Financial Report Observation Room | 19 Investigational Class 1 New Drugs, Yuekang Pharmaceutical's International Innovation Drug Strategy Shows Results

Ask AI · How Can Yuekang Pharmaceutical’s H-Share Listing Accelerate the Internationalization of Innovative Drugs?

Yuekang Pharmaceutical recently released its 2025 annual report, achieving operating revenue of RMB 2.45B. During the reporting period, Yuekang Pharmaceutical further increased R&D investment, with patent breakthroughs of more than 400 items. It has 19 in-development Category 1 new drugs, and multiple products have achieved “simultaneous filings and approvals in China and the United States,” with notable results from its internationalization strategy.

Meanwhile, at the end of 2025, Yuekang Pharmaceutical launched the process for an H-share listing. It plans to use an “A+H” dual-capital platform and diversified financing channels to support its global expansion and layout.

Breakthrough Progress in the Internationalization of Innovative Drugs

The annual report shows that in 2025, Yuekang Pharmaceutical generated operating revenue of RMB 2.45B, R&D spending of RMB 457 million, up 8.22%, and the R&D-to-revenue ratio increased to 18.67%.

Over the years, its relatively high proportion of R&D investment has provided strong support for the rapid advancement of its innovative drug development projects. During the reporting period, Yuekang Pharmaceutical has 19 in-development Category 1 new drugs, including 11 small nucleic acid drug candidates, 2 mRNA vaccine programs, 3 polypeptide drug candidates, and 3 traditional Chinese medicine programs.

Among them, three Category 1 traditional Chinese medicine new drugs independently developed by Yuekang Pharmaceutical have submitted new drug marketing applications (NDA) and are under review. They are hydroxysafflower yellow A for injection, used to treat acute ischemic stroke; Tongluo Jiannao Tablets for vascular dementia; and Zihua Wenfei Zhike Granules for the treatment of post-infectious cough. In its annual report, Yuekang Pharmaceutical states that all three products have major clinical value: they address shortcomings in existing approaches and have strong differentiation and market competitiveness.

Against the backdrop of intensified global competition in pharmaceutical innovation, the “going global” of China’s innovative drugs has gradually evolved into a higher-level model of global clinical development and technology licensing cooperation. In response, Yuekang Pharmaceutical seized the opportunity, using internationalization as a strategic core. With “simultaneous filings in China and the United States” as the key lever, and relying on its proprietary technologies and a well-developed industrial chain, it has built an all-round, multi-layered global layout system.

In particular, CT102 for injection (anti-liver cancer ASO) has entered Phase II clinical trials. YKYY017 (broad-spectrum anti-coronavirus polypeptide) has advanced to Phase II/III clinical trials and obtained clinical trial approvals in China, the United States, and Australia. YKYY015 injection (ultra-long-acting lipid-lowering siRNA), YKYY029 injection (ultra-long-acting blood pressure-lowering siRNA), YKYY032 injection (siRNA for treating hyperlipoproteinemia(a)), YKYY013 injection (siRNA for functional cure of hepatitis B), YKYY018 (RSV nebulized inhalation), and other core innovative drug pipeline programs have successively obtained clinical permissions in China and the United States and have entered Phase I clinical trials. Innovative drug R&D projects have formed a good pipeline, and the company’s R&D strength has gained international recognition.

It is understood that as the first and only PCSK9 siRNA drug at the domestic clinical stage to receive FDA approval, YKYY015 injection is expected to enable “two shots a year” to lower blood lipids, providing a key foothold to open the global trillion-level chronic disease treatment market for the company. YKYY018 nebulized inhalation, as an international original membrane fusion inhibitor, provides both therapeutic and preventive effects against respiratory syncytial virus (RSV) infection, and is expected to fill the current global “no cure available” gap in the RSV infection field.

Plans to Enter the Era of the “A+H” Dual-Capital Platform

Behind a series of breakthroughs lies Yuekang Pharmaceutical’s solid technological accumulation and patent layout. The annual report shows that, as of December 31, 2025, Yuekang Pharmaceutical had applied for 154 new patents, obtained 101 newly granted patents, and accumulated a total of 443 patents, forming a comprehensive protection system of “core patents + peripheral patents.”

Especially in the field of nucleic acid delivery technology, Yuekang Pharmaceutical’s globally mainstream delivery technologies such as LNP and GalNAc have accumulated more than 70 domestic and overseas invention patent authorizations. This has built a patent moat for nucleic acid drug R&D and has continuously strengthened the company’s core competitive advantage in global nucleic acid delivery technology. In addition, its core excipient YK-009 has obtained patent authorizations in multiple countries and regions including China (including Hong Kong, Macao, and Taiwan), the United States, Japan, and Israel, laying a solid foundation for the product’s global application and promotion.

In the area of already marketed products, Yuekang Pharmaceutical adopts a strategy of “product portfolio + policy alignment” to deepen market penetration. In 2025, dense visits by medical delegations from four countries—Uzbekistan, Iraq, Thailand, and Cambodia—helped drive the clinical use and market promotion of Yuekang Pharmaceutical’s products in the regions along the “Belt and Road.” It is reported that Yuekang Pharmaceutical’s manufacturing sites and production lines have repeatedly passed authoritative international certifications such as EU GMP and Japan JGMP. Currently, products with more than 70 specifications have been sold to more than 50 countries and regions worldwide.

It is worth noting that at the end of 2025, Yuekang Pharmaceutical officially submitted its application to the Hong Kong Stock Exchange, initiating the process for an H-share listing and plans to enter the era of the “A+H” dual-capital platform. The prospectus shows that Yuekang Pharmaceutical intends to use the proceeds raised this time for the development of candidate innovative drug products; the construction of production facilities and supporting facilities within Mainland China; and working capital and general corporate purposes, among other uses.

Industry insiders believe that if Yuekang Pharmaceutical subsequently successfully lists on the Main Board of the Hong Kong Stock Exchange, it will help introduce international investors, enhance its recognition in global capital markets, and provide stronger capital support for the company’s internationalization plans.

By/Wang Siqiong

Editor/Tang Zheng

Proofreader/Yang Li