The IPO of Yiping Pharmaceuticals on the ChiNext board has been "terminated (withdrawn)" with its core product being urapidil hydrochloride injection, etc.

On August 7th, Hebei Yipin Pharmaceutical Co., Ltd. (referred to as Yipin Pharmaceutical) had its IPO review status changed to "termination (withdrawal)" by the Shenzhen Stock Exchange ChiNext board. Due to the withdrawal of the IPO application by Yipin Pharmaceutical and its sponsor, according to the Shenzhen Stock Exchange's Stock Issuance and Listing Review Rules Article 62, the Shenzhen Stock Exchange decided to terminate its IPO review. The prospectus shows that Yipin Pharmaceutical has always focused on the research, production, and sales of chemical preparations and bulk drugs since its establishment. The company's core products include Uridine Hydrochloride injection, Inhalation Sevoflurane, Ropivacaine Hydrochloride injection, and complex -ketone bulk drugs, as well as formulations and bulk drugs with good development prospects such as Aspartic Acid Arginine injection, Ibuprofen Ester bulk drugs, covering multiple fields such as cardiovascular, anesthesia, and metabolism. As of the date of signing of this prospectus, the company has 21 approved chemical drug preparation numbers and 16 bulk drug filing registration numbers. Among them, 5 drugs are listed in the National Medical Insurance Catalog (Category A), 10 drugs are listed in the National Medical Insurance Catalog (Category B), and 4 drugs are listed in the National Essential Medicines Catalog. In addition, the company actively engages in specialized bulk drug business and promotes the "bulk drug + formulation" integrated strategy. The company has mature synthetic processes and rich production and research experience in bulk drugs, with bulk drug products mainly including complex -ketone bulk drugs, Uridine Hydrochloride, Sevoflurane, Ibuprofen Ester, Ropivacaine Hydrochloride, Omeprazole, etc. Currently, the company is actively promoting the integrated development strategy of "bulk drug + formulation", with corresponding production capabilities for main formulation products such as Uridine Hydrochloride injection, Inhalation Sevoflurane, Ropivacaine Hydrochloride injection, Omeprazole Sodium for Injection, Aspartic Acid Arginine injection, with stable supply of bulk drugs and cost advantages. The company is expanding specialized and differentiated formulations and bulk drug varieties through independent and cooperative research and development, with key research projects including Inhalation anesthetic Desflurane; rare disease drugs Sodium Benzoate and ButylatedHydroxytoluene bulk drugs, Diaminopyridine phosphate tablets and bulk drugs, Inhalable Nitric Oxide and bulk drugs, Ibuprofen Lysine Salt formulation and bulk drugs; Oral drug Protein Iron Sucrose Oral Solution and bulk drugs, wheat cellulose granules and bulk drugs; and specialized bulk drugs Papaverine bulk drugs, Histidine bulk drugs, etc. Financially, in 2019, 2020, and 2021, Yipin Pharmaceutical's operating income was approximately RMB 223 million, RMB 308 million, and RMB 352 million respectively; during the same period, the company's net profit was RMB 32.6146 million, RMB 42.604 million, and RMB 65.9274 million respectively. It is worth noting that in the prospectus, Yipin Pharmaceutical mentioned the risk of a decrease in gross profit margin. The company mainly engages in the research, production, and sale of chemical drug bulk drugs and formulations. During the reporting period, the company's gross profit margins for its main operations were 74.74%, 75.55%, and 77.18% respectively, at a relatively high level. The pharmaceutical industry is an important component of the national economy, and the country has formulated a series of supportive policies for the industry, optimized the market competition environment, promoted industry standard development, attracted more domestic and foreign enterprises to enter the pharmaceutical industry, intensifying internal competition in the industry. In the future, domestic and foreign pharmaceutical companies may enter into related fields of the company, increasing competition for the company's core products or similar varieties. Furthermore, as the country's regulatory system for the pharmaceutical industry becomes more stringent and further strengthens the implementation of medical insurance cost control, the lowering of drug prices will be a long-term trend, posing a risk of price reduction for the company's products; at the same time, intensified market competition may lead to a decrease in product prices for the company, with material costs, labor costs, and various expenses also facing the risk of increase. Therefore, the company faces the risk of a decrease in gross profit margin.