智通财经APP获悉，据港交所1月30日披露，征祥医药(南京)集团股份有限公司(以下简称"征祥医药")向港交所主板递交上市申请，中金公司为其独家保荐 人。 | 编纂]的[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[编纂]) | | [编纂]數目 ። | [编纂]股H股(可予[编纂]及視乎[编纂]行使與否 | | 向定) | | | 最高 编纂 : | 每股H股[編纂]港元,另加1.0%經紀佣金、 | | | 0.0027%證監會交易徵費、0.00015%會財局 | | | 交易徵費及0.00565%聯交所交易費(須於申 | | | 請時以港元繳足,多繳股款可予退還) | | 面值 : | 每股H股人民幣0.10元 | | 编纂 : 编纂 | | 公司简介 据招股书，征祥医药是一家处于商业化阶段的生物制药公司，致力于发现、开发及商业化创新疗法，以解决病毒性传染病、肿瘤学及炎症性疾病领域未被 满足的医疗需求。 公司的核心产品玛硒洛沙韦片为靶向流感病毒聚合酶酸性蛋白(「PA」)核酸内切酶的抑制剂，已于2025年7月获得国 ...

1月30日，据港交所官网，征祥医药（南京）集团股份有限公司（下称"征祥医药"）递交主板上市申请。该公司核心产品刚于2025年10月上市，仍处于市 场爬升阶段，资产负债率高达416%。 招股书介绍，征祥医药的历史可追溯至2018年，是一家处于商业化阶段的生物制药公司，致力于发现、开发及商业化创新疗法，以解决病毒性传染病、肿 瘤学及炎症性疾病领域未被满足的医疗需求。 公司的核心产品玛硒洛沙韦片为靶向流感病毒聚合酶酸性蛋白（「PA」）核酸内切酶的抑制剂，已于2025年7月获得国家药监局用于治疗成人流感的新药 申请（「NDA」）批准，且正将其适应症扩展至青少年患者及暴露后预防领域。 | 截至12月31日 | | | | --- | --- | --- | | 止年度 | 截至9月30日止九個月 | | | 2024年 | 2024年 | 2025年 | | 人民幣千元 | 人民幣千元 (主织定:4) | 人民幣千元 | | 收入 | | | 355 | | --- | --- | --- | --- | | 銷售成本 . | = | | - | | 毛利 | - | - | 355 | | 其他收入 | 26.598 ...

征祥医药的核心产品玛硒洛沙韦片为靶向流感病毒聚合酶酸性蛋白("PA")核酸内切酶的抑制剂，已于 2025年7月获得国家药品监督管理局("国家药监局")用于治疗成人流感的新药申请("NDA")批准，且该公 司正将其适应症扩展至青少年患者及暴露后预防领域。利用商业化药物资产及综合小分子药物研发平 台，征祥医药已开发出六个药物资产管线，包括该公司的商业化玛硒洛沙韦片、一款针对儿童流感患者 的临床后期玛硒洛沙韦干混悬剂型、一款用于治疗实体瘤的ZX-8177(一期临床阶段)，以及针对人类乳 头瘤病毒("HPV")感染的处于IND申报阶段的ZX-12042B药物。征祥医药还有两种针对单纯疱疹病毒 ("HSV")感染及自身免疫性疾病的临床前候选药物。 | 篆 的 编纂]數目 : [编纂]股H股(視乎 编纂]行使與否而定) | | --- | | [瑞景 數目 : [编纂]股H股(可予[编纂]) | | ■臺 數目 : 编纂 股H股(可予 编纂 及視乎 编纂 行使與否 | | 而定) | | 最高 编纂] : 每股H股[编纂]港元,另加1.0%經紀佣金、 | | 0.0027%設監會交易微費、0.00015%會財局 | | ...

智通财经APP获悉，据港交所1月30日披露，征祥医药(南京)集团股份有限公司(以下简称"征祥医药")向 港交所主板递交上市申请，中金公司为其独家保荐人。据招股书，征祥医药是一家处于商业化阶段的生 物制药公司，致力于发现、开发及商业化创新疗法，以解决病毒性传染病、肿瘤学及炎症性疾病领域未 被满足的医疗需求。 征祥医药的核心产品玛硒洛沙韦片为靶向流感病毒聚合酶酸性蛋白("PA")核酸内切酶的抑制剂，已于 2025年7月获得国家药品监督管理局("国家药监局")用于治疗成人流感的新药申请("NDA")批准，且该公 司正将其适应症扩展至青少年患者及暴露后预防领域。利用商业化药物资产及综合小分子药物研发平 台，征祥医药已开发出六个药物资产管线，包括该公司的商业化玛硒洛沙韦片、一款针对儿童流感患者 的临床后期玛硒洛沙韦干混悬剂型、一款用于治疗实体瘤的ZX-8177(一期临床阶段)，以及针对人类乳 头瘤病毒("HPV")感染的处于IND申报阶段的ZX-12042B药物。征祥医药还有两种针对单纯疱疹病毒 ("HSV")感染及自身免疫性疾病的临床前候选药物。 | 纂 的[编纂]數目 : [编纂]股H股(視乎[编纂]行使與否而定) ...

