21世纪经济报道记者韩利明上海报道 翰思艾泰也在招股书中坦言，"自成立以来，我们一直面临重大净亏损，预计在未来可预见的时期内， 将继续录得净亏损，并可能无法实现或维持盈利。"与此同时，翰思艾泰还背负着高额研发成本，2023 年和2024年研发成本分别达4670万元、7470万元，呈逐年上升趋势。 今年以来，港股创新药市场迎来强势反弹，开启新一轮上涨行情。数据显示，截至6月16日，恒生港股 通创新药精选指数（HSSCPB）年内累计涨幅达71.83%，与去年同期20.74% 的跌幅形成鲜明对比；港 股创新药ETF（159567）亦实现67.16%的可观增长。二级市场的持续回暖，为众多谋求上市的药企带来 新机遇，港股IPO市场掀起热潮。 仅6月以来，包括翰思艾泰、维立志博、银诺医药、东阳光药、长风药业、和美药业、轩竹生物在内的 七家本土药企相继递表赴港。此外，泰德医药、药捷安康也顺利通过港交所聆讯，即将叩响资本市场大 门。 值得一提的是，此次递表上市的药企中，翰思艾泰、维立志博、银诺医药、和美药业、轩竹生物仍处于 亏损状态。其中，前三家药企为2024年底递表失效后的再次更新。而长风药业、轩竹生物曾谋划A股 IPO未 ...

创新药的火热行情不仅反映在二级市场上，近期以来，港股IPO市场也出现药企扎堆申报上市的情形。港交所官网显示，6月以来，就有7 家药企递表，包括长风药业股份有限公司（以下简称"长风药业"）、广东东阳光药业股份有限公司（以下简称"东阳光药"）等。其中，轩 竹生物科技股份有限公司（以下简称"轩竹生物"）等5家企业报告期内均未实现盈利。在业内人士看来，近年来，港交所出台了各项政策鼓 励医药类企业上市，推动其成为医药行业首选融资渠道。值得一提的是，长风药业、轩竹生物均曾申报过A股IPO，不过最终未果。 半个月7家药企拟赴港上市 6月仅过去半个月，就有7家生物医药企业拟赴港上市，提交上市申请。 以在医药领域知名度颇高的东阳光药为例，东阳光药于6月11日递交了港股上市申请，拟以介绍方式在香港主板上市，中金公司担任独家保 荐人。公司于2024年12月首次递表，如今系公司第二次递表。 申请材料显示，东阳光药主要聚焦于感染、慢性病及肿瘤治疗领域的药物研发、生产与商业化。公司核心产品为磷酸奥司他韦，2022— 2024年，磷酸奥司他韦的销售额分别占公司年度收入的81.2%、86.9%及64.2%。 值得一提的是，2022—2024 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，翰思艾泰生物医药科技（武汉）股份有限公司（以下简称"翰思艾泰"）再次向港交所提交上市申 请，工银国际为其独家保荐人。此前，公司曾于2024年11月24日首次递交上市申请。 招股书显示，翰思艾泰是一家拥有结构生物学、转化医学及临床开发方面自主专业技术及经验的创新生 物科技公司，致力开发新一代免疫疗法。公司历史可追溯至2017年，成立至今，公司已先后完成3轮融 资，IPO前投资者包括贝达药业、杭州泰鲲（泰格医药持股49%）、扬子香港（金斯瑞生物间接拥有） 等。 这样的案例并非孤例，除了吉利德之外，专注于CD47靶点开发的明星Biotech Arch Oncology也于2023年 宣布终止其在CD47抗体上的研发工作，公司大部分员工离职。凭借CD47管线纳斯达克上市的ALX Oncology也宣布终止核心管线SIRPα融合蛋白（CD47-SIRPα信号通路的巨噬细胞一端）Evorpacept的临 床研究。2023年9月22日，艾伯维终止与天镜生物就CD47抗体lemzoparlimab的合作协议。 此外，从临床研究各阶段成功率来看，临 ...

Group 1: Companies Filing for IPO - Four companies submitted IPO applications: Hansai Aitai, Xipuni, Weilizhibo, and Woan Robotics [2][4][6] - Hansai Aitai focuses on innovative biopharmaceuticals with no commercialized products yet, reporting losses of approximately RMB 85 million and RMB 117 million for 2023 and 2024 respectively [2] - Xipuni specializes in precious metal watch design and manufacturing, with projected revenues of approximately RMB 324 million, RMB 445 million, and RMB 457 million from 2022 to 2024 [3] - Weilizhibo is a clinical-stage biotech company with a diverse product pipeline, reporting net losses of RMB 362 million, RMB 301 million, and RMB 75 million for 2023, 2024, and the first three months of 2025 respectively [5] - Woan Robotics is a leading AI home robotics provider, with revenues of RMB 275 million, RMB 457 million, and RMB 610 million from 2022 to 2024 [6] Group 2: Companies Passing Hearing - Three companies passed the IPO hearing: Zhouliufu, Sanhua Intelligent Control, and Baize Medical [7][10] - Zhouliufu, a jewelry company, reported revenues of approximately RMB 3.102 billion, RMB 5.150 billion, and RMB 5.718 billion from 2022 to 2024, with a market share of 6.2% in gold jewelry [8] - Sanhua Intelligent Control is a leading manufacturer in refrigeration and automotive thermal management, with revenues of approximately RMB 21.348 billion, RMB 24.558 billion, and RMB 27.947 billion from 2022 to 2024 [9] - Baize Medical operates hospitals focused on oncology services, reporting revenues of RMB 803 million, RMB 1.072 billion, and RMB 1.189 billion from 2022 to 2024 [10] Group 3: Companies Initiating Subscription - Three companies initiated their subscription: Xinqian, Rongda Technology, and METALIGHT [11][13] - Xinqian plans to issue 10.5854 million H-shares with a price range of HKD 18.9-20.9, expecting to list on June 10, 2025 [11] - Rongda Technology aims to issue 18.4 million H-shares with a price range of HKD 10.00-12.00, also expecting to list on June 10, 2025 [12] - METALIGHT plans to issue 24.856 million H-shares at HKD 9.75, with the same listing date [13] Group 4: Market Trends and Insights - There is a significant increase in foreign cornerstone investors in Hong Kong IPOs, with 15 out of 27 companies this year attracting foreign investment [15] - The market for newly listed stocks is active, with 43 out of 74 new stocks trading above their issue price, indicating strong potential [17] - New consumer companies are seeing stock prices reach new highs, with notable increases in share prices for companies like Mixue and Gu Ming [18]

