Good News on Listing | Frost & Sullivan Congratulates Guangzhou Biate Medical Co., Ltd. on Successful Listing on the Sci-tech Innovation Board (688759.SH)

Guangzhou Biotec Pharmaceutical Co., Ltd. (hereinafter referred to as 'Biotec') successfully went public on October 28, 2025. The number of shares issued was 90 million shares, with an issue price of 17.78 yuan per share.

• Beibei has excellent R&D capabilities. As of the date of signing its prospectus, one 'breakthrough therapeutic drug' in the company's R&D pipeline, BEBT-908 (ipirosartan hydrochloride for injection), targeting HDAC/PI3Kα, has been approved for marketing as a third-line or higher treatment for r/r DLBCL. The CDK4/6 inhibitor BEBT-209 in the company's R&D pipeline is in Phase III clinical trials, the pan-mutational EGFR inhibitor BEBT-109 has been approved for Phase III clinical trials, and five products are in Phase I clinical trials. In addition, the company has several innovative drug products in preclinical research stages.

   

• Bieve Biotech has strong core competitiveness in terms of technological advancement and the completeness of its technology platform. Its independent R&D capabilities cover various aspects such as target research and mechanism validation of innovative drugs, compound molecular design and optimization, preclinical evaluation, translational scientific research, chemistry, production and control (CMC), clinical protocol design and execution, new drug registration, etc. In the R&D practice of many innovative drugs, the company has gradually formed three distinctive core technology platforms: the New Drug Discovery Platform, the Anti-Tumor Drug Resistance Combined Therapy Platform, and the Differentiated Clinical Design and Development Platform.

   

• The core management team of Beibei has a profound background in the pharmaceutical industry and successful experience in drug research and development. The founding scientist, Qian Changgeng, has over thirty years of rich experience in international innovative drug research and development, and the team has received support from multiple provincial talent programs.

Frost & Sullivan has long been monitoring the global and Chinese biopharmaceutical industries, publishing a large number of research reports that are widely cited in the prospectuses of leading science and technology innovation board listed companies in the industry, helping clients accelerate growth.

Lymphoma originates from lymph nodes and lymphoid tissues, and its occurrence is mostly related to the malignant transformation of certain immune cells produced during lymphocyte proliferation and differentiation in the immune response process. It is a malignant tumor of the immune system. According to histopathological changes, lymphoma can be divided into two major categories: Hodgkin lymphoma (HL) and non--Hodgkin lymphoma (NHL). Non--Hodgkin lymphoma is a group of common, highly heterogeneous malignant tumors of the lymphatic system that occur in B cells or T cells. It is the main category of lymphoma classification, accounting for 90%, among which B-cell NHL accounts for more than 70%.

In 2023, the number of new cases of NHL in China reached 83,000, with a compound annual growth rate of 2.2% from 2019 to 2023. It is estimated that the number of new cases of NHL in China will reach 88,000 and 94,000 in 2026 and 2030 respectively.

In China, diffuse large B-cell lymphoma (DLBCL), peripheral T-cell lymphoma (PTCL), marginal zone lymphoma (MZL), follicular lymphoma (FL), and chronic lymphocytic leukemia/small lymphocytic leukemia (CLL/SLL) are the most common subtypes of all NHL. In 2023, the number of DLBCL patients in China was 241,000, accounting for 41.0% of NHL patients, the highest proportion, with an expected increase to 297,000 by 2030; the number of PTCL patients in China was 162,000 in 2023, accounting for about 27.5% of NHL patients, with an expected increase to 199,000 by 2030. The number of MZL patients in China was 46,000 in 2023, accounting for 8.0% of NHL patients, with an expected increase to 57,000 by 2030; the number of FL patients in China was 36,000 in 2023, accounting for 6.2% of NHL patients, with an expected increase to 44,000 by 2030; the number of CLL/SLL patients in China was 27,000 in 2023, accounting for 4.6% of NHL patients, with an expected increase to 33,000 by 2030.

The market scale of lymphoma in China reached 19.1 billion yuan in 2023 and is expected to reach 58.3 billion yuan by 2030, with an annual compound growth rate of 17.3%.

