Core Viewpoint - Shanghai Baoji Pharmaceutical Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange in 2023, focusing on developing and providing recombinant biopharmaceuticals using synthetic biology technology [1] Company Overview - Baoji Pharmaceutical is a clinical-stage biotechnology company that aims to tackle diseases with limited treatment options and complex drug manufacturing processes [1] - The company has developed a proprietary technology platform supported by chassis cell technology, drug design, and biomanufacturing capabilities [2] Product Pipeline - As of August 13, 2025, the company has established a pipeline covering four therapeutic areas, consisting of seven clinical-stage drug candidates and five preclinical assets [2] - The core products include: - KJ017: A highly glycosylated recombinant human hyaluronidase designed to enhance the absorption of injected drugs for large-volume subcutaneous administration [2] - KJ103: An innovative recombinant immunoglobulin G (IgG) degrading enzyme aimed at treating various autoimmune diseases driven by pathogenic IgG activity [2] - SJ02: A long-acting recombinant human follicle-stimulating hormone-CTP fusion protein intended for controlled ovarian stimulation [2] Market Potential - The clinical addressable market size is projected to exceed RMB 50 billion by 2033, covering areas such as large-volume subcutaneous administration and transformative products replacing traditional biochemical products [2] Production Capabilities - The company has established commercial-scale production capabilities that allow for cost-effective and standardized manufacturing, enabling expansion into other therapeutic areas [3] - The company is pursuing a dual-antibody strategy in the large-volume subcutaneous administration field, demonstrating its ability to produce high-end biopharmaceuticals and affordable conventional drugs [3] Financial Performance - For the six months ending June 30 in 2023, 2024, and 2025, the company reported revenues of RMB 6.93 million, RMB 6.16 million, and RMB 41.99 million, respectively, with total losses of approximately RMB 160 million, RMB 364 million, and RMB 183 million during the same periods [3]