Core Viewpoint - The report by CMB International initiates coverage of Jinfang Pharmaceutical-B (02595) with a "Buy" rating and a target price of HKD 51, highlighting the company's strong management team and innovative drug pipeline focused on challenging RAS targets [1] Group 1: Product Pipeline and Innovation - The company has developed a diversified product pipeline centered around the difficult-to-drug RAS family members, leveraging deep understanding and successful R&D experience to create a candidate matrix that includes KRASG12C/G12D and pan-RAS, among others [2] - The product pipeline extends beyond RAS targets to include other significant indications such as tumors, cachexia, autoimmune, and inflammatory diseases, targeting market opportunities with favorable competitive landscapes [2] Group 2: Clinical Data and Competitive Advantage - The competitive advantage in RAS-targeted drug development is evident in the clinical data for GFH925 and GFH375, with GFH925 showing superior efficacy in 2L+ KRASG12C mutation NSCLC compared to overseas competitors and comparable or better results against domestic rivals [3] - GFH375 is among the first globally to enter Phase III clinical trials for KRASG12D, with promising preliminary data in third-line pancreatic cancer [3] - The dual antibody GDF15/IL-16 (GFS202A) shows early advantages in tolerability and activity compared to single-target drugs [3] Group 3: Management and Strategic Partnerships - The company has assembled a core management team with an average of over 20 years of industry experience, achieving a record of six years from project initiation to market launch for GFH925 [4] - The company actively seeks diverse global development opportunities and strategically selects partners to create value through complementary strengths, collaborating with notable firms such as Innovent Biologics, Merck, and Verastem [4] Group 4: Financial Projections and Valuation - The company is projected to achieve revenues of RMB 1.09 billion, 0.85 billion, and 1.18 billion in 2025-2027, primarily driven by sales of GFH925 in China and overseas collaboration for GFH375 [5] - Based on a DCF valuation model, the target price of HKD 51 corresponds to a 2.3x revenue peak sales multiple and an 87% potential upside [5] - Future focus includes monitoring the sales ramp-up of GFH925 post-reimbursement inclusion and additional data readouts from the RAS pipeline [5]

Core Viewpoint - The report by CMB International initiates coverage of Jinfang Pharmaceutical-B (02595) with a "Buy" rating and a target price of HKD 51, highlighting the company's innovative drug pipeline and strong management team [1] Group 1: Product Pipeline and Innovation - The company has established a diversified product pipeline focused on challenging RAS targets, leveraging deep understanding and successful development experience to create a candidate matrix that includes KRASG12C/G12D and pan-RAS, among others [1] - GFH925 (Fuzeracib) has been approved for marketing in mainland China, marking it as the first domestic product targeting the same RAS family member [1] - The product pipeline also extends to other significant indications such as tumors, cachexia, autoimmune, and inflammatory diseases, targeting promising areas like RIPK1 and GDF15/IL-6 [1] Group 2: Clinical Data and Competitive Advantage - The company demonstrates a competitive edge in RAS-targeted drug development, with GFH925 showing excellent efficacy in 2L+ KRASG12C mutation non-small cell lung cancer (NSCLC) patients, outperforming overseas competitors [2] - GFH375 is among the first globally to enter Phase III clinical trials for KRASG12D, showing promising initial data compared to major competitors [2] - The dual antibody GFS202A targeting GDF15/IL-16 is progressing rapidly, with early signs of tolerability and activity advantages over single-target drugs [2] Group 3: Management and Strategic Partnerships - The company has assembled a core management team with an average of over 20 years of industry experience, achieving a record of six years from project initiation to market launch for GFH925 [3] - The company actively seeks diverse global development opportunities and strategically selects partners to create value through complementary strengths, collaborating with notable firms such as Innovent Biologics, Merck, and Verastem [3] Group 4: Financial Projections and Valuation - The company is projected to achieve revenues of RMB 1.09 billion, 0.85 billion, and 1.18 billion in 2025-2027, primarily driven by sales of GFH925 in mainland China and overseas collaboration income from GFH375 [4] - Using a DCF valuation model, the target price of HKD 51 corresponds to a 2.3x peak revenue sales multiple and an 87% potential upside [4] - Future focus will be on the sales ramp-up of GFH925 post-inclusion in medical insurance and additional data readouts from the RAS pipeline [4]

Group 1 - The stock of Jinfang Pharmaceutical-B (02595) increased by over 11%, currently up 10.67% at HKD 43.78, with a trading volume of HKD 78.4735 million [1] - At the recent American Association for Cancer Research (AACR) annual meeting, numerous Chinese new drug research companies had their product research abstracts selected, with RAS-targeted therapies and antibody/antibody-drug conjugates being popular areas for small and large molecules [1] - Jinfang Pharmaceutical's pipeline includes three innovative products (GFH276, GFS202A, GFH375) that were featured in the poster session of the AACR meeting, indicating their leading position in the domestic targeted therapy landscape and targeting multiple broad indications [1] Group 2 - Guotou Securities noted that Jinfang Pharmaceutical is a globally positioned innovative drug development company focusing on unmet clinical needs in oncology and immune-related diseases [2] - The company has established an integrated matrix for RAS-targeted therapies and is actively expanding its pipeline to include other "global new" targeted drugs and novel therapies [2] - The most noteworthy product in the pipeline is the core KRAS G12D inhibitor GFH375, which has shown positive data in pancreatic cancer and non-small cell lung cancer (NSCLC), with future clinical progress being closely monitored [2]

