BIOKIN PHARMACEUTICAL(SH:688506) Guo Ji Jin Rong Bao·2025-09-30 13:46Core Viewpoint - The company Baillie Tianheng (688506.SH) has submitted an IPO application to the Hong Kong Stock Exchange after two previous applications expired, indicating a strong need for capital despite significant revenue growth in 2024 [1][10]. Company Overview - Baillie Tianheng was founded in 1996 and is led by Chairman and CEO Zhu Yi, who holds 72.22% of the shares. The company focuses on innovative biopharmaceuticals, particularly in the field of tumor macromolecule therapy [4]. - The company aims to establish global commercialization capabilities by 2029 and has developed a strong research and development platform for innovative ADC (antibody-drug conjugates) [4]. Business Operations - Baillie Tianheng operates two main business segments: innovative biopharmaceuticals and generic drugs [5]. - The company has established R&D centers in both the U.S. and China, focusing on early development and subsequent clinical research [5]. Financial Performance - In 2024, Baillie Tianheng achieved a revenue of 5.82 billion, marking a growth of over 900% year-on-year, with a significant portion of this revenue (91.6%) coming from licensing agreements with Bristol-Myers Squibb (BMS) [8][9]. - The company reported a net profit of 3.71 billion in 2024, indicating a turnaround from previous losses [8]. Funding and Capital Needs - Baillie Tianheng has raised 3.764 billion through a private placement to accelerate the development of its innovative drug pipeline [9]. - The company has identified a funding gap of 4.819 billion over the next three years to support its R&D and operational activities [11].