8月21日，上海宝济药业股份有限公司（简称"宝济药业"）向港交所递交上市申请。公司曾于1月21日首 次向港交所递交上市申请，后因招股书有效期届满而失效。 招股书显示，2023年、2024年及2025年上半年，公司分别实现营业收入693万元、616万元和4199万元， 分别实现净利润-1.6亿元、-3.64亿元和-1.83亿元。研发开支及行政开支是产生净亏损的主要原因。 此外，公司一项重要商业化协议于2025年7月28日终止。 2023年、2024年及2025年上半年，公司分别产生研发开支1.33亿元、2.51亿元及1.11亿元。公司来自核 心产品的研发开支分别为0.80亿元、1.27亿元及0.58亿元，分别占同期总经营开支的44.4%、34.7%及 36.0%。 面对欧加隆的退出，宝济药业迅速调整相关策略。公司在招股书中表示，在收到欧加隆的终止通知后， 由于预计SJ02将于2025年年底在我国市场进行商业化上市，公司于2025年7月与安科生物订立独家销售 代理协议，据此，安科生物将作为独家CSO（合约销售组织），负责SJ02在大中华区的商业化。 招股书显示，宝济药业是一家处于临床阶段的生物技术公司，利用合成生 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月21日，上海宝济药业股份有限公司（简称"宝济药业"）向港交所递交上市申请。公司曾于1月21日首 次向港交所递交上市申请，后因招股书有效期届满而失效。 公开资料显示，欧加隆在全球辅助生殖领域具有重要地位，其背书与业务支持对宝济药业而言意义重 大。但从协议签署到终止，双方合作仅维持了不到11个月。 此外，公司一项重要商业化协议于2025年7月28日终止。 截至2025年6月30日，公司内部研发团队由242名人员组成，包括药物发现和临床前开发、医学和临床开 发、CMC（在药品和生物药品的临床前及临床开发阶段所使用的化学、制造与控制流程）、质量管理 及监管事务人员，约占公司员工总数的71.4%。 2023年、2024年及2025年上半年，公司分别产生研发开支1.33亿元、2.51亿元及1.11亿元。公司来自核 心产品的研发开支分别为0.80亿元、1.27亿元及0.58亿元，分别占同期总经营开支的44.4%、34.7%及 36.0%。 欧加隆协议终止 宝济药业在招股书中提到，2024年9月，公司与Organon & Co．（纽交所：OGN）的 ...

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].

Group 1: Company Strategy and Goals - The overall business goal for 2025 is to achieve restorative growth and maintain stable development [3] - The company aims to enhance the sales proportion of growth hormone water injections and expand the indications for growth hormone [3] - The company plans to accelerate the production capacity of the cancer drug Trastuzumab (Ansatin) and deepen brand building and market expansion [3] Group 2: Product Development and Clinical Trials - The clinical trial for "AK2017 Injection" (recombinant human growth hormone-Fc fusion protein injection) has successfully completed Phase II enrollment, with discussions for Phase III trial already held [3] - The company is actively promoting clinical trials for interferon spray and inhalation agents, targeting respiratory infections and gynecological diseases [3] - The "AK1008 Project" (human interferon α2b spray) is in Phase II trials for treating viral infections in children [3] Group 3: Competitive Landscape - Currently, there are 5 companies producing short-acting growth hormones, and several companies are expected to launch long-acting growth hormones [4] - The market for growth hormones is competitive but the overall pricing system remains stable [4] - The strategic partnership with Weisheng Pharmaceutical aims to cover the long-acting growth hormone market and enhance the company's competitiveness in children's growth and development [7] Group 4: Innovation and Collaborations - The company is developing several innovative drugs, including "HuA21 Injection" targeting HER2, which has shown promising safety and efficacy in early trials [4] - Collaboration with Afana Company on "AFN0328 Injection" for HPV precancerous lesions is in Phase I trials, with plans for further mRNA drug development [5] - The company is also involved in CAR-T cell therapy research through its investment in Boshengji Company, which has received implicit approval for clinical trials [5] Group 5: Market Expansion and Future Plans - The company is preparing to expand its international market presence by building FDA and EU-compliant production lines and engaging with foreign distributors [8] - The exclusive agency agreement with Baoji Pharmaceutical for the innovative drug "SJ02" aims to enhance the company's product matrix in the assisted reproduction field [8] - The company anticipates that the launch of long-acting growth hormones and long-acting follicle-stimulating hormones will provide new growth points for its business [8]

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]