两年亏4.65亿！先通医药冲刺港股“核药第一股”：盈利模式单一，研发开支反常下滑

Core Viewpoint - The company, Xiantong Pharmaceutical, is preparing for an IPO on the Hong Kong Stock Exchange, aiming to become the first publicly listed company in China's radiopharmaceutical sector, despite facing significant financial losses and challenges in commercialization [1][3][4]. Company Overview - Xiantong Pharmaceutical was established in 2005 and is a leader in the Chinese radiopharmaceutical market, focusing on the development and commercialization of innovative radiopharmaceuticals [3]. - The company has received approval for its innovative radiopharmaceuticals and aims to launch its core products, which include XTR008, XTR006, XTR004, and XTR003 [4]. Financial Performance - The company reported cumulative losses of 465 million RMB over the past two years, with projected revenues of 10.23 million RMB in 2023 and 44.06 million RMB in 2024, indicating a significant year-on-year growth of 330% in 2024 [4][5]. - Despite the revenue growth, the company has not achieved profitability, with losses of 309.23 million RMB in 2023 and 156.12 million RMB in 2024 [5][6]. Research and Development - Xiantong Pharmaceutical's R&D expenditures have decreased, with 297 million RMB in 2023 and 228 million RMB in 2024, raising concerns about its innovation sustainability [8][9]. - The company has a pipeline of 15 assets, with core products primarily targeting oncology, neurodegenerative diseases, and cardiovascular diseases [4]. Market Position and Challenges - The company faces challenges typical of innovative pharmaceutical firms, including high R&D costs and a lengthy commercialization process, which contribute to its ongoing financial losses [7][8]. - Xiantong's revenue model is considered single-faceted, relying heavily on CRO/CDMO services, which accounted for over half of its revenue in 2024 [8]. Shareholder Structure - The company has a notable shareholder base, including prominent investment institutions, with the founder holding 11.32% of shares directly and controlling 27.03% through related parties [10][11][13]. - High executive compensation has raised concerns among investors, particularly in light of the company's financial losses [13].