IPO News | Xinlitai (002294.SZ) once again submitted to the Hong Kong Stock Exchange to deepen the field of cardio-renal metabolic syndrome treatment

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on September 3, Shenzhen Xinlitai Pharmaceutical Co., Ltd. (abbreviation: Xinlitai, 002294.SZ) submitted a listing application to the main board of the Hong Kong Stock Exchange, with Goldman Sachs, Citibank, and CITIC Securities as co-sponsors. The company submitted its listing to the Hong Kong Stock Exchange on February 12.

Company profile

According to the prospectus, Xinlitai is a leading pharmaceutical company in China focusing on the treatment of cardiovascular-kidney-metabolic (cardio-renal metabolic syndrome) diseases. It is mainly engaged in R&D, production and sales of pharmaceuticals and medical devices. According to Frost & Sullivan's data, in terms of in-hospital sales revenue of cardiovascular medicine in China, the company ranked second in 2025, with a market share of 11.3%.

The company's product portfolio is strategically centered on innovative drugs, further diversified into generic drugs, biosimilars and medical devices, and collaborated with each other to meet a large number of unmet medical needs in the field of cardio-renal metabolic syndrome.

Cardio-renal metabolic syndrome is a systemic disease characterized by pathophysiological interactions between metabolic risk factors, chronic kidney disease (“CKD”), and the cardiovascular system, leading to multiple organ dysfunction and a high incidence of cardiovascular adverse events.

The company has always been committed to innovative development in the field of cardio-renal metabolic syndrome. Currently, the company has six innovative drugs — Xinlitan (approved in 2013), Forlitan (approved in 2024), Cyclitine (approved in 2024), Xinchaotul (approved in 2025), Forlihan (approved in 2025), and Ennarol (first approved in 2023, approved for extended indications in 2025).

In 2023, 2024, 2025, and the six months ended 2025 and June 30, 2026, the revenue generated by the company's cardio-renal metabolic syndrome drug sales accounted for 61.9%, 65.1%, 75.6%, 75.1% and 77.8% of the total drug sales revenue for the corresponding period, respectively.

Among them, the share of innovative drug sales revenue in total drug sales revenue is gradually increasing, from 30.1% in 2023 to 37.7% in 2024, and further increasing to 52.1% in 2025. For the six months ended June 30, 2026, innovative drug sales revenue accounted for 54.8% of total drug sales revenue, up from 50.5% in the same period in 2025.

Currently, the company has 79 innovative drugs under development, and is actively promoting the development of SAL0140 (highly selective aldosterone synthase inhibitors (“ASI”)) and SAL0120 (selective endothelin receptor (“ETAR”) antagonists) for the treatment of uncontrolled or refractory hypertension and CKD. The company also has 17 medical device products and 18 medical device candidate R&D projects, covering the main fields of cardiovascular and cerebrovascular diseases.

Financial data

revenue

For the six months ended June 30 in 2023, 2024, 2025 and 2026, the company's revenue was approximately RMB 3.365 billion, RMB 4,012 billion, RMB 4.353 billion and RMB 2,479 billion, respectively.

profit

For the six months ended June 30 in 2023, 2024, 2025 and 2026, the company's annual/period profits were approximately 581 million yuan, 605 million yuan, 653 million yuan, and 390 million yuan, respectively.

gross profit margin

For the six months ended June 30 in 2023, 2024, 2025 and 2026, the company's gross margins were 68.3%, 71.6%, 74.6%, and 74.6%, respectively.

Industry Overview

Cardiovascular disease (“CVD”), chronic kidney disease (“CKD”), and metabolic disorders together form a huge burden on the global public health system. Comprehensive management of cardio-renal metabolic syndrome (“CKM”) has become a systematic clinical treatment paradigm.

CKM Pharmaceuticals Market

The markets for CVD drugs, CKD drugs, and metabolic disease drugs are all segments of the cardio-renal metabolic syndrome drug market.

The global market for cardio-renal metabolic syndrome drugs grew from US$363.9 billion in 2021 to US$507.8 billion in 2025, with a compound annual growth rate of 8.7%, and is expected to grow at a compound annual growth rate of 8.2% in 2025 to US$751.7 billion in 2030.

The market size of drugs for cardiovascular and renal metabolic syndrome in China grew from US$78.8 billion in 2021 to US$898 billion in 2025, with a compound annual growth rate of 3.3%. It is expected to grow at a compound annual growth rate of 9.2% from 2025 to US$139.6 billion in 2030, exceeding the predicted growth rate of the global market during the same period.

The figure below shows the market size of drugs for cardio-renal metabolic syndrome in China during the indicated period:

Key players in the CKM pharmaceutical market

The company ranked second among domestic companies in terms of the number of marketed NMEs for cardio-renal metabolic syndrome and products under development in the IND stage or later.

The chart below shows the top ten Chinese pharmaceutical companies ranked according to this indicator:

CVD drug market

Under the CKM management framework, CVD refers to heart and blood vessel disease caused by metabolic abnormalities. The global CVD drug market grew at a CAGR of 7.3% from US$232 billion in 2021 to US$308 billion in 2025, and is expected to grow at a CAGR of 6.1% from 2025 to US$413.8 billion in 2030.

China's CVD drug market grew at a CAGR of 3.1% from US$59.9 billion in 2021 to US$67.7 billion in 2025, and is expected to grow at a compound annual growth rate of 6.7% from 2025 to US$93.5 billion in 2030. The growth rate is higher than the predicted growth rate of the global market during the same period.

The growth of the CVD drug market in China is mainly driven by the rising prevalence of CVD in China. The number of CVD patients in China increased from 443 million in 2021 to 480 million in 2025, and is expected to increase to 520 million in 2030 and 559 million in 2035. The country's favorable policies for innovative drugs and the continuous expansion of the scope of the inclusion of CVD drugs in medical insurance plans have also contributed to the growth of the CVD drug market in China.

Board Information

The board of directors consists of 9 directors, including 6 executive directors and 3 independent non-executive directors.

Shareholding structure

As of August 24, 2026, Xinlitai Hong Kong held 635,279,380 A shares, accounting for about 56.99% of the company's total issued share capital. America and Mr. Yip each own 50% of the shares in Xinlitai Hong Kong; in America, Mr. Yip and his spouse, Ms. Liu, each hold 50% of the rights. As a result, Xinlitai Hong Kong, America, Mr. Yip and Ms. Liu together formed a group of controlling shareholders.

Intermediary team

Co-sponsors: Goldman Sachs (Asia) Limited, Citigroup Global Markets Asia Limited, CITIC Securities (Hong Kong) Limited;

Company Legal Advisors: Related to Hong Kong and US Law: Jiali (Hong Kong) Law Firm; Related to Chinese Law: King & Wood Mallesons;

Legal advisors compiled by the co-sponsors: relating to Hong Kong and US law: Fuld Law Firm; relating to Chinese law: Jingtian Gongcheng Law Firm;

Auditors and reporting accountants: Ernst & Young;

Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.