Core Viewpoint - Fujian Haixi New Drug Creation Co., Ltd. is seeking to list on the Hong Kong Stock Exchange after previously attempting to list on the Shenzhen Stock Exchange, indicating a strategic shift in its IPO plans [1][9]. Group 1: Company Background - Haixi New Drug was founded in 2012 by Kang Xinshan and Feng Yan, supported by state-owned shareholders [5][6]. - The company has a diverse product portfolio, primarily focusing on generic drugs for various diseases [9]. Group 2: Financial Performance - The company has achieved a remarkable compound annual growth rate (CAGR) of 48.4% in revenue over the past three years [2][10]. - Revenue figures for the years 2022 to 2024 are reported as 212 million, 317 million, and 467 million, with net profits of 69 million, 117 million, and 136 million respectively [10]. - The net profit margin has remained around 30%, with gross margins exceeding 81% for three consecutive years, reaching 84% in the first five months of 2025 [10]. Group 3: Product Pipeline and R&D - Haixi New Drug has received approval for 14 generic drugs from the National Medical Products Administration, with additional drugs in the ANDA stage expected to be approved by 2025 or 2026 [9][10]. - The company is developing four innovative drugs and holds a global patent portfolio of 36 patents [10]. Group 4: Financial Needs and IPO Purpose - As of May 31, 2025, the company had cash and cash equivalents of only 46.259 million, indicating a need for capital [11]. - The funds raised from the IPO will be used for R&D investment, enhancing commercialization capabilities, and improving operational systems [11].