New Stock News | Shenzhen Salubris Pharmaceuticals (002294.SZ) has once again submitted its application to the Hong Kong Stock Exchange, focusing on the treatment of cardiovascular and metabolic syndrome diseases.

According to a disclosure by the Hong Kong Stock Exchange on September 3, Shenzhen Salubris Pharmaceuticals Co., Ltd. (abbreviated as Shenzhen Salubris Pharmaceuticals, 002294.SZ) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with Goldman Sachs, Citigroup, and CITIC Securities as its joint sponsors. The company had previously submitted an application to the Hong Kong Stock Exchange on February 12. Company Profile According to the prospectus, Shenzhen Salubris Pharmaceuticals is a leading pharmaceutical company in China focused on the treatment of cardiovascular-renal-metabolic diseases (cardiovascular-renal-metabolic syndrome), primarily engaged in the research, development, production, and sales of drugs and medical devices. According to Frost & Sullivan, the company is projected to rank second in Chinas hospital sales of cardiovascular drugs by 2025, with a market share of 11.3%. The companys product portfolio is strategically centered around innovative drugs and further diversified into generic drugs, biosimilars, and medical devices, working in synergy to meet the significant unmet medical needs in the field of cardiovascular-renal-metabolic syndrome. Cardiovascular-renal-metabolic syndrome is a systemic disease characterized by pathological interactions between metabolic risk factors, chronic kidney disease (CKD), and the cardiovascular system, resulting in multi-organ dysfunction and a high incidence of adverse cardiovascular events. The company has been committed to innovative development in the field of cardiovascular-renal-metabolic syndrome. At present, the company has six innovative drugs Xinlitai (approved in 2013), Fulitai (expected to be approved in 2024), Xinliting (expected to be approved in 2024), Xinchao Tuo (expected to be approved in 2025), Fulitian (expected to be approved in 2025), and Ennaruo (approved in 2023, with expanded indications expected to be approved in 2025). In 2023, 2024, 2025, and the six months ending on June 30, 2025 and 2026, revenues from the companys cardiovascular-renal-metabolic syndrome drugs accounted for 61.9%, 65.1%, 75.6%, 75.1%, and 77.8% of total drug sales, respectively. Among these, the sales revenue from innovative drugs gradually increased as a proportion of total drug sales, rising from 30.1% in 2023 to 37.7% in 2024, and further to 52.1% in 2025. For the six months ending on June 30, 2026, the proportion of sales revenue from innovative drugs was 54.8%, an increase from 50.5% in the same period of 2025. Currently, the company has 79 innovative drugs under research and is actively promoting the development of SAL0140 (a high-selectivity aldosterone synthase inhibitor (ASI)) and SAL0120 (a selective A-type endothelin receptor (ETAR) antagonist) for the treatment of uncontrolled or refractory hypertension and CKD. The company also possesses 17 medical device products and 18 candidate projects for medical device research, covering major areas of cardiovascular and cerebrovascular diseases. Financial Information Revenue In 2023, 2024, 2025, and the six months ending on June 30, 2026, the companys revenue was approximately CNY 3.365 billion, CNY 4.012 billion, CNY 4.353 billion, and CNY 2.479 billion, respectively. Profit In 2023, 2024, 2025, and the six months ending on June 30, 2026, the company's net profit was approximately CNY 581 million, CNY 605 million, CNY 653 million, and CNY 390 million, respectively. Gross Margin In 2023, 2024, 2025, and the six months ending on June 30, 2026, the companys gross margin was 68.3%, 71.6%, 74.6%, and 74.6%, respectively. Industry Overview Cardiovascular diseases (CVD), chronic kidney disease (CKD), and metabolic disorders collectively impose a tremendous burden on global public health systems. The integrated management of cardiovascular-renal-metabolic syndrome (CKM) has become a systematic clinical treatment paradigm. CKM Drug Market The markets for CVD drugs, CKD drugs, and metabolic disease drugs are all segmented markets within the cardiovascular-renal-metabolic syndrome drug market. The global market size for cardiovascular-renal-metabolic syndrome drugs is expected to grow from USD 363.9 billion in 2021 to USD 507.8 billion in 2025, with a compound annual growth rate (CAGR) of 8.7%, and is projected to reach USD 751.7 billion by 2030, growing at a CAGR of 8.2%. In China, the market size for cardiovascular-renal-metabolic syndrome drugs is expected to increase from USD 78.8 billion in 2021 to USD 89.8 billion in 2025, with a CAGR of 3.3%, and is forecasted to grow at a CAGR of 9.2% from 2025, reaching USD 139.6 billion by 2030, outpacing the predicted growth rate of the global market during the same period. The following chart shows the market size of cardiovascular-renal-metabolic syndrome drugs in China during the specified period: Key Players in the CKM Drug Market According to the number of marketed new molecular entities (NME) targeting cardiovascular-renal-metabolic syndrome and products in the IND stage or later, the company ranks second among domestic companies. The following chart lists the top ten pharmaceutical companies in China ranked by this metric: CVD Drug Market Under the CKM management framework, CVD refers to heart and vascular diseases caused by metabolic abnormalities. The global market size for CVD drugs is expected to grow from USD 232 billion in 2021 to USD 308 billion in 2025, at a CAGR of 7.3%, and is projected to expand to USD 413.8 billion by 2030 at a CAGR of 6.1%. In China, the market size for CVD drugs is anticipated to rise from USD 59.9 billion in 2021 to USD 67.7 billion in 2025, at a CAGR of 3.1%, and is expected to grow at a CAGR of 6.7% from 2025, reaching USD 93.5 billion by 2030, outpacing the global market's forecasted growth rate during the same period. The growth of the CVD drug market in China is primarily driven by the increasing prevalence of CVD in the country. The number of CVD patients in China is expected to rise from 443 million in 2021 to 480 million in 2025, and is projected to reach 520 million by 2030 and 559 million by 2035. Favorable national policies for innovative drugs and the ongoing expansion of CVD drug coverage in medical insurance plans also contribute to the growth of the CVD drug market in China. Board Information The board consists of 9 directors, including 6 executive directors and 3 independent non-executive directors. Shareholding Structure As of August 24, 2026, Shenzhen Salubris Pharmaceuticals Hong Kong holds 635,279,380 A-shares, accounting for approximately 56.99% of the companys total issued share capital. Shenzhen Salubris Pharmaceuticals Hong Kong is owned 50% by Mr. Ye and 50% by America; America is held 50% by Mr. Ye and 50% by his spouse, Ms. Liao. Thus, Shenzhen Salubris Pharmaceuticals Hong Kong, America, Mr. Ye, and Ms. Liao together constitute a group of controlling shareholders. Intermediary Team Joint Sponsors: Goldman Sachs (Asia) L.L.C., Citigroup Global Markets Asia Limited, CITIC Securities (Hong Kong) Limited; Company Legal Advisors: for Hong Kong and U.S. Law: Jaffe & Associates (Hong Kong) Solicitors; for Chinese Law: King & Wood Mallesons; Legal Advisors Compiled by Joint Sponsors: for Hong Kong and U.S. Law: Freshfields Bruckhaus Deringer; for Chinese Law: Jingtian Gongcheng Law Firm; Auditor and Reporting Accountant: Ernst & Young; Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.