Group 1 - The core viewpoint of the news is that Baoyi Pharmaceutical-B (02589) has seen a significant stock price increase of nearly 5% following the approval of its product Shengnuo Wa® for market launch and the submission of NDA for KJ017 [1] - Baoyi Pharmaceutical-B officially listed on the Hong Kong Stock Exchange, with its stock price rising by 138.82% on the first day of trading, resulting in a market capitalization exceeding HKD 20 billion [1] - The company focuses strategically on four key areas: large-volume subcutaneous delivery, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biopharmaceuticals [1] Group 2 - Baoyi Pharmaceutical has developed a unique "pyramid" pipeline layout, driven by strategic choices, technological barriers in synthetic biology, and industrial cost leadership [2] - The base of the "pyramid" pipeline consists of products with short clinical cycles, low costs, and high market demand certainty, such as the approved SJ02 and the submitted NDA for KJ017 [2] - This product focus allows Baoyi Pharmaceutical to quickly generate stable sales and cash flow, providing the company with self-sustaining capabilities and alleviating common financing anxieties faced by 18A companies [2]