Market Announcement | Frost & Sullivan Congratulates Changzhou BaiRuiJi Biopharmaceutical Co., Ltd. on Successfully Listing on the Beijing Stock Exchange (920201.BJ)
Market Announcement | Frost & Sullivan Congratulates Changzhou BaiRuiJi Biopharmaceutical Co., Ltd. on Successfully Listing on the Beijing Stock Exchange (920201.BJ)
Frost & Sullivan
Changzhou BaiRuiJi Biopharmaceutical Co., Ltd. (Securities Code: 920201.BJ) officially listed on the Beijing Stock Exchange on September 24, 2026. BaiRuiJi has been focusing on post-operative wound repair, leveraging its self-developed cross-linking hyaluronic acid technology platform to develop a product portfolio covering uterine cavity, pelvic (abdominal) cavity, and nasal (sinus) cavity biomedical materials. Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') would like to extend its warm congratulations on the company's successful listing.
Changzhou BaiRuiJi Biopharmaceutical Co., Ltd. (hereinafter referred to as 'BaiRuiJi') successfully listed on September 24, 2026, with 8.2258 million shares issued at a price of 16.77 yuan per share.
PART/1
Investment Highlights
BaiRuiJi focuses on post-operative wound repair. With technologies such as self-crosslinked and biological simulation materials, BaiRuiJi has established a research and development platform for biological simulation tissue repair and regeneration materials, developing products for post-operative adhesion prevention and tissue repair;
BaiRuiJi's products cover multiple clinical scenarios, including cross-linked sodium hyaluronate gel for the uterine cavity, cross-linked sodium hyaluronate gel for the pelvic (abdominal) cavity, and medical cross-linked sodium hyaluronate gel for the nasal (sinus) cavity. Among them, the cross-linked sodium hyaluronate gel for the uterine cavity is the first Class III medical device in China approved by the National Medical Products Administration for preventing post-operative adhesion in the uterine cavity;
BaiRuiJi's product sales continue to expand. As of December 31, 2025, the company's main products had been admitted to approximately 2,300 hospitals in China, including about 700 third-class tertiary hospitals; the products have also been sold to countries such as the United States, Germany, the UK, France, and Australia;
BaiRuiJi has achieved significant research and development and registration results. As of December 31, 2025, the company had 3 products obtaining the registration certificate for Class III medical devices from the National Medical Products Administration, 6 products obtaining the registration certificate for Class II medical devices, 4 products obtaining the CE mark, and 2 products obtaining FDA filing in the United States. The company has been recognized as a national-level specialized and innovative "little giant" enterprise.
In 2023, BaiRuiJi's cross-linked sodium hyaluronate gel for the uterine cavity had a market share of 38.35% in the Chinese post-operative adhesion prevention product market, ranking first; the medical cross-linked sodium hyaluronate gel had a market share of 31.83% in the Chinese nasal (sinus) cavity post-operative adhesion prevention product market, also ranking first. The company has established a strong market position in these niche areas.
Frost & Sullivan has long focused on the global and Chinese biomedical materials industry, published numerous research reports, and these reports have been widely used in the prospectuses of leading listed companies on the Beijing Stock Exchange, helping clients accelerate their growth.
PART/2
Overview of the Biomedical Materials and Post-Operative Adhesion Prevention Market
Biological materials integrate multidisciplinary technologies such as materials science, biology, and medicine. Post-operative adhesion prevention materials can form a physical barrier in the early stage of tissue healing, reducing contact between adjacent wounds; depending on the application site and surgical method, products can be in different forms such as gels, membranes, or solutions. Calculated at the entry price level, the Chinese post-operative adhesion prevention biomedical materials market was approximately 2.215 billion yuan in 2018 and increased to 3.868 billion yuan in 2023, with a compound growth rate of approximately 11.79% from 2018 to 2023. With the continuous expansion of surgeries and patients' increasing awareness of post-operative adhesion prevention, the Chinese post-operative adhesion prevention biomedical materials market is expected to grow to 11.375 billion yuan in 2027 at a year-on-year compound growth rate of 30.95%, and then to 34.592 billion yuan in 2032 at a year-on-year compound growth rate of 24.91%.
2018-2032E, Size of the Chinese Post-Operative Adhesion Prevention Biomedical Materials Market
Note: 1. Entry price level; 2. The above post-operative adhesion prevention biomedical materials market includes biomedical medical devices used in gynecology, general surgery, otolaryngology, orthopedics, etc., and does not include other medical devices such as balloons and stents.
