礼邦医药拟赴港IPO，收入依赖单一客户

Core Viewpoint - 礼邦医药 has submitted its listing application to the Hong Kong Stock Exchange, focusing on the renal disease sector with a product portfolio that includes both clinical candidates and a commercialized product [1][3]. Financial Performance - The company reported revenues generated solely from a single customer, the distributor of its product 美信罗 in China, with projected revenues of approximately RMB 1.969 million in the first half of 2024, RMB 6.525 million in 2024, and RMB 12.112 million in the first half of 2025 [2][4]. - The net losses for the years 2023, 2024 (first half), 2024, and 2025 (first half) are projected to be RMB 365.256 million, RMB 163.985 million, RMB 335.130 million, and RMB 209.662 million respectively [3][5]. Product Development - 礼邦医药's core product, AP301, is a potential phosphate binder for treating hyperphosphatemia and is currently in clinical development [3][6]. - The company has a total of seven candidate products, with three in clinical stages, and aims to address unmet medical needs in the renal disease field [3][6]. Research and Development - The company has a total of 65 employees in its internal R&D team, with only three being core researchers [6]. - R&D expenditures for the years 2023, 2024 (first half), 2024, and 2025 (first half) are approximately RMB 307.461 million, RMB 121.531 million, RMB 235.367 million, and RMB 110.061 million respectively, with core product R&D costs accounting for significant portions of these expenditures [6][7]. Supplier Dependency - The company’s procurement from its top five suppliers accounted for 48.9%, 57.0%, and 48.8% of total procurement in 2023, 2024 (first half), and 2025 (first half) respectively, indicating a reliance on a limited number of suppliers [8].