药智数据显示，在2016年至2025上半年，国内公立医疗机构创新药销售额排名中（本文所讨论的药物范畴均限定为创新药；即便相关药物专利已过期且已 有仿制药上市，销售额统计仍仅针对其原研创新药），辉瑞（晖致）的阿托伐他汀钙片累计销售额高达492.7亿元，稳居近十年中国创新药市场之首，成 为名副其实的"销量冠军"。 01 "王者逻辑" 图片来源：药智数据 从年度销售走势来看，2016年至2019年是其黄金成长期，销售额从56.12亿元稳步攀升至68.54亿元，2018年更是创下74.05亿元的年度峰值，成为TOP10榜 单中唯一单年销售额突破70亿元的产品，尽显"王者"姿态。2020年，受国家带量采购政策影响，其销售额回落至38.47亿元。但凭借强大的临床刚需支 撑，此后几年（2021-2024年）销售额稳定在43亿—44亿元区间。2025年上半年已实现23.75亿元的销售额，药智数据预测其全年销售额有望突破41亿元， 这也印证了这款产品在政策调整后的市场韧性。 阿托伐他汀钙片（辉瑞）国内公立医疗机构年度销售额 图片来源：药智数据 一款药品能够登上"十年销冠"宝座，绝非偶然，是临床需求、产品优势以及特定的市场环境共 ...

Group 1 - The core point of the article is that Borui Pharmaceutical has received a drug registration certificate for its inhaled Budesonide suspension, indicating progress in its approval process [1] Group 2 - Investors inquired about the approval status of Budesonide on an interactive platform [1] - Borui Pharmaceutical confirmed the approval and mentioned that detailed information can be found in the company's Q3 2025 report [1]

Core Viewpoint - Qilu Pharmaceutical has submitted a listing application for the generic drug Budesonide enteric-coated capsules, which has been accepted by the CDE, marking a significant step in the competitive landscape for this medication in China [1][12]. Company Summary - Qilu Pharmaceutical is actively pursuing the development of Budesonide enteric-coated capsules, which is the first generic version of this drug in the domestic market [1][7]. - The company has over 35 products currently under review, with more than 20 of these submitted this year, indicating a robust pipeline and commitment to expanding its product offerings [10][12]. - If approved, Budesonide enteric-coated capsules will be the first generic version in China, potentially positioning Qilu as a leader in this therapeutic area [12]. Industry Summary - Budesonide is a glucocorticoid with anti-inflammatory properties, and its inhalation formulations have seen significant sales, with over 5.3 billion yuan in sales expected in 2024, reflecting a year-on-year growth of 31.94% [4][6]. - The market for Budesonide enteric-coated capsules is anticipated to grow, especially with the recent approval of this formulation for IgA nephropathy, making it the only drug approved for this indication in China [4][12]. - Currently, only the original drug is available in the market, creating a competitive environment as multiple companies, including Qilu, Hainan Huirui Pharmaceutical, and Shijiazhuang Yiling Pharmaceutical, have submitted applications for the same generic product [7][10].

Core Viewpoint - 九州通's total brand promotion business (CSO) achieved a sales revenue of 14.728 billion yuan in the first three quarters of 2025, demonstrating steady growth [1] Group 1: Pharmaceutical CSO Business - The pharmaceutical CSO business generated a sales revenue of 8.740 billion yuan, reflecting a year-on-year growth of 15.26%, primarily driven by the strong performance of core products such as 可威 and 弥可保 [1] - The company has introduced 81 new product specifications during the period, including 9 high-value products, and has secured the distribution rights for 8 specifications of 卡泊三醇 in retail channels through collaboration with 利奥中国 [1] - 九州通's platforms, including 全擎健康, currently represent 783 product specifications, with 32 products achieving annual sales exceeding 100 million yuan, covering chronic diseases and anti-infection areas [1] Group 2: Medical Device CSO Business - The medical device CSO business recorded a sales revenue of 5.987 billion yuan, facing challenges due to the impact of medical consumables procurement policies on certain products like ultrasound knives and staplers [1] - The company represents 1,386 product specifications from 11 major manufacturers, including brands like 强生, 罗氏, and 雅培, across 15 product lines [1] - New product introductions, such as 登士柏 (dental) and 加奇, have shown rapid growth, with sales revenue exceeding 180 million yuan in the first three quarters [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.30 CNY, based on a 14x PE ratio for 2025 [3][5]. Core Insights - The company has shown a steady growth in its pharmaceutical distribution business, achieving a revenue of 119.3 billion CNY in the first three quarters of 2025, representing a year-on-year increase of 5.2%. The net profit attributable to the parent company reached 1.98 billion CNY, up 16.5% year-on-year [9]. - New business segments, particularly digital logistics, are expected to continue their rapid growth, with revenue from digital logistics and supply chain solutions increasing by 25.0% year-on-year [9]. - The company is actively introducing new products, with 81 new agency drugs added in the first three quarters of 2025, contributing to a strong profit growth momentum in the CSO business [9]. Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 150.14 billion CNY - 2024: 151.81 billion CNY - 2025: 162.73 billion CNY (7.2% growth) - 2026: 174.35 billion CNY (7.1% growth) - 2027: 186.71 billion CNY (7.1% growth) [4][10] - The net profit attributable to the parent company is projected to be: - 2023: 2.17 billion CNY - 2024: 2.51 billion CNY - 2025: 2.27 billion CNY (9.4% decline) - 2026: 2.38 billion CNY (4.6% growth) - 2027: 2.69 billion CNY (13.1% growth) [4][10]. - The earnings per share (EPS) forecast is: - 2023: 0.43 CNY - 2024: 0.50 CNY - 2025: 0.45 CNY - 2026: 0.47 CNY - 2027: 0.53 CNY [4][10].

