对赌压顶，三年累计亏损超11亿元的先声再明赴港IPO

Core Viewpoint - The company, Xiansheng Zaiming, has submitted its prospectus to the Hong Kong Stock Exchange, aiming to raise capital despite facing significant losses due to high R&D and sales expenses, while also being under pressure to complete its IPO by the end of 2028 to avoid triggering buyback clauses from previous financing rounds [1][6][7]. Financial Performance - For the first nine months of 2023 to 2025, the company's revenue remained above 1.2 billion RMB, with figures of 15.22 billion, 12.96 billion, and 12.38 billion respectively [2][3]. - The company reported net losses of 3.36 billion, 5.06 billion, and 3.03 billion RMB for the same periods, indicating a persistent loss situation [3][4]. - R&D costs exceeded 20 billion RMB, while sales and distribution expenses approached 18 billion RMB, significantly impacting profit margins [1][4]. Revenue Structure - The revenue is highly concentrated, with over 99% coming from five commercialized products, which include En Duo, Ke Sai La, En Li Tuo, En Ze Shu, and En Wei Da, primarily targeting various cancer treatments [3][4]. - Sales and distribution expenses accounted for approximately 41.16%, 48.5%, and 42.96% of revenue in the respective periods, indicating that nearly half of the revenue in 2024 was consumed by these costs [4][6]. Financing and IPO Pressure - The company secured 970 million RMB in financing in 2024, which included a clause mandating an IPO submission by June 30, 2027, and completion by December 31, 2028, to avoid buyback obligations [6][7]. - The financing round valued the company at 84.7 billion RMB post-investment, with significant backing from major investors [6]. Industry Context - The transition from a traditional generic drug company to an innovative pharmaceutical entity is a critical aspect of the company's strategy, similar to other industry players [6]. - The ongoing challenge for the company lies in balancing high expenditure on innovation with establishing a sustainable business model during this transformation phase [7].