中新网杭州9月23日电(张煜欢)第四届全球数字贸易博览会(下称"数贸会")将于9月25至29日在浙江杭州 举办。作为中国数字贸易领域唯一一个国家级、国际性、专业型展会，本届数贸会打造1个主题展馆和7 个特色展区，涵盖智能机器人、时空智能、人工智能、数字医疗等前沿领域，邀请超千家国际知名头部 企业、超万名国际专业观众及客商参展参会，共商合作、共促发展、共享成果。 在数字化层面，对接会涉及对多个临床场景数字化应用的专题讨论，将围绕"数字筛查—智能诊断—精 准治疗—全周期管理"的闭环落地场景，进一步挖掘数据要素在医疗全链条中的乘数效应。 届时大会将集聚政策职能部门、头部企业及资本等产业生态资源，探索生命健康产业的新科技、新业 态、新模式，打造生命大健康产业的投融资服务平台、技术对接合作平台、行业趋势发布平台、高端人 才集聚平台；深化临床科研、数字医疗健康解决方案、产业与资本融合与发展；创新医疗生态圈建设、 共享数贸发展机遇，助推高水平打造生命健康产业高地。 具体来看，第四届数贸会的数字医疗板块将延续"三个一"模式，即举办一场高端产业对接会、扩容一批 专业委员会成员单位、设立一个数字医疗专题展区，系统化推动创新链、产 ...

Core Viewpoint - Hangzhou Bank is committed to serving the real economy and has successfully launched the "Zheke United Loan," a new financing model for technology enterprises, reflecting its long-term efforts in building a specialized technology financial service system [1] Group 1: Overview of "Zheke United Loan" - "Zheke United Loan" is guided by multiple financial and governmental bodies, aiming to address the financing challenges faced by technology enterprises throughout their lifecycle [2] - The loan program includes three sub-products: "Inclusive United Loan," "Growth United Loan," and "Leading United Loan," tailored to meet the diverse financial needs of technology enterprises at different stages [2] Group 2: Focus on Inclusive Financing - The program emphasizes inclusive finance, targeting small and micro technology enterprises that require assistance [3] - A joint service team was established between Hangzhou Bank and Industrial and Commercial Bank of China to provide tailored support to high-growth technology enterprises [3] Group 3: Growth Financing Solutions - The "Growth United Loan" has been customized for a startup medical enterprise, providing a credit line of 12 million yuan with a loan rate 26 basis points lower than the average [5] - This support has enabled the enterprise to meet its funding needs for research, production, and expansion [5] Group 4: Large Demand Financing - The "Leading United Loan" is designed for mature technology enterprises with significant funding needs, offering high credit limits and long terms [6] - A collaboration with Minsheng Bank has facilitated a project that supports a digital healthcare enterprise, enhancing its capacity for innovation and service quality [6] - The program integrates various resources to provide stable and diverse financial support for technology enterprises throughout their growth lifecycle [6]

摘要 中国在全球创新生态中扮演的角色日益重要，尤其自 2022 年 ADC 药物 兴起后，预计中国原创资产在美国 FDA 获批药物中的渗透率将从 5%增 至 2024 年的 35%，贡献年度 220 亿美元的海外收入。 中国医药企业面临超过 1,000 亿美元的专利悬崖或收入缺口，主要集中 在肿瘤学、免疫学和心脏代谢疾病领域，中国企业正通过增加全球临床 试验份额来填补这一缺口。 海外投资者对中国医药行业持谨慎态度，关注估值和地缘政治风险，对 中国与西方公司之间的估值差距以及潜在的地缘政治波动寻求更多保障。 美国投资者对 China Innovation Ban 及欧盟相关条款的执行性担忧较 少，但相较于亚洲投资者，他们更关注地缘政治和估值问题，认为当前 估值差距未完全反映长期全球化收益。 海外生物制药公司对中国临床数据的信心增强，通过购买中国资产获得 高质量的临床前、临床过程和病人数据，推动中国资产受到更多关注。 数字医疗板块表现突出，受益于医院处方外流、集采后原研药出流以及 线下药房线上化，京东健康和阿里健康等公司通过战略合作进一步推动 业务增长。 中国 CRO 公司通过外部授权和客户合作，在创新资产出海过 ...

