创业板时隔近两年再度纳新药企！联亚药业换赛道再闯A股，高度依赖第一大客户

Core Viewpoint - Nantong Lianya Pharmaceutical Co., Ltd. has successfully submitted its IPO application for the ChiNext board, marking the return of pharmaceutical companies to this market after nearly two years [1][3] Company Overview - Lianya Pharmaceutical focuses on the research, production, and sales of complex drug formulations, primarily offering high-end generic drugs, including controlled-release formulations and low-dose drug formulations [3] - The company has previously attempted to list on the Sci-Tech Innovation Board but withdrew its application after three rounds of inquiries [3][4] IPO Details - The company aims to raise 950 million yuan (approximately 9.5 billion yuan) for its IPO, a decrease from the previously planned 1.05 billion yuan (approximately 10.5 billion yuan) during its Sci-Tech Innovation Board application [1][5] - The funds will be allocated to industrialization base projects, drug research and development, and working capital [6] Fund Allocation - The industrialization base project will receive 306 million yuan for production base construction and 266 million yuan for R&D center construction, expected to add 1 billion tablets and 100 million capsules in production capacity [6] - The drug R&D project will receive 328 million yuan, focusing on 28 product pipelines across various therapeutic areas, including gynecology, hypertension, central nervous system disorders, and diabetes [6] Financial Performance - Lianya Pharmaceutical has shown increasing net profits, with projected revenues of approximately 550 million yuan, 700 million yuan, and 866 million yuan for the years 2022 to 2024, respectively [8] - Corresponding net profits are expected to be around 113 million yuan, 116 million yuan, and 260 million yuan for the same period [8] Customer Dependency - The company has a significant reliance on its largest customer, Ingenus, which accounted for over 50% of its revenue during the reporting period [9] - Revenue from Ingenus was approximately 398 million yuan, 397 million yuan, and 449 million yuan for the years 2022 to 2024, representing 72.36%, 56.63%, and 51.87% of total revenue, respectively [9][10] - Ingenus is a comprehensive pharmaceutical company based in the U.S., focusing on the development and commercialization of generic drugs [10]