公司在RAS靶向药物开发上的竞争优势，在GFH925和GFH375上得到了较好体现：1）GFH925在2L+ KRASG12C突变非小细胞肺癌（NSCLC）患者中的单药疗效数据出色，非头对头对比显示优于海外同 靶点竞品、与国产竞品可比或更优（图表21），西妥昔联合疗法差异化布局一线NSCLC，初步数据优 于adagrasib + K药和sotorasib +化疗组合；2）GFH375是全球首批进入III期临床的KRASG12D靶向药物 之一，三线胰腺癌（3LPDAC）初步数据与RMC-6236、RMC-9805等主要竞品相比有优势，海外初步数 据（包括联合疗法）值得期待；3）GDF15/IL-16双抗GFS202A相比进展较快的单靶药物存在机制升 级，临床前阶段耐受性和活性优势已初步显现。 管理团队持续高效推进研发和对外合作 公司组建了一支平均拥有逾20年行业经验、执行力较强的核心管理团队，在GFH925的开发上创下自项 目启动到上市用时六年的纪录。同时，公司积极寻求多元化全球发展机会，策略性地选择合作伙伴，实 现优势互补并相互加强以创造价值，全球合作伙伴包括信达生物、默克、Verastem等MNC或知名生物 ...

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].

Group 1 - The core viewpoint of the article highlights the significant market activity surrounding Jinfang Pharmaceutical-B (02595), including a stock transfer valued at HKD 437 million, representing 3.42% of the company [1] - On September 19, Jinfang Pharmaceutical-B was listed on the Hong Kong Stock Exchange, with its stock price reaching a peak of HKD 50.20, an increase of 146.20% from the issue price, and closing with a gain of 106.47%, bringing its market capitalization close to HKD 15 billion [1] - Jinfang Pharmaceutical focuses on developing new treatment solutions for oncology, autoimmune, and inflammatory diseases, with a product pipeline that includes eight candidate products, five of which are in clinical development, including two core products GFH925 and GFH375 [1]

Core Viewpoint - Jinfang Pharmaceutical Technology (Shanghai) Co., Ltd. successfully listed on the Hong Kong Stock Exchange, achieving a significant increase in share price and setting a new fundraising record for the Hong Kong 18A sector since 2022 [1][4] Company Overview - Jinfang Pharmaceutical was established in 2017, focusing on innovative and effective treatments for oncology, autoimmune, and inflammatory diseases. The company has not yet achieved profitability [2] - The company has a unique advantage in its forward-looking layout and deep cultivation of RAS therapy, which is a common mutation gene family driving about one-third of tumor occurrences [2] Product Pipeline - The core of Jinfang Pharmaceutical's research and development pipeline is RAS-targeted drugs, with eight candidate drugs in total. GFH925 is the first KRAS G12C selective inhibitor approved in China, and GFH375 targets KRAS G12D mutations, filling a treatment gap [3] - The company has established a highly integrated R&D platform covering target discovery, molecular design and evaluation, translational science, and global clinical development, with a research efficiency higher than industry peers [3] Financial Performance - Due to significant investment in innovative drug development, Jinfang Pharmaceutical faces substantial debt pressure. R&D expenses from 2022 to 2024 are projected to exceed revenues, with losses increasing each year [4] - The company's debt-to-asset ratio is projected to reach 422.38% by 2024, indicating a challenging financial landscape [4] Strategic Vision - The chairman of Jinfang Pharmaceutical emphasized the creation of a "compound" pipeline, focusing on major unmet clinical needs in global markets such as pancreatic cancer, lung cancer, and colorectal cancer [4] - The CEO stated that the listing marks an important milestone for the company, aiming to build closer and more trusting relationships with investors while continuing to create value for shareholders and society [4]

