Company Overview - Zhejiang Borui Biopharmaceutical Co., Ltd. is a leading integrated biopharmaceutical company in China, focusing on providing comprehensive immunotherapy solutions for patients with autoimmune and inflammatory diseases, as well as tumor immunology diseases [3] - The company has ranked first among Chinese pharmaceutical companies in terms of revenue from biological agents for autoimmune diseases for two consecutive years starting in 2023, according to Frost & Sullivan [3] - Borui Biopharmaceutical strategically focuses on immunotherapy, utilizing immune science to regulate immune function to address diseases where immune dysregulation plays a critical role [3] Product Portfolio - The innovative product portfolio includes leading immunology products such as the first-in-class IL-17A/F inhibitor Beijiele® (Bicizumab), the first and only innovative CD20 monoclonal antibody Anruixi (Zebetumab), and BR2251, a potential first-in-class gout drug with a differentiated mechanism of action [4] - The company has established one of the most competitive and comprehensive immunology product portfolios in the industry, supported by eight commercialized products and an expanding pipeline of innovative candidates [4] Financial Performance - For the fiscal years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, the company reported revenues of approximately RMB 1.257 billion, RMB 1.623 billion, and RMB 1.379 billion, respectively [6] - The profit attributable to equity shareholders for the same periods was RMB 19.01 million, RMB 91.30 million, and RMB 121.84 million [7] - The gross profit margins for the fiscal years were 82.2%, 79.2%, and 74.4% respectively [9] Industry Overview - The autoimmune disease market is one of the fastest-growing sectors in the global pharmaceutical market, with a projected market size in China growing from RMB 174 billion in 2020 to RMB 328 billion in 2024, and expected to reach RMB 2,899 billion by 2035, with a compound annual growth rate (CAGR) of 21.9% [11] - The market for biological agents is also expanding rapidly, with a projected growth from RMB 42 billion in 2020 to RMB 171 billion in 2024, and expected to reach RMB 2,126 billion by 2035, with a CAGR of 25.7% [11] - The tumor immunology market is expected to grow from RMB 148 billion in 2020 to RMB 293 billion in 2024, with a CAGR of 18.5%, and further expand to RMB 4,954 billion by 2035, with a CAGR of 29.3% from 2024 to 2035 [15] Shareholding Structure - As of December 29, 2025, the company's equity is held by PAG Highlander and Haizheng Pharmaceutical, owning 44.62% and 39.62% respectively [24]
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Zhi Tong Cai Jing·2026-01-06 09:29