递表港交所！“东北药茅”拟“A+H”上市

Core Viewpoint - Changchun High-tech has submitted an application for H-share listing on the Hong Kong Stock Exchange, which is expected to enhance its global strategy, accelerate internationalization, and improve its financing capabilities [1] Company Overview - Changchun High-tech is recognized as one of the few pharmaceutical companies in China with comprehensive capabilities in research, production, and commercialization across therapeutic biological agents, chemical drugs, vaccines, and traditional Chinese medicine [3][4] - The company has developed a competitive and diversified product matrix, with over 45 commercialized drugs, including more than 20 first-in-class products globally or in China [4] Financial Performance - Revenue projections for Changchun High-tech show a steady increase, with expected revenues of 126.27 billion RMB in 2022, 145.66 billion RMB in 2023, and 134.66 billion RMB in 2024, maintaining over 100 billion RMB in sales for four consecutive years [4][5] - The gross profit margins are projected to be 88%, 86%, 85.7%, and 83.4% for the years 2022, 2023, 2024, and the first half of 2025, respectively [4][5] Research and Development - The company has significantly increased its R&D investment, with a compound annual growth rate of 30.7% from 2012 to 2024, and R&D expenses are projected to account for 10.8%, 11.8%, 16.1%, and 17.5% of total revenue for the years 2022, 2023, 2024, and the first half of 2025, respectively [6] - Changchun High-tech aims to deepen its presence in various therapeutic areas by continuously investing in innovation and accelerating the clinical development of candidate drugs [6] Market Opportunities - The global pharmaceutical market is steadily growing, with the Chinese innovative drug market expected to reach 1,171.5 billion RMB in 2024 and 1,950.5 billion RMB by 2030, reflecting a compound annual growth rate of 8.9% from 2024 to 2030 [8] - The company plans to enhance its global influence through high R&D investments, overseas licensing of innovative drugs, and diversification of its product portfolio [8]