A-share IPO Subscription | Lianya Pharmaceutical (301569.SZ) Opens for Subscription, Deeply Rooted in the CRO Services Sector for Many Years

On September 28, Lianya Pharmaceutical (301569.SZ) opened for subscription, with an issue price of 7 yuan per share, a subscription cap of 18,500 shares, and a price-to-earnings ratio of 27.99 times. It is listed on the Shenzhen Stock Exchange, with CICC acting as its sponsor. According to the prospectus, the company is a research-and-development-driven high-tech enterprise primarily engaged in the R&D, production, and sales of complex pharmaceutical formulations. The company's current products include two major categories of high-end generic drugs: different types of sustained- and controlled-release formulations and low-dose pharmaceutical formulations. They are currently mainly used in areas such as hypertension, coronary heart disease, diabetes, schizophrenia, and female contraception and health. At the same time, leveraging its leading drug design capabilities and formulation process technology, the company also provides CRO and other services to pharmaceutical companies and R&D institutions. During the reporting period, the company mainly sold to the U.S. market, and multiple products ranked among the top in U.S. market share. The company has also been deeply engaged in the CRO services sector for many years, and its R&D level has been recognized by internationally renowned pharmaceutical companies, with customers covering companies in the United States, Italy, and other locations worldwide. For new drug formulations developed with the company's participation in CRO services, the partners have obtained 2 FDA NDA approvals, and multiple other new drug formulation products developed with the company's participation in CRO services are in Phase III clinical trials. The company's overseas formulation sales all adopt a buyout distribution model, while R&D and other service businesses all adopt a direct sales model; key customers include Ingenus, NorthStar, and others. As of March 31, 2026, the company had 12 products, including Metoprolol Succinate Sustained-Release Tablets, approved by the NMPA for marketing in China, among which Metoprolol Succinate Sustained-Release Tablets began sales in 2022. During the reporting period, the company's domestic formulation sales used a distribution model; R&D and other services used a direct sales model; key customers include SINOPHARM and others. As of the end of the reporting period, the company had 4 products and 5 specifications of pharmaceutical formulations selected by the U.S. FDA as reference standard formulations (RS), and another 7 pharmaceutical formulations approved through patent challenges. According to IMS data, in 2025, the company's Nifedipine Sustained-Release Tablets (AB1), Nifedipine Sustained-Release Tablets (AB2), and Diltiazem Hydrochloride Sustained-Release Capsules (AB3) all ranked first in U.S. market share, while Metoprolol Succinate Sustained-Release Tablets ranked second in market share. This leading market position validates the company's R&D strength, product competitiveness, product quality, and international operational efficiency. At the same time, the company is actively expanding into the domestic market. In July 2022, the company's Metoprolol Succinate Sustained-Release Tablets were selected in the first position in the seventh batch of centralized volume-based procurement organized by the National Healthcare Security Administration. On February 27, 2026, the company successfully won the bid in the centralized procurement contract renewal. For the company's metoprolol succinate products, the reported demand volume from medical institutions ranked first among domestic products and second overall. The procurement cycle for this centralized procurement renewal expires on December 31, 2028. In 2025, the company's domestic formulation sales revenue reached 329.9909 million yuan. In terms of financials, for the 2023, 2024, and 2025 fiscal years, the company achieved operating revenue of approximately 700 million yuan, 866 million yuan, and 895 million yuan, respectively; over the same periods, net profit was approximately 116 million yuan, 260 million yuan, and 228 million yuan, respectively.