Wind数据显示，目前有49家18A公司已递表港交所，其中有20家的状态为"处理中"，27家为"失效"，1 家为"撤回"，1家已通过聆讯。按此计算，仍有至少20家18A公司正等待通过聆讯并上市。 在这些后备上市力量中，有不少明星项目，如冲刺"港股AI创新药第一股"的英矽智能，以及获得礼来亚 洲基金、高瓴、腾讯等投资的科望医药等。 港股18A公司火了！ 今年以来，港股18A公司在资本市场上可谓是大放异彩，一扫过去数年的颓势，一涨再涨。所谓18A公 司，是指自2018年港交所推出上市规则第18A章后，在港股上市的未盈利生物科技企业。 这些公司此前长期受限于收入和盈利不明确，备受投资者"冷落"，但在今年却打了一个结结实实的"翻 身仗"，连番上演了上市潮、上涨潮和出海潮。 上市潮 2025年，港股市场迎来18A公司上市潮。在今年新上市的58家港股公司中，有10家为18A公司，且大部 分在上市首日取得了极为耀眼的表现，尤其是在近期，18A公司越来越受到投资者青睐。 数据显示，在今年新上市的58只港股中，首日涨幅前6名的公司中有5家是18A公司。面对18A公司上市 后的亮眼表现，投资者的热情也越来越高，8月11日上市的中 ...

| | | | 相对发行价涨跌幅 | | --- | --- | --- | --- | | 平号 | 代码 | 名称 | 首日收盘涨跌幅 | | | | | (%) | | 1 | 2591.HK | 银诺医药-B | 206.48 | | 2 | 3858 HK | 佳鑫国际资源 | 177.84 | | 3 | 2627.HK | 中慧生物-B | 157.98 | | 4 | 9606.HK | 映恩生物-B | 116.70 | | 5 | 9887.HK | 维立志博-B | 91.71 | | 6 | 2617.HK | 药捷安康-B | 78.71 | | 7 | 9678.HK | 云知声 | 44.59 | | 8 | 2097.HK | 蜜雪集团 | 43.21 | | 9 | 2609.HK | 佰泽医疗 | 42.18 | | 10 | 6603.HK | IFBH | 42.09 | 除了已经上市的公司外，18A板块的后备上市力量也颇为丰富。香港交易所集团行政总裁陈翊庭在8月20日的2025年中 期业绩会上透露，"从香港交易所推出'科企专线'以来，一共新增了50家18A和18C公司 ...

港股18A公司火了！ 今年以来，港股18A公司在资本市场上可谓是大放异彩，一扫过去数年的颓势，一涨再涨。所谓18A公司，是指自2018年 港交所推出上市规则第18A章后，在港股上市的未盈利生物科技企业。 这些公司此前长期受限于收入和盈利不明确，备受投资者"冷落"，但在今年却打了一个结结实实的"翻身仗"，连番上演了 上市潮、上涨潮和出海潮。 上市潮 2025年，港股市场迎来18A公司上市潮。在今年新上市的58家港股公司中，有10家为18A公司，且大部分在上市首日取 得了极为耀眼的表现，尤其是在近期，18A公司越来越受到投资者青睐。 数据显示，在今年新上市的58只港股中，首日涨幅前6名的公司中有5家是18A公司。面对18A公司上市后的亮眼表现，投 资者的热情也越来越高，8月11日上市的中慧生物的IPO公开发售获得超4000倍超额认购，认购金额超2000亿港元；8月 15日上市的银诺医药认购金额更是超过3000亿港元，公开发售中获得5341倍超额认购。 | | | | 相对发行价涨跌幅 | | --- | --- | --- | --- | | 序号 | 代码 | 名称 | J 首日收盘涨跌幅 | | | | | ...

公司致力于通过专业的销售和营销团队在中国实现产品管线的商业化，并通过战略合作伙伴关系开拓国 际市场。截至报告期末，通过商业化及业务开发活动，公司在研发能力变现方面取得重要里程碑：普佑 恆(普特利单抗注射液)已完成商业化全流程，目前正处于销售快速增长阶段，另有两款产品CMG901和 MRG007也通过业务开发活动成功达成授权合作。CMG901的全球权益已授权给AstraZeneca，MRG007 的大中华区以外权益已授权给ArriVent。这些成就为公司ADC产品未来商业化及全球合作奠定了坚实的 基础。公司已在国内市场建立起端到端的商业化能力，同时将自身定位为一家全球生物科技公司，在国 际研发和战略合作伙伴关係方面的参与度越来越高。 公告称，收入增加包括主要来自MRG007的对外授权收入人民币3.09亿元(截至2024年6月30日止6个月： 人民币2070万元);来自销售普佑恆(普特利单抗注射液)的收入人民币1.51亿元，较2024年同期显着增加 58.8%(截至2024年6月30日止6个月：人民币9480万元);及就提供CDMO服务的收入人民币630万元(截至 2024年6月30日止6个月：人民币1780万元 ...

