据港交所 9 月 22 日披露，长风药业股份有限公司 (简称 "长风药业") 通过港交所上市聆讯，中信证券及招银国际 为其联席保荐人。 招股书显示，长风药业成立于 2007 年，专注于吸入技术及吸入药物的研发、生产及商业化，专注于治疗呼吸系统 疾病。 招股书显示，公司构建了包含 16 款在研产品的管线组合，其中呼吸科领域占比超 60%，聚焦哮喘、慢性阻塞性肺 疾病（COPD）等高发疾病，匹配中国 2.5 亿呼吸系统疾病患者的临床需求： 后期核心产品：重组人干扰素β1b 雾化吸入溶液（用于病毒性肺炎）处于 III 期临床，为国内首个雾化给药的干扰 素类生物药，较传统注射剂型安全性更优；盐酸左沙丁胺醇吸入粉雾剂（哮喘治疗）已完成 III 期临床，预计 由于哮喘、COPD及过敏性鼻炎等呼吸系统疾病患病率不断上升，全球呼吸系统药物市场巨大。据估计，目前全球 有将近 25 亿人患有慢性呼吸系统疾病，预计该数字日后还会增加。2024 年，全球呼吸系统药物市场规模估值为 999 亿美元 (约人民币 7,292 亿元)，预计到 2033 年将达到 1,572 亿美元 (约人民币 11,474 亿元)，年复合增长率为 5.2% ...

Core Viewpoint - The return of the original brand Mucosolvan (Ambroxol Hydrochloride) to the Chinese market is anticipated in December 2025, following its exit due to registration expiration and increased competition from generic drugs [1][2]. Group 1: Company Background - Mucosolvan was originally developed by Boehringer Ingelheim and launched in Germany in 1978, entering the Chinese market in 1991 [2]. - The product achieved peak sales exceeding 8 billion yuan in China, making it a highly competitive product in the market [2]. - The original manufacturer, Boehringer Ingelheim, ceased the product's registration in China in 2020, leading to its market exit [3]. Group 2: Market Competition - The return of Mucosolvan will face competition from 367 similar drug approvals in China, including significant price competition from generics [6]. - In the 2021 centralized procurement, Boehringer Ingelheim's bid was only a 0.3% price reduction, while competitors like Yunnan Longhai offered a 93.3% reduction [4]. - The market for expectorants is crowded, with other active ingredients available, such as bromhexine and acetylcysteine, which may affect Mucosolvan's market share [6]. Group 3: Future Outlook - The product's return is now under the management of Opella, a company that became independent from Sanofi in May 2025, which retains a 48.2% stake in Opella [4]. - The ability of Mucosolvan to regain consumer trust and willingness to pay a premium in a low-price environment remains uncertain [6]. - The performance of Mucosolvan post-return will be closely monitored, especially regarding its positioning in the OTC market [6].