Group 1 - Nanjing's GDP has surpassed 1.9 trillion yuan, with per capita GDP ranking among the top cities in the country, indicating a strong economic foundation for the city's development [1] - The software and information service industry in Nanjing is expected to exceed 1 trillion yuan, marking it as the first trillion-level industry in the city [2][3] - Nanjing has established a robust industrial system with a focus on "4266" to enhance industrial capacity and promote high-quality development [3][11] Group 2 - The city has seen significant advancements in industrial clusters, with four clusters recognized as national advanced manufacturing clusters, showcasing a diverse and complementary industrial ecosystem [3][11] - Nanjing's industrial AI solutions have improved operational efficiency in power plants, transitioning from scheduled maintenance to demand-based maintenance, significantly reducing costs [2][6] - The establishment of the Jiangsu Intelligent Robot Innovation Center aims to enhance shared technology and accelerate data accumulation for product testing and commercialization [12] Group 3 - Nanjing is actively investing in emerging sectors such as low-altitude economy, artificial intelligence, and commercial aerospace, positioning itself as a leader in these fields [4][9] - The city has implemented policies to support the development of advanced manufacturing and digital transformation, including a three-year action plan for "smart manufacturing" [7][11] - Nanjing's focus on innovation has led to the establishment of several high-tech enterprises and research institutions, contributing to the city's competitive edge in technology [8][10] Group 4 - The city aims to strengthen its industrial base by fostering advanced manufacturing clusters and enhancing the quality of modern service industries [13][14] - Nanjing plans to create a modern industrial system supported by advanced manufacturing and modern services, with a goal of developing leading enterprises in artificial intelligence and other high-tech sectors [13][14] - The city is committed to implementing the "Artificial Intelligence+" initiative to promote the integration of AI across various industries, enhancing overall productivity and service quality [13][14]

Core Viewpoint - The article highlights the rapid approval and commercialization of domestic influenza antiviral drugs in China, suggesting that 2025 may be regarded as the "Year of Domestic Influenza Innovation Drugs" due to the continuous improvement of China's pharmaceutical innovation capabilities [1]. Group 1: Commercialization of Domestic Influenza Drugs - From March to July 2025, three domestic antiviral drugs (Mashu Lashawei Tablets, Angladwei Tablets, and Mase Luoshawei Tablets) were approved for market entry, with two more (Madu Nuo Shawei and Mapaqi Shawei) completing clinical trials and applying for approval [3][4]. - Sales of these domestic innovative drugs are steadily increasing, indicating recognition of their efficacy and safety [3]. Group 2: Market Potential and Competition - The global seasonal influenza cases are estimated at around 1 billion annually, with 3 to 5 million severe cases, indicating a vast market for antiviral drugs [4]. - The Chinese antiviral drug market is projected to grow at a compound annual growth rate (CAGR) of 20.2% from 2024 to 2028, potentially reaching 26.9 billion yuan by 2028 [4]. - Despite strong demand, the domestic market has been dominated by imported drugs, with Oseltamivir holding over 80% market share in 2023 [4]. Group 3: Factors Driving Innovation - The rise of domestic influenza innovative drugs is attributed to a combination of policy support, technological advancements, and capital investment, marking a significant transformation in the industry [6]. - The National Medical Products Administration has implemented measures to accelerate drug approval processes, resulting in a rapid increase in the number of approved innovative drugs, with 48 approved in 2024 and 43 in the first half of 2025, a 59% year-on-year increase [7]. - The Chinese biopharmaceutical industry is developing rapidly, with the total value of biopharmaceutical business development (BD) transactions exceeding 100 billion USD in 2025, expected to reach 265.9 billion USD by 2030, with a CAGR of 31.3% from 2024 to 2030 [7]. Group 4: Market Sentiment and Future Outlook - Recent catalysts in the innovative drug sector, including the results of national health insurance negotiations and international conferences, are expected to improve market sentiment [8]. - The article suggests that despite recent adjustments in the sector, the trend of "innovation + internationalization" remains strong, with potential for recovery in the innovative drug sector [8].

