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 that has achieved full industry chain capabilities in therapeutic biological agents, chemical drugs, vaccines, and traditional Chinese medicine [3] - 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 - The projected sales revenue for Changchun High-tech's pharmaceutical products is expected to reach 12.7 billion RMB in 2024, maintaining over 10 billion RMB for four consecutive years [4] - Revenue figures for the years 2022 to 2025 show a steady increase, with revenues of 12.63 billion RMB in 2022, 14.57 billion RMB in 2023, and projected revenues of 13.47 billion RMB in 2024 and 6.60 billion RMB in the first half of 2025 [5] - Gross 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 [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 through continuous innovation and R&D investment [6] Market Opportunities - The global pharmaceutical market is steadily developing, with the Chinese pharmaceutical market expected to grow significantly [7] - According to a Frost & Sullivan report, the Chinese innovative drug market is projected to reach 1.1715 trillion RMB in 2024 and 1.9505 trillion RMB by 2030, with 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 investment, expanding its product portfolio, and improving manufacturing capabilities to meet market demand [8]