Haisco(SZ:002653) IPO日报·2025-07-16 11:26Core Viewpoint - Recently, Haisco Pharmaceutical Group Co., Ltd. announced that the Shenzhen Stock Exchange has accepted its application for a private placement of shares, aiming to raise up to 1.365 billion yuan for new drug research and development and to supplement working capital [1]. Group 1: Company Overview - Haisco is a diversified and specialized pharmaceutical group engaged in new drug research and development, manufacturing, and marketing, with over 40 product varieties covering multiple therapeutic areas including anesthesia, parenteral nutrition, antiemetics, and antibiotics [4]. - The company has four first-class new drugs approved for market, with many other products being the first or exclusive generics in China [4]. Group 2: Strategic Transformation - Haisco is undergoing a rapid transformation from focusing on "innovative generics" to a "combination of generics and innovation" due to the impact of generic drug procurement [5]. - The number of innovative drug projects has increased to 26 in 2024, while only one generic drug application was submitted during the same year [6]. Group 3: Financial Performance - In 2024, Haisco achieved a revenue of 3.721 billion yuan, a year-on-year increase of 10.92%, and a net profit of 396 million yuan, up 34% year-on-year [8]. - The company's stock price hit a ceiling on the day of the annual report release, with its market capitalization exceeding 50 billion yuan for the first time, reflecting market recognition of its innovative drug transformation strategy [8]. Group 4: Funding Needs - The innovative drug research and development process is characterized by long cycles, high investment, and low success rates, leading to significant funding needs for Haisco [10]. - The total R&D investment from 2022 to 2024 reached 1.589 billion yuan, with 624 million yuan allocated in 2024 alone, marking a 20.7% increase [10]. - Haisco has acknowledged the ongoing substantial R&D expenditures and the resulting financial pressure, with cash reserves of 807 million yuan as of Q3 2024 [12].