募资额缩水、亏损仍在 新通药物再闯科创板

Core Viewpoint - Xian Xintong Pharmaceutical Research Co., Ltd. (referred to as "Xintong Pharmaceutical") is attempting a second IPO on the Sci-Tech Innovation Board after its previous attempt failed due to the expiration of the registration approval, despite having a core product that has recently been launched. The company remains unprofitable, and its fundraising target has decreased from 12.79 billion to 9 billion yuan [1][6]. Group 1: Company Overview - Xintong Pharmaceutical is a high-tech enterprise focused on drug research and development for over 20 years, specializing in major liver diseases such as hepatitis B, metabolic dysfunction-related fatty liver disease, and liver cancer [3]. - The company has developed into a competitive player in the liver disease new drug development sector, aiming to meet unmet clinical needs with innovative drugs that have independent intellectual property rights [3]. Group 2: IPO History - The first IPO attempt was accepted on December 6, 2021, but faced delays and ultimately failed to issue shares due to the expiration of the registration approval on April 25, 2023 [2][4]. - The current IPO application has been accepted, and the company is again applying under the fifth set of listing standards, which focus on technological advancement and research capabilities rather than short-term financial metrics [4][5]. Group 3: Financial Performance - Xintong Pharmaceutical has not achieved profitability, with net losses projected at -53.87 million yuan for 2022, -62.29 million yuan for 2023, -79.36 million yuan for 2024, and -13.20 million yuan for the first half of 2025, totaling cumulative losses of approximately 346 million yuan [5]. - Revenue figures for the years 2022 to 2025 show minimal growth, with revenues of approximately 1.10 million yuan in 2022, 11.98 million yuan in 2023, 3.02 million yuan in 2024, and 9.77 million yuan in the first half of 2025 [7]. Group 4: Fundraising and Investment - The current IPO aims to raise 9 billion yuan, allocated to new drug research projects (5 billion yuan), the construction of an innovative drug production base (2 billion yuan), and working capital (2 billion yuan) [6]. - Compared to the previous IPO, the fundraising amount has decreased significantly, with the new drug research project seeing a notable reduction in investment [6]. Group 5: Research and Development - R&D expenses have sharply declined, with figures of 53.23 million yuan in 2022, 62.10 million yuan in 2023, and 26.08 million yuan in 2024, with a further drop to 12.69 million yuan in the first half of 2025 [8][9]. - The decrease in R&D spending is attributed to reduced trial costs and the completion of certain clinical phases, which has raised concerns about the potential slowdown in new drug development and core competitiveness [8][9].