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东方妍美港股IPO陷困境：营收微薄 亏损严重 盈利前景迷雾重重
Xi Niu Cai Jing·2025-05-20 02:39

Core Viewpoint - Dongfang Yanmei (Chengdu) Biotechnology Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, but its poor financial performance raises significant concerns about its IPO prospects [1][14]. Financial Performance - In 2023, Dongfang Yanmei reported revenues of 12.882 million RMB, which increased slightly to 14.52 million RMB in 2024, indicating minimal growth in a competitive healthcare market [3][14]. - The company experienced substantial losses, with a net loss attributable to shareholders of 63.501 million RMB in 2023, which increased to 69.383 million RMB in 2024, totaling over 130 million RMB in losses over two years [3][6]. Financial Ratios - The company's asset-liability ratio rose sharply from 78% in 2023 to 123% in 2024, indicating increasing financial risk [6][8]. - The current ratio declined from 0.6 to 0.3, reflecting deteriorating liquidity, while net current liabilities increased from 37.1 million RMB at the end of 2023 to 143.2 million RMB at the end of 2024 [6][8]. Product Development - Dongfang Yanmei's core product, regenerative medicine materials injectables, has not yet been commercialized, with no revenue generated from these candidates in 2023 and 2024 [8][14]. - The company has 13 main candidates for regenerative medicine materials injectables, with two having entered the registration review stage, but commercialization remains a distant goal [8][14]. Revenue Sources - Revenue from regenerative medicine materials medical dressings and patches was only 3.6 million RMB in both 2023 and 2024, accounting for 27.9% and 24.9% of total revenue, respectively [9][13]. - A significant portion of revenue in 2024, amounting to 7.551 million RMB (52.0% of total revenue), came from non-core products such as pharmaceutical intermediates and facial masks, which are unlikely to support long-term growth [11][13]. IPO Challenges - The combination of low revenue, significant losses, and uncertain profitability prospects presents substantial challenges for Dongfang Yanmei's IPO journey [14].