Core Viewpoint - Haixi New Drug is seeking to go public on the Hong Kong Stock Exchange, leveraging its profitability from 14 approved generic drugs, contrasting with other innovative drug companies that are currently operating at a loss [1][2]. Financial Performance - The company reported revenues of 212 million RMB, 317 million RMB, 467 million RMB, and 249 million RMB for the years 2022, 2023, 2024, and the first five months of 2025, respectively. Net profits for the same periods were 68.98 million RMB, 117 million RMB, 136 million RMB, and 90.21 million RMB [2][3]. - Sales from generics are projected to account for 90% of total sales in 2024, primarily driven by the VBP (Volume-Based Procurement) program [1][4]. Product Portfolio - Haixi New Drug has 14 approved generic drugs and four innovative drugs in the pipeline, focusing on diseases related to the digestive, cardiovascular, endocrine, neurological, and inflammatory systems [2][8]. - Key products include Anbili, Haihuitong, Ruian, and Saixifu, with projected revenues from these drugs in 2024 being 146 million RMB, 187 million RMB, 47.99 million RMB, and 43.73 million RMB, respectively [2][3]. VBP Dependency and Risks - The company heavily relies on the VBP program, with 90% of sales in 2024 expected to come from this initiative. The VBP inclusion for major products will expire on December 31, 2025, posing a risk to future revenues if products are removed from the list [1][6][7]. - The expiration of VBP inclusion for key products could adversely affect the company's business and financial performance [6][8]. Research and Development - Haixi New Drug is investing in four innovative drug pipelines, primarily targeting cancer, ophthalmology, and respiratory diseases. The company plans to initiate Phase III clinical trials for C019199 in 2025 and expects HXP056 to complete Phase I trials by the end of 2025 [8]. - R&D expenditures for 2022, 2023, 2024, and the first five months of 2025 were 34.82 million RMB, 36.06 million RMB, 67.52 million RMB, and 22.51 million RMB, respectively [8][9]. Funding and Future Plans - The funds raised from the IPO will be used to enhance R&D capabilities, expand product offerings, improve operational systems, and support general corporate purposes [8].

Core Viewpoint - The business cooperation between Beijing Beiyi Pharmaceutical and Peking University International Hospital is nearing completion, leading to potential risks of business cessation, personnel layoffs, and corporate transformation for Beiyi Pharmaceutical [1][2]. Group 1: Business Overview - Beijing Beiyi Pharmaceutical, a wholly-owned subsidiary of Beida Pharmaceutical, is primarily engaged in the distribution, retail, hospital procurement, and pharmacy management of third-party drugs, medical devices, and consumables [1]. - The contract between Beiyi Pharmaceutical and Peking University International Hospital, which was effective from May 2022 to May 2023, has expired, and both parties will not continue their cooperation, significantly impacting the revenue of both companies [2][4]. Group 2: Financial Impact - The loss of Peking University International Hospital as a client could lead to a significant revenue decline for Beiyi Pharmaceutical, with an estimated sales revenue reduction of approximately 600 million yuan, accounting for about 29.13% of the company's latest audited revenue [5]. - Beiyi Pharmaceutical's total revenue for 2024 is projected to be 2.06 billion yuan, with around 50% of this revenue dependent on the contract with the hospital [4][5]. - If the cooperation is completely terminated, Beiyi Pharmaceutical's profitability could shrink by nearly half, with a potential revenue decrease of about 1.027 billion yuan starting in 2026 [5]. Group 3: Market Reaction - On August 12, the stock price of Beida Pharmaceutical fell by over 9%, closing at 6.42 yuan per share, a decline of 7.36%, with a total market capitalization of 3.826 billion yuan [1]. Group 4: Industry Context - The situation reflects a typical case of over-reliance on a single major client, which can lead to severe financial consequences when the partnership ends [6]. - The healthcare industry is experiencing rapid changes, including accelerated medical reforms and centralized procurement, which may further compress traditional distribution margins [6].

随着华昊中天、派格生物、康乐卫士、美中嘉和等企业递表港交所，药企前往港股上市的热潮还在继续。 据港交所8月6日披露，福建海西新药创制股份有限公司(以下简称：海西新药)再次递表港交所主板，华泰 国际和招银国际为其联席保荐人。根据智通财经APP了解，该公司曾于1月3日向港交所递表。 据了解，海西新药已经进入商业化阶段，凭借多元化的产品组合及管线，实现了不小的增长。相比诸多处 于临床阶段的药企，海西新药发展向好性无疑是更加明显的。 5个月营收约2.5亿元最大客户贡献营收"半边天" 据招股书，海西新药是一家处于商业化阶段的制药公司，集研发、生产及销售能力于一体，具备在研创新 药的管线。公司在中国最大、增长最快的治疗领域拥有多元化的产品组合及管线，目前已就14款仿制药获 得国家药监局批准，并建立拥有四款在研创新药的管线，成为中国制药行业的主要市场参与者。 | | | | | | | 已則震化的仿劇碼中 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 治療盟城 | 南福 | 低製糖 名稱 | | ...

