资料显示，京新药业为一家以创新为驱动力的制药集团，重点专注于两大核心疾病领域：中枢神经系统 疾病、心血管及脑血管疾病。 京新药业发展轨迹紧随过去30年中国制药产业的演进，该公司最初专注于中间体与原料药领域，随后将 业务向下游延伸至药物领域。近年来，京新药业开始向创新药方向转型。 京新药业在申请材料中提到，公司既有的商业化业务为创新药物的研发与商业化提供可持续的技术、市 场及财务支持。财务数据方面，2024年，京新药业总收入为41.59亿元，净利为7.19亿元，研发投入约 3.84亿元。京新药业方面表示，公司计划持续维持相当高水平的研发投资，以推进创新战略，并促进成 长。 2月12日早间，京新药业在A股公告，公司已向中国香港联交所递交上市申请，这家最早专注于中间体 与原料药领域，又随着时代发展向创新药转型的老牌药企，正式踏上"A+H"两地上市的旅程。据北京商 报记者不完全统计，今年开年40余日，已有约30家医药企业递表港交所。 药企扎堆赴港，"创新"成为关键词。上述30家企业中，13家为带有特殊标识"B"的未盈利的创新药、创 新医疗器械企业。港交所对未盈利生物科技企业的上市审核，始终锚定产品的创新性、管线的差异 ...

2月12日早间，京新药业（002020）在A股公告，公司已向香港联交所递交上市申请，这家最早专注于中间体与原料药领域，又随着时代发展向创新药转型 的老牌药企，正式踏上了"A+H"两地上市的旅程。据北京商报记者不完全统计，2026年开年仅40余日，已有约30家医药企业递表港交所。 药企扎堆赴港，"创新"成为关键词。上述30家企业中，13家为带有特殊标识"B"的未盈利的创新药、创新医疗器械企业。港交所对未盈利生物科技企业的上 市审核，始终锚定产品的创新性、管线的差异化、临床数据的扎实程度。即便在已盈利的企业阵营中，"创新"同样被屡屡提起。 此外，"A+H"频现也成为此轮药企赴港上市的显著特征。除了京新药业外，还有百普赛斯、迪哲医药、益方生物等A股公司已在年内递表。此外，还有信立 泰、海特生物两股已于年内官宣正在筹划赴港上市。 | 最新发布 申请人 | | | | --- | --- | --- | | 日期 | | | | 12/02/2026 | 仙乐健康科技股份有限公司 | | | | 12/02/2026 整体协调人公告-委任（经修订） 吧 | | | | 29/01/2026 申请版本（第一次呈交）全文档 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：天利 | | 截至12月31日 | 截至9月30日 | | --- | --- | --- | | | 2024年 | 2025年 | | | (人民幣千元) | | | | | (未經濟計) | | 非流動資產 | | | | 物業、廠房及設備 | 1.605 | 1.026 | | 使用權資產 ... | | 9,048 | | 無形資産 . | 269 | 217 | | 預付款項、按金及其他應收款項 | 277 | 680 | | 非流動資產總值 | 2,151 | 10,971 | | 流動資產 | | | | 存貸 | 8.928 | 13.095 | | 預付款項、按金及其他應收款項 | 13.907 | 5.326 | | 以公允價值計量且其變動計入當期損益的金融資產 | 89.074 | 151.932 | | 定期存款 | 3.954 | 4.107 | | 現金及現金等價物 | 10.063 | 117.957 | | 流動資產總值 | 125,926 | 292,417 | 晚 ...

Group 1 - Seasonal influenza impacts approximately 1 billion people globally each year, with 3 to 5 million cases developing into severe illness and 290,000 to 650,000 deaths due to influenza-related respiratory diseases [1] - The domestic influenza treatment drug market is currently dominated by Dongyangguang Pharmaceutical with Oseltamivir, but new players are rapidly emerging since 2025 [1] - Zhengxiang Pharmaceutical is seeking to list on the Hong Kong Stock Exchange, having submitted its application on January 30, with CICC as its sole sponsor [2][4] Group 2 - Zhengxiang Pharmaceutical's antiviral drug, Marcilosavir, has already been approved for market release, distinguishing it from most other 18A companies [3] - The company was founded in 2018 and has undergone multiple rounds of financing, raising a total of 872 million RMB, with a post-investment valuation of 2.48 billion RMB as of January 2026 [4][5] - The company has a drug portfolio that includes six assets, with Marcilosavir being the core product, which is a new generation antiviral targeting influenza [10][12] Group 3 - The global market for influenza treatment and prevention drugs is projected to reach $4.8 billion by 2024, with China contributing $1.7 billion [16] - The Chinese market for antiviral drugs is expected to grow to 13.6 billion RMB by 2035, with PA inhibitors and other antiviral drugs accounting for 13 billion RMB [17] - Marcilosavir faces competition from several established products, including Roche's Baloxavir and others, with pricing set at 222 RMB per box, which is higher than some competitors [20] Group 4 - Zhengxiang Pharmaceutical reported zero revenue for 2024 and 400,000 RMB for the first nine months of 2025, primarily from regulatory support services for Marcilosavir [23] - The company incurred losses of approximately 145 million RMB for both 2024 and the first nine months of 2025, totaling around 290 million RMB in cumulative losses [23] - The company collaborates with a national CSO, Jichuan Pharmaceutical, to enhance market share through its established distribution network [24] Group 5 - The company has a total of 52 R&D personnel, with significant expenditures on drug development, amounting to 100 million RMB and 81.6 million RMB in R&D costs for the respective reporting periods [23] - As of November 2025, the company had cash and cash equivalents of 523 million RMB and term deposits of 141 million RMB [27] - The overall cash flow from operating activities showed a net outflow of 1.06 billion RMB for 2024, indicating financial challenges [28]

