轩竹生物股价再创新高。 经历近四年的深度调整后，创新药在2025年迎来强势反弹，截至12月11日，港股创新药指数年内累计涨 幅超80%，作为其中一员，刚上市的轩竹生物走出更强势的行情。截至12月11日收盘，其股价较发行价 累计涨幅已达7倍，这背后正是资金对其硬核创新实力的坚定投票。 轩竹生物的逆势走强，固然是核心产品临床价值落地的体现，但更深层的驱动力在于其高效的研发转化 体系。 研发效率作为创新药企业的核心竞争力，直接决定了管线推进的速度与质量。这一点，在轩竹生物"三 年三款创新药"的跨越中得到了最直接的印证。 自2023年首款核心产品面市，到2025年两款肿瘤新药接连获批，短短三年间，公司便在"消化+肿瘤"领 域实现三款创新药的商业化跨越。 支撑这份高效的核心，在于公司对疾病领域"临床需求空白"的精准把控。无论是在解决PPI药物的基因 适配与肾损伤问题，还是填补癌症治疗的疗效短板上，轩竹生物每款产品都直击市场核心痛点，以"解 决真问题"的研发逻辑构建竞争力。 以安奈拉唑钠为例，在当前PPI药物市场中，中国人群的基因适配性与肾脏安全性是长期存在的两大临 床痛点。而安奈拉唑钠通过精准的分子设计，具有差异化的代 ...

智通财经APP在《两款肿瘤产品年内密集获批 从产品力视角看轩竹生物(02575)创新价值》中指出，医 药行业价值回归产品力的背景下，轩竹生物2025年两款肿瘤新药获批，完成创新价值关键兑现。吡洛西 利以"差异化适应症"布局乳腺癌赛道，地罗阿克凭高颅内穿透性与超91%IC-ORR填补脑转移治疗空 白，二者与安奈拉唑钠构成"三驾马车"商业化格局，为公司长期增长奠定核心基础。 本文源自：智通财经网 消息面上，轩竹生物近日宣布，创新药轩悦宁首次纳入国家基本医保药品目录。本次医保谈判结果有助 于公司进一步提高轩悦宁在患者中的可负担性和可及性，有利于进一步推动该药物的市场推广、提升销 售规模，对公司的长期经营发展具有积极影响。 智通财经获悉，轩竹生物-B(02575)涨超20%，高见93.05港元，再创上市新高。截至发稿，涨19.51%， 报92.5港元，成交额1877.59万港元。 ...

智通财经APP在《两款肿瘤产品年内密集获批从产品力视角看轩竹生物(02575)创新价值》中指出，医药 行业价值回归产品力的背景下，轩竹生物2025年两款肿瘤新药获批，完成创新价值关键兑现。吡洛西利 以"差异化适应症"布局乳腺癌赛道，地罗阿克凭高颅内穿透性与超91%IC-ORR填补脑转移治疗空白， 二者与安奈拉唑钠构成"三驾马车"商业化格局，为公司长期增长奠定核心基础。 轩竹生物-B(02575)涨超20%，高见93.05港元，再创上市新高。截至发稿，涨19.51%，报92.5港元，成 交额1877.59万港元。 消息面上，轩竹生物近日宣布，创新药轩悦宁首次纳入国家基本医保药品目录。本次医保谈判结果有助 于公司进一步提高轩悦宁在患者中的可负担性和可及性，有利于进一步推动该药物的市场推广、提升销 售规模，对公司的长期经营发展具有积极影响。 ...

智通财经APP在《两款肿瘤产品年内密集获批 从产品力视角看轩竹生物(02575)创新价值》中指出，医 药行业价值回归产品力的背景下，轩竹生物2025年两款肿瘤新药获批，完成创新价值关键兑现。吡洛西 利以"差异化适应症"布局乳腺癌赛道，地罗阿克凭高颅内穿透性与超91%IC-ORR填补脑转移治疗空 白，二者与安奈拉唑钠构成"三驾马车"商业化格局，为公司长期增长奠定核心基础。 消息面上，轩竹生物近日宣布，创新药轩悦宁首次纳入国家基本医保药品目录。本次医保谈判结果有助 于公司进一步提高轩悦宁在患者中的可负担性和可及性，有利于进一步推动该药物的市场推广、提升销 售规模，对公司的长期经营发展具有积极影响。 智通财经APP获悉，轩竹生物-B(02575)涨超20%，高见93.05港元，再创上市新高。截至发稿，涨 19.51%，报92.5港元，成交额1877.59万港元。 ...

