海纳医药转战港交所 上半年营收和净利润“双降”

Core Viewpoint - Nanjing Haina Pharmaceutical Technology Co., Ltd. (Haina Pharmaceutical) has submitted its IPO application to the Hong Kong Stock Exchange, following the termination of a major asset restructuring plan with Chengdu Xian Dao in June 2025, which was aimed at acquiring approximately 65% of Haina Pharmaceutical's shares [1][6]. Group 1: IPO Details - Haina Pharmaceutical's IPO application is sponsored exclusively by China International Capital Corporation (CICC) [1]. - The company previously attempted to go public on the A-share Growth Enterprise Market, with an initial fundraising target of 850 million yuan, but withdrew its application in June 2024 after receiving inquiries from the Shenzhen Stock Exchange [1][6]. - The funds from the current IPO are intended for research and development activities, capacity expansion, quality control enhancement, and general corporate purposes [1][2]. Group 2: Business Overview - Established in 2001, Haina Pharmaceutical is an integrated pharmaceutical research and manufacturing company that provides Contract Research Organization (CRO) and Contract Manufacturing Organization (CMO) services [2]. - The company ranks second in China for the total number of approved clinical trials and marketing licenses among domestic CXO service providers [2]. - Haina Pharmaceutical's revenue primarily comes from CXO services, with revenue contributions of 65%, 69.1%, 87.8%, and 78.2% during the reporting periods from 2022 to the first half of 2025 [2]. Group 3: Financial Performance - The company's revenue for the reporting periods was 265 million yuan, 410 million yuan, 425 million yuan, and 178 million yuan, with net profits of 59.77 million yuan, 73.01 million yuan, 53.30 million yuan, and 22.08 million yuan respectively [3]. - In 2024, Haina Pharmaceutical experienced a revenue growth of 3.65% but a net profit decline of 27%, indicating a situation of "increased revenue without increased profit" [3]. - The company's gross margin decreased from 60.1% in 2022 to 46% in 2024, before recovering to 52.1% in the first half of 2025 [3]. Group 4: Client Dynamics - The company has seen significant changes in its top five clients over the reporting periods, with only Client A remaining consistent [4][5]. - The largest single client has changed twice within a span of three and a half years, indicating potential volatility in client relationships [5]. Group 5: Cash Flow and Receivables - Haina Pharmaceutical's net cash flow from operating activities was positive in 2022 and 2023 but turned negative in 2024, with net cash flows of 76.55 million yuan, 113 million yuan, -34.57 million yuan, and -42.45 million yuan [5]. - The company has experienced an increase in accounts receivable and corresponding turnover days, with accounts receivable reaching 171 million yuan and turnover days extending to 111 days by 2024 [5].