来源：市场资讯 （来源：求实药社） 近日，港股创新药IPO板块传来了一则好消息，劲方医药已经通过了聆讯阶段，即将正式上市，于大而 言，这是港股18A闸门扩大的又一标志，于小而言，这也标志着劲方医药迈过了一个里程碑，迈入了一 个新阶段。在新股发行阶段，它也被资金抢得火热。 那么劲方医药，这家在KRAS领域深耕的药企，也确实值得我们去仔细拆解。它的天花板是否高，下限 是否稳健呢？ 01 KRAS突变与市场 而在KRAS基因当中，KRAS G12突变占比最高，占到了所有突变位点的83%。 并且有意思的是，KRAS突变虽然是一个颇具吸引力的药物靶点，但是它由于缺乏药物的变构调控位 点，因此长时间内难倒了众多科学家，直到2013年，K. Shokat实验室首次报道了利用小分子共价结合 KRAS G12C突变体的可行性：通过晶体学分析，Shokat等发现，共价化合物可与KRAS上先前未被发现 的"开关-II口袋"（switch-II pocket）结合。 通过这个全新发现的机制，KRAS G12C抑制剂终于得到了研发并上市。首个上市的KRAS G12C抑制剂 为安进研发的sotorasib。2019-2020年，该药做了 ...

成立不足8年的劲方医药通过港交所上市聆讯，即将以生物科技章节（18A）身份登陆主板市场。据港 交所披露文件，劲方医药核心产品GFH925（商品名"达伯特"）是中国首款获批的KRAS G12C突变靶向 新药，于2024年8月获得国家药监局批准用于非小细胞肺癌二线治疗。 值得注意的是，尽管2024年8月核心产品GFH925获批上市，劲方医药在2024年前三季度尚未形成实质产 品销售收入。2023年公司营收主要来自对外授权合作，其中向客户B（信达生物）确认的知识产权授权 收入约7178万元，占比逾九成；但2024年上半年对上述客户的收入均为0元，凸显合作里程碑具有一次 性特征。另一家合作客户A贡献的研发服务收入在2023年锐减97%，降至不足200万元。由此可见，公 司现阶段收入对少数合作伙伴高度依赖且波动剧烈。 正因缺乏稳定自营产品收入，公司近年靠股权融资和合作里程碑"续命"。根据合作公告，信达生物曾以 一次性前期付款约2,200万美元（约合1.46亿元人民币）获得GFH925大中华区开发及商业化权益以及全 球权益选择权，并约定最高2.4亿美元的里程碑付款。此后2022—2023年，劲方医药按开发进展分别向 信达 ...

Core Viewpoint - Jinfang Pharmaceutical has officially passed the Hong Kong Stock Exchange hearing, indicating the upcoming addition of another 18A new stock to the Hong Kong market, which has seen strong performance from 18A companies this year [1] Company Overview - Jinfang Pharmaceutical was established in 2017, focusing on the development of innovative therapies for tumors, autoimmune, and inflammatory diseases. The company has completed multiple rounds of financing before its IPO, with notable investors including Shenzhen Capital Group, DCM, and Huagai Capital [1] Pipeline and Product Layout - The company has established a research pipeline consisting of eight candidate drugs, five of which are in clinical stages. Key products include GFH925 and GFH375. GFH925 is a self-developed drug approved for clinical use in 2021 and is expected to be commercially available in China in 2024. It is the first KRAS G12C inhibitor in China and the third globally, aimed at treating advanced non-small cell lung cancer [4][5] - GFH375 is an oral small molecule inhibitor targeting KRAS G12D mutations and is currently in Phase II clinical trials. The company anticipates that GFH925 may enter the medical insurance negotiation directory by 2026, with a patent protection period exceeding 15 years [4] Commercialization and Partnerships - Jinfang Pharmaceutical's core products heavily rely on external partnerships for commercialization. The company has signed exclusive licensing agreements with various firms, including Innovent Biologics and Merck KGaA. For instance, the clinical development and commercialization rights of GFH925 in Greater China have been transferred to Innovent Biologics, while Jinfang retains overseas rights [5] - This partnership model provides cash flow and research support but also diminishes the company's control over its core assets. The company acknowledges in its prospectus that future revenue will be influenced by the market performance of its partners, and any adjustments or poor execution of agreements could adversely affect its performance [5] Financial Status and R&D Investment - Financially, Jinfang Pharmaceutical is still in a loss phase, with projected revenues of 73.73 million yuan and 105 million yuan for 2023 and 2024, respectively, while net losses are expected to reach 508 million yuan and 678 million yuan. The losses are primarily due to substantial R&D investments and changes in the fair value of equity [6] - The company maintains R&D expenditures above 300 million yuan, with nearly 70 million yuan invested in the first four months of 2025 alone. The company emphasizes that sustained long-term investment is essential for advancing its pipeline and achieving commercialization [6] Shareholder Background and Financing History - The controlling shareholders of Jinfang Pharmaceutical include founding team members and an employee stock ownership platform, collectively holding approximately 25.23% of the shares. The founder, Lü Qiang, has extensive industry experience from previous executive roles in well-known pharmaceutical companies [7] - Since 2018, the company has completed multiple financing rounds, raising approximately 1.421 billion yuan. Investors include top-tier funds such as Honghui Capital and Northern Light Venture Capital, indicating strong market interest in Jinfang Pharmaceutical [7] - Currently, the company has seven self-developed products approved, with an additional twelve in Phase III clinical trials and twelve in Phase I/II stages, of which fifteen are global firsts or best-in-class. The company aims to become a leading innovative pharmaceutical enterprise through continuous R&D, building an international production system, and expanding its commercial network [7]

