鼎泰药研IPO：靠公允价值扭亏业绩可持续性存疑 对赌协议压身估值两年增近13倍

Core Viewpoint - Jiangsu Dingtai Pharmaceutical Research (Group) Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to alleviate liquidity pressure and seek funding for future development, despite challenges in the CRO industry and concerns over its valuation [1][10]. Group 1: Company Overview - Dingtai Pharmaceutical Research was established in 2008 and provides comprehensive non-clinical safety, efficacy, and drug metabolism research, as well as integrated clinical trial services [1]. - The company was previously listed on the New Third Board from 2016 to 2021 and attempted to transition to the A-share market before opting for the Hong Kong market [1]. Group 2: Financial Performance - The company's revenue has remained relatively stable, with figures of 725 million yuan in 2022, 767 million yuan in 2023, 713 million yuan in 2024, and 377 million yuan in the first half of 2025 [2]. - However, net profit has fluctuated significantly, with a profit of 143 million yuan in 2022, a loss of 51.946 million yuan in 2023, an increased loss of 252 million yuan in 2024, and a profit of 64.712 million yuan in the first half of 2025 [2][3]. Group 3: Asset Valuation and Cash Flow - The fair value changes of biological assets, particularly experimental monkeys, have led to significant profit fluctuations, with changes of -17 million yuan in 2023, -58 million yuan in 2024, and a gain of 136 million yuan in the first half of 2025 [3]. - The company has faced negative cash flow from operating activities in 2023, 2024, and the first half of 2025, with net outflows of 66 million yuan, 252 million yuan, and 161 million yuan respectively [3]. Group 4: Market Conditions and Risks - The market price of experimental monkeys is closely tied to the demand from downstream pharmaceutical companies, with a slowdown in drug pipeline growth observed from 2021 to 2025 [4][6]. - The overall investment in the domestic healthcare sector has declined over the past three years, indicating a weakened drug development environment, which poses a risk for the company's expansion plans [6]. Group 5: Valuation and Redemption Risks - Dingtai Pharmaceutical Research's valuation has increased nearly 13 times over two years, from approximately 5.17 billion yuan to about 70.24 billion yuan [8]. - The company faces redemption liabilities of 2.727 billion yuan against current liquid assets of only 1.578 billion yuan, raising concerns about its financial stability [8]. Group 6: Acquisition and Goodwill Impairment - The company acquired Dingtai Biological and Jiangsu Yadong between 2019 and 2021 to enhance its experimental platform and animal resources, but the integration results were below expectations, leading to a goodwill impairment of 66 million yuan in 2022 [9]. - As of June 30, 2025, the company's goodwill remains valued at 88 million yuan, indicating ongoing risks related to goodwill impairment [9].