Company Overview - Sinovac Biotech Ltd. (科兴生物制药股份有限公司) has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1] - The company is an innovative and internationally developed biopharmaceutical firm focusing on the research, production, and commercialization of recombinant proteins, antibodies, and targeted delivery therapies [3] Product Portfolio - Sinovac's leading products include SINOGEN (人干扰素α1b注射液), EPOSINO (人促红素注射液), and WHITE-C (人粒细胞集落刺激因子注射液), which hold significant market shares in their respective segments [4] - SINOGEN is projected to capture approximately 55.2% of the short-acting interferon α1b market in China by 2024, while EPOSINO is expected to hold about 16.7% of the erythropoietin market [4] Financial Performance - The company's revenue from its main products for the years 2022, 2023, 2024, and the first half of 2025 is approximately RMB 1.314 billion, RMB 1.255 billion, RMB 1.392 billion, and RMB 680 million respectively [5] - Net profit figures for the same periods show a loss of RMB 92.82 million in 2022, a loss of approximately RMB 195.49 million in 2023, and a profit of RMB 27.05 million in 2024 [7] - The gross profit margin has been declining, recorded at 75.4% in 2022, 70.8% in 2023, and projected to be 63.6% in the first half of 2025 [8] Market Overview - The global pharmaceutical market is expected to grow from USD 1.324 trillion in 2019 to USD 1.671 trillion by 2024, with a projected CAGR of 3.8% reaching USD 2.0908 trillion by 2030 [10] - China's pharmaceutical market is also on the rise, anticipated to grow from RMB 1.633 trillion in 2019 to RMB 1.828 trillion by 2024, with a forecasted revenue of RMB 2.6245 trillion by 2030 [12] - The market for innovative biopharmaceuticals is expanding, with the global market size expected to reach USD 427.9 billion by 2024 and RMB 541.8 billion in China [13]