New Stock News | CanoBio submits application to HKEX for listing, flagship commercial drug Enaidet is a mitochondria drug.

According to the disclosure by the Hong Kong Stock Exchange on January 25, Kangnuo Biopharmaceutical Co., Ltd. (referred to as Kangnuo Bio) submitted its listing application to the main board of the Hong Kong Stock Exchange, with Guotou Securities International as its exclusive sponsor. Company Overview The prospectus shows that Kangnuo Bio is a biopharmaceutical company focused on the research and development, production, and commercialization of mitochondrial medicine and health products. The company focuses on researching diseases caused by mitochondrial dysfunction and is dedicated to applying NAD+ in scientific research in areas such as cardiovascular diseases, neurodegenerative diseases, reproductive health, and aging. In the field of mitochondrial medicine, the company is committed to providing scientific solutions for prolonging healthy lifespans through an integrated approach of "detection-intervention-evaluation-intervention". Kangnuo Bio leverages its expertise in mitochondrial medicine therapy and applies this advantage to its research activities, believing that its drugs and drug candidates will meet the growing demand in the medical and health consumer market for solutions to age-related diseases. In the past, Kangnuo Bio marketed and sold 20 drugs, generating revenue from the sale of these drugs. As of January 16, 2026, Kangnuo Bio had 20 drugs in the production stage. The company's flagship commercialized drug is Enaidi (coenzyme I for injection), a mitochondrial drug. According to Frost & Sullivan, Enaidi (coenzyme I for injection) is the only domestically developed and nationally and globally approved NAD+ therapy drug. NAD+ is a key molecule in maintaining mitochondrial function and is a biological link to aging and various diseases. Therefore, the successful commercialization of Enaidi (coenzyme I for injection) has established the company's leadership position in the global mitochondrial drug industry. Kangnuo Bio's other major commercialized drugs include Qianrongmei (hyaluronidase for injection), Tianshu (pancreatin for injection), and sodium nitroprusside for injection. In addition to the four main drugs mentioned above, the company also sells 16 generic drugs covering the treatment areas of the digestive system, respiratory system, blood system, and nervous system. Financial Information Revenue For the fiscal years 2023, 2024, and the nine months ended September 30, 2025, the company achieved revenues of RMB 303 million, RMB 240 million, and RMB 238 million, respectively. Profit For the fiscal years 2023, 2024, and the nine months ended September 30, 2025, the company achieved net profits and comprehensive income of approximately RMB 79.521 million, RMB 33.905 million, and RMB 53.411 million, respectively. Gross Margin For the fiscal years 2023, 2024, and the nine months ended September 30, 2025, the company's gross margins were approximately 87.4%, 83.4%, and 87.4%, respectively. Industry Overview Mitochondrial Dysfunction Mitochondrial dysfunction is increasingly regarded as a common pathological mechanism in aging-related diseases, including cardiovascular diseases, neurodegenerative diseases, metabolic diseases, and immune aging. Mechanisms include mitochondrial unfolded protein response, mitophagy, mitochondrial dynamics, reactive oxygen species, mitochondrial DNA integrity, protein toxicity stress, metabolic disorders, and epigenetic changes, all of which can drive inflammatory reactions, aging, and cell apoptosis. The market size of Chinese mitochondrial medical products increased from RMB 9.5 billion in 2020 to RMB 17.9 billion in 2024, with a compound annual growth rate of 17.1%. The market size is expected to reach RMB 308.1 billion in 2035, with a compound annual growth rate of 29.5% from 2024 to 2035. Coronary Artery Disease Coronary artery disease refers to diseases caused by the narrowing or blockage of coronary arteries due to atherosclerosis or dynamic vascular spasm, leading to myocardial ischemia, angina, or myocardial infarction, also known as ischemic heart disease. The number of coronary artery disease patients in China increased from 25.3 million in 2019 to 28 million in 2024, with a compound annual growth rate of 2.6%. It is expected to reach 35.3 million by 2035, with a compound annual growth rate of 2.1% from 2024 to 2035. Heart Failure Heart failure is defined as a clinical syndrome caused by abnormal heart structure or function, characterized by a decrease in cardiac output and an inability to meet metabolic demands, with common symptoms including dyspnea, fatigue, and peripheral edema. The number of heart failure patients in China increased from 14.5 million in 2020 to 15.4 million in 2024, with a compound annual growth rate of 1.4%. It is expected to increase to 18.4 million by 2035, with a compound annual growth rate of 1.6% from 2024 to 2035. Board of Directors Information The board of directors consists of eight directors, including four executive directors, one non-executive director, and three independent non-executive directors. All directors are elected by the shareholders' meeting for a term of three years, with the possibility of reelection. Equity Structure As of January 16, 2026, the company is directly owned by the holding company Hefei Fengchao, with approximately 74.7%, and Hefei Fengchao is directly owned by executive director, chairman, and CEO Mr. Wang Wei, owning 75%. Additionally, as Mr. Wang Wei also serves as the general partners of Hefei Kangmin and Hefei Kangbei (established as employee incentive platforms), the voting rights of Hefei Kangmin and Hefei Kangbei actually belong to Mr. Wang. Intermediary Team Exclusive Sponsor: Guotou Securities Financing (Hong Kong) Limited Company's Legal Advisor: For Hong Kong and US law: Goughs Law Firm; For Chinese law: Jintiancheng Law Firm Legal Advisor for the Exclusive Sponsor: For Hong Kong and US law: Ashurst Law Firm; For Chinese law: Jingtian Gongcheng Law Firm Auditors and Reporting Accountants: Deloitte Touche Tohmatsu Industry Consultant: Frost & Sullivan Compliance Advisor: Guotou Securities Financing (Hong Kong) Limited