Core Viewpoint - Nantong Lianya Pharmaceutical Co., Ltd. has successfully submitted its IPO application for the ChiNext board, marking the return of pharmaceutical companies to this market after nearly two years [1][3] Company Overview - Lianya Pharmaceutical focuses on the research, production, and sales of complex drug formulations, primarily offering high-end generic drugs, including controlled-release formulations and low-dose drug formulations [3] - The company has previously attempted to list on the Sci-Tech Innovation Board but withdrew its application after three rounds of inquiries [3][4] IPO Details - The company aims to raise 950 million yuan (approximately 9.5 billion yuan) for its IPO, a decrease from the previously planned 1.05 billion yuan (approximately 10.5 billion yuan) during its Sci-Tech Innovation Board application [1][5] - The funds will be allocated to industrialization base projects, drug research and development, and working capital [6] Fund Allocation - The industrialization base project will receive 306 million yuan for production base construction and 266 million yuan for R&D center construction, expected to add 1 billion tablets and 100 million capsules in production capacity [6] - The drug R&D project will receive 328 million yuan, focusing on 28 product pipelines across various therapeutic areas, including gynecology, hypertension, central nervous system disorders, and diabetes [6] Financial Performance - Lianya Pharmaceutical has shown increasing net profits, with projected revenues of approximately 550 million yuan, 700 million yuan, and 866 million yuan for the years 2022 to 2024, respectively [8] - Corresponding net profits are expected to be around 113 million yuan, 116 million yuan, and 260 million yuan for the same period [8] Customer Dependency - The company has a significant reliance on its largest customer, Ingenus, which accounted for over 50% of its revenue during the reporting period [9] - Revenue from Ingenus was approximately 398 million yuan, 397 million yuan, and 449 million yuan for the years 2022 to 2024, representing 72.36%, 56.63%, and 51.87% of total revenue, respectively [9][10] - Ingenus is a comprehensive pharmaceutical company based in the U.S., focusing on the development and commercialization of generic drugs [10]

Core Viewpoint - Lianya Pharmaceutical Co., Ltd. has initiated its IPO on the Shenzhen Stock Exchange's ChiNext board, aiming to raise 950 million yuan for various projects, highlighting its focus on R&D-driven high-tech pharmaceutical development and complex drug formulations [1][2]. Company Overview - Lianya Pharmaceutical is a high-tech enterprise primarily engaged in the R&D, production, and sales of complex drug formulations, including controlled-release formulations and low-dose generic drugs, targeting conditions such as hypertension, coronary heart disease, diabetes, and more [1]. - The company has developed six major technology platforms and has received FDA approval for 44 self-developed products, indicating a strong commitment to independent R&D [1][4]. Financial Performance - Projected revenues for Lianya Pharmaceutical are approximately 550 million yuan, 700 million yuan, and 866 million yuan for the years 2022, 2023, and 2024, respectively, with net profits expected to be around 113 million yuan, 116 million yuan, and 260 million yuan during the same period [3][4]. - The total assets of the company are projected to reach approximately 2.052 billion yuan by the end of 2024, with a debt-to-asset ratio of 12.73% [4]. Fund Utilization - The funds raised from the IPO will be allocated to several key projects, including the construction of a production base (30.564 billion yuan), a research and development center (26.596 billion yuan), and drug development projects (32.840 billion yuan), along with supplementary working capital (5 billion yuan) [2][3].