長風藥業股份有限公司 C F P h a rm Te ch , I n c . （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2652 全球發售 聯席保薦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：倘 閣下對本招股章程任何內容有任何疑問，應徵詢獨立專業意見。 CF PharmTech, Inc. 長風藥業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 足，多繳股款可予退還） 聯席保薦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 | 10中信证券 | | --- | | | | 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就 因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本招股章程連同本招股章程「附錄八－送呈公司註冊處處長及展示文件」所述的文件均已遵照香港法例第32章《公司（清盤及雜項條文）條例》第342C條的規定送呈香港公司註 冊處處長登記。香港證券 ...

Core Viewpoint - Changfeng Pharmaceutical Co., Ltd. is focusing on the research, production, and commercialization of inhalation technology and drugs, primarily targeting respiratory diseases, with a significant reliance on the sales of its product CF017 [1][2]. Group 1: Financial Performance - The company reported revenues of approximately 349 million, 556 million, 608 million, and 136 million for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [2]. - Net profits for the same periods were approximately -49.4 million, 31.7 million, 21.1 million, and 12.8 million [2]. - Gross profits were approximately 268 million, 458 million, 491 million, and 108 million, with corresponding gross margins of 76.6%, 82.2%, 80.9%, and 79.4% [3]. Group 2: Product Dependency - The sales revenue from CF017 accounted for 96.2%, 98.4%, 94.5%, and 91.6% of total revenue for the years 2022, 2023, 2024, and the first quarter of 2025, indicating a heavy reliance on this single product [2]. - CF017, an inhalation solution for treating bronchial asthma, was approved in May 2021 and has been included in centralized procurement plans, contributing to market growth [2]. Group 3: Customer and Supplier Concentration - Revenue from the top five customers accounted for approximately 60.2%, 69.4%, 66.4%, and 65.6% of total revenue for the years 2022, 2023, 2024, and the first quarter of 2025 [4]. - The largest customer contributed approximately 28.5%, 31.4%, 30.2%, and 25% of total revenue during the same periods [4]. - The company’s procurement from the top five suppliers represented approximately 41.1%, 34.3%, 44.5%, and 35.8% of total procurement for the years 2022, 2023, 2024, and the first quarter of 2025 [4].