2026年1月9日，中国小核酸技术的主要开拓者、全球小核酸制药领域的领军企业 「 瑞博生 物 」 （苏州瑞博生物技术股份有限公司，Suzhou Ribo Life Science Co. , Ltd.）正式在 香港交易所主板挂牌上市，（股票代码： 6938.HK ）。 瑞博生物开盘价75港元，截至发 稿，其市值已超130亿港元，对比磐霖资本A轮投后估值， 瑞博生物当前市值已实现超30倍增 长 。 左 ： 瑞 博 生 物 创 始 人 、 董 事 长 梁 子 才 教 授 右 ： 瑞 博 生 物 联 席 C E O 、 全 球 研 发 总 裁 甘 黎 明 博 士 作为 瑞博生物 在 2 0 1 5年 首轮对外融资便开始 支持的早期投资方，磐霖资本经过 十年、六轮 的领投或大比例追加，成为 投资瑞博次数最多，的外部投资机构，也是且投资金额最大的两家 机构之一， 是真正意义上的 " 耐心资本 " 。 值得一提的是，磐霖资本也是在小核酸 产业遇挫 、企业最需要资金支持之际，给予瑞博最为关键的 资金支持的投资机构，以 "雪中送炭"帮助 企业实现了最为关键的一跃 。 瑞博生物成功港股 IPO，磐霖资本的十年坚守也迎来了 收获 ...

证券研究报告 | 产业经济周报 2026 年 01 月 07 日 产业经济周报 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 陈梦洁 资格编号：S0120524030002 邮箱：chenmj3＠tebon.com.cn 徐梓煜 资格编号：S0120524080004 邮箱：xuzy＠tebon.com.cn 徐宇博 资格编号：S0120525090001 邮箱：xuyb5＠tebon.com.cn 周天昊 资格编号： S0120525040002 邮箱：zhouth＠tebon.com.cn 研究助理 夏欣锐 邮箱：xiaxr＠tebon.com.cn 相关研究 元旦消费迎来开门红，头部晶圆厂 密集资本运作 [Table_Summary] 投资要点： 风险提示：宏观经济波动风险、市场竞争风险、产品创新不及预期等 请务必阅读正文之后的信息披露和法律声明 [Table_Main] 大消费观点： 26 年元旦 1.42 亿人次出游，文旅消费迎来"开门红"。经文化和旅 游部数据中心测算，26 年元旦全国国内出游人次/总花费，同比 24 年分别增长 5 ...

股票申购期将持续至1月6日，交易首日定于1月9日。 成立于2007年的瑞博生物一直专注于小核酸药物，尤其是siRNA疗法的研发，目前已建成全球最大的siRNA药物管线之一，有七款自研药物处于临床试验阶段， 涉及心血管、代谢类、肾脏和肝脏疾病的7种适应症，当中有4款药物正在进行二期临床试验，另有超过20个临床前项目储备。 近年，RNA（核糖核酸）领域连续获得诺贝尔奖认可，mRNA和miRNA的相关发现分别在2023年、2024年获奖，其科学价值与产业潜力备受关注。以RNA为基础 的小核酸药物凭借其靶点选择范围广、临床开发成功率相对较高、作用持久等优势，有望成为继小分子药物、抗体药物之后，现代新药第三次浪潮的引领者。如 今，国际投资者即将可以参与投资中国小核酸药物领域的领军企业。 在小核酸药物领域深耕18年的苏州 瑞博生物 技术股份有限公司，自我定位是siRNA（小干扰核糖核酸）疗法领域的世界领先者。 瑞博生物于2025年12月31日启动香港主板IPO。计划发行股份数量约为2750万股，发行价57.97港元，计划募资约15.9亿港元（约2.05亿美元）。此次上市由中金公 司和花旗银行担任联席保荐人。 这家小核酸药 ...

