近期，港股创新药板块再掀涨停潮。三叶草生物-B四天暴涨65%，中生制药、石药集团等传统药企纷纷 走强，市场情绪陡然升温。上证创新药指数自4月以来涨幅已超过50%，成为年内最强主题之一。在这 样一片火热中，健康元和旗下丽珠医药的股价涨幅却仅约20%，显得"异常冷静"。但冷静的背后，或许 正孕育一场价值重估的暗涌。 在资本竞逐传统大赛道之际，健康元选择了一条看似"冷门"的吸入制剂之路，却悄然搭建起一个潜力巨 大的呼吸版图。这种"不凑热闹"的坚持，正在随着全球巨头的举动被重新认知。 默沙东收购激起千层浪，健康元踩对"呼吸节奏" 6月，默沙东以100亿美元收购呼吸药企Verona Pharma，成为全球医药圈最轰动的事件。这家标的公司 的核心产品Ohtuvayre?，是20年来首个用于COPD（慢性阻塞性肺病）的新机制疗法——PDE3/4双靶点 吸入抑制剂。收购消息一出，吸入制剂这一相对冷门的领域被瞬间拉入主流视野，投资者也开始将目光 投向那些早已布局此赛道的企业。 健康元便是其中的佼佼者。早在默沙东收购消息之前，公司就已构建出全球领先的吸入制剂矩阵。旗下 PDE4吸入制剂聚焦轻中度COPD患者，旨在精准抑制肺部炎症 ...

Core Viewpoint - Changfeng Pharmaceutical Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CITIC Securities and China Merchants Jinling International as joint sponsors [1]. Group 1: Company Overview - Changfeng Pharmaceutical focuses on the research, development, production, and commercialization of inhalation technology and inhalation drugs, primarily targeting respiratory diseases [3]. - The company has developed a diverse product portfolio that addresses a wide range of patients, medical specialties, and treatment areas [3]. Group 2: Key Products and Market Position - CF017, an inhalation solution of budesonide for treating bronchial asthma, is the company's first approved product and the best-selling inhalation drug category in China. It was approved in May 2021 and has since been included in China's centralized procurement (VBP) plan, leading to market growth [3]. - By 2024, CF017 is projected to capture approximately 16% of the Chinese budesonide inhalation drug market by sales volume [3]. - The company is advancing over 20 candidate products for global development in major markets like China and the U.S., as well as emerging markets in Southeast Asia and South America [3]. Group 3: Recent Developments and Financial Performance - In May 2024, the company successfully obtained FDA approval for GW006, an aerosol solution of afromoterol for treating chronic obstructive pulmonary disease (COPD) [4]. - CF018, the first approved nasal spray for moderate to severe allergic rhinitis in China, has penetrated over 500 hospitals and medical institutions after being included in the 2023 National Medical Insurance Drug List [5]. - The commercialization of CF017 significantly boosted the company's revenue, with revenues of approximately RMB 349 million, RMB 556 million, and an estimated RMB 608 million for the years 2022, 2023, and 2024, respectively [5][6]. - The gross profit for the same years was approximately RMB 267 million, RMB 458 million, and RMB 491 million, indicating a strong growth trajectory [5][6].