浙江台州女博士带队，创新药收入一年翻25倍，即将IPO

Core Viewpoint - Zhejiang Borui Biopharmaceutical Co., Ltd. (Borui Biopharma) has submitted its IPO application to the Hong Kong Stock Exchange, standing out in the biotech industry by achieving profitability for three consecutive years amidst a challenging financing environment [3][4]. Financial Performance - In 2024, Borui Biopharma is projected to generate revenue of 1.623 billion RMB, with a net profit of 91.295 million RMB, maintaining a high gross margin of 79.5% [3][27]. - The company reported a revenue of 1.379 billion RMB and a net profit of 155 million RMB for the first three quarters of 2025, indicating a strong growth trajectory [28]. Product Development - The company's first self-developed innovative drug, Anruixi (Zebetuzumab), is expected to generate revenue of 277 million RMB in 2024, a significant increase from 10.65 million RMB in 2023, marking a growth of over 2500% [4][26]. - Borui Biopharma has a portfolio of eight commercialized products, including two innovative drugs and six mature products, with over 70% of its revenue coming from these established lines [27][28]. Investment and Financing - Borui Biopharma has completed four major financing rounds, raising over 2.04 billion RMB, with its valuation increasing from 6.6 billion RMB to 13.5 billion RMB [4][19]. - The company attracted significant investment from PAG, which acquired a 58% stake in 2019, marking one of the largest private equity investments in the biotech sector that year [16][17]. Management and Strategy - The management team has been strengthened with the appointment of Liu Min as CEO, who brings over 25 years of experience in the biopharmaceutical industry [12][14]. - The company plans to allocate 80% of its R&D investment towards innovative drugs, with over 400 million RMB spent on R&D in 2024 and 2025 [30][31]. Market Position and Competition - Borui Biopharma operates in a highly competitive market for autoimmune and oncology drugs, facing challenges from both multinational and domestic pharmaceutical companies [33][34]. - The company aims to differentiate itself through innovative drug development and has already established a strong market presence with its biosimilars [21][35].