近日，瑞博生物已成功通过港交所聆讯，中金公司和花旗为其保荐机构。那么，如何看待其投资价值？ 在全球生物医药悄然迈入"核酸时代"的今天，小核酸药物正成为继小分子、抗体药之后颠覆性治疗的第三大药物范 式。 全球范围内具备完整小核酸药物自主研发能力的公司凤毛麟角，而来自中国的瑞博生物正是其中少数具备"端到端"能 力的平台型企业。这家公司不仅是"中国版Alnylam"，更是一家以原创技术驱动、具备全球定义未来治疗标准潜力的 平台型生物科技公司。 图表一：瑞博生物招股书节选 | 編纂]的[編纂]數目 | : [編纂]股H股(視乎[編纂] | | --- | --- | | | 行使與否而定） | | [編纂]數目 | .. [編纂]股H股(可予[編纂]) | | [編纂]數目 | :「編纂]股H股(可予[編纂]及 | | | 視乎[編纂]行使與否而定) | | 最高[編纂] | .. 每股H股[編纂]港元,另加1.0%經紀 | | | 佣金、0.0027%證監會交易徵費、 | | | 0.00015%會財局交易徵費及 | | | 0.00565％聯交所交易費(須於申請時 | | | 以港元繳足,多繳股款可予退還) | ...

公司深度聚焦小核酸赛道，拥有七款进入临床试验阶段的自研药物，涉及心血管、代谢类、肾脏和肝脏 疾病的八种适应症，其中四款处于2期临床试验。核心产品RBD4059是全球首款且进展最快的治疗血栓 性疾病的siRNA药物；RBD5044和RBD7022也分别是全球第二个进入临床开发的靶向APOC3和PCSK9 的siRNA药物。此外，公司还有20多个临床前项目。 瑞博生物攻克了小核酸药物递送这一核心技术壁垒，拥有自主研发并经临床验证的GalNAc递送技术， 其中肝靶向RiboGalSTAR递送技术是其众多管线资产的基石。在肝外递送技术(如RiboPepSTAR和 RiboOncoSTAR)方面也取得了显著进展。 瑞博生物通过港交所主板上市聆讯，由中金公司（601995）和花旗担任联席保荐人。 该公司是全球小核酸药物(尤其siRNA疗法)研发领域的关键参与者之一，拥有全球最大的siRNA药物管 线之一，有七款自研药物资产处于临床试验阶段。小核酸药物被认为是继小分子和抗体药物之后的"第 三次浪潮"，市场潜力巨大，预计到2029年全球市场估值将达186亿美元，2024年至2029年复合年增长率 为29.5%。 ...

随着中国小核酸药物主要开拓者——瑞博生物通过港交所聆讯，港股市场又增添了一家极具稀缺价值的 创新药标的。 12月21日，据港交所官网披露，苏州瑞博生物技术股份有限公司(以下简称"瑞博生物")通过港交所主板 上市聆讯，中金公司、花旗为联席保荐人。该公司是全球小核酸药物(尤其专注于siRNA疗法)研发领域 的主要参与者，目前瑞博生物已经是创建全球最大的siRNA药物管线企业之一，有七款自研药物资产处 于临床试验阶段。 透过行业发展趋势来看，瑞博生物所处的小核酸药物赛道目前被视为继小分子和抗体药物后的"第三次 浪潮"。它与传统的小分子药物和抗体药物相比，提供了更广泛的候选靶点，并且开发周期更短、靶向 性和特异性更好等优点，正处于高速发展期。据弗若斯特沙利文披露，预计到2029年全球小核酸疗法市 场估值为186亿美元，2024年至2029年复合年增长率高达29.5%。 但由于小核酸药物行业技术壁垒高，尤其是递送技术，如何将药物精准、高效、安全地递送到目标器官 (如肝内、肝外)是行业核心挑战。故此，国内如瑞博生物这样能够突破行业技术壁垒并接近商业化前夕 的创新药企可谓凤毛麟角。 据悉，瑞博生物是全球为数不多拥有自主研发 ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準 確性或完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 Suzhou Ribo Life Science Co., Ltd. 蘇州瑞博生物技術股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）╱ 證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即 代表 閣下知悉、接納並向本公司、本公司的聯席保薦人、保薦人兼整體協調人、整體協調人、顧 問或承銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據向香港公司註冊處處長登記 的本公司招股章程作出投資決定，而招股章程的文本將於發售期內向公眾派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據本 文件中的資料作出任 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Posting Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Posting Hearing Information Pack. (the "Company") (A joint stock company incorporated in the People's Republic of China with limited liabili ...

