7亿对赌压顶 真实生物三闯港交所

Core Viewpoint - Real Bio Technology Co., Ltd. is facing significant financial challenges as it seeks to go public on the Hong Kong Stock Exchange, with a cumulative loss of nearly 1 billion yuan over two and a half years due to declining sales and the termination of a partnership with Fosun Pharma [1][2][5]. Financial Performance - The company reported a cumulative loss of 989 million yuan over the past two and a half years, with net profits of -784 million yuan in 2023, -40.04 million yuan in 2024, and -165 million yuan in the first half of 2025 [3][4]. - Revenue peaked at over 1 billion yuan in 2022 but plummeted to 238 million yuan in 2024, with a staggering 91.65% year-on-year decline in the first half of 2025, generating only 16.53 million yuan [2][3]. Product and Market Challenges - Real Bio's only commercialized product, Azvudine, achieved significant sales initially but has seen demand shrink, leading to a heavy reliance on a single client, Fosun Pharma, which accounted for 99.2% of its revenue in 2024 [2][4]. - Following the termination of the partnership with Fosun Pharma, the company struggled to establish new distribution agreements, resulting in only 1.37 million yuan in revenue from Azvudine sales in 2024 [2][4]. Research and Development - The company is attempting to diversify its product pipeline by exploring new indications for Azvudine and developing combination therapies, but R&D expenditures have decreased from 238 million yuan in 2023 to 151 million yuan in 2024, indicating financial constraints [4][5]. - Current clinical trials for new indications are in early stages, and the potential for revenue generation from these efforts remains uncertain in the short term [4]. Financial Pressures and Future Outlook - Real Bio faces significant financial pressure, with cash and cash equivalents of only 50.05 million yuan against administrative and R&D expenses nearing 100 million yuan [4][5]. - The company is also burdened by redemption clauses from previous financing rounds, which could exacerbate its financial difficulties if performance does not improve [5]. - Analysts suggest that the company's future hinges on its ability to leverage IPO funds to alleviate debt and demonstrate the potential value of its R&D pipeline [5].