Core Viewpoint - The significant stock price increases of Kangfang Biopharma and Pop Mart, which rose over 150% and 450% respectively, reflect the accurate predictions of the "Phoenix Star Listed Company Awards" regarding high-quality investment targets [1][4][18]. Group 1: Performance and Growth - Kangfang Biopharma achieved a revenue of 1.412 billion yuan in the first half of 2025, marking a year-on-year growth of 33.7%, driven by the commercialization of core products [5]. - Pop Mart reported a revenue of 13.88 billion yuan during the same period, with a remarkable year-on-year growth of 204.4%, showcasing the strong monetization capability of cultural IP operations [8]. - Both companies' growth is attributed to stable revenue contributions from their core businesses, with Kangfang Biopharma focusing on dual-antibody drug matrices and Pop Mart leveraging its leading IP series [8]. Group 2: Globalization Strategy - Kangfang Biopharma is actively pursuing a global strategy, with key products like Cardunili and Yivosi being central to its international expansion. The company has authorized Summit to commercialize Yivosi globally under a deal worth up to $5 billion [9]. - Pop Mart adopts a localized international strategy, signing artists globally to cater to diverse consumer needs and launching region-specific products, such as Thai-themed LABUBU products and collaborations with famous artworks in Paris [9]. Group 3: Industry Trends - The innovative pharmaceutical sector, where Kangfang Biopharma operates, is experiencing structural changes, with improved healthcare systems and accelerated drug approvals driving the growth of Chinese innovative drugs [12]. - Pop Mart is capitalizing on the rise of the IP economy, fueled by the increasing demand for emotional value consumption among Generation Z and the global popularity of "Guzi" culture [12]. Group 4: Evaluation Criteria - The "Phoenix Star Listed Company Awards" emphasizes long-term growth potential over short-term financial metrics, utilizing data analysis, expert reviews, and public voting to identify companies with sustainable value [13][14]. - The awards recognize Kangfang Biopharma's comprehensive layout from R&D to industrialization and Pop Mart's innovative capabilities in IP operations and global expansion potential [14].

自去年获得"2024凤凰之星上市公司评选"的"港股最具成长性上市公司"以来，康方生物和泡泡玛特备受资本市场青睐，截至9月21日，股价已分别涨超 150%、450%。 这两家分属不同赛道的企业，用持续攀升的股价，诠释了"凤凰之星上市公司评选"对优质标的的精准预判。这份前瞻性背后，究竟藏着怎样的逻辑？ 标普全球中国区主席、标普信评首席执行官黄直（中）为"2024凤凰之星上市公司评选"获奖企业颁奖 1、"凤凰之星"最具成长性上市公司为什么能股价大涨？ 两家企业分属不同的行业，却走出了相似的股价曲线，这背后并非偶然的市场炒作，而是多重优势共振的结果。 首先，扎实的业绩是两家企业获得资本市场认可的前提。 2025年上半年，康方生物实现营业收入14.12亿元，同比增长33.7%，这一增长源于其持续推进核心产品的商业化进程，如推动卡度尼利、依沃西两款产品被 纳入医保目录。 康方生物管线分布情况 积极推进全球化战略，充分挖掘海外市场潜力，也是两家企业实现规模跃升的重要因素。 具体来看，卡度尼利与依沃西是目前康方生物的出海核心。2022年，康方生物将依沃西以"5亿美元首付款+50亿美元总交易额+低双位数销售分成"交易模式 授权 ...

Core Insights - The CD47 target was once highly sought after by global pharmaceutical companies, likened to the next PD-1, but has since faced significant challenges and failures in drug development [1][3][14] - Despite the setbacks, companies like I-Mab and Kangfang Biotech remain optimistic about the potential of CD47-targeted therapies, with ongoing clinical trials [5][9][14] Industry Overview - CD47 is a transmembrane glycoprotein expressed on various cancer cells, which helps tumors evade the immune system by sending a "don't eat me" signal to macrophages [3][5] - Major pharmaceutical companies, including Gilead and Pfizer, have made substantial investments in CD47-targeted therapies, with Gilead acquiring Forty Seven for $4.9 billion, but faced failures in clinical trials [3][5][12] - In China, over 20 clinical approvals for CD47-targeted drugs have been granted, but many companies, including Hengrui and Innovent, have halted their trials due to disappointing results [4][5][12] Company Developments - I-Mab is advancing two Phase III clinical trials for its CD47-targeted therapies, while Kangfang Biotech is conducting multiple trials for its drug, Lefanlimab [5][9] - I-Mab's approach to CD47 is distinct, as it utilizes a non-antibody drug that binds more selectively to cancer cells, potentially reducing toxicity and improving dosing [8][9] - Kangfang Biotech is optimizing its drug structure to minimize red blood cell aggregation, which is a significant issue with CD47 antibodies [9][12] Market Sentiment - The global pharmaceutical industry has invested nearly 100 billion RMB in CD47 research without a successful drug to date, leading to a cautious approach from investors and companies [5][12] - There is a growing sentiment that the investment climate for innovative drugs is improving, with increased activity from investment funds in the sector [11][16]