Core Viewpoint - Rebio Biotech, established in 2007, is attempting to go public in Hong Kong after previously withdrawing its application for the Sci-Tech Innovation Board in 2020. Despite being recognized as a leader in the small nucleic acid drug sector, the company has yet to commercialize any self-developed drugs, relying heavily on financing and technology licensing for revenue [1][3]. Financial Performance - Rebio Biotech reported a revenue of RMB 44,000 in 2023, which is projected to increase to RMB 1.43 billion in 2024. However, net losses for the same periods were RMB 4.37 billion and RMB 2.81 billion, respectively, leading to a cumulative loss exceeding RMB 7 billion over two years [4][5]. - The company's total assets fluctuated from approximately RMB 7.16 billion in 2023 to RMB 10 billion in 2025, while total liabilities increased from RMB 6 billion to RMB 9.42 billion during the same period [5][6]. Funding and Financing - From 2015 to 2025, Rebio Biotech raised a total of RMB 1.829 billion from various investors, including Hillhouse Capital and CICC Capital. However, the company's valuation has been volatile, dropping from RMB 48.7 billion in 2024 to RMB 35.8 billion in 2025 [8][9]. - The company has been utilizing a combination of financing and business development (BD) partnerships to maintain operations, with significant contributions from collaborations, such as a deal with Qilu Pharmaceutical worth over RMB 700 million [9][11]. Research and Development - Rebio Biotech has developed a large pipeline of siRNA drugs, with six self-developed drug assets in clinical trials targeting various diseases. However, the company's resource allocation for core product development has been low, with only 19.1% to 25.9% of total R&D spending directed towards core products from 2023 to 2025 [12][14]. - The company has not established its own production facilities, relying on outsourcing for clinical sample production, which poses a challenge in the competitive landscape [16]. Market Position and Competition - The global small nucleic acid drug market is projected to grow from USD 2.7 billion in 2019 to USD 46 billion by 2033, with Rebio Biotech's core product, RBD4059, being the first siRNA drug for thrombotic diseases in clinical development. However, it faces competition from other companies that have advanced further in clinical trials [13][14].

Core Insights - The article highlights the transformative potential of small nucleic acid drugs, moving from chronic medication to one-time treatments or long-term interventions, indicating a "blue ocean" market for these therapies [1] - The global small nucleic acid therapy market is projected to grow from $5.1 billion in 2024 to $18.6 billion by 2029, with a compound annual growth rate (CAGR) of 29.5%, and further to $49.4 billion by 2034, with a CAGR of 21.6% [1] - Suzhou Ribocure Biotechnology Co., Ltd. (Ribocure) is preparing for an IPO on the Hong Kong Stock Exchange, positioning itself as a key player in the small nucleic acid drug market [2] Company Overview - Ribocure, founded in 2007, is a major participant in the global small nucleic acid drug development space, particularly focusing on siRNA therapies [1][3] - The company has developed one of the largest siRNA drug pipelines globally, with seven self-developed drug assets currently in clinical trials targeting cardiovascular, metabolic, renal, and liver diseases, four of which are in Phase 2 trials [3][6] Product Pipeline - Ribocure's core product, RBD4059, is the world's first and fastest clinically developed siRNA drug for treating thrombotic diseases, which are a leading cause of death globally, claiming over 10 million lives annually [6] - RBD4059 selectively inhibits FXI to reduce thrombus formation risk without significantly increasing bleeding risk, offering a promising treatment option [6] - Other notable candidates include RBD5044 for hypertriglyceridemia and RBD7022 for hypercholesterolemia, both of which are in advanced clinical development stages [7] Market Positioning - Ribocure's product pipeline is well-balanced and focuses on major diseases with high market potential, including cardiovascular and metabolic disorders, which enhances its commercial prospects [7][8] - The company is building an integrated research, production, and sales capability to create a sustainable "innovation-profit" cycle, essential for long-term success in the biotech sector [8] Financial Performance - Ribocure's R&D expenditures from 2023 to mid-2025 are projected to total approximately 730 million yuan, reflecting its commitment to long-term innovation over short-term profits [8] - The company has successfully raised over 380 million yuan in recent financing rounds to support its clinical pipelines and technology development [9] - Revenue growth has been significant, with reported revenues of 440,000 yuan, 143 million yuan, and 103 million yuan from 2023 to mid-2025, alongside a notable reduction in losses [10] Strategic Collaborations - Ribocure has established strategic partnerships with several well-known pharmaceutical companies, enhancing its credibility and market valuation [9] - The company has received orphan drug designation for its product RBD1016, which is aimed at treating hepatitis D virus infections, facilitating its development and commercialization in the EU [9]