Nantong Lianya Pharmaceutical Co., Ltd. has successfully passed the listing review by the Shenzhen Stock Exchange's ChiNext board.

The company, with China International Capital Corporation Limited acting as its sponsor, aims to raise 950 million yuan through this initial public offering.

Established as a joint-stock company in March 2022, Lianya is a high-tech enterprise driven by research and development, primarily engaged in the R&D, production, and sale of complex pharmaceutical formulations.

Its current product portfolio consists of two main categories of high-end generic drugs: various types of sustained and controlled-release formulations, and low-dose drug formulations. These are primarily used in treating conditions such as hypertension, coronary heart disease, diabetes, schizophrenia, as well as in female contraception and health.

Additionally, leveraging its advanced drug design capabilities and formulation technologies, the company provides CRO services to pharmaceutical firms and research institutions.

During the reporting period, its main sales were directed towards the U.S. market, where several of its products hold leading market shares.

Lianya has also accumulated years of experience in the CRO service sector, with its R&D capabilities recognized by internationally renowned pharmaceutical companies. Its clientele includes firms from the United States, Italy, and other regions globally.

New drug formulations developed through its CRO services have resulted in its partners securing two FDA New Drug Application approvals. Furthermore, several other new drug formulations involved in its CRO services are currently in Phase III clinical trials.

The primary raw materials required for production include active pharmaceutical ingredients, excipients, packaging materials, and solvents. Key suppliers during the reporting period included the Moehs Group, Colorcon Group, and Fabbrica.

Regarding sales channels and major clients, Lianya employs a buyout distribution model for its overseas formulation sales, while using a direct sales model for its R&D and other services. Significant clients include Ingenus and NorthStar.

As of March 31, 2026, the company has obtained NMPA approval for the marketing and sale of 12 products, including Metoprolol Succinate Sustained5 Release Tablets, which began generating sales in 2022.

For domestic formulation sales within the reporting period, the company used a distribution model, while employing a direct sales approach for R&D and other services. Major domestic clients included Sinopharm Group.

By the end of the reporting period, Lianya had four products across five specifications designated by the U.S. FDA as Reference Standard drugs. Additionally, seven of its drug formulations were approved through patent challenges.

According to IMS data, in 2024, the company's Nifedipine Sustained-Release Tablets (AB1), Nifedipine Sustained-Release Tablets (AB2), and Diltiazem Hydrochloride Extended-Release Capsules (AB3) all ranked first in U.S. market share. Its Metoprolol Succinate Sustained-Release Tablets held the second position in market share. This leading market standing validates the company's R&D strength, product competitiveness, quality, and international operational efficiency.

Financially, for the fiscal years 2023, 2024, and 2025, the company reported operating revenues of approximately 700 million yuan, 866 million yuan, and 895 million yuan, respectively. It recorded net profits of about 116 million yuan, 260 million yuan, and 228 million yuan for the same periods.