顶着先声药业的光环，先声再明医药股份有限公司(以下简称"先声再明")叩响了资本市场的大门。近 日，先声再明正式向港交所递交招股书，作为先声药业旗下抗肿瘤创新药企，先声再明目前已有5款商 业化产品，凭借产品销售，2023—2025年前9个月，该公司虽分别实现营收15.22亿元、12.96亿元和 12.38亿元，但累计净亏损却高达11亿元。亏损主要源于持续的巨额投入，同期，先声再明研发成本合 计超20亿元，销售及分销开支累计近18亿元，其中2024年两者占营收比例分别达54.61%与48.5%，严重 侵蚀利润空间。 研发端，先声再明同样重金加码。作为创新药企，该公司在肿瘤创新药物研发上持续投入，同期研发成 本分别为8.31亿元、7.08亿元及5.12亿元。2023年、2024年研发费用占营收比重均超50%，2025年前9个 月虽降至41.34%，但仍处于行业高位，巨额的研发与销售开支叠加，直接吞噬了先声再明的利润空 间。 就业绩情况、收支结构等问题，北京商报记者向先声再明发送采访函，截至发稿，未获得回复。 | | 截至12月31日止年度 | | 截至9月30日止九個月 | | | --- | --- | --- ...

Summary of Xiansheng Pharmaceutical Conference Call Company Overview - **Company**: Xiansheng Pharmaceutical - **Industry**: Pharmaceutical, focusing on oncology and neurology Key Points Oncology Pipeline Highlights - **Core Products**: - Enze Shou (苏维西西达单抗) has been approved and included in the medical insurance directory, showing clear overall survival (OS) benefits for platinum-resistant ovarian cancer [6] - Kexaila (曲拉西利) is a CDK46 inhibitor, conditionally approved in 2022, expected to enter the medical insurance directory by the end of 2024 [6] - Enlituz (EGFR monoclonal antibody) is also expected to enter the medical insurance directory by the end of 2024 [6] New Product Launches - **Dali Le Sheng**: A new insomnia drug with significant market potential, expected to enhance performance rapidly. It reaches plasma peak in 1-2 hours and has an 8-hour half-life, aligning with human sleep cycles [2][3][7] - **Future Innovations**: Multiple innovative drugs are expected to launch in the coming years, including: - Madunosawe (抗流感), anticipated approval in 2026 [11] - New RSV infection drug, currently in slower clinical progress [11] Research and Development Investments - **R&D Spending**: In the first half of 2025, R&D investment reached 1.03 billion yuan, accounting for approximately 29% of revenue [4] - **Funding**: Raised 1.5 billion HKD through share placement, with 90% allocated for R&D [4] - **BD Collaborations**: Significant partnerships with companies like AbbVie, indicating international recognition of innovation capabilities [5] Market Potential and Competitive Landscape - **Insomnia Market**: The insomnia prevalence in China is 29.2%, with Dali Le Sheng addressing unmet needs in sleep onset and maintenance without next-day drowsiness [7][10] - **Safety Profile**: Dali Le Sheng is classified as a non-controlled substance, indicating a high safety profile and no addiction potential, allowing for broader market access [10] Financial Projections - **Short-term Growth**: Existing products entering the medical insurance directory and new launches like Dali Le Sheng are expected to drive revenue and profit growth [8][14] - **Long-term Outlook**: Continuous R&D investment and a robust pipeline suggest sustained growth momentum, with a target price of 20.16 HKD and a total market value of 48 billion RMB, indicating over 60% upside potential from current prices [4][8] Risks and Challenges - **Market Risks**: Potential risks in the autoimmune sector, particularly with the consistency evaluation of existing products, but new products like Jack One inhibitors are expected to mitigate these risks [15][16] Summary of Current Pipeline Performance - **Core Products**: The existing pipeline is performing well, with significant market share for key products like Xianbixin injection [15] - **Growth Opportunities**: New indications for existing drugs, such as Shisuan Jianjia for post-stroke cognitive impairment, are being explored for additional growth [16]

