Core Viewpoint - Xiansheng Zaiming Pharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, focusing on innovative oncology drug research, development, and commercialization [1] Group 1: Company Overview - Xiansheng Zaiming is positioned at the forefront of global drug innovation, particularly in oncology [1] - The company ranks first and fourth among Chinese biopharmaceutical companies in terms of the number and total value of oncology asset transactions, respectively, as of 2025 [1] Group 2: Financial Performance - Revenue for the reporting period was 1.522 billion, 1.296 billion, and 1.238 billion yuan, with net losses of 336 million, 506 million, and 303 million yuan [2] - The company experienced a significant revenue decline in 2024, although revenue rebounded by 33% year-on-year in the first nine months of 2025 [2] - Gross margin decreased from 72.4% in 2023 to 68.1% in the first nine months of 2025 due to price reductions after inclusion in medical insurance and rising costs [2] Group 3: Operational Insights - The company relies on a network of over 120 distributors and has a professional sales and marketing team of more than 1,200 personnel [3] - Sales to the top five customers accounted for 75.4%, 74.3%, and 67.9% of total revenue during the reporting period, indicating a high customer concentration risk [3] - Trade receivables and notes receivable were 538 million, 634 million, and 595 million yuan, exposing the company to credit risk related to these receivables [3] Group 4: Research and Development Costs - The company has incurred substantial R&D costs of 831 million, 708 million, and 512 million yuan during the reporting period, with R&D expenses accounting for 55% of revenue in 2024 [2] - Sales and distribution expenses were 626 million, 629 million, and 532 million yuan, with a sales expense ratio exceeding the industry average [2]