BAO PHARMA-B (02659) saw its shares rise more than 8% in late trading. At the time of writing, the stock was up 6.57%, trading at HK$97.3, with a turnover of HK$84.53 million. The movement follows the company's recent release of its full-year results. During the reporting period, the company achieved total revenue of RMB 49 million and continued to invest in research and development to build the core competitiveness of its products. The company's three core products (KJ017, KJ103, and SJ02) have each achieved rapid progress in registration, clinical trials, and commercialization. Notably, SJ02 completed its first batch order delivery in November 2025, marking the full commencement of its commercialization process. It is also noteworthy that another core product, KJ103 (a recombinant IgG-degrading enzyme), has demonstrated the company's capability in addressing urgent clinical needs. Targeting the medical challenge of desensitization before kidney transplantation, the company initiated a Phase III trial in August 2025, which was completed in March 2026. Submission of a New Drug Application (NDA) to regulatory authorities is expected in the first half of 2026.