CDK4/6, also known as cyclin-dependent kinase 4 and 6, are key regulatory proteins in the cell division and proliferation cycle of human cells. They can trigger the transition from the G1 phase to the S phase of the cell cycle. CDK4/6 is overactive in many malignant tumors, especially hormone receptor (HR)-positive breast cancer, exhibiting high activity that promotes the proliferation and spread of cancer cells. CDK4/6 inhibitors can arrest the cell cycle at the G1 phase, thereby inhibiting tumor cell proliferation. The mechanism of action of these drugs is based on selectively shutting down the overactive CDK4 and CDK6 kinases. These inhibitor drugs restore the growth-inhibiting function of retinoblastoma protein (Rb) by reducing the activation of CDK4/6, which is a control point in cell division. Therefore, the cell cycle of cancer cells is blocked by the inhibitor drugs, thereby limiting their proliferation. In some cases, cancer cells not only stop dividing but also enter a state where they lose all circulatory and growth capabilities, allowing the tumor to shrink.

In July 2018, pembrolizumab was launched in China as the country's first CDK4/6 inhibitor. From 2019 to 2023, the total market for CDK4/6 inhibitors in China increased from about 400 million yuan to about 2 billion yuan, with an annual compound growth rate of 49.3%. The market for CDK4/6 inhibitors in China will continue to grow rapidly in the future. It is estimated that by 2030, the total market for CDK4/6 inhibitors in China will reach about 13.3 billion yuan, with an annual compound growth rate of 30.8%.

Breast cancer is the most common type of cancer among female cancer patients. Based on the phenotypes of biomarkers such as the hormone receptor (HR) and human epidermal growth factor receptor 2 (HER2), breast cancer is mainly divided into four molecular subtypes: HR+/HER2+, HR+/HER2-, HR-/HER2+, and HR-/HER2-.

The number of newly diagnosed breast cancer patients in China is increasing year by year. The number of new breast cancer cases in China increased from 330,000 in 2019 to 365,000 in 2023, with a compound growth rate of 2.5% during this period. It is estimated that by 2025, the number of new breast cancer cases will increase to 382,000, and further to 422,000 by 2030.

The breast cancer drug market is also one of the cancer indications with the largest revenue in China's cancer treatment drug market, reaching 595 billion yuan in 2023. The compound annual growth rate from 2019 to 2023 was 7.2%, due to the large patient base and the continuous improvement of medical insurance coverage. By 2030, this market is expected to climb to 1104 billion yuan.

Epidermal growth factor receptor (EGFR) belongs to the tyrosine kinase receptor family and is one of the most important biological signals in cell regulation. The EGFR series consists of four transmembrane receptors, including EGFR (HER1/erbB1), HER2 (erbB2/neu), HER3 (erbB-3), and HER4 (erbB-4). Seven genetically distinct ligands, namely EGF, transforming growth factor-α (TGF-&alpha), heparin-binding EGF, dual-specificity protein, &beta-cell protein, epithelial regulator of growth factor (ERG), and neurotrophic factor G2&beta--have been shown to bind to EGFR. The EGFR signaling pathway plays a key role in regulating cell proliferation, survival, and differentiation. There are many signal transduction pathways that can be mediated by EGFR, among which the Ras/Raf/MEK/ERK-MAPK pathway and PI3K/Akt/mTOR pathway play important roles in the occurrence and development of NSCLC. EGFR is expressed in various organs, and its abnormal expression is associated with multiple cancers. The mechanism of action of EGFR TKIs mainly involves competitively binding to the ATP-binding site of tyrosine kinases (TKs), thereby inhibiting the binding of ATP to TKs, suppressing EGFR autophosphorylation, blocking conduction, inhibiting tumor cell proliferation, and achieving targeted therapy.

From 2019 to 2023, the total market value of China's EGFR-TKI market increased from 7.7 billion yuan to 15.8 billion yuan, with an annual compound growth rate of 19.9%. In the future, China's EGFR-TKI market will continue to grow rapidly. It is estimated that by 2030, the total market value of China's EGFR-TKI market will reach 401 billion yuan, with an annual compound growth rate of 14.2%.

Lung cancer can be divided into two main categories based on its appearance under a microscope: small cell lung cancer (SCLC) and non-small cell lung cancer (NSCLC). NSCLC is more common, accounting for about 85% of all lung cancers, and is mainly divided into squamous cell NSCLC and non-squamous cell NSCLC. Common driver genes for NSCLC include EGFR, KRAS, c-MET, HER2 gene mutations, and ALK/ROS1, RET gene rearrangements. Among these, the proportion of EGFR mutations is the highest, with the proportion of patients with EGFR mutations in non-small cell lung cancer in China being higher than that in Western countries and regions, reaching 40%.

