Next week, A-shares will have three trading days (September 28 to September 30). According to the current issuance schedule, subscriptions will be open on the 28th for ChiNext newcomer Lianya Pharmaceuticals and Beijing Stock Exchange newcomer Nanfang Dairy.

Lianya Pharmaceuticals: High Proportion of Overseas Revenue

According to the issuance announcement disclosed on the 23rd, Lianya Pharmaceuticals' issue price is 7.00 yuan per share, corresponding to a diluted price-to-earnings ratio of 23.79 times. According to the preliminary inquiry and promotion announcement disclosed on the 16th, Lianya Pharmaceuticals plans to publicly issue 134 million shares, accounting for 15.00% of the total share capital after this issuance, with an online subscription code of 301569. The prospectus shows that Lianya Pharmaceuticals was founded in 2005 and is mainly engaged in the research, development, production and sales of complex pharmaceutical formulations. Its current products mainly include two major categories of high-end generic drugs represented by different types of sustained-release and controlled-release formulations and low-dose pharmaceutical formulations. The company also provides research and development and other services to pharmaceutical companies and research institutions. The prospectus shows that Lianya Pharmaceuticals' main business is the research, development, production and sales of complex pharmaceutical formulations. The company has formed six major technology platforms and has 48 self-developed products approved by the FDA (U.S. Food and Drug Administration) in overseas markets, with one product approved for marketing in Canada, covering indications such as hypertension, coronary heart disease, diabetes and female contraception. At the same time, Lianya Pharmaceuticals is accelerating its expansion in the domestic market. As of March 31, 2026, 12 products including Metoprolol Succinate Sustained-release Tablets, Metformin Hydrochloride Sustained-release Tablets (III), Quetiapine Fumarate Sustained-release Tablets, Levonorgestrel Tablets and Memantine Hydrochloride Sustained-release Capsules have been approved for marketing by the NMPA (National Medical Products Administration), while another five products such as the digestive system sustained-release tablet DG-062 are in the review stage at the CDE (Center for Drug Evaluation of the National Medical Products Administration). As of March 31, 2026, Lianya Pharmaceuticals had 39 generic drug projects under research and two improved new drug projects under research, with multiple projects under research having first-generic potential. The funds raised by Lianya Pharmaceuticals this time will be invested in areas focusing on the company's main business, including an industrialization base project, a drug research and development project and supplementary working capital. The prospectus shows that from 2023 to 2025, Lianya Pharmaceuticals' operating revenue was 700 million yuan, 866 million yuan and 895 million yuan respectively, and net profit attributable to owners of the parent company was 116 million yuan, 260 million yuan and 228 million yuan respectively. The prospectus shows that in the first half of 2026, Lianya Pharmaceuticals achieved operating revenue of 492 million yuan, up 11.59% year on year, and net profit attributable to shareholders of the parent company of 141 million yuan, up 36.80% year on year. Lianya Pharmaceuticals said that its conjugated estrogens sustained-release tablet product was approved for marketing in October 2025 and generated sales of more than 84 million yuan in the first half of 2026, which led to the 11.59% year-on-year increase in operating revenue. Lianya Pharmaceuticals introduced that the original research drug of the conjugated estrogens sustained-release tablet was approved in 1942, but so far no generic drug company has successfully copied the drug. The company's generic formulation of the conjugated estrogens sustained-release tablet under research has been submitted to the FDA for review and was approved in October 2025, becoming the first generic drug. Lianya Pharmaceuticals expects operating revenue growth of 10.01% to 21.59% year on year from January to September 2026. The prospectus shows that in recent years, Lianya Pharmaceuticals has had a relatively high proportion of overseas revenue, and its overseas revenue mainly comes from the United States. From 2023 to 2025, the proportion of Lianya Pharmaceuticals' overseas sales was 68.97%, 61.93% and 63.15% respectively. In addition, from 2023 to 2025, sales to the company's largest customer Ingenus Pharmaceuticals LLC (hereinafter referred to as Ingenus) accounted for 56.63%, 51.87% and 55.56% of operating revenue in the respective periods, and gross profit accounted for 53.11%, 47.36% and 53.10% respectively. Lianya Pharmaceuticals warned that if Ingenus' production and operations experience adverse changes, or if the company's cooperative relationship with it undergoes major adverse changes, and the company cannot promptly find a replaceable distributor, then the company will face the risk that related products cannot be sold normally.

