来源：智通财经 智通财经记者 | 黄华 智通财经编辑 | 谢欣 近日，创新药公司爱科百发再次向港交所递交了上市申请。近些年内，该公司多番冲击IPO，这已是其 五年内二度尝试港股上市。 据行业媒体药研网报道，爱科百发首次公开冲刺IPO的时间可追溯至2021年6月，当时目标是港股主 板，随后在2022年年初选择主动终止上市申请。 智通财经此前报道，2023年上半年，爱科百发放弃港交所IPO之后，正式向科创板递交了IPO招股书； 但在2024年初，爱科百发撤回了发行上市申请。 9月18日上午，就港股IPO动态一事，智通财经记者向爱科百发官网投资者关系邮箱发送了采访提纲， 截至发稿时尚未收到回复。同日上午，智通财经记者拨打了爱科百发官网联系电话，通话没有被接通。 若是从财务面看，爱科百发由于缺乏商业化产品，加之前几年的大研发投入，目前的现金状况较为糟 心，入不敷出态势严峻，这也可能促使企业再度启动IPO计划。 企业招股书显示，截至今年上半年末，爱科百发现金及现金等价物不足1亿元。但在同期，公司的研发 成本和行政开支分别是8613.8万元、1943.4万元。今年上半年，该公司继续亏损，期内亏损也过亿。 | | 截至12 ...

Enanta Pharmaceuticals Inc. (ENTA) will hold a conference call and webcast on Monday, September 29, 2025, at 8:30 a.m. ET to share topline results from its RSVHR study.RSVHR is a phase 2b trial evaluating its lead drug candidate Zelicapavir for the treatment of respiratory syncytial virus (RSV) in high-risk adults.Respiratory syncytial virus (RSV) causes severe lung infections, including bronchiolitis and pneumonia. High-risk populations include premature babies, young infants, and children. In the U.S. al ...

Key Takeaways GSK vaccine sales fell in the U.S. as Shingrix and Arexvy declined sharply in early 2025.Revised ACIP guidance narrowed Arexvy's eligible population, hurting sales momentum.Penmenvy approval and pipeline efforts may aid growth, but benefits will take time.GSK plc (GSK) is one of the key vaccine makers in the world, marketing vaccines to help prevent infectious diseases like Respiratory Syncytial Virus or RSV, meningitis, shingles, hepatitis and many more.GSK’s Vaccine sales are declining in th ...

Core Insights - GSK stock has increased by 6.4% over the past month, adding nearly $5 billion to its market value, driven by strong performance in the Specialty Medicines unit and a positive long-term outlook despite challenges in the Vaccines unit and economic pressures [1][9]. Group 1: Specialty Medicines Performance - The Specialty Medicines unit is experiencing significant sales growth, with a 16% increase in the first half of 2025, attributed to successful launches in Oncology and long-acting HIV medicines [3][9]. - Key products driving growth include Nucala, Dovato, Cabenuva, Apretude, Jemperli, and Ojjaara, with expectations for low teens percentage growth in sales for this segment in 2025 [4][9]. - Specialty Medicines currently account for approximately 40% of GSK's sales and are projected to exceed 50% of total revenues by 2031 [4]. Group 2: Promising Pipeline and R&D - GSK is increasing its R&D investment in long-acting and specialty medicines across various therapeutic areas, including Respiratory, Immunology & Inflammation, Oncology, and HIV [5]. - Recent approvals include the pentavalent MenABCWY meningococcal vaccine and Blujepa/gepotidacin for uncomplicated urinary tract infections, with additional regulatory applications under review [6][7]. - GSK plans to launch five new products/line extensions in 2025, including Blenrep and depemokimab, which are already approved in the U.S. [7]. Group 3: Vaccine Sales Challenges - Vaccine sales in the U.S. are declining, particularly for the shingles vaccine Shingrix and the RSV vaccine Arexvy, with total vaccine sales down 11% at CER in the first half of 2025 [8][11]. - Revised recommendations for RSV vaccinations have negatively impacted sales of Arexvy, particularly among adults aged 60-74 [10][11]. - GSK anticipates a low single-digit percentage decrease in vaccine sales for 2025, reflecting broader challenges in this segment [11]. Group 4: Stock Performance and Valuation - GSK stock has outperformed the industry and the S&P 500, rising 21.2% year-to-date compared to a 1.4% increase for the industry [12]. - The stock is trading at a forward price/earnings ratio of 8.58, significantly lower than the industry average of 14.78, indicating attractive valuation [14]. - Analysts have raised the earnings consensus estimate for 2025 from $4.34 to $4.37 per share, reflecting optimism around profit growth [18]. Group 5: Future Growth Expectations - GSK expects over 7% sales growth and more than 11% core operating profit growth on a CAGR basis from 2022 to 2026, driven by the Specialty Medicines segment [21]. - The growth in Specialty Medicines is expected to offset the slowdown in the Vaccines unit, with General Medicines also contributing to overall sales growth [21].

