| 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 亏损:17,000万元-25,500万元 | 盈利:5,372.63万元 | | | 比上年同期下降:416%-575% | | | 扣除非经常性损 益后的净利润 | 亏损:21,000万元 – 31,500万元 | 盈利:4,234.19万元 | | | 比上年同期下降:596% - 844% | | （截图来自2025年业绩预告） 然而，这份预告书远非一个简单的衰退故事。翻开其财报细节，一场围绕传统药企转型的激烈博弈跃然纸 上——一边是研发管线前所未有地高速扩张，一边是急剧失血的利润表。新诺威正以巨大的代价，完成 从"咖啡因龙头"到"创新药平台"的惊险一跃。 针对相关问题，《华夏时报》记者向新诺威（300765.SZ）致函询问，截至发稿未获回复。 研发"燃烧"与传统业务"熄火" 新诺威的亏损，结构清晰，指向明确。 亏损的A面，是主动的、面向未来的战略性投入。2025年全年约10亿元的研发支出，同比增长18.76%，是 其业绩"失血"的首要原因。这笔资金转化为实实在在的管线里程碑：4款抗体 ...

来源：@华夏时报微博 研发"燃烧"与传统业务"熄火" 新诺威的亏损，结构清晰，指向明确。 亏损的A面，是主动的、面向未来的战略性投入。2025年全年约10亿元的研发支出，同比增长18.76%，是其业 绩"失血"的首要原因。这笔资金转化为实实在在的管线里程碑：4款抗体药物、6款ADC产品及1款mRNA疫苗首次 取得临床试验批准；1款单抗产品（注射用奥马珠单抗）新适应症获批上市；1款单抗产品（帕妥珠单抗注射液） 上市申请获得受理；另有2款ADC产品进入III期临床阶段。"新诺威作为石药集团旗下企业，依托集团资源支撑10 亿元研发投入虽看似激进，但符合投入期'高研发投入'的普遍规律，国际头部创新药企在转型初期研发费用率常 超过30%，部分甚至达50%以上。不过，需警惕投入效率问题：若研发管线进展缓慢或商业化能力不足，过高的 研发费用可能加剧亏损压力。但从转型阶段看，当前高强度投入是必要的'战略性投入'，只要研发管线具备差异 化竞争力，则与投入期的阶段需求相匹配，是企业从'传统'向'创新'跨越的必经之路。"新智派新质生产力会客厅 联合创始发起人袁帅向《华夏时报》记者表示。 华夏时报记者 赵文娟 于娜 北京报道 1月1 ...

