Zhitong Finance App News, on August 28, Baoji Pharmaceutical-B (02659) announced the 2026 interim results. In the first half of 2026, the operating quality of Baoji Pharmaceutical improved markedly. Losses during the period were significantly reduced to 154 million yuan, a sharp decrease of 16.1% over the previous year; the balance of cash and cash equivalents held at the end of the period was 1,042 million yuan, and the book capital was abundant. In addition, the company's R&D pipeline progressed rapidly according to the plan, with R&D investment reaching 93 million yuan, saving core momentum for long-term development.
In terms of strategic layout, Baoji Pharmaceutical focuses on building a high-value product pipeline and is deeply involved in four major fields: high-volume subcutaneous administration, antibody-mediated autoimmune diseases, assisted reproduction, and synthetic bio-upgrading recombinant biopharmaceuticals. Currently, the company's self-developed products include 3 core products (SJ02 (Shengnova®), KJ017 (Baoshuyi®), KJ103), 6 other clinical-stage drug candidates (KJ101, BJ044, KJ015, BJ007, BJ009 and SJ04), and 3 pre-clinical assets (BJ045, BJ047 and BJ008). The product matrix is of high quality and orderly.
Baoji Pharmaceutical has achieved a comprehensive breakthrough in commercialization: Baoshuyi®, the most advanced recombinant human hyaluronase in China, was approved and marketed by the State Drug Administration in March to assist subcutaneous infusions. At the same time, formal cooperation has been established with Yao Ming Biology, Shanghai Laishi, Quanxin Biotech, etc. Currently, more than 60 partners use the company's recombinant hyaluronidase for product development. The project covers various stages from early research to clinical development; Shengnova® is the first long-term recombinant human follicle-promoting hormone approved for marketing in China, achieving “once a week” injection, significantly improving patient convenience. As of June 30, 2026, Shengnova® has completed online procurement platform registration and market access in 29 provinces across the country, covering more than 70 medical institutions. Exclusive CSO partner Anke Biotech has begun actual commercial sales.
Another core product of Baoji Pharmaceutical, KJ103. Its NDA application for desensitization before kidney transplantation was accepted by the State Drug Administration in June 2026, and the application will be carried out on a priority basis.
Currently, Baoji Pharmaceutical is in a critical period of transformation from an R&D biotechnology company to a commercial biopharmaceutical company. The company has abundant cash flow, high-quality pipeline matrices and two-wheel drive with multiple commercial layouts, and is expected to continue to unleash growth potential.