近期，又有一家来自福建的创新药企冲击港股IPO。 格隆汇获悉，福建海西新药创制股份有限公司（简称：海西新药）递表港交所，由华泰国际、招银国际 担任联席保荐人。 与其他创新药企业以18A章规则寻求港股上市的情况不同，海西新药已有14款仿制药获批上市，并实现 盈利。 值得注意的是，海西新药并非首次冲击IPO。2022年11月，公司与海通证券订立辅导协议，并向证监会 提交上市辅导备案。 不过，后续考虑到港交所可提供一个接触国际资本的平台，海西新药放弃了A股上市，转而拥抱港交 所。 2025年1月3日，海西新药第一次递表港交所，因六个月后自动失效未完成上市进程，于不久前第二次递 表。 01 贝达药业前员工创业，估值约19.48亿元 海西新药的起源可追溯至2012年3月，当时康心汕博士及其配偶FengYan女士在国有股东的支持下创立 了公司。 2022年11月，海西新药改制为股份有限公司，总部位于福建省福州市仓山区。 截至2025年7月28日，康心汕博士、FengYan女士及泰瑞和投资共同构成公司的一组控股股东。 目前，上述控股股东合计拥有公司已发行股本总额约41.17%。 公司的主要投资机构包括展鸿达投资、金东石管理 ...

Core Viewpoint - Haixi New Drug, the first pharmaceutical company in Fujian to obtain a drug production license, is advancing its IPO process on the Hong Kong Stock Exchange, showcasing significant revenue growth but facing various operational risks [1][2]. Financial Performance - Haixi New Drug's revenue surged from 2.12 billion in 2022 to 4.67 billion in 2024, with a net profit increase from 690 million to 1.36 billion during the same period, reflecting a compound annual growth rate (CAGR) of 48.2% for revenue and 40.5% for net profit [4]. - In the first five months of 2025, the company reported revenue of 2.49 billion and a net profit of 902 million [4][20]. Revenue Dependence and Risks - The company heavily relies on 13 approved generic drugs, with 4 included in the national volume-based procurement (VBP) program, leading to a significant dependency on VBP products, which accounted for 72.6% of revenue in 2024 [6]. - The top five customers contributed over 70% of total revenue, with the largest customer accounting for 44.5% [6]. - Key VBP products are approaching contract expiration, with two set to expire by the end of 2025 and others in subsequent years, raising concerns about future revenue stability [6][7]. Cash Flow and Financial Health - Despite impressive revenue growth, the company's cash flow is under pressure, with a cash balance of only 380 million at the end of 2024, covering just 21% of current liabilities [15][21]. - The operating cash flow has shown fluctuations, with a net cash flow of 1.64 billion in 2024, but a decline to 800 million in the first five months of 2025 [11]. Sales and Marketing Expenses - The sales expense ratio increased from 22% in 2022 to 35.5% in 2024, significantly higher than the industry average, which may erode profit margins [12][13]. - The rising sales costs are attributed to increased channel maintenance expenses and the need for additional marketing resources for newly included VBP products [12]. Innovation Pipeline - Haixi New Drug has four innovative drugs in development, but all are in early stages, with the first clinical trials just starting [17][19]. - The company’s R&D expenditure is relatively low, with rates below the industry threshold of 20%, which may hinder future innovation [19][23]. - The company plans to use funds from the IPO to support clinical development and expand its sales network, but faces competition from established products that are already ahead in the market [24]. Production Capacity Concerns - The company’s production facility in Chang Le has a designed capacity of 2 billion tablets per year, but actual sales in 2024 were only 460 million tablets, raising concerns about potential overcapacity [25].