Core Viewpoint - Nantong Lianya Pharmaceutical Co., Ltd. has received acceptance for its IPO on the ChiNext board, entering the inquiry stage, with CICC as the sponsor. The company focuses on the research, production, and sales of complex drug formulations, primarily targeting hypertension and coronary heart disease, with significant market share in the U.S. [1][5] Financial Performance - The company projects revenues of 866 million yuan and net profits of 260 million yuan for 2024, with historical revenues of 550 million yuan in 2022 and 700 million yuan in 2023 [3][4]. - Cumulative net profits for 2022, 2023, and 2024 are expected to be 113 million yuan, 116 million yuan, and 260 million yuan respectively [3][4]. IPO Financing and Project Allocation - The IPO aims to raise 950 million yuan, allocated as follows: 306 million yuan for production base construction, 266 million yuan for R&D center construction, 328 million yuan for drug research projects, and 50 million yuan for working capital [1][2]. R&D Investment - The company has invested a total of 293 million yuan in R&D over the past three years, with annual R&D expenditures of 103 million yuan in 2022, 88.73 million yuan in 2023, and 120 million yuan in 2024 [6]. - The R&D expense ratio for the same years was 18.70%, 12.67%, and 11.74%, compared to industry averages of 20.99%, 20.13%, and 18.64% [6]. Market Position and Product Portfolio - The company has a strong presence in the U.S. market, with several products ranked first in market share, including sustained-release formulations of Nifedipine and Diltiazem [5][6]. - The product pipeline includes 45 generic drug projects and 2 improved new drug projects, with 44 self-developed products approved by the FDA [6]. Shareholding Structure - Lianya Cayman directly holds 22.62% of the company's shares, making it the controlling shareholder. The actual controllers collectively hold 29.50% of the shares [7].