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]

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].