Core Viewpoint - Yantai Lannacheng Biotechnology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CICC as its sole sponsor [1][4]. Company Overview - Founded in 2021, Lannacheng is a clinical-stage biotechnology company focused on the discovery, development, and commercialization of radiopharmaceuticals for tumor diagnosis and treatment [4]. - The company has established a pipeline of 13 candidate drugs, including 7 diagnostic radiopharmaceuticals and 6 therapeutic radiopharmaceuticals, as of September 22, 2025 [4]. Key Products - The company has three core products: - **18F-LNC1001**: A PSMA-targeted diagnostic radiopharmaceutical in the registration stage for PET imaging in PSMA-positive prostate cancer patients. - **18F-LNC1005**: An FAP-targeted diagnostic radiopharmaceutical developed for PET imaging in FAP-positive solid tumors, such as gastric cancer. - **177Lu LNC1011**: A PSMA-targeted therapeutic radiopharmaceutical for treating PSMA-positive metastatic castration-resistant prostate cancer (mCRPC) [4]. Market Potential - Prostate cancer is one of the most commonly diagnosed cancers globally and in China. The global prostate cancer drug market is projected to grow from $19.3 billion in 2024 to $32.4 billion by 2030, with a compound annual growth rate (CAGR) of 9.1% [4]. Commercialization Strategy - The company has not yet obtained any marketing approvals for its candidate drugs and has not generated any revenue from product sales. It plans to focus on initial commercialization efforts in top-tier hospitals in first-tier cities in China, gradually expanding to second and third-tier cities and other markets [5]. Production Capacity - A new production facility covering approximately 4,886 square meters is under construction in Yantai, Shandong Province, designed to meet strict cGMP standards. The facility is expected to be completed by the first quarter of 2026, with a maximum annual production capacity of 7.674×10^14 Bq [5]. Financial Performance - For the fiscal years ending June 30, 2023, 2024, and 2025, the company reported other income and revenue of approximately RMB 1.027 million, RMB 11.279 million, and RMB 0.813 million, respectively. The losses for the same periods were approximately RMB 112.4 million, RMB 118.8 million, and RMB 65.2 million [5][6].

Core Viewpoint - Yantai Lannacheng Biotechnology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CICC as its sole sponsor [1] Company Overview - Lannacheng was founded in 2021 and is a clinical-stage biotechnology company focused on the discovery, development, and commercialization of radiopharmaceuticals for tumor diagnosis and treatment [4] - The company has established a pipeline of 13 candidate drugs, including 7 diagnostic radiopharmaceuticals and 6 therapeutic radiopharmaceuticals, as of September 22, 2025 [4] Key Products - The company has three core products: - 18F-LNC1001: A PSMA-targeted diagnostic radiopharmaceutical in the registration stage for PET imaging in PSMA-positive prostate cancer patients - 18F-LNC1005: An FAP-targeted diagnostic radiopharmaceutical developed for PET imaging in FAP-positive solid tumor patients, such as gastric cancer - 177Lu LNC1011: A PSMA-targeted therapeutic radiopharmaceutical for treating PSMA-positive metastatic castration-resistant prostate cancer (mCRPC) [4] Market Potential - Prostate cancer is one of the most commonly diagnosed cancers globally and in China. The global prostate cancer drug market is projected to grow from $19.3 billion in 2024 to $32.4 billion by 2030, with a compound annual growth rate (CAGR) of 9.1% [4] Commercialization Strategy - The company has not yet obtained any marketing approvals for its candidate drugs and has not generated any revenue from product sales. It plans to focus on initial commercialization efforts in top-tier hospitals in first-tier cities in China, gradually expanding to second and third-tier cities and other markets [5] Production Capacity - A new production facility covering approximately 4,886 square meters is under construction in Yantai, Shandong Province, designed to meet strict cGMP standards. The facility is expected to be completed by the first quarter of 2026, with a maximum annual production capacity of 7.674×10^14 Bq [5] Financial Performance - For the fiscal years ending June 30, 2023, 2024, and 2025, the company reported other income and revenue of approximately RMB 1.027 million, RMB 11.279 million, and RMB 0.813 million, respectively. The losses for the same periods were approximately RMB 112.404 million, RMB 118.814 million, and RMB 65.160 million [5][6]