旺山旺水二次递表港交所背后：2024年收入骤降、患大客户依赖症

Core Viewpoint - Suzhou Wangshan Wangshui Biopharmaceutical Co., Ltd. (Wangshan Wangshui) is facing significant challenges as it prepares for a second listing on the Hong Kong Stock Exchange, primarily due to declining revenues and reliance on major clients [1][6]. Financial Performance - In 2023, the company reported revenues of approximately RMB 199.651 million, which is expected to drop to RMB 11.832 million in 2024 and RMB 3.224 million in the first four months of 2025 [2][6]. - The net profit for 2023 was RMB 6.427 million, but it is projected to turn into a loss of RMB 217.643 million in 2024 and RMB 73.835 million in the first four months of 2025 [2][6]. Product Pipeline - Wangshan Wangshui has a pipeline of nine innovative assets focusing on antiviral, neuropsychiatric, and reproductive health areas [1][4]. - The core product TPN171 has recently been approved for sale in China and Uzbekistan for the treatment of erectile dysfunction (ED) [3][5]. Client Dependency - The company has a high dependency on a few major clients, with revenues from the top five clients accounting for 99.3%, 86.6%, and 91.2% of total revenues in 2023, 2024, and the first four months of 2025, respectively [7][8]. - The largest client contributed over 51% of revenues in 2023, with this figure increasing to 65.1% in 2024 [7][8]. Production Capacity and Expansion - Wangshan Wangshui plans to use funds raised from the listing to expand production capacity and enhance product development [11][14]. - The company has a low utilization rate at its Lianyungang factory, with capsule production at 0% and tablet production at 1.3% in early 2025 [12][13]. Market Challenges - The market demand for VV116, another product, has decreased, leading to a significant drop in revenue for Wangshan Wangshui [1][6]. - The company faces challenges in converting new production capacity into actual sales, raising concerns about potential overcapacity [12][13].