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Core Viewpoint - The pharmaceutical company Shiyao Innovation is preparing for an IPO on the Hong Kong Stock Exchange, driven by a need to raise funds amid declining traditional business performance and challenges in transitioning to innovative drug development [2][18][35]. Group 1: Financial Performance - Shiyao Innovation has experienced a continuous decline in revenue over the past three years, with revenues of 28.38 billion RMB, 25.39 billion RMB, and 19.81 billion RMB from 2022 to 2024, respectively [8][24]. - The company's net profit has turned from a profit of 2.94 billion RMB in 2022 to a loss of 3 billion RMB in 2024, with a further loss of 2.26 billion RMB reported in the first seven months of 2025 [9][24][25]. - The gross profit margins have also decreased, with figures of 46.8%, 45.6%, and 41.8% from 2022 to 2024 [24][26]. Group 2: Business Transition - Shiyao Innovation is transitioning from a traditional raw material supplier to an innovative drug developer, acquiring subsidiaries like Jushi Biopharma to enhance its product offerings in the biopharmaceutical sector [4][12][32]. - The company has two commercialized antibody drugs and two mRNA vaccines, with 15 drugs in clinical stages, but the contribution of biopharmaceutical products to revenue remains low, accounting for less than 5% in 2024 [12][29]. - R&D expenses have surged, with a projected increase of 25.51% to 8.43 billion RMB in 2024, representing 42.5% of total revenue, which is a significant factor in the company's losses [12][29]. Group 3: Corporate Governance and Market Position - The company is controlled by Cai Dongchen, who has a net worth of 15.5 billion RMB, and holds 73.8% of Shiyao Innovation through Enbipu Pharmaceutical [30][31]. - Recent corporate governance issues have arisen, including insider trading scandals involving former executives, which have raised concerns about internal controls within the company [16][33][34]. - Shiyao Innovation's IPO is seen as a strategy to alleviate financial pressures during its transition to innovative drug development, with traditional business still accounting for a significant portion of its revenue [35].