SALUBRIS files for listing on HKEX: the second largest in China by 2025 hospital sales of cardiovascular drugs, with innovative drugs accounting for over half of revenue

NewTimeSpace News: On 3 September 2026, Shenzhen Salubris Pharmaceuticals Co., Ltd. filed its listing application with the Hong Kong Stock Exchange, with Goldman Sachs, Citigroup and CITIC Securities acting as joint sponsors. The Company is a leading pharmaceutical company in China focusing on the treatment of cardiovascular-kidney-metabolic (CKM) syndrome diseases, principally engaged in the research, development, production and sales of pharmaceutical products and medical devices. According to Frost & Sullivan, by in-hospital sales revenue of cardiovascular drugs in China, the Company ranked second in 2025 with a market share of 11.3%; as of the latest practicable date, by the number of marketed NMEs targeting CKM syndrome and pipeline candidates at the IND stage or later, the Company ranked second among domestic enterprises.

CKM syndrome is a systemic disease characterised by pathophysiological interactions among metabolic risk factors, chronic kidney disease (CKD) and the cardiovascular system, with the prevalence of CKM syndrome among adults globally reaching 88.9% in 2025. Given the chronic nature of CKM syndrome, patients require long-term or even lifelong treatment, and mature innovative originator products typically deliver higher patient retention rates and longer commercial lifecycles. Revenue generated from the Company's sales of CKM syndrome drugs amounted to RMB 1,897.1 million, RMB 2,345.5 million and RMB 2,899.1 million in 2023, 2024 and 2025 respectively, and RMB 1,422.0 million and RMB 1,722.9 million for the six months ended 30 June 2025 and 2026 respectively, representing 61.9%, 65.1%, 75.6%, 75.1% and 77.8% of total drug sales revenue in the respective periods.

The product portfolio is strategically centred on innovative drugs, further diversified into generics, biosimilars and medical devices to address the substantial unmet medical needs in the CKM syndrome area. As of the latest practicable date, the Company had six innovative drugs — Xinlitan (approved in 2013), Fulitan (approved in 2024), Xinliting (approved in 2024), Xinchaotuo (approved in 2025), Fulian (approved in 2025) and Ennaluo (initially approved in 2023, with an expanded indication approved in 2025). The proportion of innovative drug sales revenue in total drug sales revenue increased from 30.1% in 2023 to 37.7% in 2024 and further to 52.1% in 2025; for the six months ended 30 June 2026, the proportion was 54.8%, up from 50.5% in the corresponding period of 2025.

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