新股前瞻|维健医药：趁着2025年上半年收入翻倍赶考

Core Insights - Weijian Pharmaceutical, a leading Chinese pharmaceutical company focused on kidney and blood diseases, has submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as its sole sponsor [1] - The company has a strong product portfolio with over 20 commercialized drugs and one candidate drug, leading the market in China for innovative drugs treating kidney diseases [1][5] - The company has demonstrated robust financial performance, with a compound annual growth rate (CAGR) of 12.8% in revenue from 2022 to 2024, and a significant acceleration in growth in the first half of 2025, reaching 119.8% [1][6] Financial Performance - Adjusted EBITDA for the years 2023 to the first half of 2025 is projected to be 0.32 billion, 1.12 billion, and 1.79 billion respectively, with profit margins increasing from 3.61% to 22.46% [1][6] - The Hong Kong pharmaceutical sector has performed well this year, with an overall increase of over 90%, providing a favorable valuation environment for new listings [1] Product Portfolio and Market Position - The company’s core revenue comes from kidney disease products, which accounted for 37.6% of total revenue in the first half of 2025, while blood disease products contributed 19.9% [2] - Key products include innovative therapies such as Kepwei® and Kelirol®, with significant sales growth, particularly for Kelirol®, which increased from approximately 500,000 boxes in 2017 to about 7.5 million boxes in 2024 [5][6] - The company has a strong sales network covering over 30 provinces and more than 10,000 hospitals, enhancing its commercial capabilities [5] Industry Outlook - The Chinese CKD treatment market is expected to grow at a double-digit rate, with a projected market size of 25.1 billion in 2024 and a CAGR of 11.3% until 2035 [7] - The market for treating secondary hyperparathyroidism (SHPT) in CKD patients is also expanding, with the company holding a 15.9% market share in this segment [9] - The blood disease treatment market is also on the rise, with a projected market size of 3.9 billion by 2035, driven by increasing incidence rates [9][10] Strategic Development - Weijian Pharmaceutical employs three main development strategies: mergers and acquisitions, licensing, and strategic partnerships, to enhance its product offerings in kidney and blood diseases [2][6] - The company is committed to R&D investment, supported by a strong academic network across over 3,200 tertiary hospitals in China, facilitating clinical development [6] - The company plans to continue monitoring major disease trends and may pursue acquisitions of pharmaceutical companies with strong industry positions [6]