Core Viewpoint - Baoyi Pharmaceutical has submitted a listing application to the Hong Kong Stock Exchange, attracting significant capital investment through multiple financing rounds totaling over 1 billion RMB since its establishment [2][5]. Financing Situation - Baoyi Pharmaceutical has completed several financing rounds, including 319 million RMB in A round (February 2021), 585 million RMB in B round (August 2022), and 426 million RMB in C round (July 2024) along with 45 million RMB in C+ round (December 2024) [2][3]. - The post-investment valuation reached 4.871 billion RMB after the latest financing rounds, with a share cost of 16.91 RMB [2][3]. Business Model and Strategy - The company focuses on developing recombinant biopharmaceuticals using synthetic biology technology, aiming to replace traditional biochemical extraction products and upgrade existing treatment methods [5][6]. - Baoyi Pharmaceutical's strategy aims to mitigate risks associated with traditional extraction methods, such as viral contamination and supply instability, while producing higher purity and more effective drugs at controlled costs [6]. Financial Performance - The company reported revenues of 6.93 million RMB in 2023, 6.16 million RMB in 2024, and 41.99 million RMB in the first half of 2025, with losses of approximately 160 million RMB, 364 million RMB, and 183 million RMB respectively during the same periods [6][7]. - R&D expenditures were significant, with 132.5 million RMB in 2023, 250.7 million RMB in 2024, and 111 million RMB in the first half of 2025, indicating a focus on expanding its product pipeline [6][7]. Product Pipeline - Baoyi Pharmaceutical has seven clinical-stage candidates and five preclinical assets, with three core products (KJ017, KJ103, SJ02) protected by comprehensive intellectual property rights [8][9]. - KJ017, a highly glycosylated recombinant hyaluronidase, has completed Phase III clinical trials in China and is set to submit a New Drug Application (NDA) in 2024 [8][9]. - KJ103 targets autoimmune diseases and has received approval for Phase II clinical trials in China, while SJ02 is expected to be commercialized by the end of 2025 [9]. Market Potential - The total clinical market size for the four therapeutic areas Baoyi Pharmaceutical is targeting is projected to exceed 50 billion RMB by 2033 [7].

公司拥有商业化规模的生产能力，并推行"两抗"战略，开发抗体药物和抗生素的皮下制剂。公司的业务 模式结合了自主研发与外部合作，并具备成本效益和标准化生产能力。 （文章来源：证券时报网） 宝济药业是一家临床阶段的生物技术公司，专注于利用合成生物技术在中国开发重组生物药物。公司拥 有涵盖四个治疗领域的七款候选药物，包括三款核心产品KJ017、KJ103和SJ02，以及五项临床前资 产。 核心产品在全球范围内受知识产权保护，拥有9项授权专利和10项专利申请。KJ017用于大容量皮下给 药，KJ103用于治疗自身免疫性疾病，SJ02用于辅助生殖。所有核心产品均已在中国进入临床后期阶段 或NDA注册阶段。 宝济药业已向港交所提交上市申请。中信证券、海通国际为其联席保荐人。 ...

Core Viewpoint - Shanghai Baoji Pharmaceutical Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange in 2023, focusing on developing and providing recombinant biopharmaceuticals using synthetic biology technology [1] Company Overview - Baoji Pharmaceutical is a clinical-stage biotechnology company that aims to tackle diseases with limited treatment options and complex drug manufacturing processes [1] - The company has developed a proprietary technology platform supported by chassis cell technology, drug design, and biomanufacturing capabilities [2] Product Pipeline - As of August 13, 2025, the company has established a pipeline covering four therapeutic areas, consisting of seven clinical-stage drug candidates and five preclinical assets [2] - The core products include: - KJ017: A highly glycosylated recombinant human hyaluronidase designed to enhance the absorption of injected drugs for large-volume subcutaneous administration [2] - KJ103: An innovative recombinant immunoglobulin G (IgG) degrading enzyme aimed at treating various autoimmune diseases driven by pathogenic IgG activity [2] - SJ02: A long-acting recombinant human follicle-stimulating hormone-CTP fusion protein intended for controlled ovarian stimulation [2] Market Potential - The clinical addressable market size is projected to exceed RMB 50 billion by 2033, covering areas such as large-volume subcutaneous administration and transformative products replacing traditional biochemical products [2] Production Capabilities - The company has established commercial-scale production capabilities that allow for cost-effective and standardized manufacturing, enabling expansion into other therapeutic areas [3] - The company is pursuing a dual-antibody strategy in the large-volume subcutaneous administration field, demonstrating its ability to produce high-end biopharmaceuticals and affordable conventional drugs [3] Financial Performance - For the six months ending June 30 in 2023, 2024, and 2025, the company reported revenues of RMB 6.93 million, RMB 6.16 million, and RMB 41.99 million, respectively, with total losses of approximately RMB 160 million, RMB 364 million, and RMB 183 million during the same periods [3]