在此背景下，轩竹生物(02575)在2025年迎来其肿瘤管线的集中兑现期——其自主研发的CDK4/6抑制剂 吡洛西利与ALK抑制剂地罗阿克在年内相继获批上市，与早前上市的消化产品安奈拉唑钠，共同构成 了驱动公司商业化的"三驾马车"。 市场表现方面，公司上市至今股价持续攀升，这一走势背后反映出市场对公司产品前景的认可，以及对 公司后续发展的信心。那么，支撑起这份市场信心的产品力，实际究竟几何？ 从后线到前线，CDK4/6抑制剂吡咯西利全场景适应症布局成型 智通财经APP获悉，今年刚结束的2025年欧洲肿瘤内科学会(ESMO)年会上，轩竹生物通过壁报的形式 披露其自主研发的CDK4/6抑制剂吡洛西利III期(BRIGHT-3)研究数据。 直观的从数据上来看，这项覆盖中国58家中心、397例患者的随机双盲试验，已清晰展现吡洛西利联合 来曲唑或阿那曲唑方案在HR+/HER2-晚期乳腺癌一线治疗中的临床应用潜力。 全球生物科技领域在资本理性与创新激情的交织中持续演进，中国医药行业正经历一场深刻的价值重 估。从依赖"故事叙事"到聚焦"产品力验证"，从同质化内卷到追求源头创新与全球化价值，行业的竞争 逻辑发生根本性转变。 ...

全球生物科技领域在资本理性与创新激情的交织中持续演进，中国医药行业正经历一场深刻的价值重 估。从依赖"故事叙事"到聚焦"产品力验证"，从同质化内卷到追求源头创新与全球化价值，行业的竞争 逻辑发生根本性转变。 在此背景下，轩竹生物(02575)在2025年迎来其肿瘤管线的集中兑现期——其自主研发的CDK4/6抑制剂 吡洛西利与ALK抑制剂地罗阿克在年内相继获批上市，与早前上市的消化产品安奈拉唑钠，共同构成 了驱动公司商业化的"三驾马车"。 这种立体化策略精准匹配临床需求。对新确诊的晚期患者，一线联用可实现长期疾病控制。而对治疗失 败的难治患者，单药方案能提供有效挽救手段。站在商业视角，吡洛西利适应症的全面性将显著扩大患 者覆盖基数，为后续市场渗透奠定关键基础。 从后线到前线，CDK4/6抑制剂吡咯西利全场景适应症布局成型 今年刚结束的2025年欧洲肿瘤内科学会(ESMO)年会上，轩竹生物通过壁报的形式披露其自主研发的 CDK4/6抑制剂吡洛西利III期(BRIGHT-3)研究数据。 直观的从数据上来看，这项覆盖中国58家中心、397例患者的随机双盲试验，已清晰展现吡洛西利联合 来曲唑或阿那曲唑方案在HR+/HE ...

"创新药研发注定是场漫长征程，一款新药从临床前研究到获批上市，往往'十年磨一剑'，投入数以亿 计。保障企业生存与研发的资金链，始终是头等大事。"郑少君直言，为了满足研发资金需求，他们经 历过多次融资，每一次都要跑几十家甚至上百家投资机构进行路演。 在创新药这个高投入、高风险、长周期的领域，资金就是企业的生命线。随着在研药物超过20种，同时 构建起小分子化药和大分子生物药两大研发体系，形成涵盖小分子化药、单克隆抗体、双特异性抗体、 抗体偶联药物等多种类型的产品管线，轩竹生物的研发投入持续攀升，资金压力与日俱增。 转机发生在落户石家庄之后。2023年9月，当公司的抗肿瘤产品研发进入关键阶段，石家庄市1000万元 生物医药研发奖励及时到位，为企业创新注入"强心剂"。 这几年，轩竹生物创新成果不断涌现，安奈拉唑钠、吡洛西利、地罗阿克三款创新药接连获批上市，在 创新药研发道路上稳步前行。 （来源：河北新闻网） 转自：河北新闻网 河北新闻网讯（河北日报记者张晓超）10月15日，位于石家庄高新区的轩竹生物科技股份有限公司（以 下简称"轩竹生物"）迎来高光时刻——成功在香港联合交易所主板挂牌上市，成为石家庄市今年新增的 第一 ...

