Company Overview - 博锐生物 has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International and JPMorgan serving as joint sponsors [1] - The company is a leading integrated biopharmaceutical firm in China, focusing on comprehensive immunotherapy solutions for autoimmune and inflammatory diseases, as well as tumor immunology [1] - 博锐生物 ranks first among Chinese pharmaceutical companies in revenue from biologics for autoimmune diseases for two consecutive years starting in 2023, according to Frost & Sullivan [1] - The company has eight commercialized products and is transitioning from a proven molecule development enterprise to an innovation-driven biopharmaceutical company, including the development of ADC candidates [1] Industry Insights - The autoimmune disease market is one of the fastest-growing pharmaceutical sectors globally, with blockbuster drugs like Dupilumab, Risankizumab, and Ustekinumab each generating over $10 billion in revenue in 2024 [1] - In China, the market size for autoimmune diseases is projected to grow from RMB 17.4 billion in 2020 to RMB 32.8 billion in 2024, and is expected to reach RMB 289.9 billion by 2035, with a compound annual growth rate (CAGR) of 21.9% [1] - The market share of biologics is rapidly expanding, increasing from RMB 4.2 billion in 2020 to RMB 17.1 billion in 2024, and is anticipated to reach RMB 212.6 billion by 2035 [1] Tumor Immunology Market - Tumor immunology is a cornerstone of modern cancer treatment, utilizing the immune system to identify and eliminate cancer cells, encompassing cell immunotherapy, cytokines, cancer vaccines, and antibody therapies [2] - The success of immune checkpoint inhibitors has transformed the landscape of tumor treatment [2] - The proportion of tumor immunotherapy drugs in the overall oncology drug market in China is expected to grow from 11.3% in 2024 to 47.5% by 2035 [2] - The market size for tumor immunotherapy drugs in China is projected to increase from RMB 14.8 billion in 2020 to RMB 29.3 billion in 2024, and further expand to RMB 495.4 billion by 2035 [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 and address diseases where immune dysregulation plays a critical role [3] Product Portfolio - The innovative product lineup includes the first-in-class IL-17A/F inhibitor Beijiele (Bicizumab), China's first and only innovative CD20 monoclonal antibody Anruixi (Zebetomab), 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 immunological product portfolios in the industry, supported by eight commercialized products and a 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 [5] - The profit attributable to equity shareholders for the same periods was RMB 19.01 million, RMB 91.30 million, and RMB 121.84 million, respectively [6] - The gross profit margins for the fiscal years were 82.2%, 79.2%, and 74.4% [8] Industry Overview - The autoimmune disease market is one of the fastest-growing sectors in the global pharmaceutical market, with a projected compound annual growth rate (CAGR) of 21.9%, expanding from RMB 174 billion in 2020 to RMB 328 billion by 2024, and expected to reach RMB 2,899 billion by 2035 [10] - The market for biological agents in autoimmune diseases is also rapidly expanding, with a CAGR of 42.5%, expected to grow from RMB 42 billion in 2020 to RMB 171 billion by 2024, and projected to reach RMB 2,126 billion by 2035 [10] - The tumor immunology market is anticipated to grow from RMB 148 billion in 2020 to RMB 293 billion by 2024, with a CAGR of 18.5%, and is expected to further expand to RMB 4,954 billion by 2035, driven by the approval of innovative therapies [13] 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% of the shares, respectively [21]