Weijian Pharma, China's leading pharmaceutical company with the largest portfolio of commercialized innovative drugs for kidney diseases, has filed for its Hong Kong IPO. On November 7, the company submitted its listing application to the Hong Kong Stock Exchange's main board, with Huatai International as its sole sponsor.

Specializing in kidney and blood disorder treatments, Weijian Pharma boasts over 20 commercialized drugs and one candidate drug. According to Frost & Sullivan, as of October 2025, its product portfolio includes six kidney disease drugs—the highest among Chinese pharmaceutical firms.

The company has demonstrated robust financial performance, with revenue growing at a 12.8% CAGR from 2022 to 2024. In H1 2025, revenue surged 119.8% YoY. Profitability has also strengthened, with adjusted EBITDA rising from RMB32 million in 2023 to RMB179 million in H1 2025, and margins expanding from 3.61% to 22.46%.

**Core Business Segments Driving Growth** Weijian Pharma operates through three models: acquisitions, licensing partnerships, and CSO collaborations. Its revenue is primarily derived from kidney disease treatments (37.6% of H1 2025 revenue), followed by respiratory/infectious diseases (25.1%) and blood disorders (19.9%).

Key products include: - **Kidney disease**: Ganyouping®, Kopegva® (the first FDA-approved targeted therapy for CKD-aP), Keli Nuo®, and Naisibao®. - **Blood disorders**: Huierning® and Huierxue® (the world’s first recombinant human G-CSF product for chemotherapy-induced myelosuppression).

Kopegva®, currently under NMPA review, is expected to launch in 2026, further boosting revenue.

**Commercialization Strength** Weijian Pharma’s extensive sales network spans 30+ provinces, 300+ cities, and over 10,000 hospitals. For example, Keli Nuo® sales grew 14-fold from 500,000 boxes in 2017 to 7.5 million in 2024.

**Industry Outlook** China’s CKD drug market, valued at RMB25.1 billion in 2024 (11.3% CAGR), is projected to reach RMB82.5 billion by 2035. Weijian holds a 15.9% share in the SHPT treatment market. In blood disorders, its Romiplate® (Huierning®) dominates the ITP market with 59.4% share post-NRDL inclusion.

**Investment Highlights** - Diversified pipeline with leading market positions. - Strong commercialization and nationwide distribution. - High-growth core segments (kidney/blood diseases). - Upcoming Kopegva® launch (2026).

With accelerating revenue, scalable profitability, and strategic acquisitions (e.g., Kyowa Kirin China), Weijian Pharma presents a compelling case for investors.