Core Viewpoint - 康诺生物制药股份有限公司 is preparing for an IPO on the Hong Kong Stock Exchange, with significant revenue fluctuations and a focus on mitochondrial medicine and health products [1][2][5]. Group 1: Company Overview - 康诺生物, established in 2017, specializes in the research and commercialization of drugs related to mitochondrial dysfunction, targeting cardiovascular diseases, neurodegenerative diseases, reproductive health, and aging [5]. - The market for mitochondrial medicine products in China is projected to grow from 95 billion yuan in 2020 to 179 billion yuan by 2024, with a compound annual growth rate (CAGR) of 17.1%, and expected to reach 308.1 billion yuan by 2035, with a CAGR of 29.5% from 2024 to 2035 [5]. Group 2: Financial Performance - 康诺生物's revenue for 2023 and 2024 was 3.03 billion yuan and 2.4 billion yuan, respectively, representing a decline of approximately 20.8%, while net profit dropped by 57.4% to 795.2 million yuan and 339.05 million yuan [6]. - In the first three quarters of 2025, the company reported a revenue of 238 million yuan, a year-on-year increase of 33%, and a net profit of 53.41 million yuan, up 93% [7]. Group 3: Product Portfolio - The flagship product, 恩艾地 (NAD⁺ injection), accounted for 65.2% of total revenue in the first three quarters of 2025, with revenues of 134 million yuan, 106 million yuan, and 155 million yuan in 2023, 2024, and 2025 respectively [9]. - The company has a total of 20 commercialized drugs, with 15 included in the national medical insurance directory, but 恩艾地 is not among them, which could impact future revenues if it is included [10]. Group 4: Future Prospects and R&D - 康诺生物 plans to use IPO proceeds to fund the development of several candidate drugs, including those targeting acute myocardial infarction and chronic heart failure, with clinical trials expected to complete by Q1 2027 [11]. - The company also aims to invest in the construction of smart biological factories and upgrade its sales and distribution networks, as well as digital infrastructure [11].

Company Overview - Kangnuo Biopharmaceuticals is a biopharmaceutical company focused on the research, development, production, and commercialization of mitochondrial medicine and health products [2] - The company aims to address diseases caused by mitochondrial dysfunction, particularly in cardiovascular diseases, neurodegenerative diseases, reproductive health, and aging [2] - Kangnuo Biopharmaceuticals employs an integrated approach of "testing - intervention - assessment - re-intervention" to provide scientific solutions for extending healthy lifespan [2] Product Portfolio - The company has marketed and sold 20 drugs, generating revenue from these sales [2] - Its flagship drug, Enai Di (NAD+ injection), is the only NAD+ therapeutic drug approved both nationally and globally, establishing the company's leadership in the mitochondrial drug industry [2] - Other major commercialized drugs include Qianrongmei (Hyaluronidase injection), Tianshu (Kallikrein injection), and Sodium Nitroprusside injection, along with 16 generic drugs covering various therapeutic areas [3] Financial Performance - The company reported revenues of approximately 303 million RMB for the fiscal year 2023, 240 million RMB for 2024, and 238 million RMB for the nine months ending September 30, 2025 [4] - Profit and total comprehensive income for the same periods were approximately 79.5 million RMB, 33.9 million RMB, and 53.4 million RMB respectively [6] - The gross profit margins for 2023, 2024, and the nine months ending September 30, 2025, were approximately 87.4%, 83.4%, and 87.4% [8] Industry Overview - Mitochondrial dysfunction is increasingly recognized as a common pathological mechanism for aging-related diseases, including cardiovascular diseases, neurodegenerative diseases, metabolic diseases, and immune aging [10] - The market size for mitochondrial medicine products in China is projected to grow from 9.5 billion RMB in 2020 to 17.9 billion RMB in 2024, with a compound annual growth rate (CAGR) of 17.1% [10] - By 2035, the market size is expected to reach 308.1 billion RMB, with a CAGR of 29.5% from 2024 to 2035 [10]

