长风药业港股IPO：业务严重依赖单一产品 研发投入持续加大

Core Viewpoint - Changfeng Pharmaceutical Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, focusing on the research, production, and commercialization of inhalation technologies and drugs for respiratory diseases [1][2]. Group 1: Company Overview - Changfeng Pharmaceutical specializes in inhalation technology and drugs, targeting the treatment of respiratory diseases with a broad product portfolio [1]. - The company has received six product approvals from the National Medical Products Administration and the U.S. FDA, demonstrating its capabilities in clinical development, production, regulatory affairs, and commercialization [1]. - The first approved product, CF017 (inhaled budesonide suspension), was approved in May 2021 and has rapidly entered China's centralized procurement program, contributing to market growth [1]. Group 2: Product Development and Market Expansion - Changfeng is actively developing over 20 candidate products globally, including in major markets like China, the U.S., and Europe, as well as emerging markets in Southeast Asia and South America [1]. - The company is exploring innovative inhalation formulations such as liposomes and siRNA, and is expanding its treatment areas to include central nervous system diseases and infections [1]. - Potential first-in-class or China-first treatments are being developed for idiopathic pulmonary fibrosis and pulmonary hypertension [1]. Group 3: Financial Performance - Revenue increased significantly from RMB 349 million in 2022 to RMB 608 million in 2024, with a compound annual growth rate of 31.9% [2]. - The company recorded a net loss of RMB 49.4 million in 2022, but achieved net profits of RMB 31.73 million and RMB 21.09 million in 2023 and 2024, respectively [2]. - Research and development expenses were RMB 107 million, RMB 133 million, and RMB 122 million for 2022, 2023, and 2024, respectively, with capitalized R&D costs recognized during the same period [2]. Group 4: Revenue Dependency and Risks - Changfeng Pharmaceutical heavily relies on the sales of CF017, which accounted for 96.2%, 98.4%, and 94.5% of total revenue in 2022, 2023, and 2024, respectively [2]. - The company faces uncertainties from China's centralized procurement program, which may adversely affect market share and profitability [2].