智通财经APP讯，乐普生物-B(02157)发布截至2025年6月30日止6个月的中期业绩,该集团取得收入人民 币4.66亿元(单位下同)，同比增加249.59%;公司拥有人应占利润4174.5万元，去年同期亏损1.92亿元;每 股基本盈利0.02元。 公告称，收入增加包括主要来自MRG007的对外授权收入人民币3.09亿元(截至2024年6月30日止6个月： 人民币2070万元);来自销售普佑恆®(普特利单抗注射液)的收入人民币1.51亿元，较2024年同期显着增加 58.8%(截至2024 年6月30日止6个月：人民币9480万元);及就提供CDMO服务的收入人民币630万元(截至 2024年6月30日止6个月：人民币1780万元)。 公司已战略性布局了多个肿瘤产品管线。截至本公告日期，就临床阶段候选药物而言，公司的产品中有 一种临床╱商业化阶段候选药物;九种临床阶段候选药物(包括一种透过合营企业共同开发的药物);及三 种临床阶段的候选药物的联合疗法。其中一种候选药物已获得两种靶向适应症的上市批准，其他适应症 临床试验正在进行中。在九种临床阶段候选药物中，七种靶向疗法药物，两种免疫治疗药物(属于一种 溶瘤 ...

Core Viewpoint - Lepu Biopharma-B (02157) has seen a significant stock price increase of over 12%, currently trading at 9.33 HKD with a transaction volume of 448 million HKD, driven by positive developments in its clinical trials [1] Group 1: Clinical Trials - On August 1, Lepu Biopharma registered a Phase III clinical trial for MRG004A, which will compare its efficacy and safety against a placebo in patients with advanced pancreatic cancer [1] - The Phase III trial aims to explore the potential of MRG004A as a new treatment option for advanced pancreatic cancer patients [1] - Additionally, Lepu Biopharma has initiated a Phase I/II clinical study for MRG007, focusing on its safety, tolerability, efficacy, and pharmacokinetics in patients with unresectable locally advanced or metastatic solid tumors [1] Group 2: Licensing and Financials - The rights for MRG007 outside Greater China have been licensed to ArriVent, with an upfront payment and recent milestone payments totaling 47 million USD [1] - The company is entitled to receive up to 1.16 billion USD in milestone payments and sales royalties from the agreement with ArriVent [1]

Group 1 - The core viewpoint is that the Hong Kong stock market is experiencing a technical bull market, leading to a revaluation of innovative pharmaceutical companies, driven by improved liquidity and policy expectations [1][17] - The Hang Seng Index has risen over 20% this year, while the Hang Seng Healthcare Index has increased by over 40%, indicating strong market performance [1] - The revaluation of the innovative drug sector is attributed to global capital reassessing the long-term logic of China's innovative drug industry [1][19] Group 2 - AI medical technology breakthroughs, comprehensive policy support, and enhanced commercialization capabilities are expected to provide greater valuation expansion potential for Hong Kong's innovative drug sector compared to A-shares [4] - Companies with differentiated innovative pipelines and commercialization potential are becoming market focal points, entering a phase of valuation expansion [4][21] - Lepu Biopharma's 2024 financial report validates this logic, showcasing rapid commercialization and differentiated advantages in its three major pipelines [4][21] Group 3 - Lepu Biopharma achieved approximately 368 million yuan in revenue for 2024, with its main product, Pu You Heng®, generating around 300 million yuan, marking a threefold increase from the previous year's 100 million yuan [6] - The company has established a complete commercialization loop through a specialized marketing team, enhancing its market penetration and professional trust [6][7] - Lepu Biopharma has completed access to procurement platforms in 27 provinces and covers approximately 81 key cities with its sales channels [6] Group 4 - Lepu Biopharma's R&D pipeline focuses on three major areas: ADC, cancer immunotherapy, and oncolytic viruses, which collectively build competitive barriers [9][16] - The ADC pipeline, particularly the core product MRG003, demonstrates significant clinical potential and has received priority review from NMPA and orphan drug designation from FDA [11][13] - The company is also advancing other ADC candidates, such as MRG004A and MRG006A, which show promising clinical results and potential for broad application across various cancers [13][14] Group 5 - The supportive policy environment and recovering capital market are expected to accelerate industry growth and enhance valuation recovery [19][21] - The global healthcare financing activities are rebounding, with an estimated total of $58.2 billion in 2024, indicating a positive trend after two years of decline [19] - Lepu Biopharma is positioned at a critical point for performance and valuation growth, driven by strengthened commercialization capabilities and breakthroughs in its pipeline [21]

Core Viewpoint - Lepu Biopharma-B (02157.HK) reported a total revenue of approximately RMB 367.8 million for the year ending December 31, 2024, representing a year-on-year growth of 63.2% [1] Group 1: Revenue Breakdown - The revenue from the sales of Puyouheng® (Pralsetinib injection) reached approximately RMB 300.3 million in 2024, which is three times the revenue of approximately RMB 101.4 million recorded in 2023 [1] - The company recorded approximately RMB 22 million in revenue from licensing business, derived from milestone payments and technology transfer services under the CMG901 licensing agreement [2] - Revenue from CDMO services amounted to approximately RMB 45.5 million [3] Group 2: Sales and Marketing Strategy - The company has established an efficient sales and marketing team for the commercialization of Puyouheng®, focusing on product promotion, positioning, and brand management strategies [1] - The team aims to enhance brand recognition among leading doctors and patient groups through academic promotion activities and product education [1] - As of December 31, 2024, the company has completed the bidding process on procurement platforms across 27 provinces in China and has covered approximately 81 cities through various sales channels [2] Group 3: Strategic Partnerships and Future Outlook - The company is committed to advancing global cooperation strategies and actively pursuing external licensing collaborations [2] - In January 2025, the company entered into an exclusive licensing agreement with ArriVent, granting them global exclusive rights to develop, manufacture, and commercialize MRG007 outside Greater China, with potential total payments of up to USD 1.2 billion [2] - The company strategically utilizes its remaining production capacity to provide CDMO services to Lepu Medical and/or its subsidiaries, generating approximately RMB 45.5 million in related revenue for 2024 [3]