交银国际发布研报称，首次覆盖劲方医药-B(02595)，给予买入评级，目标价51港元。作为一家扎根中 国内地、拥有全球视野的创新药企，劲方医药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，建立了一条包括6款临床阶段候选药物的药物管线。 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或知名生物科 技企业。 交银国际主要观点如下： 首予买入评级 该行预计公司2025-27年收入分别达到1.09/0.85/1.18亿元人民币，主要来自GFH925中国内地销售带来的 相关合作收入和GFH375的海外合作收入。基于DCF估值模型，该行得到公司目标价51港元，对应2.3倍 收入达峰时的市销率及87%的潜在升幅。未来12个月重点关注GFH925纳入医保后的销售放量节奏以及 RAS管线更多PoC/I期数据读出(包括GFH375海外)。 差异化创 ...

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 ...

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]