亏损压力下新诺威赴港“补血”

Core Viewpoint - Newway, the world's largest caffeine producer, is facing transformation anxiety as it seeks external financing through an IPO on the Hong Kong Stock Exchange to address performance challenges and transition pressures [1] Group 1: Financial Performance - Newway's overall performance has been declining, with revenue shrinking year by year. The company's revenue for 2022, 2023, and 2024 was 2.838 billion, 2.539 billion, and 1.981 billion respectively, reflecting year-on-year declines of 10.55% and 21.98% in 2023 and 2024 [2] - The net profit has also worsened, with figures of 294 million and 126 million for 2022 and 2023, and a projected net loss of 304 million for 2024 [2] - In the first seven months of 2025, revenue showed a slight increase of 8.74%, but losses expanded to 226 million compared to 38.79 million in the same period of 2024 [2] Group 2: Traditional Business Challenges - The core reason for the performance pressure is the sluggish growth of traditional business, which includes functional raw materials and health foods, contributing over 90% of revenue [2] - Revenue from functional raw materials and health foods was 2.571 billion in 2022, declining by 4.7% in 2023 and further by 24.9% in 2024, with a corresponding drop in gross margin to 39.6% [3] Group 3: Innovation Drug Transition - Newway's transition to innovative drugs has not yet yielded significant results, with the biopharmaceutical segment contributing less than 5% of revenue in 2024 [5] - The company invested 1.871 billion to acquire a 51% stake in Giant Bio, gaining access to antibody drugs and mRNA vaccines, but the revenue contribution from this segment remains low [5] - R&D expenses surged to 843 million in 2024, accounting for 42.5% of revenue, exacerbating losses [6] Group 4: Future Outlook - The success of Newway's IPO and its ability to alleviate financial pressure during the transition will depend on the efficiency of R&D conversion and commercialization capabilities post-funding [7] - If the core pipeline can progress smoothly through clinical trials and gain approval, it may open up revenue growth opportunities; otherwise, the challenges may intensify [7]