【Suzhou, China, October 8, 2025】CF PharmTech, Inc. (hereinafter referred to as "CF " or the "Company") was officially listed on the Main Board of the Hong Kong Stock Exchange, with the stock code 2652.HK. The offer price was HK$14.75 per share, and the total offering size was approximately HK$608 million.

At the listing ceremony, representatives of the Company's management and distinguished guests gathered to jointly ring the opening gong, marking the launch of a new chapter in CF's global development. This milestone event not only represents authoritative recognition of CF's unremitting efforts in technological breakthroughs and product deepening over the past decade but also serves as a new starting point for the Company to leverage capital market resources, embark on a new journey of high-quality development, and strive to build a benchmark brand in inhalation formulations.

Dr. Liang Wenqing, Founder, Chairman, Executive Director, and CEO of CF PharmTech, stated:

After years of innovation and accumulation, CF PharmTech has grown into an emerging global leader in inhalation drug delivery technology, focusing on the treatment of respiratory diseases. As one of the few companies worldwide that master core inhalation formulation technologies, we have developed a robust product portfolio covering a wide range of patients, medical specialties, and relevant therapeutic areas. Compared with traditional drug delivery methods, inhaled drugs offer numerous key advantages and have become the gold standard for treating most respiratory diseases. Furthermore, leveraging their unique advantage of delivering drugs directly to the lungs and systemic circulation, the application of inhalation therapy is constantly expanding to other therapeutic areas—this trend brings broad future development opportunities for CF.

As the saying goes, 'When the time comes, we will ride the wind and cleave the waves, hoisting our sails to traverse the vast ocean.' We look forward to taking this listing as a new starting point, giving full play to CF's core competitive advantages in the field of inhalation formulations, and creating long-term and stable value returns for shareholders and investors. Meanwhile, we will always adhere to our mission: dedicated to developing innovative therapies to help patients breathe better, and continuously breaking through the application boundaries of inhalation formulation technologies."

About CF PharmTech

CF PharmTech is a pharmaceutical company primarily focused on the R&D, production, and commercialization of inhalation technologies and inhaled drugs. Its products mainly target respiratory diseases, including asthma, Chronic Obstructive Pulmonary Disease (COPD), and allergic rhinitis, covering a broad spectrum of patients, medical specialties, and related therapeutic areas. Strategically aligned with globally best-selling drugs, the Company's product portfolio includes four of the world's top 10 inhaled drugs in 2024, with a total sales revenue of US$4.1 billion. Built on years of technological iterations in inhalation formulations, the Company has accumulated extensive formulation expertise and maintains a leading position in the industry.

Currently, CF's product portfolio includes 6 products approved by China's National Medical Products Administration (NMPA) or the U.S. Food and Drug Administration (FDA), as well as over 20 products under global development in major markets such as China, the U.S., and/or Europe, and emerging markets including Southeast Asia and South America. A number of these products are in late-stage clinical trials or PK-BE (Pharmacokinetic-Bioequivalence) studies and will soon enter the registration and commercialization phases. In 2023, CF established a subsidiary in the Hong Kong Science Park, aiming to leverage Hong Kong's strengths in scientific research and international collaboration to further expand global clinical research and early-stage R&D activities.

The Company's first marketed product, Changqi® (Budesonide Suspension for Inhalation, the best-selling single-ingredient inhalation formulation in China), received NMPA approval in May 2021 and was later selected in the 5th round of China's National Volume-Based Procurement (VBP) program. As of September 16, 2025, Changqi® has penetrated over 10,000 hospitals and medical institutions, and accounted for approximately 16% of China's market share by sales volume in 2024.

The Company's second product, Shufei min® (Azelastine and Fluticasone Nasal Spray), is China's first approved hormone-antihistamine combination nasal spray for the treatment of allergic rhinitis. Since its inclusion in China's National Reimbursement Drug List (NRDL) in December 2023, it has penetrated a number of core tertiary hospitals and terminal medical institutions, capturing approximately 94% of China's market share in its category by sales volume in 2024.

In addition, CF is actively developing new treatment methods such as Endobronchial Valves (EBV) and potential first-in-class or first-in-China therapies for diseases that severely affect patients' quality of life, including Idiopathic Pulmonary Fibrosis (IPF) and Pulmonary Arterial Hypertension (PAH). The Company's research also explores novel formulations (e.g., liposomal and siRNA inhalation formulations) and expands into new therapeutic areas, including central nervous system (CNS) diseases and infectious diseases, bringing more treatment hope to patients.

CF's successful listing on the Hong Kong Stock Exchange marks a new phase in its development. With the support of the capital market, CF is expected to leverage its outstanding technological capabilities, rich product pipeline, and innovative development strategy to ride the waves in the global pharmaceutical market and write a more brilliant chapter.

Forward-Looking Statements

The information contained in this press release includes forward-looking statements, which involve numerous known and unknown risks, uncertainties, and assumptions. The forward-looking statements contained herein reflect the judgments and opinions of CF as of the date of this press release. Such forward-looking statements are neither promises nor guarantees but are subject to various risks and uncertainties, many of which are beyond our control or may not be realized, and could cause actual results to differ materially from those anticipated in these forward-looking statements. We expressly disclaim any obligation or commitment to publicly release any updates or revisions to any such statements, whether as a result of new information, future events, or other reasons, to reflect any changes in our expectations or any changes in the events, conditions, or circumstances on which such statements are based.