海西新药拟赴港IPO！仿制药赚钱，创新药花

Core Viewpoint - Haixi New Drug is seeking to go public on the Hong Kong Stock Exchange, leveraging its profitability from 14 approved generic drugs, contrasting with other innovative drug companies that are currently operating at a loss [1][2]. Financial Performance - The company reported revenues of 212 million RMB, 317 million RMB, 467 million RMB, and 249 million RMB for the years 2022, 2023, 2024, and the first five months of 2025, respectively. Net profits for the same periods were 68.98 million RMB, 117 million RMB, 136 million RMB, and 90.21 million RMB [2][3]. - Sales from generics are projected to account for 90% of total sales in 2024, primarily driven by the VBP (Volume-Based Procurement) program [1][4]. Product Portfolio - Haixi New Drug has 14 approved generic drugs and four innovative drugs in the pipeline, focusing on diseases related to the digestive, cardiovascular, endocrine, neurological, and inflammatory systems [2][8]. - Key products include Anbili, Haihuitong, Ruian, and Saixifu, with projected revenues from these drugs in 2024 being 146 million RMB, 187 million RMB, 47.99 million RMB, and 43.73 million RMB, respectively [2][3]. VBP Dependency and Risks - The company heavily relies on the VBP program, with 90% of sales in 2024 expected to come from this initiative. The VBP inclusion for major products will expire on December 31, 2025, posing a risk to future revenues if products are removed from the list [1][6][7]. - The expiration of VBP inclusion for key products could adversely affect the company's business and financial performance [6][8]. Research and Development - Haixi New Drug is investing in four innovative drug pipelines, primarily targeting cancer, ophthalmology, and respiratory diseases. The company plans to initiate Phase III clinical trials for C019199 in 2025 and expects HXP056 to complete Phase I trials by the end of 2025 [8]. - R&D expenditures for 2022, 2023, 2024, and the first five months of 2025 were 34.82 million RMB, 36.06 million RMB, 67.52 million RMB, and 22.51 million RMB, respectively [8][9]. Funding and Future Plans - The funds raised from the IPO will be used to enhance R&D capabilities, expand product offerings, improve operational systems, and support general corporate purposes [8].