - The centralized procurement project for the bivalent HPV vaccine has a budget of approximately 425 million yuan, with a total quantity of 15.4465 million doses [8] - Only two companies are specified to produce the bivalent HPV vaccine for the national immunization program, with six HPV vaccines currently available in China, including three bivalent vaccines [10] - Domestic companies, such as Wantai Biological Pharmacy and Watson Biotech, have successfully launched their bivalent HPV vaccines, contributing to a more competitive market landscape [10][11] Group 4: Competitive Landscape - The domestic HPV vaccine market is becoming increasingly diversified, with imported products like Merck's nine-valent HPV vaccine and four-valent HPV vaccine leading the high-priced segment [11] - New entrants, such as China National Pharmaceutical Group's four-valent HPV vaccine, have recently received approval, indicating a shift in market dynamics [11]

智通财经APP获悉，据港交所10月31日披露，新桥生物向港交所主板提交上市申请书，高盛和中信证券 为联席保荐人。 招股书显示，新桥生物成立于2016年，是一家采用不限治疗领域发展策略的全球性生物技术平台公司。 自成立以来，公司主要专注于开发自主研发的创新型精准免疫肿瘤药物，用于癌症治疗。为进一步补充 自主研发管线，公司寻求针对候选药物临床开发与商业化的合作机遇， 以更好地把握市场机遇。公司 近期采用全新商业模式，旨在通过战略合作与专业化附属公司实体，甄选并推进高价值疗法资产。凭借 该模式，公司成为生物技术平台企业，将设立单独的附属公司负责疗法导向型资产的开发，从而强化监 督、聚焦运营并优化风险管理。 新桥生物的核心产品givastomig是一种新型双特异性抗体("bsAb")，可同时靶向主要表达于胃癌、食管 癌及胰腺癌的肿瘤抗原Claudin18.2("CLDN18.2")，以及T细胞共刺激分子4-1BB。凭借CLDN18.2在多种 肿瘤中的广泛表达特性，givastomig可靶向多种适应症，包括胃食管腺癌 ("GEA"，包括胃癌("GC")、胃 食管连接部癌("GEJC")及食管腺癌)、胆道癌("BTC") ...