● 本报记者 谭丁豪 今年以来，医药生物板块整体保持稳健运行，防御性与增长韧性凸显，板块内部细分领域的分化特征愈 发明显。 日前，财信证券研究发展中心医药生物行业首席分析师吴号在接受中国证券报记者专访时表示，在政策 支持升级与行业转型深化的双重推动下，医药生物行业已全面迈入创新驱动的高质量发展阶段，"鼓励 创新+成本控制"的政策导向进一步塑造行业格局。随着行业基本面逐步修复，创新药、CXO、消费医 疗三大投资主线的性价比持续凸显，而AI等新技术与产业的深度融合，更开辟了全新增长空间，行业 长期发展逻辑清晰，投资价值逐步释放。 具体来看，前三季度，医药生物板块整体实现营业收入18461.96亿元，同比下降1.27%；归母净利润为 1410.97亿元，同比下降1.63%。但单季度数据呈现逐季改善态势，第三季度板块实现营业收入6148.30 亿元，同比增长1.21%；归母净利润为415.85亿元，同比增长3.79%，显示行业基本面正逐步修复。 创新药产业链表现亮眼 数据显示，今年以来，截至12月8日，医药生物（申万）板块表现稳健，流通市值加权平均涨幅达 30.64%，在申万（2021年）31个一级行业中排第14位， ...

2023年8月27日，中国证监会发布《统筹一二级市场平衡优化IPO、再融资监管安排》（即"827新 政"），明确阶段性收紧IPO节奏，推动资本市场从"重规模"向"重质量"转型。两年来，A股IPO审核持 续趋严，Wind数据显示，截至2025年8月27日，已有约560家企业主动撤回上市申请，"撤单潮"折射出 企业面对更高信息披露与持续盈利能力要求的战略调整。 在此背景下，一批以研发驱动、尚未实现规模化盈利的创新型医药企业，开始将目光投向更具包容性的 境外资本市场。港交所因其对科技创新企业的制度性支持，正成为越来越多中国生物医药公司的首选上 市地。 构建全链条能力 借力港股迈向价值跃升 作为国内领先的端到端医药研发与生产服务企业，南京海纳医药科技股份有限公司（以下简称：海纳医 药）的发展路径正是这一趋势的生动注脚。公司自2001年成立以来，已从一家临床前CRO逐步成长为 覆盖药物发现、CMC开发、临床研究、注册申报及商业化生产的全链条CXO服务商，并同步构建了具 有自主知识产权的专有管线体系。 | | HERE | ... | 11 | 40-080 | 998 | 1.893 | 1 BIRGE 2808 | ...

Core Viewpoint - Nanjing Haina Pharmaceutical Technology Co., Ltd. is making its third attempt to go public by submitting an IPO application to the Hong Kong Stock Exchange after previous failures in the A-share market and a terminated acquisition by Chengdu Xian Dao [2][4]. Company Performance - Haina Pharmaceutical's revenue has shown a "high opening and low closing" trend, with revenue of 425 million RMB in 2024, a growth rate slowing to 3.65%, and a net profit decline to 53.3 million RMB [2][6]. - In the first half of 2025, the company reported a revenue of 178 million RMB, a year-on-year decrease of 16.97%, and a net profit of 22.1 million RMB, down 25.82% year-on-year [2][6]. - The gross profit margin has significantly decreased from 60.1% in 2022 to 46% in 2024, although it rebounded to 52.1% in the first half of 2025, still below previous levels [2][6]. Financial Data - Revenue increased from 264.7 million RMB in 2022 to 424.6 million RMB in 2024, but the growth rate has slowed considerably [3][6]. - The net profit for the same period was 59.8 million RMB in 2022, 73 million RMB in 2023, and dropped to 53.2 million RMB in 2024, indicating a decline in profitability despite revenue growth [3][6]. - Cash flow from operating activities turned negative in 2024 at -34.57 million RMB and worsened to -42.45 million RMB in the first half of 2025 [7]. Client Structure and Asset Quality - The company has a low and variable customer concentration, which may indicate insufficient customer loyalty, as the top five customers changed significantly over the reporting period [8]. - Accounts receivable increased from 44.68 million RMB in 2022 to 176 million RMB in the first half of 2025, with the turnover days rising from 43 to 176 days, indicating slower cash collection [8].

