南通联亚药业重启IPO 仿制药主攻美、中市场

Core Viewpoint - Lianya Pharmaceutical is applying for an IPO on the Shenzhen Stock Exchange's Growth Enterprise Market, focusing on high-end generic drugs, with significant revenue from the U.S. market and a growing domestic presence [1] Group 1: Company Overview - Lianya Pharmaceutical's main business is high-end generic drugs, with a significant portion of revenue coming from the U.S. market, accounting for approximately 62% of total revenue in 2024 [1] - The company has developed six major technology platforms and has received FDA approval for 44 self-developed products, targeting conditions such as hypertension, coronary heart disease, diabetes, and female contraception [1] Group 2: Financial Performance - The company's revenue for the years 2022 to 2024 is projected to be 550.07 million yuan, 700.43 million yuan, and 866.22 million yuan, respectively [1] - The net profit excluding non-recurring items for the same period is expected to be 68.84 million yuan, 86.87 million yuan, and 180.93 million yuan [1] Group 3: Product Pipeline and Market Strategy - Lianya Pharmaceutical has 45 ongoing projects in generic drugs and 2 in improved new drugs, with some projects, such as estrogen-releasing tablets, showing potential for first generic status [1] - The company aims to internationalize its self-developed high-end formulations and quickly introduce them to the domestic market, aligning with healthcare reform to reduce drug costs for patients [2] Group 4: Domestic Market Challenges - The domestic business is still in its early stages, with limited product types generating sales revenue, and some approved products not yet included in the medical insurance directory or centralized procurement list, affecting market promotion and sales [2] Group 5: Customer Concentration Risk - The company faces high customer concentration risk, with sales to its largest customer, Ingenus, accounting for 72.36%, 56.63%, and 51.87% of total revenue from 2022 to 2024 [3] - Ingenus holds exclusive distribution rights for key products in the U.S. market, indicating a significant overlap in business operations [3] Group 6: Fundraising Plans - Lianya Pharmaceutical plans to raise a total of 950 million yuan for projects including production base construction, research center development, drug research, and working capital [3]