The number of new lung cancer patients in China is showing a steady growth trend. NSCLC has a large patient population, with the number of new cases of non-small cell lung cancer in China increasing from 830,000 in 2019 to 927,000 in 2023, with a compound annual growth rate of 2.8% during this period. It is estimated that by 2030, the number will reach 1.1 million.

From 2019 to 2023, the number of new patients with EGFR ex20ins non-small cell lung cancer in China increased from 32,000 to 36,000, with a compound annual growth rate of 2.8%. Due to the continuous deterioration of risk factors such as aging, smoking, and air pollution, the population of new patients with non-small cell lung cancer will continue to expand. It is estimated that by 2026, the number of new patients with EGFR ex20ins non-small cell lung cancer in China will reach 39,000. By 2030, the number of new patients is expected to reach 43,000.

From 2019 to 2023, the total market value of NSCLC drugs in China increased from 36.6 billion yuan to 62.1 billion yuan, with a compound annual growth rate of 14.2%, and will continue to grow rapidly in the future. It is estimated that by 2030, the market value of NSCLC drugs in China will reach 159.8 billion yuan, with a compound annual growth rate of 14.4%.

Frost & Sullivan, integrating 64 years of global consulting experience, has dedicated 27 years to serving the booming Chinese market with a global perspective. It helps clients accelerate their corporate growth and achieve benchmark positions in industry growth, innovation, and leadership. The health industry is one of Frost & Sullivan's core areas of focus. Over the past 20-plus years, the Frost & Sullivan team has provided services such as financing and financial advisory, IPO industry advisory, strategic consulting, and management consulting to hundreds of outstanding domestic and international biopharmaceutical, medical device, healthcare services, and internet healthcare companies. Successful listings include: Polaris Cloud Medicine (NASDAQ: POM), Changfeng Pharmaceutical (2652.HK), Kingpharm (2595.HK), Health160 (2656.HK), Yinnuo Medicine (2591.HK), Zhonghuiyuan Tong (2627.HK), Dongguangyang Medicine (6887.HK), Weilizhibo (9887.HK), Dukang Shiyun (2592.HK), Yunzhisheng (9678.HK), TED Medicine (3880.HK), Baize Medical (2609.HK), Yaojie Ankang (2617.HK), Jiangsu Hengrui Medicine (1276.HK), Mire (2629.HK), Ying'en Biotech (9606.HK), Weisheng Pharmaceutical (2561.HK), Yasheng Pharmaceutical Group (NASDAQ:AAPG), Brain Motion Aurora (6681.HK), Health Road (2587.HK), Huahao Zhongtian (2563.HK), Yinosi (688710.SH), Jingtai Technology (2228.HK), Yimai Sunshine (2522.HK), Shenghe Biotech (2898.HK), Quanxin Biotech (2509.HK), Meizhong Jiahé (2453.HK), WuXi AppTec (2268.HK), Neusoft Xikang (9686.HK), Youzhiyou (2496.HK), Yiming Angke (1541.HK), Colombo Therapeutics (6990.HK), LaiKai Medicine (2105.HK), Lzhu Biotech (2480.HK), Meis Health (2415.HK), PHECR, Zhongjin Medical (NASDAQ:ZJYL), Meiliyuan (2373.HK), Kangfeng Biotech (6922.HK), Bao'an Biotech (6955.HK), Suidi (1244.HK), Meihao Medical (1947.HK), Gaoshi Medical (2407.HK), Lepu Xin Tai (2291.HK), Jianshi Technology (9877.HK), Health Yuan (JCARE.SW), Lepu Medical (LEPU.SW), Dingdang Health (9886.HK), Bao'osai Tu (2315.HK), Zhiyun Health (9955.HK), MeinGene (6667.HK), Prenetics (PRE.NASDAQ), Yunkang Group (2325.HK), Ruike Biotech (2179.HK), Lepu Biotech (2157.HK), Baxin An (2185.HK), Yonghe Medical (2279.HK), Kailai Ying (6821.HK), Beihai Kangcheng (1228.HK), Gusheng Tang (2273.HK), Yingpeng Technology (2251.HK), Minimally Invasive Robotics (2252.HK), Harmony Kamman (2256.HK), Xianruida (6669.HK), Kangsheng Global (9960.HK), Yimai Tong (2192.HK), Tengsheng Bopai (2137.HK), Canora (2162.HK), Chaogu Eye Hospital (2219.HK), Guichuang Tongqiao (2190.HK), Hehuang Medicine (0013.HK), Koji Pharmaceutical (2171.HK), Zhaoke Eye Hospital (6622.HK), Nature Pharmaceuticals (UPC.NASDAQ), Sainfo Pharmaceuticals (6600.HK), Zhaoyan New Drugs (6127.HK), Novogene Health (6606.HK), Tianyan Pharmaceuticals (ADAG.NASDAQ), Beikang Medical (2170.HK), Jianbimiao Miao (2161.HK), Minimally Invasive Xin Tong (2160.HK), Jiaosisi Pharmaceutical (1167.HK), HepB Pharma (2142.HK), JD Health (6618.HK), Deqi Medicine (6996.HK), Rongchang Biotech (9995.HK), WuXi AppTec (2126.HK), Siasun Pharmaceutical (2096.HK), Yunding New Yao (1952.HK), Jiahe Biotech (6998.HK), Zai Ding Medicine (9688.HK), Oconavi Vision (1477.HK), Yongtai Biotech (6978.HK), Haipure Pharmaceuticals (9989.HK), Kaidao Pharmaceutical (9939.HK), Peijia Medical (9996.HK), Kangfang Biotech (9926.HK), Nuo Cheng Jianhua (9969.HK), Tianjing Biotech (IMAB.NASDAQ), Kanglong Chemical (3759.HK), China Antibody (3681.HK), Dongyao Pharmaceuticals (1875.HK), Yasheng Pharmaceutical (6855.HK), Fuhong Hanlin (2696.HK), Hansoh Pharmaceutical (3692.HK), Mibo Pharmaceutical (2181.HK), Fangda Holdings (1521.HK), Via Biotech (1873.HK), CStone Pharmaceuticals (2616.HK), Junshi Biotech (1877.HK), WuXi AppTec (2359.HK), Xinda Biotech (1801.HK), Hualing Medicine (2552.HK), BeiGene (6160.HK), Galle Therapeutics (1672.HK), WuXi AppTec (2269.HK), China Resources Medicine (3320.HK), Yacobin Scientific & Pharmaceutical (2633.HK), Hualing China Medicine (HCM.NASDAQ), Gensentech Biotechnology (1548.HK), BBI Life Sciences (1035.HK), Tongyuan Kang Medicine (2410.HK), etc. In terms of the number of listed projects, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong healthcare IPOs, consistently ranking first in market share from 2018 to 2023.

