In the new phase of high-quality development in the capital markets, the Board Secretary, serving as the hub for value transmission of listed companies, remains a solid bridge connecting enterprises with countless investors, a core forger of capital brands, and a key builder of market trust.
Nanjing King-Friend Biochemical Pharmaceutical Co.,Ltd. (Jianyou Shares) Board Secretary Huang Xiwei was recently featured in an interview, providing an in-depth look at the company's capital value and development strategy.
Company Overview and Operations
Huang Xiwei stated that Nanjing King-Friend Biochemical Pharmaceutical Co.,Ltd. was founded in 2000 and listed on the Shanghai Stock Exchange Main Board in 2017. After over two decades of persistent effort, the company has evolved from a business focused on the heparin sector into an international pharmaceutical group integrating drug R&D, production, and sales, with operations spanning chemical and biological drugs. The company is one of the world's largest suppliers of heparin active pharmaceutical ingredients and finished dosage forms, with over 80 finished drug varieties operating in more than 60 countries and regions globally.
The company's vision is to "build a world-class biopharmaceutical enterprise," dedicated to creating an integrated international finished dosage form platform and serving as a vital bridge for Chinese pharmaceutical companies entering the international market. The corporate culture principles of "Sunshine Culture, Quality Products, Excellent Operations, Shared Development" form the foundation of all its business activities.
Core Business Structure: A Three-Tiered Approach
Huang Xiwei outlined the company's core business as a three-tiered model: "Finished Dosage Forms as Foundation, Biologics Implementation, and Innovation Breakthrough." This structure is designed to progressively elevate the company's growth potential, moving from established mature businesses towards high-value-added innovative fields.
For the foundational finished dosage form business, the company started with standard heparin production and gradually became one of the major heparin API producers domestically and globally. It then initiated heparin finished product R&D and successfully expanded small molecule injectables overseas. Today, it is a global supplier of multi-variety, high-end sterile injectables with complete capabilities across the entire industry chain from drug development and large-scale production to commercialization. By the end of 2025, the company held over 100 overseas drug registration approvals and over 30 Chinese drug registration approvals, primarily for low molecular weight heparin products, anti-tumor injectables, and other high-value sterile injectables, forming a stable source of revenue and profit.
Regarding biologics implementation, following becoming the first Chinese pharmaceutical company to receive full FDA approval for an adalimumab biosimilar in the US, the company's self-developed liraglutide biosimilar received FDA approval and launched in April 2025. Since its market launch, Liraglutide Injection has achieved sales exceeding 90 million RMB, fully validating the company's mature overseas commercialization capabilities. Leveraging years of accumulated sales networks and channel resources in the US market, the company possesses the ability to rapidly realize product commercial value. Key follow-up projects like insulin aspart, insulin glargine, and insulin lispro are also expected to gain approvals. Additionally, the company utilizes its advanced process R&D and compliant production capabilities to assist global clients in accelerating pipeline development through CDMO services. CDMO has become an optimal model for collaborative development with industry peers, with the company's mission being to "help more peers achieve breakthroughs in the global market, building the brand of China's pharmaceutical industry."
For innovation breakthroughs, to adapt to the domestic pharmaceutical industry's shift from generic to innovative drugs and enhance independent innovation capabilities, the company established a Biopharmaceutical Business Unit on the foundation of its existing API and sterile injectables products. This unit includes protein design, drug delivery systems, molecular biology, and cell biology platforms, aiming to become an innovative, international, world-class biopharmaceutical enterprise. Its core product, XTMAB-16, the world's first TNF-α monoclonal antibody targeting pulmonary sarcoidosis, has successfully completed Phase II clinical trials, received FDA orphan drug designation, and is advancing into Phase III, with the potential to become a future blockbuster product.
