海纳医药港股IPO：上半年收入、净利润双下滑业绩增长乏力 高度依赖CXO服务 "多次开发"模式...

Core Viewpoint - Nanjing Haina Pharmaceutical Technology Co., Ltd. has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, marking its third attempt to enter the capital market within three years after previous failures in an IPO and acquisition negotiations [1] Group 1: Financial Performance - Haina Pharmaceutical's revenue growth has shown signs of fatigue, with revenue increasing from 265 million yuan in 2022 to 425 million yuan in 2024, but the growth rate plummeted to 3.65% in 2024 compared to 54.7% in 2023 [2] - In the first half of 2025, the company's revenue further declined by 16.97% year-on-year to 178 million yuan, and net profit dropped by 25.82% to 22.08 million yuan, indicating a dual decline in revenue and profit [2] - The company's gross margin fell from 60.1% in 2022 to 46% in 2024, with a slight recovery to 52.1% in the first half of 2025, but still below previous highs [2] - Cash flow has deteriorated significantly, with net cash flow from operating activities dropping from 113 million yuan in 2023 to -34.57 million yuan in 2024, and further worsening to -42.45 million yuan in the first half of 2025 [2] - Accounts receivable surged from 44.68 million yuan in 2022 to 176 million yuan in the first half of 2025, with turnover days extending from 43 days to 176 days [2] Group 2: Business Model and Market Position - Haina Pharmaceutical's revenue heavily relies on CXO services, with the proportion of CXO service revenue increasing from 65% to 87.8% during the reporting period, and remaining at 78.2% in the first half of 2025 [3] - The company's "multiple development" model, which involves providing R&D services for the same drug to different clients, generated 74.78 million yuan in revenue in the first half of 2023, accounting for 33% of total revenue [3] - The sustainability of this model is questioned due to the increasing concentration of procurement policies, which may limit the availability of repeatable development resources [3] - The generic drug CXO market is experiencing intense competition, with pricing pressures leading to a significant drop in service fees from 4-5 million yuan in 2019 to around 2 million yuan in 2023 [4] - Haina Pharmaceutical's revenue of 178 million yuan in the first half of 2025 is significantly smaller compared to industry leader WuXi AppTec, which reported 20.8 billion yuan in revenue during the same period [4] Group 3: Client Structure and Governance - The client structure of Haina Pharmaceutical is unstable, with the top five clients changing frequently from 2022 to the first half of 2025 [5] - Some clients have concerning backgrounds, including a client that became a major customer shortly after its establishment, and others with connections to Haina's management [5] - These related party transactions have drawn regulatory scrutiny during the previous IPO review and may be a focus for the Hong Kong Stock Exchange [5] - The company's founder controls 45.82% of the shares prior to the IPO, with other shareholders including institutional investors [5] Group 4: IPO Plans and Market Outlook - Haina Pharmaceutical plans to use the funds raised from the IPO for R&D activities, capacity expansion, and general corporate purposes, with a more cautious fundraising target compared to its previous attempt on the ChiNext [6] - The Chinese CXO market still holds growth potential, but the generic drug CXO segment faces structural challenges [6] - This IPO application is the company's third attempt at capitalizing within three years, following two unsuccessful attempts, indicating a challenging regulatory environment ahead [6]