配售聚焦于筹措资金和引入长线投资人两个方面。 本文为IPO早知道原创 作者｜罗宾 微信公众号｜ipozaozhidao 据 IPO 早 知 道 消 息 ， 8 月 25 日 ， 荃 信 生 物 （ 2509.HK ） 宣 布 ， 公 司 已 完 成 向 TruMed Health Innovation Fund LP（下称"TruMed"）配售500万股股份， 配售价为每股 20.0港元，募集资金 总额约为1亿港元。 TruMed是一家专注于生物医药投资的专业投资机构 ，曾作为基石投资者深度参与科伦博泰、映恩 生物及维立志博等港股 IPO项目，具有很强的行业影响力 ，被誉为香港医疗健康投资领域的风向 标。 荃信生物专注于自身免疫及过敏性疾病生物疗法，管线覆盖皮肤、呼吸、消化、风湿四大治疗领域， 其中一个产品已获批上市，多个产品处于临床后期阶段。根据弗若斯特沙利文报告，全球自身免疫性 疾病及过敏性疾病药物市场预计将持续快速增长，到 2030年合计将达到2710亿美元规模。中国作 为新兴市场，存在大量未满足的临床需求，潜藏巨大发展空间。 近年来，公司先后与华东医药（ 000963.SZ）、健康元（600380.S ...

此外，上半年荃信生物在研管线迎诸多进展。 拳头产品QX005N(IL-4Rα单抗)已获得7项适应症的IND许可，成为中国IL-4Rα靶向候选药物中适应症最 多的产品之一，同时也是国内就该靶点唯二取得突破性疗法认定(BTD)的产品。2025年3月，QX005N完 成了结节性痒疹(PN)中国III期的患者入组，特应性皮炎(AD)中国III期的患者入组目前也接近了尾声， 两项临床试验预计分别于今年底及明年初读出主要终点数据。 自免领域正成为创新药投资最炙手可热的赛道之一，一二级市场交易同步升温。医药魔方最新统计显 示，仅2025年上半年，中国创新药的 License-out 总成交金额已逼近660亿美元，一举超越2024全年的 BD交易规模，刷新历史纪录。免疫系统药物是仅次于肿瘤的全球第二大处方药物市场，BD的占比在提 升，2023年至2024年，肿瘤管线出海授权交易占比从72%下降至61%，而代谢和自免占比从12%提升至 25%，几乎实现翻倍扩张。 交易热度的提升，自然催生了大量优质标的。在这股浪潮中，刚刚交出亮眼中报的荃信生物(02509)就 是最具代表性的案例之一。 收入大增3.5倍，管线由单抗1.0向双抗2 ...

Core Insights - Jiangsu Quanxin Biopharmaceutical Co., Ltd. (stock code: 02509.HK) reported a significant revenue increase of 359.69% year-on-year, reaching 206 million yuan for the first half of 2025, while losses were reduced by 83.11% to 30.93 million yuan [1] - The revenue growth was primarily driven by income from licensing agreements and CDMO services, highlighting the company's progress in innovation and commercialization [1][5] Financial Performance - For the six months ending June 30, 2025, the company achieved a revenue of 206 million yuan, a substantial increase of 359.69% compared to the previous year [1] - The net loss for the same period was 30.93 million yuan, significantly reduced by 83.11% year-on-year [1] - As of June 30, 2025, the company had cash and cash equivalents totaling 559 million yuan, providing a solid foundation for future development [1] Product Development - The company has made significant progress in its core product pipeline, with multiple products achieving key milestones [2][3] - QX005N (IL-4Rα monoclonal antibody) has received IND approval for seven indications, making it one of the most advanced candidates in China for this target [3] - QX002N (IL-17A monoclonal antibody) has reached the primary endpoint in its Phase III clinical trial for ankylosing spondylitis and plans to submit a BLA within the year [3] Innovation and R&D - The company is developing a series of long-acting dual antibodies, with four innovative dual antibody pipelines disclosed, three of which are expected to file IND applications within the year [4] - The focus of these dual antibodies is on respiratory and skin diseases, aiming to fill existing treatment gaps [4] Commercialization Strategy - Quanxin Biopharmaceutical has established a diversified commercialization path, utilizing a "self-research + strategic cooperation" model [5] - The company’s first commercial product, Seluxon® (Ustinumab injection), has seen successful commercialization since its approval in October 2024, with over 60,000 units shipped by June 30, 2025 [5][6] - The company has also initiated international expansion, successfully completing its first overseas NewCo transaction with Caldera Therapeutics, Inc. in April 2025 [6] Future Outlook - The company completed a placement of 5 million shares, raising 99 million HKD, which will be used for debt repayment and accelerating the development of new pipelines [7] - With strong innovation capabilities, diversified revenue structures, and a steadily advancing international strategy, the company is positioned to achieve greater development in the global biopharmaceutical market [7]

