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].

Company Overview - Haina Pharmaceutical is an integrated company engaged in drug research and manufacturing, providing CXO services and possessing proprietary product pipelines for commercialization through technology transfer [3][4] - The company ranks second in China for the total number of approved clinical trials and marketing licenses among CXO service providers [3] - Haina operates one of the most comprehensive CXO platforms in the industry, covering the entire drug development process from discovery to commercialization [3] Proprietary Pipeline and Technology Transfer - Haina has signed 67 drug technology transfer agreements during the reporting period, with notable projects including Omeprazole Sodium Bicarbonate Suspension and Dexamethasone Injection [4] - The company operates eight technology platforms that span drug chemistry research, complex formulation development, and GMP-scale production [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] - Despite growth in proprietary pipeline revenue, total revenue for the six months ending June 30, 2025, is expected to decline to RMB 178 million from RMB 214.30 million in the same period of 2024 [6] - The gross profit margin has decreased from 60.1% in 2022 to 50.3% in 2023, with a slight recovery to 52.1% in the first half of 2025 [8][9] Industry Overview - The global pharmaceutical market is projected to grow from USD 1.542 trillion in 2024 to USD 2.527 trillion by 2034, with a CAGR of 5.1% [9] - The Chinese pharmaceutical market is expected to reach RMB 1.6297 trillion in 2024, growing to RMB 2.8863 trillion by 2034, with a CAGR of 5.9% [9] - The CRO service market in China is anticipated to grow from RMB 52.2 billion in 2020 to RMB 87.8 billion in 2024, with a CAGR of 13.9% [15] - The small molecule CMO/CDMO service market is projected to expand from RMB 22.6 billion in 2020 to RMB 60 billion in 2024, with a CAGR of 27.6% [18]