CSPC Innovation (300765.SZ) Files for Hong Kong IPO as World's Largest Synthetic Caffeine Producer

Stock News12-10

CSPC Innovation Pharmaceutical Co., Ltd. (300765.SZ) has submitted a listing application to the Hong Kong Stock Exchange's main board, with CITIC Securities acting as the sole sponsor.

The company specializes in the R&D, production, and commercialization of biopharmaceuticals, functional ingredients, and health supplements. Its strategic expansion into biopharma was marked by acquiring control of Jushi Biologics in 2024. CSPC Innovation focuses on developing innovative therapies for oncology, autoimmune diseases, and infectious diseases through multiple technology platforms, including antibody drugs, ADCs, and mRNA vaccines.

Key commercialized products include: - Enshuxing® (anti-PD-1 mAb), a Class 1 innovative drug - Enyitan®, China's first omalizumab biosimilar - DuEntai® series mRNA vaccines (including the nation's first indigenous COVID-19 mRNA vaccine and a bivalent XBB.1.5-targeted booster)

As of December 1, 2025, its pipeline features 15 clinical-stage candidates (9 ADCs and 1 mRNA vaccine).

Global Caffeine Leadership: Since 2006, CSPC Innovation has maintained its position as the world's largest synthetic caffeine producer by revenue and output. Its products supply 65 countries, with key clients including Coca-Cola (since 2006), PepsiCo (since 2007), and Red Bull GmbH (since 2008).

Diversified Health Portfolio: The company expanded into health supplements in 2016, with its Guoweikang® brand recognized as a China Famous Trademark. Its 2022 acquisition of CSPC Holy-Snow strengthened functional ingredients like acarbose API, where it ranks among China's top producers.

Financial Performance (RMB): - Revenue: 2.84B (2022), 2.54B (2023), 1.98B (2024), 1.24B (7M 2025) - Profit: 294M (2022), 126M (2023), -304M (2024), -226M (7M 2025) - Gross Margin: 46.8% (2022), 45.6% (2023), 41.8% (2024), 38.3% (7M 2025)

Market Outlook: The global pharma market is projected to grow at 5.0% CAGR (2024-2030), reaching $2.06T by 2030. China's market is expected to expand at 4.6% CAGR to RMB21.3T by 2030, with oncology drugs (12.6% CAGR) and ADCs (60.1% CAGR) showing particularly strong growth potential.

Ownership Structure: Controlling shareholder NBP Pharma holds 75.30% of issued shares (directly and via wholly-owned subsidiaries), ultimately controlled by CSPC Pharma Group (01093.HK).

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