康诺生物是一家生物制药企业，核心业务是针对线粒体功能障碍引发的疾病，将NAD+应用于心血管疾 病、神经退化性疾病、生殖健康及衰老等领域。公司的商业化药物以旗舰线粒体药物恩艾地(注射用辅 酶I)为代表，同时销售千容美、添舒、注射用硝普钠以及16款涵盖四大治疗领域的仿制药。 康诺生物向港交所主板递交上市申请，国投证券国际为其独家保荐人。 截至2026年1月16日，康诺生物有20项药物处于生产阶段。中国线粒体医学产品市场规模正高速增长， 预计将从2024年的179亿元人民币增至2035年的3081亿元人民币，复合年增长率达29.5%。 ...

Company Overview - Kangnuo Biopharmaceuticals is a biopharmaceutical company focused on the research, development, production, and commercialization of mitochondrial medicine and health products [2] - The company aims to address diseases caused by mitochondrial dysfunction, particularly in cardiovascular diseases, neurodegenerative diseases, reproductive health, and aging [2] - Kangnuo Biopharmaceuticals employs an integrated approach of "testing - intervention - assessment - re-intervention" to provide scientific solutions for extending healthy lifespan [2] - The flagship mitochondrial drug, Enai Di® (NAD+ injection), is the only NAD+ therapeutic drug approved both nationally and globally, establishing the company's leadership in the mitochondrial drug industry [2] Product Portfolio - The company has marketed and sold 20 drugs, including Enai Di® (NAD+ injection), Qianrongmei® (hyaluronidase injection), Tianshu® (kallikrein injection), and sodium nitroprusside injection [3] - In addition to these four main drugs, Kangnuo Biopharmaceuticals also sells 16 generic drugs covering four major therapeutic areas: digestive system, respiratory system, blood system, and nervous system [3] Financial Performance - The company reported revenues of approximately 303 million RMB, 240 million RMB, and 238 million RMB for the fiscal years ending in 2023, 2024, and the nine months ending September 30, 2025, respectively [4] - The total profit and comprehensive income for the same periods were approximately 79.5 million RMB, 33.9 million RMB, and 53.4 million RMB [6] - The gross profit margins for 2023, 2024, and the nine months ending September 30, 2025, were approximately 87.4%, 83.4%, and 87.4% [8] Industry Overview - Mitochondrial dysfunction is increasingly recognized as a common pathological mechanism for aging-related diseases, including cardiovascular diseases, neurodegenerative diseases, metabolic diseases, and immune aging [10] - The market size for mitochondrial medicine products in China is projected to grow from 9.5 billion RMB in 2020 to 17.9 billion RMB in 2024, with a compound annual growth rate (CAGR) of 17.1% [10] - It is expected that the market size will reach 308.1 billion RMB by 2035, with a CAGR of 29.5% from 2024 to 2035 [10]

Group 1 - The core viewpoint of the news is that Kangnuo Biopharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Guotou Securities International as its sole sponsor [1] - Kangnuo Biopharmaceutical focuses on mitochondrial medicine and health products, covering research and development, drug production, and commercialization [1] - The company is primarily researching diseases caused by mitochondrial dysfunction and aims to apply NAD+ in the fields of cardiovascular diseases, neurodegenerative diseases, reproductive health, and aging [1] Group 2 - The company is registered in the People's Republic of China and operates as a joint-stock company [2] - The listing will involve H shares, with the number of shares depending on the exercise of options [3] - The maximum price for each H share is set in Hong Kong dollars, with additional fees including a brokerage commission and various transaction fees [3]

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或依賴該等內容而引致的任何損 失承擔任何責任。 Knature Biopharmaceutical Co., Ltd. 康 諾 生 物 製 藥 股 份 有 限 公 司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊 發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知 悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問及包銷團成員表示同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長登記前，不會向 香港公眾人士提出要約或邀請。 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據向香港公司註冊處處長登記的本公司招 股章程作出投資決定。該文件的文本將於發售期內向公眾人士派發。 ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或依賴該等內容而引致的任何損 失承擔任何責任。 Knature Biopharmaceutical Co., Ltd. 康 諾 生 物 製 藥 股 份 有 限 公 司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊 發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知 悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問及包銷團成員表示同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長登記前，不會向 香港公眾人士提出要約或邀請。 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據向香港公司註冊處處長登記的本公司招 股章程作出投資決定。該文件的文本將於發售期內向公眾人士派發。 ...