（於中華人民共和國註冊成立的股份有限公司） 香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 的申請版本 BRIGHTGENE BIO-MEDICAL TECHNOLOGY CO., LTD. 博 瑞 生 物 醫 藥（ 蘇 州 ）股 份 有 限 公 司 （「本公司」） 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而 刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長註冊前，不 會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據 與香港公司註冊處處長註冊的本公司招股章程作出投資決定。招股章程的文本將 ...

Market Overview - On October 8, the Hong Kong stock market initially fell by 440 points before stabilizing, closing down 128 points at 26,829 points[1] - The Hang Seng Tech Index decreased by 36 points, ending at 6,514 points[1] - Total market turnover was HKD 173.8 billion, higher than before the holiday[1] Sector Performance - The nuclear power sector showed strong performance, with stocks like China National Nuclear (2302 HK) and Harbin Electric (1133 HK) rising between 4% and 22%[1] - Gold and heavy metal sectors continued their upward trend, while Alibaba (9988 HK) and Baidu (9888 HK) saw weaker stock prices[1] U.S. Market Insights - The Dow Jones opened high but closed down 1 point after fluctuating, while the Nasdaq rose by 1.12% to a record high of 23,043 points[2] - The S&P 500 increased by 0.6%, closing at 6,753 points[2] - Gold prices surpassed USD 4,000, and AMD (AMD US) shares surged by 11.4%[2] Macroeconomic Data - As of the end of September, China's foreign exchange reserves were approximately USD 3.34 trillion, up by USD 16.5 billion (0.5%) from August[3] - The number of cross-regional travelers during the recent holiday reached 2.432 billion, a record high, with a daily average of 304 million, marking a 6.2% year-on-year increase[3] Industry Developments - Geely Auto (175 HK) announced a share buyback plan of up to HKD 2.3 billion, reflecting management confidence despite potential declines in domestic demand post-subsidy[4] - The Hang Seng Healthcare Index rose by 1.2%, with Longwind Pharmaceutical (2652 HK) seeing significant gains on its first trading day[4] - Notable partnerships in the pharmaceutical sector, including a deal worth over USD 1 billion for innovative drug rights, highlight ongoing growth in the industry[4]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index dropping 0.48% to close at 26,829.46 points, while the total trading volume reached 173.8 billion HKD [1] - The market is expected to enter a "low season" due to the impact of the National Day and Mid-Autumn Festival holidays, compounded by uncertainties surrounding the U.S. government's short-term financing plan [1] Blue-Chip Stocks Performance - Geely Automobile (00175) saw a notable increase of 3.36%, closing at 19.67 HKD, contributing 6.07 points to the Hang Seng Index. The company announced a share buyback plan worth up to 2.3 billion HKD, indicating management's belief that the stock is undervalued [2] - Other blue-chip stocks included Hengan International (01044) up 3.46%, NetEase-S (09999) up 2.92%, while Semiconductor Manufacturing International Corporation (00981) and CNOOC (00883) saw declines of 1.7% and 1.39%, respectively [2] Sector Performance Gold Stocks - Gold stocks performed strongly, with several companies reaching new highs. Chifeng Jilong Gold Mining (06693) rose 13.26%, China Silver Group (00815) increased by 12.5%, and Shandong Gold (01787) was up 7.61% [3] - Spot gold prices surpassed 4,000 USD per ounce, marking a year-to-date increase of nearly 1,400 USD per ounce, or over 52% [3] Cryptocurrency Stocks - Cryptocurrency-related stocks faced declines, with Boyaa Interactive (00434) down 8.48% and Okcoin Chain (01499) down 7.69%. The drop in Bitcoin futures contributed to the negative sentiment in this sector [4] Cloud Computing Stocks - Cloud computing stocks were negatively impacted by disappointing profit margins reported by Oracle's cloud business, with Mingyuan Cloud (00909) down 4.92% and Alibaba-W (09988) down 1.61% [4][5] Notable Stock Movements - Changfeng Pharmaceutical (02652) debuted with a significant increase of 161.02%, closing at 38.5 HKD, following a successful IPO [7] - Xinjiang Xin Mining (03833) continued its upward trend, closing up 16.88% at 3.6 HKD, driven by plans to issue A-shares [7] Industry Developments - The U.S. government is actively working to rebuild its rare earth industry, with discussions to invest in Critical Metals, which could provide direct ownership of Greenland's largest rare earth project [8] - Jiangxi Copper (00358) reached a new high, closing up 6.02% at 35.2 HKD, amid expectations of a copper supply shortage due to the Grasberg mine's shutdown [9]

