2025年以来，港股医药板块在经历此前多年的深度调整后，走出了一轮亮眼的估值修复行情。伴随一系列创新药支持政策 持续出台，以及美联储降息周期带来的流动性改善，市场对生物科技公司的风险偏好逐步修复。 而当下随着中国资产牛市行情的持续演绎，市场资金也正积极寻找具备核心技术壁垒、商业化路径清晰且具长期价值潜力 的差异化标的。近日，专注于吸入制剂这一高技术壁垒赛道的长风药业成功登陆港交所，不妨就此来看看公司的机会所 在。 1、锚定吸入制剂高壁垒赛道，财务表现彰显竞争力 长风药业是一家专注于治疗呼吸系统疾病的生物医药公司，业务聚焦吸入技术及吸入药物的研发、生产及商业化。 吸入制剂作为一种特殊的药物剂型，主要用于治疗呼吸系统疾病，如治疗哮喘、慢性阻塞性肺病(COPD)和过敏性鼻炎等。 其由于技术壁垒高、供应链复杂，长期被葛兰素史克、阿斯利康等国际巨头垄断，国产化率相对较低。 从2024年全球前十大最畅销吸入制剂药物来看，可以发现其呈现两个明显的特征。其一，市场集中度高，前十大药物占据 了较大的市场份额，且厂家均为海外医药巨头，这也意味着国产化空间巨大。其二，尽管市场由少数主导，但畅销产品覆 盖了多种不同的治疗领域，这显示 ...

Core Viewpoint - Changfeng Pharmaceutical successfully listed on the Hong Kong Stock Exchange on October 8, achieving a remarkable opening increase of 218.64%. However, the company's performance is heavily reliant on a single product, "Inhalation Budesonide Suspension," which accounts for over 90% of its revenue, facing intensified market competition and growth challenges [1][3]. Company Overview - Established in 2007, Changfeng Pharmaceutical focuses on inhalation formulations targeting respiratory diseases, including asthma, chronic obstructive pulmonary disease, and allergic rhinitis. The company has received six product approvals from the National Medical Products Administration and the U.S. FDA [3]. Financial Performance - The revenue for Changfeng Pharmaceutical from 2022 to 2024 is projected to be approximately RMB 349 million, RMB 556 million, and RMB 608 million, respectively, with a compound annual growth rate (CAGR) of 31.9%. The net profit for the same period is expected to be -RMB 49.4 million, RMB 31.7 million, and RMB 21.1 million [3][4]. Product Dependency - The "Inhalation Budesonide Suspension" (CF017) is the primary revenue driver, contributing 96.2%, 98.4%, 94.5%, and 91.6% of total revenue from 2022 to Q1 2025. In contrast, the revenue contribution from CF018 is significantly lower, at 0.1%, 0.2%, 3.9%, and 7.6% during the same period [4][6]. Market Competition - The global inhalation formulation market for respiratory diseases is projected to reach USD 26.8 billion (approximately RMB 195.6 billion) in 2024, with a CAGR of 6.2% until 2033. The Chinese market is expected to grow from RMB 232 billion in 2024 to RMB 351 billion by 2033, with a CAGR of 4.7% [5][6]. Sales Performance - CF017's sales volume from 2022 to 2024 is expected to be 121 million, 198 million, and 209 million units, with a significant decline in growth rate from 63.97% to 5.66%. The sales revenue for the same period is projected to be RMB 336 million, RMB 548 million, and RMB 574 million, with a decrease in growth rate from 63.05% to 4.88% [6][7]. Strategic Initiatives - To mitigate risks associated with reliance on a single product, Changfeng Pharmaceutical plans to diversify its product line and enhance its overall risk resilience. The company intends to allocate 40% of its IPO proceeds to the research and clinical development of domestic and international inhalation formulation candidates [6][7]. Controversies - During its previous attempts to list on the Science and Technology Innovation Board, Changfeng Pharmaceutical disclosed significant "hospital visit fees," raising concerns about its long-term sustainability and investor trust. The company has since reframed its sales expenses in its latest prospectus [7][8].

Core Viewpoint - Changfeng Pharmaceutical Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange for the second time after previous unsuccessful attempts to go public, primarily due to its heavy reliance on a single product and rising competition in the market [1][2][3]. Company Overview - Changfeng Pharmaceutical focuses on the research, production, and sales of drugs for respiratory diseases, with a rich pipeline of inhalation formulations for conditions such as asthma and allergic rhinitis [2]. - The company has received five product approvals from the National Medical Products Administration (NMPA) and the U.S. Food and Drug Administration (FDA) [2]. Revenue Structure - A significant portion of the company's revenue comes from the inhalation solution Budesonide (CF017) for treating bronchial asthma, accounting for 96.2%, 98.4%, and 94.5% of total revenue from 2022 to 2024, with revenues of RMB 269 million, RMB 441 million, and RMB 490 million respectively [3][4]. - The second major revenue-generating product, CF018, for allergic rhinitis, has not performed well commercially despite being approved earlier than its original counterpart [4][5]. Competitive Landscape - The market for Budesonide is becoming increasingly competitive, with several domestic generic manufacturers entering the market, leading to a potential decline in high profit margins [7][8]. - In the first half of 2024, the market share of Budesonide inhalation solutions among domestic manufacturers was approximately 60%, with new competitors continuously gaining approvals [7][8]. Financial Performance - From 2022 to 2024, the company's revenue grew from RMB 349 million to RMB 608 million, with gross profits of RMB 267 million, RMB 458 million, and RMB 491 million respectively [8]. - The gross margin for CF017 remains high at around 85%, but the increasing number of competitors raises concerns about maintaining this margin in the future [8]. Sales Expenses - Sales expenses have been rising significantly, from RMB 52 million in 2021 to RMB 236 million in 2024, with a sales expense ratio consistently around 40%, which is notably higher than the industry average [9][10]. - A substantial portion of sales expenses is attributed to business development costs, which have increased over the years, raising questions about potential hidden costs related to hospital visits [9][10]. Regulatory and Ethical Concerns - The high sales expenses and potential hidden costs may raise concerns about compliance with regulations, especially in light of recent scrutiny over commercial bribery in the pharmaceutical industry [11][12]. - The company’s significant hospital visit expenses could be a potential obstacle for its market entry, especially under the current regulatory environment focused on anti-corruption [12].