Company Overview - Zejing Pharmaceutical is a comprehensive biopharmaceutical company focused on the discovery, research and development, and commercialization of innovative small molecules and biological therapies, with a strategic focus on oncology, autoimmune diseases, and hemostasis/blood disorders [3] - Since its establishment in 2009, the company has built end-to-end capabilities covering drug discovery, R&D, production, and commercialization, resulting in a diversified and multi-layered pipeline [3] - As of the last practicable date, Zejing Pharmaceutical has three marketed drugs: Zepsin (Torenafine), the first locally developed small molecule multi-target drug for first-line treatment of advanced liver cancer in China; Zeppin (JAK inhibitor), the first locally developed innovative JAK inhibitor for treating myelofibrosis; and Zepsin (recombinant human thrombin), the only recombinant human thrombin developed and commercialized using recombinant DNA technology in China [3] Financial Information - The company recorded revenues of RMB 301.67 million, RMB 383.56 million, RMB 531.53 million, and RMB 593.28 million for the years 2022, 2023, 2024, and the nine months ended September 30, 2025, respectively [4] - The gross profit for the same periods was RMB 275.96 million, RMB 355.35 million, RMB 497.25 million, and RMB 533.04 million [4] - The company reported losses of RMB 485.51 million, RMB 295.14 million, RMB 150.30 million, and RMB 95.60 million for the years 2022, 2023, 2024, and the nine months ended September 30, 2025, respectively [5] Profitability Metrics - The gross profit margins for the years 2022, 2023, 2024, and the nine months ended September 30, 2025, were 91.5%, 92.6%, 93.6%, and 89.8%, respectively [6][7] Industry Overview - The global pharmaceutical market, including chemical drugs and biological agents, is expected to reach USD 2.6493 trillion by 2035, with a compound annual growth rate (CAGR) of 5.1% from 2030 to 2035 [8] - In China, driven by strong economic growth and increasing healthcare demand, the market is expected to grow faster than the global rate, reaching RMB 3.1034 trillion by 2035, with a CAGR of 7.8% during the same period [8] - China's outbound licensing activities have rapidly increased, with 94 outbound licensing transactions completed in 2024, disclosing a total transaction value of USD 51.9 billion [8] - The pharmaceutical transaction volume globally has decreased, but the total transaction value has continued to grow, indicating a strategic shift towards value-enhancing and quality-oriented investments [8]