需要厘清的是，此次冲刺港股的科兴制药，并非在美股上市、因新冠疫苗声名大噪的科兴生物（SVA.US），而是一家专注于肿瘤与自身免疫疗法的生物 制药公司。 9款商业化产品构筑基本盘，2款产品市占率领先 科兴制药专注于重组蛋白、抗体及靶向递送疗法的研发、生产与商业化，核心赛道聚焦肿瘤及自身免疫领域，公司采用"自研+授权"双线发展模式。 根据招股书披露，公司目前已拥有9款商业化产品，同时布局15个在研项目——其中2个进入III期临床，3个处于II期或I期临床，10个处于临床前阶段，产 品矩阵覆盖抗病毒、血液、肿瘤等多个治疗场景。 在科兴制药的商业化产品中，多款单品表现亮眼，稳居细分市场头部地位： 一边是核心产品称雄细分市场，一边是业绩起伏不定——这家正冲刺"A+H"的生物制药公司，正试图在创新与商业化之间找到平衡。 近日，已在科创板上市的科兴制药（688136.SH）正式向港交所递交招股书，计划登陆港交所主板，开启"A+H"双平台融资通道。 根据计划，此次港股IPO募资将主要用于创新药管线研发、生物类似药的筛选与开发，以及引进高价值药物管线。 尽管产品矩阵看似丰富，但科兴制药的经营业绩呈现显着波动，收入结构高度集中。 ...

Core Viewpoint - The company Kexing Pharmaceutical (688136.SH) announced plans to issue H-shares for a Hong Kong listing, joining a wave of A-share companies pursuing dual listings in Hong Kong, with 25 companies announcing similar plans in September 2023 [1]. Group 1: Company Developments - Kexing Pharmaceutical aims to deepen its "innovation + internationalization" strategy and accelerate overseas business development through the Hong Kong listing [1]. - The company reported a revenue of 700 million yuan in the first half of 2023, a year-on-year decrease of 7.82%, while net profit attributable to shareholders increased significantly by 576.45% to 80.34 million yuan [1]. - The net cash flow from operating activities reached 30 million yuan, a year-on-year increase of approximately 188%, attributed to increased sales collections and reduced operating expenses [2]. Group 2: Research and Development - Kexing Pharmaceutical's innovative drug pipeline has made significant progress, with its interferon α1b inhalation solution included in the list of breakthrough therapies by the National Medical Products Administration [2]. - The company focuses on antiviral, oncology, and immunology research, with R&D investment in the first half of 2023 amounting to approximately 95.97 million yuan, representing 13.70% of total revenue, an increase from 11.52% in the previous year [3]. Group 3: Market Position and Future Outlook - Kexing Pharmaceutical's overseas commercialization platform has expanded to over 40 countries, covering emerging markets with populations over 100 million and GDP rankings in the top thirty [4]. - The company’s product, albumin-bound paclitaxel, has shown significant growth in the European market, with a quarter-on-quarter revenue increase of 35.84% in Q2 2023 [3][4]. - The upcoming Hong Kong listing is expected to help Kexing Pharmaceutical build a dual financing platform, facilitating coordinated development in domestic and international markets [4].