New Stock Preview | Dual-track R&D progress leading, Jingze Biotech's Hong Kong IPO value awaits reassessment.

Recently, a biopharmaceutical company focusing on the two high-growth areas of assisted reproduction and ophthalmic drugs has announced news of an IPO: According to the Hong Kong Stock Exchange, Jingze Biopharmaceutical (Hefei) Co., Ltd. (referred to as Jingze Biopharmaceutical) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC and Guoyuan International as its joint sponsors. Public information shows that before the listing, Jingze Biopharmaceutical had completed pre-round to C+ round financing, with a post-investment valuation of 3.09 billion yuan. The company plans to use the funds raised in this IPO primarily to advance clinical trials for multiple pipelines, and develop production capabilities. First core product about to be commercialized Jingze Biopharmaceutical is a biopharmaceutical company focusing on assisted reproduction drugs and ophthalmic drugs. Guided by unmet clinical needs, the company has established a comprehensive research and development system as well as commercial-scale production capabilities. With its systemic capabilities, it has independently developed multiple product pipelines, and has advanced several high-technology barrier and commercially promising drugs to late-stage clinical trials and commercialization. It is understood that the company focuses on the layout of the assisted reproduction and ophthalmic drug tracks, with a total of eight candidate drugs. Currently, its first core product has been approved and is about to be commercialized, expected to generate revenue by 2026. As of June 20, 2025, three of the eight candidate drugs are in the late stage, including one candidate drug that has been approved for NDA; one candidate drug has submitted an NDA, and one product is in Phase III clinical research. According to Frost & Sullivan data, as of June 20, 2025, the company is one of the Chinese companies with the most large molecule drugs in clinical stages in the assisted reproduction and ophthalmic fields, leading in research and development progress in the industry. In the field of assisted reproduction treatment, the company's core product JZB30 is a recombinant human follicle-stimulating hormone (rhFSH) freeze-dried powder injection product, which is a ovulation-inducing drug in the assisted reproduction cycle. Public information shows that ovulation-inducing drugs are one of the most important drugs in the entire assisted reproduction cycle, with FSH drugs being recommended as a first-line ovulation-inducing drug in many authoritative guidelines at home and abroad, and is the drug variety with the highest cost proportion in the assisted reproduction cycle. The company said that JZB30's main reference product is the imported product Gonal-f in powder injection form, which was the market leader in ovulation-inducing drugs globally in 2024 and the first quarter of 2025. As of now, the company has completed Phase I and Phase III clinical trials for head-to-head comparisons of JZB30 with the reference drug (Gonal-f) for controlled ovarian stimulation ovulation induction therapy, and JZB30's NDA was approved by the National Medical Products Administration in April 2025. In addition, the company is also expanding the indications for JZB30 to treat hypogonadotropic hypogonadism. In addition, the company has another major product in the assisted reproduction field, JZB33 (recombinant human follicle-stimulating hormone water injection form), which changes the formulation from powder to water injection based on JZB30 and is equipped with pre-filled cartridge syringe pens for easy self-injection by patients, greatly improving convenience and meeting the needs of different patients. The company has completed the BE study for JZB33 and submitted an NDA in June 2025. Jingze Biopharmaceutical's other core product JZB05 is a self-developed anti-VEGF intraocular injection, mainly used to treat wet age-related macular degeneration (wAMD), diabetic macular edema (DME) and other fundus neovascular diseases, expected to be the company's first commercialized product in the ophthalmic field. The company said that this drug will compete with the world's highest-selling ophthalmic and anti-VEGF drug, Eylea. As of June 20, 2025, JZB05 has completed Phase I clinical trials head-to-head against the reference drug (Eylea) and has entered into further comparative Phase III clinical trials. The company expects to complete Phase III clinical trials in the second half of 2026 and submit an NDA for market approval in the same year. In the field of ophthalmic drugs, the company has also independently developed a recombinant truncated fibrinolysin (oak fibrinolysin) injection JZB32 for the symptomatic vitreous vitreous adhesions (sVMA). According to Frost & Sullivan data, JZB32 is the first domestically researched oak fibrinolysin product. As of the latest disclosure, JZB32 is still in Phase I clinical trials. Regarding commercialization, the company plans to collaborate with well-known domestic pharmaceutical companies for distribution of JZB30, while for overseas markets, it has partnered with Nanjing Jo Young Biochemical Pharmaceutical Co., Ltd. to license the engineering cell strains of follicle stimulating hormone (FSH) products and JZB33 proprietary technology for registration and commercial promotion of JZB33 in the US market. As no products have been marketed yet, Jingze Biopharmaceutical has not been profitable. It incurred losses of 246 million yuan and 243 million yuan in 2023 and 2024 respectively, with research and development expenses of 122 million yuan and 133 million yuan, respectively. With the commercialization of JZB30, the company expects to generate revenue by 2026, and as the research and development progress of candidate drugs continues, it is expected that research and development costs will continue to account for a significant portion of costs in the foreseeable future. Assisted reproduction track rising, wide growth space With the gradual relaxation of fertility policies, assisted reproduction and related industries are ushering in new development opportunities. Since 2024, 27 provinces and Xinjiang Production and Construction Corps have included assisted reproduction technologies in medical insurance reimbursement, driving rapid growth in demand for assisted reproduction. According to Frost & Sullivan data, in 2024, there were 59.2 million couples of childbearing age in China suffering from infertility, and it is expected to grow at a compound annual growth rate of 2.4% to 68.4 million couples by 2030. At least 20% of these couples must rely on assisted reproduction services to achieve reproduction. In 2024, the penetration rate of assisted reproduction services in childbearing couples with infertility needs was 9.3%, with the increasing social acceptance, accessibility and affordability of assisted reproduction services, this penetration rate is expected to reach 13.1% by 2030. The prospectus shows that Jingze Biopharmaceutical products cover a wide range, with a product portfolio covering the most prominent indications in the fields of assisted reproduction and ophthalmology. Looking at the rhFSH track where Jingze Biopharmaceutical's core product JZB30 is located, there are currently seven rhFSH injections available in the domestic market, including Merck's Gonal-f, Qilu Pharmaceutical's Anxinbao, Changchun Jinsai's Jinsaiheng, etc., and four rhFSH products in clinical stages, three of which have entered the registration application stage. In the ophthalmic drug track, the increasing incidence of blindness-causing fundus diseases has brought broad market prospects. In the "14th Five-Year Plan for National Eye Health (2021-2025)", retinal diseases have been listed as a newly added key disease, and have become the major cause of blindness in modern times; According to Frost & Sullivan data, the Chinese ophthalmic drug market grew at a compound annual growth rate of 8.7% from 2019 to 2024 to 29.5 billion yuan in 2024, and is expected to further grow at a compound annual growth rate of 10.5% to 53.7 billion yuan in 2030. Similar to JZB30, Jingze Biopharmaceutical's core product JZB05 in the field of ophthalmology is also a biosimilar drug. In addition to Eylea, the original drug of Bayer, which was approved in 2018, there is also Qilu Pharmaceutical's biosimilar drug Zuo Chuming, which was approved for marketing in 2023, becoming the first domestic biosimilar drug of this kind; Two other companies are currently conducting clinical research on biosimilar drugs of Aflibercept for diabetic macular edema (DME). Overall, with the commercialization of multiple core products, Jingze Biopharmaceutical is expected to see gradual improvement in performance. Positioned in the two popular tracks of assisted reproduction and ophthalmic drugs, Jingze Biopharmaceutical has a significant growth space in the future, and the company's research and development progress in the future is worth attention.