新股消息 | 旺山旺水二次递表港交所 营业收入骤降且持续亏损

Core Viewpoint - Suzhou Wangshan Wangshui Biopharmaceutical Co., Ltd. has submitted its application to the Hong Kong Stock Exchange for listing, with CITIC Securities as its sole sponsor, following a previous submission on January 27 [1][4]. Company Overview - Wangshan Wangshui is a biopharmaceutical company focused on the discovery, acquisition, development, and commercialization of small molecule drugs, strategically targeting three therapeutic areas: viral infections, neuropsychiatric disorders, and reproductive health [4]. - The company has developed a pipeline of nine innovative assets, including two core products LV232 and TPN171, and a key product VV116, aimed at addressing significant clinical needs in their respective markets [4]. Market Potential - According to Zhi Shi Consulting, the Chinese markets for antiviral drugs, neuropsychiatric drugs, and reproductive health drugs are projected to grow from RMB 20.3 billion, RMB 103.9 billion, and RMB 36.2 billion in 2024 to RMB 40.3 billion, RMB 123.5 billion, and RMB 42.2 billion by 2035, respectively [4]. - Despite the significant growth potential, there are considerable challenges in successfully developing therapies in these treatment areas, indicating unmet clinical needs and substantial market opportunities [4]. Product Pipeline and Commercialization - Among the nine innovative assets, two are in commercialization or close to it, four are in clinical stages, and three are in preclinical stages [4]. - The products VV116, LV232, and TPN171 are specifically targeting the antiviral, neuropsychiatric, and reproductive health markets, respectively, and are prepared to meet major clinical demands [4]. Client Base and Sales Strategy - The company's clients include external licensing clients, direct purchasers, distributors, and pharmaceutical companies receiving CRO services, with revenue from the top five clients accounting for 99.3%, 86.6%, and 91.2% of total revenue in 2023, 2024, and the four months ending April 30, 2025, respectively [5]. - The company sells its products directly or indirectly through distributors to chain pharmacies and has a sales and marketing team promoting products in China and Uzbekistan [5]. Production Capacity - The company operates a production facility in Lianyungang, Jiangsu Province, with a total area of approximately 51,955 square meters, including a workshop for oral solid dosage small molecule drugs and an active pharmaceutical ingredient workshop [5]. - The Lianyungang factory, which has obtained GMP certification, is set to commence production in June 2024, with an annual designed capacity of 100 million capsules and 600 million tablets [5]. Financial Performance - For the fiscal years ending December 31, 2023, 2024, and the four months ending April 30, 2025, the company reported revenues of approximately RMB 200 million, RMB 11.83 million, and RMB 12.96 million, respectively [7]. - The net profits (losses) for the same periods were approximately RMB 6.43 million, -RMB 217.64 million, and -RMB 112.41 million, indicating a trend of increasing losses [7][8].