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🇭🇰 港交所LIVZON PHARMAQwen · 实盘不做把握 3/10不做原因:已被定价
北京时间·🕒 发布 18:27:00时区推断·⟳ 抓取 18:29:26·⚡ 决策 08-27 19:14:02 +44m36s·61.2 天前

丽珠医药莱康奇塔单抗(IL-17A/F双靶点)获NMPA药品注册证书,系国内首个获批的国产IL-17A/F双靶生物制剂

莱康奇塔单抗获批是2025年12月NDA受理、2026年1月纳入优先审评后的程序性落地,市场早已充分预期;同时公司H1 2026营收同比-20%、净利-27%,股价因此连续暴跌(H股5日-21%、A股5日-14%),处于持续下行通道。获批带来的远期收入增量(峰值估计仅占公司收入2-5%)无法对冲当前业绩恶化,且距实际产生收入尚需定价、医保谈判和商业化多个季度。按经验'confidence-vs-expectation-gap':名义大但已被预期的程序性落地,应压低把握度;按'trend-context-not-low-rebound':持续阴跌的票不因'低位'而具备做多理由。

📄 原文LIVZON PHARMA↗ 原文
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 丽珠医药(01513.HK)
获批系高度预期的程序性里程碑(2025年12月NDA受理→2026年1月优先审评→获批),无新增预期差;股价因H1业绩暴跌处于持续下行通道(5日-21%、距52周高-46%),做多属逆势接刀;峰值销售对公司收入占比有限(估2-5%),且需多个季度才能兑现。
不做 丽珠集团(000513.SZ)
同港股逻辑:获批已被充分预期,公司业绩持续恶化(H1营收-20%、净利-27%)驱动股价下行,获批利好不足以扭转趋势,无剩余交易edge。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

丽珠医药IL-17A/F双靶点单抗莱康奇塔单抗获NMPA批准上市,系国内首个国产同类产品。但该获批自2025年12月NDA受理、2026年1月纳入优先审评后已是市场共识,属程序性里程碑而非新增预期差。公司H1 2026营收-20%、净利-27%导致股价5日内暴跌14-21%,处于52周低位附近。即使乐观估计峰值销售5-10亿元,也仅占公司120亿收入的4-8%,且需数个季度才能兑现。获批利好已被充分预期,无法逆转业绩驱动的下行趋势,无剩余交易edge。

🔎 新鲜度:最早出现 2026-08-27 · 扩散 low · price-in 风险 high ↗

消息传播链

  1. 2026-08-27 18:27 HKT首发港交所披露易(公司自愿公告)一手源原文 ↗
    丽珠医药于港股收盘后发布自愿公告,披露莱康奇塔单抗获药品注册证书。公告时点为盘后,次日开盘前市场将消化此消息,但鉴于获批已被充分预期,预计对股价影响有限

主要风险

  • 获批后商业化进度不及预期或定价受医保谈判压制
  • 公司整体业绩持续恶化,市场情绪极度悲观,任何利好可能被忽视

反向证据

  • 做多前查反向 · 来源 kb_search · 日期 2026-08-21 · 影响 invalidates
    H1 2026业绩大幅下滑(营收-20%、净利-27%)是股价暴跌的根本原因,获批利好无法对冲基本面恶化;且获批自优先审评后已是确定性事件,不构成新增预期差
    检索:丽珠医药 莱康奇塔单抗 获批后 股价 利好兑现