Source: Frost & Sullivan Report
PART/3
Size and Forecast of the Chinese Uterine Cavity Post-Operative Adhesion Prevention Market
With the development of hysteroscopic surgery and the emphasis on post-operative adhesion prevention in clinical practice, the application of post-operative adhesion prevention products is gradually increasing. Calculated at the entry price level, the size of the Chinese uterine cavity post-operative adhesion prevention market increased from 656 million yuan in 2018 to 1.389 billion yuan in 2023, and is expected to reach 3.048 billion yuan in 2027 and 7.015 billion yuan in 2032.
2018-2032E, Size of the Chinese Uterine Cavity Post-Operative Adhesion Prevention Market
Source: Frost & Sullivan Report
In terms of competitive landscape, in 2023, BaiRuiJi's cross-linked sodium hyaluronate gel for the uterine cavity had a market share of 38.35% in the Chinese post-operative adhesion prevention product market. This product is also the first Class III medical device in China approved for preventing post-operative adhesion in the uterine cavity.
2023 Market Share of Chinese Uterine Cavity Post-Operative Adhesion Prevention Products, Breakdown by Manufacturer
Note: When calculating the proportion of surgeries, the denominator is the number of operating tables using adhesion prevention products. If a manufacturer's product is used in combination with other products, the combined number of surgeries is separately counted in the manufacturer's total number of surgeries. Intrauterine devices/baggage catheters are not recalculated.
Source: Frost & Sullivan Analysis
PART/4
Size and Forecast of the Chinese Pelvic (Abdominal) Cavity Post-Operative Adhesion Prevention Market
Post-operative adhesions in the pelvic (abdominal) cavity may affect patient recovery and increase the difficulty of subsequent treatment. Calculated at the entry price level, the size of the Chinese pelvic (abdominal) cavity post-operative adhesion prevention market increased from 1.19 billion yuan in 2018 to 2.36 billion yuan in 2023. With the rapid development of laparoscopic technology in China and the increasing popularity of day surgery, it is expected to reach 5.768 billion yuan in 2027 and 13.000 billion yuan in 2032.
2018-2032E, Size of the Chinese Pelvic (Abdominal) Cavity Post-Operative Adhesion Prevention Market and Forecast
Source: Frost & Sullivan Report
Currently, this market mainly uses liquid and diaphragm types of adhesion prevention materials. Based on the number of surgeries in 2023, the shares of liquid materials and diaphragm materials were approximately 58.13% and 40.20% respectively; the semi-solid cross-linked sodium hyaluronate gel launched by BaiRuiJi in 2022 was the only semi-solid adhesion prevention product available in the market as of 2023. In 2023, the share of surgeries was approximately 1.67%, a significant increase compared to 0.09% in 2022.
2023 Market Share of Chinese Pelvic (Abdominal) Cavity Post-Operative Adhesion Prevention Products, Breakdown by Product Category
Source: Frost & Sullivan Report
PART/5
Size and Forecast of the Chinese Nasal (Sinus) Cavity Post-Operative Adhesion Prevention Market
With the development of nasal endoscopic surgery and the increasing use of post-operative adhesion prevention products, the nasal (sinus) cavity post-operative adhesion prevention market continues to develop. Calculated at the entry price level, the size of the Chinese nasal endoscopic chronic sinusitis post-operative adhesion prevention market increased from 50 million yuan in 2018 to 220 million yuan in 2023, and is expected to reach 497 million yuan in 2027 and 8.75 billion yuan in 2032.
2018-2032E, Size of the Chinese Nasal Endoscopy Chronic Sinusitis Post-Operative Adhesion Prevention Market
Source: Frost & Sullivan Report
Based on the relevant number of surgeries in 2023, BaiRuiJi, PuYi Biology, and SaiKeSaiSi have respective manufacturer shares of 30.50%, 31.83%, and 27.19% in the Chinese nasal (sinus) cavity post-operative adhesion prevention product market, with BaiRuiJi ranking first. BaiRuiJi's medical cross-linked sodium hyaluronate gel is the first Class III medical device in China approved for preventing post-operative adhesion in the nasal (sinus) cavity.
2023 Market Share of Chinese Nasal (Sinus) Cavity Post-Operative Adhesion Prevention Products, Breakdown by Manufacturer
Source: Frost & Sullivan Report
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