创新药已经突围成功。 "十五五"规划开局之年，医药行业在2026年将呈现创新药爆发、CXO回暖、中药转型、药店收缩、医院 洗牌、并购潮涌的总体格局，行业分化加剧，强者恒强。 创新药：20款重磅新药有望获批 在2025年，共有76个创新药物成功获批上市，数量较上年增长58%。与此同时，创新药对外授权交易活 跃，交易数量突破150起，累计交易总额更是高达1300亿美元以上，彰显了我国创新药产业的强劲发展 势头。 西部证券指出，2026年创新药行情将从"BD为王"转向"数据为王"，全球多中心临床试验数据读出将成 为核心催化。 随着临床数据和上市审批的加速，2026年，中国创新药出海会迎来爆发期。业内预测，2026年将有约20 款重磅新药有望在中国获批上市，涵盖肿瘤、感染性疾病、罕见病、自身免疫性疾病、神经系统疾病等 多个治疗领域。比如，BL-B01D1是百利天恒自主研发的全球首创EGFR×HER3双抗ADC，用于治疗复 发性或转移性食管鳞癌。作为全球首个被纳入优先审评的EGFR×HER3双抗ADC，它填补了PD-1/PD-L1 联合化疗失败患者的治疗空白。此外，BL-B01D1的鼻咽癌适应症也已获优先审评，预计20 ...

Core Viewpoint - Ming Kee Hospital's stock price has dropped over 8%, reaching a new low of 4.12 HKD, which is more than a 55% decline from its IPO price of 9.34 HKD, marking the worst debut performance for a new stock on the Hong Kong Stock Exchange this year [1] Financial Performance - The company reported revenues of 2.34 billion CNY, 2.69 billion CNY, 2.66 billion CNY, and 1.31 billion CNY for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [1] - Corresponding net profits for the same periods were 89.55 million CNY, 170 million CNY, 110 million CNY, and 48.7 million CNY [1] Market Reaction - The public offering of Ming Kee Hospital received a lukewarm response, with the Hong Kong public offering portion being subscribed only 6.28 times and the international placement subscribed 1.28 times, both significantly lower than recent popular new stocks [1] - Analysts noted that the company's price-to-earnings (PE) ratio during the IPO phase was 29.8 times, which is substantially higher than the average PE ratio of 16.7 times for the private hospital sector in Hong Kong, indicating that the pricing was too high and contributed to the significant drop in share price [1]

Core Viewpoint - Ming Chi Hospital's debut on the Hong Kong Stock Exchange was disastrous, with its stock price plummeting nearly 50% on the first day, leading to a market capitalization loss of over half [2]. Company Overview - Ming Chi Hospital was established in 2003 through a joint investment by Taiwan's BenQ Group and Nanjing State-owned Assets Group [3]. - The hospital group operates two main facilities: Nanjing Ming Chi Hospital and Suzhou Ming Chi Hospital, which began operations in 2008 and 2013, respectively [4]. - In 2015, the state-owned shareholders exited, and the hospital became a wholly-owned subsidiary of Jiasida Technology [5]. Financial Performance - Revenue figures for 2022 to 2024 were reported as 2.336 billion, 2.688 billion, and 2.659 billion yuan, indicating a stagnation in growth with a 1.07% decline projected for 2024 [7]. - Profitability has sharply declined, with net profit dropping from 0.9 billion yuan in 2022 to 1.67 billion yuan in 2023, and then falling to 1.09 billion yuan in 2024, a staggering 34.73% year-on-year decrease [7]. - The gross profit margin also decreased from 18.9% in 2023 to 18.1% in 2024, highlighting a trend of declining revenue and profit [7]. IPO Journey - The IPO process faced multiple setbacks, with the initial application submitted in April 2024 failing to progress, leading to a reapplication in October 2024 and a final successful submission in April 2025 [8]. - The IPO utilized a "mechanism B" issuance model, with only 10% of shares available for public sale, which limited retail investor participation [8]. Market Reaction - On December 23, 2025, the stock price fell to 4.76 HKD, a 49% drop from the issue price, reflecting weak market confidence [9]. - The high price-to-earnings (PE) ratio of 29.8 during the IPO was significantly above the average of 16.72 for similar companies, indicating a disconnect between valuation and intrinsic value [9]. Industry Context - Ming Chi Hospital's struggles are indicative of broader challenges facing China's private hospital sector, which has seen significant financial losses across many institutions [11]. - The introduction of the DRG payment system has severely impacted profitability, with average hospitalization costs dropping significantly, while operational costs continue to rise [11]. - The competitive landscape is dominated by public hospitals, which benefit from policy advantages, making it difficult for private hospitals like Ming Chi to differentiate themselves [11]. Compliance and Operational Challenges - The hospital has faced numerous compliance issues, including 231 medical disputes, with 54 resulting in patient deaths, raising concerns about operational quality [12]. - Daily operational challenges include high patient complaint rates regarding service efficiency and staff attitudes, indicating a gap between service quality and the standards expected of a "tertiary first-class" hospital [12]. Conclusion - The challenges faced by Ming Chi Hospital reflect a critical juncture for private healthcare institutions in China, necessitating a shift from merely presenting a compelling investment narrative to demonstrating actual profitability and sustainable growth [13].