Nanfang Dairy: R&D Investment Over the Past Three Years Accounted for Less Than 1% of Revenue in Total

According to the prospectus released on the 23rd, Nanfang Dairy will issue 35.1852 million shares this time, accounting for 19.00% of the total share capital after issuance, at an issue price of 14.21 yuan per share, with a post-issuance price-to-earnings ratio of 11.99 times and a post-issuance price-to-book ratio of 1.11 times. Nanfang Dairy is expected to raise a total of about 500 million yuan, and the proceeds will be used for the Weining County Nanfang Dairy dairy cow breeding base construction project and the Guizhou Nanfang Dairy Co., Ltd. marketing network construction project. The prospectus shows that Nanfang Dairy was founded in 2017, was wholly converted into a joint stock company in 2022, was listed for public transfer on the National Equities Exchange and Quotations system in 2023, and was transferred to the innovation tier in 2024. Nanfang Dairy is mainly engaged in the manufacturing and sales of dairy products and milk-containing beverages. Its main products include various low-temperature dairy products (pasteurized milk, fermented milk, low-temperature modified milk), room-temperature dairy products (sterilized milk, modified milk), milk-containing beverages, other dairy products and raw fresh milk. At present, Nanfang Dairy owns dairy brands such as "Shanhua", "Huadu Ranch" and "Guicao". At present, Nanfang Dairy's products have entered markets in surrounding provinces and cities such as Hunan, Sichuan and Chongqing, but the company's product revenue is still highly concentrated in Guizhou Province, with main business revenue in Guizhou Province accounting for more than 90%. Nanfang Dairy said in the prospectus that compared with national dairy companies such as Yili and Mengniu Dairy, Nanfang Dairy has lower visibility in the national market and relatively limited brand influence nationwide. Nanfang Dairy stated frankly that expansion in markets outside the province not only requires targeted product research and development, logistics and distributor network construction and sales team building, but also requires a certain amount of time and promotional accumulation to continuously enhance brand awareness, all of which place higher demands and challenges on the company's overall capabilities. According to the prospectus, from 2023 to 2025, Nanfang Dairy achieved operating revenue of 1.805 billion yuan, 1.817 billion yuan and 1.839 billion yuan respectively, with a compound growth rate of 0.93% from 2023 to 2025; net profit attributable to owners of the parent company was 200 million yuan, 210 million yuan and 221 million yuan respectively, with an average annual compound rate of 5.21% from 2023 to 2025. From January to September 2026, Nanfang Dairy is expected to achieve operating revenue of 1.360 billion yuan to 1.372 billion yuan, an expected year-on-year increase of 2.71% to 3.62%; expected net profit attributable to owners of the parent company of 160 million yuan to 170 million yuan, an expected year-on-year change of -9.34% to -3.66%; and expected net profit attributable to owners of the parent company after deducting non-recurring gains and losses of about 155 million yuan to 167 million yuan, an expected year-on-year change of -11.68% to -4.86%. In terms of research and development investment, in the past three years, Nanfang Dairy's total research and development investment accounted for less than 1% of operating revenue. From 2023 to 2025, Nanfang Dairy's research and development expenses were 11.6658 million yuan, 12.1681 million yuan and 21.1125 million yuan respectively, accounting for 0.65%, 0.67% and 1.15% of operating revenue respectively. The total research and development investment in the past three years accounted for 0.82% of operating revenue, and the average annual research and development investment in the past three years was 14.9821 million yuan.