从50万元走到35亿估值、过万年产能，这家公司用了十年。 近日，AI生物制造企业引航生物向港交所主板递交上市申请，华泰国际为独家保荐人。 | 纂 項下 编纂]數目 | : | [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | --- | | [编纂]數目 | ። | [编纂]股H股(可予重新分配) | | [编纂]數目 | .. | [编纂]股H股(可予重新分配及視乎[編纂]行使與否 | | | | 而定) | | 最高[編纂] | : | 每股[編纂]港元,另加1%經紀佣金、0.0027%證監 | | | | 會交易徵費、0.00565%聯交所交易費及0.00015% | | | | 會財局交易徵費(須於申請時以港元繳足,多繳 | | | | 股款可予退回) | | 面值 | : | 每股H股人民幣1.00元 | | 【编纂】 | : | [编纂] | 创始人谢新开博士毕业于美国加州大学洛杉矶分校，博士后师从合成生物学奠基人、青蒿素生物合成先驱Jay Keasling教授，还是辛伐他汀（降血脂药 物）生物合成第一发明人。 据悉该公司年综合产能突破万吨规模，D轮投后估值为34.84亿 ...

公司简介 招股书显示，引航生物是以技术创新为驱动的合成生物学引领者，致力于提供绿色可持续、高效生产且具备突出成本优势的生物基产品。公司的产品已在相 关市场占据领先地位。 据港交所2月12日披露，苏州引航生物科技股份有限公司(简称：引航生物)向港交所主板递交上市申请，华泰国际为其独家保荐人。 就原料药及中间体而言，根据灼识咨询，自2025年实现氟苯尼考的规模化生产后，以截至2025年9月30日止九个月的收入计，公司于同期的市场份额为 24.5%，位居全球氟苯尼考行业第二位；以截至2025年9月30日止九个月的收入(包括内部及外部销售)计算，公司的D-乙酯市场份额44.5%，位居全球D-乙酯 行业排名第一。 为支持产品创新与商业化，引航生物已构筑起"双引擎"研发能力，包括突破性原创工艺路线设计能力及基于AI辅助与高通量DBTL工作流程的高效合成生物 学工程化能力。原创工艺路线设计为目标化合物的开发奠定有商业可行性的适宜技术路径，而高效的合成生物学工程化能力可在实验室快速完成酶及菌株改 造，并推动规模化生产。这两者结合在一起，使公司能够持续开发出有竞争力的产品并保持高速增长。 引航生物的产品开发遵循技术驱动模式，基 ...

智通财经APP获悉，据港交所2月12日披露，苏州引航生物科技股份有限公司(简称：引航生物)向港交所主板递交上市申请，华泰国际为其独家保荐人。 公司简介 招股书显示，引航生物是以技术创新为驱动的合成生物学引领者，致力于提供绿色可持续、高效生产且具备突出成本优势的生物基产品。公司的产品已在相 关市场占据领先地位。 就原料药及中间体而言，根据灼识咨询，自2025年实现氟苯尼考的规模化生产后，以截至2025年9月30日止九个月的收入计，公司于同期的市场份额为 24.5%，位居全球氟苯尼考行业第二位；以截至2025年9月30日止九个月的收入(包括内部及外部销售)计算，公司的D-乙酯市场份额44.5%，位居全球D-乙酯 行业排名第一。 为支持产品创新与商业化，引航生物已构筑起"双引擎"研发能力，包括突破性原创工艺路线设计能力及基于AI辅助与高通量DBTL工作流程的高效合成生物 学工程化能力。原创工艺路线设计为目标化合物的开发奠定有商业可行性的适宜技术路径，而高效的合成生物学工程化能力可在实验室快速完成酶及菌株改 造，并推动规模化生产。这两者结合在一起，使公司能够持续开发出有竞争力的产品并保持高速增长。 引航生物的产品开发 ...

獨家保薦人、[编纂] 智通财经APP获悉，据港交所2月12日披露，苏州引航生物科技股份有限公司(简称：引航生物)向港交所主板递交 上市申请，华泰国际为其独家保荐人。招股书显示，引航生物是以技术创新为驱动的合成生物学引领者，致力于 提供绿色可持续、高效生产且具备突出成本优势的生物基产品。公司的产品已在相关市场占据领先地位。就原料 药及中间体而言，根据灼识咨询，自2025年实现氟苯尼考的规模化生产后，以截至2025年9月30日止九个月的收入 计，公司于同期的市场份额为24.5%，位居全球氟苯尼考行业第二位；以截至2025年9月30日止九个月的收入(包括 内部及外部销售)计算，公司的D-乙酯市场份额44.5%，位居全球D-乙酯行业排名第一。 Suzhou Leadsynbio Technology Co., Ltd. 蘇州引航牛物科技股份有限公司 (於中華人民共和國註冊成立的股份有限公司) [编纂] [编纂]項下[编纂]數目 : [編纂]股H股(視乎[编纂]行使與否而定) [编纂]數目 [编纂]股H股(可予重新分配) : [编纂]數目 [编纂]股H股(可予重新分配及視乎[编纂]行使與否 : 而定) 最高[编纂] 每 ...

