1.一周融资概述 本周上海共发生26起融资，张江和临港各有4起。 2.融资企业动态 9月16日，易卜半导体亮相SEMI-e 2025深圳展； 9月17日，奥百鑫生物精彩亮相天津核酸大会。 3.热点行业聚焦 9月19日，劲方医药在香港联交所主板挂牌上市； 01 融资综述 加冕研究院据张通社Link数据库统计，本周（9.22 – 9.28），上海企业共发生26起融资事件，其中有9起披露了融资金额，合计金额约9.5亿元。本周较上 周（19起）多7起融资事件。 从行政区域分布来看，本周上海共有10个区发生融资事件。其中，浦东新区融资事件数量位居首位，共计7起；闵行区以1起之差位居第二；新增静安、宝 山和徐汇融资；奉贤区发生的3起融资均为生物医药领域。 9月23日，长风药业通过港交所上市聆讯； 9月24日，信达生物宣布其开发的阿达木单抗注射液在澳门获批上市； 9月24日，礼来宣布在美国德州新建制药工厂； 9月25日，药明生物宣布推出行业领先的定点整合CHO细胞株开发平台TrueSite TI™； 9月26日，罗氏试验减肥药进入第三阶段临床。 02 热门融资速览 从融资轮次来看，本周上海融资A轮最多，有9起，占总融资事件 ...

Policy Developments - Tibet Medical Insurance Bureau issued a statement clarifying that it has not authorized any organization or individual to promote "commercial health insurance" products, urging the public to remain vigilant against fraud [1] - The State Council approved the "Medical and Health Strong Foundation Project Implementation Plan," emphasizing its significance in enhancing grassroots medical service capabilities and promoting health initiatives in China [2] Drug and Device Approvals - Baiyoutai announced that its Adalimumab injection (Qletli®) received marketing approval from the UK MHRA, expanding its overseas sales portfolio and potentially positively impacting long-term performance [3] - Zhixiang Jintai received clinical trial approval for its GR1803 injection for systemic lupus erythematosus, a dual-specific antibody drug targeting BCMA and CD3 [4] - Haili Biological's subsidiary received acceptance for a medical device registration application for a natural bone repair material, classified as a Class III medical device [5] - Xinlitai announced that its Enarodustat tablets received a drug registration certificate for treating anemia in chronic kidney disease patients undergoing dialysis [6] Capital Market Activities - Beijing Simu Ruike Pharmaceutical Technology Co., Ltd. received approval for its listing on the New Third Board, with projected revenues of 446 million yuan and 418 million yuan for 2023 and 2024, respectively [8] - Palin Bio announced a share transfer agreement with China Biologic, involving the transfer of approximately 200 million shares, representing 21.03% of the total share capital, for a total price of about 4.699 billion yuan [9] Industry Events - Aimeike reported that its REGEN company's new factory in South Korea is steadily increasing production since its launch [10] - Novo Nordisk announced a global restructuring plan involving the layoff of approximately 9,000 positions, about 11% of its workforce, aiming for annual cost savings of around 8 billion Danish kroner by 2026 [10] Public Sentiment Alerts - Amgen announced plans by shareholders to reduce their holdings by up to 6% of the company's shares, primarily due to personal funding needs [11] - Shutaishen reported that its major shareholder, Xiangtang Group, reduced its stake by 336,070 shares, decreasing its holding from 7.69% to 6.99% [12]

Policy Developments - The State Council approved the "Implementation Plan for Strengthening Basic Medical and Health Services," emphasizing the importance of enhancing grassroots medical service capabilities and promoting the Healthy China initiative [3] Drug and Medical Device Approvals - Baiotai announced that its Adalimumab injection (Qletli) received marketing approval from the UK's MHRA, expanding the company's overseas product offerings and potentially positively impacting long-term performance [5] - Zhixiang Jintai received clinical trial approval for its GR1803 injection for systemic lupus erythematosus, a dual-specific antibody drug targeting BCMA and CD3, which could treat B-cell mediated autoimmune diseases [6] - Haili Biological's subsidiary received acceptance for a Class III medical device registration application for natural bone repair materials [7] - Xinlitai obtained a drug registration certificate for Enarodustat tablets, aimed at treating anemia in chronic kidney disease patients undergoing dialysis [9] Market Movements - Beijing Simu Ruike Pharmaceutical Technology Co., Ltd. was approved for listing on the New Third Board, with projected revenues of 446 million yuan and 418 million yuan for 2023 and 2024 respectively [11] - Palin Bio announced a share transfer agreement with China Biologic, transferring approximately 200 million shares for about 4.699 billion yuan, representing 21.03% of the company's total shares [12] Industry Trends - Novo Nordisk announced a global workforce reduction of approximately 9,000 positions, about 11% of its total employees, as part of a restructuring plan aimed at achieving annual cost savings of around 8 billion Danish kroner by 2026 [15]

