出品 | 创业最前线 作者 | 孟祥娜 编辑 | 胡芳洁 美编 | 邢静 审核 | 颂文 近日，CXO（医药外包研发生产）公司海纳医药向港交所递交主板上市招股书，由中金公司担任独家保荐人。这是其三年内第二次冲击IPO。 回顾过往，公司曾于2023年6月冲刺A股创业板，计划募资8.5亿元用于CXO研发总部建设及补充流动资金，却在深交所两轮问询后，于2024年6月主动撤 回申请，A股上市梦碎。 随后公司转向重组并购，2025年3月与成都先导达成控股权收购意向，后者拟受让海纳医药65%股权，然而仅三个月便因交易价格、业绩承诺等核心条款 谈崩，并购计划告吹。 此次转战港交所，是海纳医药在A股折戟、并购落空后的背水一战。 招股书显示，公司聚焦改良型创新药与高端仿制药领域，以"CXO服务+自持品种销售"双轮驱动，2022-2024年营收年均复合增长率达28.3%，但近年来， 业绩滑坡、销售渠道大幅收缩、资金大量沉淀于应收款、诉讼纠纷缠身等多重挑战如影随形。 2025年上半年，公司营收、净利润分别同比下降16.97%、24%至1.78亿元、0.22亿元，整体业绩从高速增长通道快速转入下滑周期。 值得注意的是，港股递交招股书 ...

Core Viewpoint - Nanjing Haina Pharmaceutical Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, following a previous unsuccessful attempt for an A-share IPO due to the withdrawal of its sponsor [1][2] Financial Performance - Haina Pharmaceutical has shown steady revenue growth from 2022 to 2024, with revenues of 265 million, 409.6 million, and 424.6 million RMB respectively, but net profit has declined by 27% in 2024 [2][3] - For the first half of 2025, the company reported revenues of 178 million RMB and a net profit of 22.08 million RMB, representing declines of 16.97% and 25.82% year-on-year [2][3] - The gross profit margin has decreased from 60.1% in 2022 to 46.0% in 2024, although it rebounded to 52.1% in the first half of 2025 [3] Business Model and Services - Haina Pharmaceutical operates a unique "CXO + MAH" business model, focusing on both contract research organization (CRO) services and proprietary product pipelines [4][5] - The majority of revenue comes from CXO services, accounting for 65% in 2022 and increasing to 87.8% in 2024 [5] - The company has signed 67 drug technology transfer agreements, indicating a proactive approach to commercialization [5] Market Position and Industry Context - The CXO industry is experiencing growth, with the outsourcing expenditure in the pharmaceutical sector expected to rise from 47.8% in 2024 to 61.0% by 2029 [8] - Haina Pharmaceutical ranks second in China for the number of approved clinical trials and marketing licenses among CXO service providers [11] - Despite growth potential, the company faces challenges due to its focus on generic drugs, which have lower technical barriers compared to innovative drugs [11][12] Financial Health and Risks - The company has experienced negative cash flow from operating activities in 2024 and the first half of 2025, indicating potential financial strain [6] - Accounts receivable have increased significantly, leading to longer collection periods, which may pose risks to cash flow [7] - The competitive landscape for generic drugs is pressured by national procurement policies, impacting pricing and profitability [12]

Core Viewpoint - Nanjing Haina Pharmaceutical Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, following a previous unsuccessful attempt for an A-share IPO due to the withdrawal of its sponsor [1] Financial Performance - Haina Pharmaceutical has experienced a decline in both revenue and net profit in the first half of 2025, with revenue of 178 million yuan and net profit of 22.08 million yuan, representing decreases of 16.97% and 25.82% year-on-year, respectively [2][3] - The company's revenue from 2022 to 2024 showed steady growth, with figures of 265 million yuan, 410 million yuan, and 425 million yuan, but net profit fell by 27% in 2024 [2][3] - The overall gross margin decreased from 60.1% in 2022 to 46.0% in 2024, although it rebounded to 52.1% in the first half of 2025 [3] Business Model and Services - Haina Pharmaceutical operates a unique "CXO + MAH" business model, focusing on both contract research organization (CRO) services and proprietary product pipelines, primarily in chemical generics and improved innovative drugs [4][5] - The company has a comprehensive CXO platform covering the entire drug development process, with 398 ongoing CXO projects as of mid-2025 [5] Market Position and Challenges - Haina Pharmaceutical ranks second in China for the number of approved clinical trials and marketing licenses among CXO service providers, but its focus on generics places it at a competitive disadvantage compared to peers specializing in innovative drugs [11] - The domestic CXO industry is fragmented, with major players facing pressures from national procurement policies, leading to significant revenue declines for competitors [12] Industry Outlook - The CXO industry is expected to grow, with the outsourcing expenditure in the pharmaceutical sector projected to rise from 36.8% in 2020 to 66.0% by 2034 [8] - Despite facing short-term performance pressures, Haina Pharmaceutical's unique business model and full-chain service capabilities may provide competitive advantages in a challenging market [12]

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（601995）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，公司将基于其特性 ...

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 ...