Core Insights - Multiple domestic innovative antiviral drugs for influenza have been approved this year, leading to significant market attention, with 2025 being referred to as the "Year of Domestic Influenza Innovative Drugs" [1][10] - The rapid progress in domestic influenza innovative drugs reflects the continuous improvement of China's pharmaceutical innovation capabilities [1][10] Group 1: Market Dynamics - From March to July 2025, three antiviral drugs (Mashurashave tablets, Angladive tablets, and Maseiluo tablets) were approved, with two more (Madiroshave and Mapashirashave) completing clinical trials and applying for market entry [2][11] - The sales of these domestic innovative drugs are steadily increasing, indicating recognition of their efficacy and safety [2][11] - The global influenza antiviral market is projected to grow significantly, with China's market expected to reach 26.9 billion yuan by 2028, growing at a compound annual growth rate (CAGR) of 20.2% from 2024 to 2028 [3][12] Group 2: Competitive Landscape - The domestic new drugs are not mere copies of imported drugs but have undergone targeted optimizations, such as reducing drug resistance risks and improving safety for pediatric use [2][11] - Despite strong demand, the Chinese influenza drug market has been dominated by imported drugs, with Oseltamivir holding over 80% market share in 2023 [3][12] - The acceleration of domestic new drug approvals is expected to lead to rapid sales growth, enhancing company performance [3][12] Group 3: Policy and Industry Support - Recent regulatory reforms by the National Medical Products Administration have improved drug approval efficiency, with 48 innovative drugs approved in 2024, ranking second globally [7][16] - The Chinese biopharmaceutical industry is rapidly developing, with the total value of innovative drug business development (BD) transactions exceeding 100 billion USD in 2025, projected to reach 265.9 billion USD by 2030 [7][16] Group 4: Future Outlook - The overall industry sentiment is expected to improve as positive catalysts continue to emerge, with recent developments in innovative drug insurance negotiations and international conferences [8][17] - Investors are encouraged to consider ETFs that cover high-quality innovative pharmaceutical companies in both Hong Kong and A-shares to mitigate individual stock risks and capitalize on the opportunities in China's innovative drug sector [8][17]

Group 1 - The flu season in 2025 is expected to peak earlier than previous years, with predictions indicating a peak in mid-December, particularly in Guangdong province [1] - Three new domestic antiviral drugs for influenza have been approved and will compete with existing medications during the flu season, creating a "new and old battle" in the market [1] - The current antiviral market in China is still dominated by Oseltamivir and Baloxavir, despite the introduction of new drugs [1] Group 2 - The classic antiviral drug Oseltamivir is showing signs of decline, as it was unexpectedly excluded from the latest national drug procurement list, replaced by lower-priced generic alternatives [2] - This exclusion means that parents familiar with Oseltamivir will find it difficult to obtain the product in public hospitals over the next year [2]

2025.12. 04 本文字数：1786，阅读时长大约3分钟 作者 | 第一财经 林志吟 根据中国疾控发布的2025年第48周中国流感监测周报，南、北方省份流感活动上升，全国共报告 1541起流感样病例暴发疫情。 第一财经记者根据中国流感监测周报统计的数据显示，从2025年11月3日以来，截至11月30日，全 国共报告流感样病例暴发疫情已达到4351起，其中3313起跟A(H3N2）流感有关，占比约76.14%。 而像奥司他韦这样的抗流感病毒药物是否已产生了耐药性？该问题近日也引发市场关注。 奥司他韦是否耐药了 根据中国流感监测周报，2025年第48周（2025年11月24日－2025年11月30日），南方省份哨点医 院报告的ILI（流感样病例）%为10.3%，高于前一周水平（7.8%），高于2022年、2023年和2024 年同期水平（3.2%、8.7%和3.5%）。 2025年第48周，北方省份哨点医院报告的ILI%为9.1%，高于前一周水平 （8.6%）， 高于2022 年、2023年和2024年同期水平（2.0%、7.3%和4.4%）。 近日中国疾控中心方面也预计，全国在12月上中旬流感达峰的可能性 ...

Core Viewpoint - The effectiveness of antiviral drug Oseltamivir against A(H3N2) influenza remains intact despite rising flu cases in China, with a significant proportion of reported cases linked to this strain [1][5]. Group 1: Flu Activity and Statistics - As of the end of November 2025, China reported a total of 4,351 influenza-like illness outbreaks, with 3,313 cases (approximately 76.14%) associated with A(H3N2) [1][3]. - The ILI percentage in southern provinces reached 10.3% in the 48th week of 2025, an increase from 7.8% the previous week and higher than the same period in 2022, 2023, and 2024 [3]. - Northern provinces reported an ILI percentage of 9.1% in the same week, up from 8.6% the previous week, also exceeding the levels of the previous three years [3]. Group 2: Antiviral Drug Resistance - The National Influenza Center's analysis indicated that 3.9% of A(H1N1)pdm09 strains showed reduced sensitivity to neuraminidase inhibitors, while all A(H3N2) and B strains remained sensitive [5]. - Oseltamivir is still widely used and effective against A(H3N2), with clinical observations suggesting that resistance issues are not significant at this time [5][6]. Group 3: Antiviral Drug Guidelines - The "Chinese Influenza Treatment and Drug Prevention Clinical Practice Guidelines (2025 Edition)" states that antiviral drugs should be considered a supplementary measure to vaccination for flu prevention in community settings [6][7]. - Routine use of antiviral drugs for pre-exposure prevention is not recommended due to potential for inducing resistance and associated costs, with specific exceptions for high-risk groups [7].