业绩骤然变脸，部分投资人退股，教授董事长携海纳医药背水一战闯港股

Core Viewpoint - The company Haina Pharmaceutical is attempting to list on the Hong Kong Stock Exchange after failing to secure an IPO in the A-share market and facing challenges in a merger and acquisition attempt, marking a critical juncture for its future growth and financial stability [2][26]. Company Overview - Haina Pharmaceutical focuses on the CXO (Contract Research Organization) services and aims to drive growth through a dual strategy of "CXO services + self-owned product sales" [2]. - The company has experienced a compound annual growth rate (CAGR) of 28.3% in revenue from 2022 to 2024, but has faced significant challenges including declining performance, reduced sales channels, and legal disputes [2][26]. Financial Performance - In the first half of 2025, the company's revenue and net profit decreased by 16.97% and 24% respectively, amounting to 178 million yuan and 22 million yuan [3][11]. - The company's revenue growth has sharply declined from a 54.74% increase in 2023 to a mere 3.65% in 2024, followed by negative growth in 2025 [11][26]. - The gross margin has also decreased from 60.1% in 2022 to 47.1% in 2024, indicating a significant drop in profitability [13]. Challenges Faced - The company has seen a drastic reduction in its distribution network, with the number of distributors dropping from 90 in 2024 to just 10 by mid-2025 [15]. - Haina Pharmaceutical is facing liquidity issues, with cash and cash equivalents decreasing from 166 million yuan at the end of 2022 to 62.73 million yuan by mid-2025, while short-term bank loans have increased significantly [18][19]. - The company has a high level of trade receivables, which surged to 176 million yuan by mid-2025, indicating cash flow challenges and potential bad debt risks [21][22]. Strategic Moves - The company is attempting to raise funds through its Hong Kong IPO to alleviate cash flow issues and support R&D investments and production capacity expansion [26]. - Haina Pharmaceutical's leadership, particularly CEO Zou Qiaogen, is under pressure to not only achieve a successful IPO but also to reverse the declining profitability trend [9][26]. Historical Context - Founded in 2001, Haina Pharmaceutical has evolved from a focus on generic drug research to a comprehensive service provider in the pharmaceutical industry, including CRO and CDMO services [10]. - The company has undergone multiple rounds of financing, with significant investments from various institutional investors, although some have exited prior to the IPO attempt [5][6][8].