Core Insights - Lupo Pharmaceutical Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - The company focuses on developing high bioavailability oral drugs to address unmet medical needs in cancer and autoimmune disease patients [2] R&D Expenditure - Lupo Pharmaceutical has a high proportion of R&D expenditure, with R&D costs accounting for 83.9%, 85.3%, and 82.3% of total operating expenses in the first half of 2023, 2024, and 2025 respectively [2] - The company's net profits for 2023, 2024, and the first half of 2025 are projected to be -159 million, -3.385 million, and 35.896 million respectively, indicating significant fluctuations in performance [2] Product Pipeline - The company has established a product pipeline that includes six major candidate products, with three core assets (LP-168, LP-108, and LP-118) in the new drug application and clinical stages [2] - The funds raised will primarily be used for the R&D of these core products and the continued development of the BeyondX oral drug chemistry platform [3] Supply Chain and Procurement - Lupo Pharmaceutical's main suppliers include CROs and other clinical service providers, with a procurement strategy in place to ensure alternative sources for supplies [3] - The procurement amounts to the top five suppliers were 45 million, 42 million, and 10 million for 2023, 2024, and the first half of 2025, representing 39.5%, 44.1%, and 38.1% of total procurement respectively [3] Development Risks - The company acknowledges that its candidate drugs involve development risks that could lead to delays and cost overruns in clinical development, regulatory approval, or commercialization [4] - The future business and financial outlook of the company heavily relies on the successful development, approval, and commercialization of its candidate drugs [4]