Group 1 - Novo Nordisk plans to lay off approximately 9,000 employees to save 8 billion Danish kroner (about 1.26 billion USD) annually, aiming to streamline its organizational structure and reallocate resources to growth opportunities in diabetes and obesity sectors [1] - The company has lowered its earnings guidance multiple times this year due to increasing sales pressure on its core product, semaglutide, indicating a need for adjustments under profitability pressure [1] Group 2 - Pilin Biological announced a share transfer agreement with China National Pharmaceutical Group, which will acquire approximately 200 million unrestricted shares, representing 21.03% of the total share capital, leading to a change in the controlling shareholder and actual controller [2] - This move highlights the acceleration of central enterprises' integration in the biopharmaceutical sector, aiming to strengthen the full industry chain layout and resource synergy, thereby enhancing competitiveness among leading companies [2] Group 3 - Bairui Tianheng's drug, iza-bren (EGFR×HER3 dual-target ADC), has been included in the breakthrough therapy list by the National Medical Products Administration (NMPA) for patients with platinum-resistant recurrent epithelial ovarian cancer, fallopian tube cancer, or primary peritoneal cancer [3] - Iza-bren has now received six breakthrough therapy designations from the NMPA and one from the FDA, which will expedite its market entry to meet urgent clinical needs [3] Group 4 - Baiyao Tai has received marketing approval from the UK MHRA for Qletli (BAT1406, adalimumab injection), marking it as the first domestically approved adalimumab biosimilar in the UK with two specifications and eight indications [4] - This approval signifies a key breakthrough for domestic biopharmaceuticals in the European mainstream market, opening up overseas growth opportunities and demonstrating that Chinese biosimilars have reached international standards in quality, clinical, and registration capabilities [4] Group 5 - Zhixiang Jintai's GR1803 injection for systemic lupus erythematosus has received clinical trial approval from the NMPA, making it the first dual-specific antibody targeting BCMA×CD3 for this indication in China [5] - Currently, there are no similar targeted SLE drugs available in the domestic market, and GR1803's dual mechanism has the potential to fill a treatment gap in autoimmune diseases [5]

Core Viewpoint - The company, Buchang Pharma, is undergoing a significant transformation from a traditional Chinese medicine enterprise to an innovative pharmaceutical group, showcasing strong financial performance and strategic advancements in the first half of 2025 [1] Group 1: Financial Performance - In the first half of 2025, Buchang Pharma reported a revenue of 5.664 billion yuan and a net profit attributable to shareholders of 628 million yuan, with a net cash inflow from operating activities of 959 million yuan [1] - The company plans to distribute a cash dividend of 3.9 yuan per share, amounting to a total of 411 million yuan, which represents 65.52% of its net profit [6] Group 2: R&D and Product Development - Buchang Pharma's subsidiary received approval for the registration of "Adalimumab Injection," targeting eight autoimmune diseases, indicating a strategic focus on high-demand therapeutic areas [2] - The company has a diverse R&D pipeline, with multiple products such as a quadrivalent influenza vaccine and a varicella vaccine making significant progress [2][3] - The company is building a multi-faceted R&D structure that integrates traditional Chinese medicine, biological drugs, and chemical drugs, enhancing its competitive edge [3] Group 3: Strategic Initiatives - The company is actively pursuing internationalization, having signed an exclusive supply agreement with a Philippine pharmaceutical company, which supports the expansion of traditional Chinese medicine into Southeast Asia [4] - Buchang Pharma has made significant strides in smart manufacturing, achieving full-process digital management in its production, which has improved efficiency and product quality [4] Group 4: Corporate Social Responsibility - Since its establishment, Buchang Pharma has contributed over 32 billion yuan in taxes, supporting local economic development and demonstrating its commitment to social responsibility [6] - The company has sponsored the "Together, Building a Chinese Heart" public welfare initiative for 18 consecutive years, benefiting over 1 million people [7] Group 5: Future Outlook - Looking ahead, Buchang Pharma aims to deepen its innovation-driven development strategy while expanding its presence in chemical and biological drug sectors, positioning itself for greater market and capital gains [7]

