Beijing Stock Exchange recently disclosed a termination review notice, confirming that Shanghai Yan'an Pharmaceutical Yangpu Co., Ltd., referred to as Yan'an Pharma, has again withdrawn its listing application. According to the exchange's disclosure, the decision to halt the public offering and listing review was made after Yan'an Pharma submitted a formal request to retract its application documents for issuing shares to unspecified qualified investors and listing on the Beijing Stock Exchange. This marks the second time the company has terminated its IPO process on this exchange. Exchange records show that the initial application was accepted in September 2023, with that review concluding in October 2024. In December 2025, Yan'an Pharma relaunched its bid, with Tianfeng Securities Co., Ltd. serving as the sponsor. On January 29, 2026, the exchange issued its first-round review inquiry, but no response was ever published before the current termination.

According to the prospectus, Yan'an Pharma operates as a comprehensive pharmaceutical enterprise, concentrating on the research, development, production, and sale of chemical drug preparations, active pharmaceutical ingredients (APIs), and pharmaceutical intermediates. Its drug preparation business spans several core therapeutic areas, including diabetes, dermatology, anti-infection, digestive system, respiratory system, and topical analgesia. As of the prospectus signing date, the company holds 35 drug preparation approvals, of which four self-owned varieties are included in the National Essential Drug List and 12 varieties are included in the National Medical Insurance Catalog.

Regarding financial performance, Yan'an Pharma's revenue has maintained steady growth, but its profitability and gross margin have shown a continuous decline starting in 2025. From 2022 to 2024, the company reported operating revenues of RMB 323 million, RMB 432 million, and RMB 467 million respectively. In 2025, revenue further increased to RMB 482 million, reflecting a modest year-on-year growth of 3.16%. However, net profit attributable to the parent company dropped from RMB 90.26 million in 2024 to RMB 70.48 million in 2025, a decline of 21.91%. On the gross margin front, the figure remained above 50% from 2022 to 2024, only to fall sharply to 43.91% in 2025. In the first half of 2026, the company's operational pressures intensified further. Its semi-annual report recorded operating revenue of RMB 185 million, down 15.74% year-on-year, while the gross margin slipped again to 40.02%. Net profit attributable to the parent company totaled RMB 20.10 million, a decrease of 38.37% compared with the same period last year.

In its prospectus, Yan'an Pharma highlighted operational risks stemming from intensifying industry competition and eroding market share for its core products. Take its flagship Gliclazide Sustained-Release Tablets as an example: when the product won a bid in the national centralized procurement in February 2021, only three manufacturers had passed consistency evaluation. By the prospectus signing date, that number had grown to seventeen, meaning the procurement share for this product now faces competition from a much larger pool of players. Similarly, Thymol API was once a sole domestic product, but after approval was granted to Beijing Fuyuan Pharmaceutical Co., Ltd., Fujian Jinshan Zhundian Pharmaceutical Co., Ltd., and Hebei Huachen Pharmaceutical Group Co., Ltd., the number of competing producers has increased. Additionally, mature preparations, such as Compound Beclometasone Dipropionate and Camphor Cream, have seen sales fluctuations due to intense internal competition within the sector.

Notably, the fundraising target for this IPO is nearly double that of the previous attempt. According to the prospectus, both rounds of fundraising are directed toward the same projects: construction of a preparation production line and a multi-functional preparation R&D center. However, the proposed amount has been raised from RMB 183 million to RMB 358 million. In its inquiry letter, the Beijing Stock Exchange requested the company to assess the primary differences between the current and previous fundraising projects and to justify the substantial increase in the amount, asking for a specific explanation of why such a significant rise is reasonable.

In terms of shareholding structure, as of the end of June, the company's chairman and general manager, Wang Xueliang, held 43.20% of shares directly and indirectly controlled an additional 5.47% through Tibet Tianxiahe. Shareholder Qiu Huizhen held 7.11% directly and indirectly controlled 10.03% via Hainan Zhongnianxiang. Through combined direct and indirect holdings, Wang Xueliang, Qiu Huizhen, and their concerted parties—including Hainan Zhongnianxiang, Tibet Tianxiahe, and Wang Shouchen—jointly control 68.48% of the company's shares.