Core Insights - Fukan Biotechnology (Shanghai) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, focusing on breakthrough therapies for cancer-related diseases and innovative drugs for viral and aging diseases [1][2] Financial Performance - The company reported net profits of approximately -0.95 billion, -0.75 billion, and -0.36 billion for the years 2023, 2024, and the first half of 2025, respectively, primarily due to R&D expenses, financial costs, and administrative expenses [2] - Revenue projections for 2023, 2024, and the first half of 2025 are 0, approximately 0.18 billion, and approximately 0.35 billion, respectively, with the main revenue source being the commercialization of Han Naijia in June 2024 [2] Product Portfolio - Fukan Biotechnology has established a diversified product portfolio consisting of one commercialized product, two core products, two key products, and twelve other candidates in development [2] - R&D expenses for 2023, 2024, and the first half of 2025 are approximately 0.76 billion, 0.54 billion, and 0.24 billion, with core product development costs of approximately 0.23 billion, 0.075 billion, and 0.042 billion, respectively [2] Customer and Supplier Concentration - The company has a high customer concentration, with revenue from the largest customer accounting for approximately 97.6% and 98.9% of total revenue in 2024 and the first half of 2025, respectively [3] - The majority of suppliers are based in China, with total procurement from the top five suppliers amounting to approximately 0.37 billion, 0.41 billion, and 0.32 billion for 2023, 2024, and the first half of 2025, representing 61.0%, 74.5%, and 75.0% of total procurement, respectively [3]