Core Viewpoint - Fujian Haixi New Drug Creation Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, marking its second attempt after the first application lapsed in January 2025. The updated application includes financial data for 2024 and the first five months of 2025, with plans to raise funds for drug pipeline development and commercialization efforts [1][2]. Group 1: Company Overview - Established on March 27, 2012, Haixi New Drug is a commercial-stage pharmaceutical company based in Fuzhou, Fujian, focusing on R&D, production, and sales [2]. - The company has a product portfolio that includes generic drugs for various diseases, with 14 generic drugs approved by the National Medical Products Administration [2]. - Haixi New Drug has a research team of 112 members, with approximately 27% holding doctoral or master's degrees, and an average industry experience of about 19 years [2]. Group 2: Product Pipeline and Market Position - Among the approved generic drugs, four have been selected for national centralized procurement, including Anbili, Haihuitong, Ruian Tuo, and Saixifu [3]. - The company has five additional generic drugs in the ANDA stage, expected to receive market approval by 2025 or 2026 [3]. - Revenue during the reporting period primarily came from pharmaceutical product sales, with a significant portion sold to distributors for hospital distribution [3]. Group 3: Financial Performance - Revenue figures for the reporting period were approximately CNY 212 million, CNY 317 million, CNY 467 million, and CNY 249 million, with net profits of approximately CNY 69 million, CNY 117 million, CNY 136 million, and CNY 90 million [5]. - The company's gross margin during the reporting period was high, ranging from 81% to 84%, ranking second among 20 generic drug companies in the A-share market [6]. - Cash and cash equivalents as of May 31, 2025, were approximately CNY 46.26 million, a decrease of over CNY 200 million from the end of 2023 [6]. Group 4: Leadership and Management - The company is co-controlled by founders Dr. Kang Xinshan and his spouse Feng Yan, who together hold 41.17% of the shares [6]. - Dr. Kang Xinshan has over 26 years of experience in the pharmaceutical industry and has held various significant positions prior to founding Haixi New Drug [6][7]. - Feng Yan has also held prominent roles in research management and joined Haixi New Drug in 2012, later becoming the deputy general manager [7].

每经记者｜蔡鼎 每经编辑｜陈俊杰 申请文件显示，海西药业拟将募集资金用于推进管线中在研药物并丰富产品组合、提升研发能力及寻求 合作机会、增强商业化能力及扩大市场影响力、改善及优化研发和生产系统，以及营运资金及其他一般 企业用途。 14款仿制药获批，其中4款进入集采 海西新药成立于2012年3月27日，总部位于福建省福州市，是一家处于商业化阶段的制药公司，集研 发、生产及销售能力于一体，具备在研创新药的管线。截至申请文件披露日，其已商业化的产品组合主 要包括用于消化系统疾病、心血管系统疾病、内分泌系统疾病、神经系统疾病及炎症疾病的仿制药。此 外，海西新药已就14款仿制药获得国家药监局批准，并建立拥有4款在研创新药的管线。 截至申请文件披露日，海西新药的研发团队由112名研究人员组成，其中约 27%拥有博士或硕士学位， 主要成员在医药行业平均拥有约19年的经验。海西新药已建立一个包括36项专利的全球专利组合，其中 包括在美国、加拿大、澳大利亚、日本、韩国、新加坡、印度以及约29个欧洲国家等海外司法管辖区获 得的17项专利。 海西新药业务包括仿制药及在研创新药，在上述提及的已获国家药监局批准的14款仿制药当中，有4 ...