BIOKIN PHARMACEUTICAL(SH:688506) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-06 00:55Core Viewpoint - Sichuan Baili Tianheng Pharmaceutical Co., Ltd. has re-submitted its listing application to the Hong Kong Stock Exchange, marking the third attempt since last year [1]. Company Overview - Baili Tianheng completed a private placement in A-shares, raising a total of 3.764 billion yuan, with funds allocated entirely for innovative drug research and development [3]. - The company primarily operates in the innovative biopharmaceutical sector and traditional Chinese medicine, with key products including Propofol emulsion injection [5]. - As of September 30, the company's market capitalization reached 155 billion yuan, with its chairman, Zhu Yi, holding 72.22% of the shares, valued at approximately 112.853 billion yuan [6]. Financial Performance - The company reported significant financial fluctuations, with revenues of 703 million yuan in 2022, declining to 562 million yuan in 2023, and projected to rise to 5.823 billion yuan in 2024. However, net profits showed a loss of 282 million yuan in 2022, escalating to a loss of 1.12 billion yuan in the first half of 2025 [6]. - For the first half of 2025, the company recorded revenues of 171 million yuan, a 96.9% decrease year-on-year, and a net loss of 1.12 billion yuan, a 124% decline compared to the previous year [7]. - R&D expenses accounted for 606.69% of revenue in the first half of 2025, reflecting a significant increase in investment in innovation [8]. Industry Context - There is a growing trend among A-share pharmaceutical companies to pursue dual listings in Hong Kong, with at least 10 companies announcing progress on "A+H" plans this year [10]. - The Hong Kong market has seen a resurgence in biotech listings, with 10 biotech companies listed under Chapter 18A of the Main Board Listing Rules, raising approximately 8.05 billion HKD [11]. - The innovative drug sector has gained traction, with the Wind Innovation Drug Index rising by 51.22% year-to-date, indicating a robust market environment for pharmaceutical investments [12].