智通财经APP获悉，国金证券发布研报称，先声药业(02096)短期管线放量与长期创新迭代形成共振，成 长确定性强，预测2025/2026/2027年实现营业收入76.3亿/91.0亿/110.4亿元，同比 +15.0%/+19.3%/+21.4%，归母净利润11.5亿/13.8亿/16.6亿元，同比+57.3%/+19.4%/+20.5%，对应EPS为 0.44/0.53/0.64元(已考虑2025年9月配股1.12亿股)。根据DCF估值，对应合理目标价为20.16港币，首次覆 盖，给予"买入"评级。 长期来看，自研管线聚焦差异化，多款产品已实现BD，创新能力持续验证，技术平台和管线有望持续 BD出海 创新转型成效显著，创新药收入占比持续提升至77% 公司聚焦神经、肿瘤、自免及抗感染四大核心治疗领域，深耕市场三十年。凭借自研+BD双轮驱动，商 业化创新药已增至10款，创新药收入占比从2020年的45%提升至2025H1的77%，收入结构持续优化，创 新转型成果显著。 短期来看，核心管线进入密集收获期，医保准入加速业绩兑现;重磅失眠药兼具消费属性，市场潜力巨 大 短期来看，核心管线密集收获，医保加速放量：①肿瘤 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 国金证券主要观点如下： 创新转型成效显著，创新药收入占比持续提升至77% 公司聚焦神经、肿瘤、自免及抗感染四大核心治疗领域，深耕市场三十年。凭借自研+BD双轮驱动，商 业化创新药已增至10款，创新药收入占比从2020年的45%提升至2025H1的77%，收入结构持续优化，已 完成从仿制药龙头向创新药企的战略转型，创新转型成果显著。 短期来看，核心管线进入密集收获期，医保准入加速业绩兑现；重磅失眠药兼具消费属性，市场潜力巨 大 短期来看，核心管线密集收获，医保加速放量：①肿瘤领域科赛拉、恩立妥2024年底纳入医保，恩泽舒 2025年底纳入医保目录，三款产品凭借差异化机制与指南推荐，有望快速抢占市场。②神经领域：重磅 失眠药达利雷生作为非二类管控品种，起效快、无成瘾性，竞品稀缺，兼具消费属性，峰值有望超40亿 元；先必新舌下片与注射液形成序贯疗法，拓展卒中后认知障碍适应症有望带来新增量。此外，玛氘诺 沙韦、乐德奇拜单抗等六款产品即将获批，协同现有渠道加速放量。核心产品密集进入收获期，短期营 收和扣非净利润有望保持稳中有进。 长期来看，早研管线聚焦差异化，多 ...

Core Insights - Nanjing Biomedicine Valley has introduced over 50 innovative products and technologies that are first in the world or country, highlighting its role as a key player in the biomedicine industry [1] - The region is focusing on precision medicine and niche areas such as brain science and gene therapy, aiming to establish a comprehensive innovation ecosystem [2][3] - Two new class 1 drugs have been approved this year, marking a significant achievement for the Nanjing Biomedicine Valley [3][4] Industry Overview - The global biomedicine industry is accelerating towards precision diagnosis and treatment, with Nanjing Biomedicine Valley positioning itself in niche markets [2] - The region has established a full industrial chain in gene and cell therapy, including gene testing, diagnostics, and CAR-T cell therapy [3] - The Nanjing Biomedicine Valley has attracted over 1,300 companies, with 7 companies successfully listed and 6 class 1 drugs approved [5] Innovation and Development - The Nanjing Biomedicine Valley is enhancing its innovation capabilities by collaborating with universities and establishing technology transfer centers [6] - A total of 84 billion yuan fund support plan has been launched to facilitate the transformation of scientific achievements from universities [6] - The region is focusing on building a robust innovation ecosystem that integrates innovation chains, industry chains, capital chains, and talent chains [7] Recent Achievements - The approval of two class 1 drugs, Enze Shou and Ji Ke Shu, represents a milestone for the biomedicine valley, with the former being the first targeted drug for platinum-resistant ovarian cancer in China [3][4] - The establishment of the Jiangsu Brain Intelligence Technology Innovation Center aims to make breakthroughs in brain science over the next five years [2] - The Nanjing Biomedicine Valley has successfully facilitated the listing of companies and the approval of innovative drugs, showcasing its supportive environment for biomedicine enterprises [5][6]

Core Viewpoint - The article discusses the dramatic rise and subsequent fall of the stock price of Yaojie Ankang, a biotechnology company, highlighting the volatility and speculative nature of the biotech market in Hong Kong [2][3][4]. Stock Performance - Yaojie Ankang's stock price surged from 70.7 HKD on September 10 to a peak of 679.5 HKD on September 16, resulting in a market capitalization of nearly 270 billion HKD [2][3]. - Following this peak, the stock experienced a sharp decline, dropping 75% to a low of 165 HKD, and closing at 192 HKD, representing a 53.73% decrease on the same day [3][4]. Market Context - The company, which has not generated any revenue since its inception, achieved a market valuation that surpassed established players like Kangfang Biotech and Innovent Biologics [2][4]. - The surge in stock price was attributed to its inclusion in the Hang Seng Index and the announcement of clinical trial approvals for its lead product, Tiengotein [5][6]. Product Pipeline and Clinical Trials - Tiengotein, a multi-target kinase inhibitor, is in Phase II clinical trials for treating HR+/HER2- breast cancer, a significant market segment [5][6]. - The drug has shown promise in previous trials for other cancers, with an objective response rate exceeding 40% in resistant patients [6][7]. Financial Health - Yaojie Ankang reported a net loss of 123 million CNY in the first half of 2025, with R&D expenses of 98.43 million CNY, indicating a need for continued funding to support its clinical trials [7][13]. - The company has raised over 1.7 billion CNY through nine rounds of financing since its establishment, with significant backing from local investors [13][14]. Founder's Background - The founder, Wu Yongqian, has extensive experience in drug development and has focused on multi-target inhibitors to address drug resistance in cancer treatment [9][10][11]. - Wu's strategic pivot towards oncology and inflammation has positioned Yaojie Ankang to capitalize on emerging trends in the biotech sector [11][12]. Industry Trends - The article notes a growing trend of innovation in the Nanjing region, with several biotech companies, including Yaojie Ankang, successfully entering the capital markets [16][17]. - The supportive regulatory environment and increasing investment in innovative drugs are expected to drive further growth in the sector [16][17].

