Core Viewpoint - Haina Pharmaceutical is attempting to list on the Hong Kong Stock Exchange after two previous failed attempts, facing significant financial challenges including declining revenue and profits, negative cash flow, and high accounts receivable [1][2]. Financial Performance - Haina Pharmaceutical's revenue grew from 265 million RMB in 2022 to 425 million RMB in 2024, but the growth rate slowed significantly from 54.74% in 2023 to 3.65% in 2024 [2]. - In the first half of 2025, the company reported a 16.97% year-on-year decline in revenue to 178 million RMB and a 24% drop in net profit to 22.08 million RMB [2]. - The gross profit margin decreased from 60.1% in 2022 to 47.1% in 2024, with a slight recovery to 52.1% in the first half of 2025, still below historical highs [2]. Business Model and Market Challenges - Haina Pharmaceutical operates under a dual model of "CXO services + MAH transfer," but has faced significant revenue declines in drug technology transfer and proprietary drug sales, with revenues dropping from 127 million RMB in 2023 to 51.98 million RMB in 2024 [2][4]. - The competitive landscape in the CXO sector is intensifying, with Haina's core CXO service revenue decreasing by 26% year-on-year to 132 million RMB in the first half of 2025 [5]. Accounts Receivable and Cash Flow Issues - The company's trade receivables surged from 44.68 million RMB at the end of 2022 to 176 million RMB by June 2025, indicating a nearly threefold increase [5]. - The cash flow from operating activities has been negative, with net outflows of 34.57 million RMB in 2024 and 42.45 million RMB in the first half of 2025, leading to a 67.19% decline in cash and cash equivalents from the end of 2023 [6]. Capital Market Attempts - Haina Pharmaceutical has made three attempts to enter the capital market within three years, with the latest being a submission to the Hong Kong Stock Exchange after a failed IPO on the A-share market and a terminated acquisition deal with Chengdu Xian Dao [7][8]. - Prior to the IPO, the company had received multiple rounds of financing, with a D-round in August 2022 raising 100 million RMB at a post-money valuation of 1.58 billion RMB, but these rounds included performance-based clauses [8]. Investor Sentiment - Some early investors have chosen to exit before the IPO, indicating cautious sentiment regarding the company's prospects, with a total of 5.76% of shares transferred by certain investors in July and August 2025 [9].