港股再迎CXO新势力，海纳医药“含金量”几何？

Core Viewpoint - Nanjing Haina Pharmaceutical Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, following a previous unsuccessful attempt for an A-share IPO due to the withdrawal of its sponsor [1][2] Financial Performance - Haina Pharmaceutical has shown steady revenue growth from 2022 to 2024, with revenues of 265 million, 409.6 million, and 424.6 million RMB respectively, but net profit has declined by 27% in 2024 [2][3] - For the first half of 2025, the company reported revenues of 178 million RMB and a net profit of 22.08 million RMB, representing declines of 16.97% and 25.82% year-on-year [2][3] - The gross profit margin has decreased from 60.1% in 2022 to 46.0% in 2024, although it rebounded to 52.1% in the first half of 2025 [3] Business Model and Services - Haina Pharmaceutical operates a unique "CXO + MAH" business model, focusing on both contract research organization (CRO) services and proprietary product pipelines [4][5] - The majority of revenue comes from CXO services, accounting for 65% in 2022 and increasing to 87.8% in 2024 [5] - The company has signed 67 drug technology transfer agreements, indicating a proactive approach to commercialization [5] Market Position and Industry Context - The CXO industry is experiencing growth, with the outsourcing expenditure in the pharmaceutical sector expected to rise from 47.8% in 2024 to 61.0% by 2029 [8] - Haina Pharmaceutical ranks second in China for the number of approved clinical trials and marketing licenses among CXO service providers [11] - Despite growth potential, the company faces challenges due to its focus on generic drugs, which have lower technical barriers compared to innovative drugs [11][12] Financial Health and Risks - The company has experienced negative cash flow from operating activities in 2024 and the first half of 2025, indicating potential financial strain [6] - Accounts receivable have increased significantly, leading to longer collection periods, which may pose risks to cash flow [7] - The competitive landscape for generic drugs is pressured by national procurement policies, impacting pricing and profitability [12]