The Shenzhen Stock Exchange's ChiNext IPO of Kreed has been "terminated" (withdrawn). The three major core products account for a higher proportion of revenue, posing a risk of product concentration.

On February 8th, Sichuan CoreMed Pharmaceutical Co., Ltd. (referred to as CoreMed) announced that its IPO audit status on the ChiNext board of the Shenzhen Stock Exchange has changed to "terminated" (withdrawn). On February 5th, CoreMed applied to withdraw its application for issuance and listing. According to Article 62 of the Shenzhen Stock Exchange's Rules for the Review of Stock Issuance and Listing, the Shenzhen Stock Exchange decided to terminate its review of CoreMed's initial public offering of shares and listing on the ChiNext board. According to the prospectus, CoreMed is a comprehensive provider of integrated diagnosis and treatment solutions focusing on central nervous system diseases. It specializes in the research and development, production, and sales of chemical raw materials, chemical preparations, and medical equipment. Since its establishment, the company has adhered to a dual-driven development strategy that emphasizes both generic drugs and innovative drugs, with a focus on high-end generic drugs and improved new drugs and equipment, to provide high-quality diagnostic products for patients with central nervous system diseases. The company uses the ICH guidelines and the "Technical Guidance Principles" issued by the Center for Drug Evaluation as the main reference for its research and development and production, and incorporates scientific research thinking into its research and development and production work. In terms of research and development, the company has established differentiated advantages by developing exclusive generic/first generic varieties for central nervous system diseases and focuses on new drugs and equipment. It has built a research and development pipeline platform around the three development ideas of "generic+innovation, domestic+international, drugs+equipment". The company currently has 101 authorized patents in China, 19 drug production approvals, 13 active pharmaceutical ingredient registrations, 5 medical device registrations, and 18 major ongoing projects related to central nervous system diseases, including 7 improved new drugs and 11 high-end generic drugs, covering sub-segments of central nervous system diseases such as anxiety disorders, epilepsy, muscle relaxation and pain, depression disorders, attention-deficit hyperactivity disorder, schizophrenia, and Alzheimer's disease. The company operates in the vast market of central nervous system drugs. Its three core products include Trazodone Hydrochloride Capsules, Sodium Valproate Injection, and Tizanidine Hydrochloride Tablets, which belong to oral anti-anxiety drugs, anti-epileptic drugs, and oral muscle relaxant preparations, respectively. From 2020 to 2022, Trazodone Hydrochloride Capsules accounted for about 80% of the overall sales of Trazodone Hydrochloride formulations in China; Sodium Valproate Injection accounted for about 10% of the overall sales of Sodium Valproate formulations in China, ranking third in the sub-segment field; Tizanidine Hydrochloride Tablets basically enjoyed a large market share of Tizanidine formulations in China. The company has established a strong competitive advantage in the central nervous system field and has a high market share in the sub-market. In terms of finances, CoreMed achieved operating revenues of 557 million yuan, 688 million yuan, 908 million yuan, and 567 million yuan in 2020, 2021, 2022, and the first half of 2023, respectively. During the same period, the company achieved net profits of 107 million yuan, 148 million yuan, 209 million yuan, and 129 million yuan, respectively. It is worth noting that CoreMed warned investors in the prospectus about the risk of product concentration. Specifically, the company's listed products mainly include central nervous system disease drugs and medical equipment, including formulation products and raw materials. During the reporting period, the main products sold by the company were Trazodone Hydrochloride Capsules, Sodium Valproate Injection, and Tizanidine Hydrochloride Tablets, which accounted for 98.76%, 99.46%, 94.89%, and 87.05% of the main business revenue, respectively, making them the main source of the company's revenue and profit. If there is a short-term macroeconomic fluctuation, the company's formulation product demand decreases due to the company's failure to update and iterate its products in a timely manner or the emergence of substitute products, it will have an adverse impact on the company's performance.