据港交所2月12日披露，苏州引航生物科技股份有限公司(简称：引航生物)向港交所主板递交上市申请，华泰国际 为其独家保荐人。招股书显示，引航生物是以技术创新为驱动的合成生物学引领者，致力于提供绿色可持续、高 效生产且具备突出成本优势的生物基产品。公司的产品已在相关市场占据领先地位。就原料药及中间体而言，根 据灼识咨询，自2025年实现氟苯尼考的规模化生产后，以截至2025年9月30日止九个月的收入计，公司于同期的市 场份额为24.5%，位居全球氟苯尼考行业第二位；以截至2025年9月30日止九个月的收入(包括内部及外部销售)计 算，公司的D-乙酯市场份额44.5%，位居全球D-乙酯行业排名第一。 Suzhou Leadsynbio Technology Co., Ltd. 蘇州引航牛物科技股份有限公司 (於中華人民共和國註冊成立的股份有限公司) [编纂] 獨家保薦人、[编纂] [编纂]項下[编纂]數目 : [編纂]股H股(視乎[编纂]行使與否而定) [编纂]數目 [编纂]股H股(可予重新分配) : [编纂]數目 [编纂]股H股(可予重新分配及視乎[编纂]行使與否 : 而定) 最高[编纂] 每股[編纂]港元,另加 ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不作任何陳述，並明確表示對因本申請版本的全部或任何部分內容而引致或因依賴本申請版本的全部或任何部 分內容而引致的任何損失不負任何責任。 Suzhou Leadsynbio Technology Co., Ltd. 蘇州引航生物科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即 代表 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例呈交香港公司註冊處處長註冊前， 本公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請， 有意投資者務請僅依據呈交香港公司註冊處處長註冊的本公司招股章程作出投資決定；招股章 程的文本將於發售期內向公眾派發。 ...

