Group 1 - Changfeng Pharmaceutical (02652) is currently in the process of an IPO, with a total of HKD 968.97 million borrowed from brokers including Futu, Huatai, and Xincheng as of September 26 [1][2] - The IPO has been oversubscribed by more than 14.8 times, indicating strong investor interest [1][2] - The total fundraising amount for Changfeng Pharmaceutical is reported to be HKD 61 million [2]

Company Overview - Changfeng Pharmaceutical Co., Ltd. focuses on inhalation technology and drugs, launching a global offering of 41.198 million H-shares at a price of HKD 14.75 per share, with trading expected to start on October 8, 2025 [1] - The company has received multiple institutional investments but did not introduce cornerstone investors for this listing [1] - It has developed a comprehensive product portfolio targeting respiratory diseases, with six products approved by regulatory authorities, including CF017, which is among the best-selling inhalation drugs in China [1][3] Business Model - The core business revolves around inhalation formulations, creating an integrated "R&D-production-commercialization" model [4] - The company is developing over 20 candidate products for global markets, expanding its focus beyond respiratory diseases to include CNS diseases and infections [4] - Revenue is heavily reliant on CF017, contributing 96.2% to 91.6% of total revenue from 2022 to Q1 2025, while other products like CF018 are gradually increasing their revenue share [5] Financial Analysis - Total revenue grew from RMB 349 million in 2022 to RMB 608 million in 2024, with a compound annual growth rate (CAGR) of 31.9% [6] - The company recorded a net loss of RMB 49.4 million in 2022 but turned profitable in 2023 with a net profit of RMB 31.7 million, further increasing to RMB 12.8 million in Q1 2025 [6][7] - Gross margins remained high, averaging around 79.4% in Q1 2025, driven by the high margins of CF017 [7] Competitive Advantages - The company possesses significant technical capabilities in inhalation formulation development, including particle engineering and device design [9] - Its production facility in Suzhou has a capacity to support the annual production of various inhalation products, with ongoing expansions to increase capacity [9] - The commercial network covers over 31 provinces in China, with a shift from a promotion-heavy model to a distributor-led approach, enhancing market penetration [9] Industry Outlook - The global respiratory drug market is projected to reach USD 157.2 billion by 2033, with inhalation formulations being a key growth area [10] - In China, the inhalation drug market is expected to grow from RMB 831 billion in 2024 to RMB 1.355 trillion by 2033, driven by increased market awareness and application [10] - Changfeng's CF017 has captured approximately 15.7% of the Chinese budesonide inhalation market, indicating a strong position among domestic competitors [11] Valuation Analysis - The company's market capitalization at the IPO price is approximately HKD 60.77 billion (RMB 55.71 billion), with a price-to-earnings (PE) ratio of about 88.9, reflecting growth expectations [12] - Compared to peers like GSK and AstraZeneca, which have lower PE ratios, Changfeng's valuation is considered high but justified by its growth rate and product pipeline [13] - Future performance will depend on the successful launch of new products and maintaining high profitability levels [13]

Group 1 - The core focus of the company is on the research, development, production, and commercialization of inhalation technology and inhalation drugs for treating respiratory diseases [3] - The company has received six product approvals from the National Medical Products Administration (NMPA) and the U.S. Food and Drug Administration (FDA) during the reporting period [3] - CF017, an inhalation suspension of budesonide for treating bronchial asthma, is the company's first approved product and has quickly become a leading inhalation drug in China [3][4] Group 2 - CF017 is projected to account for approximately 16% of the Chinese budesonide inhalation drug market by sales volume in 2024 [3] - The company's revenue is expected to grow significantly from RMB 349.1 million in 2022 to RMB 607.8 million in 2024, representing a compound annual growth rate (CAGR) of 31.9% [3] - The inhalation formulation market for respiratory diseases is expected to represent about 27.9% of the total respiratory drug market in China by 2024 [4] Group 3 - The company recorded a net loss of RMB 49.4 million in 2022, primarily due to the large-scale commercialization of CF017 starting in September 2021 [4] - The company achieved profitability in 2023, with net profit increasing from RMB 6.2 million in the first three months of 2024 to RMB 12.8 million in the same period of 2025 [4] - The increase in profit is attributed to the integration of third-party promotional functions into the company's distributors, streamlining sales and marketing practices [4]

Group 1 - The company plans to globally offer 41.198 million shares, with 4.12 million shares for Hong Kong and 37.078 million shares for international sale [1] - The subscription period is from September 26 to October 2, with a maximum offer price of HKD 14.75 per share and an entry fee of approximately HKD 7,449.38 for 500 shares [1] - The total expected fundraising amount is HKD 608 million, with a net amount of HKD 525 million, aimed at funding the ongoing R&D, clinical development, and commercialization of inhalation formulation candidates [1] Group 2 - The company is focused on the research, production, and commercialization of inhalation technology and drugs, specifically targeting respiratory diseases [1] - The product portfolio strategically aligns with four of the top ten global inhalation drugs projected for 2024, with total sales revenue of USD 4.1 billion [1] - The company has reported net profits of CNY 31.726 million, CNY 21.088 million, and CNY 12.815 million for the fiscal years 2023, 2024, and the first quarter of 2025, reflecting year-on-year changes of 164.22%, -33.53%, and 108.31% respectively [2]

長風藥業股份有限公司 C F P h a rm Te ch , I n c . （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2652 全球發售 聯席保薦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：倘 閣下對本招股章程任何內容有任何疑問，應徵詢獨立專業意見。 CF PharmTech, Inc. 長風藥業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 足，多繳股款可予退還） 聯席保薦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 | 10中信证券 | | --- | | | | 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就 因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本招股章程連同本招股章程「附錄八－送呈公司註冊處處長及展示文件」所述的文件均已遵照香港法例第32章《公司（清盤及雜項條文）條例》第342C條的規定送呈香港公司註 冊處處長登記。香港證券 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 本公告不會直接或間接於或向美國（包括美國的領土及屬地、任何州及哥倫比亞特區）發表、 刊發、派發。本公告並不構成或組成在美國或有關要約或招攬將屬違法的任何其他司法權區任 何出售證券的要約或招攬購買或認購證券的一部分。本公告所述證券並無亦不會根據《1933年 美國證券法》（經不時修訂）（「《美國證券法》」）或美國任何州的證券法登記。證券不可在美國境 內或向美籍人士（定義見《美國證券法》S規例（「S規例」））或以其名義或為其利益提呈發售、出 售、質押或轉讓，惟獲豁免遵守《美國證券法》的登記規定或並非受該等登記規定規限的交易以 及遵守任何適用州證券法律除外。證券將不會在美國公開發售。發售股份依據《美國證券法》S 規例以境外交易在美國境外提呈發售及出售。 本公告僅作說明用途，並不構成收購、購買或認購本公司證券的邀請或要約。本公告並非招股 章程。潛在投資者於決定是 ...