Group 1 - The core viewpoint of the article is that Borui Biotech is preparing for an IPO on the Hong Kong Stock Exchange with an estimated valuation of approximately 13.5 billion [1] - Borui Biotech is a comprehensive integrated biopharmaceutical company in China, with its history tracing back to the biopharmaceutical division of Haizheng Pharmaceutical [1] - The company underwent a restructuring into a limited liability company in 2019 and plans to convert into a joint-stock company by 2025, with major shareholders including PAG (44.62%) and Haizheng Pharmaceutical (39.62%) [1] Group 2 - Borui Biotech has eight commercialized products and is expected to generate significant revenue from 2023 to September 2025 [1] - In October 2024, Borui Biotech signed a promotion service agreement with Youshibi, obtaining exclusive CSO authorization [1] - In January 2025, the company entered into a licensing and collaboration agreement with Shandon Pharmaceuticals to develop and commercialize BR2251 [1]

Core Viewpoint - Zhejiang Haizheng Pharmaceutical Co., Ltd. announced that its subsidiary, Zhejiang Borui Biopharmaceutical Co., Ltd., has submitted an application for an initial public offering (IPO) of H-shares to the Hong Kong Stock Exchange on January 6, 2026 [1][2]. Group 1: Company Overview - Borui Biopharmaceutical is a leading biopharmaceutical company in China focused on immunotherapy, with integrated capabilities in research, production, and sales [2]. - The company aims to provide comprehensive immunotherapy solutions for patients with autoimmune diseases, inflammatory diseases, tumor immunology diseases, and malignancies caused by immune system disorders [2]. - Borui Biopharmaceutical has established a competitive portfolio of immunotherapy products, including eight commercialized products and several innovative drug candidates in development [2]. Group 2: Market Position - According to Frost & Sullivan, Borui Biopharmaceutical has ranked first in market share in the biopharmaceutical sector for autoimmune diseases in China based on sales revenue for two consecutive years starting in 2023 [2]. - The company holds a 39.62% stake in Borui Biopharmaceutical as of the date of the announcement [2]. Group 3: Regulatory Approval - The IPO application is subject to approval from the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange, indicating that there is uncertainty regarding the outcome [3]. - The application materials submitted are in draft form and may be updated or changed as required by regulatory authorities [2][3].

Core Viewpoint - Zhejiang Borui Biopharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to provide comprehensive immunotherapy solutions for patients with autoimmune and inflammatory diseases, as well as tumor immunology diseases [1] Group 1: Company Overview - Borui Biopharmaceutical is an integrated biopharmaceutical company focusing on immunotherapy, which aims to address diseases where immune dysregulation plays a critical role [1] - The company ranks first among Chinese pharmaceutical companies in revenue from biopharmaceuticals for autoimmune diseases for two consecutive years starting in 2023, according to Frost & Sullivan [1] Group 2: Product Portfolio - The innovative product lineup includes the first-in-class and best-in-class IL-17A/F inhibitor Beijiele® (Bicizumab), the first and only innovative CD20 monoclonal antibody Anruixi (Zebetomab), and BR2251, a potential first-in-class gout drug with a differentiated mechanism of action [2] - These cornerstone immunology products provide a solid foundation for the company's growth and enable the transformation of treatment models for various autoimmune diseases and oncology indications in China [2] Group 3: Financial Performance - For the fiscal years ending September 30, 2023, 2024, and 2025, the company reported revenues of approximately 1.257 billion yuan, 1.623 billion yuan, and 1.379 billion yuan, respectively [2] - The gross profits for the same periods were approximately 1.033 billion yuan, 1.286 billion yuan, and 1.025 billion yuan, with corresponding gross margins of 82.2%, 79.2%, and 74.4% [2] - The net profits attributable to equity shareholders were approximately 19.05 million yuan, 91.295 million yuan, and 122 million yuan for the respective periods [2]

