来源：弗若斯特沙利文 2025年12月10日，石药创新首次向港交所递交招股书，拟在香港主板上市，独家保荐人为中信证券。石 药创新由石药集团(1093.HK)分拆而来，已于2019年3月在A股上市，代码300765，A股简称为新诺威， 截至12月11日的A股市值达475亿人民币。 公司是专注于生物制药、功能性原料及保健食品的创新药企，2024年收入19.8亿元，净亏损3.04亿元； 2025年前7月收入12.4亿元，净亏损2.26亿元，毛利率38.3%，研发费用率接近43%。 公司专注于生物制药、功能性原料及保健食品的研发、生产与商业化。2024年，公司取得了巨石生物控 制权，将主营业务扩展至生物制药行业，标志着公司在企业发展战略转型中迈出关键一步。 自2006年成立以来，公司始终专注于高质量咖啡因的研发与生产，主要生产用作功能性饮料中的食品添 加剂的咖啡因。自2020年至2024年，按收入和出货量计，公司始终保持着全球最大化学合成咖啡因生产 商地位。公司是可口可乐公司（自2006年）、百事可乐公司（自2007年）及Red Bull GmbH（自2008 年）等行业巨头的全球咖啡因供货商。 | | 廢品 | 主 ...

Core Viewpoint - The Hong Kong stock market for the biopharmaceutical sector is experiencing a surge in IPO activity, with several companies successfully passing hearings and submitting applications, indicating a positive market sentiment and growth potential in the industry [1][5]. Market Performance - Since December, companies like Jiahe Biotech, Hansai Aitai, Mingji Hospital, and Huazhang Biotech have progressed in the IPO process, while others like Hemei Pharmaceuticals and Gaoguang Pharmaceuticals have submitted their applications [1]. - On December 10, Baoji Pharmaceuticals debuted on the Hong Kong stock market, opening 129% higher and closing at HKD 69 per share, with a total market capitalization of HKD 22.493 billion [1]. - In the first three quarters of this year, 28 companies in the domestic healthcare sector went public, a 100% increase year-on-year, with over 40% being innovative drug companies [1]. Future Outlook - The primary market for biopharmaceutical IPOs in Hong Kong is expected to remain strong, with predictions that it will continue to be the preferred listing location for Chinese biotech companies through 2026 [1]. - The Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange have emphasized the importance of maintaining quality standards in IPO applications while encouraging market participation [1]. Innovation and Competition - The evaluation criteria for innovative drug companies are becoming more comprehensive, focusing on core R&D pipeline competitiveness, product commercialization progress, and profitability [3]. - Companies like Junshi Biosciences and Gaoguang Pharmaceuticals are advancing in business development (BD) collaborations, while others like Hemei Pharmaceuticals and Shiyao Innovation are entering commercialization phases [5][7]. Market Dynamics - The global market for Tumor Infiltrating Lymphocyte (TIL) therapy is projected to grow from USD 104 million in 2024 to USD 1.692 billion by 2030, with the first TIL therapy expected to enter the Chinese market around 2027 [5]. - The number of clinical trials for oncology conducted by Chinese companies has reached 39% of the global total, reflecting the competitive landscape in the oncology sector [6]. Financial Performance - Despite advancements, companies like Hemei Pharmaceuticals and Gaoguang Pharmaceuticals are facing profitability challenges, with reported losses of CNY 73 million and CNY 190 million, respectively, for the first half of 2025 [7]. - Shiyao Innovation, focusing on biopharmaceuticals, reported a net loss of CNY 226 million in the first seven months of 2025, highlighting the financial pressures in the sector [9]. A+H Listing Strategy - The trend of A+H dual listing is becoming more common among biopharmaceutical companies, with Shiyao Innovation exemplifying this strategy [9][10]. - Companies are increasingly cautious about market conditions, as seen with Baili Tianheng delaying its H-share IPO due to concerns over market sentiment and pricing [10][11]. Investment Sentiment - Investors are shifting focus from storytelling to data-driven approaches, emphasizing pipeline focus, data differentiation, and cash flow management to enhance company valuations [11].

| [編纂]項下的[編纂]數目 | : [編纂]股H股(視乎[編纂]) | | --- | --- | | [編纂]數目 | .. [編纂]股H股(可予[編纂]) | | [編纂]數目 | 「編纂】股H股(可予[編纂]及[編纂]) :: | | 最高[編纂] | 毎股H股[編纂]港元,另加[編纂] | | | ([編纂]港元,多繳款項可予退還 | | 商值 | : 每股H股人民幣1.00元 | | [編纂] : [編纂] | | | 獨家保薦人、[編纂] | | 2025年12月10日，分拆自石药集团(01093.HK)、来自河北石家庄的A股上市公司石药创新制药股份有限公司 CSPC Innovation Pharmaceutical Co., Ltd.(原石 药集团新诺威制药股份有限公司)(以下简称"石药创新"或"新诺威")向港交所递交招股书，拟香港主板IPO上市。 新诺威(300765.SZ)，于2019年3月22日在深交所上市，截至2025年12月10日收市，总市值约479亿元人民币。 石药创新招股书链接： https://www1.hkexnews.hk/app/sehk/2025/107949/do ...

智通财经APP获悉，据港交所12月10日披露，石药创新制药股份有限公司(简称：石药创新，300765.SZ)向港交所主板递交上市申请，中信证券为其 独家保荐人。 创新疗法的重要参与者。2024年，该公司取得了巨石生物控制权，将主营业务扩展至生物制药行业，标志着该公司在企业发展战略转型中迈出关 键一步。该公司专注于差异化靶点的多技术路径创新疗法开发。目前已在抗体药物、抗体偶联药物(ADC)及mRNA疫苗领域累积了深厚技术实力。 该公司重点布局存在重大未满足临床需求且增长潜力显著的疾病领域，包括肿瘤、自身免疫性疾病和感染性疾病等。2024年下半年，该公司开始 实现两款抗体药物的商业化：1类创新药恩舒幸®(抗PD-1单抗)以及中国首个奥马珠单抗生物类似药恩益坦®。在mRNA疫苗领域，该公司的产品度 恩泰®(据弗若斯特沙利文资料，是国内首款自主研发的COVID-19mRNA疫苗)及度恩泰2®(针对XBB.1.5等主流变异株的二价COVID-19mRNA疫苗) 已于2023年在中国被纳入紧急使用。截至最后实际可行日期(2025年12月1日)，该公司拥有15个处于临床或后期开发阶段的在研药物，其中包括9款 ADC在研药物 ...