长春高新递表港交所，拟"A+H"上市

Group 1 - The core viewpoint of the news is that Changchun High-tech Industry (Group) Co., Ltd. has submitted a listing application, with CITIC Securities International as the sole sponsor [1] - Established in 1993, the company initially focused on infrastructure and real estate development in Changchun, and strategically shifted its focus to the pharmaceutical industry in 1996 [1] - Changchun High-tech has developed a comprehensive capability in research, manufacturing, and commercialization through investments in subsidiaries such as Jinsai Pharmaceutical, Baike Biological, and Huakang Pharmaceutical [1] Group 2 - The company has become a leading innovation-driven pharmaceutical group in China, covering therapeutic biological agents, chemical drugs, vaccines, and traditional Chinese medicine [1] - According to Frost & Sullivan, Changchun High-tech is one of the few pharmaceutical companies in China that has achieved full industry chain capabilities in the aforementioned drug types [1] - The product portfolio includes over 45 commercialized drugs, with more than 20 being first-in-class products globally and/or in China [1] Group 3 - Recently, the company has faced short-term pressure, with over 90% of its drug sales revenue coming from six major products [2] - A projected revenue decline of 7.5% year-on-year for 2024 is attributed to the normalization of shingles vaccine sales and a decrease in sales of the company's water injection product [2] - Financial data shows that the company achieved revenues of 12.63 billion, 14.57 billion, 13.47 billion, and 6.60 billion RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively, with significant profit declines [2]