Core Viewpoint - Jingze Biopharmaceutical (Hefei) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, focusing on reproductive and ophthalmic drugs, but has faced consecutive net losses in 2023 and 2024 due to no products being commercially available [1][2][9]. Group 1: Product Pipeline and Commercialization - The company has eight drug candidates, with three in late-stage development, one approved for market, and one under New Drug Application (NDA) submission [4]. - The core product JZB30, a recombinant human follicle-stimulating hormone (rhFSH) lyophilized injection, is expected to generate revenue by 2026 after receiving NDA approval in April 2025 [5][6]. - Another core product, JZB05, targets wet age-related macular degeneration (wAMD) and diabetic macular edema (DME), and is positioned as a biosimilar to the leading ophthalmic drug, Aflibercept, which is projected to have sales of $9.5 billion in 2024 [5]. Group 2: Financial Performance and Challenges - The company reported net losses of approximately 246 million yuan and 243 million yuan for 2023 and 2024, respectively, primarily due to ongoing R&D and administrative expenses [9]. - As of April 30, 2025, the company's current liabilities reached approximately 1.401 billion yuan, indicating a decline in liquidity, with current and quick ratios at 5.7% and 5.5%, respectively [9]. - The company has previously sought funding through equity financing and loans, with cash reserves of 68.586 million yuan and 27.08 million yuan as of the end of 2024 and April 2025, respectively [9]. Group 3: Market Competition - The commercialization of JZB30 faces significant competition, with six other similar biopharmaceuticals already on the market and four more in clinical development targeting the same mechanism [7][8]. - JZB05 and JZB33 also face competition from both commercialized products and candidates in clinical stages, which may impact their market entry and sales potential [8].