业绩连亏、现金流告急、股价破发，海特生物赴港“输血”悬念重重

Core Insights - Hite Bio is facing its most severe challenge since its listing, with a net loss of 158 million yuan in the first three quarters of 2025, nearly tripling year-on-year, and a record high quarterly loss [1] - The company is experiencing multiple difficulties, including three consecutive years of losses, a decline in core product performance, burdens from acquisitions, and deteriorating cash flow [1] Financial Performance - The core product "Jinlujie," which previously contributed over 90% of revenue, has seen its revenue share drop to 22% after being removed from the national medical insurance directory in 2019, leading to a significant decline in sales [2] - The raw materials and intermediates business is suffering from insufficient orders and high depreciation costs, while the acquisition of Beijing Shadong has resulted in ongoing R&D losses with no output [2] - The gross margin has decreased to 41.81%, and the net margin has fallen to -38.13%, indicating a severe lack of profitability in the main business [2] Cash Flow and Asset Impairment - The company's cash flow is rapidly depleting, with monetary funds dropping nearly 60% since the beginning of the year and a net cash flow from operating activities of -76.04 million yuan, a 374% decline year-on-year [3] - There is a significant risk of asset impairment, with an expected goodwill impairment of approximately 85 million yuan related to the acquisition of Tianjin Hankan, which will directly impact the 2025 performance [3] Financing Challenges - In light of tightening financing conditions in the A-share market and a continuous decline in stock price, Hite Bio has announced plans to prepare for an H-share issuance to raise funds [4] - However, the company's current predicament casts doubt on the success of this financing effort, as its stock price has nearly halved since August and is now below the A-share issuance price, leading to a lack of market confidence [4] Industry Context - Hite Bio's challenges reflect broader survival issues faced by some biopharmaceutical companies, including a lack of product diversity, ineffective merger integration, and changes in the regulatory environment [5] - While an H-share listing may provide short-term liquidity, without fundamental improvements in product competitiveness and profitability, the company may struggle to achieve sustainable growth even if the financing is successful [5]