证券日报网讯沃森生物（300142）9月16日在互动平台回答投资者提问时表示，关于公司研发投入的相 关情况请具体查阅公司已披露的历次定期报告相关内容，并以定期报告的数据为准。 ...

Core Viewpoint - The stock of the biopharmaceutical company Yaojie Ankang-B (02617.HK) experienced extreme volatility, soaring by 63.73% to a peak of 679.5 HKD per share before plummeting by over 75% within the same trading day, highlighting the disconnect between stock performance and the company's fundamental financial health [1][3][5]. Company Summary - Yaojie Ankang, founded in 2014, focuses on developing innovative therapies for cancer, inflammation, and cardiovascular diseases, and went public on June 23, 2023, with an IPO price of 13.15 HKD per share [5]. - The company's stock price surged dramatically after announcing clinical trial progress for its core product, Tinengotinib, which is the first FGFR inhibitor in clinical registration for treating cholangiocarcinoma [5][6]. - Despite the stock's meteoric rise, Yaojie Ankang has not achieved commercial profitability, reporting losses of 252 million CNY, 343 million CNY, and 275 million CNY for 2022, 2023, and 2024 respectively, totaling 870 million CNY in losses over three years [7]. Industry Summary - The innovative drug sector in China has seen significant activity, with the sector's index rising over 50% year-to-date as of September 16, 2023, indicating a heightened interest and investment sentiment in the market [8]. - Analysts suggest that the current market enthusiasm for innovative drug companies should be tempered with a rational analysis of their R&D progress, commercialization potential, and cash flow status [8]. - The future of China's innovative drug industry is viewed positively, with expectations for increased capital market support to enhance R&D and international expansion, aiming to elevate China's position from a "pharmaceutical giant" to a "pharmaceutical powerhouse" [9].

Core Viewpoint - The stock price of药捷安康-B (02617.HK) experienced extreme volatility today, with a peak increase of over 60% in the morning, followed by a sharp decline of more than 60% in the afternoon, leading to significant market capitalization loss. Group 1: Stock Performance - In the morning, the stock price reached a high of 679.5 HKD per share, with market capitalization nearing 270 billion HKD [1][2] - By the afternoon, the stock price plummeted to a low of 165 HKD per share, resulting in a drop of 60.24% [2] - The closing price was reported at 192 HKD per share, reflecting a decrease of 53.73% and a market capitalization of 76.2 billion HKD [2] Group 2: Company Announcements - The company issued a statement acknowledging the unusual stock price and trading volume fluctuations, stating that it was unaware of any reasons for these changes [4] - The board confirmed that there were no significant changes in the company's business operations or financial status [4] Group 3: Historical Context -药捷安康 was listed on the Hong Kong Stock Exchange on June 23, with an initial price of 13.15 HKD per share, and has seen its stock price increase significantly since then [5] - The stock price surged nearly 500% from September 10 to September 15, with a peak price of 679.5 HKD representing a 5067% increase from the initial listing price [6] Group 4: Financial Performance - The company remains in a loss position, with a pre-tax loss of 123 million HKD for the first half of the year, an improvement from a loss of 160 million HKD in the same period last year [6] - Other income and revenue decreased by 65.1%, from 10.4 million HKD to 3.6 million HKD, primarily due to reduced bank interest and government subsidies [6] - Research and development costs decreased by 30.9% to 98.43 million HKD, attributed to lower clinical trial expenses for the TT-00420 project [6]

Core Viewpoint - Watson Bio has a total of 8 self-developed vaccine products (14 specifications) officially on the market, aimed at preventing diseases caused by specific pathogenic microorganisms [1] Product Overview - The company’s vaccine products include: - 13-valent pneumococcal conjugate vaccine (vial type and pre-filled type) - Bivalent HPV vaccine (vial type and pre-filled type) - 23-valent pneumococcal polysaccharide vaccine (vial type and pre-filled type) - Haemophilus influenzae type b conjugate vaccine (vial type and pre-filled type) - Group A and C meningococcal polysaccharide conjugate vaccine (vial type and pre-filled type) - ACYW135 group meningococcal polysaccharide vaccine (vial type and pre-filled type) - Group A and C meningococcal polysaccharide vaccine (vial type) - Adsorbed acellular DTP combined vaccine (vial type) [1] Research and Development - The company’s 20-valent pneumococcal polysaccharide conjugate vaccine received the "Drug Clinical Trial Approval Notice" in April 2025 and is currently preparing for Phase I clinical research [1] - The company will disclose any substantial and phase-related progress in the research and development of its vaccine products in a timely manner [1]

