Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][36]. Core Viewpoints - The pharmaceutical sector has shown weaker performance compared to the overall market, with a decline of 2.07% in the biotechnology sector [1][27]. - The report emphasizes the importance of focusing on innovative drug companies with differentiated capabilities and global commercialization potential [3][36]. - The report highlights the potential for valuation recovery in the medical device sector due to policy optimization and performance recovery [3]. Summary by Sections Market Performance - The overall A-share market declined by 0.65%, while the biotechnology sector fell by 2.07% [1][27]. - Specific declines were noted in chemical pharmaceuticals (down 2.43%), biological products (down 3.47%), and medical devices (down 2.04%) [1][27]. Company Focus: Jinfang Pharmaceutical - Jinfang Pharmaceutical, listed on the Hong Kong Stock Exchange, focuses on RAS-targeted molecular research and has successfully launched its first innovative drug [2][10]. - The core product GFH925 is a selective inhibitor for KRAS G12C mutations, approved for use in NSCLC and expected to enter the market in August 2024 [2][20]. - The company has a robust pipeline, including GFH312 for PAD and PBC indications, and GFH375 for KRAS G12D mutations, with ongoing clinical trials [2][22]. Investment Strategy - The report suggests investing in innovative drug companies with strong growth in new orders and backlogs, as well as leading CDMO companies [3][36]. - Recommended companies include Mindray Medical, WuXi AppTec, and Aier Eye Hospital, all rated as "Outperform" [4][36]. Valuation Metrics - The TTM P/E ratio for the pharmaceutical and biotechnology sector is 39.77x, significantly higher than the overall A-share market P/E of 20.32x [32][36]. - Specific sector P/E ratios include chemical pharmaceuticals at 49.53x and biological products at 48.34x [32]. Recommended Stocks - Mindray Medical is highlighted for its strong R&D and sales capabilities, benefiting from domestic medical infrastructure and international expansion [36]. - WuXi AppTec is noted for its comprehensive new drug development service platform, poised to benefit from the global outsourcing market [36]. - Aier Eye Hospital is recognized for its leading position in the private eye care sector and ongoing expansion efforts [36].

Core Viewpoint - Jinfang Pharmaceutical Technology (Shanghai) Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, with a closing price of HKD 42.10, reflecting a significant increase of 106.47% from its opening price of HKD 44.00 [1] Group 1: Company Overview - Jinfang Pharmaceutical is a biopharmaceutical company focused on developing new treatment solutions for tumors, autoimmune diseases, and inflammatory diseases [1] - The company issued a total of 89,240,000 H shares, with 7,760,000 shares allocated for the Hong Kong public offering and 81,480,000 shares for international offering [2][3] Group 2: Financial Details - The offering price was set at HKD 20.39 per share, raising a total of HKD 1,819.60 million, with a net amount of HKD 1,669.92 million after deducting estimated listing expenses of HKD 149.69 million [2][3] - The net proceeds will be used for clinical development of core products GFH925 and GFH375, further development of other pipeline candidates, and general corporate purposes [3] Group 3: Key Investors - Key cornerstone investors include RTW Master Fund, TruMed Health Innovation Fund LP, OrbiMed Genesis Master Fund, and several asset management firms such as UBS Asset Management and 富国基金管理有限公司 [5][6][7] Group 4: Financial Performance - For the fiscal years ending December 31, 2023, and December 31, 2024, Jinfang Pharmaceutical reported revenues of RMB 73.7 million and RMB 104.7 million, respectively, with a loss of RMB 508.3 million and RMB 677.6 million for the same periods [8][9] - The company has incurred significant operating losses primarily due to research and development costs associated with clinical trials, which have exceeded the revenue generated [9][10]

