Medicilon(SH:688202) Di Yi Cai Jing·2025-09-25 01:31Core Viewpoint - The lawsuit between MediXis and Hongxu Biopharmaceuticals centers around a delayed delivery of a safety evaluation report, with Hongxu seeking compensation of approximately 1.59 billion yuan, which is 28 times the contract amount [1][3]. Summary by Sections Contractual Dispute - Hongxu Biopharmaceuticals claims that MediXis's subsidiary failed to deliver a non-clinical safety evaluation report within the agreed eight-month timeframe, resulting in significant delays in the development of a new drug [1][3]. - The contract, signed in December 2020, had a total value of 5.576 million yuan, and the report was crucial for obtaining clinical trial approvals from both the NMPA and FDA [3][4]. Legal Proceedings - The lawsuit was filed in July 2023, and the court has frozen MediXis's bank accounts as part of asset preservation measures [1]. - Hongxu's claims include a request for 3.5154 million yuan in penalties for delayed performance, a refund of 5.0184 million yuan in service fees, and compensation for losses totaling 1.5 billion yuan [3]. Financial Impact - MediXis's subsidiary, MediXis Puya, contributed approximately 41.81% of the company's total revenue in 2024, amounting to 434 million yuan, but reported a net loss of 77.63 million yuan [8]. - The overall financial performance of MediXis has been declining, with net losses of 33.21 million yuan in 2023 and 331 million yuan in 2024, attributed to increased competition and delayed orders [8]. Market Position - The delayed report has significantly impacted Hongxu's strategic plans, as the new drug was expected to be among the top contenders in the market, potentially leading to substantial losses in terms of market opportunities and future IPO plans [7]. - The new drug, targeting type 2 diabetes, has now received clinical trial approval, but the delays have hindered its competitive position against similar products that have already been approved [5][6].