Core Viewpoint - The Federal Reserve's interest rate cut has led to a sector rotation towards healthcare and financial stocks, with Hims & Hers Health Inc. positioned at the intersection of healthcare and technology, attracting mixed opinions from investors [1][2]. Company Performance - Hims & Hers Health reported Q2 2025 earnings of $544.8 million, marking a 73% increase year-over-year. The company also achieved a net subscriber count of 2.4 million, a 31% increase from the previous year [5]. - Average revenue per user rose from $57 in 2024 to $74 in 2025, reflecting a 30% increase, indicating improved customer retention and spending [5]. Valuation Metrics - Hims & Hers trades at a price-to-book (P/B) ratio of 25.9x, significantly higher than the medical sector average of 13.6x, suggesting that the market perceives its growth as both real and sustainable [6]. - The consensus price target for Hims & Hers is $38.92, indicating a potential downside of about 33% from recent prices, reflecting a cautious sentiment among analysts [8]. Analyst Sentiment - Maria Ripps of Canaccord Genuity has reiterated a Buy rating with a price target of $68, suggesting a potential upside of 17% from current levels, driven by strong earnings and optimism regarding lower interest rates [9]. - The stock has seen a recent surge of 32.9%, attributed to strong earnings and investor confidence in future growth opportunities [9]. Market Positioning - Hims & Hers is positioned in a favorable market environment characterized by recurring revenue, a growing customer base, and increasing per-user spending, which enhances its scalability [10]. - The company's strong fundamentals and market momentum support its valuation, moving it beyond a speculative investment [12].

Group 1: IPO Market Activity - The Hong Kong IPO market has seen a surge in diverse companies, including leaders in digital healthcare and lidar technology, with significant activity from sectors like prefabricated steel structures and photovoltaic cells [2][3] - Health160, China's largest digital healthcare service platform, saw its stock price soar by 137.34% on its debut, covering over 260 cities and connecting 44,600 medical institutions [6] - Hesai Technology, a leader in the lidar sector, achieved a dual listing on both US and Hong Kong exchanges, with a market capitalization exceeding HKD 36 billion on its first day [7][8] Group 2: Companies Approved for IPO - Yuan Chuang Technology has received approval for its mainboard IPO, focusing on the research, production, and sales of rubber tracks for agricultural and engineering machinery, with projected revenues of CNY 1.261 billion in 2022 [4] - New Guangyi, a high-tech enterprise specializing in high-performance functional materials, also received approval for its IPO, with revenues expected to grow from CNY 455 million in 2022 to CNY 657 million in 2024 [5] Group 3: New Listings - Jinfang Pharmaceutical made its debut on the Hong Kong Stock Exchange, with an opening surge of 115.79%, focusing on innovative therapies for tumors and autoimmune diseases [9] - Meilian Steel Structure, a prefabricated steel structure service provider, has refiled for an IPO, reporting a revenue increase of 180% year-on-year for the first half of 2025 [10][11] Group 4: Upcoming IPOs - Zijin Gold International plans to raise approximately USD 3.2 billion through its IPO, potentially becoming the largest IPO since May, coinciding with record-high gold prices [17][18] - Huakin Technology, a leading smart product platform, has submitted its IPO application, reporting a revenue increase of 113.06% year-on-year for the first half of 2025 [12]

Group 1 - Health 160 International Limited successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 359 million through the issuance of 33.6455 million shares at HKD 11.89 each, with funds allocated for network expansion, R&D, service upgrades, strategic acquisitions, and daily operations [1] - The company has established a comprehensive digital service system covering pre-diagnosis, diagnosis, and post-diagnosis, connecting over 44,600 healthcare institutions, including 14,400 hospitals and 3,430 tertiary hospitals, serving over 55.2 million registered users [3][4] - Health 160's revenue has shown steady growth from RMB 525.6 million in 2022 to RMB 628.6 million in 2023, with Q1 2025 revenue reaching RMB 100.5 million, while adjusted net losses have significantly narrowed [4] Group 2 - The Chinese digital healthcare market is entering a period of explosive growth, with forecasts predicting a market size of RMB 740.1 billion by 2030 and a compound annual growth rate of approximately 22.4% from 2024 to 2030 [6] - Health 160 aims to leverage its successful Shenzhen model to accelerate the nationwide rollout of "160 Cloud Hospital," having established 11 regional operation centers to enhance operational efficiency and provide a one-stop service for online appointments, internet consultations, electronic prescriptions, and drug delivery [4][6]

▲成都高新区 红星新闻记者从成都高新区获悉，9月19日，成都高新区与四川发展（控股）公司合作框架协议签约仪式在成都高新区举行。 成都高新区与四川发展（控股）公司在医药健康产业方面已有深厚合作基础。2022年起，成都高新区与四川发展（控股）公司子公司四川生物医药集团开展 深度合作，聚焦化学药、医疗设备及诊断试剂、医药外包服务等重点领域开展投资布局，构建"直投+基金+园区"业务模式。后续完成了四川生物医药集团 对宏明博思药业的并购，培育赋能了成都先导、海创药业等一大批上市公司和本土明星企业。 成都高新区相关负责人表示，成都高新区将一如既往，以最大的诚意、最优的环境、最好的服务，全力助推企业做大做强，为合作项目落地见效保驾护航。 根据协议，双方将围绕医药健康产业领域的股权合作、基金组建、人才交流、创新孵化等方面展开深度合作，聚焦制药、医疗器械、医疗服务、数字医疗等 领域，创新组建产业基金、招引落地优质项目、共建孵化专业平台、引育培养人才团队，助力四川省医药健康产业不断建圈强链，推动四川省医药健康产业 高质量发展。 四川发展（控股）公司相关负责人表示，未来双方将在生物医药领域进一步加强产业合作，促进优势互补、资源共享 ...

