科望医药三闯港交所 持续亏损，明星资本押注双抗能否破局？

Core Insights - The article discusses the third attempt of Kewang Pharmaceuticals to list on the Hong Kong Stock Exchange, highlighting its financial struggles and the pressure to go public to avoid bankruptcy [1][11]. Financial Situation - Kewang Pharmaceuticals has accumulated losses exceeding 2 billion yuan (approximately 20.67 billion yuan) over the years, with significant losses reported from 2022 to 2024 [3][8]. - As of the end of 2024, the company had a net debt of 2.738 billion yuan, with a cash reserve of only 32.82 million yuan, down 88% from the previous year [2][3]. - The company’s cash and cash equivalents were reported at 93.93 million yuan as of September 30, 2025, with a net cash outflow of 97.2 million yuan during that period [8]. R&D and Pipeline - Kewang Pharmaceuticals has a pipeline of seven major assets, with four in clinical stages, including its core product ES102, a six-valent OX40 agonist antibody [1][4]. - The clinical data for ES102 has raised concerns, showing a low objective response rate (ORR) of 11.1%, which is below the average for other cancer treatments [9][10]. - The company has not yet validated its proprietary research capabilities, as its two fastest-moving core pipelines are licensed from other companies [10]. Market and Valuation - The market's valuation logic for innovative drug companies has shifted from the quantity of pipelines to the quality, emphasizing the need for clear differentiation in research capabilities and clinical data [2][4]. - Kewang Pharmaceuticals' valuation has seen significant fluctuations, with a market-to-research ratio of approximately 37 times based on 2024 R&D costs, which is notably higher than the industry average [5][10]. - The company’s previous attempts to go public in the U.S. and Hong Kong faced challenges, and the current listing attempt is seen as a critical moment for its survival [11][12].