递表 | 来自韩国的「科郦」首次递表，为韩美集团“妈咪爱”等产品独家代理

Core Viewpoint - Core viewpoint of the article highlights that Coree Co., Ltd., a leading pediatric pharmaceutical sales service provider in China, is planning to go public on the Hong Kong Stock Exchange, with a focus on digital solutions to enhance the pharmaceutical supply chain and expand its international business [1][4]. Company Overview - Coree Co., Ltd. is the largest pediatric pharmaceutical sales service provider in China, with projected revenues of $282 million in 2024 and a net profit of $22 million. However, the company experienced a nearly 30% decline in revenue and over 50% decline in net profit in the first half of 2025 compared to the previous year [1][4]. - The company operates a comprehensive medical health solution supply chain, focusing on pharmaceutical marketing, promotion, and sales, as well as the research, production, and distribution of maternal and infant nutritional supplements [1][2]. Market Position - According to Frost & Sullivan, Coree ranks among the top ten pharmaceutical marketing and sales companies in China by revenue, holding a significant market share of 15.9% in the pediatric pharmaceutical marketing sector [1][6][9]. - The company has a vast sales network covering all 31 provinces in mainland China, with over 1,500 distributors and access to approximately 110,000 clinics, 310,000 pharmacies, and 3,600 hospitals, including 68 top-tier hospitals [2][4]. Financial Performance - The financial performance of Coree shows a decline in revenue and profit margins. For the fiscal year ending December 31, 2024, the revenue is projected to be approximately $322 million, with a gross profit of around $140 million and a net profit of $17 million. The first nine months of 2025 show a year-on-year revenue decline of 29.63% and a net profit decline of 50.15% [4][6]. - The company's revenue is heavily reliant on exclusive distribution rights for two flagship pediatric prescription drugs, which accounted for 57% to 62% of total procurement from Hanmi Pharmaceutical during the reporting periods [3][4]. Industry Overview - The pediatric pharmaceutical marketing and sales industry in China is expected to grow from RMB 6.4 billion in 2020 to RMB 9.6 billion in 2024, with a compound annual growth rate (CAGR) of 10.7%. The market is projected to reach RMB 14.8 billion by 2029, with a CAGR of 9.0% from 2024 to 2029 [6][9]. - The industry is characterized by high concentration, with the top five companies holding a combined market share of 30.2% in 2024 [9][10].