Wind数据显示，截至7月9日，今年已有12家生物医药企业成功登陆港交所，分别是脑动极光、大众口 腔、维升药业、映恩生物、Mirxes、恒瑞医药、纽曼思、派格生物、佰泽医疗、药捷安康、泰德医药和 拨康视云，另有超过40家企业处于申请阶段。 这一现象的集中涌现，其核心背景在于多重因素的共振，包括"18A章"制度红利持续释放、研发管线更 多向创新药倾斜企业融资需求更为迫切、港股指数有所提振、企业出海需求强化港股平台优势凸显、行 业信心回暖与政策环境支持等。 而对于投资者而言，对港股18A生物医药企业的评估需穿透传统财务指标，聚焦三大核心维度，包括现 金生存周期、临床管线价值以及知识产权护城河。 以君圣泰医药为例，从财务健康角度来看，2024年公司流动比率为4.67，现金及等价物及交易性金融资 产共计4.91亿元，2022年-2024年经营活动所用现金净额分别为1.72亿元、3.58亿元、2.98亿元。按照现 金类资产/三年年均经营活动所用现金净额计算，公司在不融资前提下现金储备能够维持约21个月的正 常经营。由此可见，IPO募资补血后公司资产负债情况较好，短期无偿债压力。 研发方面，由于部分18A上市公司尚无营收 ...

China (PRC) | Healthcare Equity Research China Force in ADA 2025 All eyes on ADA'25 with key presentations during this weekend, e.g.LLY's Orfo and Bima. China biotechs will also have a presence with notable data to watch: 1) Ascletis's ASC30 (orfo-structure oral GLP-1) in Ph1, 2) Laekna's LAE102 (muscle preserving) in Ph1 and 3) Innovent's Mazdutide (GLP-1/ GCG) Ph3 data in T2D. We don't anticipate major surprises from China in ADA'25 though given oral GLP-1 and amylin candidates in early stages and no key ...

Flash | 12 Jun 2025 08:08:06 ET │ 9 pages China Pharmaceuticals Catalysts ahead: Chinese companies in ADA 2025 CITI'S TAKE The American Diabetes Association (ADA) meeting (6/20-6/23; Chicago) will happen next week, and we summarize the expected presentations from the China companies due to attend. Innovent will likely present mazdutide DREAMS-1 Ph3 study for T2D and the preclinical data for the GLP-1/GIP/GCG/PCSK9 candidate. Oral GLP-1 data including ASC30 (Ph1a), HDM1002(Ph1b) and RGT-075 (Ph2a), as well a ...

交流会开始的时间，比预期晚了几分钟。一开场，高丽萍简短介绍会议议程后，就直白介绍起君圣泰医药 产品主要是聚焦代谢性慢病开发赛道，而公司开发核心产品熊去氧胆小檗碱(HTD1801)的理念，则是基于 代谢性慢病一人多病的特点，以及对市场对一药多效的巨大需求，紧扣交流会主题。 在会上，投资者现场提问最多的是关于公司核心产品熊去氧胆小檗碱(HTD1801)研发和商业化的问题。在 刘利平给出公司清晰的商业化时间表后，投资者将关注点聚焦到了公司现金流和未来融资计划上。"一药 多效"核心产品进入重要闯关期 5月8日下午，君圣泰医药在深圳证券交易所举行了投资者交流会，会议主题围绕"一药多效"，公司创始 人、行政总裁(CEO)及董事长刘利平，副总经理及执行董事于萌，董秘及投资者关系总监高丽萍等多名高 管出席了会议。 对于自家产品竞争优势，刘利平回应称，熊去氧胆小檗碱(HTD1801)具有多重代谢获益，已完成的临床试 验显示出良好耐受性，还被美国食品药品监督管理局(FDA)授予2项"快速通道资格认定"和1项"孤儿药资格 认定"，临床研究数据在国际学术大会及顶级期刊发表，获得国际认可。 在此次会议召开之前，君圣泰医药还宣布了熊去氧 ...

[Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 医药生物 G 减肥药 BD 有望加速 [Table_ReportDate] 2025 年 04 月 21 日 [Table_ReportType] 医药生物行业周报（4 月第 3 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_PageHeader] 2025 年 04 月 图表目录 [Table_BaseData] 1) 周度回顾。上周（4 月 14 日-4 月 18 日）医药生物收 跌-0.36%，反弹力度小于 Wind 全 A（0.39%）和沪深 300（0.59%），市场偏好避险板块。从板块来看，贸易 战中波及程度最小的化学制剂（0.62%）、中药（0.6%） 和线下药店（0.19%）小幅收涨，血液制品（-4.39%） ...

Core Viewpoint - Junsheng Tai Pharmaceutical-B (02511) has announced that its self-developed intestinal and hepatic anti-inflammatory and metabolic regulator, HTD1801, has achieved primary efficacy endpoints and multiple secondary efficacy endpoints in two Phase 3 clinical trials for Type 2 Diabetes Mellitus (T2DM) patients [1][2]. Group 1: Clinical Trial Results - The SYMPHONY 1 and SYMPHONY 2 trials are multi-center, randomized, double-blind, placebo-controlled Phase 3 studies aimed at evaluating the efficacy and safety of HTD1801 in T2DM patients with poor blood glucose control after dietary and exercise interventions (SYMPHONY 1; N=407) and those with inadequate control on metformin (SYMPHONY 2; N=549) [2]. - The primary efficacy endpoint for both studies was the change in glycated hemoglobin (HbA1c) from baseline after 24 weeks of treatment compared to placebo, with secondary endpoints including the percentage of subjects achieving HbA1c <7.0%, fasting plasma glucose (FPG), low-density lipoprotein cholesterol (LDL-C), gamma-glutamyl transferase (GGT), and high-sensitivity C-reactive protein (hs-CRP) [2]. Group 2: Efficacy and Safety Profile - After 24 weeks of treatment, the proportion of patients achieving HbA1c <7.0% in the HTD1801 group was significantly higher than in the placebo group, with HTD1801 also showing significant reductions in both postprandial and fasting blood glucose levels [3]. - HTD1801 demonstrated the ability to lower both glucose and lipids, significantly reducing LDL-C and non-HDL-C levels, as well as inflammatory markers GGT and hs-CRP, which are closely related to cardiovascular events and clinical outcomes in T2DM patients [3]. - Both studies indicated that HTD1801 exhibited good safety and tolerability, with the most common adverse events being gastrointestinal in nature, consistent with previous clinical findings, and less than 2% of subjects discontinued due to adverse events, with no significant risk of hypoglycemia observed [3].