先例如何影响了这次决策

对本次决策的影响:先例不足不改变本次AVOID结论,因为核心判断依据是预期差不足和股价趋势,而非先例涨幅

方向:无法从外部先例获得定量参考

涨幅量级:先例不足,无法校准幅度

形态:无法判断

工具执行结果 · 成功 4 · 降级 9 · 失败 0 · 取消 0
  1. fetch_decision_experience 成功 stock_tools HTTP · 1,048 ms
    {
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    {"result": "search_processed_events:agent query=`livzon lecankitug 药品注册证书 | 丽珠医药 萊康奇塔單抗 获批 | 丽珠单抗 il-17a/f 银屑病 上市许可`;结构化索引覆盖完整 72 小时;旧记录兼容扫描近 72.0/72 小时、11071 条本臂决策(完整),返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选,不能据此证明消息首发或不是重复;按当前事件继续正常研判。"}
  3. stock_quote 降级 stock_tools HTTP · 13,970 ms
    {
  4. stock_quote 降级 stock_tools HTTP · 19,992 ms
    {
  5. web_search 降级 Bing RSS(Tavily 降级后备) · 820 ms
    web_search「丽珠医药 莱康奇塔单抗 IL-17A/F 获批 NDA 申报 时间线」命中 8 条(Bing RSS 后备;Tavily: HTTP 432 {"detail":{"error":"This request exceeds your plan's set usage limit. Please upgrade your plan or contact support@tavily.com"}}):
  6. search_case_library 成功 stock_tools HTTP · 92,368 ms
    {"result": "search_case_library「000513.SZ,01513.HK」—— 与这些标的相关的自家决策案例(本页 12 条,该标的全历史相关记录共 26 条;ENTER 只按该标的自己的腿统计):\n◆ 000513.SZ:相关历史决策 15 条 · 其中该标的 ENTER 0 条(0.0%) · 我们从没在这只票上 ENTER 过\n◆ 01513.HK:相关历史决策 11 条 · 其中该标的 ENTER 0 条(0.0%) · 我们从没在这只票上 ENTER 过\n【对所查标的真 ENTER 过的:0 条 —— 相关案例里没有该标的自己的 ENTER 腿】\n
  7. web_search 降级 Bing RSS(Tavily 降级后备) · 1,241 ms
    web_search「Bimekizumab bimekizumab IL-17A/F 中国 银屑病 市场规模 峰值销售预测」命中 8 条(Bing RSS 后备;Tavily: HTTP 432 {"detail":{"error":"This request exceeds your plan's set usage limit. Please upgrade your plan or contact support@tavily.com"}}):
  8. kb_search 降级 stock_tools HTTP · 11,331 ms
    {
  9. web_search 降级 Bing RSS(Tavily 降级后备) · 680 ms
    web_search「丽珠医药 000513 市值 2026 营收 收入规模」命中 5 条(Bing RSS 后备;Tavily: HTTP 432 {"detail":{"error":"This request exceeds your plan's set usage limit. Please upgrade your plan or contact support@tavily.com"}}):
  10. web_search 降级 Bing RSS(Tavily 降级后备) · 1,072 ms
    web_search「丽珠集团 莱康奇塔单抗 NDA 受理 优先审评 2025」命中 8 条(Bing RSS 后备;Tavily: HTTP 432 {"detail":{"error":"This request exceeds your plan's set usage limit. Please upgrade your plan or contact support@tavily.com"}}):
  11. price_snapshot 成功 stock_tools HTTP · 3,696 ms
    {
  12. web_search 降级 Bing RSS(Tavily 降级后备) · 849 ms
    web_search「"丽珠" "莱康奇塔" OR "LZM012" 获批 2026年8月」命中 8 条(Bing RSS 后备;Tavily: HTTP 432 {"detail":{"error":"This request exceeds your plan's set usage limit. Please upgrade your plan or contact support@tavily.com"}}):
  13. web_search 降级 Bing RSS(Tavily 降级后备) · 1,078 ms
    web_search「A股 创新药 获批上市 NMPA 股价反应 先例 2025 2026」命中 6 条(Bing RSS 后备;Tavily: HTTP 432 {"detail":{"error":"This request exceeds your plan's set usage limit. Please upgrade your plan or contact support@tavily.com"}}):

原文全文

展开原文 · 6,990 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility
for the contents of this announcement, 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 announcement.