（文章来源：证券日报） 证券日报网讯新诺威9月16日发布公告，在公司回答调研者提问时表示，近年来，随着公司向生物创新 药方向转型的不断深入，公司市值规模不断增长，体现了市场对于优质生物创新药资产的高度认可。为 把握我国创新药行业发展的东风，一方面公司将加快研发进展，高效推动创新药研发，不断提升创新药 产品的商业化进度，打造生物创新医药领域的核心竞争力，力争早日实现生物创新药业务板块的盈利； 另一方面公司将进一步巩固功能性原料优势地位，以该业务板块的利润为研发创新活动的开展以及公司 经营业绩提供支撑，确保公司持续稳定发展。 ...

Core Viewpoint - The article discusses the dramatic fluctuations in the stock price of the biopharmaceutical company Yaojie Ankang-B, highlighting the volatility and the disconnect between its stock performance and fundamental business metrics [1][6][8]. Stock Performance Summary - On September 16, Yaojie Ankang-B's stock price surged to a peak of 679.5 HKD per share, representing a 63.73% increase, with a market capitalization nearing 270 billion HKD [1]. - However, the stock experienced a sharp decline, dropping to a low of 165 HKD per share, resulting in a maximum intraday loss of over 75%, and closing at 192 HKD, down 53.73% from the previous day [1][3]. - The stock's price had increased over 50 times since its IPO at 13.15 HKD per share just three months prior [6][8]. Company Background and Financials - Yaojie Ankang, established in 2014, focuses on developing innovative therapies for cancer, inflammation, and cardiovascular diseases, currently in the registration phase [6][8]. - The company has not achieved commercial profitability, reporting losses of 252 million CNY, 343 million CNY, and 275 million CNY for the years 2022, 2023, and 2024 respectively, totaling 870 million CNY in losses over three years [8]. - As of mid-2025, the company had cash and cash equivalents of only 449 million CNY, with a significant drop in revenue of 90.4% year-on-year [8]. Market Dynamics and Investor Sentiment - The stock's volatility is attributed to speculative trading, particularly following the announcement of a clinical trial for its core product, Tinengotinib, which is the first FGFR inhibitor for certain cancer patients [7][8]. - The inclusion of Yaojie Ankang in the Hong Kong Stock Connect program has also contributed to increased trading volume and market activity [7]. - Analysts suggest that the current market sentiment towards innovative drugs is high, but caution against making investment decisions based solely on market emotions without considering the company's fundamentals [10][11]. Industry Outlook - The innovative drug sector in China has seen significant activity, with many collaborations and milestones achieved, leading to a 50% increase in the sector's stock performance this year [10]. - The future of China's innovative drug industry is viewed positively, with expectations for enhanced support from capital markets to foster research and international expansion [11].

Group 1 - The "Pingyuan New City Venture Capital Activities" series was launched in Beijing, with the first event focusing on project financing in Changping District, showcasing 74 quality projects with a total investment of 51.35 billion and a financing demand of 7.08 billion [1] - The projects span key sectors including healthcare, advanced manufacturing, advanced energy, and future industries, with specific allocations of 25 projects in healthcare (total investment of 19.43 billion, financing need of 3.26 billion), 13 in advanced manufacturing (total investment of 11.17 billion, financing need of 0.99 billion), 19 in advanced energy (total investment of 8.55 billion, financing need of 1.32 billion), and 17 in future industries (total investment of 12.20 billion, financing need of 1.51 billion) [1] - Changping District has shown strong economic growth, with an average GDP growth rate of 6.2% since the 14th Five-Year Plan, and a 7.1% growth rate in the first half of this year, positioning it among the top in the city [2] Group 2 - Changping has established a modern industrial system characterized by three major leading industries: advanced energy, healthcare, and advanced manufacturing, alongside emerging sectors like synthetic biology, robotics, and 6G [2] - The district's industrial ecosystem is well-rounded, with the second and third industries contributing 34.3% and 65.2% to the regional GDP, respectively [2] - Several companies, including Andar Biopharmaceutical Development (Beijing) Co., Ltd. and Beijing Xiaowu Technology Co., Ltd., participated in financing promotions during the event [2][3] Group 3 - A total of 2.5 billion was signed in agreements during the event, involving various investment funds and technology companies [3]