Core Viewpoint - The trend of pharmaceutical companies seeking to list on the Hong Kong Stock Exchange continues, with HaiXi New Drug being a notable example, having submitted its application again after an initial attempt earlier in the year [1][2]. Company Overview - HaiXi New Drug is a commercial-stage pharmaceutical company with a diversified product portfolio and pipeline, having achieved significant growth compared to many peers still in clinical stages [1][2]. - The company has received approval for 14 generic drugs from the National Medical Products Administration and has four innovative drugs in its pipeline, positioning it as a major player in China's pharmaceutical industry [2][4]. Financial Performance - The company reported revenues of approximately 2.5 billion RMB over five months, with a significant portion of revenue coming from a major client [2][5]. - Revenue figures for the reporting period show a growth trend: 212 million RMB in 2022, 317 million RMB in 2023, and projected 467 million RMB in 2024, with profits also increasing correspondingly [5][6]. - The company heavily relies on a few major clients, with the top five clients contributing 71.7% to 85.1% of total revenue during the reporting periods [7]. Business Model - HaiXi New Drug operates a light-asset model, utilizing the Marketing Authorization Holder (MAH) system, which separates drug marketing and production licenses, allowing for outsourcing of production [5][10]. - The company has established a sales and distribution network with over 18,000 hospitals and medical institutions across China, covering all provinces and municipalities [4]. Market Strategy - The company is focusing on both generic and innovative drugs, with a particular emphasis on developing small-molecule innovative drugs that meet clear clinical needs [4][12]. - HaiXi New Drug's innovative pipeline includes a potential first-in-class oncology drug and other drugs targeting significant market needs, indicating a strategic shift towards innovation [12][14]. Industry Context - The Chinese pharmaceutical market is predominantly composed of generic drugs, with over 90% of the 4,000 pharmaceutical companies being generic drug manufacturers [11]. - The global market for breast cancer drugs is projected to grow significantly, providing a substantial opportunity for HaiXi New Drug's innovative products [12]. Future Outlook - The company is transitioning towards a heavier asset model with the construction of its own manufacturing facility, which may lead to increased operational volatility [14]. - Balancing stable income from generics with the long-term investment required for innovative drug development will be crucial for the company's future valuation [14].

Core Viewpoint - Fujian Haixi New Drug Creation Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, marking its second attempt after the first application lapsed in January 2025. The updated application includes financial data for 2024 and the first five months of 2025, with plans to raise funds for drug pipeline development and commercialization efforts [1][2]. Group 1: Company Overview - Established on March 27, 2012, Haixi New Drug is a commercial-stage pharmaceutical company based in Fuzhou, Fujian, focusing on R&D, production, and sales [2]. - The company has a product portfolio that includes generic drugs for various diseases, with 14 generic drugs approved by the National Medical Products Administration [2]. - Haixi New Drug has a research team of 112 members, with approximately 27% holding doctoral or master's degrees, and an average industry experience of about 19 years [2]. Group 2: Product Pipeline and Market Position - Among the approved generic drugs, four have been selected for national centralized procurement, including Anbili, Haihuitong, Ruian Tuo, and Saixifu [3]. - The company has five additional generic drugs in the ANDA stage, expected to receive market approval by 2025 or 2026 [3]. - Revenue during the reporting period primarily came from pharmaceutical product sales, with a significant portion sold to distributors for hospital distribution [3]. Group 3: Financial Performance - Revenue figures for the reporting period were approximately CNY 212 million, CNY 317 million, CNY 467 million, and CNY 249 million, with net profits of approximately CNY 69 million, CNY 117 million, CNY 136 million, and CNY 90 million [5]. - The company's gross margin during the reporting period was high, ranging from 81% to 84%, ranking second among 20 generic drug companies in the A-share market [6]. - Cash and cash equivalents as of May 31, 2025, were approximately CNY 46.26 million, a decrease of over CNY 200 million from the end of 2023 [6]. Group 4: Leadership and Management - The company is co-controlled by founders Dr. Kang Xinshan and his spouse Feng Yan, who together hold 41.17% of the shares [6]. - Dr. Kang Xinshan has over 26 years of experience in the pharmaceutical industry and has held various significant positions prior to founding Haixi New Drug [6][7]. - Feng Yan has also held prominent roles in research management and joined Haixi New Drug in 2012, later becoming the deputy general manager [7].