Core Viewpoint - The announcement of an exclusive supply agreement between Sichuan Luzhou Bichang Biopharmaceutical Co., Ltd. and GOODFELLOW PHARMACORPORATION marks a significant step for the company in entering the Philippine market and expanding its international presence, particularly in the Southeast Asian region [1][6]. Group 1: Product and Market Overview - Efparepoetin alfa is an innovative biopharmaceutical product designed to treat anemia in adult dialysis patients caused by chronic kidney disease (CKD), filling a market gap as no similar products have been approved in China [2][3]. - The global chronic kidney disease market is projected to reach USD 41.21 billion in 2024 and USD 43.16 billion in 2025, with a compound annual growth rate (CAGR) of 5.9%, driven by factors such as aging population and increasing diabetes and hypertension cases [3]. Group 2: Strategic Development - The company is focusing on "innovation-driven, diversified development" by strengthening its biopharmaceutical sector while maintaining its leadership in traditional Chinese medicine, with 12 biopharmaceutical products currently in the R&D phase [4]. - The Chinese biopharmaceutical market is expected to exceed RMB 800 billion by 2025, benefiting from policy support and technological innovation, which aligns with the company's strategic direction [4]. Group 3: Financial Performance and Social Responsibility - Since its listing in 2016, the company has returned over RMB 9.183 billion to shareholders through cash dividends and share buybacks, significantly exceeding the initial fundraising of RMB 3.9 billion [5]. - The company has contributed over RMB 32 billion in taxes, supporting local public services and promoting employment through its production and R&D centers across various provinces [5]. Group 4: Future Outlook - The collaboration with GOODFELLOW is seen as a strategic move to capitalize on the growing demand in emerging markets, positioning the company for future internationalization of more products [6]. - The integration of technological innovation, stable capital operations, and social responsibility is expected to create a sustainable competitive advantage for the company in the global pharmaceutical market [6].

Core Viewpoint - The partnership between Sichuan Luzhou Bichang Biological Pharmaceutical Co., Ltd. and GOODFELLOW PHARMACORPORATION marks a significant step for the company in its internationalization strategy, particularly in the Southeast Asian market, through the exclusive supply agreement for Efparepoetin alfa [1][6]. Group 1: Internationalization Strategy - The exclusive supply agreement allows GOODFELLOW to act as the sole agent for Efparepoetin alfa in the Philippines, covering registration, clinical trials, promotion, distribution, and sales [1]. - The agreement is valid for five years from the approval of the import drug license, with a potential five-year extension based on performance [1]. - This collaboration enables the company to enter the Philippine market more rapidly and serves as a foundation for further expansion into Southeast Asia [1][3]. Group 2: Product and Market Insights - Efparepoetin alfa is an innovative biological product designed to treat anemia in adult dialysis patients caused by chronic kidney disease (CKD) [2]. - The product has no direct competitors in the domestic market, filling a significant gap [2]. - The global chronic kidney disease market is projected to grow from $41.21 billion in 2024 to $43.16 billion in 2025, with a compound annual growth rate (CAGR) of 5.9%, reaching over $86.83 billion by 2037 [3]. Group 3: Innovation and Development Strategy - The company is focusing on "innovation-driven, diversified development," strengthening its biological drug segment while maintaining its leadership in traditional Chinese medicine [4]. - Currently, there are 12 biological products in the research and development phase, covering various diseases, including cancer and blood disorders [4]. - The Chinese biological drug market is expected to exceed 800 billion yuan by 2025, driven by policy support and technological innovation [4]. Group 4: Financial Performance and Social Responsibility - Since its listing in 2016, the company has returned over 9.183 billion yuan to shareholders through cash dividends and share buybacks, significantly exceeding the initial fundraising of 3.9 billion yuan [5]. - The company has contributed over 32 billion yuan in taxes, supporting local public services and employment [5]. - The company actively engages in social responsibility initiatives, including medical assistance and health education, enhancing public health awareness [5].

Investment Rating - The report maintains a "Buy" rating for several companies in the biotechnology sector, including Legend Biotech (LEGN US), and others like 3SBio (1530 HK), Innovent Biologics (1801 HK), and more, indicating a positive outlook for these stocks [7]. Core Insights - The upcoming centralized procurement of biosimilars in mainland China is expected to impact multiple major products, with the first round of information collection already initiated [2]. - The report emphasizes that the impact of this procurement on company performance and product sales will likely be felt starting in 2026, as the process is expected to take longer due to the novelty of biosimilar procurement in China [2]. - Companies such as China Biologic Products, Innovent Biologics, and Hengrui Medicine are highlighted as key players with multiple products involved in the procurement process, warranting close attention to pricing and allocation results [2][3]. - The report suggests that the impact on innovative drugs will be limited, as the products involved in the procurement are off-patent and already have competing biosimilars [2]. Summary by Sections Section: Centralized Procurement - The centralized procurement for biosimilars is officially starting, with a focus on eight monoclonal antibody products [2]. - The information collection phase is expected to last 1-2 months, with a longer timeline anticipated for rule formulation and final product inclusion [2]. Section: Company Focus - Key companies to watch include China Biologic Products, Innovent Biologics, and Hengrui Medicine, with respective products in the procurement process [2]. - The report recommends monitoring the pricing and allocation outcomes closely for these companies [2]. Section: Innovative Drugs - The report indicates that the eight monoclonal antibodies involved in the procurement are already off-patent and have existing biosimilars, suggesting limited impact on innovative drugs still under patent [2]. - Continuous attention is advised for the upcoming national medical insurance negotiations and the establishment of commercial insurance innovative drug directories [2].