新通药物IPO“卷土重来”！单品打天下，降价+知识产权风险高悬，“钱”途未卜

Core Viewpoint - New Tong Pharmaceutical has been accepted for IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, focusing on drug development for major liver diseases such as hepatitis B and liver cancer, with a commitment to innovative drugs that meet clinical needs [1][2]. Group 1: IPO Process - This marks New Tong Pharmaceutical's second attempt at an IPO, having previously completed the entire listing process but ultimately failing to enter the issuance stage before the registration approval expired [2]. - The company submitted its IPO application in December 2021, received approval in April 2023, but could not proceed to issuance before the approval's expiration on April 25, 2024 [2]. Group 2: Product Pipeline and Revenue Dependence - Currently, New Tong Pharmaceutical has one approved innovative drug, Mesylate Prefofovir Tablets, which is expected to be commercially dependent in the short term [3]. - The company anticipates that Mesylate Prefofovir Tablets will be included in the national medical insurance directory by 2025 and will start sales at the insurance price in 2026 [3]. - The company faces risks related to potential price reductions of its products after market entry and the possibility of being removed from the medical insurance directory, which could significantly impact market share and revenue [3]. Group 3: Sales and Distribution Risks - New Tong Pharmaceutical employs an exclusive agency distribution model for Mesylate Prefofovir Tablets, leading to high customer concentration and reliance on a single distributor, KGI Securities [4]. - Revenue from KGI Securities and its subsidiaries accounted for 94.09% and 98.83% of total revenue in 2024 and the first half of 2025, respectively [4]. Group 4: Financial Performance - The company has reported negative net profits for several consecutive years, with a cumulative loss of 347 million yuan as of June 2025 [6]. - Revenue figures for recent years show a significant reliance on the single product, with total revenues of 976.70 million yuan in the first half of 2025, compared to 1,197.82 million yuan in 2023 [7]. - The company has a high R&D expense ratio, with R&D expenses exceeding revenue in recent years, indicating a focus on product development despite ongoing losses [7]. Group 5: Intellectual Property Risks - New Tong Pharmaceutical faces risks related to intellectual property, as some patents for its products have expired, potentially exposing them to generic competition [5]. - The company has applied for additional patents to enhance protection but still faces risks associated with the expiration of the five-year monitoring period for innovative drugs [5].