国产“伟哥”递表港股，核心技术依赖外部授权，旺山旺水IPO前夕折价转让存疑云

Core Viewpoint - The company Suzhou Wangshan Wangshui Biopharmaceutical Co., Ltd. is pushing for an IPO on the Hong Kong Stock Exchange amid financial struggles and a new product launch, with the success of its erectile dysfunction drug TPN171 (brand name: Angweida) uncertain in a competitive market [2][3][4]. Financial Performance - In the reporting period, the company reported revenues of approximately 200 million yuan, 11.83 million yuan, and 12.96 million yuan for the years 2023, 2024, and the first four months of 2025, respectively [4] - The company experienced a significant loss of nearly 330 million yuan during the reporting period, with profits of 6.43 million yuan in 2023 turning into losses of 218 million yuan and 112 million yuan in 2024 and the first four months of 2025, respectively [4] - Revenue from the COVID-19 drug VV116 sharply declined, leading to a 94% drop in overall revenue in 2024, despite an 86% increase in CRO service revenue, which amounted to only 5.25 million yuan [4] Product Pipeline and Market Competition - The company has developed nine innovative assets, with two nearing commercialization and four in clinical stages [2] - The erectile dysfunction drug market in China is highly competitive, with established products like sildenafil and tadalafil dominating the market, leading to price wars and declining sales for traditional leaders [3] Funding and Financial Obligations - The company has relied heavily on past financing, with a post-investment valuation of 4.45 billion yuan after its last financing round in 2024 [5] - A buyback agreement with investors could trigger financial liabilities of up to 51.25 million yuan if the IPO fails [5] Cash Flow and Operational Challenges - As of April 30, 2025, the company had cash and cash equivalents of 72.83 million yuan, down 49 million yuan from the end of 2024, sufficient for only about one quarter of operational expenses [5] - The company reported a negative operating cash flow of 43.73 million yuan for the first four months of 2025, indicating severe liquidity pressure [5] Management and Governance - The company’s core products are primarily based on externally licensed technologies, with no self-developed products on the market [6][7] - The founder retains significant control over the company, holding 54.97% of shares, while executive compensation has raised concerns due to its high levels compared to industry averages [8]