Group 1 - Mingji Hospital Group successfully listed on the Hong Kong Stock Exchange, raising over HKD 620 million, marking it as a significant private hospital value sample from Nanjing [1] - Mingji Hospital is the largest private profit-oriented comprehensive hospital group in East China, operating Nanjing Mingji Hospital and Suzhou Mingji Hospital, with a total building area of approximately 400,000 square meters and 1,850 registered beds [1] - The funds raised will be used for hospital expansion, upgrading smart hospital systems, and acquisition reserves, with a focus on enhancing regional medical resource supply and smart medical service capabilities [1] Group 2 - Nanjing Mingji Hospital, operational since 2008, is recognized as Jiangsu Province's first private tertiary hospital and is the third largest private profit-oriented comprehensive hospital in China, with projected total revenue of CNY 2.659 billion in 2024 [2] - The financial sector in Nanjing has shown growth, with a financial value added of CNY 179.989 billion in the first three quarters of the year, representing a year-on-year increase of 7.7% [2] - Nanjing aims to enhance its capital market construction, focusing on optimizing resource allocation and supporting high-quality economic development, with plans to accelerate the listing process for local enterprises [2]

【文/王力 编辑/周远方】 12月22日，有着"床均收入中国第一"光环的明基医院（02581.HK）正式登陆港交所，这家四次冲击港 股才终于如愿以偿的华东最大民营营利性综合医院集团，却在上市首日就遭遇了资本市场的"当头棒 喝"。该股以招股价9.34港元开盘后一路走低，收盘跌幅近50%，创下年内港股新股上市首日最差表 现，每手500股亏损超过2300港元。 明基医院的破发并非没有征兆。在正式挂牌前的暗盘交易中，该股就曾最低跌至7.15港元，较招股价下 跌超23%。市场分析人士指出，该股在招股阶段的PE估值中位数高达29.8倍，远高于港股民营医院板块 平均16.72倍的水平，定价过高是其遭遇报复性打压的直接诱因。 而更深层的问题在于，在DRG支付改革持续推进、民营医院行业集体寒冬的大背景下，明基医院2024 年净利润同比下滑34.95%，累计231起医疗纠纷、短期借款激增超过50%的财务困境，让投资者对其长 期价值打上了一个大大的问号。这场"开门黑"不仅是明基医院自身的尴尬，一定程度上也反映了民营医 疗机构资本化路径的集体困境。 明基医院上市首日股价走势 "台商民营医院"的光环，业绩脉冲背后存生存焦虑 实则明基医 ...

