集采红利要见顶？海西新药再冲港股：主力仿制药年底到期，创新药管线却“断档”｜创新药观察

Core Viewpoint - Fujian Haixi New Drug Creation Co., Ltd. is seeking to list on the Hong Kong Stock Exchange, heavily relying on its generic drug business, which accounted for over 90% of its revenue from 2022 to 2024, driven by national procurement policies [1][2] Financial Performance - The company experienced significant growth, with a compound annual growth rate (CAGR) of 48.4% in revenue from 2022 to 2024, increasing from 212.5 million RMB to 466.7 million RMB, and net profit doubling from 69 million RMB to 136 million RMB [1][3][8] - Major contributors to revenue include four generic drugs, which accounted for over 90% of total income, with the core product, Haihuaitong, achieving a market share of 59.3% in 2024 [3][4] Market Dynamics - The "volume-based procurement" model has led to a significant increase in sales volume, with the price of the drug Anbili dropping by 60% but sales increasing by 320%, contributing 146 million RMB in revenue in 2024 [4] - The average gross margin for the domestic generic drug sector is around 50%, while Haixi New Drug maintains a gross margin above 80% through a light-asset model [4][5] Innovation Pipeline - The company has only four innovative drugs in early clinical stages, indicating a lack of robust innovation pipeline, which contrasts sharply with its strong generic drug performance [6][7] - R&D spending in 2024 was only 14.5% of revenue, significantly lower than leading companies in the industry, raising concerns about the company's ability to fund its innovation efforts [7] IPO and Future Outlook - The IPO aims to raise funds primarily for innovative drug development, but the market is cautious about companies heavily reliant on generic drugs, with average valuations for generic firms significantly lower than those for innovative drug companies [10] - The company faces pressure to demonstrate the clinical value of its innovative pipeline to avoid valuation discounts during the IPO process [10]