Core Viewpoint - The stock of Hong Kong innovative pharmaceutical company, Yaojie Ankang, experienced significant volatility, soaring over 50% before plummeting to a closing price of 192 HKD after a series of announcements regarding its clinical trials and product developments [1][5]. Group 1: Stock Performance - Since September, Yaojie Ankang's stock price surged from around 60 HKD to over 600 HKD, drawing considerable market attention [2]. - The stock saw a notable increase following a September 4 announcement regarding the initiation of a clinical trial for its core product, Tinengotinib, which is aimed at treating advanced liver cancer [2]. - Following the announcement, the stock price rose by 5.43% on September 5, reaching 63.1 HKD, and continued to climb, hitting 90 HKD with a 27.57% increase on September 10 [2][3]. Group 2: Clinical Developments - Yaojie Ankang's core product, Tinengotinib, is a unique MTK inhibitor currently in the registration clinical stage, targeting several difficult-to-treat solid tumors [2]. - On September 10, the company announced the approval of a Phase II clinical trial for Tinengotinib in combination with Fulvestrant for treating HR+/HER2- breast cancer, which is expected to provide new treatment options for patients [3]. Group 3: Financial Performance - Despite the stock price surge, Yaojie Ankang reported zero revenue, with significant operating losses of 343 million RMB and 275 million RMB expected for 2023 and 2024, respectively, due to high R&D and management costs [4]. - As of mid-2023, the company had not generated any revenue, with a loss of 123 million RMB reported for the first half of the year [4].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月16日，港股药捷安康-B盘中走势跌宕起伏。当日早盘，药捷安康-B一度涨超60%，截至午盘，药捷 安康-B涨超49%，报619港元/股，市值达到2457亿港元，市值超越了信达生物、康方生物等一众知名创 新药企业。 然而，14时30分左右，药捷安康-B股价开始跳水，盘中一度跌超63%。截至9月16日收盘，药捷安康-B 跌53.73%，报192港元/股，市值缩水至762亿港元。 药捷安康-B于9月8日纳入港股通，9月12日、9月15日股价均狂飙。股价大涨背后，近日，药捷安康-B公 告了在研产品的进展。然而，药捷安康-B还是一家亏损公司，2023年、2024年合计年内亏损超过6亿元 人民币。此外，根据港交所中央结算及交收系统数据，药捷安康-B前10大券商席位持股达99.82%，股 权集中度较高。 从大涨到"闪崩" 公开资料显示，药捷安康-B是一家以临床需求为导向、处于注册临床阶段的生物制药公司，专注于发现 及开发肿瘤、炎症及心脏代谢疾病小分子创新疗法。 6月23日，药捷安康-B登陆港股，上市当日股价即大涨79%。自9月8日纳入港股通后，药捷 ...

签约仪式上，澳斯康生物集团董事长兼总裁罗顺对与科兴制药的合作充满期待，他表示，科兴制药近几 年在国际化道路上进展迅速，澳斯康生物将发挥自身优势，以全球视野和前沿技术，加快双方合作项目 的研发进程。 科兴制药董事长邓学勤也表示，澳斯康生物团队在单抗、多抗、ADC等大分子领域拥有CMC（化学、 制造和控制）开发与商业化生产及申报的丰富经验，未来双方将紧密合作，研发符合中、美、欧监管标 准的高品质生物类似药，丰富公司欧美产品线，抢占市场先机。 科兴制药启动针对欧美市场的生物类似药合作开发项目，正是基于对生物类似药临床价值支撑商业端持 续高增长的坚定判断。依托公司在国际市场的前瞻性拓展、欧美市场的精准布局及新兴市场的深度耕 耘，科兴制药有望实现"弯道超车"，为未来全球化竞争与突破奠定坚实基础。 中证报中证网讯（王珞）近日，科兴制药（688136.SH）宣布与上海澳斯康生物制药有限公司（澳斯康 生物全资子公司）达成战略合作关系，合作研发KXBS001生物类似药，双方在深圳举办签约仪式。这 一合作标志着科兴制药向欧美生物类似药市场进发。 IQVIA（艾昆纬）研究报告显示，欧盟目前仍是全球生物类似药的主流市场，其市场价值占 ...