Group 1 - The core viewpoint of the article highlights that Zai Lab Limited (荃信生物-B) experienced a significant increase in its stock price, rising over 6% following the release of its interim financial results [1] - The company reported a revenue of RMB 206 million, representing a year-on-year increase of 359.69% [1] - The net loss for the period was RMB 30.93 million, which is a reduction of 83.11% compared to the previous year [1] Group 2 - The revenue primarily consisted of income from licensing agreements, including an upfront payment related to the overseas licensing of QX030N and a non-cash consideration for approximately 24.88% equity in Caldera Therapeutics, totaling RMB 181 million [1] - Additional revenue was generated from CDMO services and R&D services for projects QX004N and QX008N, amounting to approximately RMB 22 million [1] - The company announced a placement of 5 million new shares to TruMed Health Innovation Fund LP at a price of HKD 20 per share, raising approximately HKD 99 million, with about 60% allocated for repaying existing interest-bearing bank loans [1][1]

Core Viewpoint - Zai Lab Limited (荃信生物-B) reported significant revenue growth and reduced losses in its interim results, indicating strong operational performance and strategic developments [1] Financial Performance - The company achieved revenue of RMB 206 million, representing a year-on-year increase of 359.69% [1] - The net loss for the period was RMB 30.93 million, a decrease of 83.11% compared to the previous year [1] Revenue Breakdown - Revenue primarily included income from licensing agreements, which accounted for RMB 181 million, including upfront payments related to QX030N and a non-cash consideration for approximately 24.88% equity in Caldera Therapeutics [1] - Additional revenue of approximately RMB 22 million was generated from CDMO services and R&D services for projects QX004N and QX008N [1] Capital Raising - The company announced a placement of 5 million new shares to TruMed Health Innovation Fund LP at a price of HKD 20 per share, raising approximately HKD 99 million [1] - Approximately 60% of the net proceeds will be used to repay existing interest-bearing bank loans, 30% for the development of new pipelines including QX027N, QX031N, and QX035N, and 10% for working capital and other corporate purposes [1]

Core Insights - The company reported a revenue of RMB 206 million for the six months ending June 30, 2025, representing a year-on-year increase of 359.69% [1] - Research and development (R&D) expenses amounted to RMB 151 million, reflecting a year-on-year increase of 4.25% [1] - The net loss for the period was RMB 30.93 million, a significant reduction of 83.11% compared to the previous year [1] - The loss per share was RMB 0.13 [1] Revenue Breakdown - The revenue of RMB 206 million primarily included income from licensing agreements, which accounted for RMB 181 million, derived from upfront payments related to the overseas licensing of QX030N and a non-cash consideration for approximately 24.88% equity in Caldera Therapeutics, Inc., as well as milestone fees from the Phase III trial of QX004N [1] - Additionally, revenue from CDMO services and R&D services for projects QX004N and QX008N contributed approximately RMB 22 million [1] R&D Expenses Analysis - R&D expenses increased from RMB 145 million for the six months ending June 30, 2024, to RMB 151 million for the same period in 2025, marking a rise of 4.25% [1] - The increase in R&D spending was primarily due to higher clinical trial costs associated with the advancement of the company's clinical trials, despite a reduction of RMB 5.87 million in equity-settled share-based payment amortization [1]

Group 1 - The company reported a revenue of RMB 206 million for the six months ending June 30, 2025, representing a year-on-year increase of 359.69% [1] - Research and development (R&D) expenses increased by 4.25% to RMB 151 million compared to RMB 145 million for the same period last year [1] - The net loss for the period was RMB 30.93 million, a significant reduction of 83.11% year-on-year, with a loss per share of RMB 0.13 [1] Group 2 - Revenue primarily came from licensing agreements, including upfront payments related to the overseas licensing of QX030N and a non-cash consideration for approximately 24.88% equity in Caldera Therapeutics, Inc., totaling RMB 181 million [1] - Additional revenue was generated from CDMO services and R&D services for projects QX004N and QX008N, amounting to approximately RMB 22 million [1] - The increase in R&D expenses was mainly due to higher clinical trial costs associated with the advancement of the company's clinical trials [1]