VOLUNTARY ANNOUNCEMENT
OBTAINMENT OF THE DRUG REGISTRATION CERTIFICATE FOR
LECANKITUG INJECTION (SUBCUTANEOUS INJECTION)
Recently, Livzon MABPharm Inc.*(珠海市麗珠單抗生物技術有限公司) (“Livzon MAB”), a
controlling subsidiary of Livzon Pharmaceutical Group Inc.*(麗珠醫藥集團股份有限公司) (the
“Company”), received the Drug Registration Certificate (Certificate No.: 2026S03179) approved
and issued by the National Medical Products Administration of the People’s Republic of China*
(國家藥品監督管理局) (“NMPA”). The relevant particulars are announced as follows:
KEY PARTICULARS OF THE DRUG REGISTRATION CERTIFICATE
Generic Name: Lecankitug Injection (Subcutaneous Injection)
English/Latin name: Lecankitug Injection (Subcutaneous Injection)
Trade Name: 麗倍坦
Main Ingredient: Lecankitug
Dosage form: Injection
Specification: 160mg (1.6mL) / vial
Drug Registration Standard No.: YBS01072026
Application Matter: Drug registration (domestic manufacturing)
Registration Classification: Class 1 Therapeutic Biological Product
Shelf Life: 24 months
Marketing Authorization Holder: Livzon MABPharm Inc.
1

Manufacturer: Livzon MABPharm Inc.
National Drug Approval Number: 國藥准字 S20260065
Validity Period of Approval Number: 24 August 2031
Approval conclusion of the Acceptance Notice: Upon examination in accordance with the Drug
Administration Law of the People’s Republic of China and relevant provisions, the Product (as
defined below) complies with the requirements for drug registration. Approval is granted for
registration, and the Drug Registration Certificate is issued. The manufacturing process, quality
standards, specifications and labels shall be implemented as attached.
DRUG DEVELOPMENT AND RELATED CONDITIONS
Lecankitug Injection (Subcutaneous Injection) (the “Product”) is jointly developed by Livzon
MAB and Beijing Xinkanghe Biomedical Technology Co., Ltd.* (北京鑫康合生物醫藥科技有限
公司) (“Beijing Xinkanghe”). It is a recombinant anti-human IL-17A/F humanized monoclonal
antibody injection and the first independently developed innovative IL-17A/F dual-target biologic
in China. It acts by simultaneously blocking the pro-inflammatory cytokines IL-17A and IL-17F,
the indication for this registration application is: for the treatment of adult patients with
moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy.
Psoriasis is a recurrent inflammatory skin disease triggered by a combination of genetic and
environmental factors. There are approximately 125 million patients worldwide and over 7 million
patients in China, of whom approximately 80% have plaque psoriasis.
The Product has completed a Phase III clinical trial in patients with moderate-to-severe plaque
psoriasis, with Secukinumab as the active comparator. Data showed that the Product was superior
to the control group in terms of speed of onset, skin clearance rate and long-term efficacy, with a
safety profile comparable to that of the control group. The Product does not require an initial
intensive induction phase and requires less frequent dosing than the comparator, which may
enhance the patient experience and improve treatment adherence.
As at the date of this announcement, the cumulative direct investment in research and development
expenses for the product amounts to approximately RMB223.31 million.

2

MARKET LANDSCAPE OF SIMILAR DRUGS
According to the databases of the NMPA and the Center for Drug Evaluation (“CDE”), as at the
date of this announcement, with regard to IL-17A/F dual-target products, one imported product has
been approved for marketing in China, and the Product is the first domestic IL-17A/F dual-target
product approved for marketing in China. Regarding IL-17A and IL-17RA single-target products,
three imported products and four domestic products have been approved for market launch in
China.
According to IQVIA sampling statistical estimates, the domestic terminal sales value of IL-17A and
IL-17RA single-target drugs in China in 2025 was approximately RMB2.976 billion.
IMPACT ON THE COMPANY AND RISK WARNING
After obtaining the Drug Registration Certificate, the Company can manufacture and market the
Product. However, the operating performance of the Product is subject to uncertainties due to
factors such as changes in the market environment. Investors are advised to exercise caution when
making investment decisions and to pay attention to investment risks.

By order of the Board
Livzon Pharmaceutical Group Inc.*
麗珠醫藥集團股份有限公司
Liu Ning
Company Secretary
Zhuhai, China
27 August 2026
As at the date of this announcement, the executive directors of the Company are Mr. Liu Daping
(President) and Mr. Tang Yanggang (Vice Chairman); the non-executive directors of the Company
are Mr. Zhu Baoguo (Chairman), Mr. Lin Nanqi and Mr. Qiu Qingfeng; the employee
representative director of the Company is Ms. Ran Yongmei; and the independent non-executive
directors of the Company are Mr. Luo Huiyuan, Ms. Cui Lijie, Ms. Wang Zhiyao and Ms. Kang Li.

