Core Viewpoint - Haina Pharmaceutical is an integrated pharmaceutical research and manufacturing company that provides CXO services and has proprietary product pipelines, ranking second in China for clinical trial approvals and market authorizations [3][4]. Company Overview - Haina Pharmaceutical operates one of the most comprehensive CXO platforms in the industry, covering the entire drug development process from discovery to commercialization [3]. - The company has 242, 331, 383, and 398 ongoing CXO projects as of December 31 for the years 2022, 2023, 2024, and June 30, 2025, respectively [3]. Proprietary Pipeline - In addition to CXO services, Haina Pharmaceutical has proprietary pipelines and has signed 67 drug technology transfer agreements during the historical record period [4]. - Notable projects include Omeprazole Sodium Bicarbonate Suspension and Levofolinate Injection [4]. Financial Performance - Revenue increased from RMB 264.73 million in 2022 to RMB 409.65 million in 2023, and is projected to reach RMB 424.59 million in 2024 [5][6]. - The net profit attributable to the parent company was approximately RMB 59.77 million, RMB 73.02 million, and RMB 53.30 million for the years 2022, 2023, and 2024, respectively [7]. - The overall gross profit margin was 60.1%, 50.3%, and 46.0% for the years 2022, 2023, and 2024, respectively [8]. Industry Overview - The global pharmaceutical market is projected to reach USD 1.542 trillion by 2024, with a compound annual growth rate (CAGR) of 5.1% from 2024 to 2034 [10]. - The Chinese pharmaceutical market is expected to grow to RMB 1.6297 trillion by 2024, with a CAGR of 5.9% from 2024 to 2034 [10]. - The CRO service market in China is anticipated to grow from RMB 52.2 billion in 2020 to RMB 87.8 billion by 2024, with a CAGR of 13.9% [16]. - The small molecule CMO/CDMO service market is projected to increase from RMB 22.6 billion in 2020 to RMB 60 billion by 2024, with a CAGR of 27.6% [19].

智通财经APP获悉，据港交所11月7日披露，南京海纳医药科技股份有限公司(海纳医药)向港交所主板提交上市申请书，中金公司为其独家保荐人。 招股书显示，海纳医药是一家医药研发与制造一体化公司，提供CXO服务；同时，公司拥有专有产品管线，主要通过医药技术转让对该等管线进行商业 化。根据弗若斯特沙利文报告，于往绩记录期间及直至最后实际可行日期(2025年11月2日)，海纳医药于中国境内从事药物技术转移的CXO服务提供商中， 按获批临床试验及上市许可总数排名第二。根据同一来源，海纳医药于同期提交的临床试验及上市许可申请总数方面亦排名第二。 海纳医药运营着业界最为全面的CXO平台之一，业务涵盖药物发现、CMC、临床前和临床开发、注册和验证直至商业化生产的全链条环节。公司提供涵盖 药物研发及CMC、临床及生物等效性试验服务、注册申报及合同生产的端到端或模块化的CRO及CMO解决方案。截至2022年、2023年及2024年12月31日以 及2025年6月30日，海纳医药分别有242个、331个、383 个及398个正在进行的CXO项目。 除CXO服务外，海纳医药还拥有自主立项的专有管线。针对专有管线的每项资产，公司将基于其 ...

Core Insights - Company is actively developing and collaborating with major domestic clients, focusing on innovative drug development and has a pipeline of clinically promising products in phases II and III [1] - The global CXO service market is projected to grow from approximately $79.4 billion in 2024 to $161.6 billion by 2031, with a CAGR of 10.9% from 2025 to 2031 [1] - Company has established itself as a significant competitor in the CRDMO sector, providing comprehensive services from drug discovery to commercialization [1] Financial Performance - In the first half of 2025, the company's pharmaceutical business revenue reached 1.018 billion yuan, a year-on-year increase of 42.8%, with a gross margin of 42.75% [2] - The company has successfully completed multiple key validation projects, laying a solid foundation for capacity and technology [2] R&D and Technological Advancements - Company has expanded its R&D capabilities beyond traditional small molecules to include amino acids, peptides, PROTAC/ADC linkers, and oligonucleotides, enhancing its market responsiveness [3] - In 2024, the company developed 12 tubular process projects, with 7 achieving continuous production delivery [2][3] - The CRO segment has built capabilities in various technologies, including PROTAC, linker synthesis, and enzyme catalysis, to meet diverse client needs [2][3] Strategic Partnerships and Market Position - Company has deepened R&D collaborations with two global pharmaceutical leaders and partnered with multiple domestic innovative drug companies [2][4] - As a leading provider in the CDMO market for crop protection, the company has established strategic partnerships with five major original research crop protection companies [4] - The company has identified several products with commercialization potential within 3-5 years, supporting long-term business growth [4] Industry Outlook - The company is well-positioned to capitalize on the ongoing recovery in the pharmaceutical R&D and production industry, aiming to strengthen its position in the CXO value chain [5]