蓝纳成IPO：关联采购占比约4成核心产品多为引进 母公司业绩承压难养“烧钱大户”

Core Viewpoint - Yantai Lannacheng Biotechnology Co., Ltd. (Lannacheng), a subsidiary of Dongcheng Pharmaceutical, has submitted its IPO application to the Hong Kong Stock Exchange, aiming for a listing on the main board, with CICC as the sole sponsor. The company focuses on the research and production of novel targeted radioactive diagnostic and therapeutic drugs, but faces significant financial challenges, including a cumulative loss of nearly 300 million yuan over two and a half years and a heavy reliance on its parent company [1][6]. Group 1: Company Overview - Lannacheng was established in 2021 and is positioned as an innovative drug development platform focusing on radioactive drugs for cancer diagnosis and treatment [2]. - The company has developed a pipeline of 13 candidate drugs, including 7 diagnostic and 6 therapeutic radioactive drugs, with key products in various clinical trial phases [2][4]. - The company plans to build a 4,900 square meter GMP production facility in Yantai, expected to be operational by 2026, to support future commercialization [4]. Group 2: Financial Performance - Lannacheng has experienced significant financial losses, with total losses of 112 million yuan, 119 million yuan, and 65.5 million yuan for the years 2023, 2024, and the first half of 2025, respectively, leading to a cumulative loss of nearly 300 million yuan [7]. - The company’s cash and cash equivalents stand at 171 million yuan, which is insufficient for large-scale infrastructure development [4]. - The operating cash flow has been negative across all periods, with cash outflows exceeding 284 million yuan over three years [7]. Group 3: Dependency and Risks - Lannacheng's procurement heavily relies on Dongcheng Pharmaceutical, which accounted for approximately 43.1%, 35.9%, and 39.5% of total procurement in 2023, 2024, and the first half of 2025, respectively [5]. - The company’s core products are largely sourced through technology transfer agreements, raising concerns about its independent R&D capabilities [5]. - A significant aspect of Lannacheng's IPO is tied to a performance-based agreement with Dongcheng, requiring it to achieve specific milestones by June 30, 2026, or face potential buyback obligations [6][8].