此次转战港股，海纳医药期待借助香港国际金融中心的地位实现突围。然而，对招股书等相关资料进行 梳理后发现，公司目前仍存在诸多隐忧，包括业绩下滑营收净利双降、经营活动现金流持续为负、应收 账款高企等，本次IPO能否如愿尚存变数。 上半年营收净利双降 现金持续流出应收账款激增 海纳医药成立于2001年，是一家以改良型创新药和高端仿制药为核心的全流程医药研发企业。公司采 用"CXO服务+MAH（药品上市许可持有人）转让"双轮驱动模式，即在提供传统研发服务的同时，通过 自主立项研发并将成果转让给客户，以获取更高收益。 从财务数据看，2022年至2024年，公司营收从2.65亿元增长至4.25亿元，但增长势头趋缓，营收增速由 2023年的54.74%降至2024年的3.65%。2025年上半年，公司业绩出现同比下滑，其中营收同比下滑 16.97%至1.78亿元，净利润同比下降24%至2208.4万元。 同时，公司毛利率从2022年的60.1%下滑至2024年的47.1%，虽然在2025年上半年小幅回升至52.1%，但 仍远未恢复至历史高位。 结合业务来看，2024年业绩下滑主要源于药物技术转让及自有药品销售收入的大幅缩减 ...

Core Viewpoint - Nanjing Haina Pharmaceutical Technology Co., Ltd. (Haina Pharmaceutical) has submitted its IPO application to the Hong Kong Stock Exchange, following the termination of a major asset restructuring plan with Chengdu Xian Dao in June 2025, which was aimed at acquiring approximately 65% of Haina Pharmaceutical's shares [1][6]. Group 1: IPO Details - Haina Pharmaceutical's IPO application is sponsored exclusively by China International Capital Corporation (CICC) [1]. - The company previously attempted to go public on the A-share Growth Enterprise Market, with an initial fundraising target of 850 million yuan, but withdrew its application in June 2024 after receiving inquiries from the Shenzhen Stock Exchange [1][6]. - The funds from the current IPO are intended for research and development activities, capacity expansion, quality control enhancement, and general corporate purposes [1][2]. Group 2: Business Overview - Established in 2001, Haina Pharmaceutical is an integrated pharmaceutical research and manufacturing company that provides Contract Research Organization (CRO) and Contract Manufacturing Organization (CMO) services [2]. - The company ranks second in China for the total number of approved clinical trials and marketing licenses among domestic CXO service providers [2]. - Haina Pharmaceutical's revenue primarily comes from CXO services, with revenue contributions of 65%, 69.1%, 87.8%, and 78.2% during the reporting periods from 2022 to the first half of 2025 [2]. Group 3: Financial Performance - The company's revenue for the reporting periods was 265 million yuan, 410 million yuan, 425 million yuan, and 178 million yuan, with net profits of 59.77 million yuan, 73.01 million yuan, 53.30 million yuan, and 22.08 million yuan respectively [3]. - In 2024, Haina Pharmaceutical experienced a revenue growth of 3.65% but a net profit decline of 27%, indicating a situation of "increased revenue without increased profit" [3]. - The company's gross margin decreased from 60.1% in 2022 to 46% in 2024, before recovering to 52.1% in the first half of 2025 [3]. Group 4: Client Dynamics - The company has seen significant changes in its top five clients over the reporting periods, with only Client A remaining consistent [4][5]. - The largest single client has changed twice within a span of three and a half years, indicating potential volatility in client relationships [5]. Group 5: Cash Flow and Receivables - Haina Pharmaceutical's net cash flow from operating activities was positive in 2022 and 2023 but turned negative in 2024, with net cash flows of 76.55 million yuan, 113 million yuan, -34.57 million yuan, and -42.45 million yuan [5]. - The company has experienced an increase in accounts receivable and corresponding turnover days, with accounts receivable reaching 171 million yuan and turnover days extending to 111 days by 2024 [5].

