Core Viewpoint - Yongtai Biotech, listed on the Hong Kong Stock Exchange in 2020, is facing significant financial difficulties, with an independent auditor issuing a "disclaimer of opinion" on its 2025 interim report, raising doubts about its ability to continue as a going concern [1][3]. Financial Performance - In the first half of 2025, Yongtai Biotech reported other income of 13.036 million yuan, a year-on-year increase of 99.8% [1]. - The total loss and comprehensive expenses for the period increased by 39.4% year-on-year, reaching 129 million yuan, compared to 92.556 million yuan in the same period last year [1]. - As of mid-2025, the company's net current liabilities amounted to 456 million yuan, while cash and bank balances were only 21.053 million yuan [1]. Product Development - Yongtai Biotech's product pipeline includes non-gene modified and gene modified cell immunotherapy products, with its core product EAL aimed at preventing recurrence of primary liver cancer post-surgery [1]. - EAL has been included in the priority review list by the CDE (National Medical Products Administration) as of March this year, and the company plans to advance commercialization preparations for EAL [2]. Revenue Sources - The increase in other income is attributed to government subsidies exceeding 10 million yuan, along with income from cell cryopreservation services and technical services [2][3]. - Despite the growth in other income, the company’s R&D expenditure decreased by 26% to 67.449 million yuan due to lower costs associated with contracts, employee expenses, and materials [3]. Financial Strategies - To address the imminent cash flow crisis, Yongtai Biotech has proposed several measures, including equity financing, negotiating with convertible bondholders to extend repayment dates, and seeking additional funding from shareholders [3].
“细胞免疫治疗第一股”永泰生物半年报被出具“无法发表结论”的审计意见