BIOKIN PHARMACEUTICAL(SH:688506) Sou Hu Cai Jing·2025-09-07 14:45Core Viewpoint - Bailitianheng's stock price has reached a historical high, significantly increasing its market capitalization and the wealth of its controlling shareholder, Zhu Yi [1][3][6]. Company Performance - Bailitianheng's stock price hit a peak of 410 CNY per share, with a market value exceeding 164.4 billion CNY, and closed at 388.02 CNY per share on September 5, 2023, with a market cap over 150 billion CNY [1][3]. - Since its listing on the Sci-Tech Innovation Board in January 2023 at an issue price of 24.7 CNY per share, the stock has surged over 14 times [1]. - The stock is projected to record increases of 37.05% and 102.38% in 2024 and 2025, respectively [3]. Shareholder Wealth - Zhu Yi, the controlling shareholder, holds 74.35% of the company, with his shares valued at approximately 115.69 billion CNY, making him the richest person in Sichuan [3][6]. Product Development - The continuous rise in stock price is attributed to the market's positive outlook on its core product, BL-B01D1 (iza-bren), which is the world's first EGFR×HER3 dual-target ADC currently in Phase III clinical trials [6]. - Bailitianheng has 15 innovative drugs in clinical stages and 2 in IND acceptance stages, with 3 drugs in Phase III registration clinical trials and nearly 90 clinical trials globally [7]. Industry Context - The innovative drug sector has been favored in the market, with the Hang Seng Hong Kong Stock Connect Innovative Drug Index rising over 100% this year, and numerous biopharmaceutical companies in A-shares and Hong Kong experiencing stock price doubling [6].