Core Viewpoint - The recent collective decline of four new stocks on their debut in the Hong Kong market is attributed to multiple factors, including tightening liquidity and a mismatch between high valuations and fundamental performance [2][4]. Group 1: New Stock Performance - Four new stocks listed on December 22, 2025, experienced significant declines on their first trading day: Mingji Hospital down 49.46%, Impression Dahongpao down 35.28%, Huazai Bio down 29.32%, and Nanhua Futures down 24.17% [2][6]. - This trend of new stocks underperforming is not isolated; over half of the 17 new stocks listed in December 2025 have also seen their prices drop on the first day [4]. - In contrast, the overall performance of new stocks throughout 2025 was strong, with 76 out of 102 new listings seeing price increases, and 16 stocks achieving over 100% cumulative gains [5]. Group 2: Market Environment - The Hong Kong stock market is facing a weakening liquidity environment, with average daily trading volume dropping below 200 billion HKD and southbound capital inflows significantly decreasing [2][7]. - Southbound capital net inflow for December 2025 was only 21.91 billion RMB, a stark contrast to previous months where inflows often exceeded 100 billion RMB [8]. Group 3: Factors Behind Weakness - Internal factors contributing to the weak liquidity include new regulations for public funds that may lead to net selling of Hong Kong stocks, as many funds are overexposed compared to their benchmarks [9]. - The high demand for funds in the Hong Kong market is also influenced by a backlog of over 300 companies waiting to go public, which adds pressure to the existing liquidity [9]. Group 4: Individual Stock Fundamentals - Mingji Hospital's high valuation is under scrutiny, with a price-to-earnings (PE) ratio of approximately 29.8, compared to the average PE of 17 for private hospitals in Hong Kong. Its revenue and profit have also declined year-on-year [11][12]. - Impression Dahongpao has similarly reported a decrease in profit, with figures of 42.86 million RMB and 10.23 million RMB for 2024 and the first half of 2025, respectively [12]. Group 5: IPO Mechanism Changes - The introduction of "Mechanism B" for IPOs allows issuers to set a lower limit on the public offering portion, which can lead to smaller trading volumes and potentially reduce mispricing risks. However, it may also hinder companies with high valuations from recovering through retail investor participation [13].

Core Viewpoint - The recent performance of new stocks in the Hong Kong market has been notably poor, with four new listings experiencing significant declines on their first trading day, marking a rare occurrence of collective price drops among new stocks [1][2]. Group 1: New Stock Performance - Four new stocks listed on December 22, 2025, saw substantial declines: Ming Kee Hospital down 49.46%, Impression Da Hong Pao down 35.28%, Huazai Biotechnology down 29.32%, and Nanhua Futures down 24.17% [1][3]. - This trend of new stocks underperforming is not isolated; over half of the 17 new stocks listed in December 2025 have experienced price drops on their first day [2]. Group 2: Market Conditions - The overall liquidity environment in the Hong Kong market has tightened, with daily trading volumes falling below HKD 2 trillion, and southbound capital inflows significantly reduced [1][4]. - Southbound capital net inflows for December 2025 were only HKD 21.91 billion, a stark contrast to previous months where inflows often exceeded HKD 100 billion [5][6]. Group 3: Factors Influencing Performance - The decline in new stock performance is attributed to multiple factors, including tightening liquidity and high valuations not aligning with fundamental performance [1][7]. - Specific to Ming Kee Hospital, its price-to-earnings (PE) ratio was approximately 29.8 times, significantly higher than the average PE of 17 times for the private hospital sector in Hong Kong [8][10]. - The company's revenue for the first half of 2025 was reported at HKD 1.312 billion, a decline of 1.34% year-on-year, with net profit also decreasing by 23.18% [8]. Group 4: IPO Mechanisms - The introduction of "Mechanism B" for IPOs allows issuers to set a lower limit on the public offering portion, which can lead to smaller trading volumes and potentially lower the risk of price drops [9][10]. - However, this mechanism can also backfire for companies with high valuations and weak demand, as it lacks a mechanism to adjust allocations to retail investors [10].