申万宏源积极调动境内外资源，发挥综合金融服务优势，助力客户圆满完成香港上市。充分体现了申万宏源在港股IPO及医疗健康领域的实力与资源整合 能力，也印证了以客户为中心的服务理念及申万宏源"投资+投行+研究"三位一体协同优势。 注：相关服务由申万宏源香港的全资持牌子公司申万宏源融资 (香港) 有限公司及申万宏源证券 (香港) 有限公司提供。 2025年9月17日，健康160国际有限公司（以下简称"健康160"）成功于香港联交所主板上市， 股份代号为2656.HK，最终定价为每股11.89港元，融资规模为4亿港币。 申万宏源香港担任本次发行的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人 及联席牵头经办人。 健康160专注数字医疗健康综合服务，致力于构筑中国领先的线上线下一体化医疗健康服务入口，成为每个人最贴心的健康守护者。健康160是数字医疗领 域首批通过备案的VIE架构企业之一。 本项目市场反应火热，香港公开发售认购倍数达751.8倍，是港股IPO定价及分配新规生效后数字医疗领域"第一股"。 来源：申万宏源香港 ...

来源：运营商财经网 运营商财经网 实习生郑永杰/文 作为知名的AI医疗健康解决方案提供商，微医一直以来收到广泛关注。去年年底微医正式向港交所交 递招股书，拟赴港上市。具体情况是怎样呢？ 据招股书显示，微医控股在2021年至2023年的收入分别为9.62亿元、13.68亿元和18.63亿元，2024年上 半年收入达到18.18亿元，同比增长107.4%。公司经调整亏损率从2021年的140.8%降至2023年的27.1%， 2024年上半年进一步降至7.0%，亏损大幅收窄，接近盈利。 不过，微医控股的上市之路屡受打击。 2025年4月，证监会国际司对微医控股出具补充材料要求，重点关注廖杰远的历史违规情况及其实际控 制人认定问题。 微医控股在招股书中表示，廖杰远已承诺放弃其所持股份的所有投票权，且不在集团内担任任何职务。 这还要回溯到2022年7月，中国证监会公布行政处罚，微医控股集团因未依法及时披露持有易联众股份 变动情况且有误导性陈述，以及在限制转让期交易易联众股票等问题，被处以3030万元罚款，对创始人 廖杰远处以8万元罚款。 据证监会调查，2018年10月9日至2019年3月28日期间，微医集团利用多个证 ...

Core Viewpoint - Health 160 International Limited, a digital healthcare company from Nanshan, Shenzhen, has successfully listed on the Hong Kong Stock Exchange, with its market capitalization approaching HKD 10 billion after a significant first-day surge in share price [1][3]. Company Overview - Health 160 issued 33.6455 million shares at an initial price of HKD 11.89 per share, closing at HKD 28.22 on its first trading day, representing a 137.34% increase [3]. - The total funds raised amount to HKD 400 million, which will be utilized to expand healthcare resource coverage, enhance research and development capabilities, diversify product and service offerings, explore value-added services, strategic partnerships, acquisitions, and general corporate purposes [3]. Business Model and Services - Since its establishment in 2005, Health 160 has developed a comprehensive healthcare service platform that integrates online and offline medical resources, offering services such as online appointment booking, internet consultations, electronic prescriptions, drug delivery, and digital hospital solutions [5][7]. - According to Frost & Sullivan, Health 160 is the largest digital healthcare service platform in China, based on metrics such as appointment volume, number of partner hospitals, coverage of tertiary hospitals, and the scale of healthcare personnel involved [7]. Industry Context - Nanshan District is a core hub for the biopharmaceutical industry in Shenzhen, showing robust growth with an expanding industrial scale, enhanced innovation capabilities, and increasing internationalization [9]. - The district has nurtured a complete industrial chain from basic research to commercialization, with notable companies like Mindray Medical, Kangzheng Pharmaceutical, and Microchip Biotech contributing to breakthroughs in innovative drugs [9]. Capital and Internationalization - In 2023, Nanshan has seen a surge in companies applying for overseas listings, with 15 new applications, indicating a trend towards international expansion among local enterprises [11]. - The district has established a comprehensive listing service mechanism to support high-quality development of companies, including policy support, technological innovation, and talent development [11].