Core Insights - Jinfang Pharmaceutical officially listed on the Hong Kong Stock Exchange on September 19, with an initial stock price surge of 142%, closing up 106% at HKD 42.1, resulting in a total market capitalization of HKD 15.03 billion [1] - The company priced its shares at HKD 20.39, with a global offering of 89.24 million shares, achieving an oversubscription rate of nearly 2,663 times in the public offering and 38 times in the international placement, raising a total of USD 268 million, the largest in the Hong Kong 18A sector since 2022 [1] - Jinfang has attracted nine notable cornerstone investors, including RTW Fund, OrbiMed, TruMed, and UBS Asset Management, collectively subscribing approximately USD 100 million [1] Company Overview - Jinfang Pharmaceutical focuses on innovative therapies for oncology, autoimmune, and inflammatory diseases, with a comprehensive and differentiated RAS product pipeline consisting of eight candidate products, five of which are in clinical development [1] - The core product GFH925 is designed for treating advanced non-small cell lung cancer and is the first KRAS G12C inhibitor approved in China and the third globally, with approval from the National Medical Products Administration expected in August 2024 for second-line or later treatment of non-small cell lung cancer with KRAS G12C mutations [1][2] - Another key product, GFH375, is an innovative oral small molecule inhibitor targeting KRAS G12D mutations in certain pancreatic, colorectal, and non-small cell lung cancers, currently undergoing I/II phase clinical trials in China [2] Financial Performance - Since its establishment in 2017, Jinfang has completed seven rounds of financing, raising a total of CNY 1.421 billion, with the latest round in December 2023 raising approximately CNY 195 million, resulting in a post-investment valuation of CNY 3.123 billion [2] - Despite achieving product commercialization prior to the IPO, including licensing GFH925 to Innovent Biologics in 2021 and signing overseas licensing agreements for two other drugs, the company has not yet turned a profit due to the high investment and long cycle typical of the pharmaceutical industry [3] - Revenue figures for Jinfang from 2023 to the first four months of 2025 were CNY 73.73 million, CNY 105 million, and CNY 82.14 million, with net losses of CNY 508 million, CNY 678 million, and CNY 66.62 million, totaling over CNY 1.5 billion in cumulative losses [3]

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]

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index closing flat at 26,545.1 points and a total turnover of HKD 37.68 billion. The Hang Seng China Enterprises Index rose by 0.17% to 9,472.35 points, while the Hang Seng Tech Index increased by 0.37% to 6,294.42 points. For the week, the Hang Seng Index gained 0.59%, the China Enterprises Index rose by 1.15%, and the Tech Index increased by 5.09% [1] Blue Chip Performance - Sands China (01928) led blue-chip stocks with a rise of 6.19% to HKD 21.6, contributing 4.77 points to the Hang Seng Index. The upcoming National Day and Mid-Autumn Festival boosted demand for gaming stocks, with strong expectations for the Golden Week based on nearly full hotel bookings [2][4] - Other notable blue-chip performances included China Hongqiao (01378) up 4.67% to HKD 26.46, and Galaxy Entertainment (00027) up 4.22% to HKD 42.46 [2] Sector Highlights Gaming Sector - The gaming sector saw significant gains, with Melco International Development (00200) up 6.6% and Wynn Macau (01128) up 6.02%. Macau's gaming revenue reached MOP 22.16 billion in August, marking a 12.2% year-on-year increase [3][4] Gold Stocks - Gold stocks rebounded, with Shandong Gold (01787) rising 6.13% to HKD 35.68. The price of spot gold rose above USD 3,650 following the Federal Reserve's interest rate cut, with long-term gold investment still seen as valuable due to ongoing economic concerns [4] Coal Sector - The coal sector performed well, with Yanzhou Coal Mining (01171) up 6.51% to HKD 10.63. Recent investigations into overproduction in Inner Mongolia are expected to stabilize coal production levels [5][6] Robotics Sector - The robotics sector showed mixed results, with Sanhua Intelligent Control (02050) down 6.21% while Delta Electronics (00179) rose 5.78%. Recent news regarding Tesla's plans for humanoid robots has created volatility in this sector [6] Notable Stock Movements - Jinfang Pharmaceutical-B (02595) debuted with a remarkable increase of 106.47% to HKD 42.1, focusing on cancer and autoimmune disease treatments [7] - Hongteng Precision (06088) surged 21.44% to HKD 5.89, benefiting from Nvidia's investment in Intel for AI infrastructure [8] - Cloud Financial (00376) rose 10.55% to HKD 6.39 after appointing a former Ant Group executive to lead its Web3 development [9] - Weimob Group (02013) increased by 10% to HKD 2.86, announcing a share placement to raise approximately HKD 1.555 billion [10] - Ganfeng Lithium (01772) saw a rise of 9.51% to HKD 37.3, with full production capacity in energy storage cells and ongoing developments in solid-state batteries [11] - Yangtze Optical Fibre and Cable (06869) reached a new high, increasing by 8.55% to HKD 61.6, driven by interest in hollow-core fiber optics [12]

