格隆汇10月27日丨生物股份(600201.SH)公布三季度报告，前三季营业收入10.42亿元，同比增长 7.38%，归属于上市公司股东的净利润1.61亿元，同比下降4.85%，归属于上市公司股东的扣除非经常性 损益的净利润1.15亿元，同比下降21.65%。 ...

生物股份公告，公司于2025年10月27日召开第十二届董事会第四次会议，审议通过了《关于拟回购注销 2023年员工持股计划部分股票的议案》。因5名离职持有人尚未解锁的权益份额，公司将回购注销12万 股股票，回购价格为6.23元/股。此次回购注销完成后，公司股本结构将有所变动，但不会对公司的经 营业绩、财务状况产生实质性重大影响。 ...

Core Viewpoint - UBS initiates coverage on Zai Lab with a "Buy" rating and a target price of HKD 33.5, highlighting the company's growth potential in the biopharmaceutical sector [1] Company Overview - Zai Lab has developed into a biopharmaceutical company with eight commercialized products, covering areas such as oncology, immunology, neuroscience, and infectious diseases [1] Product Pipeline - UBS expects the core product VYVGART to continue expanding its indications and increasing sales [1] - Several key candidate drugs are anticipated to receive approval, contributing to future growth [1] - The business development opportunities for ZL-1310 (DLL3ADC) and ZL-1503 (IL-13/IL-31R) are viewed as recent growth drivers [1]

将投中网设为"星标⭐"，第一时间收获最新推送 大健康赛道，地方国资成主角。 上周，赛纳生物完成超亿元新一轮融资，并成功达成资金交割。本 次融资由顺禧基金、亦庄国投领投。此外，国内超快时间分辨成像技术领域企业 中智科仪也正式宣 布完成超亿元人民币 A 轮融资。由北京国管旗下基金顺禧基金担纲领投方，产业资本代表汇川技 术、科研力量载体怀柔科学城、专业投资机构深担创投，中信建投资本共同跟投，此外，天使轮股东 中科创星亦持续看好公司发展，继续追加投资。 作者丨 长风 来源丨 东四十条资本 大家好，我是长风。今天给大家带来上周资本市场的专业投研信息。 焦点回顾： 硬科技赛道，自动驾驶巨额融资不断。 上周，九识智能宣布完成1亿美元B4轮融资，本轮融资由蚂 蚁集团领投，蓝湖资本、BV 百度风投等新老股东跟投加持。光源资本担任独家财务顾问。截至本 轮，九识智能 B 轮已完成融资 4 亿美元。此外，L4级无人城配（RoboVan）解决方案提供商—— 新石器公司也在本周宣布完成逾6亿美元D轮融资，本轮融资由阿联酋磊石资本（Stone Venture） 领投，并由高成投资、信宸资本（中信资本旗下私募股权投资业务）、鼎晖VGC、朝希 ...

Core Viewpoint - Jiangxi Institute of Biological Products Inc. (referred to as "Jiangxi Biological") has submitted a prospectus to the Hong Kong Stock Exchange for an IPO, marking its second attempt after a previous application lapsed in April 2025 [2]. Business Overview - Jiangxi Biological is the largest provider and exporter of human tetanus antitoxin (human TAT) in China and operates a fully integrated antiserum platform with over 50 years of expertise in research, production, and sales [6][8]. - The company's human TAT is included in the national Class A medical insurance list and the national essential drug list, providing it with a high level of market recognition and full insurance reimbursement advantages [6]. - Jiangxi Biological has a global sales and distribution network covering over 23,500 medical institutions in China, including more than 1,500 tertiary medical institutions [6]. Product Portfolio - In addition to human TAT, Jiangxi Biological's product offerings include veterinary tetanus antitoxin, equine serum gonadotropin (PMSG), and various hormone drugs for PMSG treatment [6]. - The company is developing innovative products targeting high-potential markets, including human antivenom serum and equine rabies immunoglobulin F(ab')2 [6]. Shareholder Structure - Prior to the IPO, the shareholder structure shows that Ms. Jing Yue holds a combined 76.64% stake through Hainan Zhizheng and Qianhai Tianzheng [9][10]. Board of Directors and Management - The board consists of 9 members, including 4 executive directors led by Ms. Jing Yue as the chairperson and Mr. Yao Xiaodong as the general manager [13][14][15]. Financial Performance - Jiangxi Biological's revenue for the years 2022, 2023, 2024, and the first half of 2025 were RMB 141.96 million, RMB 198.02 million, RMB 220.76 million, and RMB 99.70 million respectively, with corresponding net profits of RMB 26.47 million, RMB 55.48 million, RMB 75.14 million, and RMB 36.84 million [16]. IPO Advisory Team - The IPO advisory team includes CICC and CMB International as joint sponsors, with Deloitte as the auditor [18].

