新股消息 | 长风药业通过聆讯 CF017商业化推广成功 为中国销量最高的吸入药物类别

Core Viewpoint - Changfeng Pharmaceutical Co., Ltd. is advancing its listing process on the Hong Kong Stock Exchange, with a focus on inhalation technology and respiratory disease treatments, amidst a growing global market for respiratory medications [1][4]. Company Overview - Established in 2007, Changfeng Pharmaceutical specializes in the research, production, and commercialization of inhalation drugs targeting respiratory diseases [4]. - The company has developed a robust market presence with its first approved product, CF017, a budesonide inhalation suspension for bronchial asthma, which has captured approximately 16% of the Chinese market by volume as of 2024 [4][5]. Market Potential - The global respiratory drug market is projected to grow from an estimated USD 99.9 billion (approximately RMB 729.2 billion) in 2024 to USD 157.2 billion (approximately RMB 1,147.4 billion) by 2033, reflecting a compound annual growth rate (CAGR) of 5.2% [4]. - Nearly 2.5 billion people worldwide suffer from chronic respiratory diseases, indicating a significant and expanding market opportunity [4]. Product Development and Pipeline - Changfeng Pharmaceutical is advancing over 20 candidate products for global development across major markets such as China, the U.S., and Europe, as well as emerging markets in Southeast Asia and South America [7]. - The company is exploring innovative inhalation formulations and new therapeutic areas, including CNS diseases and anti-infection treatments, alongside developing novel therapies for conditions like idiopathic pulmonary fibrosis (IPF) and pulmonary arterial hypertension (PAH) [7]. Financial Performance - Revenue is expected to grow from RMB 349.1 million in 2022 to RMB 607.8 million in 2024, representing a CAGR of 31.9% [8]. - Gross profit is projected to reach RMB 491.4 million in 2024, with a year-on-year growth of approximately 7.2% [8]. - The company benefits from economies of scale and is actively managing administrative expenses, anticipating a decrease in the proportion of administrative costs relative to revenue as the business expands [8].