新股消息 新济医药递表港交所 核心产品XJN010已于中国进入II期临床试验

Company Overview - Guangzhou Xinji Pharmaceutical Co., Ltd. is an innovative pharmaceutical technology company founded in 2007, headquartered in Guangzhou, China [2] - The company has developed two core technology platforms: (i) soluble microneedle formulation technology and (ii) nasal inhalation formulation technology [2] - Xinji Pharmaceutical has two core products and three additional pipeline products [2] Core Products - The first core product, Dexmedetomidine Hydrochloride Microneedle Patch, is designed for preoperative sedation in pediatric and adult patients, aiming to improve patient comfort and clinical efficiency by providing a transdermal delivery method [2] - As of December 18, 2025, the Dexmedetomidine patch has entered Phase IIa clinical trials for pediatric patients in China, with Phase II trials for adults expected to start in Q1 2026 [2] - The second core product, XJN010, is a nasal spray developed to deliver active pharmaceutical ingredients via the nasal-brain pathway, bypassing the gastrointestinal tract and blood-brain barrier, and is currently in Phase II clinical trials [3] - Additional products include XJN1102, a microneedle patch for treating type 2 diabetes, and XJN2503, a nasal inhalation formulation for nausea and vomiting related to chemotherapy and surgery, both expected to submit IND applications in Q4 2026 [3] Financial Information - Research and development expenses for the fiscal years 2023, 2024, and the first half of 2025 were approximately CNY 18.43 million, CNY 16.41 million, and CNY 11.62 million, respectively [4] - Revenue for the fiscal years 2023, 2024, and the first half of 2025 was approximately CNY 54.09 million, CNY 49.03 million, and CNY 28.14 million, respectively [5] Industry Overview - The preoperative sedation market in China is expected to grow from 9.06 million pediatric patients in 2020 to 10.23 million by 2032, with a compound annual growth rate (CAGR) increasing from 0.40% (2020-2024) to 1.79% (2028-2032) [6] - The adult sedation patient population is projected to grow from 35.49 million in 2020 to 39.04 million by 2032, with a stable growth trend [6] - The overall preoperative sedation market in China was valued at approximately CNY 7.36 billion in 2020, with expectations to exceed CNY 7.6 billion by 2024 and reach CNY 8.24 billion by 2032, driven by increased surgical volumes and demand for patient comfort [7] - The global sedation market is also expanding, with a projected growth from USD 8.64 billion in 2020 to USD 10.39 billion by 2032, with pediatric sedation growing at a faster rate than adult sedation [8]