征祥医药收入高度依赖去年7月获批的流感新药玛硒洛沙韦片，但目前该产品尚未贡献主要收入。其面 临的市场竞争激烈——青峰药业、众生药业的流感药物已先一步获批并进入医保，健康元药业的相关产 品也于去年12月获批。作为后来者，征祥医药亟须突出市场重围。在此背景下，赴港上市成为征祥医药 缓解债务压力、为后续发展寻求资金支持的关键步骤。 背负巨债的征祥医药（南京）集团有限公司（以下简称"征祥医药"），正将其未来押注于一款流感新 药，并由此启动港股上市进程。近日，征祥医药向港交所递交招股书，拟港股上市。招股书显示，2024 年及2025年前三季度，征祥医药营收合计不足40万元，同期亏损累计近3亿元，经营活动现金流持续为 负。截至2025年9月末，负债净额攀升至9.56亿元，资产负债率达415.84%。 在定价策略上，玛硒洛沙韦片的定价与罗氏的玛巴洛沙韦一致，均为222元/盒。相比之下，同为PA抑制 剂的青峰药业的玛舒拉沙韦片和健康元药业的玛帕西沙韦定价分别为175元和198元。征祥医药的产品在 性价比方面并不占优势。 不仅如此，根据京东平台流行性感冒用药排行榜数据，玛巴洛沙韦及磷酸奥司他韦依然占据销量的绝对 主导地位。而在 ...

Core Viewpoint - Zhengxiang Pharmaceutical is heavily indebted and is betting its future on a newly approved flu drug, initiating a listing process on the Hong Kong Stock Exchange to alleviate financial pressure and seek funding for development [1] Financial Performance - For the fiscal year 2024 and the first three quarters of 2025, Zhengxiang Pharmaceutical's revenue is projected to be 0 and 355,000 RMB respectively, primarily from drug registration assistance rather than product sales [3] - The company has reported cumulative losses of approximately 1.45 billion RMB for both 2024 and the first three quarters of 2025, with R&D costs of 1 billion RMB and 816.12 million RMB respectively [3] - As of September 2025, the total liabilities of Zhengxiang Pharmaceutical are around 1.26 billion RMB, with a net debt of approximately 956 million RMB and a staggering debt-to-asset ratio of 415.84% [4] Market Competition - The flu antiviral drug market in China is expected to reach 5.7 billion RMB in 2024, with projections to grow to 13.6 billion RMB by 2035, indicating a highly competitive landscape [6] - Zhengxiang Pharmaceutical's core product, Marcilosavir, faces intense competition from established players like Qingfeng Pharmaceutical and Zhongsheng Pharmaceutical, which have already entered the insurance reimbursement list [5][6] - Marcilosavir is priced at 222 RMB per box, similar to Roche's product, but competitors offer lower prices, making it less competitive in terms of cost-effectiveness [6][7] Strategic Initiatives - Zhengxiang Pharmaceutical is attempting to differentiate itself by expanding the indications for Marcilosavir and submitting a New Drug Application (NDA) for treating flu in adolescents [7] - The company aims to leverage different formulations and indications to find new growth opportunities, although it faces significant challenges in gaining market share against established competitors [7]

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 ...

Group 1 - Zhengxiang Pharmaceutical (Nanjing) Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) as its sole sponsor [1] - Zhengxiang Pharmaceutical is a commercial-stage biopharmaceutical company focused on discovering, developing, and commercializing innovative therapies to address unmet medical needs in the fields of viral infectious diseases, oncology, and inflammatory diseases [1] Group 2 - The core product of Zhengxiang Pharmaceutical, Marcilosavir tablets, is an inhibitor targeting the influenza virus polymerase acidic protein (PA) endonuclease, which received New Drug Application (NDA) approval from the National Medical Products Administration (NMPA) in July 2025 for the treatment of adult influenza [4] - The company is expanding the indications of Marcilosavir to include adolescent patients and post-exposure prophylaxis [4] - Zhengxiang Pharmaceutical has developed a pipeline of six drug assets, including the commercialized Marcilosavir tablets, a clinical late-stage Marcilosavir suspension for pediatric influenza patients, and ZX-8177 for solid tumors in phase I clinical trials, along with ZX-12042B for human papillomavirus (HPV) infection currently in the IND application stage [4] - Additionally, the company has two clinical candidates for herpes simplex virus (HSV) infections and autoimmune diseases in preclinical stages [4]

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) ...