Core Viewpoint - The recent listing of Jinfang Pharmaceutical on the Hong Kong Stock Exchange marks the entry of another 18A company, reflecting strong market expectations for such listings in 2023 [1] Company Overview - Jinfang Pharmaceutical, established in 2017, focuses on developing new treatment solutions for tumors and autoimmune and inflammatory diseases [1] - The company has undergone multiple rounds of financing, attracting notable venture capital firms such as Shenzhen Capital Group, DCM, and Huagai Capital [1] Product Pipeline - Jinfang Pharmaceutical has developed a product pipeline with eight candidate drugs, five of which are in clinical development, including two core products: GFH925 and GFH375 [2] - GFH925 is a selective KRAS G12C inhibitor approved for the treatment of advanced non-small cell lung cancer (NSCLC) in China, making it the first of its kind in the country and the third globally [2] - GFH375 is an oral small molecule inhibitor targeting KRAS G12D mutations, with ongoing clinical trials for advanced solid tumor patients [2] Commercialization and Partnerships - Jinfang Pharmaceutical lacks control over its core products due to several licensing agreements with other companies, including a significant agreement with Innovent Biologics for GFH925 [3][4] - The company has also entered into agreements with SELLAS and Merck Health care KGaA for the development and commercialization of other products [4][5] - The reliance on third-party partners for clinical development and commercialization may impact the company's future business operations [5] Financial Performance - Despite the commercialization of GFH925, Jinfang Pharmaceutical reported revenues of 73.73 million yuan and 105 million yuan for 2023 and 2024, respectively, with net losses of 508 million yuan and 678 million yuan during the same periods [7] - The company attributes its losses to significant investments in R&D and changes in the fair value of equity redemption liabilities [7] - R&D expenses for 2023, 2024, and the first four months of 2025 are projected to be 313 million yuan, 332 million yuan, and 69.8 million yuan, respectively [7] Shareholder Structure - The largest shareholder group of Jinfang Pharmaceutical includes co-founders and executives, controlling approximately 25.23% of the issued share capital [8] - The co-founder and chairman, Lü Qiang, has extensive experience in the pharmaceutical industry prior to establishing Jinfang Pharmaceutical [8] Financing History - Jinfang Pharmaceutical has raised a total of approximately 1.421 billion yuan through multiple financing rounds since its inception, with notable investors including Honghui Capital and Huagai Capital [8][9][10]

Core Viewpoint - The recent performance of Hong Kong IPOs, particularly those classified as 18A companies, has generated significant market anticipation for new listings in this category, with the top five companies showing substantial first-day gains [3][4]. Company Overview - Jinfang Pharmaceutical, established in 2017, is a biopharmaceutical company focused on developing new treatment solutions for oncology and autoimmune diseases. The company has attracted notable venture capital firms such as Shenzhen Capital Group and DCM [6]. Product Pipeline - Jinfang Pharmaceutical has developed a product pipeline that includes eight candidate drugs, with five in clinical development. Two core products, GFH925 and GFH375, are highlighted, with GFH925 being a selective KRAS G12C inhibitor approved for advanced non-small cell lung cancer (NSCLC) in China [7][8]. Commercialization and Partnerships - Jinfang Pharmaceutical has entered into several licensing agreements, including one with Innovent Biologics for GFH925, which grants Innovent full responsibility for the drug's development and commercialization in Greater China. The company retains exclusive rights for development outside of China [9][10][11]. Financial Performance - Despite the commercialization of GFH925, Jinfang Pharmaceutical reported revenues of RMB 73.73 million in 2023 and projected RMB 105 million in 2024, with net losses of RMB 508 million and RMB 678 million for the same years, respectively. The losses are attributed to significant R&D investments [12][14]. R&D Investment - The company emphasizes the need for long-term financial resources for developing high-quality drugs, with R&D costs amounting to RMB 313 million in 2023 and projected RMB 332 million in 2024 [15]. Shareholder Structure - The largest shareholder group of Jinfang Pharmaceutical includes its co-founders and key executives, controlling approximately 25.23% of the issued share capital. The company has raised a total of RMB 1.421 billion through multiple funding rounds [16][18].

