ApicHope(SZ:300723) Jing Ji Guan Cha Wang·2025-11-18 11:08Core Viewpoint - Yipin Pharmaceutical (300723.SZ) and its chairman Li Hanxiong are facing a lawsuit over intellectual property disputes, with the plaintiff seeking 528 million yuan in damages [1][2]. Group 1: Lawsuit Details - The lawsuit was filed by Huiyou International Limited against Yipin Pharmaceutical and its affiliates, including Li Hanxiong, for alleged breaches related to the joint development of "Prostaglandin E1 Liposome" [1][2]. - The original partnership was established 11 years ago, with both parties contributing to the development of the drug, which is used for various cardiovascular conditions [1]. - According to the cooperation agreement signed in October 2014, Yipin Pharmaceutical was to pay Huiyou International a total of 45 million yuan upon completion of certain milestones, including a 15 million yuan payment after patent transfer and a 30 million yuan payment after obtaining production approval [2]. Group 2: Financial Implications - Yipin Pharmaceutical reported a significant decline in revenue, with 2024 revenue at 1.45 billion yuan, down 42.07% year-on-year, and a net loss of 540 million yuan [4]. - In the first three quarters of 2025, the company continued to struggle, with revenue of 814 million yuan, a 34.35% decrease year-on-year, and a net loss of 136 million yuan [4]. Group 3: Market Context - Prostaglandin E1 injection is a major product in China's cardiovascular auxiliary medication market, with sales exceeding 10 billion yuan before 2018, although it has faced challenges due to national monitoring and procurement policies [3][4]. - Despite the challenges, the projected sales for the product in 2024 are estimated to be between 4 billion to 5 billion yuan [3].