In 2025, Nanjing King-Friend Biochemical Pharmaceutical Co.,Ltd. achieved operating revenue of 39.91 billion RMB and net profit attributable to shareholders of 5.82 billion RMB. The company is currently in a strategic investment phase, increasing layout and promotion for new product markets, leading to growth in sales expenses. Notably, net cash flow from operating activities remained healthy at 11.83 billion RMB, indicating overall stable operations. More importantly, the continuous enrichment of the product pipeline and deepening international layout lay a solid foundation for future long-term growth.
The Role of the Board Secretary
When asked about the core role of a Board Secretary, Huang Xiwei stated that the position is not only a senior executive role but also serves as an "information hub" and "value bridge" connecting the company, the capital market, and investors. This role carries at least a threefold mission: guardian of compliance, communicator of value, and connector of capital. At Nanjing King-Friend Biochemical Pharmaceutical Co.,Ltd., investor relations management is always a priority. The company maintains regular communication with investors through various channels such as earnings conference calls, investor meetings, and on-site research. Recently, the company released its "2026 Action Plan for Improving Quality, Efficiency, and Emphasizing Returns," a concrete embodiment of its "investor-centric" philosophy, aimed at enhancing investor returns by improving operational quality, perfecting corporate governance, and actively rewarding shareholders.
Strategic Layout and Growth Balance
Regarding the company's strategic layout, Huang Xiwei explained that they continue to deepen their core heparin business while evolving the injectables platform to expand into high-value areas like oncology and anesthesia. More importantly, the company is actively laying out new biologics tracks to open second and third growth curves. For improving quality and efficiency, the company maintains a high R&D investment ratio (20.43% of revenue in 2025) and possesses globally leading isolator production lines and high-end sterile injectable production technology, with 12 production lines certified by the US FDA, ensuring product quality and production efficiency.
On balancing scale expansion with connotative growth, Huang emphasized the key is "focusing on what matters and exercising strategic patience." The company always prioritizes enhancing the profitability and operational efficiency of existing businesses as its foundation. Scale expansion serves strategic objectives, such as establishing a sales platform in the US and an EM center in Singapore to build global capabilities. All investments and mergers and acquisitions revolve around the core strategy, ensuring every investment generates long-term value.
Globalization Strategy and Core Advantages
The company's globalization strategy is "based in China and the US, with a global vision." It uses the US market as a bridgehead and profit center, leveraging its FDA-certified finished product capabilities and mature commercialization team to deeply participate in the world's most competitive market. Simultaneously, it utilizes China as its R&D and production base to supply high-quality products to the global market. The company adopts a "tackle the hard part first" approach, first conquering regulated markets like Europe and the US, then expanding into emerging markets. By the end of 2025, its products were operating in over 60 countries and regions.
Currently, the US market is the core of its international business, while the company is actively expanding into Europe, Brazil, Southeast Asia, and other markets. It focuses on high-value-added sterile injectables, particularly in anticoagulation, oncology, and anesthesia. Core advantages include: 1) Full industry chain capability from API to finished products; 2) An international quality system widely certified by global mainstream drug regulatory agencies; 3) Efficient R&D and registration capabilities.
Addressing Overseas Challenges and ESG Commitment
To address challenges like overseas policies and geopolitical environments, the company employs several strategies: establishing localized teams to track policy changes in real-time and adhering to a "dual submission in China and the US" strategy to diversify risk; insisting on compliant operations, respecting local cultures, and better integrating into markets through localized teams; and adopting a model of "global R&D, local supply, local sales" to combine global resources with local insights.
Regarding ESG development, the company systematically outlined its ESG philosophy in its 2025 Sustainability Report. The overarching concept is "ensuring safety with quality, promoting development with innovation, and building reputation with responsibility," firmly believing that sustainable development is an inherent requirement for high-quality corporate operation. The company focuses on four core dimensions: product responsibility, environmental management, social responsibility, and corporate governance. It bases its efforts on the pharmaceutical industry's essence, drives long-term stable development with responsibility, coordinates economic, social, and environmental benefits, adheres to drug safety bottom lines, practices green and low-carbon initiatives, compliant governance, and full-chain social responsibility, implementing ESG management for all stakeholders including shareholders, patients, employees, the supply chain, and society.