长风药业港股IPO：收入依赖单一产品，2024年利润下滑

Core Viewpoint - Changfeng Pharmaceutical Co., Ltd. has updated its hearing materials for a Hong Kong IPO application, which was initially submitted in November 2024 but subsequently became invalid. The company previously attempted to list on the A-share market twice but withdrew its second application in June 2024 due to uncertainties regarding the timeline and the need to enter international capital markets. Financial Performance - From 2022 to 2024, the company's revenue increased from 349 million RMB to 608 million RMB. In 2023, the company achieved profitability with a profit of approximately 31.73 million RMB, but profits declined to 21.09 million RMB in 2024 [7][8]. Product Dependency - The company's revenue is heavily reliant on a single product, CF017, which accounted for 96.2%, 98.4%, and 94.5% of total revenue in 2022, 2023, and 2024, respectively. CF017 is an inhalation solution for bronchial asthma and is the highest-selling inhalation drug category in China [2][4][6]. Market Position - CF017 holds a significant market share, accounting for approximately 16% of the Chinese budesonide inhalation drug market by sales volume in 2024 [3]. Cost Structure - The sales and distribution expenses have consistently represented a high percentage of revenue, exceeding 38% from 2022 to 2024. The gross profit margin has shown some fluctuation, with 76.6% in 2022, 82.2% in 2023, and 80.9% in 2024 [8]. Future Development - The company is advancing the global development of over 20 candidate products in major markets such as China, the United States, and Europe, as well as emerging markets in Southeast Asia and South America [6].