景泽生物港股闯关：年亏逾2亿元，商业化能力待考

Core Viewpoint - Jingze Biopharma is pursuing an IPO on the Hong Kong Stock Exchange, focusing on high-growth areas of assisted reproduction and ophthalmic drugs, despite facing significant financial challenges and uncertainties in its development pipeline [1][3]. Company Overview - Jingze Biopharma specializes in assisted reproduction and ophthalmic drugs, with a notable presence in clinical-stage large molecule drugs in China as of June 20, 2025 [3]. - The company’s core product, JZB30 (recombinant human follicle-stimulating hormone lyophilized powder injection), received commercialization approval in April 2025, targeting the leading imported drug in the global ovulation market [3]. - Another key product, JZB33 (recombinant human follicle-stimulating hormone aqueous injection), has completed bioequivalence trials and submitted a New Drug Application (NDA) as of June 2025 [3]. Product Pipeline - Jingze Biopharma has a total of eight drug candidates, with JZB30 approved and JZB33 submitted for NDA. JZB05 (anti-VEGF intravitreal injection) is undergoing Phase III clinical trials across over 40 centers in China, aiming for submission in the second half of 2026 [4]. - The company is also developing JZB32 for symptomatic vitreomacular adhesion, currently in Phase I clinical trials, along with several other products at various stages of development [4]. Financial Performance - Jingze Biopharma has reported net losses of 246 million yuan and 243 million yuan for 2023 and 2024, respectively, totaling over 480 million yuan in losses over two years [4]. - Research and development expenditures for the same period were 122 million yuan and 133 million yuan, accounting for over 70% of total operating expenses [4]. - As of the end of 2024, the company’s net current liabilities reached 1.325 billion yuan, an increase from 948 million yuan at the end of 2023, indicating significant liquidity pressure [4]. Operational Challenges - The company heavily relies on third-party contract research organizations (CROs) for preclinical research and some clinical trials, as well as third-party manufacturers for production, which poses risks related to timely delivery and compliance [5]. - Jingze Biopharma lacks experience in successfully commercializing drugs, planning to collaborate with established domestic pharmaceutical companies for the distribution of JZB30 while also preparing to build its own sales team, which requires substantial investment and time [5].