2025.11. 15 本文字数：2506，阅读时长大约4分钟 作者 | 第一财经 林志吟 "我们正在中国香港进行IPO路演，但这段时间药企扎堆申报港股IPO，已形成了'堰塞湖'，基石投资 者和锚定投资者都快看不过来了，我们遭遇路演排队。"有赴港IPO药企人士对第一财经记者透露。 今年以来，港股医药二级市场的复苏，提振了企业们IPO融资热情。根据Choice金融终端数据，截至 11月14日，港股的医疗保健板块今年累计迎来了23家企业成功上市，而去年同期仅有8家企业上市。 但这一切，突然暂停。对于延迟发售原因，百利天恒称是"鉴于目前的市场情况"。 目前有传言称，包括基石投资者在内的认购，并没有达到一个比较理想水平。"听说因为价格，投资 人想要占便宜，公司不愿意。"有医药投资人对第一财经记者说。 当前，还有不少医疗保健企业正在排队上市。据第一财经记者统计，今年以来申请港股IPO的医疗保 健企业数量超过40家，如11月以来这短短半个月，申请的数量就有8家了。 随着拟IPO企业数量增多，如何寻找到合适的投资人，企业之间的竞争也变得激烈，而企业与机构投 资者之间也多了几分博弈。 博弈加大 11月12日，明星药企百利天恒 ...

Core Viewpoint - Weijian International Holdings Group Limited (Weijian Pharmaceutical) is seeking to go public on the Hong Kong Stock Exchange, showcasing strong performance but facing challenges in its IPO journey. Group 1: Company Overview - Established in 2011, Weijian Pharmaceutical is a leading Chinese pharmaceutical company focused on the treatment of kidney and blood diseases, with a comprehensive capability in drug development, production, and commercialization [1]. - The company has developed a diverse product portfolio, covering six kidney drugs, making it the Chinese pharmaceutical company with the highest number of commercialized original drugs for kidney diseases [1][2]. Group 2: Financial Performance - Revenue for the years 2022, 2023, 2024, and the first half of 2025 was RMB 724 million, RMB 887 million, RMB 902 million, and RMB 797 million, respectively, with corresponding net profits of RMB -92.8 million, RMB -17 million, RMB 8.57 million, and RMB 2.40 million [1][2]. - The total loss over three and a half years amounted to RMB 77.19 million [1]. Group 3: Customer Concentration - The company relies heavily on a few major clients, with total revenue from the top five clients for the years ending December 31, 2022, 2023, 2024, and the first half of 2025 being RMB 435 million, RMB 487 million, RMB 539 million, and RMB 487 million, respectively, accounting for 60.2%, 54.8%, 59.8%, and 61.1% of total revenue [3][4]. Group 4: Market Competition - The company faces increasing market competition, particularly with the drug Sinacalcet, which has seen its market share decline from 35% in 2019 to 19.7% in 2024 due to generic drug competition [5]. - The company anticipates price reductions of 30%-50% for two of its products during the 2024 national medical insurance directory adjustment, which could further impact gross margins [5]. Group 5: Research and Development - The company has a low R&D investment ratio, with expenditures of RMB 17.27 million, RMB 19.36 million, and RMB 11.86 million for the years 2022-2024, representing less than 2% of revenue, which is below the industry average [7]. Group 6: Supply Chain Risks - The company faces supply chain risks, with 82% of procurement in the first half of 2025 coming from the top five suppliers, and the largest supplier accounting for 41.9% of total procurement [8].