Company Overview - Zejing Pharmaceutical is a comprehensive biopharmaceutical company focused on the discovery, research and development, and commercialization of innovative small molecules and biological therapies, with a strategic focus on oncology, autoimmune diseases, and hemostasis/blood disorders [3] - Since its establishment in 2009, the company has built end-to-end capabilities covering drug discovery, R&D, production, and commercialization, resulting in a diversified and multi-layered pipeline [3] - As of the last practicable date, Zejing Pharmaceutical has three marketed drugs: Zepsin (Torenafine), the first locally developed small molecule multi-target drug for first-line treatment of advanced liver cancer in China; Zeppin (JAK inhibitor), the first locally developed innovative JAK inhibitor for treating myelofibrosis; and Zepsin (recombinant human thrombin), the only recombinant human thrombin developed and commercialized using recombinant DNA technology in China [3] Financial Information - The company recorded revenues of RMB 301.67 million, RMB 383.56 million, RMB 531.53 million, and RMB 593.28 million for the years 2022, 2023, 2024, and the nine months ended September 30, 2025, respectively [4] - The gross profit for the same periods was RMB 275.96 million, RMB 355.35 million, RMB 497.25 million, and RMB 533.04 million [4] - The company reported losses of RMB 485.51 million, RMB 295.14 million, RMB 150.30 million, and RMB 95.60 million for the years 2022, 2023, 2024, and the nine months ended September 30, 2025, respectively [5] Profitability Metrics - The gross profit margins for the years 2022, 2023, 2024, and the nine months ended September 30, 2025, were 91.5%, 92.6%, 93.6%, and 89.8%, respectively [6][7] Industry Overview - The global pharmaceutical market, including chemical drugs and biological agents, is expected to reach USD 2.6493 trillion by 2035, with a compound annual growth rate (CAGR) of 5.1% from 2030 to 2035 [8] - In China, driven by strong economic growth and increasing healthcare demand, the market is expected to grow faster than the global rate, reaching RMB 3.1034 trillion by 2035, with a CAGR of 7.8% during the same period [8] - China's outbound licensing activities have rapidly increased, with 94 outbound licensing transactions completed in 2024, disclosing a total transaction value of USD 51.9 billion [8] - The pharmaceutical transaction volume globally has decreased, but the total transaction value has continued to grow, indicating a strategic shift towards value-enhancing and quality-oriented investments [8]

Core Viewpoint - Zai Jian Pharmaceutical has submitted an application for listing on the Hong Kong Stock Exchange, with CICC as its sole sponsor, highlighting its focus on innovative therapies in oncology, autoimmune diseases, and hematology [1] Company Overview - Zai Jian Pharmaceutical is a comprehensive biopharmaceutical company dedicated to the discovery, research and development, and commercialization of innovative small molecules and biologics [1] - The company has a product portfolio that includes marketed drugs, late-stage clinical candidates, and early-stage discovery projects [1] Product Pipeline - Zai Jian Pharmaceutical currently has three marketed drugs: - Zepsu (Zepub) is the first domestically developed small molecule multi-target drug for first-line treatment of advanced liver cancer in China [1] - Zeppin (Zepping) is the first domestically developed innovative JAK inhibitor for the treatment of myelofibrosis in China [1] - Zeplin (Zepeling) is the only recombinant human thrombin developed and successfully commercialized using recombinant DNA technology in China [1]

Company Overview - Suzhou Zelgen Biopharmaceutical Co., Ltd. (Zelgen) has submitted a listing application to the Hong Kong Stock Exchange, with CICC as its sole sponsor [1] - Zelgen is a comprehensive biopharmaceutical company focused on the discovery, research and development, and commercialization of innovative small molecules and biologics, particularly in oncology, autoimmune diseases, and hemostasis/blood disorders [4] - Since its establishment in 2009, the company has developed a full-spectrum capability covering drug discovery, R&D, production, and commercialization, resulting in a diversified pipeline [4] - Zelgen has three marketed drugs: Zepzelca® (donafenib tosylate tablets), the first domestically developed small molecule multi-target drug for first-line treatment of advanced liver cancer in China; Zepzelca® (gilteritinib tablets), the first domestically developed innovative JAK inhibitor for treating myelofibrosis; and Zepzhan® (recombinant human thrombin), the only recombinant human thrombin developed and commercialized using recombinant DNA technology in China [4] Financial Performance - For the fiscal years ending December 31, 2022, 2023, and projected for 2024 and 2025, the company reported revenues of RMB 301.67 million, RMB 383.56 million, RMB 531.53 million, and RMB 593.28 million respectively [6] - The cost of sales for the same periods was RMB 25.71 million, RMB 28.21 million, RMB 34.28 million, and RMB 60.24 million respectively [6] - Gross profit for the fiscal years was RMB 275.96 million, RMB 355.35 million, RMB 497.25 million, and RMB 533.04 million respectively, with corresponding gross profit margins of 91.5%, 92.6%, 93.6%, and 89.8% [6][8] - The company recorded losses of RMB 485.51 million, RMB 295.14 million, RMB 150.30 million, and RMB 95.60 million for the same periods [7] Industry Overview - The global pharmaceutical market, including chemical drugs and biologics, is expected to reach USD 2.6493 trillion by 2035, with a compound annual growth rate (CAGR) of 5.1% from 2030 to 2035 [10] - In China, the pharmaceutical market is projected to grow faster than the global rate, reaching RMB 3.1034 trillion by 2035, with a CAGR of 7.8% during the same period [10] - China has seen a rapid increase in outbound licensing activities, with 94 transactions completed in 2024, totaling USD 51.9 billion, and 72 transactions in the first half of 2025, totaling USD 60 billion [10] - Globally, while the volume of pharmaceutical transactions has declined, the total transaction value has continued to grow, indicating a strategic shift towards value-enhancing and quality-oriented investments [10]