Core Viewpoint - Jiangsu Dingtai Pharmaceutical Research (Group) Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to list on the main board [1]. Company Overview - Established in 2008, Dingtai Pharmaceutical Research is a contract research organization (CRO) providing integrated solutions based on disease biology for global pharmaceutical companies and research institutions. The company is headquartered in Nanjing and has facilities in Kunming, Shanghai, Wenchang, and Pennsylvania, USA [2]. - The company specializes in "non-clinical research + clinical trials" end-to-end outsourcing, covering the entire process from drug discovery to NDA submission [2]. Market Position - According to Frost & Sullivan, Dingtai ranks first in the non-clinical CRO market for cardiovascular and metabolic diseases in mainland China by revenue in 2024. It ranks third in the efficacy research field and has one of the largest non-human primate (NHP) disease model libraries in the country, with a population of over 20,000 [4]. - The company has extensive project experience in various advanced therapies, including oligonucleotide therapies, monoclonal and bispecific antibodies, antibody-drug conjugates (ADCs), and cell gene therapy (CGT) [4]. - Dingtai has provided non-clinical services to over 700 clients and clinical services to over 130 clients, assisting in obtaining more than 200 approvals from the National Medical Products Administration (NMPA) and over 40 approvals from overseas regulatory bodies [4]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was RMB 725 million, RMB 767 million, RMB 713 million, and RMB 377 million, respectively. The corresponding net profits were RMB 143 million, a loss of RMB 52 million, a loss of RMB 252 million, and a profit of RMB 65 million, resulting in a total loss of RMB 96 million over three and a half years [5]. - The gross profit margin decreased from 48.4% to 30%, primarily due to an increase in the proportion of low-margin clinical trials [5]. Cash Flow and Liquidity - In 2022, the company had a net cash inflow from operating activities of RMB 254 million, but in 2023 and 2024, it experienced outflows of RMB 66 million and RMB 252 million, respectively, mainly due to significant NHP purchases to expand its population [8]. - As of the end of June 2025, the company had cash and cash equivalents of RMB 419 million [8].
IPO雷达｜鼎泰药研递表港交所，三年半合亏近亿元，毛利率下跌，提示流动性等风险
Sou Hu Cai Jing·2025-11-03 08:24