Core Viewpoint - Jingze Biopharma is preparing for an IPO, focusing on high-growth areas of assisted reproduction and ophthalmic drugs, with a pre-IPO valuation of 3.09 billion RMB after completing multiple funding rounds [1][2]. Company Overview - Jingze Biopharma specializes in assisted reproduction and ophthalmic drugs, having developed a comprehensive R&D system and commercial-scale production capabilities [2]. - The company has eight candidate drugs, with its first core product expected to generate revenue by 2026 [2][7]. Product Pipeline - The core product JZB30, a recombinant human follicle-stimulating hormone (rhFSH) lyophilized injection, is crucial in assisted reproduction and has received NDA approval [4][7]. - Another key product, JZB05, is an anti-VEGF intravitreal injection aimed at treating wet age-related macular degeneration (wAMD) and diabetic macular edema (DME), with expectations for commercialization by 2026 [5][6]. Market Potential - The assisted reproduction market is expanding due to relaxed fertility policies, with an estimated 59.2 million couples affected by infertility in China by 2024, projected to grow to 68.4 million by 2030 [8]. - The ophthalmic drug market is also growing, with a projected increase from 29.5 billion RMB in 2024 to 53.7 billion RMB by 2030, driven by rising rates of blindness-related eye diseases [12][13]. Financial Outlook - Jingze Biopharma is currently not profitable, with projected losses of 246 million RMB and 243 million RMB for 2023 and 2024, respectively [7]. - The company anticipates revenue generation starting in 2026 with the commercialization of JZB30, while R&D costs will continue to be a significant expense [7].

Core Viewpoint - Jingze Biopharmaceutical (Hefei) Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, facing challenges due to significant losses and a reliance on a single approved drug while having multiple candidates in development [1][8]. Group 1: Company Overview - Jingze Biopharmaceutical was established in 2014, focusing on assisted reproduction and ophthalmic drugs, and is one of the leading companies in China for clinical-stage macromolecule drugs in these fields [2][3]. - The company has eight drug candidates, with only one product, JZB30, approved for commercialization in the assisted reproduction sector [3][4]. Group 2: Product Pipeline - JZB30, a recombinant human follicle-stimulating hormone lyophilized powder injection, was approved by the National Medical Products Administration in April 2025, targeting the global ovulation market [3]. - JZB33, a biosimilar to the imported drug Ganirelix, has completed bioequivalence studies and an NDA has been submitted [4]. - In the ophthalmic sector, JZB05, an anti-VEGF intravitreal injection, is in Phase III clinical trials, with an NDA submission expected in the second half of 2026 [4]. Group 3: Financial Performance - Jingze Biopharmaceutical reported losses of CNY 246 million and CNY 243 million for 2023 and 2024, respectively, with R&D expenses of CNY 122 million and CNY 133 million [5]. - As of the end of 2024, the company had cash and cash equivalents of CNY 68.59 million, with net current liabilities increasing to CNY 1.325 billion [5]. Group 4: Funding and Future Plans - The company has raised a total of CNY 927 million through various funding rounds from 2018 to 2023, with a post-investment valuation of CNY 3.09 billion in the C+ round [5]. - The IPO proceeds are intended to advance clinical trials and production development for multiple pipelines [5]. Group 5: Operational Challenges - Jingze Biopharmaceutical relies heavily on third-party contract research organizations (CROs) for preclinical and some clinical trials, which poses risks related to timely delivery and compliance [6]. - The company plans to establish a sales network in collaboration with well-known domestic pharmaceutical companies to distribute JZB30 and has partnered with Nanjing Jianyou for U.S. market registration of JZB33 [6]. Group 6: Market Strategy - The company aims to build a business team to assist partners in market development, although this requires significant time and funding [7]. - The success of the company is highly dependent on the successful development and commercialization of its drug candidates, which are primarily in preclinical or clinical stages [7].