Core Viewpoint - The recent performance of Hong Kong IPOs, particularly those of 18A companies, has generated significant market anticipation, with the top five companies showing substantial first-day gains [3][4]. Company Overview - Jinfang Pharmaceutical, established in 2017, is a biopharmaceutical company focused on developing new treatment solutions for oncology and autoimmune diseases [6]. - The company has a product pipeline that includes eight candidate drugs, with five in clinical development, including two core products: GFH925 and GFH375 [8]. Product Details - GFH925 is a newly discovered drug approved for commercialization in China, targeting advanced non-small cell lung cancer (NSCLC) and is recognized as the first selective KRAS G12C inhibitor approved in China and the third globally [8][9]. - GFH375 is an oral small molecule inhibitor targeting KRAS G12D mutations, currently undergoing clinical trials in China [8]. Financial Performance - Jinfang Pharmaceutical reported revenues of RMB 73.73 million in 2023 and projected revenues of RMB 105 million in 2024, while incurring net losses of RMB 508 million and RMB 678 million for the same years, respectively [14][16]. - The company has invested heavily in R&D, with costs amounting to RMB 313 million in 2023 and RMB 332 million in 2024 [16]. Shareholder Structure - The largest shareholder group includes the co-founders and key executives, controlling approximately 25.23% of the issued share capital [17]. - The company has successfully raised a total of approximately RMB 1.421 billion through multiple funding rounds, attracting notable investors [17][19]. Licensing Agreements - Jinfang Pharmaceutical has entered into several licensing agreements, including one with Innovent Biologics for GFH925, which grants Innovent exclusive rights for development and commercialization in Greater China [10][12]. - The company has also signed agreements with other firms for various products, indicating a reliance on third-party partnerships for future growth [11][12].

Core Viewpoint - The recent performance of Hong Kong IPOs, particularly those classified as 18A companies, has generated significant market anticipation for new listings in this category [3]. Group 1: IPO Performance - The top five companies in terms of first-day closing price increases are all 18A companies, with notable gains such as 206.48% for Yinno Pharmaceutical-B and 157.98% for Zhonghui Biotechnology-B [4][13]. - Other companies in the top ten include Ying'en Biotechnology-B with a 116.70% increase and Weili Zhibo-B with a 91.71% increase [4][13]. Group 2: Company Overview - Jinfang Pharmaceutical, established in 2017, focuses on developing new treatment solutions for oncology and autoimmune diseases, backed by prominent venture capital firms [6]. - The company has a pipeline of eight candidate drugs, with five in clinical development, including two core products: GFH925 and GFH375 [7]. Group 3: Product Details - GFH925, a selective KRASG12C inhibitor, is the first of its kind approved in China and has received breakthrough therapy designation for treating advanced non-small cell lung cancer (NSCLC) [7][8]. - GFH375 is an oral small molecule inhibitor targeting KRASG12D mutations, currently in I/II phase clinical trials in China [7]. Group 4: Licensing Agreements - Jinfang Pharmaceutical has entered multiple licensing agreements, including one with Innovent Biologics for GFH925, which grants Innovent exclusive rights for development and commercialization in Greater China [9][11]. - The company also has agreements with SELLAS and Merck Healthcare for other products, indicating a reliance on third parties for commercialization [10][11]. Group 5: Financial Performance - Despite the commercialization of GFH925, Jinfang Pharmaceutical reported revenues of RMB 73.73 million in 2023 and RMB 105 million in 2024, with net losses of RMB 508 million and RMB 678 million respectively [12][14]. - The company attributes its losses to significant investments in R&D and changes in the fair value of equity redemption liabilities [14]. Group 6: Shareholder Structure - The largest shareholder group includes co-founders and key executives, controlling approximately 25.23% of the issued share capital [16]. - Jinfang Pharmaceutical has raised a total of approximately RMB 1.421 billion through multiple funding rounds, attracting investments from well-known venture capital firms [16][18].