Company Overview - Zhejiang BoRui Biopharmaceutical Co., Ltd. is a leading integrated biopharmaceutical company in China, focusing on providing comprehensive immunotherapy solutions for patients with autoimmune and inflammatory diseases, as well as tumor immunology diseases [3] - The company has ranked first among Chinese pharmaceutical companies in terms of revenue from biological agents for autoimmune diseases for two consecutive years starting in 2023, according to Frost & Sullivan [3] - BoRui Biopharmaceutical strategically focuses on immunotherapy, utilizing immune science to regulate immune function and address diseases where immune dysregulation plays a critical role [3] Product Portfolio - The innovative product lineup includes the first-in-class IL-17A/F inhibitor Beijiele (Bicizumab), China's first and only innovative CD20 monoclonal antibody Anruixi (Zebetomab), and BR2251, a potential first-in-class gout drug with a differentiated mechanism of action [4] - The company has established one of the most competitive and comprehensive immunological product portfolios in the industry, supported by eight commercialized products and a pipeline of innovative candidates [4] Financial Performance - For the fiscal years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, the company reported revenues of approximately RMB 1.257 billion, RMB 1.623 billion, and RMB 1.379 billion, respectively [5] - The profit attributable to equity shareholders for the same periods was RMB 19.01 million, RMB 91.30 million, and RMB 121.84 million, respectively [6] - The gross profit margins for the fiscal years were 82.2%, 79.2%, and 74.4% [8] Industry Overview - The autoimmune disease market is one of the fastest-growing sectors in the global pharmaceutical market, with a projected compound annual growth rate (CAGR) of 21.9%, expanding from RMB 174 billion in 2020 to RMB 328 billion by 2024, and expected to reach RMB 2,899 billion by 2035 [10] - The market for biological agents in autoimmune diseases is also rapidly expanding, with a CAGR of 42.5%, expected to grow from RMB 42 billion in 2020 to RMB 171 billion by 2024, and projected to reach RMB 2,126 billion by 2035 [10] - The tumor immunology market is anticipated to grow from RMB 148 billion in 2020 to RMB 293 billion by 2024, with a CAGR of 18.5%, and is expected to further expand to RMB 4,954 billion by 2035, driven by the approval of innovative therapies [13] Shareholding Structure - As of December 29, 2025, the company's equity is held by PAG Highlander and Haizheng Pharmaceutical, owning 44.62% and 39.62% of the shares, respectively [21]

Group 1 - Company Zhejiang Borui Biopharmaceutical Co., Ltd. has submitted an application for an initial public offering (IPO) of overseas listed shares (H shares) to the Hong Kong Stock Exchange on January 6, 2026 [1] - Borui Biopharmaceutical is a leading biopharmaceutical company in China focused on immunotherapy, with integrated capabilities in research, production, and sales [2] - The company has developed a competitive portfolio of immunotherapy products, including the globally first-in-class IL-17A/F inhibitor Beijiele® and the first and only approved targeted CD20 innovative drug Anruixi® [2] Group 2 - Borui Biopharmaceutical has ranked first in the market share of biopharmaceuticals in the field of autoimmune diseases in China for two consecutive years since 2023, based on sales data [2] - The company holds a 39.62% stake in Borui Biopharmaceutical as of the date of the announcement [2]

