宝济药业急冲刺港股IPO，连年融资后商业化之路何在？

Core Viewpoint - Baoyi Pharmaceutical is pursuing an IPO on the Hong Kong Stock Exchange, focusing on the development of large-volume biopharmaceuticals and has been active in capital markets since its establishment in late 2019 [1] Financial Performance - For the year ending December 31, 2023, Baoyi Pharmaceutical reported revenues of 6.930 billion RMB, with a gross profit of 6.781 billion RMB and a pre-tax loss of 160.396 million RMB [2] - The company has significant R&D expenditures amounting to 132.545 million RMB for the year, indicating a strong focus on product development despite ongoing losses [2] - As of September 30, 2024, the company had cash and cash equivalents of 472.017 million RMB, representing 37.69% of total assets [3] R&D Pipeline - Baoyi Pharmaceutical has a diverse R&D pipeline, including five drugs in clinical stages and three core products: KJ017, KJ103, and SJ02, along with seven preclinical products [2] Capital Market Activity - The company has been actively raising funds since its inception, with its valuation increasing 23 times from September 2020 to December 2024 [3] - Baoyi Pharmaceutical completed a C round and a C+ round of financing in July and December 2024, respectively, raising a total of 470.7 million RMB [5] - The decision to only disclose one year and one interim period of financial data in the IPO prospectus may raise regulatory inquiries and investor concerns [3] IPO Strategy - The IPO proceeds are intended for R&D, expanding manufacturing capabilities, and supplementing working capital, despite the company having sufficient cash reserves [4] - The rapid sequence of large financing followed by an IPO application has led to market speculation regarding the company's urgency to list [5]