鼎泰药研港股IPO两硬伤：净利润持续恶化 赎回债务压顶

Core Viewpoint - 鼎泰药研 is seeking to list on the Hong Kong Stock Exchange to alleviate financial burdens and pursue transformation amidst a structural crisis [1] Financial Performance - Revenue from 2022 to 2024 remains stable at around 700 million RMB, with figures of 725 million, 767 million, and 713 million respectively [2] - Net profit has deteriorated significantly, with a profit of 143 million RMB in 2022 turning into a loss of 51.946 million RMB in 2023, and further losses of 252 million RMB in 2024, totaling over 300 million RMB in losses over two years [2] Key Assets and Cash Flow - The company owns over 20,000 experimental monkeys, a core resource for non-clinical CRO research, but high procurement costs have led to negative cash flow [3] - The price of experimental monkeys peaked at 200,000 RMB each, leading to substantial investments that have drained cash flow, resulting in negative cash flows of 66 million, 252 million, and 161 million RMB for 2023, 2024, and the first half of 2025 respectively [3] - The fair value fluctuations of these monkeys have contributed to losses of 17 million and 58 million RMB in 2023 and 2024 respectively [3] Debt and Liquidity Issues - The company faces a significant redemption liability of 2.727 billion RMB, which could be triggered if it fails to complete a qualified listing [4] - Losses from the changes in the redemption liability's book value reached 196 million and 206 million RMB in 2023 and 2024 respectively, contributing to overall net losses [4] - As of June 30, 2025, the company has a substantial liquidity gap of 1.956 billion RMB, with current liabilities totaling 3.534 billion RMB against current assets of only 1.578 billion RMB [4] Competitive Position and Strategic Plans - Compared to industry leaders, 鼎泰药研's scale is significantly smaller, with a revenue of 713 million RMB in 2024 compared to WuXi AppTec's nearly 40 billion RMB [5] - The company is expanding its clinical trial services to enhance its business chain, but this segment has lower profit margins, leading to a decline in overall gross margin from 48.4% in 2022 to 38.9% in the first half of 2025 [5] - The company plans to use funds from its H-share IPO for capacity expansion, facility upgrades, and to strengthen its new methods platform, while also seeking acquisitions to fill gaps in its business chain [5]