Core Viewpoint - Haixi New Drug has submitted its IPO application to the Hong Kong Stock Exchange, marking its second attempt after the first one lapsed in January 2023. The updated application includes financial data for 2024 and the first five months of 2025, with plans to raise funds for drug development and commercialization efforts [1][2]. Company Overview - Established on March 27, 2012, Haixi New Drug is a commercial-stage pharmaceutical company based in Fuzhou, Fujian Province, focusing on the research, development, production, and sales of pharmaceutical products [2]. - The company has a product portfolio that includes generic drugs for various diseases, with 14 generic drugs approved by the National Medical Products Administration, four of which are included in the national centralized procurement [3][2]. Financial Performance - Revenue for Haixi New Drug during the reporting period was approximately CNY 212 million, CNY 317 million, CNY 467 million, and CNY 249 million, with net profits of approximately CNY 69 million, CNY 117 million, CNY 136 million, and CNY 90 million respectively [5]. - The company’s gross profit margins were reported at 81%, 83.3%, 83%, and 84% during the same periods, ranking second among 20 generic drug companies in A-shares [6][9]. Market Position and Product Distribution - The majority of Haixi New Drug's revenue comes from sales to distributors, who then supply hospitals and pharmacies. The four generic drugs included in centralized procurement contributed significantly to revenue, although the contribution from the leading product, Anbili, decreased from 78.4% in 2022 to 29.3% in the first five months of 2025 [3][4]. - By treatment area, revenue primarily came from products for digestive and cardiovascular diseases, with the share of digestive system products declining from 78.4% in 2022 to 29.6% in the first five months of 2025, while cardiovascular products increased from 4.2% to 52.6% [4]. Research and Development - Haixi New Drug has a research team of 112 members, with approximately 27% holding doctoral or master's degrees, and an average industry experience of about 19 years [2]. - The company has established a global patent portfolio consisting of 36 patents, with 17 patents granted in various jurisdictions including the US, Canada, and several European countries [2]. Cash Position - As of May 31, 2025, Haixi New Drug reported cash and cash equivalents of approximately CNY 46.26 million, a significant decrease from CNY 254 million at the end of 2023 [9].

Core Viewpoint - Fujian Haixi New Drug Creation Co., Ltd. is in the commercialization stage and is pursuing an IPO in Hong Kong, showcasing a significant revenue growth of 47.4%, but also revealing some underlying risks that warrant investor attention [1] Business Model: Dual Track Approach - The company has established a market position in the generic drug sector by launching a series of high-tech, high-potential generic drugs that meet regulatory requirements, with 14 generic drugs approved by the National Medical Products Administration [2] - Notable products include Anbili® and Haihuaitong®, which are expected to generate substantial revenue in 2024, contributing 146 million and 187.3 million respectively, with market shares of 25.7% and 59.3% [2] Innovative Drugs: High Potential but Long Road Ahead - The company is developing four innovative drugs targeting various conditions, including cancer and ophthalmology, with potential to be the first in their class globally; however, the high risk and long development cycle of innovative drug research pose uncertainties [3] Financial Performance: Significant Revenue Growth - The company's revenue for 2024 is projected to grow by 47.4%, significantly outpacing the average growth of the Chinese pharmaceutical market, primarily driven by the sales increase from generic drugs included in the VBP program [4] Net Profit: Data Not Disclosed - The prospectus does not specify changes in net profit, which is influenced by various factors such as cost control and R&D investment; the trajectory of net profit is crucial for assessing the company's profitability [5] Gross Margin and Net Margin: Data Awaited - The prospectus lacks specific data on gross and net margins, making it difficult for investors to fully evaluate the company's profitability quality; further disclosures are needed [6] Revenue Composition: Dominated by Generic Drugs - Revenue is primarily derived from generic drug sales, with significant contributions from products included in the national VBP program; innovative drugs are still in the development phase and have not yet contributed to revenue [7] Financial Challenges: R&D Costs and Market Competition - The high costs associated with innovative drug development may exert financial pressure, despite cash flow support from generic drug sales; if R&D fails or is delayed, it could impact the company's financial health [9] - The competitive landscape in the generic drug market is intensifying, which may lead to price pressures affecting revenue and profit [10] Peer Comparison: Advantages and Challenges - Compared to peers, the company has a market share advantage in the generic drug sector due to its products included in the VBP program; however, it may lag behind larger pharmaceutical companies in terms of R&D progress and scale [11] Customer and Supplier Concentration: Information Pending - The prospectus does not disclose information on major customers or supplier concentration, which could impact sales stability and cost control; further disclosures are necessary to assess these risks [12][13] Shareholding and Management: Stability and Experience Needed - Details regarding the controlling shareholders and management team are not provided, which are critical for understanding the company's decision-making and stability; further information is awaited [14][15]

