鲁股观察 | 科兴制药赴港上市，创新药管线能否赢得市场青睐

Core Viewpoint - The company, Kexing Pharmaceutical, announced plans to issue H-shares for a Hong Kong listing, joining a wave of A-share companies pursuing dual listings to enhance internationalization and diversify financing channels [1][5] Group 1: Company Developments - Kexing Pharmaceutical's revenue for the first half of 2025 was 700 million yuan, a year-on-year decrease of 7.82%, while net profit attributable to shareholders reached 80.34 million yuan, a significant increase of 576.45% [1] - The company reported a net cash flow from operating activities of 30 million yuan, a year-on-year increase of approximately 188%, attributed to increased sales collections and reduced operating expenses [2] - The company has made significant progress in innovative drug research, with its interferon α1b inhalation solution being included in the list of breakthrough therapies by the National Medical Products Administration [2][3] Group 2: Market Position and Strategy - Kexing Pharmaceutical's overseas commercialization platform has expanded to over 40 countries, covering emerging markets with populations over 100 million and GDP rankings within the top thirty [4] - The company aims to build a dual financing platform through the A+H listing, facilitating coordinated development in domestic and international markets and accelerating its internationalization process [5] - The company focuses on various therapeutic areas, including antiviral, oncology, and immunology, with a research and development investment of approximately 95.97 million yuan in the first half of 2025, representing 13.70% of its revenue [3]