海纳医药港股闯关隐忧：客户黏性不足，应收账款激增

Core Viewpoint - Nanjing Haina Pharmaceutical Technology Co., Ltd. is making its third attempt to go public by submitting an IPO application to the Hong Kong Stock Exchange after previous failures in the A-share market and a terminated acquisition by Chengdu Xian Dao [2][4]. Company Performance - Haina Pharmaceutical's revenue has shown a "high opening and low closing" trend, with revenue of 425 million RMB in 2024, a growth rate slowing to 3.65%, and a net profit decline to 53.3 million RMB [2][6]. - In the first half of 2025, the company reported a revenue of 178 million RMB, a year-on-year decrease of 16.97%, and a net profit of 22.1 million RMB, down 25.82% year-on-year [2][6]. - The gross profit margin has significantly decreased from 60.1% in 2022 to 46% in 2024, although it rebounded to 52.1% in the first half of 2025, still below previous levels [2][6]. Financial Data - Revenue increased from 264.7 million RMB in 2022 to 424.6 million RMB in 2024, but the growth rate has slowed considerably [3][6]. - The net profit for the same period was 59.8 million RMB in 2022, 73 million RMB in 2023, and dropped to 53.2 million RMB in 2024, indicating a decline in profitability despite revenue growth [3][6]. - Cash flow from operating activities turned negative in 2024 at -34.57 million RMB and worsened to -42.45 million RMB in the first half of 2025 [7]. Client Structure and Asset Quality - The company has a low and variable customer concentration, which may indicate insufficient customer loyalty, as the top five customers changed significantly over the reporting period [8]. - Accounts receivable increased from 44.68 million RMB in 2022 to 176 million RMB in the first half of 2025, with the turnover days rising from 43 to 176 days, indicating slower cash collection [8].