Core Viewpoint - Zhejiang Borui Biopharmaceutical Co., Ltd. has submitted its 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 [3]. Financial Performance - The company reported revenues of RMB 1.26 billion, RMB 1.62 billion, and RMB 1.38 billion for the years 2023, 2024, and the first nine months of 2025, respectively [5]. - The net profit attributable to equity shareholders for the same periods was RMB 19.01 million, RMB 91.30 million, and RMB 121.84 million, with gross profit margins of 82.2%, 79.2%, and 74.4% [5]. - The company has eight commercialized products, including two innovative and six mature products, and ranked first among Chinese pharmaceutical companies in revenue from biologics for autoimmune diseases for two consecutive years starting in 2023 [3][5]. Company Background - Borui Biopharmaceutical was restructured from the biopharmaceutical division of Haizheng Pharmaceutical in January 2019 and is characterized as a fully integrated biopharmaceutical company [3]. - The board of directors consists of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors, with key leadership including Chairman Xiao Suining and CEO Liu Min [8]. Investment and Valuation - The company has completed three rounds of financing from 2019 to 2022, with the latest round valuing the company at RMB 13.5 billion [5].