Changfeng Pharmaceutical (02652) announced interim results with revenue of 210 million yuan, an increase of 2.1% over the previous year

According to the Zhitong Finance App, Changfeng Pharmaceutical (02652) announced 2026 interim results, with revenue of 210 million yuan, an increase of 2.1% over the previous year, mainly due to the increase in revenue generated by CF017 due to the continuous expansion of the customer base and market coverage of the Group's CF017 products in the Middle East.

During the reporting period, the Group continued to promote commercialization of marketed products, expand product portfolios, promote clinical transformation of innovative pipelines, diversify commercial channels, and seek overseas registration in the field of inhalation formulations and respiratory diseases. Continued centralized volume procurement (VBP), switching between old and new procurement cycles, medical insurance payment management, and stricter in-hospital admission requirements affect the procurement time, delivery and prescription growth of some products. The Group responds by optimizing channel management, strengthening compliance medical education and patient accessibility, and improving supply and terminal market service efficiency.

In terms of commercialization, the market performance of the Group's listed products during the reporting period was affected by a combination of policy arrangements, procurement cycle changes and channel factors. The continuation of centralized national procurement and the switching between new and old licensing cycles have caused some markets to adjust the pace of procurement and distribution; at the same time, medical insurance payment management and stricter in-hospital entry requirements affect terminal promotion and prescription growth for some products. After the results of the new round of collection were gradually implemented, the procurement and preparation volume of relevant terminals has rebounded month by month since May 2026, but the degree of recovery throughout the year still depends on the implementation progress of each province.

In terms of channel construction, in March 2026, the company reached a strategic cooperation with JD Health to cooperate on online launch of various respiratory and rhinology products, patient services, and Internet chronic disease management; related cooperation complements the Group's existing out-of-hospital and grassroots channels to expand patient access.

During the reporting period, the Group made regulatory progress on a number of nasal and respiratory products. The New Drug Application (NDA) for budesonide nasal spray was accepted by the National Drug Administration (NMPA) in January 2026; the clinical trial application (IND) for olotadine hydrochloride and mometasone furoate monohydrate nasal spray was approved by the NMPA in March 2026; and the NDA for tiotropium bromide inhaled powder was accepted by the NMPA in May 2026. Budesonide nasal spray, olotadine hydrochloride, mometasone furoate monohydrate nasal spray, and tiotropium bromide inhalation powder cover treatment areas including allergic rhinitis and chronic obstructive pulmonary disease, and further expand the Group's product portfolio.

In terms of innovative pipelines, IND for ICF004 (a class of innovative inhalation powder for interstitial lung diseases including idiopathic pulmonary fibrosis and progressive pulmonary fibrosis) was approved by the NMPA in June 2026. ICF001 (a Class 2.1 improved new drug) was accepted by the NMPA in March 2026. Its initial development indications include pulmonary hypertension and pulmonary hypertension associated with interstitial lung disease. The Group also continues to invest in small nucleic acid inhalation, respiratory interventional devices and other precise pulmonary delivery technology platforms.

In terms of internationalization, the Group submitted a CF017 marketing license application to a Southeast Asian market in May 2026; in June 2026, the inhaler formulation production site in Suzhou, China passed on-site good manufacturing practice (GMP) compliance inspections carried out by PIC/S member drug regulators. These developments provide a quality and regulatory foundation for subsequent overseas registration, supply and commercial cooperation; overseas supply and revenue contributions are still dependent on relevant registration and commercialization processes.