Core Viewpoint - The report from Huachuang Securities indicates that while the industry is facing challenges due to increased competition, there is a stabilization and recovery in the prices of veterinary raw materials and vaccines, driven by innovation among successful companies [1] Vaccine Batch Release - In 2025, most vaccine varieties are expected to see year-on-year growth in batch releases, with new vaccines performing particularly well [1] - Specific growth rates for pig vaccines include: foot-and-mouth disease vaccine +6.4%, porcine circovirus vaccine +13.0%, pseudorabies vaccine +5.1%, swine fever vaccine +11.7%, and porcine enterovirus vaccine +21.3% [1] - For poultry vaccines, notable increases include avian influenza trivalent vaccine +22.8%, Newcastle disease vaccine +8.8%, and duck infectious serositis vaccine +17.3% [1] - The brucellosis vaccine for ruminants saw a significant increase of +61.6%, while the small ruminant plague vaccine decreased by -16.2% [1] - In the pet vaccine sector, domestic rabies vaccine and domestic cat trivalent vaccine increased by +22.1% and +32.3% respectively [1] Subspecies Analysis - In 2025, the economic product porcine circovirus vaccine and the mandatory immunization swine fever vaccine are expected to see faster growth due to increased farming profitability and pig output [2] - The rapid growth of the avian influenza trivalent vaccine and duck infectious serositis vaccine is attributed to heightened awareness of poultry diseases [2] - The brucellosis vaccine continues to maintain high growth rates due to the introduction of new products, while the small ruminant plague vaccine has seen a decline due to a high base from the previous year [2] Pet Vaccine Performance - The domestic cat trivalent vaccine, launched in early 2024, continues to show high growth in 2025 due to effective market promotion and consumer education [3] - Different types of vaccines for the same disease show varied performance, with the single foot-and-mouth disease vaccine decreasing by -0.7% and the multi-valent vaccine increasing by +8.9% [3] - The porcine foot-and-mouth disease OA bivalent vaccine saw a growth of +12.3%, while the porcine circovirus vaccine increased by +19.7% [3] Veterinary Raw Material Prices - In 2025, the Veterinary Product Index (VPI) is expected to rise by 7.2% year-on-year, with significant price increases in macrolide products [4] - Specific price increases include: tylosin +29.5%, tiamulin +11.4%, and tilmicosin +22.9% [4] - However, some products like florfenicol and amoxicillin have seen price declines of -5.9% and -21.0% respectively [4] - The market is anticipated to remain weak in the short term due to ongoing pressures in the farming sector and the traditional off-season for veterinary drugs [4]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of January 26, 2026 [1] Core Insights - The report emphasizes the importance of supply-side variables, particularly the operating rates of raw material drugs, and highlights the potential for price recovery in the antibiotic market due to changes in competition and supply dynamics [2] - Multi-departmental policy support is enhancing the value positioning of pharmacies, transforming them from mere sales points to comprehensive health service platforms [3] - The trend of Chinese innovative drugs going global is gaining momentum, with significant licensing deals and the need for continuous clinical data validation to support long-term investment confidence [4] - Major companies are increasingly investing in the small nucleic acid field, which is expected to accelerate the development of the supporting industrial chain [5] - A new pricing system for GLP-1 drugs is forming in China, with significant market potential anticipated for weight loss and diabetes treatments [6] - The report highlights the market value of oral autoimmune drugs, with promising clinical trial results for new treatments [7] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.23 percentage points in the last week, ranking 27th among 31 sectors [20] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector index increased by 4.98% over the past month, outperforming the CSI 300 index by 3.21 percentage points [37] - The current PE (TTM) for the pharmaceutical sector is 38.51, above the five-year historical average of 31.06 [43] 3. Recent Research Achievements - The report includes various deep-dive studies on topics such as the growth of the blood products industry and the potential of GLP-1 drugs [45] 4. Recent Industry Policies and News - Recent policies include the promotion of high-quality development in the pharmaceutical retail sector and the approval of numerous medical devices by the National Medical Products Administration [46][48]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of January 26, 2026 [1] Core Insights - The report emphasizes the importance of supply-side variables, particularly the operating rates of raw material drugs, and highlights the potential for price recovery in the antibiotic market due to changes in competition and supply dynamics [2] - Multi-departmental policy support is enhancing the value positioning of pharmacies, transforming them from mere sales points to comprehensive health service platforms [3] - The trend of Chinese innovative drugs going global is gaining momentum, with significant licensing deals and the need for continuous clinical data validation to support long-term investment confidence [4] - Major companies are increasingly investing in the small nucleic acid field, which is expected to accelerate the development of the supporting industrial chain [5] - A new pricing system for GLP-1 drugs is forming in China, with expectations for market growth driven by a large patient population [6] - The report highlights the market value of oral autoimmune drugs, with promising clinical trial results for new treatments [7] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.23 percentage points in the last week, ranking 27th among 31 sectors [20] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector index increased by 4.98% over the past month, outperforming the CSI 300 index by 3.21 percentage points [37] - The current PE (TTM) for the pharmaceutical sector is 38.51, above the five-year historical average of 31.06 [43] 3. Recent Research Achievements - The report includes various deep-dive studies on topics such as the growth of the blood products industry and the impact of policies on inhalation formulations [45] 4. Recent Industry Policies and News - Recent policies include the approval of numerous medical device registrations and the promotion of high-quality development in the pharmaceutical retail sector [46][48]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The pharmaceutical and biotechnology sector is expected to experience a cyclical recovery in raw material prices for animal health products in 2026, following a prolonged decline due to oversupply and weak downstream demand [5][49] - Heparin and iodine contrast agent raw materials are currently at the bottom of their price cycles, with heparin prices declining sharply in Q4 2023 due to market pressures, while iodine prices have seen a recent recovery driven by strong demand from other industries [6][51] Summary by Sections Industry Trends - The pharmaceutical and biotechnology sector saw a decline of 0.39% in the third week of January 2026, outperforming the CSI 300 index by 0.23 percentage points, ranking 27th among 31 sub-industries [7][58] - The offline pharmacy segment experienced the highest increase, rising by 9.66%, while the medical research outsourcing segment faced the largest decline, dropping by 3.96% [7][61] Price Trends - The average price of florfenicol has decreased from the range of 400-700 RMB/kg to a recent range of 100-200 RMB/kg, indicating a significant drop to historical lows [5][47] - Heparin API prices are stabilizing, while iodine raw material prices are expected to rise in 2025 due to previous supply constraints [51][55] Recommended Stocks - Monthly recommended stocks include WuXi AppTec, 3SBio, and CSPC Pharmaceutical Group, among others [8] - Weekly recommended stocks include Kanglong Chemical, WuXi AppTec, and Aopumai [8]