新京报贝壳财经讯（记者黄鑫宇）12月26日晚，北交所官网显示，安徽济人药业股份有限公司（即"济 人药业"，874919）IPO申请获北交所受理。 2023年3月，济人药业曾向上交所主板提交IPO申报，但2025年2月主动撤回。随后济人药业便启动了北 交所上市辅导、申报新三板挂牌等相关工作。不到一年，济人药业IPO申请被北交所受理。 2023年、2024年，济人药业实现营业收入分别约为11.34亿元、12.30亿元，实现归母净利润分别约为 1.31亿元、1.32亿元。 本次IPO，济人药业选择的是北交所第一套上市标准，即预计市值不低于2亿元，最近两年净利润均不 低于1500万元且加权平均净资产收益率平均不低于8%，或者最近一年净利润不低于2500万元且加权平 均净资产收益率不低于8%。 济人药业拟募资金额约为5.26亿元，主要用于"年产450吨中药配方颗粒项目""年产8000吨中药饮片项 目""研发中心建设项目""营销网络建设项目"及"补充流动资金"。 济人药业是一家中药药企，主要产品包括中成药、中药饮片、中药配方颗粒三大类。已被录入甲型 H1N1流感、人感染H7N9禽流感、新冠病毒感染等疾病中成药诊疗方案的疏 ...

Core Viewpoint - The demand for influenza medications has surged, with the Chinese influenza drug market fluctuating around 10 billion RMB. Oseltamivir dominates the market, led by Dongyang Sunshine Pharmaceutical, while Roche's Xofluza is the leader in new influenza drugs [3][4]. Group 1: Market Dynamics - The search volume for "Oseltamivir" on JD.com increased nearly 500 times compared to the same period last year, indicating a significant rise in demand for generic drugs [5]. - After the patent protection for Roche's original drug Tamiflu expired, Dongyang Sunshine Pharmaceutical took control of the market, generating 5.54 billion RMB in revenue from its Oseltamivir product, accounting for nearly 90% of its total revenue in 2023 [6]. - National centralized procurement policies have disrupted the existing market structure for Oseltamivir, leading to a significant price drop and increased competition from other generic manufacturers, resulting in Dongyang Sunshine's sales halving to 2.58 billion RMB in 2024 [7][8]. Group 2: Competitive Landscape - Dongyang Sunshine failed to win bids in the 11th batch of national drug procurement, which will inevitably shrink its market presence in hospitals [8]. - The overall market for antiviral drugs in China is projected to decrease from 11 billion RMB in 2023 to 8 billion RMB in 2024, with Oseltamivir accounting for about 80% of this market [8]. - The market for traditional Chinese medicine is also growing, with sales of common cold and flu medications increasing significantly, further impacting Dongyang Sunshine's market share [9]. Group 3: New Drug Developments - There is a strong consumer demand for new antiviral drugs, with purchases of Marboxil showing a remarkable increase of over 600% in a two-week period [11]. - Roche's Xofluza remains the dominant player in the innovative drug market for influenza, with a significant supply increase expected in 2024 [11][12]. - Several domestic pharmaceutical companies have received approvals for new influenza drugs in 2023, with more expected to enter the market in 2025, potentially impacting the market share of Oseltamivir [12][13]. Group 4: Future Outlook - The market share of Oseltamivir is gradually being replaced by PA proteinase inhibitors, indicating a shift in treatment preferences [14]. - Despite the anticipated rise of new antiviral drugs, Oseltamivir is expected to maintain a certain market share due to varying clinical needs and payment capabilities across different demographics in China [14].

Core Viewpoint - Jiren Pharmaceutical is advancing its IPO process after transitioning from the Shanghai Stock Exchange to the Beijing Stock Exchange, with a focus on its core product, Shufeng Jiedu Capsule, which is included in treatment plans for various viral infections [1][2]. Company Overview - Jiren Pharmaceutical, established in April 2001, has developed into a modern Chinese medicine manufacturer integrating standardized planting of medicinal materials, production, and sales of traditional Chinese medicine [6]. - The company has ventured into the financial sector by holding a 0.18% stake in Bozhou Yaodu Rural Commercial Bank since 2018 [6]. Product Information - Shufeng Jiedu Capsule is a proprietary product of Jiren Pharmaceutical, primarily used for treating upper respiratory infections and various viral diseases [2]. - The market share of Shufeng Jiedu Capsule is currently 4.24%, ranking third among cold medicine brands, following Yiling Pharmaceutical's Lianhua Qingwen Granules and Haitai Pharmaceutical's Sijikang Antiviral Mixture [3][2]. Financial Performance - Jiren Pharmaceutical reported revenues of approximately CNY 1.134 billion and CNY 1.230 billion for 2023 and 2024, respectively, with net profits of CNY 131 million and CNY 132 million [6]. - Sales revenue for Shufeng Jiedu Capsule is projected to decline, with expected revenues of CNY 475 million in 2023 and CNY 377 million in 2024 [3][4]. Regulatory Scrutiny - The National Equities Exchange and Quotations (NEEQ) has raised concerns regarding the high academic promotion costs for Shufeng Jiedu Capsule despite its long-standing inclusion in medical insurance, as well as the effectiveness of measures to isolate commercial bribery risks between the company and its promoters [1][5]. - Jiren Pharmaceutical has engaged 299 and 273 promoters for academic promotion in 2023 and 2024, respectively, and has conducted visits to over 590,000 and 536,000 individuals in relevant medical departments [5].