Core Viewpoint - The trend of companies moving from Hong Kong to the A-share market is emerging, with Ying'en Biotechnology (9606.HK) planning to list on the Sci-Tech Innovation Board, marking a significant reverse operation in the current market context [1][2]. Group 1: Company Overview - Ying'en Biotechnology is a biopharmaceutical company that has not yet received approval for any drugs, primarily generating revenue through a "License-out" model, which involves licensing its candidate drugs for upfront payments, milestone payments, and sales shares [2]. - Despite generating revenue of 1.227 billion yuan through licensing deals with pharmaceutical companies like GSK in the first half of 2025, Ying'en Biotechnology remains in a loss position, reporting a net loss of 292 million yuan, which has increased over six times year-on-year [2]. Group 2: Market Context - The A-share IPO market is recovering, leading to expectations that more Hong Kong-listed companies may initiate their return to the A-share market [2]. - Other biopharmaceutical companies planning to list on the Sci-Tech Innovation Board this year are showing signs of profitability, contrasting with Ying'en Biotechnology's current financial struggles [2]. Group 3: Financial Position - Ying'en Biotechnology raised nearly 1.8 billion yuan when it listed on the Hong Kong Stock Exchange in April 2023, which has provided funding for its research and development [3]. - As of June 30, 2025, the company had cash and cash equivalents nearing 3 billion yuan, indicating a relatively strong liquidity position [4]. Group 4: Future Outlook - The necessity for further financing by Ying'en Biotechnology is being questioned, given its current cash reserves and the challenges it faces in gaining market recognition for its Sci-Tech Innovation Board IPO plan [5].

Core Insights - Benda Pharmaceutical reported a revenue of 2.892 billion yuan for 2024, representing a year-on-year growth of 17.74%, with a net profit of 403 million yuan, up 15.67% year-on-year [2] - The company achieved a revenue of 918 million yuan in Q1 2025, marking a 24.71% increase year-on-year, with a net profit of 100 million yuan, a 1.99% increase year-on-year [2] Financial Performance - In 2024, the sales expenses were 1.094 billion yuan, with a sales expense ratio of 37.8%, up 3 percentage points year-on-year; R&D expenses were 502 million yuan, with a R&D expense ratio of 17.4%, down 8.7 percentage points year-on-year [3] - For Q1 2025, sales expenses were 280 million yuan, maintaining a sales expense ratio of 30.53%, while R&D expenses were 113 million yuan, with a R&D expense ratio of 12.35%, down 8.41 percentage points year-on-year [3] Product Development and Market Position - The core product, ALK inhibitor Ensartinib, is experiencing steady growth due to its long usage duration and has been included in the medical insurance directory for first-line treatment of ALK-positive NSCLC [4] - The company is expanding its product portfolio in the lung cancer field and has four candidates in development for EGFR-mutant NSCLC, including MCLA-129 and CFT8919 [4] Future Outlook - The company expects revenues of 3.702 billion yuan, 4.516 billion yuan, and 5.162 billion yuan for 2025, 2026, and 2027 respectively, with net profits adjusted to 661 million yuan and 930 million yuan for 2025 and 2026 [6] - The ongoing commercialization of Ensartinib in overseas markets and the acceptance of BPI-16350's application in China are anticipated to contribute to new revenue streams [5]