维健国际，拟港股IPO

Core Viewpoint - Weijian International Holdings Limited has submitted an application for H-share listing on the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1] Group 1: Company Overview - Weijian International is a comprehensive pharmaceutical company focused on the treatment of kidney and blood diseases, with a diverse product portfolio that also extends to respiratory and skin diseases [2] - The company has the largest number of commercialized original research drugs for kidney diseases among Chinese pharmaceutical companies, with a product portfolio that includes over 20 commercialized drugs and one candidate drug [2] Group 2: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately RMB 724 million, RMB 887 million, RMB 902 million, and RMB 798 million respectively, showing significant revenue fluctuations [2][3] - Net profit figures for the same periods were approximately RMB -93 million, RMB -17 million, RMB 8.6 million, and RMB 24 million, indicating notable volatility in profitability [2][3] Group 3: Client Base and Revenue Concentration - The main clients of Weijian International include pharmaceutical product distributors and companies seeking promotional services, with the top five clients contributing approximately RMB 435 million, RMB 487 million, RMB 539 million, and RMB 487 million to total revenue in the respective years, accounting for 60.2%, 54.8%, 59.8%, and 61.1% of total revenue [4] - The revenue from the largest client was approximately RMB 109 million, RMB 160 million, RMB 170 million, and RMB 205 million, representing 15.0%, 18.0%, 18.9%, and 25.7% of total revenue [4] Group 4: Strategic Developments - In September 2024, Weijian International completed the acquisition of Xiehe Qilin China, gaining exclusive rights to develop, produce, and commercialize five original research drugs, along with approximately 43,000 square meters of production facilities and self-production capabilities [4] - The company may face challenges in successfully identifying, discovering, acquiring, licensing, or developing new candidate products to maintain its product pipeline [4]