Core Viewpoint - Shanghai Baoji Pharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, following a previous application that expired due to the validity period of the prospectus [1] Financial Performance - The company projects revenues of 6.93 million, 6.16 million, and 41.99 million for the years 2023, 2024, and the first half of 2025, respectively [1] - Net profits are expected to be -160 million, -364 million, and -183 million for the same periods, with R&D and administrative expenses being the main contributors to the losses [1] - R&D expenditures are projected to be 133 million, 251 million, and 111 million for 2023, 2024, and the first half of 2025, respectively [3] Product Development - The company is a clinical-stage biotechnology firm focused on developing recombinant biopharmaceuticals using synthetic biology, targeting complex diseases with limited treatment options [3] - Core product SJ02 is one of the most advanced long-acting recombinant human follicle-stimulating hormone (FSH) products in clinical development in China [3] - The internal R&D team consists of 242 personnel, accounting for approximately 71.4% of the total workforce [3] Strategic Partnerships - The company entered into a licensing and commercialization agreement with Organon & Co. in September 2024, which was terminated on July 28, 2025, after less than 11 months of collaboration [5] - Following the termination, the company adjusted its strategy and signed an exclusive sales agency agreement with Anke Bio to commercialize SJ02 in Greater China [5]