2025年12月22日，港股新股市场集体遇冷，当日挂牌的四只新股印象大红袍(HK02695)、华芢生物- B(HK02396)、明基医院(HK02581)、南华期货股份(HK02691)同步破发，收盘跌幅均超20%，其中明基 医院跌49.46%，创下年内港股新股首日最差表现。 值得注意的是，今年港股IPO市场规模已达2671亿港元，有望重返全球IPO首位，随着美联储政策预期 波动、跨境资金流动变化，港股新股市场的估值重构仍在持续，投资者打新情绪趋于谨慎，对标的资产 质量的筛选将更加严格。 生物制药公司华芢生物-B和期货服务商南华期货也未能幸免。华芢生物-B收跌29.32%，报27.05港元， 作为未盈利生物药企，其未引入基石投资者的背景进一步加剧了市场波动，每手200股账面亏损880港 元；南华期货则较12港元的招股价下跌24.17%，收盘报9.10港元，一手500股亏损1450港元。 数据显示，2025年8月港股IPO定价机制改革后，8-10月新股破发率仅7.14%，但11月至今破发率已飙升 至42.10%，远超全年上半年30.23%的水平。汇生国际资本总裁黄立冲指出，一级市场定价与二级市场 风险偏好错位是 ...

文/耿朴凡 第4次闯关港交所，华东最大民营医院终于如愿上市。 12月22日，明基医院集团股份有限公司（简称"明基医院"）在香港联交所主板挂牌上市，集资总额超6亿港元，成为今年南京第5家上市企业。 然而，资本市场并未对其"华东最大民营医院"的光环报以掌声。上市首日，明基医院股价破发，暴跌近50%，创下年内港股最差"首秀"。 南京明基医院 图源官网 四次闯关终如愿 创年内港股最差"首秀" 作为华东最大民营医院，明基医院由台资企业控股，可谓含着"金汤匙"出生。 其控股股东为中国台湾的全球科技百强企业佳世达，明基医院也是佳世达医疗服务事业的唯一承担主体和品牌。背靠大股东，明基医院在南京 和苏州分别拥有一家综合医院，是华东地区最大的民营营利性综合医院集团。 新苏商注意到， 南京、苏州2家明基医院在建设之初还有地方国资的身影。比如，2003年南京明基医院建设之初，南京国资集团、 南京市中医院分别持股20%、10%；2005年苏州明基医院建设时，苏州苏高新集团也持有30%股权。在2家医院先后投入运营后，经 过一系列资本运作，2015年，南京明基医院和苏州明基医院的国资股东相继退出。 光环之下，明基医院的上市之路却十分坎坷。 ...

12月22日，明基医院正式登陆港交所，然而其上市之旅却以一场"寒潮"开场。公司发行价为每股9.34港元，但开盘即跌破发行价，随后股价持续下探，截至 午盘跌幅高达42.29%，市值缩水至16.8亿港元。作为基石投资者的禾荣科技，投入的3000万美元短短半日便浮亏超8000万人民币。这一表现不仅让投资者措 手不及，更折射出当下民营医疗行业面临的复杂挑战与市场疑虑。 | [編纂]項下的[編纂]數目 : [繼憲] | | | --- | --- | | . [編纂]數目 | 「編纂](可予重新分配) | | [編纂]數目 . | 「編纂](可予重新分配) | | . . 最高[編纂] | 每股[編纂]港元,另加1% | | | 經紀佣金、0.0027％證監會交易徵費、 | | 0.00015%會財局交易徵費及 | | | | 0.00565％聯交所交易費(須於申請 | | | 時以港元繳足,多繳款項可予退還) | | : 面值 每股股份[1.00]美元 | | | [繼續] : [編纂] | | | 聯席保薦人 ·「編纂] | | | C CICC中等公司 | citi 花旗 | | [繼臺] | | | TBC B ...