刚刚，一对化学夫妇IPO敲钟

Core Viewpoint - Fujian Haixi New Drug Creation Co., Ltd. (Haixi New Drug) officially listed on the Hong Kong Stock Exchange on October 20, 2023, with an initial price of 86.4 HKD per share, opening 18.06% higher, and currently has a market capitalization of 8.5 billion HKD [5][10]. Company Overview - Haixi New Drug was founded 13 years ago by a couple with strong academic backgrounds, Kang Xinshan and Feng Yan, who returned to Fujian with extensive experience in the pharmaceutical industry [7][8]. - The company has received significant support from local government and venture capital, which has been crucial for its growth and development [8][14]. Business Model - The company operates on a dual-track model focusing on both generic and innovative drug development, which has allowed it to achieve profitability [12]. - As of October 2025, Haixi New Drug has 15 generic drugs approved by the National Medical Products Administration, with products targeting various disease areas including digestive, cardiovascular, endocrine, and neurological systems [8][12]. Financial Performance - Revenue figures for Haixi New Drug are as follows: 212.5 million RMB in 2022, projected to reach 3.16 billion RMB in 2023, and 4.67 billion RMB in 2024, with profits of 68.98 million RMB in 2022 and 117.45 million RMB in 2023 [12][13]. - The majority of the company's revenue comes from generic drugs, with key products contributing over 90% of total income [13]. Industry Context - The rise of Haixi New Drug reflects the broader growth of the biopharmaceutical industry in Fujian, which has been strategically supported by government initiatives since 2009 [17][18]. - Fujian aims to develop five biopharmaceutical industry clusters by 2025, with a target revenue of 120 billion RMB for the pharmaceutical industry [18].