Core Viewpoint - Nanjing Haina Pharmaceutical Technology Co., Ltd. (referred to as "Haina Pharmaceutical") is making another attempt to enter the capital market by submitting a listing application to the Hong Kong Stock Exchange (HKEX) after previously failing to go public on the ChiNext board and attempting a merger with Chengdu Xian Dao [1][6] Group 1: Company Overview - Haina Pharmaceutical is an integrated pharmaceutical research and manufacturing company that provides CXO services and has proprietary product pipelines primarily commercialized through technology transfer [1] - The company ranks second in China for the total number of approved clinical trials and market licenses during the reporting period [1] Group 2: Financial Performance - In the first half of this year, Haina Pharmaceutical experienced a decline in both revenue and net profit, with revenue of 178 million yuan and net profit of 22.08 million yuan, compared to 214 million yuan and 29.76 million yuan in the same period last year [3] - The company's cash flow from operating activities has been negative since last year, with net cash flow of approximately -34.57 million yuan in 2023 and -42.45 million yuan in the first half of this year [3] Group 3: Market Strategy - The funds raised from the HKEX listing are intended to support R&D activities, expand production capacity, enhance quality control, and for general corporate purposes [2] - The HKEX is seen as a favorable platform for Haina Pharmaceutical due to its market inclusivity, international investor base, and standardized approval processes [2] Group 4: Challenges and Future Directions - Haina Pharmaceutical needs to enhance its competitiveness by focusing on R&D innovation, optimizing cost control, diversifying its business, and improving cash flow management [4][5] - The company has made multiple attempts to enter the capital market, including a previous IPO application on the ChiNext board and a failed merger with Chengdu Xian Dao [6]

Core Viewpoint - Nanjing Haina Pharmaceutical Technology Co., Ltd. (referred to as "Haina Pharmaceutical") is attempting to enter the capital market by submitting an application to the Hong Kong Stock Exchange (HKEX) after previous unsuccessful attempts, facing declining revenue and net profit in the first half of the year [1][2][9]. Group 1: Company Overview - Haina Pharmaceutical is an integrated pharmaceutical research and manufacturing company that provides CXO services and has proprietary product pipelines, primarily commercialized through technology transfer [2]. - The company ranks second in China for the total number of approved clinical trials and market licenses during the reporting period [2]. Group 2: Financial Performance - In the first half of the year, Haina Pharmaceutical reported revenue of 178 million yuan and a net profit of 22.08 million yuan, down from 214 million yuan and 29.76 million yuan in the same period last year [7]. - The company's revenue and net profit have shown fluctuations from 2022 to 2024, with revenues of 265 million yuan, 410 million yuan, and 425 million yuan, and net profits of 59.77 million yuan, 73.02 million yuan, and 53.30 million yuan respectively [6][8]. Group 3: Market Strategy - Haina Pharmaceutical aims to use the funds raised from the HKEX listing to support research and development activities, expand production capacity, enhance quality control, and for general corporate purposes [2]. - The company has faced multiple challenges in its attempts to enter the capital market, including withdrawing its IPO application from the ChiNext and an unsuccessful acquisition attempt by Chengdu Xian Dao [9]. Group 4: Industry Insights - The HKEX offers advantages for companies like Haina Pharmaceutical, including flexible listing requirements, high international capital participation, and convenient refinancing mechanisms [3][5]. - The approval process at HKEX is more standardized and predictable, providing a more efficient financing channel for companies in need of funds [3].