* For identification purpose only

3

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準確
性或完整性亦不發表任何聲明,並明確表示,概不對因本公告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。

自願公告
萊康奇塔單抗注射液(皮下注射)關於
獲得《藥品注冊證書》的公告
近日,麗珠醫藥集團股份有限公司(「本公司」)的控股子公司珠海市麗珠單抗生物技術有
限公司(「麗珠單抗」)收到國家藥品監督管理局(「國家藥監局」)核准簽發的《藥品注
冊證書》(證書編號:2026S03179)現將相關情況公告如下:
藥品注冊證書的主要內容
藥品通用名稱:萊康奇塔單抗注射液(皮下注射)
英文名/拉丁名:Lecankitug Injection (Subcutaneous Injection)
商品名稱:麗倍坦
主要成份:萊康奇塔單抗注射液
劑型:注射劑
規格:160mg(1.6mL)/瓶
藥品注冊標准編號:YBS01072026
申請事項:藥品注冊(境內生產)
注冊分類:治療用生物制品 1 類
1

藥品有效期:24 個月
上市許可持有人:珠海市麗珠單抗生物技術有限公司
藥品生產企業:珠海市麗珠單抗生物技術有限公司
藥品批准文號:國藥准字 S20260065
藥品批准文號有效期:2031 年 8 月 24 日
審批結論:根據《中華人民共和國藥品管理法》及有關規定,經審查,本品(定義見下文)
符合藥品注冊的有關要求,批准注冊,發給藥品注冊證書。生產工藝、質量標准、說明書及
標簽按所附執行。
藥品研發及相關情況
萊康奇塔單抗注射液(皮下注射)(「本品」)由麗珠單抗與北京鑫康合生物醫藥科技有限
公司聯合開發,為重組抗人 IL-17A/F 人源化單克隆抗體注射液,系中國首個自主研發的
IL-17A/F 雙靶點創新生物製劑,可通過同步阻斷 IL-17A 與 IL-17F 促炎因數發揮作用,本次
註冊申請的適應症為:用於適合接受系統治療或光療的中重度斑塊狀銀屑病成人患者。
銀屑病是一種由遺傳與環境因素共同誘發、易於復發的炎症性皮膚病,全球患者約 1.25 億
人,我國患者超 700 萬人,其中斑塊狀銀屑病占比約 80%。
本品已完成中重度斑塊狀銀屑病的Ⅲ期臨床試驗,該研究以司庫奇尤單抗為陽性對照,數據
表明,本品在起效速度、皮損清除率及長期療效方面均優於對照組,安全性與對照組相當。
本品無需初始密集誘導期,給藥頻次較對照組減少,可提升患者的使用體驗,提高依從性。
截至本公告披露日,本品累計直接投入的研發費用約為人民幣 22,331.36 萬元。

2

同類藥物市場情況
根據國家藥監局及藥品審評中心網站資料庫顯示,截至本公告披露日,針對 IL-17A/F 雙靶
點,國內已有 1 個進口產品獲批上市,本品為國內首個獲批上市的國產 IL-17A/F 雙靶點產
品;針對 IL-17A 及 IL-17RA 單靶點,國內共有 3 個進口產品、4 個國產產品獲批上市。
根據 IQVIA 抽樣統計估測數據,2025 年度 IL-17A 及 IL-17RA 單靶點藥物國內終端銷售金
額約為人民幣 29.76 億元。
對本公司的影響及風險提示
公司在取得藥品注冊證書後,可生產本品並上市銷售,產品的經營情況因受市場環境變化等
因素的影響,具有不確定性,敬請廣大投資者謹慎決策,注意投資風險。

承董事會命
麗珠醫藥集團股份有限公司
Livzon Pharmaceutical Group Inc.*
公司秘書
劉寧

中國,珠海
二零二六年八月二十七日
於本公告日期,本公司的執行董事為劉大平先生(總裁)及唐陽剛先生(副董事長);本公司的
非執行董事為朱保國先生(董事長)、林楠棋先生及邱慶豐先生;本公司的職工董事為冉永
梅女士;而本公司的獨立非執行董事為羅會遠先生、崔麗婕女士、王智瑤女士及康立女
士。

*僅供識別

3

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