On September 28, Novast Laboratories, Limited (301569.SZ) opened its subscription for an A-share listing, 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. The company 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 development, production, and sales of complex pharmaceutical formulations. Its current products include two major categories of high-end generic drugs: various types of sustained- and controlled-release formulations, and low-dose pharmaceutical formulations. These products are mainly applied in areas such as hypertension, coronary heart disease, diabetes, schizophrenia, women's 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 research institutions. During the reporting period, the company mainly sold to the U.S. market, and multiple products held leading market shares in the United States.
The company has also built deep expertise in the CRO service field over many years, with its R&D capabilities recognized by internationally renowned pharmaceutical companies. Its clients include enterprises across the globe, including those in the United States and Italy. Novel drug formulations developed with the company's participation in CRO services have obtained two FDA NDA approvals through its partners, and several other novel drug formulation products developed with its CRO service participation are in Phase III clinical trials.
The company's overseas formulation sales all adopt an outright distribution model, while its R&D and other service businesses adopt a direct sales model. Key clients include Ingenus, NorthStar, and others. As of March 31, 2026, the company had 12 products approved by the NMPA for sale in China, including metoprolol succinate sustained-release tablets, which began generating sales in 2022. During the reporting period, the company's domestic formulation sales used a distribution model, while R&D and other services used a direct sales model. Key clients include Sinopharm Holdings and others.
As of the end of the reporting period, four of the company's products, covering five specifications, had been selected by the U.S. FDA as reference standard (RS) formulations, and seven 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 U.S. market share, while metoprolol succinate sustained-release tablets ranked second. 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 won the first position in the seventh batch of centralized procurement organized by the National Healthcare Security Administration. On February 27, 2026, the company successfully won the renewal of centralized procurement. For the company's metoprolol succinate products, the reported demand volume from medical institutions ranked first among domestic products and second overall. The renewed procurement cycle is set to expire 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.
Comments