Core Viewpoint - Nanjing Haina Pharmaceutical Technology Co., Ltd. has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, marking its third attempt to enter the capital market within three years after previous failures in an IPO and acquisition negotiations [1] Group 1: Financial Performance - Haina Pharmaceutical's revenue growth has shown signs of fatigue, with revenue increasing from 265 million yuan in 2022 to 425 million yuan in 2024, but the growth rate plummeted to 3.65% in 2024 compared to 54.7% in 2023 [2] - In the first half of 2025, the company's revenue further declined by 16.97% year-on-year to 178 million yuan, and net profit dropped by 25.82% to 22.08 million yuan, indicating a dual decline in revenue and profit [2] - The company's gross margin fell from 60.1% in 2022 to 46% in 2024, with a slight recovery to 52.1% in the first half of 2025, but still below previous highs [2] - Cash flow has deteriorated significantly, with net cash flow from operating activities dropping from 113 million yuan in 2023 to -34.57 million yuan in 2024, and further worsening to -42.45 million yuan in the first half of 2025 [2] - Accounts receivable surged from 44.68 million yuan in 2022 to 176 million yuan in the first half of 2025, with turnover days extending from 43 days to 176 days [2] Group 2: Business Model and Market Position - Haina Pharmaceutical's revenue heavily relies on CXO services, with the proportion of CXO service revenue increasing from 65% to 87.8% during the reporting period, and remaining at 78.2% in the first half of 2025 [3] - The company's "multiple development" model, which involves providing R&D services for the same drug to different clients, generated 74.78 million yuan in revenue in the first half of 2023, accounting for 33% of total revenue [3] - The sustainability of this model is questioned due to the increasing concentration of procurement policies, which may limit the availability of repeatable development resources [3] - The generic drug CXO market is experiencing intense competition, with pricing pressures leading to a significant drop in service fees from 4-5 million yuan in 2019 to around 2 million yuan in 2023 [4] - Haina Pharmaceutical's revenue of 178 million yuan in the first half of 2025 is significantly smaller compared to industry leader WuXi AppTec, which reported 20.8 billion yuan in revenue during the same period [4] Group 3: Client Structure and Governance - The client structure of Haina Pharmaceutical is unstable, with the top five clients changing frequently from 2022 to the first half of 2025 [5] - Some clients have concerning backgrounds, including a client that became a major customer shortly after its establishment, and others with connections to Haina's management [5] - These related party transactions have drawn regulatory scrutiny during the previous IPO review and may be a focus for the Hong Kong Stock Exchange [5] - The company's founder controls 45.82% of the shares prior to the IPO, with other shareholders including institutional investors [5] Group 4: IPO Plans and Market Outlook - Haina Pharmaceutical plans to use the funds raised from the IPO for R&D activities, capacity expansion, and general corporate purposes, with a more cautious fundraising target compared to its previous attempt on the ChiNext [6] - The Chinese CXO market still holds growth potential, but the generic drug CXO segment faces structural challenges [6] - This IPO application is the company's third attempt at capitalizing within three years, following two unsuccessful attempts, indicating a challenging regulatory environment ahead [6]

Group 1 - Nanjing Healthnice Pharmaceutical Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CICC acting as the sole sponsor [1] - The company is an integrated pharmaceutical research and manufacturing entity that provides CXO services and has proprietary product pipelines, primarily commercialized through technology transfer [1] - According to a report by Frost & Sullivan, Healthnice ranks second among CXO service providers in China in terms of approved clinical trials and market approvals during the reporting period [1]

Nanjing Healthnice Pharmaceutical Technology Co., Ltd. 南 京 海 納 醫 藥 科 技 股 份 有 限 公 司 香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不就因本申請版本全部或任何部分內容而產生或因依賴該等內容而 引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 南 京 海 納 醫 藥 科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的要求而 刊發，僅用作向香港公眾人士提供資訊。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即表示 閣 下知悉、接納並向南京海納醫藥科技股份有限公司（「本公司」）、其獨家保薦人、整體協調人、顧問及包銷 團成員表示同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長登記前，不 會向香港公眾人士提出要約或邀 ...