Group 1 - The National Drug Administration of China announced that by 2025, the country is expected to approve 76 innovative drugs, ranking first globally [2] - The approval process reforms have effectively stimulated innovation in the pharmaceutical industry, leading to a projected total transaction volume of over $130 billion for Chinese innovative drug BD (business development) overseas licensing in the same year [2] - The Hong Kong Stock Connect Innovative Drug Index (987018) showed strong performance with significant gains in constituent stocks, indicating positive market sentiment towards innovative pharmaceuticals [1] Group 2 - Positive clinical data for small nucleic acid drugs has been reported, with ongoing optimism for the innovative drug sector [2] - Arrowhead Pharmaceuticals released mid-term data for ARO-INHBE and ARO-ALK7, demonstrating efficacy in patients with T2D obesity, which enhances market confidence in small nucleic acids for weight management [2] - The recent listing of Reborna Bio on the Hong Kong Stock Exchange has seen active stock performance, with its core pipeline targeting thrombotic diseases, indicating a promising market potential exceeding $50 billion [2]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 114.6 RMB / 128.3 HKD, indicating approximately 50% upside potential from the current stock price of 86.8 HKD [1]. Core Insights - The company is a leader in the siRNA field, focusing on chronic diseases and has developed proprietary delivery technologies with global competitiveness. It has established strategic partnerships, including one with Boehringer Ingelheim, which could yield up to 2.36 billion euros in milestone payments [7][19]. - The global market for small nucleic acid drugs is projected to grow significantly, from 5.7 billion USD in 2024 to 54.9 billion USD by 2033, with a CAGR of 21%-29% [7][43]. - The company's FXI siRNA product has the potential to tap into a market space worth over 10 billion USD, addressing significant clinical needs in the anticoagulant drug market [7][43]. Summary by Sections Company Overview - The company, established in 2007, specializes in siRNA drug development and has built a comprehensive industry chain from drug discovery to commercialization, becoming a global leader in the small nucleic acid drug development field [13][14]. Market Potential - The small nucleic acid drug market is expected to grow rapidly, with siRNA drugs projected to capture a larger market share due to advancements in delivery systems and chemical modifications [43][45]. - The report highlights that the siRNA market is anticipated to grow at a higher rate than ASO drugs, with siRNA drugs expected to account for 44.5% of the market by 2024 [43][45]. Product Pipeline - The company has a robust pipeline with four candidates in Phase 2 clinical trials and over 20 projects in preclinical stages, demonstrating a strong capability to advance multiple assets to clinical development each year [26][24]. - Key products include FXI siRNA, APOC3 siRNA, and HBV siRNA, each targeting significant patient populations and addressing unmet clinical needs [7][29]. Financial Projections - Revenue is expected to grow significantly, with total revenue projected to reach 142.63 million RMB in 2024, reflecting a year-on-year increase of 324,052.27% [1]. - The company anticipates achieving profitability by 2030, with a 50% revenue sharing model with partners [7].

Core Viewpoint - Jingyin Pharmaceutical has officially filed for an IPO in Hong Kong, with its prospectus now publicly available, marking a significant step in its growth strategy [1]. Company Overview - Jingyin Pharmaceutical was established in 2021 and focuses on leveraging the clinical and commercial potential of siRNA therapies. The company has developed a diverse product pipeline with three main candidates: FXI siRNA, Lp(a) siRNA, and INHBE siRNA, targeting coagulation disorders, cardiovascular metabolic diseases, and obesity, respectively. The market potential for these therapies is substantial [4]. Product Pipeline - The FXI siRNA is currently in Phase II clinical trials in Europe and has a collaboration agreement with CRISPR Therapeutics for joint development, sharing global rights on a 50:50 basis. This partnership includes a cash infusion of $25 million and $70 million in equity, along with potential milestone payments totaling $800 million [4][6]. - The Lp(a) siRNA is in Phase I clinical trials, showing over 95% suppression after 43 days at doses of 300mg and 600mg, with a sustained effect lasting at least 12 weeks. There is potential for a dosing regimen of once every six months or even annually [9]. - The INHBE siRNA is also part of the pipeline, with ongoing development efforts [4]. Financial Background - Since its inception, Jingyin Pharmaceutical has completed three rounds of financing, with the latest being a $47.5 million Series B2 round in May 2025, resulting in a post-money valuation of $252.5 million [6][7]. Technology Platform - The company utilizes a proprietary PEPR technology platform that employs unique chemical modification techniques, enhancing the efficacy and durability of target protein knockdown. This platform positions Jingyin Pharmaceutical favorably within the siRNA landscape [11][14]. Market Position - The emergence of small nucleic acids as a significant drug modality, alongside antibodies and small molecules, is expanding treatment options for various diseases, including genetic disorders and cardiovascular diseases. Jingyin Pharmaceutical's established siRNA technology platform and differentiated product pipeline may position it as a new benchmark in the international market for small nucleic acids [14].