Core Viewpoint - Jinfang Pharmaceutical Technology (Shanghai) Co., Ltd. successfully went public in Hong Kong on September 19, 2025, with an opening price of 44 HKD, a 115.79% increase from the issue price of 20.39 HKD, resulting in a market capitalization of approximately 15.7 billion HKD [3] Company Overview - Founded in 2017, Jinfang Pharmaceutical was co-founded by top scientists Dr. Lü Qiang and Dr. Lan Jiong, and has undergone multiple rounds of financing, achieving a pre-IPO valuation exceeding 3.1 billion RMB [4][14] - The company focuses on innovative treatment solutions in oncology, autoimmune, and inflammatory diseases, aiming to fill significant clinical needs in these areas [8] Key Products and Innovations - The company's core product, GFH925 (commercially known as "Dabote"), is the first approved KRAS G12C inhibitor in China, filling a gap in targeted therapies for various cancers [9] - Another core product, GFH312, is a small molecule inhibitor targeting RIPK1, which has received FDA approval for a Phase II clinical trial in the U.S. [11] Financial Performance - Jinfang Pharmaceutical's financials reflect typical characteristics of innovative pharmaceutical companies, with significant initial investments and notable losses, but rapid revenue growth. Revenue for 2023, 2024, and the first four months of 2025 was 73.73 million, 105 million, and 82.15 million RMB, respectively [12] - The company reported losses of 508 million, 678 million, and 66.62 million RMB for the same periods, indicating a trend of increasing investment in R&D [12] Revenue Sources and Business Model - In 2023, the majority of revenue came from external licensing agreements, with a significant portion from a partnership with Innovent Biologics, although revenue from this source was zero in the first half of 2024, highlighting dependency on a few partners [13] - With the approval of Dabote in August 2024, the company is transitioning towards a revenue structure primarily based on product sales [13] Investment and Financing - Jinfang Pharmaceutical has completed seven rounds of equity financing, raising approximately 1.42 billion RMB, with notable investors including Honghui Capital, Dinghui Investment, and others [16][18] - The company plans to use the funds raised from its IPO for further development of core products GFH925 and GFH375, as well as for operational expenses [18]

Group 1 - The company, Jingfang Pharmaceutical-B (02595), plans to conduct an initial public offering (IPO) from September 11 to September 16, 2025, aiming to globally offer 77.6 million H-shares, with approximately 10% allocated for public sale in Hong Kong and 90% for international sale [1] - The offering price is set at HKD 20.39 per share, with a minimum purchase of 200 shares, and trading on the Hong Kong Stock Exchange is expected to commence on September 19, 2025 [1] - The company has established a product pipeline that includes eight candidate products, five of which are currently in clinical development, focusing on treatments targeting RAS family members, which are key regulators in cell signaling [1] Group 2 - The total net proceeds from the global offering are estimated to be approximately HKD 1.4436 billion, with about 71% allocated for the further development of core products GFH925 and GFH375 [2] - Approximately 19% of the net proceeds will be used for the development of other candidate products, including GFH312, GFS202A, GFH276, GFS784, and other preclinical candidates [2] - About 10% of the net proceeds will be allocated for the company's working capital and other general corporate purposes [2] Group 3 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares amounting to USD 100 million under certain conditions [3] - Notable cornerstone investors include RTW funds, TruMed, OrbiMed, UBS Asset Management, Vivo funds, and several other investment entities [3] - These cornerstone investors are expected to play a significant role in the success of the IPO by providing substantial financial backing [3]

Group 1 - The company, Jingfang Pharmaceutical-B (02595), plans to conduct an initial public offering (IPO) from September 11 to September 16, 2025, with a global offering of 77.6 million H-shares, where approximately 10% will be for public sale in Hong Kong and about 90% for international sale [1] - The offering price is set at HKD 20.39 per share, with trading expected to commence on September 19, 2025 [1] - The company has established a product pipeline that includes eight candidate products, five of which are currently in clinical development, focusing on treatments targeting RAS family members [1] Group 2 - The total net proceeds from the global offering are estimated to be approximately HKD 1.4436 billion, assuming no exercise of the over-allotment option, with about 71% allocated for the further development of core products GFH925 and GFH375 [2] - Approximately 19% of the net proceeds will be used for the development of other candidate products, including GFH312, GFS202A, GFH276, GFS784, and other preclinical candidates [2] - About 10% of the net proceeds will be allocated for the company's working capital and other general corporate purposes [2] Group 3 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares amounting to USD 100 million under certain conditions [3] - Notable cornerstone investors include RTW funds, TruMed, OrbiMed, UBS Asset Management, Vivo funds, and several other investment entities [3] - These cornerstone investors are expected to play a significant role in the success of the IPO by providing substantial financial backing [3]

