国产吸入药物龙头长风药业闯关港交所 CF017放量驱动业绩高增

Core Viewpoint - Changfeng Pharmaceutical Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CITIC Securities and China Merchants Jinling International as joint sponsors [1]. Group 1: Company Overview - Changfeng Pharmaceutical focuses on the research, development, production, and commercialization of inhalation technology and inhalation drugs, primarily targeting respiratory diseases [3]. - The company has developed a diverse product portfolio that addresses a wide range of patients, medical specialties, and treatment areas [3]. Group 2: Key Products and Market Position - CF017, an inhalation solution of budesonide for treating bronchial asthma, is the company's first approved product and the best-selling inhalation drug category in China. It was approved in May 2021 and has since been included in China's centralized procurement (VBP) plan, leading to market growth [3]. - By 2024, CF017 is projected to capture approximately 16% of the Chinese budesonide inhalation drug market by sales volume [3]. - The company is advancing over 20 candidate products for global development in major markets like China and the U.S., as well as emerging markets in Southeast Asia and South America [3]. Group 3: Recent Developments and Financial Performance - In May 2024, the company successfully obtained FDA approval for GW006, an aerosol solution of afromoterol for treating chronic obstructive pulmonary disease (COPD) [4]. - CF018, the first approved nasal spray for moderate to severe allergic rhinitis in China, has penetrated over 500 hospitals and medical institutions after being included in the 2023 National Medical Insurance Drug List [5]. - The commercialization of CF017 significantly boosted the company's revenue, with revenues of approximately RMB 349 million, RMB 556 million, and an estimated RMB 608 million for the years 2022, 2023, and 2024, respectively [5][6]. - The gross profit for the same years was approximately RMB 267 million, RMB 458 million, and RMB 491 million, indicating a strong growth trajectory [5][6].