又有两家鄂企向港交所发起冲击。 武汉大众口腔医疗股份有限公司（下称"大众口腔"）、翰思艾泰生物医药科技（武汉）股份有限公司 （下称"翰思艾泰"）日前接连向港交所递交上市申请，两家企业均是第二次递表港交所。相关分析认 为，目前港交所简化上市流程，同时今年以来港股市场走势较为强劲，募资压力相对轻松，有利于获得 更好的估值。 大众口腔新三板退市转战港股 大众口腔成立于2007年，招股书显示，截至2025年5月20日，公司目前以直营连锁模式运营92家机构， 其中包括4家医院、80家门诊部和8家诊所，覆盖湖北、湖南两省的8个城市。按2023年所得收入计算， 大众口腔在华中地区所有民营口腔医疗服务提供商中居第一位，市场份额约2.6%。 大众口腔主要业务涵盖三大板块：综合牙科诊疗服务、口腔种植服务及口腔正畸服务。综合牙科诊疗服 务占据公司总收入的一半以上，成为最主要的收入来源。口腔种植服务和口腔正畸服务分别构成第二和 第三大收入板块。大众口腔的服务特点体现在高频次和高复诊率上，复诊率从2022年的75.3%提升至 2024年的79.6%，显示出较强的客户粘性。 大众口腔曾于2015年5月12日在新三板挂牌，后于2018年4 ...

Group 1 - The core viewpoint of the article is that Hansai Aitai Biopharmaceutical Technology (Wuhan) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with ICBC International as the exclusive sponsor [1] - The company focuses on structural biology, translational medicine, and clinical development, having developed an innovative drug pipeline since 2016, including its core product HX009 and nine other pipeline candidates [1][2] - HX009 is a self-developed PD-1/SIRPα dual-function antibody fusion protein currently undergoing multiple clinical trials in China for treating advanced melanoma, relapsed/refractory EBV-positive non-Hodgkin lymphoma, and advanced biliary cancer [1][2] Group 2 - The company has two main products, HX301 and HX044, with HX301 being a multi-target kinase inhibitor in a Phase II clinical trial for glioblastoma in China, and HX044 being a novel dual-function anti-CTLA-4 antibody SIRPα fusion protein in Phase I/IIa trials for advanced solid tumors in Australia and China [2] - According to a Frost & Sullivan report, HX009 is leading globally in clinical trial progress among similar CD47-targeting bispecific antibodies/dual-function fusion proteins, while HX044 is the only CTLA-4/SIRPα dual-specific antibody/dual-function fusion protein in clinical trials [2] - The company has developed proprietary platforms, VersatiBody and autoRx40, for creating antibody drugs with enhanced therapeutic capabilities, and has received royalties from HX008, a PD-1 monoclonal antibody approved in 2022 [2] Group 3 - As of the fiscal years ending December 31, 2023, and 2024, the company's R&D costs are projected to be RMB 46.7 million and RMB 74.7 million, accounting for 73.0% and 61.8% of total operating expenses, respectively [2] - The company has not yet achieved profitability and continues to invest heavily in R&D activities [2] - The company faces significant risks, including uncertainties in drug development, potential unmet expectations in clinical trial results, and challenges in obtaining regulatory approvals or commercializing its products [3]

Core Viewpoint - Hanse Aitai Biopharmaceutical Technology (Wuhan) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with ICBC International as the sole sponsor, despite being in a loss-making position for the fiscal years 2023 and 2024 [1][4]. Company Overview - Hanse Aitai is an innovative biotechnology company specializing in structural biology, translational medicine, and clinical development, with a pipeline that includes one core product and nine other candidate products [4][6]. - The core product, HX009, is a self-developed PD-1/SIRPα dual-function antibody fusion protein, which has completed Phase I clinical trials in Australia and China [4][5]. Product Pipeline - The company has three ongoing clinical projects for HX009 in China, targeting advanced melanoma, relapsed/refractory Epstein-Barr virus-positive non-Hodgkin lymphoma, and advanced biliary tract cancer [5]. - Two other major products, HX301 and HX044, are in clinical stages, focusing on cancer treatment. HX301 is a multi-target kinase inhibitor, while HX044 is a novel dual-function anti-CTLA-4 antibody SIRPα fusion protein [5][6]. Financial Performance - For the fiscal years 2023 and 2024, the company reported other income and revenue of approximately RMB 6.664 million and RMB 7.681 million, respectively, while incurring losses of about RMB 85.16 million and RMB 117 million [6][8]. - The company has a total of ten candidate drugs in its pipeline, with eight targeting oncology and two for autoimmune diseases [6].