Core Insights - Shanghai Baoji Pharmaceutical Co., Ltd. is preparing for its main board listing on the Hong Kong Stock Exchange, with CITIC Securities and Guotai Junan as joint sponsors [1] - The company focuses on four strategic therapeutic areas: large-volume subcutaneous delivery, antibody-mediated autoimmune diseases, assisted reproduction, and recombinant biopharmaceuticals [3] - The company's core products include SJ02, KJ017, and KJ103, with SJ02 having received NDA approval from the National Medical Products Administration in August 2025 [3][6] Product Pipeline - The company has a pipeline of 12 self-developed products, including three core products (KJ017, KJ103, and SJ02), four other clinical-stage candidates, and five preclinical assets [3] - SJ02 is a long-acting recombinant human follicle-stimulating hormone CTP fusion protein for assisted reproduction, while KJ017 is a recombinant hyaluronidase for large-volume subcutaneous delivery [5] - KJ103 is an innovative recombinant immunoglobulin G (IgG) degrading enzyme aimed at treating various autoimmune diseases [5][6] Market Potential - According to Frost & Sullivan, the clinical addressable market for the company's four strategic therapeutic areas in China is projected to reach approximately RMB 50 billion by 2033 [4] - The market segments include large-volume subcutaneous delivery (approximately RMB 7 billion), antibody-mediated autoimmune diseases (approximately RMB 26.7 billion), assisted reproduction (approximately RMB 14.9 billion), and recombinant biopharmaceuticals (over RMB 5.3 billion) [4] Financial Overview - The company's revenue for the six months ending June 30, 2023, was RMB 6.93 million, with projected revenues of RMB 61.6 million for 2024 and RMB 419.9 million for 2025 [7] - Research and development expenses for the same periods were approximately RMB 133 million, RMB 251 million, and RMB 111 million respectively [7] - The company has established commercial-scale production capabilities to support cost-effective and standardized production [6]