Core Viewpoint - The Hong Kong biotech sector is experiencing a valuation recovery, with Baojie Pharmaceutical-B (02659) recently listed and announcing a plan for H-share full circulation, converting approximately 63.12 million unlisted shares into tradable H-shares, representing 19.36% of the total share capital [1][2]. Group 1: H-share Full Circulation - The H-share full circulation plan addresses the trading qualification of shares rather than the timing of their trading, enhancing the financial attributes and pricing efficiency of previously static domestic shares [2]. - This move allows Baojie Pharmaceutical to improve liquidity and valuation, enabling major shareholders to engage in financing, equity swaps, or mergers and acquisitions [2]. - The existence of a lock-up period acts as a buffer against immediate stock price impacts, ensuring a stable market environment for the increased liquidity [2]. Group 2: Commercialization Considerations - The implementation of full circulation aims to align shareholder interests with the company's long-term performance, supporting its unique "scenario-driven" strategy [3]. - Baojie Pharmaceutical has developed a "pyramid" pipeline, and the full circulation is expected to attract long-term institutional investors who understand the underlying logic of biopharmaceuticals [3]. - The core product KJ017, a hyaluronidase, is the first of its kind in China to enter the NDA stage, representing a strategic platform that can enable significant advancements in drug delivery [4]. Group 3: Strategic Implications - The full circulation plan links the wealth incentives of the domestic entrepreneurial team to the market performance of rare assets, enhancing their strategic focus on overcoming challenges in the industrialization of protein drugs [5]. - This initiative positions Baojie Pharmaceutical to evolve from a technology-focused biotech company to a biopharma with mature operational capabilities, supported by liquidity premiums that stabilize stock performance [5]. - The company aims to demonstrate that true value creation stems from optimizing capital structure and enhancing the efficiency of medical resource allocation, rather than short-term profit-taking [5].

去年12月，港股生物医药板块在经历了一场深刻的结构性洗礼后，迎来了新一轮的估值修复窗口。 作为一家专注于"差异化"路径的新晋18A企业，于12月10日正式挂牌港交所的宝济药业-B(02659)，其上 市初期的表现便备受瞩目。 而锁定期的存在，则如同一道防火墙，有效缓冲了全流通对股价的瞬时冲击，确保了资本市场能够在平 稳的预期中消化流动性增量。因此，将全流通视为"抛售信号"显然是片面的，它更像是一场资本维度 的"成人礼"，标志着宝济药业正通过完善治理结构，为未来的长期激励与资源整合预留空间。 全流通背后的商业化考量与管线潜力 宝济药业之所以在上市初期便推进全流通，其核心诉求在于通过提升股份流动性，实现股东利益与公司 长期业绩的对齐，进而支撑其独特的"场景驱动"战略。 然而，更令资本市场关注的是公司在上市后的一份公告：12月30日，宝济药业发布公告称，拟实施H股 全流通计划，申请将约6311.6万股境内未上市股份转换为可上市交易的H股，这部分股份约占公司总股 本的19.36%。 这一资本动作在投资者中引发了关于"减持"与"价值"的讨论，毕竟对于一家初登资本舞台的Biotech企业 而言，流通盘的扩大往往被赋予了多 ...

在资本市场获得高度认可的背后，是宝济药业清晰的业务定位与硬核的研发实力作为支撑。招股书显 示，宝济药业是一家处于临床和商业化阶段的生物技术公司，利用合成生物技术在中国开发及提供重组 生物药物，专注于攻克治疗选择有限且药物制造工艺复杂的目标病症。 宝济药业通过技术差异化的产品，勇闯四个独立且高价值的治疗市场，包括大容量皮下给药、抗体介导 的自身免疫性疾病、辅助生殖药物及重组生物制药取代传统生化产品的变革性产品。宝济药业拥有中国 首款报产的重组人透明质酸酶的KJ017，用于大容量皮下给药; 全球首款在低预存抗体和给药次数方面 具备"同类最佳"潜力的IgG降解酶KJ103，用于抗体介导的自身免疫性疾病; 以及一款已获得合作验证的 长效促卵泡激素药物SJ02，用于辅助生殖。这三大核心产品已在中国进入商业化、新药上市申请(NDA) 注册或后期临床阶段，预示着宝济药业即将从纯研发阶段向商业化阶段过渡。 稳健的财务表现亦为此次上市提供强有力支撑，财务数据显示，于2023年、2024年及2025年截至6月30 日止六个月，宝济药业收入分别为693万元、616万元、4199万元人民币。公司的同期的毛利分别为678 万元、502 ...

Core Viewpoint - Shanghai Baoji Pharmaceutical Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, with funds primarily allocated for the development and commercialization of core products and expansion of production capacity [1][2]. Group 1: IPO Details - The company has submitted its hearing materials and is expected to list soon, with CITIC Securities and Cathay Securities acting as joint sponsors [1]. - The funds raised will support clinical trials and regulatory filings for core products KJ017, KJ103, and SJ02 in various regions [1]. Group 2: Product Development - The company focuses on four strategic areas: large-volume subcutaneous delivery, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biopharmaceuticals [2]. - It has developed 12 research products, including three core products, with SJ02 already approved by the National Medical Products Administration (NMPA) [2]. - KJ017 is in the NDA stage, while KJ103 is in Phase III clinical trials [2]. Group 3: Technology and Production - The company aims to optimize its proprietary synthetic biology technology platform to develop new drug candidates [1]. - Plans include enhancing and expanding production capacity, including the construction of a new production base in Shanghai and upgrading existing facilities [1].