业绩持续亏！股价暴涨近八倍！舒泰神要募资12.53亿！

Core Viewpoint - Shuyatian plans to raise up to 1.253 billion yuan through a private placement of shares, with 883 million yuan allocated for innovative drug research and development, and 370 million yuan for working capital [1][3]. Fundraising and Allocation - The company intends to issue no more than 143 million shares, which is 30% of its pre-issue total share capital, with the issue price set at no less than 80% of the average trading price over the last 20 trading days [1]. - 88% of the raised funds will be directed towards R&D, while the remaining 370 million yuan will support daily operations and enhance risk resilience [1][3]. Financial Situation - As of December 31, 2023, the company's fundraising account had only 70,650 yuan left, indicating an urgent need for capital infusion during a critical phase of drug development [3]. - The company reported a 31.14% year-on-year decline in revenue for the first half of 2025, amounting to 126 million yuan [4]. - The net profit attributable to the parent company for the same period was -24.64 million yuan, marking a significant year-on-year decline of 619.70%, with continuous losses over the past five years [5]. Product Pipeline and Market Potential - Shuyatian focuses on developing innovative therapeutic drugs for unmet clinical needs, with a pipeline targeting infectious diseases, respiratory and critical care, autoimmune diseases, and neurological disorders [3]. - The company has nine Class I innovative biological drugs in clinical trials, with STSP-0601 (a treatment for hemophilia) being a key product expected to fill a domestic market gap, potentially reaching sales of 2 to 8 billion yuan if approved [3][4]. Sales Performance - The company's main products, including the innovative biological drug Sutai Sheng and the compound PEG electrolyte solution Shuyatqing, have seen declining sales due to external factors and industry policies [7]. - For the first half of 2025, Sutai Sheng generated 74.32 million yuan in sales (59.17% of total revenue), down 5.71% year-on-year, while Shuyatqing's sales were 41.69 million yuan (33.19% of total revenue), down 57.88% year-on-year [7].