Core Viewpoint - Changfeng Pharmaceutical Co., Ltd. is preparing for an IPO to raise funds primarily for core pipeline research and development, production facility expansion, and commercialization capabilities [4] Company Overview - Established in 2007, Changfeng Pharmaceutical focuses on the research, production, and commercialization of inhalation technology and inhalation drugs, specifically targeting respiratory diseases [1] Market Opportunity - The global respiratory drug market is substantial, with nearly 2.5 billion people suffering from chronic respiratory diseases. The market is projected to grow from USD 99.9 billion (approximately RMB 729.2 billion) in 2024 to USD 157.2 billion (approximately RMB 1,147.4 billion) by 2033, reflecting a compound annual growth rate (CAGR) of 5.2% [3] Product Pipeline - The company has developed a pipeline of 16 products, with over 60% focused on respiratory diseases, addressing the clinical needs of 250 million respiratory disease patients in China. Key products include: - Recombinant human interferon β1b nebulized solution for viral pneumonia, currently in Phase III clinical trials - Salbutamol inhalation powder for asthma treatment, also in Phase III clinical trials, expected to submit for listing in 2026 [5][6] Technological Advantages - Changfeng Pharmaceutical's core technology is dry powder inhalation (DPI), supported by 32 Chinese patents and 11 international patents. Key advantages include: - Proprietary formulation technology that enhances drug stability by over 200% - Development of an active dry powder inhaler that improves patient compliance, especially among the elderly [7] Commercialization Capability - The company has achieved revenue scale through generic drug sales, with projected revenue of RMB 420 million in 2024, driven by two inhalation products contributing over 80% of revenue. Notable product performances include: - Ambroxol oral solution with a market share of 7.3% - Budesonide suspension with a projected sales growth of 56% year-on-year [8] Industry Landscape - The inhalation formulation market in China is expected to reach RMB 112 billion by 2024, with a CAGR of 18.7% from 2019 to 2024. There is significant potential for domestic companies to replace imported products, as foreign firms currently hold 72% of the market share. Changfeng aims to be the first domestic company to combine generic and innovative drug strategies in the respiratory field [9]