中证报中证网讯(王珞)12月22日，上交所网站披露，苏州信诺维医药科技股份有限公司(以下简称"信诺 维")科创板上市申请获受理。公司是一家聚焦全球重大未满足临床需求的创新药企业，此次申报采用科 创板第五套上市标准，有望为科创板生物医药板块增添新的力量。 公司持续保持高强度研发投入，2022年至2024年及2025年上半年，研发费用累计超过14亿元。其创新成 果已获国内外监管机构认可，获得多项突破性治疗药物及快速通道认定。公司还搭建了小分子靶向、复 杂抗体及靶向蛋白降解三大技术平台，为持续创新提供支撑。 截至目前，公司已有4条管线达成对外授权或转让，合作方包括安斯泰来(Astellas)等国际知名药企及多 家国内上市药企，相关协议累计交易金额超过20亿美元。其中，2025年5月与安斯泰来就 XNW27011(Claudin18.2ADC)达成的海外授权协议，为公司带来1.30亿美元首付款及最高可达14.06亿美 元的潜在里程碑付款。 招股书披露，凭借已完成的BD交易收入，公司预计在2025年实现扣除非经常性损益后的公司层面盈 利，"以研养研"的良性循环模式已得到初步验证。 招股书显示，信诺维已构建了梯度分明的创 ...

Core Viewpoint - Company has raised its adjusted net profit forecast for China Biopharmaceutical (01177) for 2025/2026 by 16.9%/17.2% to CNY 4.47 billion/CNY 4.92 billion, driven by operational efficiency improvements and increased dividend income [1] Financial Performance - In 1H25, the company reported revenue of CNY 17.575 billion, a year-on-year increase of 10.7%; net profit attributable to shareholders was CNY 3.389 billion, up 12.3%; adjusted net profit reached CNY 3.088 billion, a significant increase of 101.1%, exceeding expectations due to better-than-expected revenue from innovative products and dividend income [2] Growth Drivers - Innovative products drove double-digit revenue growth in 1H25, with innovative product revenue reaching CNY 7.799 billion, a year-on-year increase of 27.2%, accounting for 44.4% of total revenue (up 5.8 percentage points year-on-year); oncology drug revenue was CNY 6.694 billion (up 24.9%), and surgical analgesics revenue was CNY 3.105 billion (up 20.2%); the company expects innovative product revenue to exceed 50% of total revenue in 2025 [3] Management Efficiency - The company has improved management efficiency, achieving a gross margin of 82.5% (up 0.4 percentage points year-on-year) and a sales management expense ratio of 42.9% (down 0.2 percentage points year-on-year); the number of marketing personnel decreased by 8.6% year-on-year, while per capita output of marketing personnel increased by 21.8% [4] Strategic Acquisitions - Following the acquisition of Lixin Pharmaceutical, the company has accelerated its innovation pipeline focusing on oncology, liver disease metabolism, respiratory infections, and surgical analgesics; it is advancing clinical trials for various cancer treatments, including lung cancer and breast cancer, and expects to see more effective data and overseas business development transactions [5]

Market Overview - The Hang Seng Index rose by 1.88%, gaining 470 points to close at 25,439 points, while the Hang Seng Tech Index increased by 2.35%. The early trading volume in Hong Kong stocks reached HKD 143.8 billion [1]. Biotechnology Sector - The Hang Seng Biotechnology Index surged by 3.77%, with pharmaceutical stocks collectively rising due to the debut of the "dual directory" for drug applications, promoting a "multi-level + innovative support" strategic transformation. Notable stock performances include: - Zhonghui Biotech-B (02627) up by 24% - Jiuyuan Gene (02566) up by 8.99% - Kintor Pharmaceutical (09939) up by 5.7% - Innovent Biologics (01801) up by 7.27% [1]. Individual Company Performances - Heyu-B (02256) increased by 7.38%, reaching a new high, driven by the exercise fee of Pimiatin boosting performance, with a 59% year-on-year increase in net profit for the first half of the year [2]. - Decent Pharmaceuticals-B (06996) rose over 15% as Claudin18.2 ADC is proposed for inclusion as a breakthrough therapy [3]. - Tencent-related companies reported generally better-than-expected earnings, with Tencent Music-SW (01698) up by 15%, and other companies like Reading Group (00772) and Weimob Group (02013) also seeing significant gains [3]. - Chongqing Machinery and Electric (02722) rose by 8.9%, expecting a 50% year-on-year increase in net profit due to rapid growth in AIDC demand [3]. - China Tobacco Hong Kong (06055) increased by over 7%, maintaining its position in the domestic cigarette export duty-free business, with earnings to be announced next Friday [4]. - Q Technology (01478) surged over 8%, with a 167% year-on-year increase in net profit for the first half of the year, leading to target price upgrades from multiple institutions [5]. - Hon Teng Precision (06088) rose over 9% post-earnings, with a 11% increase in revenue for the first half, although net profit declined by 3% [6]. - Minmetals Resources (01208) increased over 9%, with net profit soaring 15 times in the first half, while the company lowered its cost guidance for its mines [7]. - 361 Degrees (01361) fell over 10% post-earnings, with net profit growth slightly below revenue growth, aligning with expectations [8].