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Core Viewpoint - Changchun High-tech has submitted an application for overseas listing (H shares) on the Hong Kong Stock Exchange, following a significant decline in its stock price, which has dropped over 70% since 2021 due to price reductions in its core product, growth hormone, resulting in a projected decline in revenue and net profit for 2024 and the first half of 2025 [2][10]. Financial Performance - In 2024, Changchun High-tech's revenue is expected to be 13.466 billion yuan, a year-on-year decrease of 7.55%, while net profit is projected at 2.583 billion yuan, down 43.01% [4]. - For the first half of 2025, the company anticipates revenue of 6.603 billion yuan, a slight decline of 0.54%, and a net profit of 983 million yuan, down 42.85% [4]. - The gross profit margin from drug sales has decreased from 91.6% in 2022 to 88.6% in the first half of 2025 [6]. Core Business Impact - The main revenue and profit contributions come from the growth hormone business of Jinsai Pharmaceutical, which saw a revenue of 10.671 billion yuan in 2024, down 3.73%, and a net profit of 2.678 billion yuan, down 40.67% [10]. - In the first half of 2025, Jinsai Pharmaceutical's revenue was 5.469 billion yuan, a year-on-year increase of 6.17%, but net profit decreased by 37.35% to 1.108 billion yuan [10]. - The vaccine business of Baike Biotechnology also faced challenges, with revenue dropping to 1.229 billion yuan in 2024, down 32.64%, and a net profit of 232 million yuan, down 53.67% [11]. Market Challenges - The growth hormone product has been included in centralized procurement in several provinces since 2022, leading to significant price reductions and increased competition from similar products [10]. - The company's international revenue remains low, with only 130 million yuan in 2024, accounting for 0.97% of total revenue, and 1.13% in the first half of 2025 [12].