Core Viewpoint - Changfeng Pharmaceutical Co., Ltd. officially listed on the Hong Kong Stock Exchange on October 8, raising approximately HKD 525 million through the issuance of 41.198 million H-shares at a price of HKD 14.75 per share [1] Group 1: Company Overview - Founded in 2007, Changfeng Pharmaceutical specializes in the research, production, and sales of high-end inhalation formulations for respiratory diseases, with a registered capital of CNY 371 million and around 600 employees [1] - The company focuses on developing treatments for significant clinical needs, including rhinitis, asthma, chronic obstructive pulmonary disease, pulmonary fibrosis, and pulmonary hypertension [1] - Changfeng has been recognized as a "potential unicorn" enterprise in Jiangsu Province and has a pipeline of over 30 products in research, with more than 10 in clinical stages [1] Group 2: Product Highlights - The launch of the combination spray of Nitrosustine and Fluticasone fills a clinical gap for moderate to severe allergic rhinitis in China [2] - The inhalation suspension of Budesonide has broken the monopoly of international pharmaceutical giants in the domestic market, serving over 50 million patients and covering more than 10,000 medical institutions in China, saving the healthcare system billions [2] Group 3: Capital and Service Support - The listing of Changfeng Pharmaceutical is seen as a successful practice of cross-regional industrial collaboration in the Su-Xiang Cooperation Zone, which integrates advantages from Suzhou Industrial Park and Xiangcheng District [2][3] - The company received early-stage investment from the Suzhou Industrial Park Venture Capital Co., Ltd. in 2013, facilitating its relocation to the cooperation zone and promoting simultaneous capital and industrial development [2] - The cooperation zone has implemented tailored industrial policies and provided comprehensive support for Changfeng, aiding its transition from establishment to listing [3]

Core Viewpoint - The article discusses the IPO of Changfeng Pharmaceutical, highlighting its focus on inhalation technology and its product portfolio aimed at treating respiratory diseases. The company has received multiple product approvals from regulatory authorities, indicating a strong market position and growth potential [3][10]. Company Overview - Changfeng Pharmaceutical was established in 2013 and specializes in the research, development, production, and commercialization of inhalation drugs, particularly for respiratory diseases [3]. - The company's core product is an inhalation suspension of Budesonide for treating bronchial asthma, which accounts for over 90% of its revenue [6]. Financial Performance - Revenue projections for the company are as follows: CNY 349 million in 2022, CNY 556 million in 2023, and CNY 608 million in 2024, reflecting a compound annual growth rate (CAGR) of 31.9% [6]. - The company turned a profit in 2023 with a net profit of CNY 31.73 million, but is expected to see a decline in net profit to CNY 21.09 million in 2024, a year-on-year decrease of 33.5% due to increased sales expenses [6][7]. IPO Details - The IPO subscription period for Changfeng Pharmaceutical is from September 26 to October 2, with a global offering of 41.198 million shares at a price of HKD 14.75 per share [10]. - The offering includes 4.12 million shares available in Hong Kong, with a high demand indicated by nearly 500 times subscription, suggesting strong investor interest [10].