Core Insights - The 2025 Regenerative Medicine Conference will be held in Dubai on October 24-25, 2025, organized by the American Spine Center in collaboration with the Abu Dhabi Biobank and the American Society for Regenerative Medicine [1] Group 1 - The conference will feature experts from the region and globally discussing the latest advancements in cell research, mitochondrial medicine, functional medicine, and applications of stem cell lasers [1] - Topics of discussion will include innovative methods in beauty treatments, hormone regulation, degenerative joint diseases, and brain disease therapies [1]

Core Viewpoint - Mitochondrial medicine is emerging as a key force in reshaping future health landscapes, driven by the global aging trend and the increasing burden of chronic diseases, focusing on enhancing "health span" rather than just "life span" [4][16]. Group 1: Definition and Importance of Mitochondrial Medicine - Mitochondria are defined as the "powerhouses" of cells, responsible for producing approximately 95% of cellular energy and involved in various critical biological processes [5]. - Mitochondrial medicine is an interdisciplinary field that aims to provide new strategies for the diagnosis, prevention, and treatment of diseases by understanding mitochondrial functions and their role in disease progression [6]. Group 2: Global Aging Trends and Market Demand - The global population aged 65 and older is projected to reach 820 million by 2024 and 990 million by 2030, with China's elderly population expected to grow from 220 million in 2024 to 270 million by 2030 [11]. - The shift in health perspectives from merely prolonging life to maintaining quality of life is driving the demand for mitochondrial medicine, which targets early assessment and precise interventions for healthy aging [16][19]. Group 3: Technological Advances in Mitochondrial Medicine - Key technological breakthroughs in mitochondrial medicine include mitochondrial separation and purification, genetic testing, multi-omics technologies, biomarker detection, gene therapy, and cell therapy [9][10]. - The development of various methods for mitochondrial separation and purification supports research into mitochondrial function and disease diagnosis [10]. Group 4: Disease Burden and Mitochondrial Dysfunction - Mitochondrial dysfunction is associated with multiple diseases, including cardiovascular diseases, neurodegenerative diseases, metabolic disorders, and reproductive system diseases [20]. - The role of NAD⁺ in regulating metabolism and maintaining mitochondrial function highlights its potential in treating cardiovascular diseases and other conditions [22]. Group 5: Policy Support and Industry Development - The Chinese government emphasizes addressing population aging as a national strategy, with policies supporting the development of the silver economy and encouraging the application of genetic technology and regenerative medicine in anti-aging [18]. - Research funding for mitochondrial studies has seen significant growth, indicating its central role in life sciences and medical research [19][21]. Group 6: Market Potential and Future Trends - The mitochondrial medicine market is expected to exceed 100 billion RMB in the serious medical field by 2035, driven by the increasing prevalence of mitochondrial-related diseases [66]. - The health consumption market for mitochondrial medicine is projected to surpass 200 billion RMB by 2035, reflecting the growing consumer demand for health and anti-aging solutions [67]. Group 7: Industry Ecosystem and Key Players - The mitochondrial medicine industry ecosystem encompasses a closed loop of "testing - intervention/treatment - re-testing," facilitating precise diagnosis and personalized treatment [35]. - Key players in the mitochondrial medicine field include companies like Jinfiniti, Niagen Bioscience, and Stealth Biotherapeutics, which focus on innovative therapies and products targeting mitochondrial health [49][50][51].