Core Viewpoint - Dongfang Yanmei (Chengdu) Biotechnology Co., Ltd. is facing significant challenges in its attempt to go public on the Hong Kong Stock Exchange, primarily due to long-term losses that exceed revenue and heavy debt burdens [1][2]. Financial Performance - The company reported revenues of RMB 12.88 million and RMB 14.52 million for 2023 and 2024, respectively, while net losses were RMB 63.5 million and RMB 69.38 million, resulting in loss rates of 492% and 478% [2][3]. - The gross margin significantly declined from 11.39% in 2023 to 2.61% in 2024, indicating deteriorating profitability [2]. Product Development and Market Position - The core product, XH301 (poly-L-lactic acid injection), has not yet been approved, with expectations for approval not until the second half of 2025, facing competition from established products in the market [5][7]. - The company has 13 products in the pipeline, but only two are in the registration phase, with the majority still in early development stages, leading to uncertainty in commercialization [3][5]. Customer Dependency - Revenue is heavily reliant on the top five customers, accounting for 55.6% and 52.6% of total revenue in 2023 and 2024, respectively, with the largest customer contributing 32.8% and 18.6% of total revenue [7]. Debt and Financial Health - As of the end of 2024, the company had a debt-to-asset ratio of 123%, with total liabilities reaching RMB 1.93 billion, a 108.27% increase year-on-year [8][9]. - The company reported negative net assets of RMB -0.37 billion by the end of 2024, indicating a precarious financial situation [8][9]. Cash Flow and R&D Expenditure - Cash and cash equivalents were only RMB 33 million at the end of 2024, insufficient to cover R&D expenses of RMB 45.7 million and RMB 45 million for 2023 and 2024, respectively [10]. - The company has defaulted on bank loans totaling RMB 20 million, which could trigger further financial distress [10].
东方妍美IPO：亏损远超营收、在研管线商业化前景不明朗 资不抵债、借款违约资金状况捉襟见肘
Xin Lang Zheng Quan·2025-05-23 08:49