治疗肾脏疾病商业化原研药数量最多的中国制药企业，拥有超过20种商业化药物及1种候选药物，业绩放量高增的维健医药首次向港交所递表。 智通财经APP了解到，11月7日，维健医药向港交所主板提交上市申请书，华泰国际为其独家保荐人。该公司是一家专注于肾脏及血液疾病治疗的中国领先 综合性制药企业，根据灼识咨询的资料，截至2025年10月，公司的产品组合涵盖六种肾脏药物，在中国制药企业治疗肾脏疾病商业化原研药数量中位居榜 首。 该公司业绩表现也非常强劲，2022-2024年，收入复合增速12.8%，2025年上半年加速增长，达119.8%。近两年公司保持盈利能力，2023年至2025年上半年， 经调整的EBTDA分别为0.32亿元、1.12亿元及1.79亿元，利润率分别为3.61%、12.42%及22.46%，盈利能力持续大幅提升。 港股医药板块今年表现较佳，板块涨幅超过90%，多只龙头标的翻倍，上市新股表现也相对给力，这对于递表的医药标的来说具有较大估值吸引力。但打铁 还得自身硬，维健医药基本面是否给力，下面不妨看看。 聚焦两大核心赛道，上半年收入放量翻倍 维健医药通过并购、许可引进与战略合作以及CSO三大发展模式，向 ...

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].