递表 |「新济医药-B」首次递表港交所，两款核心产品进入II期临床阶段

Core Viewpoint - The company, Xinji Pharmaceutical-B, is an innovative pharmaceutical technology enterprise that has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for the development of its proprietary drug delivery technologies and products [1]. Company Overview - Xinji Pharmaceutical-B was founded in 2007 and is headquartered in Guangzhou, China, focusing on the development and commercialization of high-end formulation drugs to address limitations of traditional drug delivery methods [1]. - The company has developed two core technology platforms: (1) soluble microneedle formulation technology platform and (2) nasal inhalation formulation technology platform [1][5]. Financial Performance - The company's revenue for 2024 is projected at approximately RMB 0.49 billion, with a net loss of RMB 1.47 billion. For the first half of 2025, revenue is expected to be RMB 0.28 billion, with a reduced net loss of RMB 0.21 billion, showing a year-on-year improvement of over 50% [1]. - R&D expenditure accounts for over 40% of the company's revenue, indicating a strong focus on innovation [1]. - As of June 30, 2025, the company had cash reserves of approximately RMB 0.5 billion and short-term loans of RMB 0.24 billion, with an operating cash flow of approximately -RMB 0.19 billion for the first half of the year [8]. Product Pipeline - The core product, Dexmedetomidine Microneedle Patch, is the first soluble microneedle transdermal drug delivery system approved for clinical trials in China, targeting preoperative sedation for pediatric and adult patients. It is currently in Phase IIa clinical trials for children and Phase II trials for adults, expected to commence in Q1 2026 [3]. - Another product, XJN010, is a nasal inhalation formulation for on-demand treatment of "off" episodes in Parkinson's disease patients undergoing Levodopa therapy, currently in Phase II clinical trials in China [4]. Market Overview - According to Frost & Sullivan, the global sedative market is experiencing stable growth, with the market size expected to increase from USD 8.64 billion in 2020 to USD 9.11 billion in 2024, reflecting a compound annual growth rate (CAGR) of 1.33%. The growth is anticipated to accelerate to a CAGR of 1.58% from 2024 to 2028, reaching USD 10.39 billion by 2032 [9]. - The global Parkinson's disease "off" episode market has grown from USD 5.03 billion in 2020 to USD 7.22 billion in 2024, achieving a CAGR of 10.12%. It is projected to exceed USD 10.62 billion by 2028, with a CAGR of 11.27% from 2024 to 2028, and reach USD 15.03 billion by 2032 [9]. Comparable Companies - Comparable companies in the industry include Green Leaf Pharmaceutical and Health Yuan, with respective market capitalizations and financial metrics provided for comparison [15][16].