Group 1 - The core viewpoint of the article highlights the successful IPO of Jinfang Pharmaceutical-B (02595), with shares priced at HKD 20.39 and a total issuance of 89.24 million shares, raising approximately HKD 1.6699 billion in net proceeds [1] - As of the report, the stock price surged by 128.05%, reaching HKD 46.50, with a trading volume of HKD 651 million [1] - Jinfang Pharmaceutical focuses on developing new treatment solutions for oncology, autoimmune, and inflammatory diseases, with a product pipeline that includes eight candidate products, five of which are in clinical development [1] Group 2 - The company’s core products include GFH925, the first KRAS G12C inhibitor approved in China and the third globally, which received approval from the National Medical Products Administration for non-small cell lung cancer (NSCLC) in August 2024 [1] - GFH375 is an oral KRAS G12D inhibitor currently undergoing Phase II clinical trials in China [1] - Jinfang Pharmaceutical has entered into a licensing agreement with Verastem for three candidate products, including GFH375, granting Verastem development and commercialization rights outside Greater China [1]

Group 1 - The core viewpoint of the article highlights the successful listing of Jinfang Pharmaceutical-B (02595) with a share price of HKD 20.39, raising approximately HKD 1.6699 billion from the issuance of 89.24 million shares [1] - As of the report, the stock surged by 115.79%, trading at HKD 44 with a transaction volume of HKD 491 million [1] - Jinfang Pharmaceutical focuses on developing new treatment solutions for tumors, autoimmune, and inflammatory diseases, with a product pipeline that includes 8 candidate products, 5 of which are in clinical development [1] Group 2 - GFH925, one of the core products, is the first KRAS G12C inhibitor approved in China and the third globally, having received approval from the National Medical Products Administration for non-small cell lung cancer (NSCLC) in August 2024 [1] - The company is conducting a Phase II trial of GFH925 in the EU under the KORCUS study [1] - GFH375, an oral KRAS G12D inhibitor, is currently undergoing Phase II clinical trials in China, and the company has entered into a licensing agreement with Verastem for GFH375 and two other candidate products, granting Verastem development and commercialization rights outside Greater China [1]

Core Viewpoint - Jinfang Pharmaceutical-B (02595) has successfully listed, with an initial share price of HKD 20.39, raising approximately HKD 1.6699 billion, and has seen a significant increase of 115.79% to HKD 44 per share at the time of reporting [1] Company Overview - Jinfang Pharmaceutical focuses on developing new treatment solutions for oncology, autoimmune, and inflammatory diseases, with a product pipeline that includes 8 candidate products, 5 of which are in clinical development [1] - The company has two core products: GFH925 and GFH375 [1] Product Details - GFH925 is the first KRAS G12C inhibitor approved in China and the third globally, having received approval from the National Medical Products Administration for the treatment of non-small cell lung cancer (NSCLC) in August 2024 [1] - GFH375 is an oral KRAS G12D inhibitor currently undergoing Phase II clinical trials in China [1] - Jinfang Pharmaceutical has entered into a licensing agreement with Verastem for three candidate products, including GFH375, granting Verastem development and commercialization rights outside Greater China [1]