Core Viewpoint - Xiansheng Pharmaceutical (02096) reported strong interim results for the six months ending June 30, 2025, with significant revenue growth driven by its innovative drug business Financial Performance - The company achieved a revenue of 3.585 billion RMB, representing a year-on-year increase of 15.1% [1] - Net profit attributable to shareholders reached 604 million RMB, up 32.2% year-on-year [2] - Adjusted net profit attributable to the parent company was 651 million RMB, reflecting a growth of 21.1% [2] Business Segmentation - The innovative drug business contributed 2.776 billion RMB, accounting for 77.4% of total revenue, with a year-on-year increase of 26% [1] - Neuroscience revenue was 1.249 billion RMB, showing a robust growth of 37.3% year-on-year [1] - Oncology revenue reached 874 million RMB, marking a significant increase of 41.1% year-on-year [1] - Autoimmunity revenue remained stable at 878 million RMB, with a growth of 3.3% year-on-year [1] Research and Development - The company increased its R&D investment to 1.028 billion RMB, a substantial rise of 68% year-on-year, representing 28.7% of total revenue [2]

Core Viewpoint - The company reported strong interim results for the six months ending June 30, 2025, with significant growth in revenue and net profit, driven primarily by its innovative drug business [1][2] Financial Performance - The company achieved revenue of 35.85 billion RMB, representing a year-on-year increase of 15.1% [1] - Net profit attributable to shareholders reached 6.04 billion RMB, up 32.2% year-on-year [2] - Adjusted net profit was 6.51 billion RMB, reflecting a growth of 21.1% [2] Business Segments - The innovative drug business contributed 27.76 billion RMB, accounting for 77.4% of total revenue, with a year-on-year increase of 26% [1] - Neuroscience revenue was 12.49 billion RMB, showing a significant increase of 37.3% [1] - Oncology revenue reached 8.74 billion RMB, marking a substantial growth of 41.1% [1] - Autoimmunity revenue remained stable at 8.78 billion RMB, with a year-on-year growth of 3.3% [1] Research and Development - The company increased its R&D investment to 10.28 billion RMB, a year-on-year increase of 68%, which now represents 28.7% of total revenue, up from 19.7% in the same period last year [2]

Group 1 - The company reported a revenue of RMB 3.585 billion for the six months ending June 30, 2025, representing a year-on-year increase of 15.14% [1] - Net profit reached RMB 604 million, showing a year-on-year growth of 32.2% [1] - Basic earnings per share were RMB 0.25, with adjusted profit attributable to equity shareholders amounting to RMB 651 million, a 21.1% increase compared to RMB 538 million in the same period last year [1] Group 2 - The company's portfolio of commercialized innovative drugs has expanded to ten products, including Enzhu, Aidesin, Xianbixin, Envida, Kexaila, Xianuoxin, Enlitai, Xianbixin sublingual tablets, Kewike, and Enzeshu, covering fields such as neuroscience, oncology, autoimmune diseases, and infections [1] - Innovative drug business revenue was RMB 2.776 billion, accounting for 77.4% of total revenue for the six months ending June 30, 2025 [1]

Core Insights - The article highlights the successful launch of two class 1 new drugs, Enzeshushu and Jike Shushu, from companies in the Nanjing Biopharmaceutical Valley, marking a significant achievement in the biopharmaceutical industry [1][2][3] Group 1: Drug Development and Innovation - Jike Shushu, a new anti-influenza drug, was developed in just 6 years, significantly faster than the typical 10-year timeline for class 1 new drugs [2] - Enzeshushu, targeting ovarian cancer, took 17 years from inception to approval, showcasing the long-term commitment required in drug development [3] - The successful development of these drugs reflects a combination of innovation and perseverance, particularly during challenging times such as the COVID-19 pandemic [2][3] Group 2: Supportive Ecosystem - The Nanjing Biopharmaceutical Valley provides essential support services, including regulatory guidance and infrastructure, which facilitate the drug development process for companies [4][5] - The Jiangbei New District has completed nearly 1,800 product technical reviews and over 300 on-site verifications, aiding companies like Xiansheng Pharmaceutical and Reindeer Biotech in accelerating their product launches [5] - The establishment of a public service platform allows startups to access necessary research facilities without the burden of high initial costs, fostering innovation [5] Group 3: Future Prospects - There are currently over 200 class 1 new drugs in development within the biopharmaceutical valley, indicating a robust pipeline for future approvals [5] - The presence of regional technology transfer centers is expected to further enhance the innovation landscape, leading to more new drug developments [5][6] - The Nanjing Biopharmaceutical Valley is becoming a prominent hub for both established and emerging companies, contributing to the growth of the biopharmaceutical industry in the region [6]