京新药业启动港股IPO！年内30家医药企业拟赴港上市，“创新”含量高

Core Viewpoint - The recent trend of pharmaceutical companies applying for listings in Hong Kong continues, with a focus on innovation as a key driver for growth and investment opportunities in the sector [1][3][10]. Group 1: Company Developments - Jingxin Pharmaceutical has submitted its application for an H-share listing on the Hong Kong Stock Exchange, marking its entry into the "A+H" dual listing journey [1][3]. - The company has transitioned from focusing on intermediates and raw materials to innovative drug development, targeting central nervous system diseases and cardiovascular conditions [3][4]. - In 2024, Jingxin Pharmaceutical reported total revenue of 4.159 billion yuan and a net profit of 719 million yuan, with R&D investment of approximately 384 million yuan [3][9]. Group 2: Industry Trends - Approximately 30 pharmaceutical companies have submitted applications to the Hong Kong Stock Exchange in 2026, with 13 of these being unprofitable biotech firms [1][5]. - The Hong Kong Stock Exchange's listing reforms since April 2018 have allowed unprofitable biotech companies to access capital markets, enhancing their ability to fund R&D [5][6]. - The "A+H" listing trend is notable, with other companies like Baipusais, Dize Pharmaceutical, and Yifang Bio also applying for listings in Hong Kong [1][8][10]. Group 3: Financial Insights - Baipusais expects a net profit of 160 to 190 million yuan for 2025, representing a year-on-year growth of 29.21% to 53.43% [9]. - Dize Pharmaceutical anticipates a reduced loss of approximately 770 million yuan for 2025, while Yifang Bio expects a net loss of 292 million yuan [9][10]. - The trend of A+H listings is driven by the need for diversified financing and international strategic positioning, with the Hong Kong market often providing higher valuation recognition for innovative drug companies [10].