真实生物“再战”港交所！知名VC一路陪跑

Core Viewpoint - Real Bio, the first domestic manufacturer of oral COVID-19 medication in China, has refiled for an IPO on the Hong Kong Stock Exchange after previous attempts in 2022 and February 2023 did not progress [1] Company Overview - Real Bio, established in 2012, focuses on the development, manufacturing, and commercialization of innovative drugs targeting viral infections, tumors, and cardiovascular diseases [2] - The company's core product, Azvudine, received conditional approval from the National Medical Products Administration (NMPA) for treating HIV in July 2021 and for COVID-19 in July 2022, making it the first oral antiviral drug for COVID-19 developed by a Chinese company [2] Financial Performance - Real Bio has not yet achieved profitability, with revenues of RMB 344.21 million in 2023, RMB 237.87 million in 2024, and RMB 16.53 million in the first half of 2025, alongside significant losses of RMB 783.58 million, RMB 40.04 million, and RMB 165.43 million respectively [4][5] - The majority of Real Bio's revenue comes from Azvudine, primarily through a partnership with Fosun Pharma, which accounted for 99.2% of total sales in 2024 [3][4] Product Development and Market Strategy - Real Bio is expanding its product pipeline beyond Azvudine, with additional drugs targeting non-small cell lung cancer, malignant tumors, and acute ischemic stroke [3] - Following the termination of its agreement with Fosun Pharma, Real Bio has engaged 65 offline distributors and nine online distributors to sell Azvudine, anticipating that revenue in 2025 will largely derive from these distributors [4] Investment and Shareholding - Real Bio has raised a total of RMB 713 million through two rounds of financing, with significant investments from Yifeng Capital and other firms [9][10] - The largest shareholder is Wang Chaoyang, controlling 48.12% of the shares, while CEO Du Jinfang holds a significant position in the company [6][8]