Core Viewpoint - Haixi New Drug has submitted its application to the Hong Kong Stock Exchange for listing, with Huatai International and China Merchants International as joint sponsors, marking a significant step in its growth strategy [1]. Company Overview - Haixi New Drug is a commercial-stage pharmaceutical company that integrates research and development, production, and sales, with a pipeline of innovative drugs under development [3]. - The company has a diverse product portfolio in the fastest-growing therapeutic areas in China, having received approval for 14 generic drugs from the National Medical Products Administration [3]. Business Model - The company employs a dual-track model focusing on both generic drugs and innovative drugs in development [3]. - In the generic drug segment, Haixi New Drug has launched a series of products with significant market potential and regulatory approval [3]. Product Pipeline - The innovative drug pipeline targets unmet medical needs with substantial global market potential, including a potential first-in-class oncology drug and an oral medication for treating wAMD/DME/RVO [3]. Financial Performance - Revenue from the top five customers accounted for 85.1%, 73.3%, 72.6%, and 71.7% of total revenue for the years 2022, 2023, 2024, and the five months ending May 31, 2025, respectively [4]. - The company's revenue for the years 2022, 2023, 2024, and the five months ending May 31, 2025, were approximately RMB 212 million, RMB 317 million, RMB 467 million, and RMB 249 million, respectively [4][6]. - The net profit for the same periods was approximately RMB 69 million, RMB 117 million, RMB 136 million, and RMB 90 million, respectively [4][6].