Company Overview - Zhejiang Borui Biopharmaceutical Co., Ltd. is a leading integrated biopharmaceutical company in China, focusing on providing comprehensive immunotherapy solutions for patients with autoimmune and inflammatory diseases, as well as tumor immunology diseases [3] - The company has ranked first among Chinese pharmaceutical companies in terms of revenue from biological agents for autoimmune diseases for two consecutive years starting in 2023, according to Frost & Sullivan [3] - Borui Biopharmaceutical strategically focuses on immunotherapy, utilizing immune science to regulate immune function to address diseases where immune dysregulation plays a critical role [3] Product Portfolio - The innovative product portfolio includes leading immunology products such as the first-in-class IL-17A/F inhibitor Beijiele® (Bicizumab), the first and only innovative CD20 monoclonal antibody Anruixi (Zebetumab), and BR2251, a potential first-in-class gout drug with a differentiated mechanism of action [4] - The company has established one of the most competitive and comprehensive immunology product portfolios in the industry, supported by eight commercialized products and an expanding pipeline of innovative candidates [4] Financial Performance - For the fiscal years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, the company reported revenues of approximately RMB 1.257 billion, RMB 1.623 billion, and RMB 1.379 billion, respectively [6] - The profit attributable to equity shareholders for the same periods was RMB 19.01 million, RMB 91.30 million, and RMB 121.84 million [7] - The gross profit margins for the fiscal years were 82.2%, 79.2%, and 74.4% respectively [9] Industry Overview - The autoimmune disease market is one of the fastest-growing sectors in the global pharmaceutical market, with a projected market size in China growing from RMB 174 billion in 2020 to RMB 328 billion in 2024, and expected to reach RMB 2,899 billion by 2035, with a compound annual growth rate (CAGR) of 21.9% [11] - The market for biological agents is also expanding rapidly, with a projected growth from RMB 42 billion in 2020 to RMB 171 billion in 2024, and expected to reach RMB 2,126 billion by 2035, with a CAGR of 25.7% [11] - The tumor immunology market is expected to grow from RMB 148 billion in 2020 to RMB 293 billion in 2024, with a CAGR of 18.5%, and further expand to RMB 4,954 billion by 2035, with a CAGR of 29.3% from 2024 to 2035 [15] Shareholding Structure - As of December 29, 2025, the company's equity is held by PAG Highlander and Haizheng Pharmaceutical, owning 44.62% and 39.62% respectively [24]

Company Overview - Zhejiang Borui Biopharmaceutical Co., Ltd. is a leading integrated biopharmaceutical company in China, focusing on providing comprehensive immunotherapy solutions for patients with autoimmune and inflammatory diseases, as well as tumor immunology diseases [3] - The company has been ranked first among Chinese pharmaceutical companies in terms of revenue from biologics for autoimmune diseases for two consecutive years starting in 2023, according to Frost & Sullivan [3] - Borui Biopharmaceutical strategically focuses on immunotherapy, utilizing immune science to regulate immune function to address diseases where immune dysregulation plays a critical role [3] Product Portfolio - The innovative product portfolio includes first-in-class and best-in-class therapies such as IL-17A/F inhibitor Beijiele® (Bicizumab), the first and only innovative CD20 monoclonal antibody Anruisi (Zebetuzumab), and BR2251, a potential first-in-class gout medication with a differentiated mechanism of action [4] - The company has established one of the most competitive and comprehensive immunotherapy product portfolios in the industry, supported by eight commercialized products and a continuously expanding pipeline of innovative therapies [4] Financial Performance - The company reported revenues of approximately RMB 1.257 billion, RMB 1.623 billion, and RMB 1.379 billion for the fiscal years ending in 2023, 2024, and the nine months ending September 30, 2025, respectively [5] - The profit attributable to equity shareholders for the same periods was RMB 19.01 million, RMB 91.30 million, and RMB 121.84 million [6] - The gross profit margins for the fiscal years were recorded at 82.2%, 79.2%, and 74.4% for 2023, 2024, and the nine months ending September 30, 2025, respectively [8] Industry Overview - The autoimmune disease market is one of the fastest-growing sectors in the global pharmaceutical market, with a projected compound annual growth rate (CAGR) of 21.9%, expanding from RMB 174 billion in 2020 to RMB 328 billion by 2024, and expected to reach RMB 2,899 billion by 2035 [10] - The market for biologics in autoimmune diseases is also rapidly expanding, with a CAGR of 42.5%, growing from RMB 42 billion in 2020 to RMB 171 billion by 2024, and projected to reach RMB 2,126 billion by 2035 [10] - The tumor immunology market is expected to grow significantly, with the tumor immunotherapy drugs market in China projected to expand from RMB 148 billion in 2020 to RMB 293 billion by 2024, with a CAGR of 18.5%, and further to RMB 4,954 billion by 2035 [13]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of BioRay Biopharmaceutical Co., Ltd. 浙 江 博 銳 生 物 製 藥 股 份 有 限 公 司 (the "Company") (A joint stock company incorporated ...