Group 1 - The core viewpoint of the news is that Shanghai Baoji Pharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange for the second time this year, with CITIC Securities and Haitong International as joint sponsors [1] Group 2 - Baoji Pharmaceutical is a clinical-stage biotechnology company focused on developing and providing recombinant biopharmaceuticals in China, utilizing synthetic biology technology to address complex diseases with limited treatment options [3] - The company has developed a pipeline that includes seven clinical-stage drug candidates and five preclinical assets across four therapeutic areas, with core products protected by comprehensive intellectual property rights [3] - The core products include KJ017, KJ103, and SJ02, which are designed for various therapeutic applications, including subcutaneous drug delivery and treatment of autoimmune diseases [4][5] Group 3 - The company has established commercial-scale production capabilities that allow for cost-effective and standardized manufacturing, enabling expansion into other therapeutic areas [6] - Financially, the company reported revenues of 6.93 million, 6.16 million, and 41.99 million RMB for the six months ending June 30 in 2023, 2024, and 2025 respectively, with total losses of approximately 160 million, 364 million, and 183 million RMB during the same periods [6][7][8]

Core Viewpoint - Shanghai Baoji Pharmaceutical Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange in 2023, with CITIC Securities and Haitong International as joint sponsors [1]. Company Overview - Baoji Pharmaceutical is a clinical-stage biotechnology company focused on developing and providing recombinant biopharmaceuticals in China, utilizing synthetic biology technology to address complex diseases with limited treatment options [3]. - The company has developed a pipeline of seven clinical-stage drug candidates across four therapeutic areas, including three core products: KJ017, KJ103, and SJ02, along with five preclinical assets [3]. Product Details - KJ017 is a highly glycosylated recombinant human hyaluronidase designed to enhance the absorption of injected drugs for rapid, large-volume subcutaneous administration [4]. - KJ103 is an innovative recombinant immunoglobulin G (IgG) degrading enzyme aimed at treating various autoimmune diseases driven by pathogenic IgG activity [5]. - SJ02 is a long-acting recombinant human follicle-stimulating hormone-CTP fusion protein intended for controlled ovarian stimulation in conjunction with GnRH antagonists [5]. Clinical Development - The core products are in late clinical stages or NDA registration in China, with ongoing trials for KJ103 in kidney transplant desensitization, anti-GBM disease, and Guillain-Barré syndrome [5]. Production and Business Model - The company has established commercial-scale production capabilities, allowing for cost-effective and standardized manufacturing, which supports expansion into other therapeutic areas [6]. - Baoji Pharmaceutical employs a balanced business model combining in-house development with external collaborations, aiming to provide consistent long-term value while managing risks and costs [6]. Financial Performance - For the six months ending June 30, 2023, the company reported revenues of 6.93 million RMB, with losses of approximately 160.4 million RMB for the same period [6][8]. - The projected revenues for the six months ending June 30, 2025, are expected to reach 41.99 million RMB, indicating growth potential [7].

Core Viewpoint - Baoyi Pharmaceutical is pursuing an IPO on the Hong Kong Stock Exchange, focusing on the development of large-volume biopharmaceuticals and has been active in capital markets since its establishment in late 2019 [1] Financial Performance - For the year ending December 31, 2023, Baoyi Pharmaceutical reported revenues of 6.930 billion RMB, with a gross profit of 6.781 billion RMB and a pre-tax loss of 160.396 million RMB [2] - The company has significant R&D expenditures amounting to 132.545 million RMB for the year, indicating a strong focus on product development despite ongoing losses [2] - As of September 30, 2024, the company had cash and cash equivalents of 472.017 million RMB, representing 37.69% of total assets [3] R&D Pipeline - Baoyi Pharmaceutical has a diverse R&D pipeline, including five drugs in clinical stages and three core products: KJ017, KJ103, and SJ02, along with seven preclinical products [2] Capital Market Activity - The company has been actively raising funds since its inception, with its valuation increasing 23 times from September 2020 to December 2024 [3] - Baoyi Pharmaceutical completed a C round and a C+ round of financing in July and December 2024, respectively, raising a total of 470.7 million RMB [5] - The decision to only disclose one year and one interim period of financial data in the IPO prospectus may raise regulatory inquiries and investor concerns [3] IPO Strategy - The IPO proceeds are intended for R&D, expanding manufacturing capabilities, and supplementing working capital, despite the company having sufficient cash reserves [4] - The rapid sequence of large financing followed by an IPO application has led to market speculation regarding the company's urgency to list [5]