Group 1: Machinery Industry - In July 2025, excavator sales in China exceeded expectations, with total sales reaching 17,138 units, a year-on-year increase of 25.2% [2] - Domestic sales accounted for 7,306 units, up 17.2%, while exports reached 9,832 units, marking a 31.9% increase [2] - The cumulative sales from January to July 2025 were 137,658 units, reflecting a 17.8% year-on-year growth, with domestic sales increasing by 22.3% [2] - The growth in domestic sales was attributed to accelerated exports of second-hand machines and the commencement of hydropower projects [2] - The semiconductor equipment sector saw global sales of $59.91 billion in June, a 19.6% year-on-year increase, driven by improved demand from consumer electronics and AI-related chips [3] - Japan's semiconductor manufacturing equipment shipments reached approximately 404.59 billion yen, up 17.6% year-on-year, indicating strong downstream demand [3] - The machinery industry maintains a "buy" rating, with a focus on companies benefiting from domestic demand recovery and strong export growth [5] Group 2: Real Estate Industry - Beijing's recent policy changes include the cancellation of purchase restrictions outside the Fifth Ring Road and enhanced support for public housing loans [7] - The new policy allows local families and single individuals to purchase unlimited properties outside the Fifth Ring Road, which is expected to stimulate demand [7] - In July 2025, new home sales in Beijing dropped by 31% year-on-year, indicating a need for policy adjustments to stabilize the market [9] - The real estate sector maintains a "buy" rating, with recommendations for leading developers with strong land acquisition capabilities and real estate agencies benefiting from increased second-hand home transactions [10] Group 3: Food and Beverage Industry - The food and beverage sector saw a 0.63% increase from August 4 to August 8, 2025, underperforming compared to the broader market indices [12] - The Consumer Price Index (CPI) for July 2025 remained flat year-on-year, with food prices decreasing by 1.6% [14] - The launch of a high-end product by Kweichow Moutai sold out within two minutes, indicating strong consumer interest in premium products [15] - The food and beverage industry maintains a "buy" rating, focusing on companies with stable demand and innovative product offerings [16] Group 4: Pharmaceutical Industry - Recent advancements in vaccine development include the acceptance of clinical trial applications for an mRNA vaccine targeting respiratory syncytial virus by Watson Bio [18] - The first phase of clinical trials for China's first HIV vaccine using the Tian Tan strain has been successfully completed, marking significant progress in vaccine research [19] - Pfizer reported a 10% year-on-year revenue increase in Q2 2025, driven by strong sales of its COVID-19 products [19] - The pharmaceutical industry maintains an "overweight" rating, with a focus on companies innovating in vaccine technology and expanding into international markets [23]

Investment Rating - The industry investment rating is maintained at "Overweight" [3][10][29] Core Viewpoints - The vaccine industry is experiencing significant innovation breakthroughs both domestically and internationally, with multiple companies achieving clinical trial approvals for new vaccines [2][6][10] - The industry is currently facing performance pressure due to supply-demand imbalances, with high competition leading to price declines for some products [10][29] - Long-term prospects remain positive, driven by policy support, increasing demand due to aging populations, and ongoing technological advancements in vaccine development [11][31] Summary by Sections Recent Developments - Watson Bio's mRNA vaccine for respiratory syncytial virus (RSV) has received clinical trial approval, marking a significant step in domestic vaccine innovation [5][6] - The first phase trial of China's Tian Tan strain HIV vaccine has been successfully completed, indicating progress in HIV vaccine research [5][6] - Pfizer reported a 10% revenue growth in Q2 2025, exceeding market expectations, with significant contributions from its anticoagulant and COVID-19 products [5][6] Market Performance - The vaccine sector saw a slight decline of 0.44% last week, while the overall pharmaceutical sector dropped by 0.84% [7][8] - The vaccine industry has shown a cumulative increase of 0.96% since the beginning of 2025, indicating a recovery trend [7][8] Valuation Metrics - The vaccine sector's price-to-earnings (PE) ratio is 80.76X, with a recent decrease of 0.33X, while the price-to-book (PB) ratio stands at 1.96X [9][10] - The PE ratio is within the 48.20% percentile since 2013, indicating a relatively high valuation compared to historical data [9][10] Investment Recommendations - The report suggests focusing on companies with strong innovation capabilities and differentiated products, recommending companies like CanSino and Kanghua Bio [10][31] - The long-term outlook emphasizes the importance of innovation and international expansion as key drivers for growth in the vaccine industry [10][31]

