Core Viewpoint - Zhejiang Borui Biopharmaceutical Co., Ltd. (Borui Biopharma) has submitted its IPO application to the Hong Kong Stock Exchange, standing out in the biotech industry by achieving profitability for three consecutive years amidst a challenging financing environment [3][4]. Financial Performance - In 2024, Borui Biopharma is projected to generate revenue of 1.623 billion RMB, with a net profit of 91.295 million RMB, maintaining a high gross margin of 79.5% [3][27]. - The company reported a revenue of 1.379 billion RMB and a net profit of 155 million RMB for the first three quarters of 2025, indicating a strong growth trajectory [28]. Product Development - The company's first self-developed innovative drug, Anruixi (Zebetuzumab), is expected to generate revenue of 277 million RMB in 2024, a significant increase from 10.65 million RMB in 2023, marking a growth of over 2500% [4][26]. - Borui Biopharma has a portfolio of eight commercialized products, including two innovative drugs and six mature products, with over 70% of its revenue coming from these established lines [27][28]. Investment and Financing - Borui Biopharma has completed four major financing rounds, raising over 2.04 billion RMB, with its valuation increasing from 6.6 billion RMB to 13.5 billion RMB [4][19]. - The company attracted significant investment from PAG, which acquired a 58% stake in 2019, marking one of the largest private equity investments in the biotech sector that year [16][17]. Management and Strategy - The management team has been strengthened with the appointment of Liu Min as CEO, who brings over 25 years of experience in the biopharmaceutical industry [12][14]. - The company plans to allocate 80% of its R&D investment towards innovative drugs, with over 400 million RMB spent on R&D in 2024 and 2025 [30][31]. Market Position and Competition - Borui Biopharma operates in a highly competitive market for autoimmune and oncology drugs, facing challenges from both multinational and domestic pharmaceutical companies [33][34]. - The company aims to differentiate itself through innovative drug development and has already established a strong market presence with its biosimilars [21][35].

Core Viewpoint - Zhejiang Borui Biopharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to provide comprehensive immunotherapy solutions for patients with autoimmune and inflammatory diseases, as well as tumor immunology diseases [1] Group 1: Company Overview - Borui Biopharmaceutical is an integrated biopharmaceutical company focusing on immunotherapy, which aims to address diseases where immune dysregulation plays a critical role [1] - The company ranks first among Chinese pharmaceutical companies in revenue from biopharmaceuticals for autoimmune diseases for two consecutive years starting in 2023, according to Frost & Sullivan [1] Group 2: Product Portfolio - The innovative product lineup includes the first-in-class and best-in-class IL-17A/F inhibitor Beijiele® (Bicizumab), the first and only innovative CD20 monoclonal antibody Anruixi (Zebetomab), and BR2251, a potential first-in-class gout drug with a differentiated mechanism of action [2] - These cornerstone immunology products provide a solid foundation for the company's growth and enable the transformation of treatment models for various autoimmune diseases and oncology indications in China [2] Group 3: Financial Performance - For the fiscal years ending September 30, 2023, 2024, and 2025, the company reported revenues of approximately 1.257 billion yuan, 1.623 billion yuan, and 1.379 billion yuan, respectively [2] - The gross profits for the same periods were approximately 1.033 billion yuan, 1.286 billion yuan, and 1.025 billion yuan, with corresponding gross margins of 82.2%, 79.2%, and 74.4% [2] - The net profits attributable to equity shareholders were approximately 19.05 million yuan, 91.295 million yuan, and 122 million yuan for the respective periods [2]

Group 1 - Company Zhejiang Borui Biopharmaceutical Co., Ltd. has submitted an application for an initial public offering (IPO) of overseas listed shares (H shares) to the Hong Kong Stock Exchange on January 6, 2026 [1] - Borui Biopharmaceutical is a leading biopharmaceutical company in China focused on immunotherapy, with integrated capabilities in research, production, and sales [2] - The company has developed a competitive portfolio of immunotherapy products, including the globally first-in-class IL-17A/F inhibitor Beijiele® and the first and only approved targeted CD20 innovative drug Anruixi® [2] Group 2 - Borui Biopharmaceutical has ranked first in the market share of biopharmaceuticals in the field of autoimmune diseases in China for two consecutive years since 2023, based on sales data [2] - The company holds a 39.62% stake in Borui Biopharmaceutical as of the date of the announcement [2]

Company Overview - Zhejiang Borui Biopharmaceutical Co., Ltd. is a leading integrated biopharmaceutical company in China, focusing on providing comprehensive immunotherapy solutions for patients with autoimmune and inflammatory diseases, as well as tumor immunology diseases [3] - The company has ranked first among Chinese pharmaceutical companies in terms of revenue from biological agents for autoimmune diseases for two consecutive years starting in 2023, according to Frost & Sullivan [3] - Borui Biopharmaceutical strategically focuses on immunotherapy, utilizing immune science to regulate immune function to address diseases where immune dysregulation plays a critical role [3] Product Portfolio - The innovative product portfolio includes leading immunology products such as the first-in-class IL-17A/F inhibitor Beijiele® (Bicizumab), the first and only innovative CD20 monoclonal antibody Anruixi (Zebetumab), and BR2251, a potential first-in-class gout drug with a differentiated mechanism of action [4] - The company has established one of the most competitive and comprehensive immunology product portfolios in the industry, supported by eight commercialized products and an expanding pipeline of innovative candidates [4] Financial Performance - For the fiscal years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, the company reported revenues of approximately RMB 1.257 billion, RMB 1.623 billion, and RMB 1.379 billion, respectively [6] - The profit attributable to equity shareholders for the same periods was RMB 19.01 million, RMB 91.30 million, and RMB 121.84 million [7] - The gross profit margins for the fiscal years were 82.2%, 79.2%, and 74.4% respectively [9] Industry Overview - The autoimmune disease market is one of the fastest-growing sectors in the global pharmaceutical market, with a projected market size in China growing from RMB 174 billion in 2020 to RMB 328 billion in 2024, and expected to reach RMB 2,899 billion by 2035, with a compound annual growth rate (CAGR) of 21.9% [11] - The market for biological agents is also expanding rapidly, with a projected growth from RMB 42 billion in 2020 to RMB 171 billion in 2024, and expected to reach RMB 2,126 billion by 2035, with a CAGR of 25.7% [11] - The tumor immunology market is expected to grow from RMB 148 billion in 2020 to RMB 293 billion in 2024, with a CAGR of 18.5%, and further expand to RMB 4,954 billion by 2035, with a CAGR of 29.3% from 2024 to 2035 [15] Shareholding Structure - As of December 29, 2025, the company's equity is held by PAG Highlander and Haizheng Pharmaceutical, owning 44.62% and 39.62% respectively [24]