Group 1 - The Hong Kong stock market for biopharmaceutical IPOs has seen a significant increase in activity, with multiple companies like Jiahe Biotech and Haisong Pharmaceutical submitting listing applications [2] - On December 10, Baoji Pharmaceutical's stock opened 129% higher on its first trading day, closing at HKD 69 per share, with a total market capitalization of HKD 22.493 billion [2] - In the first three quarters of this year, 28 healthcare companies successfully went public in China, a 100% increase year-on-year, with over 60% choosing the Hong Kong Stock Exchange [2] Group 2 - The quality assessment criteria for innovative biopharmaceutical companies are becoming more diverse, focusing on core R&D pipeline competitiveness, product commercialization progress, and profitability [4] - Companies like Junshi Biosciences and Gaohong Pharmaceutical are advancing in business development (BD) partnerships, while others like Haisong Pharmaceutical have entered the commercialization phase [4] - 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 China's first TIL therapy expected to enter the market around 2027 [4] Group 3 - The competition in the oncology drug development sector is intensifying, with Chinese companies conducting 39% of global clinical trials in this area, a significant increase from 24% five years ago [5] - Despite the influx of new entrants in the oncology space, achieving successful product development remains a challenge due to the need for substantial funding and resources [5] - Haisong Pharmaceutical is focusing on autoimmune diseases, with its drug Mufemilast expected to receive NDA approval in September 2025 for treating moderate to severe plaque psoriasis [5] Group 4 - Gaohong Pharmaceutical has established a partnership with Biohaven Therapeutics, receiving USD 10 million upfront and potential milestone payments totaling up to USD 2 billion [6] - Financial data indicates that Haisong Pharmaceutical reported a pre-tax loss of CNY 73 million, while Gaohong Pharmaceutical had a total revenue loss of CNY 190 million for the first half of 2025 [6] - The ongoing financial challenges highlight the need for effective commercialization strategies and BD collaborations to improve profitability and enhance company valuations [6] Group 5 - Shiyao Innovation is exploring a dual listing strategy ("A+H") to diversify its capital market presence, focusing on biopharmaceuticals and health products [8] - The company aims to commercialize two antibody drugs by the second half of 2024, while also developing mRNA vaccines that have been included for emergency use in China [8] - Financially, Shiyao Innovation recorded a net loss of CNY 226 million in the first seven months of 2025, emphasizing the need for substantial funding for ongoing R&D [8] Group 6 - The trend of "A+H" listings is becoming more common among biopharmaceutical companies, as seen with Baiyao Saitou's successful listing on the STAR Market after its previous IPO on the Hong Kong Stock Exchange [9] - However, some companies like Baili Tianheng have delayed their IPOs due to unfavorable market conditions, indicating a cautious approach to capital raising [10] - Investors are increasingly focusing on pipeline concentration, data differentiation, and cash flow management, shifting from storytelling to data-driven strategies for product development [10]

Core Viewpoint - The Hong Kong stock market for biopharmaceutical IPOs has seen a significant increase in activity, with multiple companies successfully listing and others submitting applications, indicating a strong market outlook for biotech firms in the region [1][3]. Group 1: Market Performance - The biopharmaceutical sector in Hong Kong has experienced a surge in IPO activity, with 28 companies successfully listed in the first three quarters of the year, a 100% increase year-on-year, with over 60% being innovative drug companies [1]. - The IPO of Baoji Pharmaceutical on December 10 saw a first-day increase of 129%, closing at 69 HKD per share, leading to a market capitalization of 22.493 billion HKD [1]. - The Hong Kong stock market is currently the leading global venue for IPO financing in the healthcare sector, with expectations that it will remain the primary listing choice for Chinese biotech companies through 2026 [1][3]. Group 2: Company Developments - Companies like Junshi Biosciences and Gaohong Pharmaceutical have submitted IPO applications despite not having products approved for market, while He Mei Pharmaceutical and Shiyao Innovation have entered the commercialization phase [3]. - Junshi Biosciences is focused on innovative cell therapies for solid tumors, with its core product expected to be the first TIL therapy approved in China [3][4]. - He Mei Pharmaceutical is targeting autoimmune diseases, with its drug Mufemilast expected to receive NDA approval in September 2025 for treating moderate to severe plaque psoriasis [5]. Group 3: Financial Insights - Gaohong Pharmaceutical has entered a collaboration with Biohaven Ltd., receiving 10 million USD in cash and shares, with potential milestone payments totaling up to 2 billion USD based on product development and sales [6]. - Despite advancements in commercialization, both He Mei Pharmaceutical and Gaohong Pharmaceutical reported significant losses, with He Mei showing a pre-tax loss of 73 million CNY and Gaohong reporting a loss of 190 million CNY for the first half of 2025 [6]. Group 4: Industry Trends - The trend of "A+H" dual listing is becoming more common among biopharmaceutical companies, as seen with Shiyao Innovation's strategy to tap into multiple capital markets [7][8]. - The competitive landscape for TIL therapies is intensifying, with the global market expected to grow from 104 million USD in 2024 to 1.692 billion USD by 2030, and the Chinese market projected to reach 200 million USD by 2030 [4]. - The overall sentiment in the Hong Kong biopharmaceutical sector remains cautious, with companies focusing on pipeline quality and financial management to navigate the current market challenges [9].