估值近50亿！合成生物“黑马”冲刺港交所

Core Viewpoint - Baoyi Pharmaceutical has submitted a listing application to the Hong Kong Stock Exchange, attracting significant capital investment through multiple financing rounds totaling over 1 billion RMB since its establishment [2][5]. Financing Situation - Baoyi Pharmaceutical has completed several financing rounds, including 319 million RMB in A round (February 2021), 585 million RMB in B round (August 2022), and 426 million RMB in C round (July 2024) along with 45 million RMB in C+ round (December 2024) [2][3]. - The post-investment valuation reached 4.871 billion RMB after the latest financing rounds, with a share cost of 16.91 RMB [2][3]. Business Model and Strategy - The company focuses on developing recombinant biopharmaceuticals using synthetic biology technology, aiming to replace traditional biochemical extraction products and upgrade existing treatment methods [5][6]. - Baoyi Pharmaceutical's strategy aims to mitigate risks associated with traditional extraction methods, such as viral contamination and supply instability, while producing higher purity and more effective drugs at controlled costs [6]. Financial Performance - The company reported revenues of 6.93 million RMB in 2023, 6.16 million RMB in 2024, and 41.99 million RMB in the first half of 2025, with losses of approximately 160 million RMB, 364 million RMB, and 183 million RMB respectively during the same periods [6][7]. - R&D expenditures were significant, with 132.5 million RMB in 2023, 250.7 million RMB in 2024, and 111 million RMB in the first half of 2025, indicating a focus on expanding its product pipeline [6][7]. Product Pipeline - Baoyi Pharmaceutical has seven clinical-stage candidates and five preclinical assets, with three core products (KJ017, KJ103, SJ02) protected by comprehensive intellectual property rights [8][9]. - KJ017, a highly glycosylated recombinant hyaluronidase, has completed Phase III clinical trials in China and is set to submit a New Drug Application (NDA) in 2024 [8][9]. - KJ103 targets autoimmune diseases and has received approval for Phase II clinical trials in China, while SJ02 is expected to be commercialized by the end of 2025 [9]. Market Potential - The total clinical market size for the four therapeutic areas Baoyi Pharmaceutical is targeting is projected to exceed 50 billion RMB by 2033 [7].