Core Viewpoint - The RSV mRNA vaccine developed by Watson Bio, in collaboration with Fudan University and Shanghai Bluebird Bio, has received clinical trial application acceptance from the National Medical Products Administration, marking a significant step in a market that currently lacks approved domestic vaccines [2][4]. Industry Overview - RSV is a common pathogen causing acute lower respiratory infections in infants and the elderly, leading to severe diseases such as pneumonia and bronchitis. Despite its prevalence, vaccine development has faced numerous challenges, leaving a gap in the Chinese market [4][5]. - Globally, only three RSV vaccines have been approved: GSK's Arexvy, Pfizer's Abrysvo, and Moderna's mRESVIA, with a projected global sales of approximately $4 billion for the 2023-2024 period [4][5]. - The global RSV vaccine market is expected to grow from $1.8 billion in 2020 to $12.8 billion by 2030, with a compound annual growth rate exceeding 20% [5]. Company Developments - Watson Bio's RSV mRNA vaccine represents the second major focus in its mRNA pipeline, following its previous efforts in the COVID-19 vaccine space [3][11]. - The collaboration with Bluebird Bio and Fudan University leverages established relationships and expertise in mRNA technology, with Fudan University holding several patents in mRNA delivery systems [5][10]. - Watson Bio has built a modular mRNA production line capable of producing 200 million doses annually, aligning its production strategy with international leaders like Moderna [10]. Competitive Landscape - The domestic RSV vaccine market is highly competitive, with over 20 companies, including Aidi Weixin, Maikang Bio, and Afana Bio, already making significant clinical progress ahead of Watson Bio [4][6]. - Aidi Weixin's ADV110 and Maikang Bio's MKK900 are among the leading candidates, with clinical trials advancing rapidly [6]. - Watson Bio's ability to catch up in this competitive landscape will depend on efficient clinical progression, optimization of production processes, and effective regulatory communication [6][8].

Core Viewpoint - Watson Bio, in collaboration with Fudan University and Shanghai Blue Magpie Biopharmaceutical Co., Ltd., has applied for clinical trials for its respiratory syncytial virus (RSV) mRNA vaccine, receiving acceptance notification from the National Medical Products Administration [1] Company Summary - The vaccine is developed based on an independently established mRNA vaccine technology platform, aimed at stimulating immune response against RSV to prevent lower respiratory tract diseases caused by RSV infection [1] - Watson Bio has partnered with Blue Magpie Biopharmaceutical and Fudan University for the development of this vaccine [1] Industry Summary - Currently, three RSV vaccines have been approved and launched internationally: GSK's Arexvy (recombinant protein vaccine), Pfizer's Abrysvo (recombinant protein vaccine), and Moderna's mRESVIA (mRNA1345, mRNA vaccine) [1] - There are no approved RSV vaccines in the domestic market, indicating a potential opportunity for Watson Bio [1] - The global sales for RSV vaccines are projected to be approximately $4 billion for the 2023-2024 fiscal year [1]

Core Viewpoint - Watson Bio has applied for clinical trials of its respiratory syncytial virus (RSV) mRNA vaccine, which has been accepted by the National Medical Products Administration of China [1] Group 1: Company Developments - The vaccine is a joint development by Watson Bio, Fudan University, Shanghai Bluebird Biopharmaceuticals, and its subsidiaries [1] - The application for clinical trials has received an acceptance notice, indicating progress in the vaccine's development [1] Group 2: Market Context - Currently, three RSV vaccines have been approved and launched internationally: GSK's Arexvy, Pfizer's Abrysvo, and Moderna's mRESVIA [1] - There are no approved RSV vaccines in the domestic market, highlighting a potential opportunity for Watson Bio [1] - The global sales of RSV vaccines are projected to be approximately $4 billion for the 2023-2024 fiscal year [1] Group 3: Regulatory Environment - Following the acceptance of the clinical trial application, the vaccine will undergo technical review by the National Medical Products Administration, with approval required before clinical trials can commence [1] - The review and approval process carries a degree of uncertainty [1]

Core Insights - GSK plc reported second-quarter 2025 core earnings of $1.23 per American depositary share (ADS), exceeding the Zacks Consensus Estimate of $1.12, with a year-over-year increase of 7% on a reported basis and 15% at a constant exchange rate (CER) [1][9] - Quarterly revenues rose 1% on a reported basis and 6% at CER to $10.67 billion (£7.99 billion), driven by increased sales of HIV, oncology, and vaccine products, surpassing the Zacks Consensus Estimate of $10.33 billion [2][9] Segment Performance - GSK operates under three segments: General Medicines, Specialty Medicines, and Vaccines. Specialty Medicines sales increased by 15%, while Vaccine sales rose by 9%. General Medicines experienced a decline of 6% [3][9] - HIV sales grew by 12%, supported by increased demand for Dovato and long-acting medications Apretude and Cabenuva, with Apretude and Cabenuva sales rising by 50% and 46%, respectively [4][6] - Oncology sales surged by 42%, driven by strong demand for Jemperli and Ojjaara/Omjjara, with Jemperli sales increasing by 91% [6][7] - Vaccine sales were bolstered by increased uptake of meningitis and shingles vaccines, with Shingrix sales rising by 6% [12] Financial Guidance - GSK raised its 2025 sales and profit guidance, now expecting sales to increase toward the top end of the previously issued range of 3-5%, with Specialty Medicines projected to grow at a low teens percentage at CER [15][16] - The company anticipates core operating profit and core EPS to grow toward the top end of the previously issued guided range of 6-8% [16][17] Long-term Strategy - GSK has prioritized focus on HIV, immunology/respiratory, and oncology therapeutic areas, with 84 assets in clinical development, including 16 candidates in late-stage development or under regulatory review [24] - The company plans to launch five new products/line extensions in 2025, with three already approved in the first half of the year [25][26]