1月9日，先声再明医药股份有限公司（简称"先声再明"）向港交所提交上市申请。联席保荐人为中金公 司和摩根士丹利。 据招股书，先声再明为一家处于全球药物创新前沿的生物制药企业，聚焦于肿瘤创新药物的研究、开发 与商业化。根据灼识咨询报告，2025年公司完成三项对外许可交易，按肿瘤资产交易数量及交易总值 计，公司在中国生物制药公司中分别位居第一及第四位。 公司收入高度依赖五种商业化创新产品的销售及商业化，即恩度®、科赛拉®、恩立妥®、恩维达®及 恩泽舒®。该等五款商业化创新药物所产生收入报告期内（2023年、2024年、2025年前9月）持续占据 其总收入的90%以上。公司也出售少量仿制药并获得收入，但比例低于10%。上述五款药物其中四款已 纳入医保，医保降价、招标失利及临床管线不确定，成为其上市后的核心风险点。 报告期内，公司营收分别为15.22亿元、12.96亿元和12.38亿元，净亏损分别为3.36亿元、5.06亿元和3.03 亿元。公司2024年营收大幅下滑，尽管2025年前9月营收同比回升33%，但仍未能摆脱亏损。毛利率由 2023年的72.4%降至2025年前9月的68.1%，主要因纳入医保后终端降价及 ...

Major Events - GuoXia Technology (02655) plans to conduct an IPO from December 8 to December 11, offering 33.85 million H-shares and introducing cornerstone investors such as Huikai Hong Kong [1] - Basilea Pharmaceutica AG (02616) has its drug Pujihua® (Pralsetinib Capsules) included in the National Medical Insurance Directory for 2025 [1] - Four Seasons Pharmaceutical (00460) sees its innovative drug XuanYueNing® included in the National Basic Medical Insurance Drug List for the first time [1] - Shanghai Pharmaceuticals (02607) successfully negotiates and includes Amisulpride Orally Disintegrating Tablets in the National Medical Insurance Directory [1] - Hansoh Pharmaceutical (03692) has its innovative drug Amelotex® approved for two new indications in the updated 2025 National Medical Insurance Directory [1] - Xiansheng Pharmaceutical (02096) sees EnzeShu® and EnDu® included in the updated National Medical Insurance Drug List [1] - Hutchison China MediTech (00013) has its drug Tazverik® included in the first edition of the National Commercial Health Insurance Innovative Drug List [1] - XuanZhu Biotechnology (02575) has its innovative drug XuanYueNing® included in the National Basic Medical Insurance Drug List for the first time [1] - Yino Pharmaceutical (02591) has its H-shares included in the list of eligible securities for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect [1] - China Metallurgical Group (01618) and its subsidiaries plan to sell non-core business assets for approximately 60.68 billion yuan, focusing on core businesses in metallurgical engineering, non-ferrous metals, and mining engineering [1] - Cambridge Technology (06166) intends to invest a total of 405 million yuan to acquire and subscribe for shares in the Yangzhong Happiness Home Venture Capital Partnership Fund [1] Operating Performance - Dongfeng Motor Group (00489) reports cumulative automobile sales of 1.697 million units in the first 11 months, a year-on-year decrease of approximately 0.3% [2] - New天绿色能源 (00956) achieves a cumulative power generation of 1,336.89 million MWh in the first 11 months, an increase of 8.04% year-on-year [2] - Longyuan Power (00916) reports a cumulative power generation of approximately 6,909.64 million MWh in the first 11 months, a year-on-year growth of 0.41% [2] - Baolong Real Estate (01238) records a total contract sales of approximately 6.666 billion yuan in the first 11 months, a year-on-year decline of 43.2% [2]

Core Insights - The company reported a 15.1% year-on-year increase in total revenue to 3.585 billion yuan for the first half of 2025, with adjusted net profit rising by 21.1% to 651 million yuan [1] - The number of innovative drugs launched has reached ten, with innovative drug revenue of 2.776 billion yuan, marking a 26% increase and accounting for 77.4% of total revenue [1] Revenue Breakdown - The company focuses on three main business segments: Neuroscience (1.249 billion yuan), Oncology (874 million yuan), and Autoimmune Diseases (878 million yuan), contributing 34.8%, 24.4%, and 24.5% to total revenue, respectively [2] - Revenue growth in these segments was driven by ten approved innovative drugs, with cornerstone products generating stable cash flow and new products rapidly gaining market share [2] R&D Investment and Pipeline - The company maintained a research and development investment rate of 28.7%, with cumulative R&D investment exceeding 10 billion yuan over the past decade [3] - The pipeline includes at least five near-launch innovative drugs, with two entering NDA review in 2025 [3] Global Expansion and Collaborations - The company is accelerating its global presence, with successful dual submissions for clinical trials in the U.S. and China for several new drugs [4] - Collaborations with AbbVie and NextCure for innovative drugs have the potential total transaction value exceeding 1.8 billion USD [4] Future Strategy - The company aims to enhance its marketing capabilities and continue its "differentiated, more effective, large varieties" R&D strategy to drive sustained growth [4][5] - Focus on open innovation and integrating external resources to create a virtuous cycle of R&D investment and revenue growth [5]

Group 1 - The core viewpoint of the article highlights the financial performance of the company, with 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] - The net profit for the same period is reported at RMB 604 million, showing a significant year-on-year growth of 32.2% [1] - The basic earnings per share are recorded at RMB 0.25, while the adjusted profit attributable to equity shareholders is RMB 651 million, an increase of 21.1% compared to RMB 538 million in the same period last year [1] Group 2 - The company has successfully expanded its commercialized innovative drug portfolio to ten products, including Enfuvirtide®, Aidsin®, Xianbixin®, and others, covering areas such as neuroscience, oncology, autoimmune diseases, and anti-infection, indicating substantial market potential and synergistic benefits [1] - For the six months ending June 30, 2025, the revenue from innovative pharmaceuticals is reported at RMB 2.776 billion, accounting for 77.4% of the total revenue [1]