獨家保薦人、獨家保薦人兼整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 勁方醫藥科技 ( 上海 ) 股份有限公司 GenFleet Therapeutics (Shanghai) Inc. 股份代號 : 2595 （於中華人民共和國註冊成立的股份有限公司） 全球發售 重要提示 重要提示：閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 GenFleet Therapeutics (Shanghai) Inc. 勁 方 醫 藥 科 技（ 上 海 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售的發售股份數目 | ： | 77,600,000股H股（視乎發售量調整權 | | --- | --- | --- | | | | 及超額配股權行使與否而定） | | 香港發售股份數目 | ： | 7,760,000股H股（可予重新分配） | | 國際發售股份數目 | ： | 69,840,000股H股（可予重新分配及 | | | | 視乎發售量調整權及超額配股權 | | | | 行使與否而定） | | 發售價 | ： | 每股發售股份20.39港元，另加 ...

Core Viewpoint - Jinfang Pharmaceutical Technology (Shanghai) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] Company Overview - Jinfang Pharmaceutical is a biopharmaceutical company focused on developing new treatment solutions for oncology, autoimmune, and inflammatory diseases [4][6] - The company has established a product pipeline consisting of eight candidate drugs, five of which are in clinical development [4] Key Products - GFH925 (fulzerasib), a selective KRAS G12C inhibitor, has been commercially approved in China for treating advanced non-small cell lung cancer (NSCLC), making it the first of its kind in China and the third globally [4] - GFH375 is an oral small molecule inhibitor targeting KRAS G12D, with ongoing Phase I/II clinical trials in China for patients with advanced solid tumors carrying the KRAS G12D mutation [4][6] Research and Development - The company aims to diversify its product pipeline beyond RAS drug matrices, including GFS202A, a bispecific antibody targeting GDF15 and IL-6, and GFH312, a small molecule drug targeting RIPK1 [4][6] - R&D expenses for 2023 and 2024 are projected to be approximately RMB 313 million and RMB 332 million, accounting for 86.2% and 85.1% of total operating expenses, respectively [6] Financial Performance - Revenue for 2023 and 2024 is estimated at approximately RMB 73.73 million and RMB 105 million, with net losses of approximately RMB 508 million and RMB 678 million for the same periods [6][7] - The fluctuations in net losses are primarily attributed to significant investments in R&D activities and changes in the fair value of equity redemption liabilities due to the company's rising valuation [6]

聚焦肿瘤、自体免疫和炎症性疾病领域。 本文为IPO早知道原创 作者｜罗宾 2021年，劲方医药与信达生物（1801.HK）就GFH925达成授权交易，授予信达生物于大中华区开 发及商业化GFH925权益，以及在中国以外的全球地区开发及商业化此款产品的中国境外选择权。 2024年1月，双方签订GFH925补充协议，终止上述协议中的中国境外选择权。 劲方正在推进GFH925的海外临床开发，包括在EMA监管区域内国家进行与cetuximab（一款靶向 EGFR的抗体药物）联用作为一线治疗晚期NSCLC的联合疗法的Ib/II期临床试验。公司认为此款联 合疗法有望在抑制EGFR-RAS通路方面实现协同效应。 劲方医药另一款核心产品GFH312为劲方医药自主研发的高效小分子抑制剂，能针对受体相互作用的 丝氨酸/苏氨酸蛋白激酶1（RIPK1）并抑制其激酶活性， GFH312已获得FDA关于在美国开展第II 期临床试验的IND批准 ，以评估GFH312对外周动脉疾病（PAD）伴间歇性跛行（IC）患者的安全 性和疗效。与全球其他临床阶段的RIPK1抑制剂相比，劲方医药聚焦 GFH312的差异化临床计划， 针对一些可能严重影响患 ...