KEXING BIOPHARM CO.(SH:688136) Zhi Tong Cai Jing·2025-11-06 13:02Company Overview - Kexing Biopharmaceutical Co., Ltd. (科兴制药) has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1] - The company focuses on the research, production, and commercialization of innovative biopharmaceuticals, particularly in the fields of oncology and autoimmune diseases, addressing significant unmet clinical needs [2][3] Product Portfolio - Kexing's leading products include SINOGEN (人干扰素α1b注射液), EPOSINO (人促红素注射液), and WHITE-C (人粒细胞集落刺激因子注射液), which hold significant market shares in their respective segments [3] - SINOGEN is projected to capture approximately 55.2% of the short-acting interferon α1b market in China by 2024, maintaining its position as the top product for six consecutive years [3] - EPOSINO is expected to hold about 16.7% of the erythropoietin market, ranking second for four years [3] Financial Performance - Kexing's revenue from its main products was approximately RMB 13.14 billion, RMB 12.54 billion, RMB 13.92 billion, and RMB 6.80 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively [4] - The company reported net profits of -RMB 92.82 million, -RMB 195.49 million, RMB 27.05 million, RMB 9.46 million, and RMB 78.96 million for the same periods [6] - Gross margins have shown a decline from 75.4% in 2022 to 63.6% in the first half of 2025 [7] Market Overview - The global pharmaceutical market is projected to grow from USD 1,324.4 billion in 2019 to USD 1,670.9 billion by 2024, with an expected CAGR of 3.8% until 2030 [11] - China's pharmaceutical market is also on the rise, anticipated to grow from RMB 1,633 billion in 2019 to RMB 1,828 billion by 2024, with a forecasted revenue of RMB 2,624.5 billion by 2030 [11] - The global market for innovative biopharmaceuticals is expected to reach USD 427.9 billion in 2024, with a CAGR of 8.4% projected until 2030 [14]