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].

Core Viewpoint - The company is expected to see performance growth driven by authorized income and new product varieties, showcasing its R&D capabilities through eight major platforms [1]. Group 1: Financial Performance - In Q1 2025, the company reported revenue of 7.015 billion yuan, a year-on-year decrease of 21.9%, and a net profit attributable to shareholders of 1.495 billion yuan, down 8.3% year-on-year [1]. - The revenue from the traditional medicine business decreased by 27.3% year-on-year, but new authorized income reached 718 million yuan, significantly alleviating the pressure from centralized procurement and medical insurance policies [1]. Group 2: R&D and Product Pipeline - The company has ten ADC pipelines in clinical stages, with key products SYS6010 (EGFR ADC) showing strong potential for authorization [1]. - SYS6010 started its first Phase III clinical trial in March 2025, targeting EGFR mutation-positive locally advanced or metastatic NSCLC patients who have failed EGFR-TKI treatment [1]. - SYS6010 has received three FDA Fast Track Designations (FTD) for various indications, including metastatic non-small cell lung cancer [1]. Group 3: Expansion into Chronic Disease Management - The company is expanding into chronic disease management, focusing on cardiovascular and endocrine metabolic fields [2]. - The GLP-1 series products, including the new drug TG103, are expected to benefit patients with diabetes and obesity, with clinical trials for both conditions expected to lead to market applications in 2025 and 2026 [2]. - Small RNA drugs such as PCSK9 siRNA, AGT siRNA, and Lp(a) siRNA have entered clinical stages, with early data showing potential in cholesterol reduction and hypertension treatment [2]. Group 4: Profit Forecast and Valuation - The company is positioned as a leading domestic innovative pharmaceutical enterprise, with its eight innovation platforms expected to yield significant value [2]. - Projected revenues for 2025-2027 are 29.794 billion yuan, 30.455 billion yuan, and 31.585 billion yuan, with net profits of 5.575 billion yuan, 5.930 billion yuan, and 6.198 billion yuan respectively [2]. - Based on a 35x PE ratio, the estimated valuation is 195.1 billion yuan, with a target price of 16.94 yuan, equivalent to 18.63 HKD, initiating coverage with a "buy" rating [2].