先通国际医药港股IPO：聚焦放射性药物，2年合计亏损超4亿

Core Viewpoint - Beijing Xiantong International Pharmaceutical Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CICC and CITIC Securities as joint sponsors [1] Financial Performance - The company reported a net loss attributable to the parent of RMB 297 million in 2023 and RMB 149 million in 2024 [2][5] - Revenue for 2023 was RMB 10.23 million, increasing to RMB 44.064 million in 2024 [5][7] - The company incurred significant research and development expenses exceeding RMB 296 million in 2023 and RMB 228 million in 2024 [6][7] Market Focus - The company is focused on developing and commercializing radioactive drugs, aiming to become the first listed company in China with innovative or best-in-class products in this field [3] - The product pipeline includes 15 assets, with four core products: XTR008, XTR006, XTR004, and XTR003, targeting oncology, neurodegenerative diseases, and cardiovascular diseases [3] Market Growth - The global radioactive drug market is projected to grow from USD 5 billion in 2018 to USD 9.7 billion by 2024, with a compound annual growth rate (CAGR) of 11.7% [5] - In China, the market is expected to increase from RMB 3.6 billion in 2018 to RMB 7.4 billion by 2024, with a CAGR of 13.0% [5] Customer Concentration - The company has a high customer concentration, with revenue from the top five customers accounting for 95.7% in 2023 and 93.3% in 2024 [7] Shareholder Structure - The largest shareholder group holds approximately 27.03% of the voting rights as of May 23, 2025 [8] Fundraising Purpose - The funds raised will be used for the research and registration of core products, development of other candidate products, and enhancement of sales and marketing capabilities [9]