真实生物三度冲击港交所IPO，核心产品阿兹夫定已纳入国家医保

Core Viewpoint - Real Bio Technology Co., Ltd. has submitted its third application for a mainboard listing on the Hong Kong Stock Exchange, following two previous failed attempts in August 2022 and February 2025, with CICC as the exclusive sponsor [1] Company Overview - Established in 2012, Real Bio focuses on the research and development of innovative drugs in the fields of antiviral, anti-tumor, and cardiovascular diseases [1] - The company has developed five core product pipelines, including the commercially available drug Azvudine and four other drugs in development: CL-197, Dositinib, ZSSW-136, and MTB-1806 [1] - Azvudine received conditional approval for HIV treatment in July 2021, added COVID-19 treatment indications in July 2022, and was included in the national medical insurance directory in 2023 [1] - As of mid-2025, Azvudine has been distributed to over 50,000 medical endpoints across 31 provinces, with cumulative sales exceeding 10 million bottles [1] - The company has a GMP-certified production base with an annual capacity of approximately 3 billion tablets, and its R&D team consists of seasoned experts in the international drug development field [1] Financial Performance - Revenue for 2023, 2024, and the first half of 2025 was reported at 344 million yuan, 238 million yuan, and 16.53 million yuan, respectively, with net losses of 784 million yuan, 40 million yuan, and 16.5 million yuan [2] - The significant revenue decline of 92% in the first half of 2025 was primarily due to the termination of collaboration with Fosun Pharma, leading to a substantial decrease in licensing fee income [2] - R&D expenditures for the same periods were 238 million yuan, 151 million yuan, and 54.05 million yuan [2] Customer Concentration - In 2023, all of the company's revenue came from Fosun Pharma, with the top five customers accounting for 99.6% of revenue in 2024, of which Fosun Pharma represented 99.2% [2] - Following the termination of the partnership with Fosun in September 2024, the company shifted to a multi-distributor model, selling 68,700 bottles of Azvudine through new distributors in the first half of 2025, generating sales revenue of 9 million yuan [2] Market Potential - As of June 30, 2025, the company reported inventory of 17 million yuan, trade receivables of 8 million yuan, and cash and cash equivalents of 50 million yuan [3] - According to a report by Frost & Sullivan, the HIV drug market in China is expected to grow from USD 636 million in 2023 to USD 2.328 billion by 2030, with a compound annual growth rate of 20.4%, significantly outpacing the global market [3] - The company has completed two rounds of financing, raising a total of 713 million yuan, with investors including Yifeng Capital and Yingke Capital [3] - The funds raised from the upcoming listing will primarily be used for the development of new indications for Azvudine, advancing clinical trials for core pipelines, building commercialization channels, and expanding production capacity [3]