"中国首次进入临床的新兴抗肿瘤靶点是非常强的。"李进说，美国生物制药企业的数量不足4000家，而 中国生物制药企业的数量多于美国，如何克服创新能力较弱、研发"拷贝"的风气非常重要。"希望大家 不要去抄袭，如果有人已经做了第一个了，我们可以做第二个，但是别做第三个、第四个、第五个。" 在李进展示的另一张图片中，15家中国本土药企正在开展临床试验的药物，其对应靶点的全球排名均为 第一。 （文章来源：每日经济新闻） 10月26日—27日，第十届医药创新与投资大会在南京召开。中国药科大学附属上海高博肿瘤医院院长李 进以"中国源头创新破局之路"为题发表了主旨演讲。 根据李进提供的数据，2007年至2023年间，177家中国药企研发的350种创新药物在美国进行了691项临 床试验，涵盖499种适应证。其中，肿瘤领域是中国公司研发的主要关注点，相关创新药数量占比为 66%，适应证占比为72%，最常见的5种肿瘤药物靶点为PD-1、EGFR、PD-L1、HER2和claudin 18.2。 ...

Core Viewpoint - UBS reports that Zai Lab has evolved from a licensing-based business model into a mature biopharmaceutical company with eight commercialized products and a rich product pipeline in oncology, immunology, neuroscience, and infectious diseases [1] Group 1: Company Development - Zai Lab's core product VYVGART is expected to continue expanding its indications and increasing sales [1] - Several key candidate drugs are anticipated to receive approval, contributing to the company's growth [1] Group 2: Business Development Opportunities - The business development opportunities for ZL-1310 (DLL3ADC) and ZL-1503 (IL-13/IL-31R) are seen as key drivers for near-term growth [1] Group 3: Investment Rating - UBS initiates coverage on Zai Lab with a "Buy" rating, setting a target price of HKD 33.5 based on discounted cash flow (DCF) analysis, implying 1x and 1.6x peak sales on an unadjusted and adjusted basis respectively [1] - The market appears to overlook Zai Lab's short-term growth potential, including VYVGART and new product launches, as well as the business development potential of DLL3ADC and ZL-1503 [1]

南方财经10月27日电，华熙生物旗下核心品牌润百颜宣布冠名北京五棵松、重庆鱼洞两地华熙LIVE场 馆，两大场馆同步升级为"华熙生物・润百颜ECM中心"。该ECM中心集体育赛事、演艺活动、休闲商 业于一体，已成为特色文化地标与城市活力中心。据了解，华熙生物是全球少有的布局ECM（细胞外 基质）领域几乎全部关键物质的企业，以ECM关键物质整体协同为核心研究方向，并已基于ECM口 服、外用及医疗应用建立统一底层技术与产品规划。 ...

智通财经APP获悉，加科思-B(01167)早盘涨超5%，截至发稿，涨5.32%，报7.52港元，成交额4158.24万 港元。 消息面上，加科思发布公告，公司于2025年10月22日至2025年10月26日在美国马萨诸塞州波士顿的海因 斯会议中心举行的2025年美国癌症研究协会国际分子靶点与癌症治疗学会议上以摘要和海报的形式公布 标题为"口服可吸收、强效的泛KRAS(开启/关闭)抑制剂JAB-23E73的临床前研究"的Pan-KRAS抑制剂 JAB-23E73的临床前数据。 值得注意的是，加科思此前公布，与海松资本及一名产业合作方签署增资及股权转让协议。根据本次协 议，海松资本将以人民币1.25亿元首付款及7500万元里程碑付款收购北京加科思旗下加科瑞康80%的股 权。完成后，北京加科思于加科瑞康持股将降至10%。剥离非核心资产后，公司的战略可以更加聚焦在 肿瘤领域，现金流也得到了补充。 ...

Core Insights - The company reported a significant increase in revenue and a reduction in net loss for the third quarter of the year, driven by successful collaboration with BMS [1][2] Financial Performance - In Q3, the company achieved revenue of 1.895 billion yuan, representing a year-on-year increase of 1625.08% [1] - The net profit attributable to shareholders for Q3 was 623 million yuan [1] - For the first three quarters, the company recorded total revenue of 2.066 billion yuan, with a net loss of 495 million yuan, showing a substantial reduction in losses compared to the previous half-year report [1] - Research and development expenditure for the first three quarters was 1.772 billion yuan, an increase of 90.23% year-on-year [1] Strategic Partnerships - The revenue growth in Q3 was primarily due to the advancement of the collaboration with BMS, particularly the milestone achievement in the global II/III phase key registration clinical trial IZABRIGHT-Breast01, expected to reach a milestone by September 30, 2025 [1] - The company entered into an exclusive licensing and collaboration agreement with BMS for the development and commercialization of the self-developed drug Iza-bren, with an initial payment of 800 million USD and potential total transaction value reaching up to 8.4 billion USD [2]