海西新药冲击IPO，用仿制药养创新药，销售费用率较高

Core Viewpoint - Fujian Haixi New Drug Creation Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange (HKEX) after previously considering an A-share listing, highlighting its established position with 14 approved generic drugs and profitability [1][5]. Company Background - Founded in March 2012 by Dr. Kang Xinshan and Feng Yan, the company transitioned to a joint-stock company in November 2022, headquartered in Fuzhou, Fujian Province [1][4]. - The company is currently valued at approximately 1.948 billion yuan [4]. Shareholding Structure - The main controlling shareholders include Dr. Kang Xinshan, Feng Yan, and Tai Rui He Investment, holding about 41.17% of the issued share capital [2][3]. Business Model - Haixi New Drug operates a dual-track model, focusing on both generic and innovative drugs, with 14 approved generic drugs and 4 innovative drugs in the pipeline [5][7][11]. - The company’s generic drug portfolio addresses various therapeutic areas, contributing to over 25% of China's pharmaceutical sales in 2023 [8]. Financial Performance - Revenue growth has been observed, with reported revenues of 212 million yuan in 2022, 317 million yuan in 2023, and projected revenues of 467 million yuan in 2024 [19][21]. - The net profit for the same periods was 68.98 million yuan, 117.45 million yuan, and 136.08 million yuan respectively [19][21]. Product Portfolio - The company’s revenue is primarily derived from three products, which accounted for 98.2%, 92.9%, 82.6%, and 84% of total revenue in the respective years [22]. - The product "Haihui Tong" has achieved significant market share, reaching 59.3% in 2024 [22]. Challenges and Competition - The company faces pressure from national centralized procurement, with contracts for four products expiring between 2025 and 2026, which may impact future revenues [23][24]. - The innovative drug pipeline, particularly the C019199, faces intense competition from multiple companies developing similar agents for solid tumors [17][19].