Core Viewpoint - The article highlights the significant market interest in 18A companies, particularly in the context of their initial public offerings (IPOs) in Hong Kong, with the top five performing stocks showing substantial first-day gains. Group 1: IPO Performance - The top five IPOs in Hong Kong this year are all 18A companies, indicating strong market expectations for these listings [2] - The first-day closing price changes for the top five companies are as follows: - Yinuo Pharmaceutical-B (206.48%) - Zhonghui Biotechnology-B (157.98%) - Ying'en Biotechnology-B (116.70%) - Weili Zhizhi-B (91.71%) - Yaojie Ankang-B (78.71%) [3][14] Group 2: Company Overview - Jinfang Pharmaceutical, established in 2017, focuses on developing new treatment solutions for oncology and autoimmune diseases, backed by notable venture capital firms [4] - The company has a product pipeline with eight candidates, five of which are in clinical development, including two core products: GFH925 and GFH375 [6] Group 3: Product Details - GFH925 is a newly discovered drug approved for commercial use in China, targeting advanced non-small cell lung cancer (NSCLC) and is recognized as a breakthrough therapy [6][7] - GFH375 is an oral small molecule inhibitor targeting KRASG12D mutations, currently in clinical trials for advanced solid tumors [6] Group 4: Financial Performance - Jinfang Pharmaceutical's projected revenues for 2023 and 2024 are 73.73 million and 105 million RMB, respectively, with net losses of 508 million and 678 million RMB for the same periods [15] - The company has incurred significant R&D costs, amounting to 313 million RMB in 2023 and 332 million RMB in 2024 [17] Group 5: Licensing Agreements - Jinfang Pharmaceutical has entered multiple licensing agreements, including one with Innovent Biologics for GFH925, which grants them exclusive rights for development and commercialization in Greater China [8][10] - The company also has agreements with SELLAS and Merck for other products, indicating a reliance on third parties for commercialization [9][10] Group 6: Investment and Financing - Since its inception, Jinfang Pharmaceutical has raised approximately 1.421 billion RMB through multiple financing rounds, attracting investments from well-known venture capital firms [18] - The company completed several financing rounds from 2018 to 2024, with total amounts raised in each round varying from 60 million to 543 million RMB [19][20][21][22][23]

据港交所8月25日披露，劲方医药科技(上海)股份有限公司(简称：劲方医药)通过港交所上市聆讯，中信 证券为其独家保荐人。 公司共拥有72项已授权专利及117项专利申请(包括8项PCT申请)。在中国、美国、欧盟和其他海外司法 管辖区分别持有2项、1项、1项和8项与GFH925相关的已授权专利；及在中国、美国、欧盟、PCT和其 他海外司法管辖区分别持有5项、4项、3项、1项和21项与GFH925相关的专利申请。 于2023年及2024年以及截至2025年4月30日止四个月，公司的收入主要来自三名与多项履约责任有关的 客户，包括(1)知识产权的授权；(2)研发服务及(3)2024年提供药物。公司一般向客户授予自收到发票后 次月第一日起计为期30天至60天的信贷期。该两名客户均非公司的供应商。 | 量覆]的[編纂]數目 | :[编纂]股H股(視乎[編纂] | | --- | --- | | | 及[編纂]行使與否而定) | | [編纂]數目 | .. [编纂]股H股(可予[編纂]) | | [編纂]數目 | .. [編纂]股H股(可予[編纂]及 | | | 視乎[編纂]及[編纂] | | | 行使與否而定) | | ...

智通财经APP获悉，据港交所8月25日披露，劲方医药科技(上海)股份有限公司(简称：劲方医药)通过港 交所上市聆讯，中信证券为其独家保荐人。 招股书显示，劲方医药是一家生物制药公司，专注于肿瘤(涵盖多种实体瘤的不同治疗线)以及自体免疫 和炎症性疾病领域的开发新治疗方案。截至2025年8月18日，公司已建立起一条产品管线，包括八款候 选药品，其中五款处于临床开发阶段，包括两款核心产品GFH925和GFH375。 GFH925(fulzerasib，商品名达伯特®)是一款公司自主发现的新药物，已在中国获商业化批准，其用于治 疗晚期非小细胞肺癌(NSCLC)，为中国首款以及全球第三款获批的选择性Kirsten大鼠肉瘤(KRAS)G12C 抑制剂。 GFH375是一款KRASG12D的口服生物可利用小分子抑制剂。公司已在中国启动针对携带KRAS G12D突 变的晚期实体瘤患者的I/II期临床试验的II期部分。KRAS G12D是最常见的致癌基因KRAS突变，尚无获 批的治疗方案可用。该突变见于多种癌症类型中，包括约35%的胰腺癌、12%的结直肠癌和4%的非小细 胞肺癌。 公司共拥有72项已授权专利及117项专利申请( ...