Group 1 - The core viewpoint is that Jingfang Pharmaceutical-B (02595) has seen a significant stock increase of over 11%, currently trading at 43.78 HKD with a transaction volume of 78.47 million HKD, driven by positive developments in its drug pipeline presented at the AACR annual meeting [1] - The AACR annual meeting highlighted the advancements in RAS-targeted therapies and antibody-drug conjugates, with Jingfang's three products (GFH276, GFS202A, GFH375) being recognized in the poster session, showcasing their leading position in the domestic market for targeted therapies [1] - The company’s pipeline demonstrates innovation and diversity, targeting multiple broad indications, which reflects its strong research capabilities in the oncology sector [1] Group 2 - Guotou Securities notes that Jingfang Pharmaceutical is a globally positioned innovative drug development company focusing on unmet clinical needs in oncology and immune-related diseases [2] - The company has established an integrated matrix for RAS-targeted therapies and is actively expanding its pipeline to include other global new targeted drugs and novel therapeutic types [2] - The core product of interest is the KRAS G12D inhibitor GFH375, which has shown positive data in pancreatic cancer and NSCLC, indicating promising future clinical developments [2]

Group 1 - The stock price of Jinfang Pharmaceutical-B (02595) increased by over 11%, reaching 43.78 HKD with a trading volume of 78.47 million HKD [1] - At the recent American Association for Cancer Research (AACR) annual meeting, numerous Chinese new drug research enterprises had their product research abstracts selected, with RAS-targeted therapies and antibody/antibody conjugate drugs being prominent areas of focus [1] - Jinfang Pharmaceutical's pipeline includes three innovative products (GFH276, GFS202A, GFH375) that were featured in the poster session of the AACR meeting, indicating their leading position in the domestic targeted therapy landscape [1] Group 2 - Guotou Securities highlighted that Jinfang Pharmaceutical is a globally positioned innovative drug development company focusing on unmet clinical needs in oncology and immune-related diseases [2] - The company has established an integrated matrix for RAS-targeted therapies and is actively expanding its pipeline to include other global new targeted drugs and novel therapy types [2] - The core product of interest in the pipeline is the KRAS G12D inhibitor GFH375, which has shown positive data in pancreatic cancer and non-small cell lung cancer (NSCLC) [2]

Core Viewpoint - GenFleet Therapeutics successfully listed on the Hong Kong Stock Exchange on September 19, 2025, marking a significant milestone in its development and showcasing its innovative strength and growth potential [1][3]. Company Overview - GenFleet Therapeutics is the first new drug company in the 18A sector to have a listed product and authorized revenue during its IPO phase. Its product, Fluorazepine, is the first KRAS G12C inhibitor approved in China and the third globally [3][7]. - The company has completed multiple licensing transactions with domestic and international listed companies, including Innovent Biologics and Verastem Oncology, since 2021, generating authorized revenue [3][4]. Product Pipeline - GenFleet's product pipeline includes several original products that are leading in development speed both domestically and internationally. Fluorazepine received priority review qualification for domestic listing after six years of development [4]. - The company is advancing GFH375, an oral KRAS G12D inhibitor, which is in the first tier of development for treating pancreatic cancer and non-small cell lung cancer (NSCLC) [4]. - The pipeline also features GFH276, a pan-RAS inhibitor, which has entered Phase I/II clinical trials in China, positioning it among the leading candidates in the domestic market [4]. Innovative Therapies - GenFleet has introduced multiple globally innovative dual-target therapies, addressing significant clinical needs in markets such as pancreatic cancer and NSCLC. The KROCUS study presents the first global KRAS+EGFR first-line treatment for NSCLC [5]. - GFS202A is the first clinical-stage dual antibody therapy targeting GDF15/IL-6 for cachexia, with potential applications in chronic diseases like heart failure and chronic kidney disease [5]. - The FAScon platform represents a novel antibody-drug conjugate (ADC) approach, combining functional antibodies with targeted drug delivery, aiming to revolutionize traditional ADC development [5]. Collaboration and Support - PharmaBlock Technology plays a crucial role in supporting GenFleet's core pipeline through its comprehensive small molecule drug development services, including rapid synthesis of preclinical compounds and customized synthesis for clinical production [6]. - The collaboration emphasizes sustainable development through low-carbon production technologies and green chemistry practices, enhancing production efficiency while minimizing environmental impact [6]. Recognition and Achievements - GenFleet has received several accolades, including the national-level "Little Giant" designation and recognition as a high-tech enterprise, reflecting its innovative capabilities and growth trajectory [8]. - The company has established a robust commercial cooperation network, engaging in strategic licensing agreements and global clinical collaborations with various domestic and international firms [8].

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]

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]