Core Viewpoint - In the first half of 2025, Sihuan Pharmaceutical turned a profit of 103 million yuan after three consecutive years of losses, with the medical beauty business contributing over 300 million yuan, becoming the largest profit source [1][4]. Group 1: Company Transformation and Financial Performance - Sihuan Pharmaceutical, established in 2001, was once a leader in the cardiovascular drug market but faced significant challenges from 2015 to 2024, resulting in a nearly 90% drop in market value [3]. - The company announced a strategic shift in 2020, moving from a focus on generic drugs to medical beauty and innovative drugs [3][4]. - By the first half of 2025, the medical beauty segment generated 585 million yuan in revenue, surpassing the revenue from generic drugs for the first time [6][7]. Group 2: Medical Beauty Business - The medical beauty business is now the flagship segment for Sihuan Pharmaceutical, with expectations of reaching 1 to 1.2 billion yuan in revenue for the year [6][7]. - The company has expanded its product offerings through acquisitions and partnerships, covering various categories in the medical beauty sector, with over 30 approved products [7][8]. - Sihuan's reliance on botulinum toxin remains significant, contributing approximately 80% of its medical beauty revenue, but this is expected to decrease as new products are launched [8]. Group 3: Innovative Drug Development - Sihuan Pharmaceutical has been involved in innovative drug development since 2008, but its contribution to overall revenue remains low, accounting for less than 5% in the first half of 2025 [11][12]. - The company has three commercialized innovative drugs, with only one, Annelazole, generating revenue [11][12]. - The competitive landscape for innovative drugs is intense, with multiple companies vying for market share in similar therapeutic areas [13][14].

Core Viewpoint - XuanZhu Bio (02575.HK) experienced a slight decline in stock price after its recent IPO, closing at 59.5 HKD per share, with a market capitalization of 30.8 billion HKD, despite a significant increase of approximately 417% from its initial offering price during its first six trading days [1][4]. Company Overview - Founded in 2018 and headquartered in Shijiazhuang, Hebei, XuanZhu Bio is an innovative pharmaceutical company focusing on major diseases such as digestive disorders, cancer, and non-alcoholic fatty liver disease [4]. - The company has developed a diverse product pipeline that includes small molecule drugs, large molecule biologics, and antibody-drug conjugates (ADCs), with three commercialized products and over ten projects in development [4]. IPO and Stock Performance - XuanZhu Bio officially listed on the Hong Kong Stock Exchange on October 15, 2023, with its stock price surging by 153.97% on the first day to close at 29.46 HKD per share [4]. - The stock price peaked at over 61 HKD per share on October 22, 2023, reflecting a market capitalization nearing 32 billion HKD [1][4]. Key Products and Clinical Data - The company's stock performance is linked to promising clinical data for its drug Pyrotinib, which was presented at the 2025 European Society for Medical Oncology (ESMO) conference, showing efficacy and safety in treating HR+/HER2- advanced breast cancer [5]. - Pyrotinib is a novel CDK2/4/6 inhibitor approved in May 2023 for specific breast cancer indications, while another core product, KBP-3571, is the first domestically developed proton pump inhibitor (PPI) targeting digestive diseases [6][7]. Financial Performance - Despite the stock price increase, XuanZhu Bio has not yet achieved profitability, reporting revenues of 40.92 million CNY, 37.74 million CNY, and 21.97 million CNY for 2023, 2024, and 2025 respectively, with net losses of 301 million CNY, 556 million CNY, and 111 million CNY during the same periods [8]. - The company attributes the increased losses to reduced revenue and rising research and development expenses [8]. Competitive Landscape - XuanZhu Bio faces significant competition for its core products, with KBP-3571 competing against seven similar products, five of which are generic drugs included in centralized procurement [8][9]. - Pyrotinib and XZP-3621 also encounter fierce competition, with multiple approved alternatives in the market and several others in the approval pipeline [9].

Core Viewpoint - Xuan Zhu Biotech-B (02575) has seen a significant stock price increase, rising over 190% from its IPO price of 11.6 HKD, reaching a new high of 33.96 HKD, indicating strong market interest and confidence in the company's growth potential [1] Company Overview - Xuan Zhu Biotech is a Chinese biopharmaceutical company backed by the Hong Kong-listed company Sihuan Pharmaceutical, with dual research and development systems for small molecule drugs and large molecule biologics [1] - The company has successfully developed four candidate drugs and is actively developing over ten drug assets targeting diseases such as digestive system disorders, tumors, and non-alcoholic fatty liver disease (NASH) [1] Product Pipeline - Currently, Xuan Zhu Biotech has three commercialized products: Annelazole sodium for duodenal ulcers, Pyrotinib for breast cancer, and Dirocitinib for non-small cell lung cancer, with approvals expected in 2023 and 2025 [1] Industry Outlook - Huafu Securities believes that the Chinese innovative drug sector is undergoing a transformation, with a positive outlook for the next 5-10 years driven by overseas business development, continuous data catalysts, and the ramp-up of new product sales [1]