本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 加科思药业（ 1167.HK）今日宣布，公司董事长兼首席执行官王印祥博士及 一致行动人于近期累计增持公司股票1105.87万股，增持金额约9634万港元，以实际行动彰显对公 司长期发展前景的坚定信心。 此前发布的 2025年中期业绩中，加科思展示了多项亮眼的研发进展。公司持续聚焦KRAS与iADC 两大研发主线，核心产品均取得积极成果，进一步验证了加科思在全球创新药赛道中的竞争力与成长 潜力。 在 KRAS通路方面，加科思已建立起纵深布局。今年5月，公司KRAS G12C抑制剂戈来雷塞获国家 药监局批准，用于二线单药治疗KRAS G12C突变非小细胞肺癌，并在中国成功上市。这一里程碑不 仅标志着公司实现了在中国市场的首次商业化，也触发了合作伙伴艾力斯支付人民币5000万元的里 程碑款项。同时，戈来雷塞还在与SHP2抑制剂联用，推进一线非小细胞肺癌适应症的开发。 除已上市产品外，公司另一核心项目 pan-KRAS抑制剂JAB-23E73也取得重要进展。在一期临床 剂量爬坡阶段，该项目已观察到多个确认 ...

Core Viewpoint - The company, 加科思药业, demonstrates strong confidence in its long-term development through significant share buybacks and insider purchases, despite a broader trend of executive sell-offs in the Hong Kong pharmaceutical sector [1][4]. Group 1: Executive Actions - The chairman and CEO, Dr. Wang Yinxiang, along with associates, invested nearly HKD 100 million to purchase over 11.05 million shares of the company [1]. - The company has initiated a share buyback plan of HKD 100 million, with approximately HKD 26.7 million executed so far, and plans to continue this over the next year [1]. Group 2: Clinical Value - 加科思 focuses on KRAS and iADC as its primary research directions, with KRAS being a critical mutation pathway in cancer, affecting about 25% of cancer patients [2]. - The company's KRAS G12C inhibitor, Glecirasib, received approval for second-line treatment of KRAS G12C mutated non-small cell lung cancer (NSCLC) and has been successfully launched in China, triggering a milestone payment of RMB 50 million from a partner [2]. - The pan-KRAS inhibitor, JAB-23E73, has shown multiple confirmed partial response cases in ongoing Phase I clinical trials in China and the U.S., with complete data expected in the first half of 2026 [2]. Group 3: Commercial Potential - 加科思 is advancing a second-generation product, EGFR-KRAS G12D tADC, which aims for precise delivery in colorectal cancer, with an IND application expected in the second half of 2026 [3]. - The company is also developing HER2-STING iADC (JAB-BX467) to address the limitations of PD-1 monotherapy in "cold tumors," with plans to submit an IND application in the second half of 2026 [3]. Group 4: Value Assessment - With 25% of cancer patients carrying KRAS mutations and nearly 70% being cold tumors, 加科思's focus on KRAS and iADC provides a clear long-term growth potential [4]. - The market has not fully reflected the pipeline value and long-term growth potential of 加科思, as evidenced by its market capitalization of HKD 7 billion compared to Revolution Medicine's USD 8 billion [4]. - The significant insider purchases and ongoing buyback plan signal management's confidence in the company's long-term prospects, suggesting a potential market revaluation as clinical data continues to validate its pipeline [4].

作为一家集研发、生产和营销三位于一体的创新型制药企业，艾力斯主要专注于肿瘤治疗领域。自公司核心产品伏美替尼 于2021年3月份上市以来，销售收入不断增长。 本报记者 孙文青 4月23日晚间，科创板上市创新药企上海艾力斯医药科技股份有限公司（以下简称"艾力斯"）同步披露了2024年年度报告 以及2025年第一季度报告。 报告期内，受益于核心产品甲磺酸伏美替尼片续约纳入国家医保目录，销售收入持续增长，艾力斯实现营业收入35.6亿 元，同比上升76.29%。同时，公司采取了多项降本增效措施，控制各项成本、费用，促使归属于上市公司股东的净利润同比上 升121.97%至14.3亿元，业绩延续高增长态势。公司披露的2025年一季报亦显示，伏美替尼销量持续增长，致营收同比上涨 47.86%至10.98亿元，归属于上市公司股东的净利润同比上涨34.13%至4.10亿元。 值得一提的是，2024年，在业绩保持高速增长同时，艾力斯研发投入增幅显著。 核心产品销量稳步提升 南开大学金融发展研究院院长田利辉向《证券日报》记者表示，优质科创企业通过利润增长与资本结构优化，实现研发和 分红的现金流切割，本质是技术优势向财务能力的转化。高 ...