A-share subscription | Lianya Pharmaceutical (301569.SZ) opens subscription and has been deeply involved in the field of CRO services for many years

The Zhitong Finance App learned that on September 28, Lianya Pharmaceutical (301569.SZ) began the subscription. The issuance price was 7 yuan/share, and the subscription limit was 18,500 shares, with a price-earnings ratio of 27.99 times. It belongs to the Shenzhen Stock Exchange, and CICC is its sponsor.

According to the prospectus, the company is an R&D-driven high-tech enterprise, mainly engaged in R&D, production and sales of complex pharmaceutical preparations. The company's current products include different types of controlled release formulations and two types of high-end generic drugs represented by low-dose pharmaceutical preparations, which are currently mainly used in the fields of hypertension, coronary artery disease, diabetes, schizophrenia, female contraception and health; at the same time, the company also provides CRO and other services to pharmaceutical companies and R&D institutions with leading drug design capabilities and formulation process technology; during the reporting period, the company mainly sold to the US market, and many products had the highest share in the US market.

The company has also been deeply involved in the CRO service field for many years. The level of research and development has been recognized by internationally renowned pharmaceutical companies, and its customers include companies around the world, such as the United States and Italy. New drug formulations that provide CRO services to participate in development have obtained 2 NDA approvals from the FDA, and several new pharmaceutical products that provide CRO services to participate in development are in phase III clinical phase.

Overseas sales of the company's formulations use a buyout distribution model, and R&D and other service businesses all use a direct sales model; important customers include Ingenus, NorthStar, etc.

As of March 31, 2026, the company has obtained approval from NMPA for marketing and sale of 12 products, including metoprolol succinate extended-release tablets. Among them, metoprolol succinate sustained-release tablets will be sold in 2022. During the reporting period, domestic sales of the company's formulations were distributed; a direct sales model was used for R&D and other services; important customers included Sinopharm Holdings, etc.

By the end of the reporting period, the company had 4 products and 5 product formulations selected by the US FDA as comparative standard formulations (RS), and 7 other pharmaceutical formulations were 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 the US market share, and metoprolol succinate ranked second in market share. The leading market position verified the company's R&D strength, product competitiveness, product quality and international operation efficiency.

At the same time, the company is actively expanding the domestic market. In July 2022, the company's metoprolol succinate sustained-release tablets were selected first in the 7th batch of volume purchases organized by the National Health Insurance Administration. On February 27, 2026, the company successfully selected for collection and renewal. Pharmaceutical institutions reported that the company's metoprolol succinate products ranked first in domestic production and ranked second overall. The procurement cycle for this collection renewal expires on December 31, 2028. In 2025, the domestic sales revenue of the company's formulations reached 329.999 million yuan.

On the financial side, in 2023, 2024, and 2025, the company achieved operating income of about 700 million yuan, 866 million yuan, and 895 million yuan respectively; for the same period, net profit was approximately 116 million yuan, 260 million yuan, and 228 million yuan, respectively.