据港交所2月25日披露，山东汉方制药股份有限公司(简称：汉方制药)向港交所主板递交上市申请书，中泰国际为其独家保荐人。 公司简介 招股书显示，汉方制药是一家从事中医药产品的生产、销售与研发的综合制药公司。公司专注于皮肤及黏膜疾病治疗领域，善于将 传统中医智慧与现代医药科学相融合。根据弗若斯特沙利文的资料，按2024年销售收入计，复方黄柏液涂剂在中国外用中成药市场 排名第四，占据1.1%的市场份额。在此成熟产品的成功基础上，公司正透过提供化妆品及其他中成药产品拓展产品组合。 汉方制药的旗舰产品复方黄柏液涂剂为目前中国中成药领域中唯一获批的处方涂剂，其为国家二级中药保护品种，根据《中药品种 保护条例》，该认定授予其独家保护，依法禁止任何其他实体生产相同药品。该国家二级保护地位使公司享有复方黄柏液涂剂的独 家市场地位，而无相同药品构成直接竞争。 作为市场领导者，汉方制药认为复方黄柏液涂剂将受惠于稳定增长的市场，巩固公司的竞争地位。在复方黄柏液涂剂的成功奠定的 基础之上，公司通过三大核心战略积极推进多元化产品组合：(i)推进新型中成药产品研发；(ii)将经临床验证的医疗机构制剂或临床 经验方转化为创新型、具备上市条件 ...

Core Viewpoint - Wohuah Pharmaceutical (002107.SZ) has reported a significant increase in net profit for 2025, achieving a 162.93% year-on-year growth, marking the highest increase in nearly a decade, despite a challenging industry environment [2] Group 1: Financial Performance - In 2025, Wohuah Pharmaceutical achieved total revenue of 817 million yuan, representing a year-on-year growth of 6.96% [2] - The net profit attributable to shareholders reached 95.72 million yuan, reflecting a substantial increase of 162.93% [2] - The net cash flow from operating activities increased by 40.45% year-on-year, indicating strong cash generation capabilities [2] Group 2: Strategic Initiatives - The company has maintained a "strong exclusive product line" strategy, focusing on proprietary products in the cardiovascular and chronic disease sectors [2] - Wohuah Pharmaceutical plans to implement a strategic optimization and restructuring of its production system in 2025, aiming for efficient integration and cost reduction [3] - The company intends to deepen its focus on proprietary product lines and enhance clinical value and market synergy while responding to ongoing procurement policies [3] Group 3: Future Outlook - Wohuah Pharmaceutical aims to strengthen its research and access strategies, leveraging a solid financial structure for potential capital operations around its core business [3] - The company is expected to continue benefiting from favorable policies supporting the traditional Chinese medicine market, which is projected to maintain rapid growth [3]