Since the listing of the first batch of companies on the Sci-tech Innovation Board in July 2019, Frost & Sullivan reports have been widely cited in the prospectuses of leading Sci-tech Innovation Board listed companies, including: He Yuan Biology (688765.SH), Hanbang Technology (688755.SH), Zhongyan Shares (688716.SH), Optics Technology (688450.SH), Jinghe Integration (688249.SH), Wuxi Rilian (688531.SH), Maolai Optics (688502.SH), Kangwei Century (688426.SH), Jinchuan Protein (688137.SH), Novogene (688428.SH), Aopu Mabio (688293.SH), MicroPort Electrophysiology (688351.SH), Mengke Pharmaceutical (688373.SH), Yifang Biotech (688382.SH), Jicui Pharmaceutical (688046.SH), Haichuang Pharmaceutical (688302.SH), Rongchang Biotech (688331.SH), Rende Biotech (688193.SH), Shouyao Holdings (688197.SH), Heyuan Biotech (688238.SH), Yaxin Security (688225.SH), Xidi Micro (688173.SH), Mawei Biotech (688062.SH), Yahong Medicine (688176.SH), BeiGene (688235.SH), Jiahe Meikang (688246.SH), Dizhe Medicine (688192.SH), Novogene (688105.SH), Chengda Biotech (688739.SH), Geke Micro (688728.SH), Huaxi Biotech (688363.SH), Junshi Biotech (688180.SH), Zhejiang Pharmaceuticals (688266.SH), BeiGene (688177.SH), Shenzhou Cells (688520.SH), etc., and are considered one of the most powerful, professional, and influential industry research institutions in the sector. We hope to work with enterprises to understand industry trends, seize development opportunities, jointly promote innovation and upgrading of China's healthcare industry, and build a healthy future.