Core Insights - The patent for the weight loss drug Semaglutide will expire in Canada next year, prompting Sandoz to plan the launch of a generic version, potentially reducing prices by 70% compared to the original [1][2] - Sandoz's CEO Richard Saynor indicated that the final pricing for the generic Semaglutide is expected to be 60-70% lower than the original, significantly lowering treatment costs [1][2] - The introduction of the generic drug is anticipated to increase accessibility in Canada and may lead to heightened demand from the U.S., where similar drugs are priced at approximately $1,000 per month [1][4] Pricing Advantages - Sandoz, one of the largest generic drug manufacturers globally, has initiated the approval process for its generic weight loss drug, clearing legal hurdles with the patent expiration in January [2] - The potential market size could expand two to three times if the generic is priced at $40 to $50 per month, compared to the current official prices of $200 to $400 CAD for original products [2] U.S. Consumer Demand - The significant price drop for Canadian generic drugs may trigger strong demand from U.S. consumers, who are already purchasing some prescription drugs from Canada for cost advantages [3][4] - The Canadian Pharmacists Association noted that up to 15% of prescriptions for Ozempic were distributed to U.S. residents due to increased demand in 2023 [4] Regulatory and Intellectual Property Barriers - The Canadian government has regulations to prevent companies from exporting domestic drugs if it leads to shortages, and it will monitor the supply of weight loss and diabetes medications [5] - Novo Nordisk, the original manufacturer, stated it is well-prepared for market changes following the patent expiration in Canada, while U.S. regulations prevent the import of generic Semaglutide until its patent expires in 2032 [5]

Group 1: Investor Relations Activity - The investor relations activity involved a meeting with representatives from Taikang Asset and China Post Securities, held on July 30, 2025 [2] - The meeting was led by the Deputy General Manager and Board Secretary, Zeng Lei, along with the Securities Affairs Representative, Gan Rong [2] Group 2: Product Development and Market Strategy - The company is currently in the information reporting stage for the collection of the eleventh batch of the drug Loxoprofen Sodium Gel Patch, with no specific price reduction estimates available yet [2] - The company has six external preparations already on the market and expects to gain approval for additional products, including Indomethacin Gel Patch and Flurbiprofen Gel Patch in 2025, and Ketoprofen Patch and others in 2026 [2][3] - The company has made progress in export development, with 46 clients engaged, including successful exports of Nitazoxanide Tablets to Ecuador and preparations for the registration of Ketoprofen Gel in Costa Rica [4] Group 3: Sales Expectations and Brand Strategy - The Ketoprofen Gel Patch was approved for market entry in 2023 and is included in the national medical insurance directory, with optimistic market prospects and a new sales strategy focusing on outpatient markets [5] - The company aims to strengthen its internal sales team assessments to enhance the "Jiu Yue" brand of patches [5] Group 4: Innovation and R&D Investment - The company is developing a Class 1 innovative drug, Pepper Seven Pain Relief Gel Patch, and has entered into a technology transfer agreement for antibacterial and anti-inflammatory peptides [6] - In 2024, the company plans to invest CNY 261 million in R&D, representing 8.91% of its revenue, with a commitment to maintain this investment ratio for sustained innovation and market competitiveness [7]

Market Performance - The Shanghai Composite Index continued to rise, reaching a new high for the year at 3636.17 points, with an intraday increase of over 20 points [4] - The Shenzhen Component Index briefly surpassed 11300 points, while the ChiNext Index showed relatively weaker performance, with a drop exceeding 1% [4] New Stock Listing - A new stock, Hanhigh Group, was listed today on the A-share market, experiencing a surge of over 270% in the morning session [2][8] - Hanhigh Group specializes in the research, design, production, and sales of home hardware and outdoor furniture, integrating diverse original designs with high-quality products [10] Industry Sector Performance - Among the primary industry sectors, steel, petroleum and petrochemicals, and media sectors showed the highest gains, while electric equipment, telecommunications, and computer sectors faced declines [6] - In concept sectors, short drama games, generic drugs, and innovative drugs saw significant increases, whereas digital currency and military trade concepts experienced declines [6] Company Highlights - Hanhigh Group is recognized as a national high-tech enterprise and provincial industrial design center, with strong R&D and intelligent manufacturing capabilities [10] - The company has received several prestigious awards, including the German Red Dot Award and the German IF Design Award, for its product designs [10] - Hanhigh Group maintains partnerships with well-known companies such as Golden Kitchen Cabinet, Modern Zhumei, and Metro [10] Hong Kong Market Activity - In the Hong Kong market, the Hang Seng Index initially dropped over 1% but later narrowed its losses [12] - The stock of Giant Legend surged by over 30% during intraday trading [11][12] - Giant Legend announced a strategic partnership with Hangzhou Yushu Technology to develop consumer-grade robotic products, focusing on IP planning and global marketing strategies [14]