公开资料显示，荃信生物是一家专注于自身免疫及过敏性疾病生物疗法的生物医药高新技术企业，拥有 完全自主研发的药物管线及成熟的商业级规模内部生产能力。基于完整的自主创新能力，公司现已形成 包含多个创新品种的产品管线，其中1个品种已获批上市，2个品种处于临床III期，4个品种分别处于临 床II期及I期，适应症覆盖银屑病、特应性皮炎、强直性脊柱炎、系统性红斑狼疮、哮喘、炎症性肠病等 皮肤、风湿、呼吸、消化四大疾病领域，是国内在自身免疫及过敏性疾病领域布局领先的公司之一。 今年4月，荃信生物宣布与Caldera Therapeutics就荃信生物自主研发的临床前阶段长效自免双抗QX030N 签订授权许可协议，授予Caldera开发及商业化QX030N的全球独家许可。而荃信生物则收获颇丰：1000 万美元的一次性预付款、Caldera约24.88%的股权，以及在特定条件下最多可达5.45亿美元的额外付款和 销售净额的分级特许权使用费。此外，公司此前在2024年度业绩会中表示，赛乐信作为生物类似药已自 动进入医保目录，同时叠加华东医药较强的销售能力，预计2025年该产品销售额将达3亿元，峰值为15 亿元-20亿元，该产品产 ...

今年4月，荃信生物宣布与Caldera Therapeutics就荃信生物自主研发的临床前阶段长效自免双抗QX030N 签订授权许可协议，授予Caldera开发及商业化QX030N的全球独家许可。而荃信生物则收获颇丰：1000 万美元的一次性预付款、Caldera约24.88%的股权，以及在特定条件下最多可达5.45亿美元的额外付款和 销售净额的分级特许权使用费。此外，公司此前在2024年度业绩会中表示，赛乐信作为生物类似药已自 动进入医保目录，同时叠加华东医药（000963）较强的销售能力，预计2025年该产品销售额将达3亿 元，峰值为15亿元-20亿元，该产品产生销售利润后，荃信生物取得的分成将计入公司收入。 荃信生物-B(02509)盘中涨超8%，高见22.15港元创去年10月以来新高，近一个月股价累涨近四成。截至 发稿，涨5.42%，报21.4港元，成交额570.78万港元。 公开资料显示，荃信生物是一家专注于自身免疫及过敏性疾病生物疗法的生物医药高新技术企业，拥有 完全自主研发的药物管线及成熟的商业级规模内部生产能力。基于完整的自主创新能力，公司现已形成 包含多个创新品种的产品管线，其中1个品种已获 ...

Core Insights - The article discusses the innovative approach of Quanxin Biopharmaceuticals in the biopharmaceutical industry, breaking the "double ten rule" by developing five promising clinical-stage products with an investment of less than 1.3 billion yuan [2][3] - The company focuses on autoimmune diseases and has established a collaborative ecosystem to enhance its research, clinical, and commercialization processes, aiming for international market entry by 2025 with a projected overseas licensing deal worth $555 million [3][5] Group 1: Company Strategy - Quanxin Biopharmaceuticals has successfully created five clinical-stage innovative products with over 1 billion yuan in R&D investment, including one drug already on the market and two in phase III clinical trials [4][5] - The company emphasizes efficient use of funds and time, focusing on a clear development direction in antibody drug research for autoimmune and allergic diseases [4][6] - The company has formed deep collaborations with major pharmaceutical companies, leveraging their sales networks and resources to accelerate clinical trials and commercialization [5][6] Group 2: Market Expansion - In 2025, Quanxin Biopharmaceuticals plans to make significant strides in international markets, having signed a licensing agreement with Caldera Therapeutics for its long-acting dual antibody QX030N, which could yield up to $545 million in additional payments [7][8] - The company aims to target autoimmune disease markets with real clinical demand and high success rates, particularly in the respiratory and digestive fields, anticipating rapid growth in antibody drug applications [8]