Core Viewpoint - Weijian International Holdings Group Limited (Weijian Pharmaceutical) has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor. The company is noted for having the largest number of commercialized original drugs for kidney diseases among Chinese pharmaceutical companies [1][4]. Company Overview - Weijian Pharmaceutical is a leading comprehensive pharmaceutical company in China, focusing on the treatment of kidney and blood diseases. The company integrates drug development, production, and commercialization, aiming to address significant clinical needs in these areas [4]. - The product portfolio includes over 20 commercialized drugs and one candidate drug, with a focus on chronic kidney disease (CKD) and blood diseases, which affect a large patient population [4][5]. - All major products have been commercialized in mainland China, except for one drug currently undergoing regulatory approval [4]. Financial Performance - Revenue for the years ending December 31 for 2022, 2023, and projected for 2024 is RMB 723.5 million, RMB 887.4 million, and RMB 901.8 million respectively [7][8]. - The company recorded losses of RMB 92.8 million in 2022 and RMB 17 million in 2023, but is projected to achieve a profit of RMB 8.57 million in 2024 [9]. - Gross profit for the same periods was RMB 369.0 million, RMB 502.6 million, and RMB 556.0 million, with gross margins of 51.0%, 56.6%, and 61.7% respectively [10][11]. Market Overview - China's healthcare expenditure has significantly increased from RMB 721.75 billion in 2020 to a projected RMB 950.75 billion in 2024, with a compound annual growth rate (CAGR) of 7.1% [12]. - The pharmaceutical market in China has grown from RMB 1,458.4 billion in 2020 to RMB 1,733.9 billion in 2024, with a CAGR of 4.4% [12]. - The CKD drug market in China is expected to grow from RMB 16.3 billion in 2020 to RMB 25.1 billion in 2024, with a CAGR of 11.3% [17].